BRITISH FINANCE.

Colonist, Volume L, Issue 12259, 3 June 1908, Page 3

BRITISH FINANCE.

DEBATE ON THE FINANCE BILL Received June 2, 9.45 p.m. London, June 2. Id the House of Commons, in opening tbe two day's debate on the second reading of t he Finance Bill, Mr Laurence Hardy moved as an a uerj ln:eifc that in view of tbe rowing liabilities and need forr further reducing the burdens cast on the ratepayers for national purposes, the House regrets no attempt has been made to gincrease tbe revenue by broadening the basis of taxation. Mr Morrison, in iecondiog, describ led tbe Budget as a mad gamble for votes. Mr Buxton asked how the author's amendment proposed to broaden taxation. Mr Austin Übamberlain asked bow the Government intended to face the ten million increased expenditure n 1909 r Mr Lloyd George repined that the real jssue was being shirked doubtless at the instance ot Mr Balfour, who was a wily strategist, since it was so much better to leave details of fiscal reform to a gramaphone. _____ Received June 2,- 11.45 p.m. London, June 2. Mr Lloyd Geotge admitted that local taxation for general purposes was a serious matter, and must be dealt with at the earliest opportunity. The first step would be a proper land valuation. He complained that the incidence of local rates was unjust, and quoted a resolution of the Radical group of the German bloc, declaring that protection or prohibition rendered all commodities dear. The resolution added that as long as such a policy was maintained 16 was impossible to improve the financial position, and the resolution demanded a far-reaching scheme of taxation of the moneyed class. Mr Lloyd George proceeded to remark that Mr Asquith had been critioised for suggesting that in 19Q0, after paying the forty-one million debt, the sinking fund might be raided to some extent, but in Germany a sinking fund was suspended, and large' sums borrowed to meet current expenditure. So much for protectionist finance. Regarding the amendment of tbe tax on manufactures, he said it was unproductive for revenue purposes, "If you wish to increase the revenue by broadening taxation, you must tax tbe commodities the people consume, namely, food. We say, place the tax not on the poor, but; on those rich enough to bear it."