DEFENCE OF BRITAIN

Nelson Evening Mail, Volume LXXII, 27 February 1939, Page 7

DEFENCE OF BRITAIN

BORROWING PLAN WELCOMED b P A —By Electric Telegraph -Copyright] LONDON. 24th February. The decision of the Chancellor of the I Exchequer, Sir John Simon, to meet two-thirds of the coming year’s rearmament expenditure by borrowing, which he estimated at £350.000.000, the expenditure to be met from taxation thus falling by £40.000,000 compared with last year, and his broad hint that taxation would not be increased have been warmly welcomed in the City. Industrial shares are being adjusted iin an upward direction over a wide range, and the inevitable softening of gilt-edged securities is being confined to narrow limits. The immediate effect of Sir John nimon’s statement on the money market has been negligible, with no pressure on sterling in a quiet foreign exchange market. DEBATE IN HOUSE OF COMMONS l British Official Wirelessl RUGBY. 25th February. Various aspects of the Government's defence plans will be debated in the House of Commons on three days next week. On Monday the Defence Loans Bill will be discussed on the second reading and on the following days a wide range of subjects, including air raid shelter policy, evacuation, billeting and food supplies, will be reviewed in the debate on the supplementary items for civil defence and national service The Labour opposition on Monday will move a reasoned amendment which, while recognising the regrettable necessity for the unprecedented defence programme, invites the House to express the opinion that, in the interests of efficiency and public economy, the Bill ought to be preceded by more effective measures for the co-ordination of the services, the organisation of supply and the elimination of excessive private profits.