CITY MEN'S PROTEST. AGAINST BUDGET PROPOSALS.

Evening Post, Volume LXXVII, Issue 115, 17 May 1909, Page 7

CITY MEN'S PROTEST. AGAINST BUDGET PROPOSALS.

A DANGEROUS INNOVATION. INJURY RESULTING TO COMMERCE. Oy Telegraph.— Preit Aisoeiatlon.— Copyright. LONDON, 15th May. Thirty-five leading bankers and merchants, including Mr. C. H. Goschen, a director of the Bank of England, Lord Avebury, head of the banking firm of Robarts, Lubbock and Co., aaid representatives of the Rothschilds, Hnths, Anthony Gibbs and Co., Glyns, C. J. Hambro and Son, Mr. J. Pierpont Mprgan, and Sir Thomas Sutherland, chairman of tlie Peninsular and Oriental Steamship Company, have addressed to the Prime Minister, Mr. Asquith, a protest against many of the finance proposals. They consider the proposed method of dealing with the old sinking fund by converting a portion to the purposes of development fund, a dangerous innovation, and one that will inevitably tempt a Goverment to un-der-estimate its revenue and over-estim-ate its expenditure The signatories realise the necessity for increased taxation, but are alarmed at the increasing disproportion of the burden placed on a numerically small class' of the community. The great increase in the death duties and income tax, they fear, will prove seriously injurious to commerce and industries. The death duties, they point out, are really ! paid out of capital, therefore, there is a danger of capital being reduced below the point necessary for the purpose of trade in which it is employed, while the prosperity of all classes is greatly due to the fact that the country has afforded indisputable safety to capital. The signatories express deep regret that any course should be contemplated by which this conviction could in any way be weakened. THE SAME OLD CRY. CAPITAL DRIVEN FROM THE COUNTRY. LONDON, 15th May. Lord Aldenham, a partner in Antony Gibbs and Sons, bankers, declared that the Budget would tend to drive capital abroad. It was most undesirable that the majority of the people should pay no taxes, and that those commanding the bulk of the representation should be encouraged to put the whole burden on a few.