THE HOUSE OF COMMONS

Otago Daily Times, Issue 21642, 12 May 1932, Page 7

THE HOUSE OF COMMONS

NEW DUTIES ON SILk

(British Official Wireless.) RUGBY, May 10, (Received May 11, at 5.5 p.m.)

The Chancellor of the Exchequer’s financial resolutions give effect to the new duties on silk and artificial silk, which will remain in force pending an inquiry by the Tariff Advisory Committee. These provide for an additional duty of 10 per cent, over the existing Customs duty on yarns and fabrics other than apparel, and on apparel a duty of 10 per cent, on the duty based on weight, ranging from 9d per lb to 12s per lb, according to the amount of silk or artificial silk in the garment. Of alternative duties whichever is the higher will be applied. THE FINANCE BILL SECOND READING CARRIED. LONDON, May 11. (Received May 11, at 7 p.m.) The Financial Secretary to the Treasury (Major W. E. Elliott) said that the Government would do its utmost to co-operate with friendly nations inside and outside the Empire. The Government had embarked on two great policies contained in the Finance Bill dealing with tariffs, currency, and exchange. The Equalisation Fund would be used to deal with fluctuations in currency, but would not be used either to inflate or deflate currency or for the purpose of an economic war with other countries. The sum was inadequate for such a purpose, but it would cheek fluctuation and give Great Britain a period of smooth water.

The Finance Bill was read a second time by '465 votes to 47. The resolution authorising the silk duties was carried by 275 votes to 30.