INFLATION PERILS

Wairarapa Times-Age, 8 September 1941, Page 5

INFLATION PERILS

AVOIDANCE IN BRITAIN - ADDRESS BY CHANCELLOR OF EXCHEQUER. HUGE EXPANSION OF WAR COSTS. (British Official Wireless.) RUGBY. September 6. The financial position of Britain was standing up well to the strain of the heavy cost of the war, said Sir Kingsley Wood. Chancellor of the Exchequer, at Edinburgh. While expressing confidence that “if we could avoid the perils of inflation we should be able to carry on successfully during the present financial year without recourse to further taxation.” the Chancellor gave a warning that in order to reach the objective that had been set for voluntary savings still greater efforts were required during the next few months. “Recently we have been spending £12.500.000 daily, of which £10,500009 is for war purposes,” the Chancellor continued. “At no time have considerations of finance been permitted to hamper or retard our efforts. As those efforts develop still further and we reach our full offensive strength, if increased monetary provision is required there will be no financial sacrifice we shall not be prepared to make. “We have willingly imposed on ourselves the heaviest financial burdens —not for our own account alone, but' for the common cause of freedom and justice. There are no citizens in any country who now voluntarily bear such lieavj'- and almost crushing taxation as those of Britain. “There are not only our own financial needs. There are, in particular those of our brave Russian allies to whom we have undertaken to give all possible help. They told us that they would not wish any financial help to be provided as a gift, but have asked for credit in. so far as the help which we give them is not matched by the supplies they send us. To this we most willingly agreed, and no monetary limit will be placed on this assistance which we so gladly give to Russia.”