LATER

Waikato Times, Volume 89, Issue 13750, 24 April 1918, Page 5

LATER

RECEPTION IN BRITAIN. TAN-PAYING THE SUPREME TEST. SATISFACTORY FEATURES. (Australian and N.Z. Cable Assn.) Heceiwd \pril "21, 8.45 a.m. LONDON, April 23. \!t!loii"'i A';• Bonar Law tin; Chancellor of Hie Exchequer, has not estilii; led the Geld of the luxury tax, it is expect.-.! T.i > e'd about £25.000,000. Mr Bon;'r L;nv announced that the income tax ;Mo.\anco for a wife will be the same as r or the children. The puhhc iece : ved t.ie stupendous Budget with remarkab'e sangfroid, r >afisinthat t; x-prGni will be one of the supreme tests of endmanc -. The new taxes of 11 14,000 000 alone amount to (10 pi.T c~nt of ttie. tr_.pl taxation in the last \i-ar la-fore the war, but few are liki-ly to mmmur. The Ch; i eellor anticipates receiving £842.000.0 m) this financial year, but eventually !o reach the enonnous figure of £L'OO o(io.000. when the faxes on incoines. excels |• o its.' e : c. nie in full effect three \e. s I ~"ie-. Last year's revenue was ; ctu: 11" £707.235,000. An espial''. - t's 'actory calm. 1 was that every hj: 1 o' ic\enue s'lmved an excess uwr tiie • s'liiua 4 \ T!>e excess profits doty i'e, Used £220,000,000. being £20,000.000 above the estimate.

EFFORTS OF DOftUNIONS. TO MEET THEIR WAU CoSTS. (Australian and N.Z. Cable Assn.) H '('•■ v.'d Aj.ril 2't, O.Tm a.m. LONDON, April 23. The Bud,-">'t lias necessarily not reveal"! Hi" details of the estimated expenditure for the current year, but it is expected that army, navy, munitions

and aviation together will absorb £1,901,000,000. Mr Bonar Law anticipates that the advances to the Dominions will not exceed £50,000,000 this year. He was warmly cheered on remarking on the smallness of this item, adding that it had been small throughout the war, showing the desire of all the Dominions to meet their own war expenditure out of their own .resources.

COMMENTS GENERALLY FAVOURABLE. ' luxuries Tax approved. SOLID NATIONAL FINANCE INDICATED. (Reuter's Telegrams.) Received April 24, 1.50 p.m. LONDON, April 23. Newspapers favourably comment on the Budget. The prevailing view is that the heavy taxation involved will be borne cheerfully by the public so long as it is known that the country's resources will l>e used to the utmost to defeat the enemy. Other comments on the Budget reflect the country's financial strength and solvency. The Daily Mail says that the Budget is popular but does not go far enough. The heaviest taxes have been placed on the shoulders of a very small class, who will not complain The paper is confident that the mass of the wage-earners will not resent the graduated tax on wages

The Times declares that the Rudget shows that the nation's finance has !>een kept on an unimpeachahlv solid foundation. The luxuries taxes are entirely satisfactory, making the fust substantial departure from our very narrowly grooved fiscal system.