STIR IN COMMONS

Wanganui Chronicle, Volume 72, Issue 92, 18 April 1929, Page 7

STIR IN COMMONS

THE BALFOUR NOTE ' MR SNOWDEN’S REMARK In stating that Labour had never subscribed to the policy of the Balfour “Note,” and. that the members of the Party held themselves open, if die circumstances arose, to repudiate its conditions, Mr Philip Snowden, speaking in the British House of Commons, created, more than usual surprise. [ Australian Press Assn. ] Received April 17, .10.30 p.m. LONDON, Ypril 17. Speaking in the House of Commons with reference to Continental debts, Mr Philip Snowden said: “Wo never subscribed to the policy of the Balfour note. I think it s infamous and we hold ourselves open if the circumstances arise, to repudiate the condi- : lions of that note.’’ -Mr Snowdon said that no more scandalous transaction hud ever boon made by a British Minister than lhe settlement of Continental debts to Britain. France bad been allowed to repudiate four-filths of her debt to Britain, 'though since the war France had been | the most prosperous country in Europe. jThe case of Italy was 'even worse. We |had done for France and Italy what the J’nited States had not done. The total debt ratified, agreed to, or funded, amounted to £1,500.000,000. on which the taxpayer was paying 5 per cent, interest. Air Churchill commuted these debts at £20.000,000 a year, while we are paying the United States £37,000,-

Mr Churchill, interrupting Mr den pointed out that, the Balfour note embodied agreements • -ifh France and Italy. It was a dangerous thing for a possible future Minister to use the word “repudiation” in this connection. Air Snowdon said he <‘ : d not subscribe to the doctrine that, an agreement, made by one Government bound every succeeding Government. The Budget was “bare-faced bribery.’’ Air Churchill had lowered the national credit and his dismissal would be welcomed by mon of all parties having regard to sound, just taxation ami honest finance.

Sir Robert Horne congratulated Afr Churchill on giving such relief to taxpayers from such a narrow margin of surplus. The relation of direct to in-

direct taxation was now 60-40. Out of 27.000,000 voters 2,250,000 bore upwards of half the total taxation. Air W. Runciman (Labour) said that the continuance of high interest which was hampering business, was almost entirely due to Afr Churchill’s dealings with the sinking fund, which had created a new debt as fast "S it wiped out the old. His dealings with national finance would leave a mountain of embarrassment to his successor. The Hon. Hilton Y’oung said that with the single exception of the United States, British credit was the highest in the world. The Ba.lfour “Note” was the foundation of tlfo reconstruction of Europe. If they tore it up these settlements exchanges would again be thrown into the melting pot and further injure our foreign trade. Afr Pethiek Lawrence sa ; d that the city of London was in no wise deceived oy Air Churchill’s wranglings and devices. People would be thankful to get rid of a man who had consistently thrown dust in their eyes regarding the finances of the country. Air Snowdenstatement regarding Labour's attitude towards the Balfour “Note’’ (in which Britain undertook not to exact more from her debtors than she required to pay America), took the House by surprise. Air Churchill hurriedly left th e chamber, and when he returned it was evident that the Government order ot speaking had been re-arranged. A Cabinet meeting will be held to consider measures to allay the inevitable alarm in foreign quarters, and also to prepare a proper reply to be made to-night.

The Alorning Post’s parliamentary vliter thinks that in an effort to be till ctivo, Air Snowden became reckless, or he would never have slipped out the defiant remark which astonished everybody. MR CHURCHILL’S SPEECH VIEWS SHARPLY DIVIDED (British Official Wireless.) RUGBY, April 16. Comment on the Chancellor of the Exchequer 's speech, as was to be expected in view of the general election, is sharply divided on party lines. Both Conservative and Lilieral journals, however, congratulate Air Churchill on his masterly exposition of national finance with which his speech opened. The Conservative newspapers compliment him on the soundness of his proposals for disposing of the surplus. CTp'position newspapers declare that the tea duty relief and relief to farmers arc electioneering features. The Budget as a whole was well received on the Stock Exchange and it had little effect on the markets. Tea shares, however, were firmed in anticipation of an increased demand in view of tb e tax remission and the Budget effect on some railways was welcomed- Brewery and motor shares were steady and tobaccos displayed a 1 ardening tendency.