BUDGET DISAPPOINTS AS THERE IS NO TAX REDUCTION.

Star (Christchurch), Issue 17832, 28 April 1926, Page 15

BUDGET DISAPPOINTS AS THERE IS NO TAX REDUCTION.

PAPERS DESCRIBE IT AS “ CHICORY BUDGET.” By Telegraph.—Press Assn.—Copyright. Reuter’s Telegrams. LONDON, April 27. The Budget was received without enthusiasm. While admitted to be sound finance, disappointment was felt that there was no reduction in taxation. ** The Times ” says Mr Churchill has faced the difficulties in this difficult year in the way in which they ought to be faced. The sinking fund operation cannot fail to have a favourable effect upon credit, and the benefit will percolate through the whole industrial system. Several papers describe it as a " chicory Budget.” The “ Morning Post ” affirms that the success of preference and the silk duty show that a general tariff would be justified. In the House of Commons, the preliminary skirmish in the Finance Debate indicated that the Ministerialists were mainly content to regard the Budget as playing for safety in clearing the financial ground for several years ahead. The Oppositionists unitedly oppose the new taxes, which arouse intense hostility from quarters which usually do not co-operate.

Mr Lloyd George was unable to share the Chancellor’s satisfaction regarding the restoration of the gold standard, which he claims restricted the export trade. He thought the betting tax would confer a bonus on street betting. lie promised that the Liberals would unftaggingly oppose protective duties.

It is noteworthy that the betting clause imposes a ten shillings license on bookmakers and similar impost in respect to every address at .which betting is conducted. A remission of the tax will be allowed in the case of bets laid off.

Mr Churchill, replying to a question, said there appeared to be a reasonable prospect of securing death duties on the whole amount of Sir Robert Houston’s estate, the total of which had probably been exaggerated. The Government was considering the question of the evasion of taxation by residents of the Channel Islands. He would not hesitate to ask the House to'take any action suitable for the protection of revenue.

A meeting of the Liberal Parliamentary Party was held alter the Budget speech. Mr George presided It was decided to oppose the new tax on betting, the raid on the road fund, and further protective duties.

FRANCE TO PAY £2,000,000 BEFORE DEC. 31

Aus. and X.Z. Cable Association. PARIS, April 26. Speaking in the Chamber, M. Peret announced that £2,000,000 would be paid to Britain before December 31, and £2.000,000 before the end of the British fiscal year 1926-27. These payments would lie credited towards the annual payments, which would be definitely agreed on.