INCOME TAX PAYMENTS

Manawatu Standard, Volume LXV, Issue 31, 5 January 1945, Page 5

INCOME TAX PAYMENTS

BIG INCREASE IN BRITAIN (Special Correspondent) LONDON, Jan. 4

There was a'big increase in income tax paid during the last nine months of last year. The total was £595,512,000 which is an increase of £81,328,000 over the same period in 1943. This increase is sufficient to pay for the war for five clays. ' The national expenditure has outpaced the revenue and it is estimated that the figure for the full year is £5,940,394,000. More than £200,000,000 in cash was counted by bank officials at the end of the financial year. This is the highest figure in British banking history. The note circulation was increased by £50.000,000 last month with the result that many unused green notes which were stored in 1940 and replaced by blue notes arc now in circulation again. During last year it is reported that practically every share on the Stock Exchange rose in value, and it is estimated as a result that £1,000,000,000 have been added to the £21,000,000,000 ot securities of all kinds quoted. The rise is reported to be due to expectations of an early end of the war in Europe which would enable companies to resume peactime operations.