BRITISH BUDGET

Waikato Times, Volume 119, Issue 19884, 13 May 1936, Page 7

BRITISH BUDGET

LEAKAGE 0F INFORMA'IION WAS IT THROUGH CABINET? EVIDENCE BEFORE TRIBUNAL. (Official \\'ireless,l (Received May 13. 11.30 am.) ' RUGBY, May 12. The judicial tribunal that is inquir—ing into the alleged leakage of Budget information continued its proceedings 10-day. ’ Evidence was taken from Sir Maui‘— iee Hankey, Secretary to the Cabinet. who stated that the Chancellor of the Exchequer gave the Cabinet a full ac—count of his Budget proposals on April 9. No record of them was taken, and no written memorandum was circulated. There was no possi—bility of leakage through servants, be—cause none were present.

Mr Jinan—gs Portéri Then any leak use must be through the Cabinet itself?"

Sir .\laul‘iue: Yes. from my point of View-

Leslie Thomas, recalled, said he did not tell his partners of the insurance efl‘ecterl on behalf of Bates till the Budget announcement came 01] the tape, when he exclaimed: “Goodness the Bates insurance has come off." He explained that he only discussed QX< ceplional business with his partners. - \ Refused Offer of £600,000. Alfred Bates, in evidence, said he had founded companies owning”r sport.— ing ne\\'sp‘dpcrs and acting as adver—lisinsr publicity experts, chiefly for bookmakers at racccourses. He had been offered £600,000 to £730,000 for the publishing side of his business. He disposed of £75,000 worth of gilt-ed 3 ers early in the your on account of the national and international situation. preferring to keenhis money llquld. He did not. like the Budget outlook, know—ing that money was required for ar—maments. lie telephoned Leslie Thomas inquiring the rate against an increase in taxation. The chairman ot‘ the Tribunal, after discussion with the Atiorney—(‘mnei-al, arranged for Mr J. 11. Thomas, to testify on Thursday other witnesses included brokers' representatives and others concerned in insurances effected against Budget, risks. The head of the ’l‘reasury, Sir \\v‘zu‘ren Fisher, will appear before the Tri—'bunal to-morrow.

LIST OF TRANSACTIONS. INSURANCE AGAINST INCREASES. (Ommai “VIFEIESSJ RUGBY, May 11. At a sitting of the Budget tribunal to-day the Attorney-General produced a preliminary list. of transactions, which included relatively his insurances against increases likely to be imposed in the last Budget. He said a number of these were effected for Sir Alfred Butt, who is an underwriting member of Lloyd's. According to information given to the tribunal these insurances were for the purpose—as this Judge commented —or “laying off the odds." Uthor insurances were effected for Mr Alfred Bates, who was gravely con—cerned with the effect of a possible increase in taxation on his investments.