AMERICAN DEFENCE
FURTHER HEAVY OUTLAY ON NAW & ARMY EXCESS PROFITS TAXATION. FORMATION OF PURCHASE CORPORATIONS. ißy Telegraph—Press Association— Copyright) (Received This Day. 11.50 a.m.) WASHINGTON, July 1. The Navy has ordered the construction of 45 additional warships, at a cost of 500 million dollars, which is the largest single contract let in history. The President and his advisers have also drafted a supplementary programme for Army mechanisation and rearmament, possibly involving ultimate expenditures of 5,000 million dollars. President Roosevelt has asked Congress to impose a steeply-graduated tax on the excess profits of all individuals and corporations, • to prevent the creation of millionaires from the defence programme. Mr Jesse Jones has created two new corporations, partly Government-fin-anced. to purchase reserve supplies of rubber, tin and manganese for national defence.
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Wairarapa Times-Age, 2 July 1940, Page 6
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128AMERICAN DEFENCE Wairarapa Times-Age, 2 July 1940, Page 6
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