BRITAIN’S DEBTS.

Grey River Argus, 17 July 1922, Page 7

BRITAIN’S DEBTS.

AMERICA WANTS SETTLEMENT. THE BUDGET DENOUNCED. (Received July 16, 5.5 p.m.) LONDON, July 14. On the third reading of the Finance Bill, Mr Asquith said that the Budget was “founded on conjecture and hope.’’ Although, since the armistice, nearly £1,000,000,000 of war assets have been realised, none had gone towards reduc ing the debt, but instead had been treated as revenue. Colonel Wedgwood said that the Labour Party opposed the Budget on the ground that it benefitted the rich at the poor’s expense. Sir R. Horne, defending the Budget, said that Air Asquith’s “gloomy prognostic tions ” were so far entirely falsified. Their credit and the value of their currency stood higher than at any' time since 1914. He reminded the House that the Government had been obliged to meet war charges in excess of war assets. A request had come from America to consider the funding of their debt to her. It was one which would be completely met. Their floating debt had been reduced by £409,000,000 since July, 1921, of which £7.1,000,000 had been paid since March last.