BRITISH DEBT

Hokitika Guardian, 17 February 1932, Page 5

BRITISH DEBT

centralisation unpractical FOUR MILLION INCREASE. (United Press Association—By Electric Telegraph.—Copyright.) LONDON. Feb. 16. ■Surprising figures of the effect of Onfall in prices were given by Sir Josiah -.■slump, in a speech at Westminister, fie said that the dead burden of the National Debt wa s now about three iir.or. as great as it was in 1920, but that year was the maximum one of inflation. He personally had calculated the e*’Icct.ve weight of the debt in terms oi 1921 values, and at present it was Jl,bjß millions sterling, or an increase of over four thousand millions. The situation had become worse fim-e March, 1931.

CUT IN INCOME TAX EXPECTED

LONDON, Feb. 16,

Ihe “Daily Telegraph’s” political ermtributor says:—The Chancellor of the Exchequer, Mr Neville Chamberlain, is aiming at a reduction in the income tax in the next Budget. Possibly it will be mnepence or one shilling in the pound less. At least it- will be- sixpence. This is due to a certainty of the substantial surplus on .March 31st. .

SOUTH AFRICAN DEFICIT

OUT IN STATE SALARIES

CAPETOWN, Feb, 15

Before the debate on the gold standard was resumed, the Minister of Finance made a statement, by special leave. He said that -the State revenue had shown a considerable fall, and there was no indication that the revenue would improve ‘during the coming year.

The Government decided that all persons receiving emoluments shall ontribute tomards the deficit. Winters’ salaries would be reduced by 15 per cenc., i.uemoers of Parliament 10 per cent., public servants from two and a half to 10. according to grade. Ihe Governor-General, Judges, and Ministers plenipotentiary, would be exempted. The Government is carrying on by borrowing from the reserve, and is not likely .to attempt to float a loan until later in the year when conditions are more favourable.

Exports in 1931 fell by over a million, ■the imports fell by eleven millions. He anticipated that the deficit in the genI era] revenue would be two millions, and for the railways a similar amount. FIJI’S DEFICIT. GOOD PROSPECTS FOR 1932. SUVA, Feb. 15. The Fiji Legislative Council has opened, Tile Governor, in his opening address, said the deficit in 1931 was £44,000, The priiKpncfM for 1932 wore good. The Government was considering the question of the sugar preference if Canada granted Fiji a sugar concession similar to that given to Australia. T’he Colonial Sugar Refining Coy. was thanked for co-operaition in Fiji cane farming. Reference was made to the British tariff changes. The Secretary of iitace inv? es the colony s attention to the possibility of further preferences which might oe accorded to me colon es by the Dominions, citing the CanadaWest Indies agreement. He i s anxious to secure- for any colonics such further advantage in the Dominion markets as may be practicable, and of real value. Local residents here hopp the Secretary’s views may induce Australia to remove the prohibitive duty on Fiji bananas.