IMPERIAL FINANCES.
DRASTIC RESTRICTION URGED. London, Mar. 25. Drastic restrictions of fresh trustee stocks, including overseas borrowing were suggested by Mr Stanley Machin, presiding at a meeting of the Associated Chambers of Commerce. He declared that the Government’s first duty was to reduce taxation, and pointed out that £20,000,000 could be saved by the con version of £2,000,000,000 ofs per cent war loan into fours; The Government has the right, after 1928, to repay or convert, but this is impossible while the 33 per cent war loan is below 90. The latter was prevented from rising because of the flood of new issues. Dealing with overseas loans, ho declared that the public were constantly told overseas borrowing would mean the export of British goods. This was only partially true, as it did not apply to the renewal of loans raised to pay interest on the existing debt. Such issues compete with British Government stocks, and hinder reduction of income tax. —(Sydney “Sun” cable).
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Hawke's Bay Tribune, Volume XVI, Issue 86, 27 March 1926, Page 5
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163IMPERIAL FINANCES. Hawke's Bay Tribune, Volume XVI, Issue 86, 27 March 1926, Page 5
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