CRISIS IN BRITAIN

Northern Advocate, 15 August 1931, Page 9

CRISIS IN BRITAIN

BUDGET STABILISATION

UNITED ACTION ESSENTIAL

PARTY LEADERS ’ CONSULTATION

(United Press Association— By Electric Telegraph—Copyright.) (Received 9 a.m.)

LONDON, August 14. The Prime Minister, Mr MacDonald, who went back to Lossiemouth last evening, will return to London to attend the next meeting of the Cabinet Committee on Monday, when a more precise examination of the proposals Avill be undertaken. The Full Cabinet has been summoned for Wednesday.

Almost immediate legislation may be necessary to give effect to some of the decisions. It is recalled that the ■motion for the adjournment of the House of Commons provided that if it appeared to the Speaker that the public’s interest demanded its reassembly bfore October he might fix a date for

an earlier meeting. The “Daily Herald” says that after the Cabinet has completed its proposals they will be placed before the Liberal and Conservative leaders on Thursday. Parliament will be recalled early in September to pass the necessary legislation to assure that the Budget shall be balanced on a basis of equal sacrifice. This has the complete support of the City, and to this extent the concurrence of all the Opposition leaders.

The proposals of the bankers which were presented to the Cabinet included a special flat rate tax on all incomes from fixed interest-bearing bonds, including not only Government securities but industrial debentures.

The “Morning Post’’ says the Conservatives are gratified to find 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 its Labour supporters throughout the country and of giving assurances abroad.

The “Times" says an attempt to balance the Budget by heavy, new, select taxation will not avert, but will precipitate, the 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 deb;.

GERMANY WATCHING.

KEEN INTEREST MANIFESTED

(Received 9 a.m.) BERLIN, August 13

The crisis in Britain is being followed with the greatest interest in Germany, The newspaper “Boersen Courier” heads the news: “MacDonald also draws up a self-help plan. ’ ’

THE LIBERAL POINT OF VIEW.

“BUDGET KEY TO SITUATION.”

(Received 1 p»m.) RUGBY 7 , August .13

Sir Donald Maclean (Lib., Cornwall), in a speech referring to the financial situation, said: “Our Budget is the hey to the situation. Not only here, but throughout the world we are still the centre of International financial stability. In fact, we are the bankers of the world. It is necessary at present to prepare for a Budget so balanced that everyone can see that the facts have been faced and the necessary sacrifices made. The task must be undertaken, as was war, by the nation as a whole.”

EMPIRE MARKETING BOARD,

PROTEST AGAINST ABOLITION

(Received 11.30 a.m.)

LONDON, August 14,

The Australian and New Zealand Associations have forwarded to Mr. Snowden and Mr. J. H. Thomas resolutions regretting the Economy Committee ’s recommendation for the abolition of the Empire Marketing Board. The association states that it will he deplored by all importers of Empire produce.

THE GOVERNMENT’S PROPOSALS.

MUCH SPECULATION,

(Received 11.30 a.m.)

LONDON, August 14

There is much speculation as to the ultimate proposals the Government will make in order to balance the Budget. The special Cabinet committee on Monday and Tuesday -will carry the proposals to the stage when it is desirable to bring them before the full Cabinet on Wednesday.

It is expected that the leaders of the other political parties, whose cooperation it is hoped will be forthcoming to secure the rapid passage of measures through a special meeting of Parliament, will be informed of the scope of the proposed legislation towards the end of next week, but the Government will adopt full responsibility for any measures put forward.