BRITAIN'S BUDGET.

Mataura Ensign, 21 July 1909, Page 3

BRITAIN'S BUDGET.

LAND TAXATION. Received July 21, 8.30 a.m. LONDON, July 20. 11l the House of Commons clause (i of tho Finance Bill was carried, Mr LloydGcorgo (Chancellor of the Exchequer) promising that a very considerable number of charitable institutions and public organisations would bo safeguarded agaiust the increment duty when clause 45 was discussed. Later he announced that agricultural land would be exempted from the tax of 10 per cent. Received July 21, 8.45 a.m. The House of Commons sat until six a.m. and passed clause 7 of the Finance Hill, imposing except on agricultural land a reversion duty of 10 per cent, upon benefits accruing to the lessor. I'bo Government allows a reduction in respect of works of a permanent character executed by tho lessor.

The Bill has 74 clauses, the first having passed the committee. Those five and the sixth deal with the proposed duty of '2O per cent, oil the increment value of land. The increment duty has to bo paid on tho salo of tho land, grant of a. lease for not less than seven years, death of the owner; or, when the land is owned by corporate or un-incorporatc bodies (which do not die), at periods of fifteen years, the first of which is 1914.

LORDS AND COMMONS. Received Julv 21, 8.30 a.m. LONDON, July 20. With regard to his speech ill the House of Lords, in which the Marquis if Lansdowne (Leader of "the Opposition) was reported as protecting against the House of Lords being compelled to wallow the Finance Bill whole, "witli■>ut mincing," ho states that ho was misreported on Friday, and that he said "wincing," not "mincing." With respect to the reply of Mr Winston Churchill (President of tho Board '>f Trade), in which lie said the House would "stand no mincing," it is thought in tin l lobbies to he doubtful whether Mr Churchill is spokesman of the Cabinet, tho general belief being that he is merely indicating his individual wishes.