Masterly Speech

Sun (Auckland), Volume III, Issue 640, 17 April 1929, Page 9

Masterly Speech

CHURCHILL ON FINANCE Comment Sharply Divided British Official Wireless Received 10.50 a.m. RUGBY, Tuesday. THE comment on the Chancellor of the Exchequer’s Budget speech, as was to be expected in view of the general ejection, is sharply divided on party lines. Both the Conservative and Liberal journals, however, congratulate Mr. Churchill on his masterly exposition of national finance, with which his speech opened. Conservative newspapers compliment him on the soundness of his proposals for disposing of _the surplus. Opposition newspapers declare that the tea-duty relief and relief to farmers are electioneering features.

Among those u-lio heard Mr. Churchill’s speech was the Prince of Wales, who sat with the peers in their gallery. He listened with interest. The general verdict, however, is that it was easily the dullest of Mr. Churchill’s Budgets. He cleverly wound his way through a maze of statistics, producing the impression of a defence of the Government’s financial policy since 1924, but his artistry and oratory were less conspicuous than in previous Budget speeches. Only when the Chancellor approached the final announcement of changes in taxation did his audi?nc€j sit up. Quickly it was evident that the only substantial change was the abolition of the tea duty. This tax has been in existence since the times of Queen Bess, and had been as much as half a crown, and even five shillings in the £l, so there is general satisfaction at its end. The fact that the duty is entirely removed, its remission not being confined to Empire tea, is also welcomed, as it will mean the removal of irritating customs restrictions. There is no likelihood of the abolition of the tax

changing the price of a cup of tea in a teashop. The expedited relief for agriculturists at a cost of £2,500,000 has pleased the farmer members of the House of Commons. Motorists complain about the absence of a substantial reduction in the taxation on motor-vehicles, particularly as the vast majority of motorowners are persons of moderate means. Racing men admit that the tax of £ per cent, to be taken on totalisator receipts is less than was anticipated. At least 1 per cent, was expected, as this is the tax on the course at th 9 moment. Apparently Mr. Churchill is desirous of making totalisator betting as popular and as cheap as possible. The Budget as a whole was well received on the Stock Exchange, and it had little effect on the markets. Tea shares, however, were firmer in anticipation of the increased demand in view of tax remission, and the Budget effect on some railways was welcomed. Brewery and motor shares were steady and tobaccos displayed a hardening tendency. The leading retailers of tea announce a reduction 4d a lb to-day.