BRITISH BUDGET

Southland Times, Issue 21656, 18 March 1932, Page 7

BRITISH BUDGET

SURPLUS EXPECTED NATION ON ROAD TO RECOVERY RESTORATION OF CREDIT (British Official Wireless.) Rugby, March 16. ■With nearly three weeks before the end of the financial year only £24,000,000, £20,000,000 less than on the corresponding date last year, remains to be received by the revenue authorities. This assures a balanced Budget as the closing weeks in the year are usually estimated to be the heaviest in revenue production. There is every reason to believe that March 31 will see a Budget surplus substantially above that estimated when Lord Snowden introduced the Budget last September. With this satisfactory result in prospect encouraging statements upon British progress along the road to recovery were made by two Cabinet Ministers, Mr Stanley Baldwin, Lord President of the Council, and Sir John Simon, Secretary for Foreign Affairs. Mr Baldwin, speaking at Ilford, said: “To-day we are in a position when the Budget will balance and borrowing on current account has stopped, I hope, for ever. Two months ago we all felt the greatest anxiety about the stability of our currency. To-day people are looking to sterling in many parts of the world as the one standard and the natural anchorage. The most remarkable feature of a remarkable winter has been the steadiness of retail prices. Production shows an improvement in the last quarter after a continual trending downwards for the preceding twelve months.” He said in conclusion that he had higher hopes himself than he had had for some years.

Sir John Simon, speaking at Norwich, stated that there was abundant evidence that the credit of Britain had been largely restored. The Foreign Office had better reason than anyone else to know the effect produced on opinion abroad. At Geneva, in Paris, in America, everywhere in the world where doubts had arisen whether this old country was entering on its decline, a new relief in the power of Britain to save herself had been established. "We have some distance to go before wd return to prosperity.” he said. “but. the world believes to-day that Britain has power to surmount her difficulties because the world has realized that Britain has the will to do so. It is no exaggeration to say that the whole world to-day Is very impressed with the recover}' of Britain.” Sir John Simon referred to the deep impression abroad caused by the recent repayment six months before it was due of £80,000,000 credits, received last August to save the pound, from France and America. REVENUE DEPARTMENTS ADDITIONAL EXPENDITURE. (British Official Wireless.) (Rec. 5.5 p.m.) Rugby, March 16. In the estimates of the three revenue departments provision is made for additional expenditure in connection with the Import Duties Act, Customs and Excise being estimated to cost £5.330.200. The Inland Revenue expenses are estimated at £7,399,585 and represent a small increase. The Post Office expenditure for the coming year is estimated at .£59,188,000. This includes the provision of £1,367,000 for wireless broadcasting. The amount due to the British Broadcasting Corporation under its agreement, is £1,517,000, but the corporation has agreed to forgo £150,000 by way of contribution to the Exchequer in the present emergency.