HUGE OUTLAY

Wairarapa Times-Age, 14 July 1939, Page 5

HUGE OUTLAY

PROVIDED FOR IN BRITISH BUDGET Meeting Demands of National Defence LOAN TO BE RAISED BEFORE LONG CHANCELLOR’S DECLARATION OF CONFIDENCE (British Official Wireless.) (Received This Dav. 11 a.in.) RUGBY, July 13. The Finance Bill, which embodies Sir John Simon’s Budget proposals for raising £9 l(j. 750,000 oi revenue for the current financial year, passed its third reading in the House of Commons. by 206 votes to 141. Sir John Simon, in winding up the dehale for the Government, referred to the Supplementary Estimates issued ■ during the last three days, which brought the total expenditure on defence for the year ro ( £730.000.000. and in consequence he forecast that the amount which would have to he found from borrowed moneys would be not far short of £500,000,000. He added: “Al an appropriate time it will be necessary to ask the investoi', great and small, to contribute on Hie most abundant and generous scale out of his savings and resources to a new defence loan.” He pointed out that the total expenditure for the ciii'i'eiil year, including that from borrowed moneys, would not be less than £1,400,000,000. Commenting' on this gigantic figure, Sir John Simon expressed the view that the reason of the quiet reception which the country had given to that prospect was because there was among- the whole people a determination to do what is necessary for the liberty and safety of their country.”