THE CHINA MAIL, APRIL 27, 1938
SIR BUDGET
JOHN
Pare 11
SIMON'S SURPRISES
Increased Taxes To Produce £30,000,000
BUDGET NOT
AT ALL
POPULAR
CHANCELLOR'S RADIO "APOLOGY"
London, To-day.
The belief that the country will accept the burden of the Budget and shoulder it manfully, was ex- pressed by the Chancellor of the Exchequer, Sir John Simon, in a broadcast talk last night.
Sir John Simon said: “Everyone
Income Tax Up: LABOUR Higher Petrol Duty: CONDEMNS
Tea Tax Raised
London, To-day.
Introduducing his first Budget in the House of Com
mons yesterday afternoon, the Chancellor of the Exchequer, Sir John Simon, announced An increase of sixpence in the Income Tax to
5/6d. in the Pound,
An increase of one penny in the excise duty on
petrol to 9d. a gallon, and
An increase of twopence in the duty on Empire
and foreign tea.
SIMON BUDGET
London, To-day.. Mr. speaking on behalf of
CR. Attlee, spea
the opposition in the
Budget Debate in the House of Commons yesterday, said that there was no attempt to have á balanced Budget, and the country
was now in for a series of une balanced Budgets.
The Budget was a mark of the reckless finance and reckless policy of the National Government.
It was fundamentally just what one would expect from a six and a
of us will surely be prepared to The increase in income tax is expected to bring in half years foreign policy which
make his contribution and thereby uphold the might, majesty and power of Britain and her influence for peace and freedom throughout the world”
had been both wicked and foolish. £22,250,0000, the tax on oils £5,000,000, and on. Sir Archibald Sinclair (Liberal) expressed gratification that some tea £2,750,000, making a total of £30,000,000.
effective steps had been taken to Revenue last year totalled £872,- come from direct taxation. How deal with the problem of food stor- Meanwhile, the Budget has not 500,000, and total expenditure from ever, he accompanied the increase (38 received too good a reception revenue last year was £843,000,000 of the standard rate of income tax The Budget resolutions among Members of the House of
Net increase in the National by concessions to industry and to agreed and the Debate adjourned Commons and the Conservative Debt was £258,000,000, nominal, of smaller incomes. Taxation from until to-day--Reuter Party.
which $203,000,000 was covered by profits under Schedule D for year assets.
would be modified.
The increase in income tax has caused a lot of dissatisfaction, and many are of the opinion that it will have a bad reaction among the taxpayers.
Some Members argue that an in- flationary Budget at present would have stimulated trade and assisted the vid from taxation.
ODIUM ON GOVERNMENT
WAR STOCKS
were
Estimated total expenditure in The concession would cover dard rate. Some 2,000,000 of the 1938-39 was 1944,398,000, and the many important basic trades giv-smaller incomes would be affected. estimated. surplus in 1938-39, ing a great deal of employment and There would be no increase of tax £352,000.
aimed at avoiding any decrease in on earned income in the case of a industrial development.
single person up to £290 per annum or in the case of a married man SMALL PAYERS
with one child up to annum or with two children up to There would also be a conces£540 per annum.
The Chancellor revealed that suf ficient wheat, whale-oil and sugar to had been secured in England
The new tea tax is also unpopu-cover the needs of the civil populasion to small individual payers From the increase in the income lar in many quarters, where it is tion in the early months of an em- held that this imposition effective-ergency.
ly disposes of any suggestion that He foreshadowed tax avoidancɛ a General Election will be held measures which might operate re- this year, as it is argued that notrospectively. government would go to the coun- The Chancellor indicated that try with the odium arising from a there would be income tax adjust- tax affecting the indirect taxpayer ments in respect of estate adminis so vitally.-Reuter.
tered by executors for a life ten- ant,
JAPANESE BOMBER SHOT DOWN
Hankow, To-day. A lone Japanese heavy bomber was shot down in the vicinity of Hsiaokang yesterday afternoon by Chinese pursuit planes.
After sighting the Japane bomber above Hsiaokang at 3.30 e route to Hankow, the Chinese planes immediately went up and it the ensuing aerial engagement brought down the Japanese ma- chine.
This is according to an announce ment by Chinese Aviation Head quarters-Reuter.
COMMUNAL RIOTS
Bombay, To-day.
The casualties for the past week in communal riots in India totalled 12 dead and 100 injured.
Over 2,000 have been arrested: Reuter.
which the Chancellor estimated tax he expected £22,250,000 this would offset the increase in stan- year and $26,500,000 in a full year.
The quickest way to get the best whisky
Adjustments affecting the cash- ing of coupons, and
Tightening of the law relating to profits from sale of stock in trade Other unspecified measures re lated to company reorganisation, death duties; investments, the Sin! king Fund and the business of in- surance companies.
on
£81,000,000 HIGHER OUTGO Sir John estimated revenue the existing bases as £914,400,000, leaving 29,990,000 to be found.
Estimated expenditure, which i 81,500,000 more than last year': estimate, did not include a substan tial amount for supplementary de fence.
Although the income tax is in creased to 5/6d, the 2,000,000 smaller income tax payers will stil pay 1/88 on the first $135.
The petrol duty was increased by 2 penny to Sd a gallon, and there was a similar increase in the duty on heavy oil-Reuter.
TAX CONCESSIONS
#
London, To-day. Introducing his proposals, Sir John Simon said that in his judg- ment, the extra revenue needed should be raised partly by direct and partly by indirect tax The major contribution should
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