1940-04-24 — Page 5

THE CHINA MAIL, APRIL 24, 1940

TREMENDOUS

Page

BUDGET BURDENS

LONDON, TO-DAY.

FACED WITH THE^PROBLEM OF PROVIDING THE COLOSSAL SUM OF £2,667,000,000 AS EXPENDITURE IN THE PRESENT YEAR, THE CHAN- CELLOR OF THE EXCHEQUER, SIR JOHN SIMON, PRESENTING HIS SECOND WARTIME BUDGET IN THE HOUSE OF COMMONS YESTERDAY.· AFTERNOON, ANNOUNCED THE IMPOSITION OF NEW TAXATION WHICH CAN ONLY BE DESCRIBED AS STAGGERING.

The new taxes, which, the Chancellor estimated, would produce a total contribution from revenue of £1,234,000,000, affect all classes in the country.

Main points are:-

Raising of the standard rate of Income Tax from 7/- to 7/6

VIOLENT

in the pound (an increase of 2/- within a year). (With GUNFIRE

the surtax added this means a maximum rate of 17/- in the pound).

An extra penny on every pint of beer;

An increase in the spirit duty of 15/- per proof gal- lon; this means whisky will cost an extra 1/9d. a bottle;

An extra 4/-a lb. on tobacco, with corresponding

creases in the duties on cigars etc.;

An extra 1⁄2d. on each box of matches;

OFF SWEDEN

Stockholm, To-day. Violent gunfire was heard off the Swedish coast yester- day, according to a news- in-paper report.

Increased postal charges both at home and to the Empire

and foreign countries; air mail charges to remain un- changed;

}

off

Ten warships were observed Ursholm, travelling at high speed and flring, as they went.

A large number of aircraft were seen at the same time and fighter

and planes - appeared

engaged against bombers.

It is believed a fleet of German

Increases in inland telegram and telephone rates; transports. was being attacked.-Reu-

and

A new purchase tax.

One of the most striking announcements in a Bud- get, which might well have been conceived by a Socialist Chancellor of the Exchequer, was, how- ever, Government's decision to place a strict limitation upon all company dividends and to prohibit the issue of bonus shares during the

war.

SIR JOHN SIMON DEALT WITH

THE QUESTION OF HOW MUCH WOULD BE PROVIDED BY CON-

TINUANCE OF EXISTING TAXES OFF THE RECORD

AT THE EXISTING LEVEL.

The yield of death duties-was es- timated at: £85,000,000, and stamp du- ties at £19,000,000. National defence contributions and the excess profits tax which were alternatives were es- timated to yield' £70,000,000:

If there was no excess profita tax they could look for a ylöld of £28, 000,000 from the national defence contribution.

INLAND REVENUE Inland revenue duties on the exist- ing

basis were estimated to yield £658,000,000-an excess of £75,000,- 000 over what it was last year,"

As regards customs and excise, which produced £400,000,000 in 1939/40, it was estimated on last year's basis to produce this year £420,000,000.

For motor vehicles, duties ho- ani timated revenue at £35,000,000. Sir John then 'dealt with post office revenue and disclosed it had been de cided to take post office revenue into (Continued on Page 6)

AIR BATTLE NEAR BRUSSELS

Brudel T

French and Germa

in action at a great

gian territory

a communique....1881

Défen

ashbër guns

histry.

crowds

O EXTRA O SCHOOLS CLOSED ACUTE FIEL

SHORTAGE

180) 'The Regular

REED 1-30 anddyrinune Symante

"Jan't it Inspiration

Here's Luck

ter.

GERMANS MASSING IN MENACE TO SWEDEN

(SPECIAL TO “CHINA MAIL"} Stockholm, To-day. Troop concentrations have been

spotted sin German Baltic, ports, op

posite: the Swedish coast.

Sweden is going on quietly reinfpro- ing her defences, and it is unlikely

she will capitulate if anything hap-

pèní. — “Havas...

SMA

HOP

DEX

By ED REED.

ACUTE PUEL

how happy they are in

EWO BEER

30311

HERALD OF ATTACK ON MAGINOT LINE?

London, To-day.

The Saar District, the Rhineland and the west- ern part of the province of Baden were declared ban- ned districts in an an- nouncement on the Ger- man wireless last night.

Nobody will be allowed to enter these districts with- out special military per- mission, which will be granted only in the most urgent cases-Reuter.

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