BRITISH BUDGET.

Wairarapa Daily Times, 1 May 1925, Page 5

BRITISH BUDGET.

DEBATE IN COMMONS. “A RICH MAN’S BUDGET.” t less Association—Electric Telegraph—Copyrigti LONDON, Thursday. In tiie House of Commons during the connimtee stage on the Budget, Hr Philip Snowden (Lad.) declared that the increased expenditure was not justified. The expenditure on tne navy should have been reduced instead of increased. The Budget, apart xrom women’s pensions, was the worst ‘rich man’s Budget’'’ ever introduced. The pensions seueme would impose a burden of £14,000,(1(10 annually, on the industries of the.counlry at a time of unparalleled industrial depression. .Sir Alfred Mond (Lib.) doubted the wisdom of returning to gold payments. He deplored the burdens laid on industry by the growing systems of social insurance. The silk duty, he declared, would injure one of the most important textile industries. Sir Robert Horne (Con.) championed the proposals. He declared that the preferential system had been of immense benefit to British trade. ' “We see from events in South Africa the result of our failure to give reciprocal terms to a country like that,'’ he remarked. —Aus. and N.Z. Cable Assn.

GOLD STANDARD BILL.

LONDON, Thursday. The Gold Standard Bill, read a first time in tho House of Commons,' repeals the sub-section of the previous Act under which the holder of a currency note is entitled to obtain gold payment at face value. It repeals the regulations under which any person' is entitled to have gold bullion minted, but makes an exception in the ease of the Bank of England. Nevertheless, it enforces on the Bank of England the responsibility of redeeming on recpiest legal tender in the form of bars of gold bullion of approximately 400 ounces. Finally, the bill empowers the Treasury, on any conditions it thinks fit, to raise any money necessary for exchange operations, provided such loans or Credits are redeemable within two years. The price of gold to-day is £4 4s lljd per fine ounce. This is equivalent to £3 17s IOJd per standard ounce, which will be the* Bank of England’s statutory selling price .under the Gold Standard Bill. —Reuter. STERLING NEARLY PAR. NEW YORK, Thursday. The exchange rate for sterling closed at 4dol 841 cents.—Aus. and N.Z. Cable Assn. (Par value is 4.36.6.)