BRITAIN'S CREDIT

Dominion, Volume 13, Issue 121, 16 February 1920, Page 7

BRITAIN'S CREDIT

REASON FOR CARE. BUT NONE FOR PANIC. (Pec. February 15, 5.5 p.m.) London, February 14. During the debate in the House of Commons on the Address-in-Reply, Mr. Steel Maitland moved an amendment regretting that, the Government's expenditure was so high that it was causing depreciation of the national credit and an increase in tho cost of livinu. The Chancellor of tho Exchequer, Mr. Austen Chamberlain, in replying, contended that hieh prices were due to world causes. For example the world's sugar production was short. No sugar was coming from Russia: Germany, or Austria, while the United States wanted an immensely ereater quantity of sugar to compensate for the absence of alcohol. He believed that the National Debt had reached its maximum, and that henceforward tho movement would be downivards. The next essential would be funding tho floating debt. He expected that the financial vear would end more favourably than had been anticipated. The Tevenue was coming in well, and the prosnects were good. Mr. Chamberlain emphasised that, while there was every reason for care, there was absolutely no reason for panic. Mr. Steel Maitland's amendment was rejected bv IBS votes to 44. and the address wns unanimously adopted.—Aus.N.Z. Cable Assn.