THE CHENA MAIL, APRIL 27, 1938.
CHANCELLOR'S PROBLEM:
LOANS OR HIGHER TAXATION? Argues Against Wisdom Of Adding To Debts ASKS COUNTRY TO
FACE BURDEN WITHOUT A QUAIL
London, To-day.
The increase of the standard rate of income tax by 6d. to 5/6d. in the pound and the announcement of purchases of wheat, whale oil and sugar were the two chief points of interest in the Budget statement.
The Chancellor who spoke for an hour and thirty-
eight minutes, prefaced his proposals to in-l crease taxation by putting before the House arguments for and against filling by borrow- ing the gap of £30,000,000 which remained be- tween revenue and expenditure after he had estimated the yield in the coming year of exist- ing taxes at £914,400,000.
He pointed out that the prospec- tive deficit was due to rearmament, the originally estimated cost of which at £1,500,000,000 was going] be substantially exceeded.
Though it had decided from the beginning that rearmament should not be financed entirely from taxă- tion and borrowing up to £100,000,- 000 over five years had been au-
REMARKABLE INCOME TAX
SURPLUS
London, To-day.
"
thorised there were three things Describing the outturn of the to be borne in mind in forming a last financial year in his Budget proper judgment at the present mo-speech, the Chancellor of the Ex- chequer said that revenue amount- ed to £872.580,000 an increase
ment.
GAP TO BE FILLED
The first was that in the Defence
Estimates for the current year they over the Budget estimate of nearly
they had already provided for tak-$9,500,000 and the increase of
Photo taken by the "China Mail" photographer after the wedding at St. Andrew's Church, Kowloon, yesterday of Mr. Peter Morrison, of Jar dine, Matheson and Co., and Miss Mary Rattey, only daughter of Mr. and Mrs. W. J. Rattey, of the Hong Kong and Whampoa Dock Company.
·PALESTINE- TERRORISM
Jerusalem, To-day. Two Arab policemen were murdered by an unidentified as- sassin yesterday, while an Arah, believed to be a police informer, was shot and seriously wounded yesterday afternoon-Reuter.
ing £70,000,000 from outside sour-nearly £48,000,000 of revenue CONSOLIDATED
ces.
Therefore the gap to be filled
was really £120,000,000 of which reception in a single year was five.
they had already decided £90,000,- times greater than the correspond- FUND CHARGES
000 should be got by additional taxation.
Secondly, the Government “announced and were
had
ing figure of a quarter of a century
ago.
INCREASE
London, To-day. The Chancellor's Budget estim-
EGYPTIAN GOVERNMENT RESIGNS
Cairo, To-day.
has
has
The Egyptian Government resigned, and King Faroukh invited Mahmoud Pasha, the pre- sent Premier, to form a new Cabi- net-Reuter.
ITALIAN DENIAL
Sir,-Concerning the article by Mr. Bartlett in your yesterday's issue, apart from the most positive denials concerning the alleged in- ternal position in Abyssinia, I must officially repeat that Italy is mot seeking any loan from foreign coun- tries.
With best regards.
G. PAGANO DI MELITO
Italian Consul General.
Teething Time Trials
already in In general, last year's figures the course of carrying out the ac-bore witness to an improvement in celeration of the rearmament pro-trade and industry though it would gramme. The whole country re-not be right to regard them as prov- alised the necessity of and approving the year was one of progressive fate for the Consolidated Fund ed that decision, but it meant sub-and continuous improvement services was 2242,100,000, an in- stantial supplementary estimates throughout. It would appear the crease of about £6,600,000 over last later in the year not included in first six months were more pro-year of which £6,000,000 was in the total of expenditure for which sperous than the second, although respect of the interest and man- he was budgetting. He intended the latter were still good.
agement of the national debt. The
How Baby's Own Tablets Help that those supplementary estimates The whole Customs and Excise total of estimates already publish- should be met out of loan money revenue had more than justified the ed was £692,298,000 and for the trial, with disturbed nights for baby Teething time is often a period of optimistic view taken by Mr. Cham-purchases of the reserve
stocks and parents alike. Baby is feverish, berlain a year ago. Inland Revenue which he had already disclosed, irritable and restless, crying with Fielded £471,346,000 some £3,750,000 and other purposes, the Chancellor pain until parents are almost distract more than the estimate which was allowed £10,000,000 for civil suped to know what to do for the best.
In innumerable instances, Baby's The theird consideration was the the net result of a remarkable sur-plementary estimates. Not includ Own Tablets have proved invaluable most serious and important of all plus on the yield of income tax of ing, therefore, the 90,000,000 al- at this distressing time. Here is what They had to look beyond the present nearly $10,000,000, offset by short ready appropriated from borrowed one mother, Mrs W. Kemp, 29 Glem- year The peak of defence expen-falls of £5,000,000 on stamp duties money for defence, the total estim-wood Avenue, London, Ontario, Can- diture would not be reached until £1,000,000 on surtax and £500,000
ated expenditure to be met was ade, writes: "Baby started teething next year, perhaps even the year on National Defence Contribution £944,398,000-281,500,500 more than early and two eye teeth came together,
last year's budget estimate. -British Wireless.
under the Defence Loans Act.
after.
LOOKING FORWARD
on
AMERICAN ARMY RESERVE
making her very feverish and fretful. We gave her Baby's Own Tablets and they brought her through, marvellous- ly. Now we have a bonnie baby who has six teeth and is in the pink of condition.”.
sore
Baby's Own Tablets act through the digestive organs and by settling the stomach and soothing the
gums induce sound, restful sleep. A single dose is often sufficient to bring peace and comfort to the teething child. For other health disorders of
Moreover, the huge outlay on war material also involved a higher an- come to the conclusion: he would. nual maintenance.
not be doing his duty if he followed After observing that nothing the easier course by borrowing. would contribute so much to the FACING THE BURDEN ultimate reduction of the burden "We must take some proportion as increased international goodwill of the increased expenditure and the reduction of armaments our shoulders by increasing ... tam- President Roosevelt yesterday which would follow from it, and tion now. By so doing we shall signed the Bill re-establishing the childhood the tablets are equally be which was the aim of the foreign reduce our difficulties hereafter and Regular Army Beserve, which has neficial. Infantile indigestion, colic, policy the Government were pur- we shall show the world our coun-not existed since 1920.
constipation, voriting, diar whoes, suing and of which the Anglo-Ita-try does not quail when it faces the The War Department hopes the croup, colds, worms, re best lian Agreement was a striking in- burden of expenditure." British strength of the Reserve will reach with this remedy which was
stance, the Chancellor said he had Wireless.
Washington, To-day.
vithan four
by a British.