WAR FORTUNES SHOULD PAY FOR SHELLS.

Oamaru Mail, Volume XLIX, Issue 13908, 8 November 1919, Page 8

WAR FORTUNES SHOULD PAY FOR SHELLS.

JjONDON, October,24. The Government- is not ready foi the drastic .reform of its finances a 1 present, and refuses to submit- a re vised budget providing for lieayiei taxation, promising only explanations and opportunities for discussion. The lobbyist of the Times says that the determined temper of th< re.asembled House of Commons, anc the critical attitude of a section oi the Coalition unpleasantly surprisec Ministers. A great debate on the country's finances next week'is likely, to compel a stronger Government policy. The Lords to-day boldly plunged into a discussion on the heroic alternatives of a steep income tax or capita] levies. - The Daily Xews says that tEe Labor Party definitely demands a capital levy, accompanied by high taxation of war profits. . The Independent Liberals are divided regarding a levy, but favor taxation of profits if practicable. Other.-Liberals-and some Coalitionists point out that an enormous area of profits' has hitherto escaped, including : huge war-time appreciations of brewery, shipping, and other shares. =. Lord Beaverbrook, in an interview, championed ruthless taxation of war profits. "Our soldiers did not hesitate to go over the top," lie said, "and I do not believe that the makers of war fortunes will hesitate when asked to go over the top with their mone3 rbags to lighten the burden of paying for the shells the others fired. It is an outrage to ask men to fire shells and pay for them, too. It amounts in many instances to asking the children and grand-children of dead soldiers to bear the cost in perpetuitv. Che value of all businesses should be ascertained in March, 1011. and in March, 1919. and the Treasury should take all increment between those dates. It is true that war earnings paid special taxation, butincrement .in values has hitherto escaped. For example, a certain shipriwner inherited property valued at£l,ooo.ooo. and has just sold out for L'G.OftO.GOO. and li:is not paid a penny on ;!i<- oiihauoed value of his sharer., which is entirely due to the nar."