COMMENT ON BUDGET

New Zealand Times, Volume LIII, Issue 12433, 29 April 1926, Page 8

COMMENT ON BUDGET

PREFERENCES STABILISED “MEANS AN ENORMOUS ADVANCE” TRADERS DELIGHTED By Telegraph.—Press —Copyright Sydney “Sun” Cable. LONDON, April 27. , British and Dominion traders are delighted with the Budget proposal to stabilise preferenoes for ten years, as it removes the annual fear of an alteration or revocation, hitherto the greatest deterrent to the' fullest exploitation of the Empire’s commodities. Mr Ben Morgan said: “It means an enormous advance in the development of preferences, and will justify the employment of greater capital in Empire industries, resulting in the expansion of trade within the Empire.” The motor trade points out that the extenion of the McKenna duties to commercial vehicles will • assist the development of exports, which would be further stimulated if petrol, instead of horse-power, were taxed in 1927, as promised. This would result in the more extensive manufacture of longstroke engines suitable for Dominion requirements. BETTING TAX DENOUNCED Mr Philip Snowden, ex-Chancellor of the Exchequer, declared in the House of Commons that the betting tax had been imposed in the face of expert opinion. The collusion of backer and bookmaker was quite easy, as both were interested in evasion. <f Mr Churchiil is at the end of his resources,” he said, “when he degrades the revenue by a tax on one of the greatest of present evils. The last,speaker said it was a rich man’s Budget; I now say it is the Budget of a profligate bankrupt.” PROTECTION ANATHEMA TO THE OPPOSITION Sir John Simon (Lib.) wished it to be clearly understood that any future Ministry could sweep away the whole protective system recently created. Mr E. Harms-worth (Con.) congratulated Mr Churchill on the preferential proposals. He hoped that the future Budget would include some steps in the direction of a real trading agreement between the different Dominions and the Mother Country. PENNY POSTAGE

Australian and N.Z. Cable Association. In the House of Commons, Sir H. Brittain asked whether, in view of the

fact that on© Dominion had restored Imperial penny postage and another internal penny postage, tho Postmas-ter-General would bring up Empire penny postage at the Imperial Conference. £ir W. Mitchell Thomson: As the financial position of this country would not allow the sacrifice involved, I dqji’t think there ie any occasion to initiate a discussion at the conference. Sir H. Brittain: Will it be brought up there? Sir "VV. Mitchell Thomson: I cannot say. LABOUR WILLOPPOSE ALL NEW FEATURES Reuter's Telegram. (Received April 28* 8.40 p.m.) LONDON, April 28. At a meeting of the Parliamentary Labour Party it was decided to oppose all the new features of the Budget, including the betting tax.