Commons Again in Session

Manawatu Times, Volume 62, Issue 123, 26 May 1937, Page 5

Commons Again in Session

FINANCE BILL ALTERATIONS. (British Official Wireless). Received Tuesday, 7 p.m. RUGBY, May 24. The Commons re-assembled after the Coronation and Whitsuntide recess. It is generally expected that Air Baldwin will have au interview with the King on Thursday or Friday. Tributes were paid by the Chancellor of the Exchequer, the leader of the Opposition and Air Winston Churchill to the late Viscount Snowden. Tho Finance Bill aroused unusual interest from the fact that it embodies the changes in the Budget proposals for the national defence contribution foreshadowed by the Chancellor of the Exchequer before the Whitsun recess and resulting from tho consultations he has had in the interval with representatives of industry, commerce and finance. The graduation of the tax has been modified. A tax at the rate of onefifth will be applicable to profits in the zone of six per cent, to 12 per cent, of capital instead of Fix per cent, to 10 per cent., and the one-quartOr rate will be applied to the zone 12 per cent, to 16 per cent., instead of the zone 10 per cent, to 15 per cent. The Bill contains provisions under which any class or sub-division trade or business may apply for an increase of the statutory percentage allowed on capital on the grounds of exceptional risks incurred or of any exceptional wastage of or exceptional of jrield _ aft

capital employed therein. Where a class or sub-division obtained an increase of the statutory percentage for the purposes of wartime excess 'profits duty, such increased percentage shall be provisionally allowed pending confirmation or variation or revocation of the order giving effect to such increase. The Chancellor of the Exchequer estimated that the number of concerns liable to pay the national defence conInbution was approximately 35*000,