BRITAIN’S RANGES

Gisborne Times, Volume LI, Issue 5246, 11 August 1919, Page 5

BRITAIN’S RANGES

FINANCIAL POSITION SERIOUS.

PESSIMISTIC SPEECH BY CHANCELLOR OF EXCHEQUER.

FURTHER »-TAXATION FORESHADOWED. United Press Association—Copyright. Australian and N.Z. Cable Astociatioa (Received August 10, 5.5 p.m.) LONDON, August b Mr Austen Chamerlain. Chancellor of the Exchequer, in the House of Commons, in a pessimistic review of the financial situation, said, that if •the country continued -spending at the _ present rate, it would lead straight to national bankruptcy. It was essentia Ito increase production and reduce expenditure. The Budget forecast would fail to realise expectations. The expenditure sanctioned on pension* alone amounted to half the pre-war expenditure. The impossibility of discontinuing food control had had a serious effect on the Budget, as it was hoped to realise seventy millions by the sale of the Government’s stocks. He doubted whether it was possible to balance accounts without new taxation. The only way to deal with exchanges "'a 1 to reduce the import of luxuries an increase the exports. The wasti should stop. There is nothing in the position beyond the nation’s power if it tackled the problem with the a_me resolution displayed in connection with the war.