STRICT ECONOMY

Dominion, Volume 19, Issue 155, 27 March 1926, Page 9

STRICT ECONOMY

IMPERATIVE IN EVERY SPHERE BRITISH FINANCIAL PROBLEMS SAVINGS START WITH ROYAL RESIDENCES

“Strict economy in every sphere is imperative.” This state* ment will be made in the King’s Speech from the Throne to the British Parliament. Some direct savings are to be made at once in the upkeep of Royal residences.

By 'I'ELBGBArH— Press Association Copyright-

London, March 25.

The opinion will be expressed m the King’s Speech from the Throne that economy in every sphere is imperative. This will be put in practice at Buckingham Palace and the Royal Residences. The estimates reveal an annual grant of £45,500 for the upkeep of .Windsor Castle, Buckingham Palace, Frogmore and Marlborough House, which are in the King’s occupation. Ihis represents a direct saving of £9500. Ihe total decrease for all the Royal palaces is £12,950.—Au5.-N.Z. Cable Assn. OVERSEAS BORROWING DRASTIC REDUCTION ADVOCATED London, March 25. A drastic restriction of fresh trustee stocks, including overseas borrowing, was suggested by Mr Stanley Machin at a meeting of the Association of British Chambers of Commerce, of which he is president. He declared that the Government’s first duty was to reduce taxation. He pointed out that £20,000,000 might be saved by the conversion of £2,000,000,000 5 per cent. War Loan into 4 per cent. The Government had the right after 1928 to repay or convert, but this was impossible while the 3| per cent. War Loan was below 90. The latter was prevented from rising owing to a flood of new issues. Dealing with overseas loans, he declared that the public were constantly told that overseas borrowings would mean the export of British goods. This was only partially true. It did not applv to renewals of loans raised to pay 'interest on existing debt. Such issues competed with British Government stocks and hindered the reduction of income tax.—Sydney “Sun” Cable. CONTROL OF STOCKS ACT BUDGETARY POSITION OF BORROWERS London, March 25. In the House of Commons, replying to a question, the Chancellor of the Exchequer, Mr. Churchill, said that he thought he had no power to insist on borrowers 'under the Control of Stocks Act publishing detailed information in regard to their budgetary position, but he would certainly welcome an extension of the practice already adopted in many cases of giving such information. —Reuter.