BALANCING OF BRITAIN’S BUDGET TO BE TACKLED

Manawatu Times, Volume LIV, Issue 6626, 13 August 1931, Page 7

BALANCING OF BRITAIN’S BUDGET TO BE TACKLED

Earlier Meetings of Economy Committee

;WHOLE HOUSE SHOULD BEAR RESPONSIBILITY

United Press Association. —Bj Electric Telegraph.—Copyright. % Received Thursday, 12.30 a.m. LONDON, Aug. 12. The Times’ political writer says that prominent bankers attended during part of the live hours’ conference between Mr. Ramsay MacDonald and Mr. Philip Snowden. Both were absolutely determined to balance the Budget for 1932. It was decided to summon the Cabinet economy committee to-morrow instead of at the end of the month. The meetings will probably be followed by conferences between members of Cabinet, and representatives of the Conservative and Liberal parties though there is no question of > inviting the other parties to join a national Government. The Daily Telegraph gathers that the Government hopes that it will be possible noxt week to arrange a joint conference with tho leaders of the Conservative and Liberal Parties regarding the measures necessary to reduce tho abnormal expenditure. The Ministry argues that the carrying out of the recommendations of the Economy report involves contentious legislation, for which the whole House of Commons must bear the responsibi- * lity. The Daily Herald says tho bankers favour the Australian scheme of conversion, arguing that' while normal conversion has no chance at present, an appeal might be mado on the ground of a national emergency, which would carry weight if large holders, such as banks, agreed to the proposal. The convorsion is estimated to save between £20,000,000 and £30,000,000 per year. The Daily Mail’s eRy editor says that one of the chief Teasons why Mr. . SlacDonald hurried back to London was a serious letter addressed to the Government by City of London Bankers, couched in the plainest terms and urging drastic retrenchment in order to re-establish Britain’s credit.