EVILS OF HIGH TAXES.
A CAUSE OF HIGH PRICES. TRADERS FORCED TO BORROW Australian and N.Z. Cable Association. (Reed. 11.30 p.m.) LONDON, Nov. 17. Mr. Reginald McKenna, former Chancellor of the Exchequer, speaking at Manchester University, emphasised the evils of excessive- taxation, which impounded savings and deprived commerce and industry of an essential condition of growth. Moreover, in order to meet the demands of the next collector, traders were forced to borrow. Such loans increase purchasing power without providing a corresponding increase of commodities. Hence there was a. great increase in the velocity of expenditure, which was the cause of the curious phenomenon noticeable since the armistice, whereby increased production had been accompanied by rapidlyrising prices.
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New Zealand Herald, Volume LVII, Issue 17632, 19 November 1920, Page 7
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116EVILS OF HIGH TAXES. New Zealand Herald, Volume LVII, Issue 17632, 19 November 1920, Page 7
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