THE NATIONAL DEBT

Evening Post, Volume CXV, Issue 67, 21 March 1933, Page 8

THE NATIONAL DEBT

SINKING FUND SUSPENSION

CHAMBER OF COMMERCE PROPOSAL'

(By Telegraph.—Press Association.)

HASTINGS, This Day. A decision to ask the Associated Chambers of Commerce to bring before the Minister of Finance, if they see fit, a proposal to suspend the national debt sinking fund was made- by the Hastings Chamber of Commerce last night. ' /

In making the suggestion, Mr. W. C. Whitlock said that strength was lent to the proposal by the fact that in the London "Times" of February 7 Sir Robert Home, Chancellor of the Exchequer in 1923-24, advocated a, similar plan which ho had used himself during his Chancellorship. The question arose whether by' suspension of the sinking fund, which totalled £1,250,000 a year, taxation on industry_and commerce could not be lessened by an equivalent amount. The Associated Chambers might at least go into the proposal. When' Sir Robert Home suspended Britain's sinking fund he was howled at from every corner of the House of Commons and was told he would destroy the confidence of investors, but he took no notice. The Tosult was that the Government's natural income from trade and industry, which benefited as a result of the suspension, was increased by several millions more than the amount of the fund for that year.