1940-04-24 — Page 11

THE CHINA MAIL, APRIL 24, 1940

SIR JOHN SIMON AND KEYNES PLAN

London, To-day.

IN A DIGRESSION DURING his Budget speech, Sir John Simon referred to Mr. Keynes' plan for de- ferred payments, which he said he had examin- ed with the utmost care, but in which he had found many objections, among them the danger of discouraging voluntary saving. The further to encourage voluntary saving, he an- nounced the Government was prepared to intro- duce legislation, the general effect of which would be to withdraw from future calculation of the means of applicants for unemployment as- sistance new amounts lent to the nation during the war up to a total of £357.

This brought the Chancellor to a general exposition of the Govern- ment's financial and economic policy as a whole.

He said: "What we have to do is to foster and improve the conditions by which the flow of voluntary con- tributions to the Government may be stimulated and Inflation avoided. Whatever may help to restrict the misuse of spending power is of vital importance.

The effort of the Government in the economic sphere has been directed to secure these objects. There are a series of steps taken of converging to this end.

PRICE LEVELS

PROFITS ON WAR WORK

"By a system of costing and contract procedure the Govern- ment is endeavouring to secure that the rate of profit on Govern- ment work is reasonable but the taking of excess profits is part and parcel of the economic po. licy."Sir John Simon, in his Budget speech.

MACKENZIE KING SEES ROOSEVELT

We aim at maintaining the level of economy in prices and in the flow of commodities required for consumption.

First we

have a strict control of imports. By the imports licensing system we reduce imports which are not essential. It is estimated that by the operation of this part of the im- ports system we have reduced less essential imports, which in 1938 were valued at £125,000,000, to the figure in the first year of war of £50,000,000. WARM SPRINGS (GÅ), TO-DAY.

The system of control of non-essen- tial imports ha been extended to many raw materials for the purpose primarily of enabling control by the Ministry of Supply to secure their employment to the greatest advantage. This system of controlling and direct--| ing imports now applies to seventy- five per cent. in value of the whole of our imports."

PRIORITY ALLOCATIONS

The Chancellor explained the sys- tem of priority allocations of imports so that the first essentials were given o the war effort. Second priorities met the claims of the export trade. The residue was available at appro- priate prices for general consumption.

British Wireless.

MR. MACKENZIE KING, THE CANADIAN ́ PREMIER, ARRIVED HERE YESTERDAY AND DROVE TO PRESIDENT ROOSEVELT'S COT- TAGE, WHERE THE PRESIDENT GREETED HIM WITH A WARM HANDSHAKE........

President Roosevelt later informed the press the visit had no political significance, }

Mr. Mackenzie King and President Roosevelt are old friends and Mr. Mackenzie King visits the President every year-Reuter,

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JOYRIDERS' "JOKE"

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