BUDGET DEBATE.

Auckland Star, Volume XLI, Issue 162, 11 July 1910, Page 5

BUDGET DEBATE.

CHANCELLOR'S DEFENCE. J I p PROTECTING THE COCOA I TRUST. r d t LONDON, July 9. t Mr. Lloyd George (Chancellor of the i Exchequer), defending the Budget in the ii House of Commons, appealed to' the I t House for support to the scheme to give j 1 pensions to paupers. The local rate- a payers, he said, should contribute to the j j Exchequer the amount by which they a benefit. The Exchequer could not carry o the whole of the million and a-half which I the pensions to- paupers would cost, s without postponing the invalidity insur- t ance scheme. The Government,. he said, would make endeavours in 1011 to readjust Imperial and local taxation. Replying-to those who assailed him in the Press for protecting the Cocoa Trust, Mr. Lloyd George said that the tax was not a new brie. ' The Exchequer could not spare the revenue derived from cocoa, and the impost did not benefit the manufacturer, because he was no 6 j getting the aid of a drawback. Replying to criticism in regard to the fraising of a sinking fund, which was now fixed' at twenty-four and a-half r, millions, - the Chancellor claimed that this year's provision for the reduction of the national debt exceeds by two millions the highest reduction made by the Unionist Government / The House of Commons has passed the Income Tax resolution.