REVENUE TARIFF.

New Zealand Herald, Volume LXVIII, Issue 20956, 20 August 1931, Page 9

REVENUE TARIFF.

BRITISH FINANCE.

FORECAST OF PROPOSALS.

[DUTY ON ALL IMPORTS.

[WAR LOAN CONVERSION.

SINKING FUND SUSPENSION.

By Telesraph—Press Association—Copyright. (Received August 19, 9.15 p.m.) / i LONDON, August ISf. The Daily Herald says that among the Economy Committee's proposals to the Cabinet for discussion and decision will be a general 10 per cent, tariff for revenue purposes, the temporary suspension of the sinking fund, a tax on fixed-interest-bearing securities, increased contributions to the unemployment insurance fund, with or without reductions in benefits, but coupled with administrative changes designed to prevent abuses, and, finally, the voluntary conversion of the 5 per cent, war loan. The Herald adds that the proposal for a revenue tariff will receive support from those Ministers who have hitherto been rigid free traders, who will urge it as an emergency measure. A 10 per cent, tariff on manufactures, including imports partly finished, retained for home consumption, will yield on tho basis / of the 1931 imports £20,000.000. Duty on Imported Food. Further a 10 per cent, tariff on food &t present not taxed will possibly yield £25,000,000.

The suspension of the sinking fund will gave £50.000,000.

f The increase in, unemployment contributions will yield £9,000,000. The yield of the tax on securities is problematical. The members of the Cabinet, as an . example to the nation, will accept cuts in their own salaries.

The significance of this forecast lies in its publication in the Government organ. The Cabinet's Economy Committee held a session of nearly six hours yesterday. When the meeting ended it was stated that the committee had completed its Survey of the' economic and financial position and that the results of its deliberations would be placed before the full Cabinet meeting to-day. Joint Labour ' Meeting To-day. On Thursday morning the Consultative Committee of 12 members, which keeps Ministers in touch with the Parliamentary Labour Party, will meet and in the afternoon there will be a joint meeting of the general council of the Trades Union Congress and the national executive of the Labour Party, which, it is expected, will accept the Government's proposals. The full scope of the proposals will then be communicated to the Opposition leaders. It is expected that the members of the Economy Committee will be present at both , the Labour meetings tomorrow.