BRITISH FINANCES

Evening Star, Issue 20876, 20 August 1931, Page 9

BRITISH FINANCES

THE ECONOMY PROPOSALS REVENUE TARIFF FORECAST Press Association—By Telegraph—Copyright. LONDON, August 19. Thu ‘Daily Herald ’ says: “Among the Economy Committee's proposals to Cabinet for discussion and decision will bo a general 10 per cent, tariff lor revenue purposes, tho temporary suspension of sinking funds, a tax on in-terest-bearing securities, increased contributions to tho Unemployment Insurance Fund, with or without deductions in benefits, but coupled with administrative changes designed to prevent abuses, and finally the voluntary conversion of the war loan.” Tho ‘ Herald ’ adds; “ The proposal for a revenue tariff will receive support from Ministers who have hitherto been rigid Freetraders. They will urge it as an emergency measure. A 10 per cent, tariff on retained manufactures, including imports partly finished, will yield on the basis of tho 1931 imports £20.000,000. A further 10 per cent, on food, which is at present not taxed, wilt possibly yield £25,000,01K). The suspension of tho sinking funds will save £50,0000,000. Tho increase in unemployment contributions will yield £9,000,000, but the securities tax will bo problematical. Members of the Cabinet, as an example to the nation, will accept cuts in their own salaries. Tho significance of tho above lies in its publication in tho Government organ. CONSIDERATION BY FULL CABINET (British Official Wireless.) RUGBY, August 19. (Received August 20, at 11.30 a.m.) The Cabinet Economy Committee concluded its work last night. The nature of the report is being kept a secret until after consideration by the full Cabinet, which lias been studying tlio matter all day and is expected to sit until late into the night. Cabinet will endeavour to reach definite decisions to place bclore the Labour Party and the trades unions to-morrow. UNFOUNDED RUMOUR LONDON, August 19. Inquiries at Downing Street and at tho Treasury show that nothing is known of tho suggestion from Chicago that England is seeking a long-term loan in the United States.