MR CHURCHILL’S FINANCING

New Zealand Times, Volume LIII, Issue 12453, 22 May 1926, Page 4

MR CHURCHILL’S FINANCING

CRITICISM BY EX-CHANCELLOR EXCESSIVE EXPENDITURE. Reuter's Telecrt'em. LONDON. May 20. In the House of Commons, resuming .the debate on Mr W. Graham's motion for the rejection of the Finance Bill, Mr Philip Snowden (Lab.) said that the main reason for the motion was that the Bill proposed expenditure which was not only excessive but was to a great extent to be used for wasteful purposes. During his 18 months’ Chancellorship, Mr Churchill had succeeded ip raising the national expenditure by £30,000.000, part of which was accountable to the coal subsidy, which was all the result of the Government’s inability to deal with the coal crisis. Consequently the whole £24,000,000 subsidy was worse than wasted. “DELUDING THE DOMINIONS” Dealing with preference, Mr Snowden said he was tired of hearing the Conservatives claiming the monopoly of Imperialism. Preferential tariffs might cause an estrangement between Britain and other parts of the Empire. They were not going to develop Empire trade by a paltry 10, 20, or 33 per cent, preference. The Labour Party objected to stabilising preference for ten years, because it was deluding the Dominions. If Labour came into office, it would not consider itself Bound to such a policy. BETTING TAX REVENUE Mr Churchill, in his reply, divulged that the Government anticipated that the betting tax would diminish credit betting by £50,000,000, but would still yield a revenue of £6,000,000. He finally anticipated an easement of the financial situation next year. The motion wns rejected, and the Bill read a second time by 324. votes to 117.