BRITISH FINANCES.

Manawatu Times, Volume XLIII, Issue 1586, 11 June 1920, Page 5

BRITISH FINANCES.

AN EXTRAORDINARY RECOVERY

fßy Electric Cable— Copyright.] [Aust. and N.Z. Cable Association.] (deceived Thursday, 10.50 p.m.) LONDON, June S.

In the House of Commons Mr Chamberlain explained the Government's decision not to impose a levy on war wealth. He pointed out that as pavment could be made in Government securities, the levy would not materially reduce the flotation of debt. He emphasised the fears of business men, as regards the effect of the levy, and stated that the excess Profits Duty would produce twice as much as the levy, in the same period. He now proposed to maintain the Excess Profits Duty at 60 per cent, this year, and continue the duty or its equivalent for a longer period than otherwise had been necessary. Mr Chamberlain paid a warm "tribute to the manner in which the rich had borne financial sacrifices, and gave figures showing that in some cases only about 5/ in the £ was left to the recipients of large incomes, after their wages had been paid. No other country had attempted a financial effort comparable with Britain's, and there was no other m which the well-to-do people were so heavily taxed. Illustrating the financial recovery of Britain, Mr Chamberlain referred to the rise in the dollar exchange, and stated that we were in a position to buy our half of the Anglo-French loan in America, and to meet all other market obligations of the Treasury in the United States, to the end of 1920, with a satisfactory margin. Our debt of a hundred million dollars to Argentina would be redeemed in a few days, and the loan of twenty million ven in Japan would be paid off in a month, while provision had been made at home for reduction of debt by £230,00 0,000 this year, and £300,000,000 neNt year, without additional taxation.