THE BRITISH BUDGET.

Taranaki Herald, Volume LXVIII, Issue 16721, 23 April 1920, Page 3

THE BRITISH BUDGET.

ACTIVE CAAIPAIGN. AGAINST EXCESS PROFITS TAX. By Telegraph—Press Assn.—Copy right. (Received April 23, 9.25 a.m.) LONDON, April 21. The mercantile ''community is strongly opposing tho increase* ot tho excess profits lax proposed in the Budget. Air. E. Aiauvillo, ALP., president of the Associated Chambers ot Commerce, at tiio annual meeting, strongly condemned the increase, wliich was bound seriously to handicap the country s trade. The Council of the Federation ot British Industries passed a resolution protesting against the t;ix. The National Union of Afamifaetnrers is arranging a protest meeting.at the Guildhall. A prominent financial authority states that, while the im-rcase may cause some diminution in the flotation of new industrial companies, the falling off will not be sufficient to improve the monetary position as affecting forthcoming colonial issues. Tlie tone of the Stock Exchange improved on the impression that the proposals will be modified, if not withdrawn. —Aus.-N.Z. Cable Assn. NEW VINE DUTIES. CAUSE CONSTERNATION IN FRANCE. (Received April 23, 10.3-3 a.m.) PARIS, April 22. Tho British wino duties have caused consternation among winegrowers. it is believed they practically amount yo prohibition. The National Mine Association has been summoned, to consider tho situation. REPLY TO CRITICS. BY AIR. CHAMBERLAIN. LONDON, April 21. In the House of Commons, Air. Austen Chamberlain (Chancellor of the Exchequer), replying to the Budget criticisms, said he did not apprehend that the increase in wine duties would appreciably increase the difficulties o T France, Italy, and Portugal. The French proposal would drastically restrict the importation of luxuries, and would affect British Trade, hut we had .not complained, because neither the French nor the British action was unfriendly and retaliatory. It was simply due to the necessity of restricting expenditure and raising revenue to meet their obligations. He emphasised the immense things the nation was doing in facing its responsibilities. He intended to stand by tho original proposal to increase tho excess profits* duty to 60 per cent., hut he would remit the increase in the event- of war wealth Taxation being introduced. Ho would be disappointed if there was not a further vast reduction in public expenditure during the current year.—lmperial Service.