BRITISH BUDGET

Evening Post, Volume CXXIII, Issue 56, 8 March 1937, Page 12

BRITISH BUDGET

EFFECTS ON 'CHANGE

REVENUE AND TAXATION

(By Telegraph—Preus Assn.—Copyright.)

(Received March 8, 11.15 a.m.)

LONDON, March 7.

Assuming that the Chancellor of the Exchequer requires the same sum as last year to meet public debt charges, the total Budget expenditure for 1U37----38 will be £855,000,000. The total cost of armaments will be' £90,100,000 higher, but owing to borrowing, the taxpayer will be required to meet only £10,100,000 of this sum. It is true that the increase in civil expenditure will be only £6,700,000, and it may even be less, therefore it would seem that" increased taxation may be unnecessary. The buoyancy of the revenue should even make some small reduction possible.

Nobody, however, believes that there is the slightest hope of this.

On the contrary, Mr. Neville Chamberlain may probably budget for a surplus, fixing income tax at 5s in the £, thereby enabling the extent of Government borrowing to be determined by the proceeds of the revenue. The gilt-edged security market finished the week rather raggedly; but this is attributed less to the Budget than to Labour's success at the London Council elections and fears of the repatriation of French capital. The stock ■ markets made a poor showing, the 'exceptions being rubbers, which are steadily advancing. Base metal shares are also buoyant on further rises of this commodity. Industrial shares are quiet. The removal of the.duty on pig iron has discouraged yon and steel investments.

The U.S.S.R. trade delegation in Great Britain reports that orders placed in Great Britain for 193b amounted to £12.658,098, which represents a 26.9 per cent, increase over 1935, when the total was £9,977,673. A considerable proportion of the orders was placed in December, when the total was £2,825,203, as compared with £846,763 in December, 1935. The following figures show the principal orders placed and the articles purchased in 1936:—Machinery and equipment, £2,355,093; ferrous alloys and steel, £601,985: non-ferrous metals, £3,49b,----279: rubber, £2.334,535; textiles (raw materials), £2,035.406; ; .chemicals, £411464- tea. £707,993; herrings, £31125; miscellaneous, £684,218. Total, £12,658,098. . . A particularly large increase took place in the purchase of rubber and textile raw materials, and some increase also took place in the Pur *ase of chemicals. On the other hand the orders for ferrous metals and the puichase of tea and herrings show a decrease The orders for miscellaneous goods, which include various consumers' goods, haye: increased by 51 per cent.

General MoUrs-HoIdens—half-yearly pref. at t5 per cent, per annum Mar. S Milburn 'Liine and Cement— interim 3-;i per cent Mar. 10 Melbourne Co-op. Brewery—Interim quarterly, S<1 per share ... Mac. 15 W. n. Carpenter and Co.—interim at 3 nr cent, per annum Mar. 15 Adelaide Steamship—interim haltyearly at 6 per 'pent, per nnumn Mar. 16 Electrolytic Zinc—half-yearly, 6 . per . cent, on ord. and pref Mar. IS Castlemalno Perkins, Ltd., Brewers— . Interim half-yearly, 8 per cent. .. Mar. IS Huddart. Parker, Pty.—Dual pref. 3 per cent, or 6 per cent, nor annum; ord. 4 per cent, or T/i per cent, per annum Mar. 20 Mycr Emporium, Ltd. —interim halfyearly, ord. 3 per cent Mar. 24 North Broken Hill—Is 6d per share . Mar. 21 Broken Hill South—quarterly 13 per share Mar. 24 George Karmer, Ltd., Sydney—Interim half-yearly, 8 per cent, per annum Mar. 25 Tooheys, Ltd., Sydney—Interim halfyearly, at 9 per cent, per annum Mar. 25 Hume Pipe (Aust.)—Interim halfyearly at 5 per cent, per annum Mar. 31 British Tobacco—quarterly, ord., 2 per cent Mar. 31 Ounlop-Perdriau Itubber — Intorlm, half-yearly, pref., 5 per cent.; ord. 3 per cent Mar. 31 United Building, Clirlstehurch—final of 2V2 per cent, at 5 per cent, per annum Mar. 31 Bonds Hosiery (X.Z.) —D per cent. per annum Apr. — Lincoln Mills—interim half-year— pref. 4 per cent '. Apr. 1 Bank of Australasia—yearly. 4s Cd per annum (less income tax) Apr. 2 Howard Smith—final half-year, orrl. cent, per annum; quarterly pref. at fi per cent, per annum .... Apr. 6 2»/. per cent., making 3-;i por Mllno and Choyce—interim, pref.. G per cent, per annum: B pref.. 7 per cent, per annum; ord. and deb., i per cent, per annum ... Apr. 10 farra Falls Co., Ltd.—interim, 0 per cent Apr. ID G. J. Coles—Interim quarterly. Od per share April 15