FINANCE BILL

Nelson Evening Mail, Volume LXXII, 16 July 1938, Page 10

FINANCE BILL

READ A THIRD TIME REVIEW BY SIR JOHN SIMON EXPENDITURE ON ARMAMENTS [British Official Wirelessl (Received 16th July, 10.55 a.m.) RUGBY. 15th July. In the House of Commons the Finance Bill was read for the third time. Sir John Simon (Chancellor of the Exchequer), winding up the debate, reviewed the general financial position. Referring to the fact that the course of world trade had been unfavourable since he presented the Budget. Sir John said that taking the best estimate they could on every ground they must not exaggerate their disappointment. There were, he thought, an abundance of reasons for concluding that the present situation had not a resemblance to the situation before the great depression. Conditions in countries which produce primary commodities were very different and much improved from what they then were. In Britain we hiJ secured a far better and far surer share of our home market than we had ever done since 1931 We were now much less dependent f han we were on fluctuations in foreign trade, and were entitled to be free, from the obligations pursuing a deflationary policy. 'On the whole his advisers took the view that there was reason for discounting and distrusting any gloomy prophesies for the future. “It is not with any pride or exultation that I have to present to the House of Commons a £1,000,000,000 Budget,” sad the Chancellor. “We can take our pride in the courage and resolution with which our fellow coun trymen shoulder the burden. We can get some satisfaction and justification in the knowledge that it is not we who set the pace. We can get some comfort from the knowledge that this country can endure it at least as well as the rest of the world to bear the burden. But I must say that my overwhelming feeling is one of repulsion and resentment that humanity is really engaged in mortgaging so immense a part of its resources in preparation for a possible Armageddon when so much might be done with those resources if only the solution of our difficulties could be found. This country has got resources in character, courage, and history wihch will see us through. “Let there be no mistake —if we do not succeed and the world does not succeed in finding some way in which we can prevent the folly of this ever increasing expenditure on armament, then indeed the future we are preparing for our children is one at which we may shudder.”