BRITISH BUDGET

Gisborne Times, Volume LXXXII, Issue 12531, 17 April 1935, Page 5

BRITISH BUDGET

IVHAT CHANCELLOR TOiLD COMMONS. 80 PER CENT. OF PROSPERITY RECOVERED. NEW RECORD.FOR -MANUFACTURING. ' SURPLUS OF £7,562,006:‘‘ ("British Official Wireless'). LONDON, April 16.: In presenting the Budget accounts and proposals, Mr. Chamberlain .said: “Broadly speaking, we may say that v/3 have recovered 80 per cent, of our prosperity. Our task is now of getting back the remaining 20 per cent, without jeopardising the confidence we have already established. Given peace abroad and a fair measure of unity at home, l see no reason why we should not, during the current year, make a further substantial advance towards prosperity, and it is in that conviction that I have framed my Budget estimate.’’

Reviewing the results of the p:tst year, 5 Mr. Chamberlain said that manufacturing production had established a now record, exports were up last year by £.‘10,000.000. interest rates remained lower,- and theie uas n great increase in the volume of capital work, particularly in new buildings. Throughout the year, the cost of living had remained sub-stantially-below the 19cT level, retail trade had continued to expand, and there was no diminution- in the thrift of the people, the Post Office Savings Banks and trustee savings hanks deposits, and the net sales of savings certificates, having risen by nearly £50,000,000 during the year. There was n surplus of £7,562,000. PRESS A COLAM ATI ON. PROSPERITY REGAINED WITHOUT PUBLIC WORKS SCHEMES. ENT) OF CHEAP MONEY NOT - IN SIGHT. ELECT! ONEERING PP OPA G ANDA DENIED. (TI.P.A. by Elec. Tel. Copyright) (Received April 16, 7.10 p.m.) LONDON, April 16. The newspapers acclaim the Budget and congratulate Mr. Chamberlain, emphasising that he is giving relief where it.is essential. The Daily Mail points out that Britain is regaining her prosperity by conservative finance without the vast schemes of public works that many lands are attempting thus far unsuccessfully.

The Daily Telegraph says that the gilt-edged market is expected to respond strongly to Mr. Chamberlain s intention to deal with £429.000,000 in local loans. This is interpreted to reveal the Treasury view that tin end of cheap money is not in sight. The Daily Herald says that Mr. Chamberlain speaks of 80 per cent, return to prosperity, but there are still over 2,000,000 unemployed. The Budget, it says, is mainly an electioneering appeal to the middle section o. the community earning from £275 to £6OO. Mr. Chamberlain has forgotten the 17,625,000 working class families below £250; ‘they only get cheaper cinema seats.

The Times political correspondent says that Labourites declare the Budget is an electioneering measure, but it is more generally regarded as the Government’s gesture of goodwill to those who did not benefit last

3'oar. .... The Times in a leader says: “With peace at home and unity abroad, Britain should completely recover, but a relaxation of effort is impossible while there is still an army of unemployed and many districts under the shadow of depression.”