NO BRITISH TAXATION REDUCTION.

Horowhenua Chronicle, 26 July 1929, Page 2

NO BRITISH TAXATION REDUCTION.

AILMAMENTS ONLY POSSIBLE SAVING NO FINANCIAL SACRIFICES. Received Thursday, 10.15 p.m. LONDON, July 25. The Chancellor of the Exchequer, Mr. Philip .Snowden, was the principal guest of a banker’s banquet at the Mansion House, when he declared he was afraid he could ont hold out much hope of any reduction in total taxation (iuring the immediate year. He could not see where any considerable reduction in expenditure could be made, except in armaments. Governments of the past decade had had a most (Hindi ffieult task in ananging war debts and reparations and they had dealt with them in a spirit of great magnanimity. He might almost say quixotic generosity. Although ho favoured the promotion of international goodwill and helping those in need, ho did not think Britain could continue a policy of sacrificing herself financially in favour of those equally or better able to bear their own burdens.

“I want to reaffirm that there will be, to use Mr. Lloyd George's own words, ‘No shovelling out of puhfbe money’ to keep alive incompetent industries. There 1 is a reasonable prospect, amounting to a certainty, that we shall get little more than 20 shillings for every pound of public money provided. The widest distinction is exercised between economy and parsimony. ’ ’ Mr, Snowden hoped the present monetary position would be tided over without an advance in the bank rate, the psychological effect of which would bo injuries to trade and enterprise. He appealed to city banking houses to exercise caution in regard to foreign lending where exchanges wore unfavourable. In the House of Commons, Mr. Philip Snowden, in replying to a question regarding the total cost of the Singapore Base, stated that at the latest available date, the cost was £2,400,000, the total of employees. 3018.