BRITISH CRISIS

Wanganui Chronicle, Volume 74, Issue 192, 15 August 1931, Page 7

BRITISH CRISIS

ECONOMIES NEEDED IMPORTANT MEETINGS HELD 1 I AN EARLY SESSION LIKELY [ British Official Wireless. j RUGBY, Aug. 13. Tbs Cabinet sub committee which is Lu devise plans for balancing the Budget resumed its deliberations. The prog.-t-ss ot the committee’s examina tion of the eeonouix proposals will not fur the present be disclosed, and some time wih necessarily elapse before the task is completed. Mr Snowden is anxious to launch the conversion scheme when conditions are favourable. Special interest attaches to the nature of help the Government is expecting from the Opposition parties in th.- economic plans. It is generally as>umed that the meetings of the Cabinet Committee will be followed by an invitation to representatives of the other political parties to a conference. Sir Donald Maclean. Liberal, in a ; speech referring to the financial situa i tion, said: “Our Budget is the key to I the situation, not only here but internationally. We are still the centre of j international financial stability; in fact we are the bankers of the world. It I is necessary at present to prepare for a Budget so balanced that everyone can see that the facts have been faced. The necessary sacrifices must be made’ ami the task must be undertaken as. was the war, by the nation as a whole.” Mr MacDonald returned to Scotland | this evening. It is generally recognised that the . economy measures must involve sacn fiees on all sections of the community and the plans now engaging attention I are understood to be designed to secure! as far as possible an even distribution! of the burden. The heads of national expenditure! were examined by the Cabinet committee, which, it is reported, drafted in broad outline certain proposals which will be examined in detail by the Trea I sury. The situation is an emergency j one and emergency methods must be found for dealing with it. The Prime Minister will return to I "London to attend the next meeting of i the Cabinet Committee on Monday, when a more precise examination of [ the proposals will be undertaken. Full | Cabinet has been summoned for Wednesday, and almost immediate legisla tion may be necessary to give effect ! to some of their decisions. It is recalled that the motion for the adjournment of the House of Commons provided that if it appeared to the

Speaker that the public interest de manded a reassembly before October he might fix the date for an earlier meeting. MEETINGS AT DOWNING STREET LONDON'. Aug. 13. Messrs Baldwin and Neville Cham herlain had a half-hour conference with Mr Ma-Donald at Downing Street. Sir Herbert Samuel also conferred with Messrs MacDonald and Snowden. A later message states that follow ! ing to-day’s economy committee and the Downing Street conferences it has [ been virtually agreed to introduce a i plan involving all-round sacrifices. Cabinet has been summoned to meet j on Wednesday. PROPOSED LEGISLATION NEWSPAPER OPINIONS. Received Aug. 14, 11.50 p.m. LONDON, Aug. 14. I The Daily Herald says that after i Cabinet has completed its proposals, they will be placed before the Liberals | a'ud Conservatives on Thursday. Parliament will be recalled early in Sep | te'mber to pass necessary legislation *t» I assure the Budget of being balanc'd oi a basis of equal sacrifice. This his the complete support of the city and I to this extent the concurrence of ah I opposition leaders. The proposals of the bankers presented to Cabinet include a special flat ' rate tax un al! income from fixed in j tercet bearing bonds, including nut on.y Government securities but industrial debentures. The Morning Bust say.- “The Con servatives arc gratified that the Gov eminent is now fully alive to the sen oiisncss of the situation. An author*. tf.tive statement is expected fro.e the | Government shortly fur the dual pur- ■ pose of convincing the Labourites throughout the country and of giving | assurances abroad. The Times, in a leader, says: “Av attempt to balance the Budget by heavy new select taxation will not avert but precipitate danger. No new taxation must he imposed which will postpone indefinitely the prospect of further economies by ruling out the chance of a successful voluntary conversion of th.- national debt.” INTEREST IN GERMANY BRITAIN'S ' SELF-HELP PLAN” Received Aug. 14. 11.10 p.m. BERLIN. Aug. 14. Britain’s crisis is being followed with the greatest interest. The new* pa n-r n Courier heads the news: “MacDonald also draws up self-help plan.”