1937-04-22 — Page 6

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HONG KONG DAILY PRESS, THURSDAY, APRIL 22, 1937.

NO DANCER OF BRITAIN

UNDER STRAIN

Mr. Chamberlain Addresses Packed House

London, Apr. 20. There was no danger of Britain wilting under the strain of her great burden of armaments ex- pansion, declared the Chancellor of the Exchequer in the House of Commons to-day. The only thing which could prevent a continued expansion of revenue was a world catastrophe in which the nation became involved: or a reckless ex- penditure upon non-essentials he warned a packed house.

...

But for the vast increase in Bri- tish armament expenditure the country would have had a substan- tial surplus instead of a deficit of $5,597,000 in the present Budget, Mr. Chamberlain revealed. The deficit includes £13,000,000 for debt redemption. Total expendi- ture was £862.848,000. he said

BUOYANT REVENUES

He referred to the buoyant ré- venues, which were a product of expanding trade, and announced the Government was arriving at a new trade agreement with Canada, Resolutions would be introduced applying the terms of the Ottawa Agreement to the new agréement, "I revising preferential duties on chri

tain Empire-produced silk stock ings.

14

The Chancellor announced a new Growth Profits Tax. which nothing more than an excess pro- fits tax, applicable to all persons engaged in industry, trade or bust- ness whose profits exceeded £2,000 "a year. The extra three pence in the Income Tax. he said, would produce £13,000,000, reducing the deficit to under £2,000,000

He concentrated on an explana- tion of the new Growth Profits Tax which is extremely complicated, varying from one-fifth to third of growth profits. Losses for the past four years would be taken

Into account.

"SPECIAL MEASURE

one-

Having commenced to speak at 3.44. p.m.. the Chancellor concluded at 5.19 p.m.

LOUD LABOUR CHEERING Details of the new Growth Pro- fits Tax were received by loud La- our cheering. It was explained the principle would be the same whe- ther the capital

WILTING

perhaps to twenty or twenty-five- millions as profits increase, The

final balance showed the total es- timates of revenue at £863,100.000 and the total estimated expendi ture at £862,848,000,

HUGE DEFENCE COST Examining the turn out of the inst budget, the Chancellor "sald that broadly speaking but for the excess of the defence expenditure of nearly eight millions over the original provision, be would have ended the year with a surplus of nearly £2.250,000 after providing £13,000,000 for the redemption of debt. The total of realised re- standard venue, at £797.289.000 was a lit- or, profit standard were adopt-tle less than the budget estimate ed. Actual rates

be but it showed an increase of £44- would up to six per cent, where there 369,000 over the previous year. The was no growth profit, between 8 total revenue from income tax. and 10 per cent, on one-fifth of surtax, and death duties together growth profits, between 10 and 16 fell short by £5.750.000 of his ex-.. per cent. on one-quarter of growth pectations, but on the other band profits and over 15 per cent on stamp duties yielded two millions one-third growth profits.

more than estimated at the re- At his conclusion Mr. Chamber- cord figure of. £29,140 000. thus activity in the lain declared there were somere flecting the

Customs and Jeremiahs who doubted Britain's Stock Exchange. ability to carry the vast armament excise duty gave £3,250.000 more burden without wilting under the than the estimate-due in part to strain. The strain had fallen at a the new duties on beef and veal time when credit was exception-imposed at the end of December. He considered the results as ex- ally high and revenue expanding ·

reflec- and there were only two contin-tremely satisfactory and gencles which might disappointing an expenditure in trade and

increase in expectations of a continued ex- ap

the purchasing pansion the first. some great power" of the people, world catastrophe, over which the FIXED DEBT CHARGE country had no control and which In estimating the expenditure, sooner or later would involve her the Chancellor had kept the Axed in its vortex; the second, the dan-debt charge at £224,000,000 at ger that might arise from too reck-which it has stood powers to bor- less an expenditure upon objects row for the payment of the cor.- not vitally necessary.— Reuter.

DEBATE ADJOURNED

London, April 20. The House of Commons, has adopted all the Budget resolutions. The debate on the Budget has been adjourned until to-morrow Reuter.

FULLER REPORT

tractual sinking fund. The total expenditure he put at £883,848,- 000. Turning to the prospective yield of taxation, he anticipated that the economic conditions which had given such favourable results last year. would continue and be reinforced, by the festivities in connection with the Coronation. From customs and excise duty he

In the House of Commons, the expected an increase of over £12,- ficor, and Galleries of which were packed, Mr. Neville Chamberlain 000.000 and he was left with a deficit of £14,898,000 if he made opened his sixth and what is as-no changes in taxation, sumed will be. his last, Budget speech, the normal public interset

CHANCELLOR'S PROPOSALS

Mr. Chamberlain described the tax as a special measure, a tem-high pitch by the great Increase gan with, (1), concerning the porary contribution towards 'na-

in expenditure associated with the operation on the Stock Exchange tional defence. He estimated it

defence programme, and the ex-known as "bondwashing," effected would produce £2,000.000 this year pectation of the inevitable addi- by selling cum-dividend and buy and £20,000,000 to £25,000,000 itional taxation.

ing ex-dividend on the same day.

in which has been brought to a The Chancellor's proposals be-

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a full year. The basis of the tax The Chancellor of the Exche- and (2), regarding "one man in-

qher prefaced his review of the vestment trusts" for the preven past year with an explanation of ton of tax evasion. Then he his proposals which lasted just came to income tax. He said that over sixty. minutics, by himself he noted that two ex-Chancellor MASTERS THE HAIR

would be either actual profits for

рет certain specified years or a centage of the capital employed. amounting to six per cent. in the case of companies and eight per

cent. in the case of individuals and private firms.

recalling that national "finances in recent speeches had approved, must for several years be dominat-in anticipation, an increase of 3d There would be no further newed by the overshadowing feature in the rate of tax, bringing it to taxation. Mr. Chamberlain said, with a surplus of £250,000 tri sight.

Among minor adjustments to the Budget, the Chancellor announced the abolition of the Male Servant's Tax, dating from the eighteenth century and the abolition of one- man companies for purposes of evading the Income tax Abolition of so-called "share-washing" for similar reasons has also been stop- pad.

of the vast defence expenditure.

He announced an increase of income tax to the rate of five shillings in the pound but no in- crease in indirect taxation. The Charicellor's other important pro

a graduated national posal was defence contribution in respect of the growth of profits by busi- nesses, whose profits exceed £2,000 in the year, and from which he estimated no more than two mil- Itons in the current year: rising

British Policy Strengthening

London, April 20. that according to the Govern- Declaring he believed that the ment's information the Insurgent British policy with respect to the blockade of Bilbao was effective Insurgent blockade of Spanish There was a minefield outside the porte was strengthening General port and Insurgent ships were tre Francisco Franco's hand, Mr. Lloyd quently within the three-mile George opened fire on the Govern-mit, and had fred on the forts ment in the House of Commons - day. Britain' was indirectly assist», ing the Insurgents when they were being smashed on land.

The Spanish Government, said Mr. Lloyd George, was undoubtedly on top at the present moment and he was confident it was going to win.

The reason Benito Mussolini bad; agreed not to send more troops to Spain and was prepared to discuss withdrawal of the foreign volun- teers was because he knew "the game is up." The Germans knew It too, that they had entered into. a bad partnership, and they were sick of it and wanted to clear out. he asserted."

without reply. He emphasised that the Government had told General Franco it would stand no inter- ference with British shipping on the high seas and that he would be held responsible for any dam age done in territorial waters.

The Government would follow the altuation from day to day and if it came to the view that the so- called blockade was not effective it would be the first to accept the new situation.

;

PROTECTION OF SHIPS The British naval policy, said the First Lord, was the protection of all British ships on the high seas. The Navy was not prepared to send warships into territorial: waters,

It was Mr. A. V. Alexander, La not so much on account of the bour, who raised the subject of | danger-great though it might be the Bilbao situation, charging the but because it was believed it Government with having failed to | would endanger the non-interven- provide adequate protection to Brition agreement. tish shipping, and by accepting the The Government believed a new blockade and acquiescing in its in- position, had allowed the starva- tion of women and children

chapter in non-intervention was beginning, he concluded, and therefore It was vitally important BLOCKADE EFFECTIVE

to throw no inflammab^ material He refused to accept, he said. Into the elements at dy suf- without a good deal more infor acfently infamiable. In that mation that there was an effective spirit and letter we should main- Insurgent blockade of Bilbao. tain our non-intervention policy."

Replying, Bir Samuel Hoare, he said.- First Lord of the Admiralty, stated | Heules,

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