The Grey River Argus WEDNESDAY, April 9, 1941. MONEY TALKS.

Grey River Argus, 9 April 1941, Page 4

The Grey River Argus WEDNESDAY, April 9, 1941. MONEY TALKS.

If New Zealanders, who now are being asked not only 1o intensify the war savings ch°rt, but to raise a million pounds for patriotic purposes, want an inspiration, they need only look to Britain'. No doubt our own Budget, shortly to come down, will increase taxation, but it will fall short of the latest rises in Britain. The standard rate of income tax has there been raised to 10s in the £, while all incomes from £165 upwards to the standard level will pay 6s 6d in the.£. The limit of exemption from income tax is lowered to £110; and the idea of “compulsory saving’’ is brought in so as to increase immediately financial resources for the prosecution of the war. • In all a revenue of £1,636,000,000 is aimed at. more than a third of which will be direct and one thousand millions will be indirect taxation, although the incidence of the latter is to undergo no rise. Two million more people will be brought into the income tax net. and the increase in taxation as a whole is estimated at'five hundred millions. Just what an unprecedented amount of wealth is being denoted to the war may bo imagined when it is remembered that America’s contribution in the current year will greatly exceed what Britain buys from the United States. In fact the Chancellor of the Exchequer states that before the end of the present financial year, the supplies received from America will far exceed in value five thousand millions sterling. Locally a patriotic effort is projected to raise £1.1,500 towards the National Million Appeal, and there, is also an Easter Special Appeal in connection with the savings campaign. The primarv object is two fold, first a vital need for sustaining the Dominion’s own economy, and secondly the relief of the hardships which are being borne by the people of Britain. No more convincing evidence of their fortitude could be quoted than the willingness with which allclasses there are responding to such enormous taxation demands as those contained in the latest Budget, while, at the same time, they are facing the danger of invasion and air raiding, and the strain of munitioning the forces. New Zealanders are still comparatively immune from serious war strain, though there are economic strains, and it is thus desirable that to the fullest possible degree everyone in the community shall respond to the call of the hour. Our own soldiers are new in line of battle, which is a thought that ought to stimulate the spirit of self sacrifice among all for whom they are fighting and risking their lives. The war is now at as critical a stage as any since it began, but there are great and growing signs that all will yet take great pride, in the sacrifices made'in the cause of freedom and democracy. Britain has not only vanquished one enemy on his own ground, but has gained valuable new allies since she took the heroic resolution to continue the Avar alone. There may be yet greater allies' in the not distant future, and it 1 is mainly a matter meanwhile of, holding the fort to ensure both' that the enemy’s resources shall | begin to fail and the strength of I the opposition to aggression shall'

vastly increase. The news from the Balkans continues to be good, ihe enemy receiving as hard knocks as lie gives, and the strength of the forces against, him is hourly growing. If this campaign can be financed to a successful it should spell victory on every front.