"
THE CHINA MAIL, FEBRUARY 28, 1989
Sir John Simon Predicts Better Trade Year
London, To-day.
The second reading of the Defence Loans Bill, giv- ing effect to the financial resolution passed by the Commons last week, which provided for an increase to £800,000,000 of borrowing powers for defence, was moved by the Chancellor of the Exchequer in the Commons last evening.. Sir John Simon said that his object in indicating in advance of his Budget statement, as he had done last week, the proportions in which the total anticipated defence expenditure of £580,000,000 in the next financial year would be met from revenue and money on loan account, and his object in all his actions in connection with the defence loan programme, had been to promote confidence by removing un- certainty.
He claimed that his statement! last Monday had been very well system received and that it had operated AE an encouragement to British trade and finance..
?
Referring to comments on the fact that he apparently, proposed to take only £230,000,000 from revenue for defence next year, which was less than in the current year, Sir John Simon said he could say still without anticipating his Budget statement that the Budget for next year must reflect to a certain ex- tent the conditions of the past year
·TRADE" CONDITIONS
Those conditions, while not those of a marked, depression, were cer- tainly, not those of a year of grent and exceptional prosperity,
But all indications for next year were indications of recovery, and it was therefore extremely likely that the Budget for the year end ing in March, 1941, would reflect more prosperous conditions than the Budget for the coming year.
In conclusion, -Sir John claimed that the Prime Minister had the confidence of the country, which rightly regarded him as pursuing a policy of peace towards which the building up of the strength of Bri- tain was a vital contribution."
LIBERALS SUPPORT LABOUR
After Mr. Lawrence had moved the Labour Amendment and the Liberal leader had indicated that his party would support it, the Se- cretary for Air intervened to re- fute charges of excessive armament profits
* so far as his department were concerned,
Sir Kingsley Wood claimed that
the methods of financial control available to the Air Ministry were sufficient to enable him to feel reasonably confident that contracta they made allowed no opportunity for exaggerated profits.
CHARGES DEPRECATED
The Labour Opposition had put down a reasoned amendment which In the course of a tribute to the was later moved by Mr. Pethick British. aircraft industry for the Lawrence, stressing
the
urgency of manner in which they had expand- more effective measures being takened their undertakings to meet the for co-ordination of various defence demands of the Government's air services, organisation of supply and programme, he mentioned that their strict limitation of profits.
"DEEPLY CONCERNED
:
prices had been shown to be in many cases lower than those of American frms.
Referring to that part of the He deprecated charges of pro- amendment dealing with profits the fiteering against manufacturers, Chancellor said the Treasury were which created bad feeling between deeply concerned to secure in every employers and employed and dis- practicable way that good value was couraged national defence. obtained for the vast outlay on ar- The debate continues.---British maments.
Wireless
It was part of his duty to the public to make and stand by that declaration.
He had closely examined with his GERMAN PROTEST
officials the general system by which profits on contracts were checked, and he wase
NIKS!
TO JAPANESE
Shanghai, day. The four Chinese passengers who were arrested" by the Japanese naval authorities outsido Shanghai lust. Friday when they stopped and searched the German. vessel "Peli- can” were released festerday follow- ling a protest lodged with the Ja- panese by the German Consul-Gen- oral:
The German Consul, warned ‹ the Japanese naval authoritics against repatition of the seizing and search- ing of German registered vessels.
Our Own Correspondent,
Page
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