BRITISH HANDICAPS.

Poverty Bay Herald, Volume LI, Issue 16672, 27 February 1925, Page 5

BRITISH HANDICAPS.

WAR, DEBTS AND TRADE. AN UNFAIR POSITION. Elec. Tel. Copyright—United Press Assn.) (Sydney Sun Cables.) (Received Feb. 27, 1 p.m.) LONDON, Feb. 26. The Federation of British Industries, in a memorandum to Sir. Churchill, draws attention to the fact that British trade was handicapped owing to war burdens, compared with other countries. Britishers were paying an equivalent of sevcnpence income tax on France’s debt to Britain, 6Ad on Italy’s, and EAd on other debts, including Russa’s. The memorandum says: Assuming we arc entitled to five per cent, interest and sinking fund on these debts, wears subsidising France by thirty-one millions yearly, Italy by twenty-seven millions, and others by forty-one millions. These sums represent not only an additional burden on British industry, but a corresponding lightening of tha burden of Ilia industries of these countries which are in many cases in keen competition with us for the world’s markets. The memorandum declares that ilia British Note to France on February 8 pushes concessions to the extreme limit and involves permanent sacrifices of a serious character which justify Britain in demanding adequate safeguards against the generosity being abused. The memorandum suggests that debtors pledge thomsleves to take immediate stops to,balance the budgets byincreasing taxation: also to abstain from obtaining an unfair advantage in the world markets by the chmreciation of currencies. \