BANKERS’ DINNER.

Hawera Star, Volume XLVIII, 27 August 1924, Page 6

BANKERS’ DINNER.

MR, SNOWDEN’S SPEECH

The Lord Mayor and the Lady Mayoress of London gave their customary annual banquet to the Chancellor or the (Exchequer, the Governor and Directors of the Bank of England, and the bankers and merchants of the City of London (the London Times reports./. Responding to the toast “Prosperity to the Public Purse,” the Chancellor of the Exchequer said that the most pleasant duty which fell to a holder of his office was to be able to afford some relief in the bin den of taxation. He could hardly hope that in a gathering like that the items.of taxation which he selected for favour this year would be received with universal approval; but that uas his first Budget, and he must ask those who were anxious to see reduction in, say, the super-tax to give him all the support they could, so that he might remain in office until their wishes had been realized.

. Although he belonged to a political party which was supposed neither to Know or care anything about the national credit, he assured them that there had never been a Chancellor of the Exchequer who appreciated more highly than he did that the first duty of a Chancellor of the Exchequer was co do nothing which would m the slightest degree result in a loss of confidence in the national credit.

The effort, after five years of failure, to bring peace and settlement to the Continent of Europe, was to be repeated within the next few days. He was hopeful that the outcome would be that, for the future, the nations of Europe would be able to settle down and turn their activities, not merely to repairing the devastation of war, but to increasing the pre-war prosperity of the world. The only thing to make that Conference a success was to bring the right spirit into the deliberations of the Conference. There must be in the heart of every delegate a determination that this attempt should not fail. He had no sympathy whatever with the idea that the prosperity of a nation which was a competitor in world trade was going to be to the loss and detriment of the world generally. : ,

Referring to the question of international debts, Mr. Snowden said we were paving our way. It was a hejavy burden, and without desiring in the least to be offensive to any other nation he thought we might take pride in the fact that we were paying oiu - way, while some nations were not. He sometimes wished that by an act of great generosity our debtors would send to him, at least, some part of their indebtedness to us. He might then be .able to satisfy the desire thev all felt for a further reduction of ‘taxation, and next year have such an enormous surplus, .with the prospect of a larger surplus in the following year, that he might be in the position of not having fco increase their super-tax, but be in the still happier position of making a considerable reduction of it. TheiF’he was quite sure, if lie did that, when he came to their dinner next year they would receive him with still greater enthusiasm.