LEVY ON CAPITAL.

Star (Christchurch), Issue 17159, 1 October 1923, Page 9

LEVY ON CAPITAL.

PAYING THE WAR DEETS. By Telegraph—Press Association—Copyright Australian and N.Z. Cable Association. JX>NDON, September 29. Air J. R. Clynes, AI.P. (Labour, Platting), addressing a meeting of business men at the Rotary Club, Leeds, advocated a graduated capital levy on all property above £SOOO. A. man with £6OOO should pqy 1 per cent or £lO. Mr Clynes said: “ Few realise that interest on war loons is the largest single item of our national expenditure. Air Baldwin’s last Budget proposed a sinking fund of £50,000,000 annually. That is a big amount, yet, on this basis, the debt will not be discharged for five generations. A capital levy offers the least painful way of escape. Most of the levy would be paid by a mere transference of securities. No extensive bureaucracy would bo required, as the existing revenue officials would suffice. Tho levy would vield £3.000.000,000 or ; £4,0C0,000,000 in two or three years.”