U.S. FINANCES.

Auckland Star, Volume LXI, Issue 287, 4 December 1930, Page 7

U.S. FINANCES.

HOOVER'S WARNING. Reduced Income Tax Should be Discontinued. HUGE FUND TOE IDLE. (.United P.A.— Electric Telegraph—Copyright) (Received 11 a.m.) NEW YORE, December 3. The President, Mr. Hoover, opposed the continuance of the reduced income tax in recommending to Congress on Wednesday the Budget for £756,565-400 400 for the next fiscal year. He reiterated his prediction that the deficit this year would reach £36,000,000, and he warned the Appropriations Committee of looking ahead beyond the next six months to alleviate unemployment. The drought, he considered, would in 1932 result in another deficit. Mr. Hoover supplemented his request for £30,000.000 for the unemployment emergency appropriation for construction work with a proposal for £20,400,000 to be spent on public buildings. Before the close of the next financial year the United States will spend £138,000.000 on national defence if Congress approves the estimates which are nearly £0,800,000 less than the current year, but it is contemplated that the j use of the unexpended balance would almost offset the decrease of £3,000,000 j required for the liquor anti-smuggling activities of the coastguard services. I

TO HELP WORKLE3S.

Rockefellers Donate Million i Dollars. j U.S. EMERGENCY FUND. j (Received 11 a.m.) NEW YORK_. December o. John D. Rockefeller and bis son together have contributed £200.000 to the emergency unemployment fund, which has now secured £32tV500 cf the intended £1,200,000. It has been organised to meet the conditions brought on by local unemployment.