THE DEFENCE TAX

Grey River Argus, 4 June 1937, Page 5

THE DEFENCE TAX

BUSINESS MEN’S WISHES To Be Studied ( Aus & N.Z. Cable Assn). k LONDON, June 2. Boomlike conditions returned to the stock exchange as the result of the death of the defence contribu wu Long list advances were ree-o del along a broad front. The Associated Press city editor learns that treasury experts meanwhile have begun consultations with lepresentatives of trade and industry, indicating the Government is no- repeating the error -of not considering business men’s advice. The new ax is expected to resemble the old Co.Deration Profits Tax. The citv hopes that some means v nJ be found t 0 rope in the debenture and preference shareholders as if, is considered' unfair that the whole burden of rearmament should be placed on one class of investors. Cabinet will discuss the -Treasury re. ports this afternoon. The announcement of the new tax quickly is possible If is not expected to c ause any lo s of Parliamentary time, and further business uncertainty. A gold scare is now the only factor holding back markets. Despite the United States’ Treasury’s flat deniai it is reducing the gold' price, hoarders are acutely nervous. .--The market is daily flooded with sellers. Doctor Trip, President of the Netherlands Bank, recommends international regulation of gold production. He considers the restriction of outpuj pre. ferable to redueng the price, and' it should be accepted by- producers m their own interests. RUGBY, June 2. The first meeting of Cabinet to be presided over by’ Mr Neville Chamber, lain, look place in the Prime Minister’s room in the. Commons, this afternoon. Two new members, Earle de la Warr and Dr. Burgin, were warmly’ welcomed. COAL ROYALTIES. (British Official Wireless), RUGBY, June 1The Prime Minister (Air. Neville Chamberlain) announced in the House of Commons that as there would not be time in th e present session for the passage of a long and complicated measure the Government had decided, not to introduce a bill giving effect bo either of th e proposals for the uni. fication of coal royalties, but to save time after the measure was passed next session, they’ intend to proceed now with a bill providing for the collection and registration of particulars of the units of separate ownership of coal and associated' rights and of existing working leases. REVENUE RETURNS. RUGBY, June 1. Exchequer returns‘show that the totai ordinary’ revenue amounts to £98,276,168, compared with £91,025,416 at the corresponding date last year. The total ordinary expenditure is £119,689,847, compared with £121,376,342 the corresponding date! in 1936.