ENGLAND’S TRIALS

Poverty Bay Herald, Volume LIII, Issue 16339, 13 May 1927, Page 7

ENGLAND’S TRIALS

PROBLEMS TO BE FACED SPEECH BY CHANCELLOR (N.Z., and A.P.A., and Sun.) LONDON, May 12. Mr. Winston Churchill, in an address at the British Bankers 1 Association’s dinner, said: “I would have felt happier with 2d on the income tax producing just a few extra millions, and making the Chancellorship comfortable, but I thought it would he manlier to get the extra expenditure on Shanghai out of economies, thereby enabling a renewed attempt at economy in 11)28. I realise that taxation on the present level impedes the creation of new wealth. It resembles a dead hand upon the nation’s industry. The general strike put back the prospects of debt conversion 18 months.”

Alluding to the Note to Mr. Mellon. Mr. Churchill said that that gentleman’s reputation as a world statesman and financier was so high as to make it absolutely necessary that the Government should issue a correction of the misstatements into which, he had been inadvertently led. “Wo owe this to our European debtors,” he said, “and to our own public position.” Mr. Churchill vigorously referred to the re-birth of German competition as a great scientific organisation which, by the involuntary act of repudiation, freed itself from the majority of its debts. This competition, he said, will impinge on the world’s markets. It is only by setting our “house in order that England can make headway against these complica t ions.