BRITISH BUDGET

Wanganui Chronicle, Volume 76, Issue 97, 27 April 1933, Page 9

BRITISH BUDGET

MAIN POINTS OUTLINED NO RELIEF OF TAXATION MR. CHAMBERLAIN'S SPEECH (By Telegraph—Press Association—Copyilf/htl LONDON, April 25. In the House of Commons the main points of Mr. Neville Chamberlain’s Budget speech were: — The result of the year was a deficit of £32.000,000, which would be met by borrowing. In the face of the present strain this was as satisfying as surpluses in more prosperous times. Excluding the American debt payment there was a surplus of £11,250,000 of current revenue over current expenditure. Beer revenue was £6,000,000 below the estimate, the lowest yield for thirteen years. Twelve thousand persons liable to the surtax in 1931 were not liable in 1932. Irish Free State duties yielded £2,500.000 and Ottawa’s duties £1,750,000. He did not propose to provide either for debt payment to America nor for receipts from other countries. The year’s saving in interest was £22,000,000. The real saving compared with two years ago was £113,000.000. Big drops in personal income arc shown. The surtax yielded £11,000.000 below the estimate and income tax £B,000,000 below. The exchange equalisation fund, had stood the test of keeping the exchange steady. The estimated total revenue for 1933-34 on the present basis of taxation was £712,750,000. It was decided before. America went off gold that it would be necessary to increase the exchange equalisation fund. It was realised that America’s action in no wise related to conversations with other countries, which were prompted by purely international considerations. - There is a substantial increase in th<? taxation of heavy road vehicles of from Id to lid a gallon on fuel, gas, and lubricating oils, but he was making no provision for the redemption of debt. Beer duty is reduced by 24s a barrel, effecting a reduction in the retail price of a penny per pint. He had been advised to reduce taxation even a* the risk of no balancing the Budget. This seemed to him not in the best interest of the country. A shilling off income tax would cost £50,000,000. Unbalanced Budgets arc the rule rather than the exception throughout the world yet, with world trade falling, and prices shrinking, an unbalanced Budget would not reverse our ills. The income-tax rate was unchanged. The United States shared our desire for intentional co-operation, though recent events involved anxiety. He was hoping that President. Roosevelt’s further proposals would promote renewed