BRITISH BUDGET

Wairarapa Times-Age, 27 April 1939, Page 7

BRITISH BUDGET

OPINIONS IN THE CITY OF LONDON GENERALLY FAVOURABLE VERDICT. DISTRIBUTION OF BURDENS. (Independent Catole Service.) LONDON, April 25. City circles regard the Budget as favourable except for the increase in the taxes on tobacco and motor-cars, though m the case of motor-cars it is believed that the intention is- to divert motor manufacturing to armaments. The increase applies only to private motor-cars. The fact that the Budget did not increase the income tax is regarded as a bull point for business. It is generally believed that Sir John Simon distributed the burden of taxation as fairly as possible. The generally favourable reception to the Budget is largely due to the absence of an increase in the income estimated yield of the taxation changes for this year will be £24,270,000, and for the full financial year, £33,745,000. The principal increases are: Motor vehicle duties, £6,250,000 and £11,500,000; surtax, £4,000,000 and £4,500.000; estate duty, £3,000,000 and £5,000.000; tobacco, £7,000,000 and £8.000,000; photographic plates and films. £BOO.OOO and £1,000.000. SECRET SERVICE COSTS. BIG INCREASE SINCE 1913. LONDON, April 25. The Fnancial Secretary to the Treasury, Mr H. F. C. Crookshank, stated in the House of Commons today that the secret service expenditure had risen from £46,840 in 1913 to £416,500 last year. The Minister of War, Mr L. HoreBelisha, said that manufacturing rights of Bren guns had been acquired under an agreement of May 25, 1935, which also enabled the Government to grant licences of manufacture to the Dominions. The anti-aircraft defences of Britain were now satisfactory. DEARER SUGAR. (Received This Day, 10.20 a.m.) LONDON, April 26. The price of all grades of sugar has been raised a farthing a lb as a result of the Budget. WEAK STOCK MARKET. (Received This Day, 11.0 a.m.) LONDON April 26. Although the conscription plans pleased the city, prices failed to maintain their early rates in the absence of business . Disappointment at the P and O. dividend led to the marking down of shares, but breweries are higher as a result of the absence of fresh taxation. Gilt-edged securities are lower, as the city expects further loans shortly. The P. and O. Co. announces a five per cent dividend on preferred stock for the half-year and a two per cent interim dividend on deferred stock.