AGAINST BUDGET PROPOSALS.

Marlborough Express, Volume XLIII, Issue 118, 17 May 1909, Page 5

AGAINST BUDGET PROPOSALS.

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[press association.] (Received \May;l6, 4.45 p.m.) LONDON May 15. " Thirty-five ' leading bankers and .merchants* including Lords Goschen and Avebury,, Rothschild's, Huth s, ■ Anthony Gibbs,Hambr6's, Giyn's, Morgan's and Sutherland's, addressed to 'Mr Asquith a protest against matfy .finance proposals of the' Budget. They consider the proposed 'dealing with the old sinking fund, a "danger- * ous innovation, which-will' inevitably tempi; a Government to underestimate the revenue and -overestimate the ex- .. penditure. 'The signatories realise, the necessity for increased taxation." but are alarm-ed-at the increasing disproportion of the'burden placed on a numerically small class of the community. The greaiv increase in the death duties and income tax will, they consider, prove seriously injurious to• commerce<-aTid industries. Death duties are really paid ouiyof capital; therefore there is a danger of capital !being reduced" below, the point necessary to the trade in

which it is employed. The prosperity ■of all classes being greatly due to the ; fact that the country afforded' indis- • putable safety to capital, ' the signatories"would deeply regret; if this' con- • '.Tictionwere in any way weakened.