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Temperature 73. Barometer 29.79 Rainfall 0:00 In. Humidity":96
No. 19,173.
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3LISHED 1845
HONGKONG, WEDNESDAY, APRIL 30, 1924.
ABOUR'S FIRST BUDGET
ESTIMATES
THOROUGHLY SOUND."
REDUCING THE COST OF LIVING.
Last Year's Clear £49,000,000 Surplus.
OVER £650,000,000 ALREADY PAM OFF OUR DEBTS. Measures Restoring British Credit Abroad.
"THE BURDEN MUST BE HEAVY FOR SOME YEARS."
(Reuter's Service)
LONDON, April 30. The Commons presented a crowded and animated appearance on the occasion of the reassembly for the Budget.
the The galleries
full, including were Dominions gallery, where there were present Sir Joseph Cook, High Commissioner of Australia, all the agents general for the Australian States. and Senator Wilson. Several Indians were among the oversea representatives...
The Ministerialists loudly cheered the entry the of Mr. Phillip Snowden, Chancellor of Exchequer, who began by appealing for indulgence in view of his lack of Ministerial experience.
+
Mr. Snowden announced a realised surplus of £49,320,000 which had gone to reduce debt. £18,500,000 of the surplus was due to excess revenue and £27.725,000 to reduce expenditure and a surplus balance on last year's Budget.
WHISKY AS MEDICINE.
:
There was a surplus of £7,178,000 from customs and excise duties, mainly due to increased consump- tion of spirits and tobacco, that of spirits apparently being due to the long and cold winter, and the effects of influenza for which whisky was reputed to be a specific. (Laughter.)
Motor vehicle duties had increased) £1,500,000. Death duties exceeded the estimate by £800,000 and income tax by £8,331,000, bat,the excess profits duty was £12,000,000 below the estimate.
Death duties yielded £57,800,000 compared with £55,871,000 the previous year.
THE DOLLAR
To-day's closing rate 2/4 3/26
To-day's opening rate 2/4 | 3/16
日七廿月三千甲大嵗年三十國既華中
Philip Snorden.
In the second place he hoped to indude in the Finance Bill a clause giving effect to the reciprocal arrangements made last year with regard to the double taxation of shipping. It must be understood it was voluntary and permissive.
The reduction of the duty on sugar to 14d, a lh would operate on April 30. The cost would be £17,700,000 this year and £18,400,000 in a full year. The reduction of the tea duty would cost £5,400,000 in the year. The reduction of the duties on cocoa, coffee, and chicory would cost £843,000. The non- renewal of the 50 per cent. increase in the dried frults duty imposed in 1915 would cost £250,000.
Thus for everyone the food duties would be reduced. (Loud Ministerial cheers.)
The estimated cost was £23,700,000 this year and £24,893,000 in the full year.
"NEXT YEAR'S SURPLUS. The announcement of the abolition of the McKenna duties from August 1, was greeted with loud Ministerial and Liberal cheers.
This Mr. Snowden said would cost £2,500,000, He declared the country gave a very decisive vote against these duties in the last election. Government was bound to give effect to that policy.
The
In addition to the abolition of the tax or payments for admission to entertainments up to 6d, the tax on payments up to 1s. 3d. would ba reduced. The cost would be £3,400,000 this year.
The repeal of the corporation profits tax would cost £2,000,coo
The cost of all reductions in taxation would total £34,050,000, leaving an estimated surplus of £4,024,000, which he would keep to provide for applementary expenditure. He did not suppose
As regards expenditure, Mr. Snowden said the National debt services amounted to £347,250,000, supply services'to £405,000,000 Army to £43,500,000 Navy to £52,500,000, and Air Force to £9,500,000.that this would be sufficient to meet expenditure The savings under this heading were due among other causes to the change of programme in the middle East and Singapore.
.
HEAVY DEMANDS.
The total deadweight debt, on March 31 was £7,680,000,000 compared with £7,772,000,000 on March 31, 1923. The floating debt on March 31 was £774,500,000 compared with £810,000,000 a year ago. As regards the provision made to deal with the S per cent War Loan the precise figures were not yet available, bar the sun converted was not less than £150,000,000.
The Government had to meet nearly £150,000,000 in maturing bonds. He was afraid the burden of debit must be very heavy for some
years.
outside the Estimates which Parliament might sanction during the year.
For example the House of Commons was com-' mitted to the removal of the thrift disqualification on old age pensions and there would be calls for housing and unemployment.
Mr. Snowden said he was convinced consider able economies could be effected during the year.
Mr. Snowden spoke for an hour and three quart- ers. He received an ovation when he sat down.
CHANCELLOR CONGRATULATED.
LONDON, April 30.
In the House of Commons the necessary resolution regarding the tea duty was carried and the remaining Budget resolutions were agreed to. Pending the report of the committee on the While reserving the right to criticise the proposals navonal debt, clearly all available resources must later, the Opposition leaders congratulated Mr. be devoted to the redemption of debt.-(Cheers)-Snowden on his lucid statement and applauded the which improved international trade and the terms evidences of the sound financial condition of the which money could be borrowed for Industrial national finances.' purposes.
The former Chancellor of the Exchequer, Sir In view of the great conversion' scheme we Robert Horne expressed the opinion that the state- must carry out soon-Opposition cheers)-thement slightly modified might well have been made maintenance and improvement of British credit by either of the older Parties. (Labour cries of was a matter of the most vital importance. (Cheers.) dissent.)
WONDERFUL ACHIEVEMENT."
Sir Robert Horné twitted the Government on seeking a trade agreement with Russia and rejecting
trade agreement with the Dominions.
The dead weight debt of £7,680,000,000 involved an interest charge of £305,000,000 compared with the debt of £8,000,000 and interest of £345,000,000 Mr. Asquith described the Budget as a thor- containing in December of 1919. (Cheers.) Our one real oughly sound financial operation external deht now. was the United
States nothing to which the Liberals were not able £940,500,000 and £45,000,000 in market loans in heartily to subscribe. At the conclusion of Mr. America.
J
Asquith's speech, Mr. Asquith and Mr. Lloyd George walked to the Treasury Bench and shook hands with Mr. Snowden.
I.
. էէ
BUDGET ITEMS.
LATER.
The total debt reduction, external and internal, since December of 1919, was over £650,000,000 or
A little earlier Mr. Austen Chamberlain had practically the amount of the National Debt at the outbreak of war. (Cheers.) That was a wonderful thrown the Chancellor a note with which the latter and most creditable national achievement. (Cheers.) was very pleased.
Moreover these were large debts owing to us, (Lord cheers.) We had to pay the interest on these which represented a very heavy burden for The tax on theatre seats up to 6d. has been the taxpayers. When we received laterest, onabolished. There is no alteration in the income tax some part of these debts we might hope to reduce or the super fax. The datics on cocoa, coffee and our own indebtedness or taxation much more chicory have been reduced one half-on cocoa from, rapidly than was possible out of our own resources. April 30, on coffee, chicory and tea from May 5.
IMPERIAL PREFERENCE.
The duty on dried fruit will lapse on August The total expenditure for the year was The inhabited house duty and the 'corporations £790,000,000 and the revenue on the existing basis profit tax has been abolished.. of taxation would be £828,000,000, leaving a surplus of £38,000,000.
Only the recent 50 per cent increase in the daty on dried fruits has been abolished, not the The Goverment was unable to endorse its whole duty. predecessor's Imperial preference proposals He Mr. Snowden announced that the Government greatly
any regretted
thewould introduce a bill to re-establish the land Dominions might feel but declared the late Govern- vaination départment.
disappointment
ment was responsible. (Loud Opposition protests.) The tea dtuy has been reduced one half. The No Government, he sald, should attempt to sugar duty has been reduced by 1d, a lb. The Postal bind Parliament over a period of years upon such daty on dried fruit is not being renewed. a controversial issue as tariffs, as such action only rates remained unchanged. The duty On resulted in raising hopes which were bound sconer sweetened table, waters has been abolished and or later to be frustrated..
the McKenna,duties have been abolished from The Government did not propose the abolition August 1. of the preferences now being enforced but reserved full liberty to propose to Parliament reduction or abolition of the duties on all commoditles to which
The McKenna datles were a war measure preference now, applied whenever it deemed
imposed in 1916. Mr. Bonar Law undertook to expedient.
The Government would give an early oppor- remove them after the war. They included tariffs tunity for full and free discussion of the Imperial of 33 1/3 per cent on imported motor cars, pianos, Economic Conference resolutions and if the House watches, clocks, cinema films and a few other adopted any of these the Government would make articles. There have been intimations in the papers due provision in the Finance Bill:
CHEAPER FOOD,
Two matters erlaing out of the Imperial Con ference required financial resolutions. The first con cemed the immunity of state enterprise.from taxa- tion which he proposed to postpone ill next year to order to afford opportunity for further consuits
MCKENNA DUTIES.,
LONDON, April 30.
lately, on the part of anumber of manufacturers in the trades concerned, particularly the motor car makers, that abolition of the duties would mean the Wholesale dismissal of workers. Hence the doubt whether the Labour Government would abolish the duties and Mr. Snowden's explanation to-day that the date of abolition was fixed for August 1-in order to trold inconvenience to the trades concern
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