BRITISH BUDGET

Wairarapa Times-Age, 16 July 1938, Page 5

BRITISH BUDGET

CHANCELLOR ADMITS CHILLING SHOCK BUT TAKES OPTIMISTIC VIEW OF OUTLOOK. POSITION MUCH BETTER THAN IN 1931. By Telegraph—Press Association. Copyright. (Recd This Day, 9.40 a.m.) LONDON, July 15. The Chancellor of the Exchequer, Sir John Simon, in the House of Commons, speaking on the third reading of the Budget, said .it could not’ be denied that the Budget was rather a chilling shock to the country but it was now accepted as unavoidable. The course of world trade was unfavourable after the Budget was introduced, but the situation did not bear the slightest resemblance to that before the great depression. England and America now were in a better position than in 1931. EMPHATIC WARNING THE FOLLY OF EXPENDITURE ON ARMAMENTS. FUTURE AT WHICH WE MAY SHUDDER. (British Official Wireless.) (Recd This Day, 11.10 a.m.) RUGBY, July 15. In the House of Commons, the Finance Bill was read a third time. Winding up the debate, Sir John Simon said: “It is not with any pride or exultation that I have to present to the House of Commons a thousand million Budget. We can take our pride in the courage and resolution with which our fellow-countrymen shoulder the burden. We can get some satisfaction and justification in the knowledge that it is not we who set the pace. We can get some comfort from knowledge that this country can endure at least as well as the rest of the world to bear the burden. “But I must say my overwhelming feeling is one of repulsion and resentment that humanity is really engaged in mortgaging so immense a part of its resources, in preparation for a possible Armageddon, when so much might be done with those resources if only a solution of difficulties could be found. This country has got resources in character, courage and history which will see us through. Let there be no mistake if we do not succeed, and the world does not 'succeed, in finding some way in which we can prevent the folly of this ever-increasing expenditure on armaments, then indeed the future we are preparing for our children is one at which we may shudder.”