AMERICAN FINANCES

Hokitika Guardian, 6 December 1929, Page 1

AMERICAN FINANCES

PRESIDENT’S PROPOSALS. [United Press Association.—By Electric Telegraph.—Copyright.] WASHINGTON, December 4. Mr Hoover laid before Congress today a recommendation for one per cent income tax reduction totalling 160 million dollars and a request for 3,830,449,231 dollars for Governmental use next year. He submitted a bright picture of the state of the nation’s finances, and stated the reduction of taxation by the past president had undoubtedly increased the revenue and given a stimulus to business, partly responsible for the upward jump in receipts. A total of 380,392,526 dollars is asked for the navy, an increase of 163,999,000 over 1928. Alterations in battleships, increased navy pay and other improvements caused the increase. Dealing with the cruiser construction programme the President said for fifteen cruisers and one aircraft carrier authorised in February, 1928, provision is made to carry If or ward the work on two cruisers already laid down and 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 the fiscal year.