FINANCIAL OUTLOOK.

New Zealand Herald, Volume LVI, Issue 17296, 21 October 1919, Page 7

FINANCIAL OUTLOOK.

BRITISH BURDEN OF DEBT.

THE COMING SESSION.

QUESTIONS FOR GOVERNMENT

By Telegraph—Press Association—

(Received 10.5 p.m.)

A. and N.Z.

LONDON, Oct. 20.

The re-assembly of Parliament on Wednesday focusses attention on the deplorable financial outlook of the first six 'months of the financial year, showing a deficit exceeding £312,000,000. The Government will be bombarded with questions relating to retrenchment. A large number have already been tabled. The reply of Mr. Austen Chamberlain, Chancellor of the Exchequer, to several questions, asking whether he intends to introduce a supplementary Budget, is awaited with keen interest, particularly in view of the strong objections to the proposal expressed by business and trading interests. ,

It is understood that Mr. Lloyd George will readily respond to the demand for a debate on the whole question of economy, and also that he intends to promise a speedy return to the constitutional system by which the Cabinet controls expenditure.

It is generally admitted that the Government's position has been greatly strengthened during the recess owing to its firm handling of the railway strike, but members returning from their constituencies are deeply impressed by the widespread indignation over the failure to check Departmental extravagance.

The autumn sitting promises a re"cord number of highly-controversial Government Bills dealing with the constitution of the Joint Industrial Council, maximum hours of employment, the state purchase of mineral rights, the prevention of dumping, and the protection of key industries and others, while the urgent necessity of settling the Irish problem gives an additional prospect of a lively session.

ECONOMY OR BANKRUPTCY-

BRITAIN'S ALTERNATIVE. A. arid N.Z. LONDON. Oct. 19. Sir Donald Mac Lean, Leader of the Parliamentary Liberal Party, speaking at Edinburgh, said that the country had at last awakened to the financial peril. It must economise or go bankrupt. Britain must effect a fair and adequate reduction of the National Debt. The proposal to tax war fortunes heavily must be seriously examined. Innumerable fortunes, great and -small, had been made out of the war, and these accumulations should be the first to disgorge.