Development
Sir,—The report published in today’s issue makes dismal reading to those who have the patience to wade 'through its muddled : recommendations, which are qb more; than can be expected from those whb live in ivory towers. For instance, under a heading of potential savings, it suggests that a shift from income tax to commodity tax would leave more net income and therefore more potential savIngs in, people’s pockets. If the taxes' go on to goods, prices must be higher; so how can the consumer save more? About the only positive conclusion come to is that the prospects were; not good for long-teim Government borrowing, in the light of the heed ’to repay existing Government debt. I suggest that the Conference members come down from their ivory towers and study how Germany has used its non-borrowing financial system to rise from the ashes of two devastating wars to become dominant in trade and finance.—Yours, etc, W. B. BRAY. Leeston, April 29, 1969.
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Press, Volume CIX, Issue 31976, 1 May 1969, Page 14
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162Development Press, Volume CIX, Issue 31976, 1 May 1969, Page 14
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