BRITISH BUDGET

Poverty Bay Herald, Volume LV, Issue 17235, 15 April 1930, Page 7

BRITISH BUDGET

ATTACK ON INCOMES SAFEGUARDING TO GO (Received April 15, 11 a.m.) LONDON, April 14. Outstanding features of Mr. Snowden’s Budget speech were that the income taxstandard rate is increased by 6d. Increases in. the, income tax and super-tax will yield £31,500,000 this year. Death duties are increased to 50 per cent. The super-tax on large incomes is increased on a graduated scale by 3d to Is 6d. The safeguarding duties will be allowed In lapse, but the McKenna duties will be retaired. The delivery of the speech took one hour 40 minutes. Mr. Snowden toyed with the key of the Budget box. awaiting the end of a long series of questions, and then produced from the box a speech typed by himself. Tt was heard for the most part, in silence. CASH NEEDED WORRIES OF MR. SNOWDEN PLANS SECRET LONDON, April 2. The Chancellor of the Exchequer, Mr. Snowden, must bo tempted to think that millionaires are unconsciously long in dying. In 1929 the Exchequer received death duties from some of the biggest wills in the history of England, 'but there have been few such windfalls this financial year. Another Churchill estimate below expectations was that of stamp duties. Last year’s Stock Exchange boom provided a harvest, but hundreds of pounds in 1929 has been replaced by hundreds of pence. The financial year closed with n deficit of £14,000,000. Expenditure is rising, unemployment is increasing, and there is most anxious speculation regarding the Budget, due on Aja il 14. Mr. Snowden keeps his secrets well, and there is nothing to suggest how he proposes to raise revenue. Labor strongly favors increased land taxes, and Mr. Snowden has unhesitatingly expressed his advocacy of this measure. UN EMPLOYMENT WORSE

The Liberals are prepared to support it, and therefore it is considered a virtual Budget certainty. Unemployment becomes worse. The weekly total is at present 1,638,800, half a million more than a year ago, and 17,000 more than last week. The unemployed are benefiting under Labor’s slackened regulations, and the fund is now nearly £40,000,000 in debt.

Meanwhile the Labor-Liberal pact seems to he becoming consolidated, as is confirmed by last night’s coal hill votes, but some indication of Liberalism’s mind is the Times’ description of Sir- Herbert Samuel’s speech regarding the Liberals’ action as “a brave effort to overcome an atmosphere of complete disbelief in its explanations.”

Monday’s defeat of the Government is not taken seriously,- but is an interesting case of subtle political manoeuvring. The House of Commons will adjourn for the Easter vacation on April 17 until April 29. The possibilities of the new session largely depend on the Budget, the Naval Conference, and the Egyptian negotiations. Something definite regarding all of these will probably he known bv the end of April.