BRITISH BUDGET

Wairarapa Daily Times, 16 April 1935, Page 5

BRITISH BUDGET

HANDSOME SURPLUS BRIGHTER OUTLOOK. Press Association Electric Telegraph—Conyrlghl (Received Tuesday, 10 a.m.) LONDON, Monday. A largo crowd outside Parliament awaited the arrival of Mr Neville Chamberlain, to present his budget. It included women carrying sandwich boards inscribed: “Restore Cuts,” “Provide Work Out of Rates, Not Slave Camps.” Mr Chamberlain said that last year showed a substantial advance towards recovery. Tho time lost in trade disputes was the lowest on record. The surplus of £7,562,000 was very satisfactory. People consumed 80,000 tons of sugar, 6,500,000 pounds of tobacco, 270,000,000 more pints of beer than during the previous year. No other country showed such financial and industrial recover}-. The industrial output showed 12 per cent, increase. Inland revenue yielded £16,000,000 above the estimate of which income-tax yielded £9,377,000. The exchange equalisation fund showed a profit. Supply for 1935 would amount to £494,390,000. Ho was providing £10,500,000 more for defence, and £4,500,000 more for the civil and social services. It was estimated that land revenue for the coming year, on the basis of existing taxation, would yield a total of £396,000,000. The prospective surplus would be £5,610,000. There would bo an increase in duty on rico and a new duty on saya beans. The income tax rate for the first £135 taxable would b© eighteen pence in the pound, instead of the present rate of 2s 3d for the first £175. The allowance for each child, after tho first, was being increased from £4O to £SO and the entertainment tax would be reduced on sixpenny and shilling seats. The married men’s personal allowance, in assessment of income tax, was being increased from £l5O to £l7O.

All pay cuts were being fully restored from Ist July costing £5,500,000 for the full year. The income-tax concession would cost £4,500,000 this year and £10,000,000 for the 'full year. ,