SUBSTANTIAL DEFICIT INEVITABLE

Dominion, Volume 23, Issue 84, 3 January 1930, Page 9

SUBSTANTIAL DEFICIT INEVITABLE

BRITISH REVENUE FALLS; EXPENDITURE RISES NEW TAXATION PROBABLE London, January 1. Exchequer returns for the nine months of <the Budget, year show a revenue of £418,000,000, a decrease of £18,000,000, and expenditure £558,000,000, an increase of £17,000,000. The “Financial News” says that it is painfully evident that Mr. Snowden will meed unexampled resiliency in revenue if the Budget is to balance. The national accounts show a deficiency in revenue for three-quarters of the year of £160,797,000, compared with £137,770,000 for the similar period of the last year, and £150,251,000 two years ago. Admitting that the final quarter always goes far to correct the ultimate balance, the editorial expresses the opinion that a substantial deficit on the year is inevitable, and that it is extremely difficult to see how new taxation can be avoided, something which" cannot further trade or employment.