A STAGGERING BURDEN

Poverty Bay Herald, Volume LV, Issue 17181, 11 February 1930, Page 7

A STAGGERING BURDEN

BRITAIN’S WAR DEBTS - THREE-QUARTERS OF TAXATION SNOWDEN’S . STRIKING SPEECH. (British Official Wireless.) Roc. noon. Rl GBY, Feb. 10. Striking facts oil the' burden of armaments were given by" Mr. Philip Snowden, Chancellor of the (.Exchequer, in a wireless; talk relayed from London throughout the United States and Canada last night. He. said the hope of the naval conference was to reach an agreement, which would increase the feeling of security ‘among the nations and that would promise the peoples some relief from armament burdens. Tho magnitude of these,, burdens Was : not sufficiently appreciated by those Who bore them. “W orld expenditure on armaments,” he said, “is £900,000,000. of which 60' per cent, is expended by European countries, 10 per cent, by the United States and 20 per cent, by the rest of the world. The annual cost of armaments, however, is but a small part, of (he burden which the nations have to bear as a result of this policy of relying upon force lor national security.” Armaments were provocation to war. and maintained the war mind, yet war never settled anything; it was only a game from which both sides rose as losers. It passed the power of the most imaginative to conceive what prosperity and happiness could he added to the world if its efforts and resources, now so largely wasted in the barbarous and inhuman obsession ot war, could liediverted to the advancement of human welfare. £IOOO A MINUTE. “The whole-time labor of 2,000,000 British workers throughout, the year is required to produce the annual cost, of tlie war debt service alone; yet at the present rate of payment 40 years will be required to liquidate it," said Mr. .Snowden. Emphasising the colossal burden of armaments and war debts, which were insufficiently realised by those bearing them, the Chancellor recalled that. Britain spent £10,000,000,000 in the Great War, and apart from the loss of wealth-producing capacity millions were being withdrawn-from useful employment. The four years’ war had left Britain with a debt of £7,000,000,000, necessitating raising yearly from taxation £350,000,000 fior war debt, service, taxpayers paying therefor £1,000,000 daily, £40,000 each hour, or over £OOO a minute. In addition thereto, £115,000,000 is spent annually on the fighting services, and £50,000,000 on war pensions, which means a total of £520,000,000 yearly, equalling £IOOO a minute. Thus, said the Chancellor, threequarters of the taxation goes to paying for past and preparing for future wars. The average national local taxation works out at £IOO yearly for each family. This says much for British financial and industrial power; yet there are more employed now than before the war.