“ALL MUST SACRIFICE”

Otago Daily Times, Issue 21264, 19 February 1931, Page 9

“ALL MUST SACRIFICE”

MR SNOWDEN’S SPEECH. PASSAGES MISINTERPRETED. (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, February 17. Mr Philip Snowden, at a meeting of the Labour Party which was specially called to hear him further expound his financial policy, complained of the misreadings and misinterpretations of his last week’s speech. His references to imminent sacrifices meant increased taxation, and the suspension of schemes of social development. He in no way referred to a possible attack on- wages. He was convinced that Labourites, when they recognised the hard facts they were up against, would not shirk facing them. INDIRECT TAXATION. INCREASES INDICATED. < LONDON, February 18. (Received Feb. 18, at 9 p.m.) Several newspaper lobbyists assert that Mr Snowden, in the course of an address which lasted 75 minutes, warned the party meeting that there might be a deficit in the forthcoming Budget of from £40,000,000 to £50,000,000. He said he was determined to prevent conditions arising which would land'Britain in the position of other countries which had 5,000,000 or 6,000,000 unemployed. It is understood that Mr Snowden admitted that it was not proposed to increase direct taxation, and members of the Ministry are reported to have forecasted that there will be no change either in the income super tax, leaving the inference that there will be substantial increases in indirect taxation, concerning which Mr Snowden’s admission that he might have to outrage his strict financial principles is recalled.