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April 8, 194
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1
FREE FRENCH
May Fight In Balkans
After lunching aboard the British battleship Warspite, he said; have reason to hope that Free Franco will participate in the battle in the Balkone and it la possible, that I^ma", go there. Frankly, I believe that th ALEXANDRIA, Apr. 7 (Reuter)-German, effort, in the Halwars white General Charles de Gaulle, leader of considerable and faunid 15| Tirk every the Free French forces, declared. In way, but Iremain convinced that the an interview, that he might go to the Balkan
British Budget Brings New Tax Paying Class: Less Spending K
LONDON, Apr. 7 (Reuter)—In the House of Commons to-day, Sir Kingsley SHOES Wood, Chancellor of the Exchequer, announced that the income tax rate would be increased to ten shillings in the pound.
The House of Commons was well-filled for Sir Kingsley's Budget Speech, and the Chan- cellor was cheered when he entered the House. A number of peers and Mr Montagu Norman, Governor of the Bank of England, were present.
The Chancellor said that lie The estimated totul expenditure would make proposals which was £4,207,000,000. The estimated would not only enable us to yield in income tax for the current year was £605,000,000 (an.'intresse surmount immediate difficulty of £81,000,000), a surtax of £80.- but would ensure that we con-1000,000, death duties of £82,000,000, tinue to maintain our national stamp duties of £14,000,000, excess
profits tax of 20
£210,000,000. finances on bound lines so that The total estimate of inland we would be able, when the time venue; duties on the existing basis of came, to pursue measures of taxation was £0902,000,000 Customs. £678,000,000; and reconstruction and social-ad- and excisa of
purchase Lox of £70,000,000
The total calimted revenu
revenue for The British financial front stood 1040-41 on the existing -basis of
vanco.
re-
JAPANESE PLANES
Discouraging View
firm and strong. The steps taken totaxation was £1,036,000,000, Of British Critic
stimulate exports trastically and to The hops tax was renewed for a reduce non-essential imports cer- further four years, the medicine und tainly had been successful.
stamp dulles repeated from Septem- WASHINGTON, (By Clipper Our system of exchange control ber and now medicine and atamp to Central News).The Janan- under the mobilisation of dollar seruritics had enabled us to meet the duties legislation would be introduced. ese have not one: home-built
Allowances... very heavy drain upon our resources of gold dollars and we now had nssurance, by reuson of the great contribution America was making in
ar
The Finance Bill includes a cinuse warplane that could stand up for providing for the purposes of income three minutes to a frontline the United lax and national defence contributions equivalent from.
the Lease and Lend Act,, that no similar allowance to that provided States, Britain, Germany, Italy for the purpose of the excess profits or Russia, in the opinion of Capt. fax in respect if losses incurred in
difficulty in financing purchases from the
United States, would hamper the #four fighting
deve me.
ment loans.
providing additional buildings, plant. C. Biard, British air ace.
and machinery for the war effort, The Chancellor foreshadowed
Cap Blard, who has made a study of the growth of air power to
ful! strength
Tho control of capital issues in the domestic market find' been of great modification of the excess profity tax the leading countries for the last 30 value in securing the best possible but could not now afford any con-years, said that the. best of the conditions for the success of Govern-siderable changes. Part of the tax Japanese planes is only of Thalf-
made available to in:
industry at the All these measures combined en-would be held by the Exchequer to breed."
"The Alchi-flying boat is claimed abled us to borrow at a very low rate end of the war.
by the Japanese press to be able to of Interest, averaging below two per Sir Kingsley wood estimated that blot out anyone who offers opposition private savings for the current year to the New Order' in Eastern Asia. "We have no intention of borrow-totalled £1,000,000,000 in addition to The Alchi is Japanese-bulit, but ing on worse terms as the war pro-
with from revenue. He powered £1,030,000,000
French Lorraines crcds, We shall hope to improve estimated that domestle expenditure which are good of their kind but upon them." (Cheers).
would be
,000,000, leaving would look like yesterday's beer gop of 0.000 to be filled, jouninst the British Sunderland
The Exchequer would bear a con- the American Curtiss-Wright flying siderably increased burden to prevent boats.
Good In China Only
cent.
Post War Debt
an increase in the cost of living, in-
or
but cannot deck-
"The Kawanishi D2 is a very big
is not fast
All this meant that the aggravation of our post-war inancial problem by the burden of the War Debt, though It was bound to be grievous, would cluding an increase in the shipping "The Kawanishi 04's are also power- be correspondingly less and we should rates and insurance.
Jed with Lorraines. They are good also avoid the evils incurred after The policy of stabilising prices stuff for war in China 1918 of starting a period post-war would continue to be extended. The work against the front-line expansion and recovery with a rate scheme included cool, gas and cleefighters, eight-gun landplanes or the of interest which, in the long run, tricity charges. The aim was to hold Chiengo Plano armaments of big Was so cmbarrassing and often
power battleships, crushing to the borrower. The main-Wages about where they are now.
New Savings tenance of a low rate of interest would do much to ease the financial Turning to the question of Billing boat with three 800-horse. power problem of rebuilding our cities after the £500,000,000 gap, Sir Kingsley engines. The engines are imported. Wood guld that he needed a still This machine carries six men und the war.
Sir. Kingsley Wood added that we greater sum from genuine new sava heavy bomb-load, but had taken many steps to eliminateings and urged the people to spend as we know speed; its armament is | war fortunes.
as little as possible and to lend as second-class; it maneuverability 15 Referring to the "many dimeuities much as possible,
not up to modern requirements. and problems inherent in the most New private savings were estimated "The Mitsubishi Co. of Tokyo expensive
fighters, war in history," the Chan-to produce between £200,000,000 and builds.
bombers,
deck- cellor remarked that the danger we £300,000 taxation was estimated to plane. It constructs under a number fighters, trainers every sort of war- had to control was that of being The new flooded out by a
a torrent of
produce £205,000,000 in a full year. of British and Amerleen licenses; but purchasing power fed by the spring The income tax rate would be in naturally the licenses for the No. 1 of wartime government expenditure, creased by 18d, to..10s.
defence machines do not go abroad; That was the function of finance.
exportable llcenses are superseded before they are sent cast. During the Japanese-Chinese war, Japan has managed to import an altogether surprising quantily of British," Ameri cm, German. French, Italian and other warplanes.
+
excess
The 5s. rate on the lower scale A solution of the problem would be would be increased to 8s. 6d. impossible unless it was
tased by withholding a substantial part of the surplus purchasing power through the instrument of taxation,
and
Frac Gifts
On the largest incomes, the income tax and super tax would be 19s. 6d. in the pound.
The income tax yield this year would be £90,000,000, in a full year
£125,000,000,
Exemption Limit
Orders May Come 'Back
Dealing with details of last year's account, the Chancellor thanked the
It is not for me to tell the political tax-payers who had responded so The earned income allowance de Moguls their jobs, but Ogures don't readily to his appeal for prompt duction, now che-sixth would be le and there is indisputable evidence payment of taxes and also those at one-tenth. Personal allowance of of millions of dollars' worth of ale- home
Overseas who had £170 for a married person would be craft going into Japan every year patriotically helped with Д steady reduced to £140.
And flow of free gifts to the Exchequer Thebe £110 instead of £120, bombs aboard. They will probably
limit for income tax from countries that may one day'
those aircraft coming back with exemptior to aircraft production. and
The purchase tax yielded
some This would
Increase the number of £20,000,000. Its administration had income tax payers by over 2.000.000. be shot down because they are serni worked quite smoothly.
obsolete types. The extra tax any individual paid The Nakajima fighter is about the Towards the total expenditure of by reason of the reduction of per-only Japanese-built and powered £3,884.000,000, we received a total sanal allowance and earned Income machine that comes into the modern revenue of £1,400,000,000, leaving allowance would be eff-set after the war picture. It is not a Spitare, a a deficiency of £2,475,000,000 to he war lay
Post Omee Lockheed-Allison or a Curtiss Hawk, found by other means.
The
whole
•frodit in." Savings Fank. tax proposals out no, doubt it could put up a show
against certain other types. But
A nett sum of £2,402,000,000 was produce £150,000,000. this year belleve not very many Nakajimas borrowed during the year.
The hard and severe Bnancial and in a full year: £250,000,000, hair have been produced. measures brought benefits because of which would be treated as credit.
of the
they avoided, for the moss
"As to pilots, the Japanese does
A full year would produce £1,800,- not take kindly to machinery. He
people, the evil effects of unchecked 90,000 from taxation. inftution.
Hitherto, increases in taxation had not fallen short of the necessities
of the case. There had been no inflationary dangers in our system up to the present.
Lease & Lend Act
Soviet Reporting
Of Balkan War
+
Is industrious, keen, as fond of his copybook as a German, but without the German pilot's dogged courage, Byer's or the British or American daredevil inspiration.
"The war in China has shown that Japanese airmen Con fly well-or MOSCOW, Apr. 7 (Reuter)—The fight well-but they cannot do the Referring to the future, the strong resistance encountered by the two things at the same time. They Chancellor said that a new and im Gernians, especially in the Struma fall down, even before the ancient portant factor was introduced by the Valley, was emphasised by the Mos- Chinese warplanes, lifted off the Lease and Lend Act. He could not cow wireless in a broadcast for home scrapheaps of half the world.", estimate the value of supplies to be consumption to-day. received from the United States.
Commenting upon the military
He estimated the vote credit re-situation created by the 'German at-Greek, British and German communi- quired, excluding supplies from and tacks on Yugo-Slavia and Greece, the ques but he also emphasised the payments to the United States, at Moscow announcer, in the main, con- strong resistance the Germans were
£3,500,000,000.
fined himself to giving briefly the encountering.
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