CONFIDENCE RETURNING

Manawatu Times, Volume 63, Issue 80, 5 April 1938, Page 8

CONFIDENCE RETURNING

Week on London Markets “ DHTICULT TO SELL A GUINEA FOE 21/-’* United Press Association—Bv Elec trio Telegraph.—Conyrlsrht * LONDON, April 3. Though the markets finished the week on a more cheerful note, there have been times when, in the words of one witty broker, it was "difficult to sell a guinea for 21/-.” Fortunately there are now signs that the public is beginning to realise that good securities are going cheap, but sustained recovery is still problematical. The American situation continues to be the cause of increased anxiety. The revenue figures pleased the City. Their healthy appearance was largely due to the excellent yield from incometax, contrasting with a decrease in surtax, which supports stories of largescale evasion. The entire Press, under the leadership of The Times. !s conducting a campaign against this evasion. No doubt the Chancellor will drastically tighten up the loopholes. The Economist estimates expenditure in 1937-8 at £924,176.000. The natural increase in revenue, it estimates, may be forty millions. Thus the Chancellor will have to find at least a further twelve millions either by increased raxation or by various forms of financial riight-of-hand, "at which the Treasury % a master ”