AMERICA’S FINANCES

Hawera Star, Volume XLIX, 5 December 1929, Page 7

AMERICA’S FINANCES

BRIGHT PICTURE PAINTED REDUCTION IN TAXATION INCREASED NAVY VOTE. (United Press Association—By Electric Telegraph Copyright.) Received 12.15 p.m. to-day.) WASHINGTON, Deo. 4. President Hoover laid before Congress to-day a recommendation for a one per cent, income tax reduction, totalling 160,000,000 dollars, and] a request for 3,830,449,231 dollars for govern mentiafl use next year. He submitted a. bright picture of the state of the nation’s finances, and stated' that the reduction of taxation by the past President bad undoubtedly increased the revenue and given a stimulus to business, being partly responsible foir an upward jump in receipts. The total of 380,392,526 dollars is asked for the navy, an increase of 163,999,000 over 1928. Alterations in battleships and increased navy pay rand other improvements caused the increase.

Dealing with the cruiser construction programme, the President said: “For 15 cruisers and' one aircraft carrier authorised in February, 1929, provision, is made to carry forward the work on two cruisers already laid down, for three cruisers and an aircraft carrier to be laid down late in the fiscal year, 1930, and for the remaining ten cruisers to be commenced late in tlie fiscal year.”