Britain’s Effort to Balance Budget

Manawatu Times, Volume LIV, Issue 6628, 15 August 1931, Page 5

Britain’s Effort to Balance Budget

Received Friday, 9 p.m. LONDON, Aug. 14. The Daily Herald (Labour) says after the Cabinet has completed its economy proposals they will be placed before the Liberals and Conservatives on Thursday. Parliament will be recalled early m September to pass tho necessary legislation to assure the Budget being balanced on a basis of equal sacrifice. Ihis has the complete support of the city and to this extent tho concurrence of all the Opposition leaders. Tho proposals of bankers presented to Cabinet include a special flat rate tax on all income from fixed interestbearing bonds, including not only Government securities but industrial debentures. ' The Morning Post (Conservative) says the Conservatives are gratified that the Government is now fully alive to the seriousness of the situation. An authoritative statement is expected from the Government shortly for the dual purpose of convincing Labourites throughout the country and of giving assurances abroad.

Owing to the industrial unrest, taxation prospects and the grave agricultural distress Lord Lonsdale has decided to give up racing. The Times, in .a leader, says the at-

More Taxation Coming Parlicr: r: i to Reassemble Next Month United Press Assn.—By Electric Telegraph.—Copyright.

tempt to balance the Budget by heavy new select taxation will not avert but precipitate tbe danger. No new taxation must be imposed which will postpone indefinitely the prospect of further economies by ruling out the chance of a successful voluntary conversion of the national debt.

Party Leaders Meet at Downing Street LONDON, Aug. 13. Mr Baldwin and Mr Neville Chamberlain had a half-hour conference with the Prime Minister (Mr J. Ramsay MacDonald) at Downing Street. Sir Herbert Samuel (Liberal) also conferred with Mr MacDonald and Mr Snowden (Chancellor of the Exchequer). Germany Interested Received Friday, 9.50 p.m. BERLIN, Aug. 14. Britain’s crisis is being followed with the greatest interest. The newspaper Bocrsen Courier heads tho news: “MacDonald also draws up a selfhelp plan.’’