A RECOVERY.

Press, Volume LXVIII, Issue 20499, 18 March 1932, Page 11

A RECOVERY.

BRITAIN'S FINANCIAL POSITION. CREDIT RESTORED. STATEMENTS BY CABINET MINISTERS. (BRITISH OFFICIAL WIRELESS.) RUGBY, March 16. With nearly three weeks before the, end of the financial year only £24,000,000, or £20,000,000 less than on the corresponding date last year, remains to be received by the revenue authorities to assure a balanced Budget. As the closing weeks in the year are usually estimated to bo the heaviest in revenue production, there is every reason to believe that March 31st will, see a Budget surplus substantially above that estimated when Lord Snowden introduced tho Budget last September. With this satisfactory result in prospect, encouraging statements upon British progress along the road to recovery were made by two Cabinet Ministers, Mr Stanley Baldwin (Lord President of the Council) and Sir John Simon (Foreign Minister). Retail Prices Steady. Mr Baldwin, speaking at Ilford, said: "To-day we aro in the position when the Budget will balance, and borrowing on current account has stopped, I hope, for over. "Two months ago wo all felt tho greatest anxiety about the stability of our currency. To-day people aro looking to sterling in many parts of the world as the one standard—the natural anchorage. "The most remarkable feature of a remarkable winter has been the steadiness of retail prices, and production shows an improvement in the last quarter, after a continual trending downward for tho preceding 21 months." He had higher hopes himself than he had had for somo years, he added. Sir John Simon, speaking at Norwich, stated thoro was abundant evidence that the credit of Great Britain had been largely restored. Effect oil Foreign Opinion. "The Foreign Office had better reason than anyone else to know the effect produced on opinion abroad." At Geneva, Paris, in America, and everywhere in tho world whore doubts had arisen as to whether this old country was entering on its decline, a new belief in the power of Great Britain to save herself has been established. We have some distance to go before we return to prosperity, but the world believes to-day that Great Britain has the power to surmount her difficulties, because tho world has realised that Great Britain has the will to do so. "It is no exaggeration to say that the whole world to-day is very impressed with the recovery of Great Britain." Sir Jolui Simon referred to the deep impression abroad caused by the recent repayment, six months before the duo elate, of £BO,OOO-,000 credits, received last August, to save' the pound, from France and Geneva. THE ESTIMATES. ADDITIONAL EXPENDITURE. * 8.8.C. FORGOES £150,000. (BRITISH OFFICIAL WISEIFSS.) (Received March 17th, 5.5 p.m.) RUGBY, March 16. In tho estimates of three revenuo departments provision is made for additional expenditure in connexion with the Import Duties Act, Customs and Excise being estimated to cost £5,330,200. Inland revenuo expenses are estimated at £7,399,585, and represent a small increase. The Post Office expenditure for the coming year is estimated at £59,188,000. This includes the provision of £1,356,000 for wireless broadcasting. The amount due to tho British Broadcasting Corporation under its agreement is £1,516,000, but tho Corporation has agreed to forgo £150,000 by way of contribution to tho Exchequer in the present emergency. LOAN CONVERSION. INVITATION TO BRITISH BONDHOLDERS. LONDON, March 16. Tho Government is inviting tho holders of £116,000,000 of 41 per cent. Treasury bonds, maturing on April 15th, to convert them into 41 per c ent. Conversion Loan at the rate of 12s 6d of conversion per £IOO or bonds, or into 4 por cent. Consolidated Loan at £lO7 per £IOO of bonds.