THE BRITISH BUDGET

Otago Daily Times, Issue 20961, 26 February 1930, Page 9

THE BRITISH BUDGET

STATEMENT BY CHANCELLOR. FACING A POSSIBLE DEFICIT. (British Official Wireless.) (United Press Association.) (By Electric Telegraph—Copyright.) RUGBY, February 24. (Received Feb. 25, at 5.5 p.m.) ■mJv 0 Chancellor °f the Exchequer (Mr Philip Snowden), in his speech at Huddersfield on Saturday, said it was possible that he may be faced with a deficit at the close of the financial year on March 31. In the lobbies of Parliament a deficit of as much as £10,000,000 is forecasted in some quarters, hut in view of the. fact that the revenue is generally heaviest in the closing weeks of the year little - confidence can be placed on such estimates.

, The latest official figures of the revenue situation show a current deficit of £97,000,000, compared with a deficit of £58,000,000 in the middle of February of last year. By the time the accounts were closed last year the revenue, had overtaken the expenditure, and there was a surplus of £18,000,000. The revenue this year, however, is £22,000,000 lower, and the expenditure shows an increase of £17,000,000. In view of the revenue situation it is suggested that Mr Snowden will not sacrifice the revenue of £3,500,000 which the M Kenna duties on motor cars, etc., produced. These are annual duties recoverable from year to year in the Finance Act. Other safeguarding duties, however, have fixed statutory time limits, and the first that is due is the lace duty,on July 1. Mr Snowden has already announced _ that none of the safeguarding duties will he allowed to remain in. force beyond the statutory dates fixed for their expiration.