BRITAIN’S VITAL PROBLEMS

Timaru Herald, Volume CXXXVI, Issue 19093, 28 January 1932, Page 7

BRITAIN’S VITAL PROBLEMS

PARLIAMENT OPENS NEXT WEEK RESTORATION OF FINANCIAL STABILITY. United Press Association—By Electric Telegraph—Copyright LONDON, January 26. The Parliamentary session, opening on Tuesday, will be marked by an exceptional amount of work and unusual procedure. There will be no general statement of policy, or full dress debate thereon. The foreign • policy will be outlined only in the form of answers to questions. Tariffs will be the outstanding subject. It was authoritatively admitted to-night that these are being evolved in close co-operation with the Dominions. Cabinet’s Proposals. The Government is determined not to follow the procedure of former emergency duties, leaving a fairly long interval between the announcement of the imposition of a duty, and giving opportunities for forestalling by importations. On the contrary, the revenue resolutions will be introduced in Committee of Ways and Means, following the passage of a special Bill to permit the duties to operate the same night. Secrecy similar to the Budget taxes is being observed in reference to the new duties. Prospects of Tariffs. The lobbyists’ latest forecast includes 10 per cent on all manufactures and semi-manufactures, including iron and steel duties and many foodstuffs, excepting wheat and meat, but including dairy produce. The objects of the latter are (1) encouraging extension of Dominion preferences at the Ottawa Conference; (2) negotiation for reciprocal agreements with the Argentine and Denmark, with a view to obtaining special terms for certain British manufactures. Preparation for Session. The Cabinet meeting held this morning was understood to be concerned with procedure in the opening stage. It is expected that an early statement will be made to the House on the Cabinet’s decision regarding the views of its members on the tariff. Prospect of Budget Surplus. In view of the figures disclosed in the latest revenue returns, a balanced Budget is regarded as definitely in prospect. The returns furnish further evidence of the remarkable response made to the appeal for the prompt payment of instalments of income tax due this month. During the week ended January 23 the income tax collected amounted to £17,100,000, an increase of £7,200,000 over the amount collected for the corresponding week of last year. The total amount collected in the period from January 1 to January 23 is £66,900,000, compared with £34,800,000 in the first 24 days of last year.

The amount collected as surtax during the same week also shows an increase over the corresponding period of last year, and the total amount of the surtax received in the first 23 days of the quarter was £18,750,000, being an increase of £500,000 over the total received in the first 24 days of 1931. The total deficit now stands at £134,000,000.