BRITAIN’S DEBT.

Grey River Argus, 24 February 1927, Page 5

BRITAIN’S DEBT.

METHOD OF REDUCTION. CAPITAL LEVY QUESTION. (Received February 23 at 7.20 p.m.) LONDON, February 23. The idea of the capital levy was rejected by eight out of twelve of the. members of the Committee on the Nr tional Debt and Taxation, under Lord Colwyn, which committee was appointed by the Labour Government in 1924. o The majority say that unless the levy were accepted with goodwill, it would be highly injurious to the social and in dustrial life, of the community, and even if it were accepted, the relief of t’ered would be insufficient to justify an experiment so large, difficult and full of hazard.

The majority further consider that the present provision of sixty millions yearly from the revenue for debt redemption is not sufficient. The ultimate aim should be to advance bj degrees one hundred millions for debt reduction yearly. Reviewing the national saving and spending, the committee expresses thopinion”that there generally has been some improvement in the standard ot living. There has been a decline in the national savings equal to from one hundred and forty to two hundred millions sterling. This gives ground for anxiety, but not for pessimism. INCOME TAX~ ASPECT. LONDON, February 23The Statistics Board considers that the inland revenue does not support the contention that an income tas has seriously affected the vo.ume oi business activity, but the savings of th. income-tax paying class have suffered If any relief from taxation is found possible it should I>e applied first to *the sugar duty.