BRITAIN’S WAR BUDGET

Press, Volume LXXIX, Issue 23943, 10 May 1943, Page 3

BRITAIN’S WAR BUDGET

EXPENDITURE FROM REVENUE

(8.0. W.) RUGBY. May 7. The “pay if you like budget” was the description given to his recent Budget by the Chancellor of the Exchequer Sir Kingsley Wood) speaking at Liverpool to-night. "The Budget is a total war Budget and the largest in history,” he said. The additional taxation of £100,000,000 imposed caused little or no complaint because the Budget affected none of the necessities of life. The Chancellor emphasised three points: "(1) We have met 44 per cent, of our aggregate expenditure since the war began from current domestic revenue and the figure for this current year will be over 50 per cent. This magnificent achievement by all sections of British taxpayers means that we are paying as we go for as much of the war as we can, and it will greatly help us in our plans for reconstruction and advancement when victory comes. “(2) One unfortunate feature of the last war was the exorbitant rate of profit that prevailed in many industries. It gave rise to the ugly - term ‘profiteer.’ There is nothing like such conditions to-day and in this war we have taken many steps to eliminate war fortunes, with the general approval of the country. "(3) We have borrowed at what, by the standard of any previous war, is a very low rate of interest. The gross cost to the taxpayer of borrowing a given sum in this war has been about one-third of what it was in the last great war.”

The Chancellor added that he viewed the future of the country with optimism and felt assured that in company and full co-operation with the Allied nations Great Britain and the British Commonwealth of Nations would retain that leadership in the world which has meant so much for mankind.

“Much of our future prosperity, as of the world, will turn upon the co-op-eration of the nations in the international field, and Britain is giving much time and consideration to this vital aspect of world affairs.” he said.

CROSS-COUNTRY RUNNING

A run of three and a half miles was hold at Hagley Park by the combined harrier clubs on Saturday afternoon. Results were as follows: Seniors—F. C. Mair (Combined), 24min lOscc, 1: M. C. Craighead (Christchurch), 24min 51sec, 2: R. Y. Martin (Army). 25min Sflsec. 3; R. Clark (Presbyterian), 25min 12sec, 4. Senior Teams' Race—Christchurch 1, Presbyterian 2, Army 3, Combined 4. Juniors—W. Faulls (Christchurch), 25min 58sec, 1; R. Molyneux (Combined). 2firmn 30sec, 2; D. Baker (Presbyterian), 27min SOsec, 3; E. Cumberpatch (Combined) 4.

Junior Teams' Race —Combined 1. Presbyferia- 2, Christchurch 3. Christchurch Ladies’ Club

Members of the Christchurch Ladies' Pioneer Harrier Club were the guests of Mrs B. J, Butler, 10 Dobson street, Spreydon. on Saturday. The trail, which was laid by P. Lee and M. West, led over a three-mile course through the Spreydon and Caslvmere districts. Results were as follows:—B. Thomas 1, D. Seeker 2, A. Hughes and E. Pratt (equal) 3.

Increased Sheep Prices.—The increase in the schedule prices for sheep; announced by the New Zealand Meat Producers’ Board on Saturday, will take effect from to-day.