BUDGET ACCLAIMED

Taranaki Daily News, 17 April 1935, Page 5

BUDGET ACCLAIMED

PRAISE FOR CHANCELLOR HELP WHERE NECESSARY CONSERVATIVE FINANCING RETURN TO PROSPERITY By Telegraph—Press Assn. —Copyright. Rec. 7 p.m. London, April 16. Newspapers acclaim the Budget and congratulate Mr. Chamberlain, emphasising that he is giving relief where it is essential. . The Daily Mail points out that Britain is regaining prosperity by conservative finance without the vast schemes of public works that many lands have attempted, thus far unsuccessfully. The gilt-edged market, says the Daily Telegraph, is expected to respond strongly (to Mr. Chamberlain’s intention of dealing with the £429,000,000 of local loans. This is interpreted as revealing that the Treasury view is that the end of cheap money is not yet in sight. “Mr. Chamberlain speaks of an 80 per cent, return of prosperity,” says the Daily Herald, “but there are still more than 2,000,000 unemployed. The Budget is mainly an electioneering appeal to the middle section of the community earning from £275 to £6OO a year. Mr. Chamberlain has forgotten the 17,625,000 working class -families with incomes below £250. They only get cheaper cihema seats.” t “Labour supporters,” says the Times political correspondent, ' “declare the Budget is an electioneering measure, but it is more generally regarded as the Government’s gesture of goodwill to those who did not benefit last year.” RELAXATION IMPOSSIBLE. The Times in an editorial article says: “With peace at home , and unity abroad Britain should completely recover, but relaxation in the effort is impossible while there is still an army of unemployed and many districts are under the shadow of the depression.” Labour Party members in the lobbies of Parliament described the Budget as an electioneering Budget and professed to believe that it foreshadowed an election in the late autumn or in January. French financial circles are loud in their praise of the Budget. A leading Parisian banker described it as a brilliant achievement. The Budget had not only been balanced, but increased expenditure had been met from income, whereas France had increased her deficit. In a broadcast speech Mr.' Chamberlain described the Budget as a “poor man’s Budget,” not affording relief to the wealthy. Explaining the income tax reliefs, he pointed out that married men with three children and earning £5OO a year would pay £6 instead of the present £l3 10s. If a married man with two children earned an income of £4OO he would pay £3 15s instead of £9. The increased duty on heavy,oil was expected in view of the rapid growth of Diesel engines for road vehicles. Road vehicles using heavy oil totalled 8389 in February, compared with 4493 in February of the previous year. Diesel vehicles still retain the advantage of lower fuel consumption, but commercial motor users complain against the penalising of the new power.