WEDNESDAY, APRIL 29, 1925.
£800,000,000
BUDGET.
THE CHINA MAIL..
restrictions on the export of goldf duty on hops was subject to the from to-day. (Cheers.)
Dominion preferential robate of He bollered the establishment one-third
INCOME TAX CUT DOWN BY SIXPENCE. Imperial trade.
DUTIES TO BE IMPOSED
ON SILK.
"MR. CHURCHILL'S NOTABLE REVIEW OF THE NATION'S FINANCES,
17
IMMEDIATE
RETURN TO
GOLD STANDARD.
..
Making Britain Truly a Home For All Its People."
The Chancellor of the Exchequer, Mr. Winston Churchill, introduced into the House of Commums yesterday a Budget designed to "make Britain truly a home for all its people." The chief points in the Budget are a reduction of Sixpence in the income tax, ruturn to the gold standard, a duly on silk, a grunt insurance scheme, higher death duties and substantial reductions in the nation's debts
HOUSE PACKED.
(Renter's Service.) :
London. April 28. The House of Common was packed in excited anticipation of The Budget statemept.
was filled with Fabinet Ministers,; The From Government bench
The members of all Parties siver- flowed the side galleries and there was a big muster of peers in the pers gullery,
THE MÅN OF THE HOUR-
«3 am oni photogvigth let +bathor of the Exchequer.
The House at questions.
Later.
Ttter Ministerialists loudly cherred Mr. Churchill on entering the end of the INCOME TAX CUT. Mr. Churchill announced that the income tax would be retured sispeare and the smail income tax. hayer would be allowed to dedict Q-sixth instead of one-tenth on carnal income, the latter conces sira lving equal to sixpace of the
standard rate.
Av. 4 burghilfalen announced a reduction in the super tax.
HEAVY NEW TAXES.
London. April 28. Mr. Churchill estimated the surplus at £26,600,000.
↑
These preferences would oper-
BACK TO GOLD. afe on July 1-and would cost Mr. Churchill, announcing the £1.470.000 this year and £1,720,-freturn to the gold standard, said 600 in full years
thai the return had long been the settled policy of the country and the only question had been the most difficult and delicate one of how and when..
NEW SILK DUTY.
Lonion, April 28. Mr. Churchill announced a new £4,000,000 in the gurrent year and revanie duty on silk producing
£7,000,000 in the full year.
te
Natural, artificial. semi-manu-intended factin and manufactured silkmittee's would be taxed on a seale not every respect.. ad rabiem, but made-up silk must be taxed all calorem). The Pusie rate of the silk duty would beds, per B. for raw silk/-
In the vase of artificial silk a countervailing duty was nervs- sary, on a very large volume of home' production, but in extrulat- ing the countervailing duties there will be deliberately given a certain advantage to the Home! producer, in view of the fact that might lead to a certain decline, in consumption.
London, April 28
The ad calorem luty in made- up silk and artificial silk will be
per cent.
The silk duties will operate from July 1.
BUDGET SPEECH.
Mr. Churchill, who was loudly cheered on rising, paid a tribute to the careful and scrupulous.į finance or Mr. Philip Snowden, Chancellor of the Exchequer in the Labour Cabine
He pointed oud that the realised | surphis of £3,569,000 was remark- ably glose to the fudges forecast of £1,024,000,
Sjerits and tobaeen were €2,664,000 below the estimate, but beer had inereused 23,000,060.
Cheers and laughter.)
j
of this great area of common Ec remarked, that the Budget arrangement would facilitate the did not include provision for revival of international and inter-inter-Allied debt repayments to Britain, but he was budgetting for as £12,000,000 had been received £9.500.000 from Germany where, froni this head last year.
POLITICAL CHANGES. Mr. Church estimated the expenditure for 1925 at £799.400,000 and the revenue, at £826.000.000. the surplus £26.600,000,
L
at
The expenditure was £9,-100,000
LOSING NO TIME..
London, April 28. Mr. Churchill, in his Budget, over last year's Budget, and speech, announced that the Gold 43.700.000 over the actual expen-and Silver Expúrt Control Act of diture of last year.
1920, which prohibited the exporti and import of gold, would be; allowed to tapse on December 31, but a general licence would be given to the Bank of England to export gold bullion from to-day, nending the formal lapsing of the
This, disapointing result was lue to the rapid political changes of the last three years not con- ducing to economy and his in- nbility searchingly to scrutinise The estimates.
establish a standing committee of
The Cabinet had agreed (1920-Aet,
LABOUR CRITICISM. „ the Cabinet to overhaul recurrent expenditure in addition
The House of Commons agreed to the! Treasury's annual scrutiny...
to all the Budget resolutions after We ought. he said, to aim at a Snowden and Mr. Lloyd George.
brief speeches by Mr. Philip net reduction of supply expendi-The former reserved his thun- ture of not less than £10,000,000 a | der for the protective duties, year.
would steadily expand and a re- Party would repeal at the first He believed that the revenue especially the McKenna duties which he, declared the Labour solute effort would enable a yearly mitigation of the heavy burden of opportunity. (Opposition cheers). taxation."
expansion of trade."
Conse-
As regards Imperial Preference Committee in this respect hat progressive loss of revenue of
the former Chancellor said that) The report of the Chamberlain remission of taxation meant which were not of a protective He pointed out that last year's he was not opposed to robates: convinced the Government, which | £14,000,000. He anticipated a duties were protective.
character, but Mr. Churchill's. follow the Com-gradual show improvement in ecommendations in trade, bad he did not foal justifiedently, they invited strengons in budgetting for any substantial opposition.
Mr. Lloyd George similarly re- IHGHER DEATHI DUTIES. gretted the revival of the contro- The rates of death duties, ex-versial issue, but was "generally repting on small and the largest congratulatory pending a closer estates, would be increased, vield-examination of the proposals. ing £1,500,000 in the present year STERLING ADVANCES. and £10,000,000 in a full your.
Besides the new dutkas" on" eer- tain luxuries and hops, fere would be a smad adiütional duty import oere to enfinturvail the fax the home brewer,
The McKenna duties would pro- Gaer Lipon,tub this year and £2,000,000 in a full year.
LLOYD
GEORGE
HUGE PENSIONS SCHEME.
The cost of ordinary income tax reduction would be 1,000,000 this year and £7,500,000 in a full
year.
The reduction of the super taxi wout cost £7,600,000 this year and £10,000,000 in a full year.
The compulsory pension insur- 15.000.000 people. Employers Race scheme would affect and workers would each contri- bate authe rate of 4d, each man and 2 each woman. scheme would operate in succes
The sivu stages, beginning January 4. 1926.
•
Mr. Churchill emphasised that this was the most favourable moment for a return to the gold standard in view.of the political and economic stability on both
ides of the Albintic.
The State's ultimate capital liability WIS estimated at £50,000,000 and the scheme would the wage-earning population. cover virtually the whole area of
NO SOVEREIGNS YET. It was not necessary to adopt a gold coinage. He appealed to all The remission of the sugar duty classes 10 continue to use notes. had rally reached the consumer,
He would introduce a Bi!! but the remission of the tea dating that, until otherwise pro- pro- had been almost entirely extine sided by proclamation, Bank of PEOPLE LIVING LONGER.. guished by higher prices.
England and Treasury notes! Mr. Churchill referred to the would be convertible into gold prolongation of the span of life Inland revenite duties showed a only at the option of the Bank of which with the rapid increase in suplats over the "estimates of England, nil the right of tender-pepulation in Victorian times! 836.00. The surplus was doing bullion, at the Mint to be coins would have the effect of increas- voted to the redemption of teated to be contando turn legallying the payments of old-age pen- had deerensed from 47,680,000--would be obliged to sell gold compared with 227,000,000 at The nominal deadweight dele to the Bank of ugland which sions to £60,000,000 in fifty years, DAO to $7.6-16.000,000 during the bullion in amounts of not less present. financial year. It was most im- than our tine ounces in exchange mirtan that the policy of debt
for legal tender at a fixed price of "payirent should continue,
-778, 101, a standard ounce.
BIG DEET CUTS.
The hunting debt had been re- lured by 32,500,000 and the external, deb! by £1,000,000,
Sayings certificates had pro- He proposed new taxation, ingrigeed £2,000,000 gross, showing cluding a revente dny on silk and # net increase of
pearly
a duty en imported hops for four 3,000,000. Saving bank deposits years of £1 per rwi.. the rehat increased £1,000,000.
imposition of the NeKenna duties The interest on the sution: Friebti from July 1. also an increase in had been durid in two peaks by $150,000,000. the death dusies,
over 270,600,000,
The new taxation would right £10,230,000, bringing a surplus of £6,830,000, The new taxation shoukl yield £20,000,000 after the current year.
4
INSURANCE SCHEME. He would propose legislation following the resolutions of the Imperial Beunomic Conference of i 1923 enncerning the ability of Empire Government's trading ora owning property in Britain, and legislation for income tax relief in favour of high commissioners re- siding in Britain. (Cheers.)
He announced a comprehensive compulsory contributory, scheme of insurance for the benefit of wage earners.
IMPERIAL PREFERENCE. Mr. Churchill proposed to give effect to the British Government's proposals at the Imperial Confer ence of 1924 in so far as they did not involve aew additional duties on food.
י.
A
Philip Snovózn
-A DISCREET MOVE.
the committee, for example, the Further steps recommended by
England und Treasury notes, amalgamation of the Bank of would be deferred, as he com- sufficient experience in working a mittee recommended, until we had
a gold reserve of approximately free international gold marked on
When the Government decidech 19 return to the gold standard many months ago, the Treasury began discreetly to accumulate dollars. and had now accumulate the whole of the $166,000,000 requir- ed for the June and Dorember? payments of the American debt and all our other American debt obligations this year.
f
London. April 28. been reflected in the foreign ex
Mr. Churchill's statement has change market. There has been. in sharp appreciation of sterling closed at 48% ringing the on New York, The dollar rate purchasing value of "The pound to 19%. 10110
New York, April 28. Sterling advanced 7 8ths cents to 1/8274, a new high record since 1915.
Mr. Montague Norman, hand of the Fank of England.
The new proposals were aimed ultimately as placing the whole fund un a self-supporting Insis by means of progressive increases in.
the widows of insured men would the various contributions.
Mr. Churchill explained that"
the eldest child and 3s, for the receive 10s, a week, plus 5s. for: others: Existing widows of men insured previous to the Act
reaches fourteen. while orphans only until the youngest child would receive similar benefits but
New York April 28. All British securities bounded eldest and 5s. for the others. would receive Ts. 6d. for the upwards, mostly reaching record levels, upon the announcement of 200,000 widowed mothers and standard.
The scheme.
would affect the restoration of the gold 380,000 children.
Sterling marked 4 89%.
INCOME TAX RELIEF.
HELP IF NEEDED. All prople qualified to be insur
New York. April 28. after"1028 would draw 10% a Week at the age of 65 regardless The Federal Reserve Bank has of private means. Uninsured
arranged with the other Reserve Banks to place $200,000,000 in rears would also be relieved of England if desired in connection restrictions regarding means.
Finally, although he believed! People eligible for pension at 70 gold at the disposal of the Bank of
that we were strong enough to nchieve the important change from our own rusurces, he had sixth on earned incomes instead, By allowing a rebate of one- Arranged as a further protection to obtain if required. credits in comes under £1,000 will benefit of one-tenth as at present in- the United States for not less than approximately dd. and smaller $300,000.000, with possible ex-incomes much more. pasion if necessary,
gok market in Britain. with the establishment of the free
million will be supplied by Messrs. : It is understood that a further
Morgans.
BACK TO GOLD.
"
io
SHARING THE BURDEN. NOT MOVING ALONE.
Mr. Churchill, concluding, de-
Hague, April 28. The Government in returning to clared that making allowance for anced Holland's return
The. Minister of Finance has the gold stand was not moving remissions of taxation the Budget the gold standard. Alpie. The United States and
balanced at it revenus of i „Germany "lated to international gold ex- of £799,400,000, reserving a sur B, has somed the renoval
were either on or re- 2801,060,000 and an expenditure
Melbourne, April 28. The Prime Minister,"Mr. 8. M. change. He was on a gold plus of £1,600,000 for contin of the embargo on the export of exchange. Atria and Hungary were already used on gold or to sterling, which was now equival
ent to gold.
The rate of Government bor-
I
gencies.
The Chancellor was warmly go. cheered when he sat down after a peroration emphasising the non- class and non-Party nature of the
He pred to remove the existing date on Empire dried fruits and in case the preference rowing has fallen from 6 for Empire tobacco from sixth to
one- 414 per cent., enabling the most -fourth of the full profitable conversion opérations. duty.
He had ye on to know that proposals which aimed at appor Balfour was stated to yesterday's He props to increase the sort were pending from which the world's for would act wealth, liberating the production Premier. This of course should
Much larger operations of this
Holland and ..: Dutch Indies, toning the burdens proportion-
Through an obvious error Barl preference heavy wines from taxpayer would realise important i
very import...
Cactors in the ately to the ascent of the ladder of Cina Mail to be a former Liberal one-third > two-thirds, and to savings. The new sinking fund simultaneouslyh Britain. increase e preference in the would be increased to £50,000,000. ↑ surtax on sparkling wines from The capital value of the war pen were concer To-day as i
of new wealth from the shackles have been a former Conservative 30 to 50 per cent.
15 the Dominions of taxation, promoting content-Premier, as Eari Balfour is · TorŸ' Furthermore he proposed to 000 and the annual charge was was already on the gold standard. people.
alon liability was now 2700,000,- complete unity retion. Canada Britain truly a home for all its
there would be ment and stability and making of the Tories. restore for a decade the prefer- £67.000.000 compared with over-South-Africrotided her in ~ence on sugar to the level at which – $1,000,000,000 it stood before the reduced duty £110,000,000, respectively, after standard from June 1. Australia and over tention to revert to the gold
INTER-ALLIED DEBTS. of five British trada u disk, wọn of last year.
London, April 28. men have arrived here to study and New Zealand were abolishing Chancellor mentioned that the of Russk-Reuter,
In the course of his speech, the the position of the working wo nên
the war.
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