BRITAIN’S BUDGET

Otago Daily Times, Issue 21627, 23 April 1932, Page 11

BRITAIN’S BUDGET

THE DEBATE CONCLUDED RESOLUTIONS AGREED TO (United Press Association.) (By Electric Telegraph—Copyright.) LONDON, April 21. In the House of Commons the Budget resolutions were agreed to. THE TEA PREFERENCE. CALCUTTA VERY PLEASED. CALCUTTA, April 21. 'Calcutta is very pleased regarding the tea preference, and more optimistic regarding the immediate future of the industry. It also hopes that the preference will prevent a number of concerns producing medium and common teas from going into liquidation. TARIFF BARRIERS. MR CHURCHILL’S VIEWS.

LONDON, April 21 (Received April .22, at 9 p.m.)

In the House of Commons Mr Winston Churchill, in the Budget debate, said That tariffs alone would not solve the world’s awful economic depression. It was not disputed that the chief cause of the troubles was the attempt to pay war debts and reparations over tariff barriers while the supplies of gold were inadequate. Was the whole progress of the human race to be arbitrarily barred by the gold shortage? He suggested close and effective Anglo-United States comradeship. If those two creditor nations, by agreed purpose, decided to deflate and revaluate commodities to the level of 1928 it would give the world's primary producers reasonable rewards and enable them again to buy manufactures. If English-speaking peoples agreed upon such a policy France, despite her hoards of gold, would have to ask for admission to our councils next morning. These three Powers together could give a primary lead which would save the world from degenerating into chaos. Mr Neville Chamberlain wound up the debate by saying that the cause of many of the world’s troubles was the calamitous fall in world prices. DAILY TELEGRAPH REPORT. TREASURY ISSUE IMPENDING. LONDON, April 22. (Received April 23, at 0.5 a.m.) The Daily Telegraph says that there are strong reports of an impending Treasury issue. A scheme for the conversion of War Loan 5 per cents, is not expected until early autumn, but the Chancellor will probably try the market earlier with a bond issue and utilise the proceeds for reducing the floating debt by funding a large part of the Treasury bills outstanding. It is suggested that the issue will not exceed £200,000,000. THE SUGAR. PREFERENCE. DETAILS EXPLAINED. LONDON, April 22. (Received April 23, at 0.30 a.m.) The Colonial Secretary (Sir Philip Ouuliffe-Lister) has telegraphed to the simar producing colonies explaining the details of the special preference of one shilling a hundredweight, as outlined in the Budget, on 275,000 tons for, 1932-33, which is more than the actual of colonial sugar last year. Each colonial Government will divide the detailed allocations of the sugar for special preference among its own producers, but the Colonial Office has fixed the total for each colony, allocating Mauritius 95,400 ton? and British Guiana 46,900. Fiji is third highest with 40,400 tons.