The Waikato Times. THURSDAY, APRIL 27, 1933. . BRITAIN’S BUDGET.

Waikato Times, Volume 113, Issue 18930, 27 April 1933, Page 6

The Waikato Times. THURSDAY, APRIL 27, 1933. . BRITAIN’S BUDGET.

In the statement of accounts and expenditure -which he presented to the House of Commons on Tuesday, the Chancellor of the Exchequer, Mr Neville Chamberlain, has made no attempt to ( gloi-ify Britain’s achievements or to minimise the difficulties which still beset her. He has given a very sane statement of what h as been done, and has left tho results to be judged at face value. There is admittedly a. deficit in the national accounts, which has reached the figure* of £32,000,000, but as this pertains to an item for Avhich no budgetary provision was made last year, it is not improper 'to exclude it from the summary of expenditure. Had the Avar debt payments not been made, the Budget Avould probably have presented no deficit, and indeed, a small surplus, but only by sacrificing the very high regard in Avhich Britain is held in America in consequence of having met her obligations.

For the present year, it. is noteAvorthy that Mr Chamberlain once again has omitted to budget for Avar debt payments or receipts. Actually Avhile Britain Avould have to pay America £57,000,000 under a continuance of the present system, she Avould be entitled to receive £04,500,000 from her oivn debtors. In any case, it is hoped that some settlement of the Avar debts question will be reached before the June payments are due, and Mr Chamberlain Avas wise in excluding these from his Budget.

VieAved entirely apart from the question of Avar debts, Britain’s Budget is a reassuring and wholly satisfying document. When the depressed state of trade, the staggering level of unemployment, and contraction of Rational income are all taken into account, it is a remarkable achievement for a nation to gain such marked success in its endeaA r ours to balance revenue and expenditure. It has been obvious for some time that the taxable capacity of the population has reached its maximum, and it is all the more creditable that the Government should have been able, by rigorous and scrupulous management, to make its expenditure conform to the received.

HoAvever, the Budget is not entirely a commendation of Government administration. Between the lines must be discerned tho spirit of the nation Avhich has carried the country triumphantly past a large-scale loan conversion, and past the treacherous quagmires of exchange variations into the comparatively stable anchorage in which it is noAv resting. Simultaneously with the active manifestation of this public spirit, there Avas a noticeable reanimation of industry, and as Mr Chamberlain has said, the developments in this regard have reached a point AAdiere concrete results may be expected. Nevertheless, the Chancellor is anxious not to upset the movement which is noAv in train, and he has confessed his unwillingness to gamble on. too great a return from industry in the coming year. It is open to doubt Avhether a reduction in income tax might not accelerate the expansion which he is so anxious not to prejudice, but he presumably has his reasons for preferring .a cautious policy.

Taken by and large the Budget is a steadfast and purposeful document, which savours more .of bull-dog tenacity than of financially ingenious methods to accelerate recovery. There is this consoling thought however:. the progress Avon by such steady methods ■will be more. permanent and more valuable than any temporary alternations.