1937-04-21 — Page 7

THE CHINA MAIL, APRIL 21, 1937.

LANSBURY-HITLER PEACE

CITY COMPLACENT

OVER BUDGET

COULD HAVE BEEN MUCH WORSE

London, To-day.

Mr. Neville Chamberlain's swan song as Chan- cellor of the Exchequer is generally acclaimed in City circles as sound and devoid of fireworks. The increase in the income tax is fully discounted. EXCESS PROFITS TAX UNDER THE NAME OF "GROWTH OF

ATTENTION IS FOCUSSED ON RESUSCITATION OF THE

PROFITS TAX.”

GESTURE

France Gratified By Announcement

Paris, To-day.

"The first step in Germany's new diplomatic initiative" is how the newspaper “L'Oeuvre" des cribes the conversations in Berlin between Herr Hitler and the British Labour leader, Mr. George Lansbury.

WHILE IT IS TOO EARLY TO REALISE THE FULL IM-

THE PAPER SAYS THAT RENEWAL OF GERMAN DIPLO PLICATIONS OF THIS, THE INCIDENCE OF THE NEW TAXA-MATIC INFLUENCE HAS BEEN EXPECTED BY FOREIGN PO- TION, THOUGH GENERALLY UNEXPECTED, HAS FAILED TO LITICAL OBSERVERS FOR SOME TIME. DEPRESS INDUSTRIAL SHARES WHICH IN STREET DEAL-

THE SIGNIFICANCE OF HERR HITLER'S STATEMENT TO INGS CONTINUED THEIR UPWARD TREND,

MR. LANSBURY SHOULD NOT BE UNDER-ESTIMATED, THE JOURNAL DECLARES.

THE MEASURE, ON THE WHOLE, IS CONSIDERED EQUITABLE AND IT IS POINTED OUT THAT SINCE THE ESTIMATED YIELD FROM THIS TAX IS £25,000,000 FOR A

"Le Petit Parisien" likewise WHOLE YEAR, IT IS PREFERABLE TO A STEEPER RISE IN sees in the conversation a ges- INCOME TAX.

ture towards new developments

AMERICA'S duce holders of shares in British dent (Dr. Schacht) at Brussels.

BUDGET DEFICIT

Washington, To-day. Revised Budget estimates given by President Roosevelt in a message to Congress yester- day show a net deficit for the pre- sent fiscal year ending June 30 of $2,557,000,000.

This is an increase of $309,000,000, over the original estimate.

li-

To meet the deficit, the President suggests reduction in expenditure of Government departments and quidation of assets of certain emer gency agencies.

The Chief Executive estimates that expenditure in 1938 will de- crease by $457,000,000 and receipts will increase by $1,682,000,000, mak- ing an estimated deficit for the com- ing year of $418,000,000-Reuter

THE “NO SHOCKS" BUDGET

(Continued from Page 6)

The opinion is held that the in pursuance of the declarations Growth of Profits Tax may in-made by the Reichsbank Presi-

holding companies controlling "Echo de Paris" points to the non-British subsidiaries to swap the parent shares for sub- sidiaries.

The Budget clarifies the monetary policy as Mr. Chamberlain, by esti- mating higher yields from taxation, implies an intention not to impede the inflationary trend caused by the cheap money policy.

close connections between politi cal and economic questions, and says that the first condition for - restoration of normal trade rela- tions would be that Germany keeps her current engagements. This is only possible if long-term credits are granted her.

GUARANTEES WANTED

Tigris Overflows: Big Area Flooded

Baghdad, To-day. The waters of the upper · reaches of the Tigris River have overflowed their banks in undating an area of 200 square miles.

Crops have been damaged and a number of villages destroyed.

⠀⠀ Baghdad itself is not threa tened at present.-Router.

In return for credits, the paper⠀⠀⠀ | | 2}ƒÂ  ¥ ↓ ↓ ↓ At the same time, the Growth suggests, Germany should give & of Profits Tax provides Govern-guarantee that the peace of Europe Mr. Sullivan, of No. 3, Devon ment machinery by which com- will not be disturbed. panies will be induced to divert ***Le Journal" - recalls that

Road, reports that his son, Graham, Mr. aged 8, was bitten by Mr. Gitting' Hit-dog in Suffolk Road yesterday. The the French and dog was sent to Mataukok, and the Premiers in similar boy treated at the Kowloon Hös- fashion-Trans-Ocean.

pital.

a larger share of their revenue Lansbury, before visiting Herr to labour, thus diminishing the ler, approached danger of labour disturbances Belgian It remains to be seen whether the

companies, in order to avoid the tax burden, will decide to register abroad.

OIL SHARES RISE

Oil shares, after pre-Budget quie- tude, sharply recovered as fears of new taxation failed to materialise.

Most of the commodity markets were too busy to take notice of the Budget, announcement of which coincided with revival of `the American gold scare and it

subsequent speedy denial, which it is hoped has finally laid this bogey.

the various classes upon whom the burden of his other increases last year and this had fallen, and said Base metals were among the first it had seemed not unreasonable to to respond with higher prices, him that the growth in business while tea circles are cheered by prout should be made the occasion the absence

of some special and temporary con-Reuter. tribution towards cost of national defence.

of fresh taxation.

General Motors'

Strike

Return of

PURCHASING POWER Examining the outturn of the last Budget, the chancellor said that the total realised revenue at £797,-

Oshawa, To-day. 289,000 was a little less than Bud-

the General Motors get estimate but showed an increase strikers to work pending final set- of £44,369,000 over the previous tlement of the dispute will be dis- The total revenue from in-cussed at a conference to-day be come tax, surtax and death duties tween Company officials and mem- together fell short of his expecta-bers of the strike committee-Ren- tions but on other hand

year.

Stamp ter.

PAUL MCNUTT DELAYED

Shanghai, To-day.

Duties yielded two millions more than estimated at the record figure of £29,140,000 reflecting the activity in the Stock Exchange. He consider- ed the results na extremely satis- factory and reflecting the expansion The "President Hoover," carry- of trade and the increase in the ing Mr. Paul McNutt, new Ameri purchasing “power of the people. can High Commissioner in the Philippines, his wife and daughter, has been delayed by fog,

Chinese boy, Yuen Hing-kwong, aged 10, was bitten by a dog in Woo Sung Street yesterday and was later treated at the G.C.H

Scheduled to arrive in Shanghai this morning, the liner is now not expected till this evening.Renter

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