CHAMBERLAIN'S BUDGET.

New Zealand Herald, Volume LXIX, Issue 21164, 22 April 1932, Page 9

CHAMBERLAIN'S BUDGET.

DEBATE IN COMMONS.

SOUND POSITION SHOWN.

VITAL CURRENCY QUESTION.

By Telegraph—Press Asuociafioii—Copyright. LONDON, April 20. The debate on the Budget was continued in the House of Commons to-day. Sir Robert Horno (Conservative— Billhead, Glasgow), a former Chancellor of the Exchequer, said the country was in a sounder position than for the past two years. The confidence of the whole world in Britain's financial methods had been restored, and in spite of their sacrifices tho people would prefer to endure the conditions a little longer rather than imperil that, confidence. Matters were developing hopefully for the conversion of the £ per cent, war loan, which would consider;,bly lessen expenditure. The currency question now overshadowed that of tariffs. The Chancellor of the Exchequer ovght to inform the business world of his objective in the management of the \alue of the pound. His aim should be to raise and maintain pi ice levels a long way above the present rates. Prices now Mere below those of 1913, though costs were immensely higher. Benefit of Treasury Control. Continuing, Sir Robert, said that with the proposed loan of £150.000,000 to build up an exchange equalisation account it would be possible to keep the pound at any level desired. The revival of confidence would prevent it going to low and the problem would be to prevent it going too high. Iho natural result of 1 reasury control of currency would be to raise prices, which was the first necessity for prosperity. 'lhev had not considered the position intolerable in 1928 when prices were 29 per cent, abeve the present rates. Ine Lausanne Con erence would have the fate of the world in its hands, said Sir Robert. lie was glad Britain could speak there with reviv ed authority, and that she would be able tc show that altruistic compromise was the real road to enlightened self-interest. No nation could possibly profit from her neighbour's distress. Question of Sugar Preference. Colonel J. C. "Wedgwood (Labour — Newcastle-under-Lyme) said he agreed that the only thing that mattered was currency policy. Surely the National Government could have a national policy on this subject and tell them whether there was going to be a rcinflation of i prices. Mr. L. S. Amery (Conservative—Sparkbrook, Birmingham), a former Dominions Secretary, said the sagar preference might ha\e been more generous. It should have been extended to the Dominions even if it entailed adding a farthing a lb. to foreign sugar. Britain's monetary policy, which would meet the Dominions' interests as well as those of Britain, would be as important a ! subject for discussion at the Ottawa Conference as fiscal policy. Onlv by getting back to the price levels of 1928 29 could the production of Britain and the Empire be revived.

ADDITIONAL DUTIES. I I OPERATION l-ROM TO-DAY. j LIST TO be; published. (Received April 21. 11.25' p.m.'* LONDON. April 21. j Details of thp. additional duties to be j imposed are being issued to-night for ! publication to-morrow. They will come j into force immediately. SUGAR PREFERENCES. | BENEFIT TO FIJI. LARGE AMOUNT INVOLVED. | (Received April 21, h.n p.m.) SUVA. April 21. I

j If the estimated production of 100.000 | tons of sugar in Fiji in 1952 is realised the colony will benefit to the extent of £140,000 by the new British preferences. DOMINION}!' POSITION. LONDON PAPER'S COMMENT. (Received Apiil 21, 11..').5 p.m.) LONDON. April 21. r Jhe Morning Posf, commenting on the sugar preferences, says it presumes the partiality whereby Queensland and Natal | are at a disadvantage compared with the West Indies and Mauritius is only temporary pending the grand inquest at Ottawa. Jf so, it is regrettable that Mr. Chamberlain d:d not say so and thus avoid the impression that a new and invidious departure from policy is m tended. The position of Queensland and Natal is hardly less serious than that of Mauritius or the West Indies, says the paper. PAYING INCOME TAX. SUGGESTION IN ENGLAND. DEDUCTIONS FROM WAGES. April 21, 11.15 p.m.) Times Cable LONDON. April 21. The. Times says a scheme for the collection of employees' income tax by deductions from wages and salaries in weekly and monthly instalments is embodied in a memorandum of the Board of Inland Revenue. 1 'his is being sent to all local authorities ai d large employers. The scheme is voluntary one. It is j designed to ease the burden of employees who experience difficulty in making the necessary provision for payment of the tax on their own responsibility.