MORE THAN SEVENTY MILLIONS

Wanganui Chronicle, Volume 85, Issue 120, 24 May 1941, Page 5

MORE THAN SEVENTY MILLIONS

LONDON’S WAR WEAPONS COLLECTION j FINANCE BILL DEBATED i expenditure double that I OF LAST YEAR (Recd. 5.5 p.m.) Rugby, May 22. Moving the second reading of the Finance Bill in the House of Commons, the Chancellor of the Exchequer, Sir Kingsley Wood, referred to the London War Weapons Week, announcing that the total had reached the magnificent figure of £70,250,000, so that alreadj' it was within striking distance of the target of £100,000,000.

Regarding savings in the country generally, he noted with gratification that the figures of small savings showed a further advance over the earlier part of the year. Sir Kingsley Wood went on to point out that the rapid growth ot expenditure was not in itself evidence of waste, but rather of growing production. Britain had now reached a rate of expenditure double that of last year. The total number of persons who would pay income tax in Britain had now been raised to some 7,800,000 individuals, and it was now more than bare justice to all of them that every step be taken to prevent any waste.

After dealing with the details ot the Finance Bill, the Chancellor referred to the contribution the Dominions and colonies are making to the war effort outside their own financial spheres The British Government appreciated to the full the magnitude of the measures taken by Canada. Sir Kingsley Wood also paid tribute to the help given, by the Colonial Empire in direct financial contributions, and in many other ways.

In the debate on the Bill Sir Frank Sanderson strikingly showed the incidence of income tax and supertax, by pointing out that Mr. Churchill's salary of £lO,OOO became £3160 when deductions are made under those heads, and if it was desired that the Premier should enjoy an actual salary of £lO,OOO the House of Commons would have to make him a grant of £166,960 per year.—-8.0.W.