BRITAIN’S FINANCE.

Wairarapa Daily Times, Volume 46, Issue 14141, 11 June 1920, Page 5

BRITAIN’S FINANCE.

EXCESS PROFITS DUTY. THE NATION'S HUGE BURDEN.' (By Electric Telegraph.—Copyright.) (Australian and N.Z. Cable Association.) LONDON, Thursday. In (he House of Commons, Mr Austen Chamberlain (Chancellor of the El-chequer) explained the Government 's decision nol to impose a levy on war wealth. He pointed out that as payment could be made in Government securities the levy would not materially reduce the dotation debt, lie emphasised the fears 01. business men as regards the effect of the levy, and stated that an excess profits duty would produce twice, as much as a levy in tho same period. He now proposed to maintain the excess profits duty at. 60 per cent this year, and continue the duty or its equivalent for a longer period than would otherwise have been necessary. Mr Chamberlain paid a warin triLiiso to the manner in which the rich had boyne financial sacrifices, and gave figures showing that in seine cases oily about 5s in the pound-was lett to recipients of largo incomes after -taxes were paid. No other' odUntry had " attempted a financial effort 'comparable •wifh Britain’s, and there was no other in which well-to-do people were so heavilv taxed. - . T?'-‘ .

Illustrating the financial recovery of Britain, Mr Chamberia'iii" referred to the rise in the dollar exchange, and stated that we were, in a position to buy our half of the Anglo-French in America and to meet all other market obligations of the‘Treasury in ihe United States to the end of 1920 with a satisfactory margin. Our debt of one hundred million dollars to Argentina will be redeemed ill a few days, and Ihe loan of twenty million yen iri Japan would lie paid off in a month, while provision had been made at heme for tlie reduction of the debt by 22.0 million sterling this vear/and 300 millions next year, without' additional tn .i----ation. ,