BUDGET DEBATE

Evening Star, Issue 17034, 3 May 1919, Page 9

BUDGET DEBATE

Press Association—By Telegraph—Copyright. Australian and N.IS. Cable Association. LONDON, May 1. Sir Donald Maclean, resuming the Budget debate, said that the great spending departments which wore spreading devastation throughout the country_ murv, be curbed. Mr Joseph Chamberlain hat! said that complete Imperial Preference would invariably entail taxes on food. Mr Austen 'Chamberlain interposed: The Government do not intend to impose new food taxes.” Sir D. Maclean continued, stating that great trade with the Dominions could not be developed without granting preference on com, moat, and wool, Ht regretted that ho must fight tho proposal. Colonel Araei'y, Colonial Under-Secre-tary, defended the Government’s proposals. He* said this was not a direct issue between Freetradc and Protection. It was questioned whether we regarded the Empire as a unit, and whether we were willing to promote intercourse, understanding, and development, thus strengthening tho Dominions. It was a worthy policy to carry out, irrespective of tho old party divisions. We were entering a new period of tho Empire's history, and should deal with tho industrial, social, and economic problems in a new spirit, aiming at a ■wider’ unity. May 2. The brewers and distillers are organising opposition to the Budget proposals for beer and spirit duties. Tho Labor party intend to move amendments to the Budget, demanding a levy on capital, the continuance of the. excess profits tax, the withdrawal of Imperial Preference, and tho raising of the Income Tax exemption limit to £250. BRITISH FINANCE. CONSOLIDATING LOAN ISSUES. LONDON, May 2. It is reported that the Government will shortly issue a great funding loan in the form of a per cent, consolidated stock: issue. The price will be £BO, and the Joan will he repayable by means of a sinking fund, which wifi be operative until 1967, entirely redeeming the loan by 1977.