HOME POLITICS.

Press, Volume LIX, Issue 17742, 19 April 1923, Page 9

HOME POLITICS.

THE BUDGET DEBATE

CHANCELLOR CONGRATULATED

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(Received April 18th. 5.5 p.m.) LONDON, April 17

Mr H. H. Asquith, in resuming the debate on the Budget in the House of Commons, congratulated Mr Maiuey. Baldwin on the form and substance oi the Budget, pointing out that the in-come-tax for the past year had yielded £00,000.000 over the expectations. Last, year he had complained that sir Robert Heme's Bucket was a, gamble. Fortunately it was a gamble which came off. He welcomed 3Jr Baldwin's debtreduction proposal as sound. A sink-ing-fund of one per cent, on the total deadweight debt would cost £80,000.000 por year. He did not suggest that tins was "possible this year, but wo ought, he contended, to work up to it. He viewed the income-tax as nothing but a modified and vicious form of capital levy, which not merely curtailed the middle classes' enjoyment and comforts but actually dried up the stream which fertilised the whoic held of employment and industry. Mr Asquith said that in view of future prospects, and liabilities, he doubted whetner he could have remitted anj taxation. lie did. not intend to oppose the income tax reduction, but he thought if a reduction of indirect taxation were possible from the points of view of trade and social and domestic lifie, sugar should be preferred to beer. The Liberals would propose reconsideration of this decision. Sir 11. S. Home said the late Government had, reduced the expenditure on the fighting services twenty-eigut millions below the Estimate and fourteen millions below the 'amount suggested by the Geddes Committee. It should now be acknowledged that not only had it made a great effort for economy, but had achieved great results. He agreed that we should pay off all the debt we could, but it would be unwise to fix a rigid amount to bo paid each) year without regard to the state oftrade and the country's capacity to bear taxation. They could not extract golden eggs and pate de foie gras from the same goose even if the goose was the taxpayer. The Chancellor's remissions this year were fully justified. Personally he should have gone father, and he thought the Chancellor was making too great provision for debt reduction. Commander Hilton. Young said that in the present transitional stage, when we were working back to prosperity, the Chancellor ought to have reduced taxation to the utmost limit, and postponed debt reduction. Sir L. Worth ington Evans said he thought a portion of last year's heavy surplus ought to have been used for national works, including housing. Mr F. G. Hemmerde, in a vigorous attack on the entertainment tax, said that when no attempt was made to intercept the profits on the sub-letting of theatres, one man so cornered the theatres that he made a reatal profit of £1250 per week. A group of London theatres lost £12,000 in 1922, yet handed over £197,000 in entertainment tax. The debate was adjourned. COTTON LEVY BILL. LONDON, April 17. The House of Commons read a second time the Cotton Levy Bill without discußsion. CONCESSIONS TO FARMERS. (Received April 18th, 8.46 p.m.) LONDON, April 18. Sir R. A. Sanders, in an interview, stated that the Government intends to introduce a Bill this session to reduce the assessment on agricultural land from one half to one-quarter, making good the difference by an Exchequer grant. This is the biggest concession given to agriculture for generations.