1941-04-08 — Page 19

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THE CHINA MAIL, APRIL 8, 1941.

Library, Supreme Court

Page

Parliament Takes Budget Taxation Shocks Calmly

Was Prepared To Hear Much Worse

THE FIGURES THE CHANCELLOR QUOT- ED IN THE COMMONS YESTERDAY WERE ASTRONOMICAL BUT

COMMONS THE HEARD HIM CALMLY BECAUSE THE COUN- TRY IS BY NOW INURED TO HIGH LEVELS OF TAXATION AND WAS FULLY PREPARED TO HEAR MUCH WORSE FROM THE CHAN. CELLOR'S LIPS.

PIGEON PIE IS

BACK

PIGEON PIE LUXURY DISH OF PAST CENTURIES-IS COM- ING BACK INTO FASHION.

London pet dealers are selling hundreds of pigeons to housewives,

to help out their rations.

The cockney street pigeon and wood pigeons make good dishes, The pigeons are sold at 9d to 1s. each,

"I could sell hundreds of pigeons in a week." Mr. G. E. Paliner, of Parkway, N W., said

Sir Kingsley Wood said quite frankly that boiled or baked. the object of his taxation proposals was to make a considerable cut in purchasing power during the war, to avoid the ever-present dangers of inflation.

Taxes on income, its antaunced | by the Chancedor, ranged oVIN the whole social sphere.

This tax. he cald, was direct- ed primarily to taking the pro- fit out of war and ensuring that | in wartime, when the whole na. tion had to bear sacrifices, the Basically Income Tax is raised by 176d

Increased to 10/- in the poule,

which the production with a lessening of abatements at war required would not become of enrichments, as n a means the lower end of the scale and

the last war. with a tightening of taxation at the other.

But, he added, it was one thing out of war: it THUS, A

MAN to take the profit SINGLE

to tax businesses in EARNING 457- A WEEK WHO was another PAID NO INCOME TAX LAST such a way as to leave then worse off at the end of the war than ut YEAR WILL PAY 2/- A WEEK

"They are very tender if cooked like rabbit"

STRIKE AT PITTSBURGH CALLED OFF

A strike in the Unit- ed States Steel Cor- poration mills at Pitts- burgh, announced for midnight to-night, has been called off.

Both sides have continue agreed to negotiations on the men's demand for a wage increase.-Reu- ter.

ADDIS ABABA

FORD STRIKE LIKELY TO BE SETTLED

ment

Prospects of a settle- of the strike at Ford's gigantic River Rouge factory are now brighter.

This follows the Labour Board's order yesterday calling for elec- tions to be held within 45 days to give employees at Ford plants at Detroit and Dearborn time to se- leet collective bargaining agents.

A further good sign is the pos- sibility that the first join, Ricer ing between

re- the company's presentatives and representatives of the automobile workers' section of the Congress of Industrial Or- ganisation (which called the pre- sent strike) was to be held last night. Reuter,

RELEASE

SURRENDERED OF BANK BY AGREEMENT

OFFICIALS

AN OFFICIAL COMMUNIQUE issued in Cairo yesterday stated “On the evening of April 5 our lead-

will cooperafe END OF THE WAR. ing troops entered Addis Ababa. The Viceroy and

Government had left the city.

THEREFORE HE AT THE

IN THIS PARTICULAR IN. the beginning. STANCE THE WHOLE OF THE; PAYMENT WILL BE TREATED | AS CREDIT TO THE INDIVI -| DUAL IN THE POST OFFICE SAVINGS BANK.

At the other end of the scale. Income Tax and Surtax will ab- sorb 19/6 in the pound, leaving to the individual exactly 6d in the bound.

Firm Resolve

"The whole

world." said Sir

Kingsley amid loud chests, "will

see in this still further and sub- stantial evidence of our firm re-

PROPOSED,

THAT 20 PER CENT OF THE

NETT 100 PER CENT. OF TAX SHOULD BE RETURNED ΤΟ INDUSTRY TO ASSIST IN RE- CONSTRUCTION.

"As a result of messages dropped by us on April 1, an envoy from the Viceroy of Italian East Africa flew to our lines on April 3, when conditions were presented to him to ensure the safety of the civil po tobarro, wines and spirits and sm-pulation of Addis Ababa in the event of figliti g

round the city."

The Chancellor made posals for increasing the taxes on

jlar commodities.

taxes on

Lease And Lend

Armoured cars led the British

Cash expenditure is budgeleri | column into the Abyssinian capi- as £4,207,000,000, without inc ud tal on Saturday. They found the solve to leave nothing undone tong United States Lease and Lend city in the charge of Italian po- achieve victory whatever the cost." supplies. which would raise Gorlice, who formally surrendered it. ernment's total expenditure "far beyond £5,000,000,000."

Under the new taxation, he explained, that in order to onjay a tax-free income of £6,000 a year, it would be necessary for an individual to have a gross income of £60,000 — "and very fow to day have an income of that sum," he added, amid troni. cal cheers, Explaining the

in abutements on smaller incomes more fully, he intimated that the extra tax which the small wage. earner would pay would be offct after the war by a credit in the Post Office Savings Bank

reduction

AS EXAMPLE HE CITED THE CASE OF A MARRIED MAN WITH TWO CHILDREN, WITH

Į

I

The Union

Ries Jack now over the Palace formerly occu plod by Emperor Hale Selassie. Excluding the increased bal-

and the city seems to be very ances of the British Dominious.

rapidly resuming normal life. India and other overseas sterling It is now revealed that General countries, domestic expenditure Santini, one of the leading Italian becomes £3,700,000,000, which commanders, narrowly escaped will be covered by a tax revenue for the second time being cap- of £1,836,000,000 on the existing tured. basis of taxation and £1,600,000,- MEANWHILE THE DUKE OF THE ITALIA N 000 from the present basis of pri- AOSTA

MILITARY CHIEFS vale savings, leaving a gap of VICEROY. about 2500,000,000, for which Șir AND FORCES ACCOMPANYING Kingsley proposes to fill in rough- HIM, ARE REPORTED

TO BE

ly equal halves from new taxa-MAKING THEIR WAY NORTH- tion, to yield £150 millions this WARDS.

year, and £250 millions in a full year, and a from new private sav-

AN EARNED INCOME OF £350 ings, estimated to produce between

A YEAR, WHO LAST YEAR WOULD HAVE PAID £5:8:4.

Under the new budget the same man will pay £24:7:6 but of the increase of approximately 19, there will be paid to him after the war the gum of £17:8:8,

.

Up And Up

As one moves up the income tax scale so the proportions to be dealt with in the form of credit in the Savings Bank decline.

Thus a married man with two. children and earned income, of £1,000 a year, will pay over £300 in. Income Tax under the new proposals an increase of £90 In this instance, only a little more than £48 will be treated as Savings Bank credit,

Altogether Sir Kingsley eat!- mated the yield of Income Tax for: the current year at 605 millions,, an increase of ~ £81 milliona

to

He indicated that last year's collection of Income Tax was in itself a record. It amounted

£524 millions, which was £13 in excess of the estimate,

E. P. T.

Dealing with industry, the Chancellor intimated that the Excess Profits Tax would remain at 100 per cent.

£ 200 and £300 millions,

REUTER.

PUNJAB FIGHTER

SQUADRON

This domestic expenditure of £3,700,000,000 compares with £2,055,000,000 during the first With the approval of the Minis- year of the war and an annual try of Aircraft Production it has rate of £3,190,000,000 in the first been decided to form a special half of the second year, thus in-squadron of fighter planes to be dicating continued expansion of known as the Punjab Fighter

Squadron. It will be a perman. Exclusion of the Lease and Lend ent part of the R.A.F. and will supplies follows traditional pro- consist of 20 fighter 'plunes to cedure, since the British Budget is begin with.

It is being formed always framed on a strictly cash from the Punjab's contributions. basis,

the war effort,

Keynes Modified/

-Reuter.

BRAZIL: ACCEPTS

INVITATION

Sir. Kingsley's proposal; that reductions in individual Income thx allowances will be offset: by post-war credit in the Post Office

Brazil has been asked to take Savings Bank introduces a modi- filed form of the Keyes Plan for care of Italy's interests in Yugo- slavia, according to a Rio de compulsory -suvings, -

Janeiro telegram to Vichy quoted The Budget?a':excesas.profita concessione to.extractive indus- by Reuter.. tries producing metals, and oll will be welcomed byŋovorsens

1

mining companies registered In sent level, which

will greatly

in-

the United Kingdom, on whom contribute to avoldance of this tax has previously fallon flation,

as an effective levy on capital.

Price Stabilisation

Britain's success in avoiding Inflation hitherto could: not. continue if wages were allowed to rise unrestrainedly. INCOME TAX AND SURTAX RISING TO 97.5 PER CENT. ON THE HIGHEST INCOMES, TYPI FIES THE BUDGE’TS SPARTAN

REUTER.

In the broader economics field the Budget makes a big advance by extending the policy of price stabilisation," with the aim of holding wages at about the pre- CHARACTER.

The decision is said to have been prompted by "repeated requests from responsible authorities of the in two banks and other leaders local banking circles."

The announcement hopes the authorities in the foreign areas in the task of

by stamping out "violent acts Chungkina terrorists, because we are determined to take dras- tic measures to deal with these terroristic activities,

"If Chungking agents continue to use the foreign areas as a base for criminal activities, we shall be forced to take effective measures to liquidate the situation."-Reu-

ter.

BRITISH BEER

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BEST

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TEL: 20636--28021.