1935-04-16 — Page 12

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The

China Mail

NINETY - FIRST YEAR OF PUBLICATION.

HONG KONG, TUESDAY, APRIL 16, 1935

TYPICALLY SOUND BRITISH FINANCE

(Gostinued from Page 1).

sumption of sugar tobacco, beer London, Apr. 18. and entertainments, leading to his In a smiling and business-like (conclusion that improvement - manner Mr. Neville Chamberlain, round had been steady and pro- Chancellor of the Exchequer, pre-gressive. Nowhere else in the sented his fourth Budget this world was there anything parallel afternoon before a crowded and to the British recovery. animated house."

While he realised that the aur

A fillip to the general good ha- plus was. $7,500,000, actual excess mour that prevailed was the news, of revenue over expenditure, ex- circulated just before the Chancluding redemption of debt the cellor rose, that the National Debt figure was £19,000,000. He pointed had been reduced by £22,000,0000 out that steel output had increased last year.

80 per cent. and pig-iron 50 per The Prime Minister, Mr. Ram cent, while rayon production had say MacDonald, had a great reestablished a new record. ception on bis return from Stresa. | | TRADE DISPUTES:

The time lost in Trade Disputes ADVANCE TO RECOVERY. The Chancellor, who rose at was the lowest ever recorded, 8.84 p.m., said that the year just| The reduction of the National closed had been characterised by Debt of 522,000,000 resulted in a a substantial advance towards re-saving of interest of $1,650,000 covery Industrial output had in-annually.

This

Lady Astor of London, native daughter of Virginia and the Erat woman to sit In British Parlia- ment, has indicated that she will retire from public life at the end of her present term.. She has res presented the constituency of Ply- mouth since 1919 and has been one of the most publicised. Liberals in the English House.

2.

INSPECTION TOUR PARTY

To Leave For North

China Shortly

creased by 12 per cent, and manu-The exchange Equalisation fund factured productions had esta-last year showed a profit. blished, a new ⋅ record.; Exports year he could repeat that state were up last year by £30,000,000 ment with greater emphasis. interest rates had remained low, After examining the revenue the cost of living remained sub-prespects for the coming year Mr.

Canton, To-day. stantially below the level prevail. Chamberlain said that the esti The North China Inspection ing before the present Govern.mated expenditure was £750,000,, tour party formed by the officials ment. took office in. 1981. retail 000 and out of this he had pro- of various political training de- trade continued to expand and yided an extra £10,500,000 for departments, which were recently there had been increasing thrift fence, compared with last year. abolished, will leave for the north

Mr. Chamberlain became jocular on April 26. among the people.

INCOME TAX REDUCTION

would

when describing the buoyancy of] The party is composed of 11 public consumption. He said that persons. They will go to Shang- Mr. Chamberlain remarked that people sweetened their lives by hat first and then Nanking, [his anticipations that last year's 80,000 additional tons of sugar, Hangchow, Chinan, ...... Tientsin,

reduction of Income tax

Lokyang, they smoked 6,500,000 pounds of Peiping,

Hankow, prove a useful stimulus had been tobacco, the equivalent of 2,600-Changsha, and Nanchang to amply fulfilled.

000,000 cigarettes, and they wash-study political, economic, mili- The Chancellor announced that ed away their troubles in 270,000,-tary and educational conditions. the duty he had imposed on rice 000 pints of beer, while they had The tour will last for three In the husk, also on soya beans, drunk, 700,000,000 more cups of months and they will go and the duty on heavy oil used by tea

Kwangsi after their return from road vehicles, would be raised" by

TAX OF £287,000,000 the north, Central Press. eight pence per gallon, operating Owing to the substantial im from August..

provement of trading conditions

to

With reference to fixed debt in 1984 the Chancellor anticipated Members of the House of Com charge the Chancellor said that an additional $14,000,000 from in-mons, the Civil Service, the De the present figure would be maincome tax, or a total of £237,000, fence Forces, teachers, police and tained, but at £224,000,000 owing 000.

doctors on the Insurance Panel."

**

to the necessity to guard against The total estimated revenue on 1- -SURPLUS OF £500,000. *i la possible rise in the cost of the existing basis of taxation was The cost of the Income Tax con- Treasury bills, which averaged nearly £736,000,000, leaving a sur cessions would be £10,000,000 over 12s. 6d.. per cent.

¡plus of £5,500,000., 19

the full year and £4,500,000 this CIVIL AND SOCIAL SERVICES The Chancellor said that the sum year. The restoration of the pay The Chancellor stated that an available for distribution was cuts would cost £5,000,000, leaving additional £14,500,000 would be 11,000,000.

{a surplus of £500,000, required for civil and social ser- REDUCTION OF INCOME TAX Referring to children's allow ¡vices..

He announced the abolition of ances under the income tax section, The two main causes were an the entertainment tax on seats not Mr. Chamberlain said that the Gov- [additional £4,500,000 for shipping exceeding sixpence. Entertainments érnment contemplated a further and agriculture, and an extra £5,- giving, living performances would diminution of the birthrate with 000,000 for unemployment. The enjoy further reduction.

considerable apprehension and con Chancellor raised the members' Announcing reductions of income sequently the allowances would be waning hopes for tax remissions tax allowances the Chancellor said increased. by stating that he was raiding the that the first $185 taxable would: In the course of his speech. Mr. Road Fund by £4,500,000.

pay at the rate of 18d. fnstead of Chamberlain said that the soya INCREASED CONSUMPTION 27d., while the married allowance bean duty would be 10 per cent, ad Mr. Chamberlain's style from would be raised from £150 to £170. valorem with a free preferential the opening of his speech, when The complete restoration was rate operating from August 1 he was warmly cheered, was buoy-announced of salaries in Govern- Mr. Chamberlain sat down ant and cheerful, Amid laughter ment Services, which had been re- 6.7 p.m. Reuter. he gave details of increased con- duced in 1981, afecting ministers,

(Continued on Page 7)

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