Britain Shoulders Gigantic Financial Burden for Defence

Northern Advocate, 15 July 1939, Page 8

Britain Shoulders Gigantic Financial Burden for Defence

(Received 2.30 p.m.)

RUBY, July 13.

iJHE FINANCE BILL, WHICH EMBODIES SIR JOHN SIMON’S BUDGET PROPOSALS FOR RAISING £916,750,000 OF REVENUE IN THE CURRENT FINANCIAL YEAR, PASSED THE THIRD READING IN THE HOUSE OF COMMONS BY 206 TO 141 VOTES. The Chancellor of the Exchequer, winding up the debate for the Government, referred to the Supplementary Estimates issued in the last three days, which brought the total expenditure on defence for the year to £730,000,000, and in consequence he forecasts that the amount which would have to be found from borrowed money: would not be far short of £500,000,000.

Investors Warned

“At the appropriate time it will be necessary to ask the investors, great and small, to contribute on the most abundant and generous scale out of their savings and resources to the new defence loan,” said the Chancellor. Safety and Liberty Come First.

The special expenditure in the current year, including that from borrowed money, would not be less than £1,400,000,000, and commenting on this gigantic figure, Sir John expressed the view that the reason of the quiet reception which the country had given to that prospect was that there was among the whole of the people a determination to do what was necessary for the liberty and safety of their country.

The additional defence loan mentioned will be met under the earlier authority to borrow £800,000,000, of which only £200,000,000 hitherto has been used.