BRITISH BUDGET

Wairarapa Times-Age, 27 April 1938, Page 7

BRITISH BUDGET

WELL RECEIVED IN CITY OF LONDON IN SPITE OF INCOME TAX INCREASE. EVIDENCE OF'A LESSON LEARNED. By Telegraph—Press Association. Copyright. (Recd This Day, 10.0 a.m.) LONDON, April 26.

The Budget is given a welcome in the city—though the increase in the income tax was an unpleasant surprise—inasmuch as it will not involve a dislocation of finance and industry like its predecessor. The extent of the damage caused by the national defence contribution fiasco is revealed in Sir John Simon’s own statement that the yield from stamp duties is “extremely disappointing,” being five millions below that of last year. The pedestrian character of the new Budget shows that the Government has learnt its lesson. REARMAMENT COSTS DEFENCE PLACED ABOVE EVERYTHING. A MESSAGE TO DICTATORS. (Recd This Day, 10.40 a.m.) LONDON. April 26. Opinion in the Lobbies was that while the Budget would be unpopular throughout the country, nevertheless it was an 'inevitable sequel to the international situation, illustrating Mr Chamberlain’s determination, regardless of whether the reactions are unfavourable politically, to put defence above everything. Moreover, the Budget is interpreted as a proclamation to foreign countries that ■ Britain is prepared to spend every available penny on rearmament. This is regarded as a direct message to dictators that the entire country is ready .to share the burdens. Sir John Simon’s warning that the peak year of defence expenditure may not be before 1940 and his continued emphasis on the ever-mounting cost of maintenance was considered by many to be preparing the community to shoulder even greater burdens before the programme is fulfilled. SEATS IN DEMAND HOUSE OF COMMONS PACKED. BUT NO GREAT EXCITEMENT. (Recd This Day, 11.0 a.m.) LONDON, April 26. The first member of the House of Commons claimed his seat at dawn. Members packed the floor the moment the House opened. Members of the Diplomatic Corps, visitors from the Dominions and distinguished people thronged the galleries for the annual budgetary scene, but the usual political excitment was somewhat lacking because the succession of recent tense debates on the international situation had rendered today’s occasion somewhat of an anticlimax.