The Guardian And Evening Star, with which is incorporated the West Coast Times. FRIDAY, APRIL 30, 1926. THE BUDGET BATTLE.

Hokitika Guardian, 30 April 1926, Page 2

The Guardian And Evening Star, with which is incorporated the West Coast Times. FRIDAY, APRIL 30, 1926. THE BUDGET BATTLE.

Tim battlo of the British Budget is a recurring event each year in these times when Britain is involved financially so tremendously. Tho deliverance of Mr Winston Churchill, tho Chancellor of the Exchequer, was in a lighter key than usual. Slowly but surely (treat Britain is extricating herself from the morass of debt and liability into which she plunged at the time of the war. The cost was not counted in those days. The war had to be won at all costs financially, and so whether to help herself or her al-

lies financially. Britain made promises of huge dimensions to pay. Those promises are being redeemed. Great Britain is paying up handsomely, and doing it handsomely—in such a way in fact as to win the admiration of the world. .So fur as the repayments of

the funded debt are concerned, Mr Churchill views the position with considerable complacency, and holds on his way. It is evident he is hent on maintaining a strong finance. This is essential for the maintenance of the country’s credit, for there must he no default. Naturally there will he and there are differences of opinion as. to how the credit i.s to be kept good. There are other liabilities creeping in of late since the war. such as unemployment, coal subsidy, all of huge dimensions. It is no light task to provide for .all these supplementary demands and face the future with confidence. ,Mr phijfvhjll, however, does it' in his

budget. There are the old political cries raised of free trade versus protection, hut Mr Churchill justifies his action, and points triumphantly to the re-imposition of the McKenna duties, which have decreased imports and incruiscd exports, thus serving a double purpose of providing both nioro local revenue and local employment. Mr Churchill is charged with not reducing taxation, hut he must perforce keep a stron gfinaiiee, and as the ‘Times” says: “Mr Churchill has faced the difficulties in this - difficult year in the way in which they ought to he fnccd.” And while doing his best to maintain revenue, he Ills had the estimates of expenditure ovedhaitled closely, and is adding fpesh taxation only through nowavenues where it should not he a hardship. Mr Phillip Snowden questions the morality of the budget by reason of the betting luxation. The abuse of betting like the abuse of liquor is a vice to he deplored, hut seeing that the vogue for betting is so great.there is nothing immoral in levying on the transactions for revenue purposes, as is done already in the ease of the use of liquor. The betting taxation will bring in a considerable sum once the collection is effectively designed, iand the income will he a useful help to the Treasury. The general trend of the discussion and comment is that the budget “plays for safety.” which is in accordance with natural British methods. It seeks also to safeguard the future—which is highly important—for that niclans the full maintenance of British credit. The new taxes will be opposed as all new taxes invariably are, but the Government is quite strong enough to carry the day. The outlook seems to indicate that the fintaneial stability of Great Britain is unshaken despite the enormous drain on tho country's resources, and that it will lie possible to continue to meet all financial obligations with the same regularity and serenity as in the past. The .solvency of Great Britain is substantially confirmed by the Budget.