IMPERIAL BUDGET

Otago Daily Times, Issue 18545, 4 May 1922, Page 7

IMPERIAL BUDGET

DEBATE IN THE DEBT REDEMPTION POLICY;| CONDEMNED BY SIR D. MACMSAsi^ . •- -.V;-a f; -"j Press Association—By Telegraph—Copyright' ,||| LONDON. May % -If In the House of Commons, Sir D."-]hfaOv>i lean, in resuming the Budget d£bat& at- JS tacked the Ministry’s past haphazard im- 3|j position of taxation. The Budget would ; l have been ruined without the receipt. of '<■% Germany’s contribution for/ 1 the - mamteh* 1 ance of the Army of Occupation. He con-, J demaed the discontinuance of ■ debt demption as disastrous and as beingTikaly to affect our favourable foreign, exchange position. > - ff- , ,-rS Mr Bonar Law approved of the Bnd£efl|| as the best that comd be expected, thtfogh. he believed that every available .jpcqny should go to the repayment of debts wheri«| trade was good and the revenues were .expending. He believed that bad trade jqptifled and demanded a redaction in the‘3 scale of repayment. Whatever any iGbv- 'J eminent might have done, he believed that the crash had to come. „ ' 'J Mr Bonar Law said he was surprisedvj that the boom had not )>een shorter £| If the income tax reddetion only ea’vb slight impetus to trade, it would hefe-llhe | country more than the continuation bi debt reduction on a prodigious scale. must bear a huge financial burden for,nti , | -least two generations. The only yrayAiM meet the position was by a J expenditure. So far as human foresight ,v----could tell, another world war wasiml»lHdy;l at least for a century. If it caiae.Jbefara -j that, Britain’s real strength must constat in her strong financial position. ~j Mr J. H. Thomas said that Labour obn jected to the Government giving to farmers and landlords, which have the effect of preventing the land bei-'J ing cultivated, and then consoling masses vlith a miserable 4d ■ per lb. off —A. and N.Z. Cable. J