BRITISH FINANCES

Poverty Bay Herald, Volume LXI, Issue 18378, 21 April 1934, Page 5

BRITISH FINANCES

DEBATE ON THE BUDGET CONSERVATIVE CRITICISM MORE OPTIMISM URGED (Elec. Tel. Copyright —United Press Assn.) LONDON, April 20. In the House of Commons, Sir Robert Horne, continuing the Budget, discussion, said it was in some ways disappointing. It made one, think that if we had emerged from "Bleak House” we were still in the grounds, lie thought Mr. Chamberlain had under-estimated the probable revenue.

The most disappointed people were the Opposition. By the restoration ol the unemployed cuts, their “thunder” had been stolen. Labor would not dare to remove tariff duties which yielded £32,000,000 and which provided employment for 500,000 persons. The income tax surtax was still the highest in the world. The high taxing of the very rich helped neither the State nor the poor, and only robbed industry of much capital. A solution of the monetary policy was Impossible without an Anglo-American agreement. If this were attained and operated in all countries adhering to sterling, it would contribute incalculably to the resuscitation of world trade. Sir J. Wardlaw-Milne said that if Mr. Chamberlain, had taken a more optimistic view of the probable revenue, lie could have spared £5.000,000 to help shipping, which had done more than anything else to benefit trade. Mr. Chamberlain, in reply, said the Budget attempted restoration to sufferers by the 1931 cuts as fairly as possible. He saw little prospect of economic nationalism diminishing. It was because they saw a shrinkage of foreign trade that they went to Ottawa to lay tile foundation on inter-imperial trade. The Budge resolutions were carried.