FURTHER TAXATION.

Star (Christchurch), Volume XLIV, Issue 193, 15 August 1931, Page 1

FURTHER TAXATION.

Balancing Budget in Great Britain. EARLY SESSION LIKELY. United Press Assn.—By Electric Telegraph—Copyright. IONDON, August 14. The “Daily Herald” says: “After Cabinet has completed the proposals they will be placed before the Liberals and Conservatives on Thursday. Parliament will be recalled early in September to pass the necessary legislation to assure the Budget being balanced on the basis of equal sacrifice. This has the complete support of the City, and to this extent the concurrence of all the opposition leaders. The proposals of the bankers presented to Cabinet include a special flat rate tax on all incomes from fixed interest-bearing bonds, including Government securities and industrial debentures.” The “Morning Post” says: “Conservatives will be gratified that the Government is now fully alive to the seriousness of the situation. An authoritative statement is expected from the Government shortly for the dual purpose of convincing Labourites throughout the country and of giving assurances abroad.” “The Times,” in a leader, says: “The attempt to balance the Budget by heavy, new, select taxation will not avert but precipitate danger. No new taxation must be imposed which will postpone indefinitely the prospect of further economies by ruling out the chance of the successful voluntary conversion of the National Debt.” PLANS BEING PREPARED. Co-operation of Other Parties Expected. (Received August 15, 11 a.m.) RUGBY, August 14. There is much speculation as to the ultimate proposals that the Government will make in order to balance the Budget. The special Cabinet Committee, at its meetings on Monday and Tuesday, will carry the proposals to the stage when they will be ready to be brought before the full Cabinet on Wednesday. It is expected that the leaders of other political parties, whose co-opera-tion it is hoped will be forthcoming to secure the rapid passage of the measures through the special meeting of Parliament, which will probably summoned next month, will belnformed of the scope of the proposed legislation towards the end of next week, but the Government will adopt full responsibility for any measures put forward. EMPIRE MARKETING BOARD Abolition Opposed by Australian and New Zealand Body. (Received August 15, 8.45 a.m.) LONDON, August 14. The Australian and New Zealand Association has forwarded to the Chancellor of the Exchequer, Mr Philip Snowden, and the Secretary for the Dominions, Mr J. H. Thomas, resolutions regretting the Economy Committee’s recommendation for the abolition of the Empire Marketing Board. The Association states that such an action will be by all importers of Empire produce. INTEREST IN GERMANY. BERLIN, August 13. Britain’s crisis is being followed with the greatest interest. The newspaper "Borsen Courier” heads the news relating to England:—“MacDonald also draws up a self-help plan.”