NEW PRIME MINISTER

Grey River Argus, 2 June 1937, Page 5

NEW PRIME MINISTER

TAX ON PROFITS Individualists Fight It (Aus. & N.Z. Cable As-n). LONDON, May 31. Mr Neville Chamberlain was received with loud cheers on his first appearance in the Commons as the Prime Minister), Immediately after questions, the Leader of the Opposition paid a tribute to Mr Baldwin, in which Sir A. Sinclair joined. Mr Chamberlain replied. Mr! Attlee said the future historians would doubtless disagree, as the Opposition agreed, about the merits and demerits of Mr Baldwin’s policy- and actions, but he was certain that they would be one in acclaiming him as a great Parliamentarian, who possessed in a singular degree the faculty- of judging the temper of tho House, and responding to its moodsMr Chamberlain was unanimouslyelected to the leadership of the Conservative Party. Returning thanks, Mr Chamberlain declared; “I am not afraid of physical labours ahead. 1 have not sought this other office, but gladly- accept, because of your wholehearted support. My father and brother had 1 higher! qualifications for the Prime Ministership than I. I regard my- position as the consummation of their life work-’’ Sir J. Simon, in the Commons, defended the National Defence contribution, He said the concessions in a full year would cost about five million sterling. The tax yield would be about fifteen millions.

Mr) Dalton (Labour) moved the rejection of the Bill- , Mr Wardlaw-Milne and several other Conservatives criticised the tax. The hearing was adjournedThe heads of eighteen of the largest industrial eonceilns in Britain, including Unilevers, Dunlops, and Imperial Tobacco,; wrote to “The Times'’ declaring: “Mr Chamberlain was little influenced by the views of the Chamber of Commerce, shipping and industrial orlganisations. The new version of the defence tax adds bewildering complexities to the original, and 1 can only- operate to the detriment of national interest-” The signatories take the astonishing step of? appealing to the Opposition to persuade the Government to have the proposals rle-examiued. ONSET ON DEFENCE CRITICISMLONDON, May 30It is scarcely an exaggeration to say that markets might as well be closed, business being so slender. The revised versions of the defence contribution have robbed markets of every shred of interest, and meanwhile the forces against the tax are massing a Conservative motion for the rejection of the Finance Bill- This is unlikely to be carrlied, as it would mean the overthrow of the Government, but it is hoped that the fact that an influential section of the party ha s taken this extreme course will impress Mr Chamberlain. The attack is likely- to be supported from all sections of the House, and even Labour! members, who favour a taxation on profits, eon’ sider that the defence contribution i s an extremely- clumsy- way- of doing so-

German Industrialists WANT MONEY. U.S.A, LOAN MOOTEDLONDON, June 1. The “Daily' Herald’s’’ Prague correspondent says that Hitler is alarmed by a secret memorandum frbm German industrial leaders, expressing dissatisfaction at present conditions, and grave fears for the future. The which urges a reduction in taxes and a more conciliatory foreign policy, declares: “Ac least 50 per cent- of Germans are living on money' derived directly' or indirectly from the Government. Selfsufficiency with regard to -foodstuffs has not been achieved. It considers that the life of Germany can only'-be restored by' a big foreign loan, possibly' from the United States.’’

British Trade with U.S.A. DOMINIONS WILLING. CONFERENCE DISCUSSIONS. LONDON, May 31, A “Times’’ special correspondent emphasises as outstanding the interest in Imperial Conference talks on economic appeasement, as defined by' Mr Lyons and Air Mackenzie King- This, it is agreed, depends on Anglo-Ameri-can co-operation, which the Dominions are willing to do their utmost to bring about. It would not only' clear the channels of world trade, but prove a starting point for),a fresh attempt at 1 economic reconstruction and might also open the door to Australian-American trade negotiations. “The Economist’’ emphasises that an Anglo-American commerieal agreement is an essential preliminary to international appeasement. A fact which converts necessity' into a golden pipportunity is that America is not merely willing, but anxious, for such agreement- Britain has . invited America for a decade to rleduee the excessive tariffs. Now that 4 America has de monstrated a sincere desire for politic and economic co-operation, it is hard to. believe one’s eyes when one seer the British Government hesitating on the threshold l and administering snubs to America, which will probably' drive her to isolation for a generation. FOREIGN PRODUCTIONLONDON, May' 31“The Economist’’ says; The raw

material producing countries continue to gain ground. Industrial production, is expanding in Germany, Japan, Belgium, and Holland, but progress is slow in France. INDUSTRIAL PROSPECTS, LONDON. May 31“The Economist’s’’ review of the state of! Trade draws attention ito 'ihe marked revival in exports, which indicates that recovery- is proceeding in the right direction- "Manufacturing costs are rising, but there are few indications of resistance to higher prices except in some consumption goods and trades. Prospects in nearly' all industries remain ’promising. Building activity is higher than ever, and world industrial activity' and international trade continue to expand, the volume of world (trade now being only 74 per cent, below the 1929 level- It is still growing. SHIPPING. LONDON, May 31- . The Shipping Committee 1 at_ the Imperial Conference met under the chairmanship of Mr Nash, and considered the maintenance of an adequate mercantile marine under the British flag, a s a matter of common concern to the Empire. Discussion concerning the implications of such a. policy' revealed many difficulties and considerable divergence o£ opinion, To-day’s discussions did not touch on the Pacific, a s it is a problem. It is expected <thar the Imperial Conference will terminate on June 15 or. 16, when various resolutions of the committees will he adopted by 'the plenary- session- This suggestion came from Mr Chamberlain, constituting almost his first act as Mr Baldwin’s successor in the chair. The principal delegates congratulated Mr Chamberlain on his assumption, of the Prlime Ministership, and welcomed him to the presidency of the Conference. The remainder of the morning’s discussion was devoted to a statement by Mr Ormsby' Gore, outlining the resources and possibilities of 'the colonial Empire. All the other delegations participated- It is understood that Germany’s colonial claims and other political aspects were not mentioned.