IN SIGHT

Hawke's Bay Tribune, Volume XXII, Issue 37, 27 January 1932, Page 7

IN SIGHT

BALANCED BUDGET BRITISH REVENUE RETURNS. THE COMING SESSION. (United .Press Association—By CableCopyright.) (Received 27, 12.30 p.m.) London, Jan. 26. Parliament reassembles next Tuesday and the Cabinet meeting which was held this morning was understood to be concerned with the procedure in the opening stages. It is expected that an early statement will be made to the House of Commons on the Cabinet’s decision regarding the views of its members on tariffs. In view of the figures disclosed in the latest revenue returns, a balanced budget is regarded as definitely m prospect. The returns furnish further evidence of the remarkable response made to the appeal for prompt pay meut of the instalments of income tax due this month. During the week ended 23rd, the income tax collected amounted to 17. Imillions, an increase of 7.2 millions over the amount collected during the corresponding week of last year. The total amount collected iu the period from the Ist to the 23rd of January was 66.9 millions, compared with 34.8 millions collected during tho first 24 days of last year. The amount collected as surtax during the same week also shows an increase over tho corresponding period of last year and the total amount of surtax received during the first 24 days of the quarter was 18J millions, being an increase of 81 millions over the total received in the first 24 days of 1931. The total deficit now stands at 134 million pounds. BUSY SESSION FORECAST. MAINLY CONCERNING TARIFFS. (Received 27, 12.55 p.m.) London, January 26. The Parliamentary session opening on Tuesday will be marked by an exceptional amount of work and unusual pro. cedure. There will be no general statement of policy or full dress debate thereon. The foreign policy will be outlined only in the form of answers to questions. Tariffs will be an outstanding subject. It was authentically admitted to-night that these are being evolved in close co-operation with the overseas Dominions. The Government is determined not to follow the procedure followed in its former emergency duties, that is, leaving a fairly long interval between the announcement and the imposition of the duty, thus giving opportunities of forestalling by importations. On the contrary, revenue resolutions will be introduced by the Committee of Ways and Means, following the passage of a special Bill to permit the duties to operate the same night. Secrecy, similar to that always adopted in respect to Budget taxes, is being observed in reference to the new duties. Lobbyists’ latest forecasts include a 1U per cent, duty on all manufactures and semi-manufactures, including iron and steel; duties on many foodstuffs excepting wheat and meat, but including dairy produce. The objects of the latter are, firstly, the encouraging of the extension of Dominion preferences at the Ottawa Conference; secondly, negotiation for reciprocal agreements with the Argentine and Denmark, with a view to obtaining special terms on certain British manufactures.