1940-07-25 — Page 4

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LEBBE'S WORK

GENERAL

KINGSLEY WOOD PRESENTS

AN

"ALL-UP"

BUDGET

BUT BRITAIN READY TO MAKE ALL SACRIFICES DEMANDED

"GET YOUR MONEY READY" CRIES FROM THE OPPOSITION

LONDON, July 24 (Reuler)In the House of Commons iba Chancellor of the Exchequer. Sir Kingsley Wood, began bis budget speech at 3.20 p.m. G. M. T. yesterday to cries from the Opposition

benches of "get your money ready.".

The Chancellor said that in the April budget of £2,000,000,000 it was given with all the reserve, as a provisional round figure for the war expenditure during the current year, s

It was then stated that under the present conditions any esti- mate made for so long ahead was bound to be largely in the nature of a guess.

The revised estimated war expenditure for the current year was £2,800,000,000 The revised estimated excess of expenditure over re- venua would be in the region of 2.200.000,000

year.

|

The figure of £2,000,000,000 estimated in April for the war ex- penditure, represented an average of £40,000,000 weekly, during the The rate of expenditure during the recent weeks, had been £50.000.000. Latest figures showed that for the four weeks ended July 20, the rate was £57,000,000 weekly.

With an increase of £800,000,000 it is not so alarming, as at first

In the estimated war expenditure,sight might appear

the total of all expenditure came

to £3,467,000,000 The excess" of expenditure thus estimated over

OUTSIDE RESOURCES -

"To meet that part of our ex-

the revenue. would be in the region penditure paid overseas, we are jof £2,200,000,000.

+

able to a considerable extent to While the gap between revenue "draw upon the outside resources in and expenditure was formidable. 'three principal wave

FIRSTLY, we can dispose overseas of the gold; which is the property of the Government, and which other nations are "ready to purchase

“SECONDLY, we can dispose of the securities which the Government has purchased from persons in this country.

"THIRDLY, the Dominions and India are not spending. the whole of the proceeds of our large expenditure upon their products, but are allowing part of them to accumulate In the form of balances and other short terms of invest- ments in this country."

The Chancellor said that there was a large gap to fill, which would require further considerations and the continued efforts in the form of an increased taxation and addi- tional savings and behind this Formidable problem, there lay economic problems of fundamental Importance,

One consequence of the huge expenditure which the Government was incurring was that the total money income of the conimunity was on a balance, higher than it

WES

the pound would come into. force in respect of incomes In excess of £20,000 instead of £30,000 as at present.

This increase was estimated to produce £11,000,000 in a full year and £8,000,000 in this year.

On incomes in excess of £20,000 a year, the State would take nine tenths of every pound

ESTATE DUTY

The result of the increase of in- come tax and surtax would be,

€639,000,000 for a full year com pared with £200,000,000 which was produced five years ago.

Sir Kingsley Wood

quer would secure a substantial sum in a full year of approxi- mately £110,000,000.

The present Budget would thus provide in a full year a further sum of £239,000,000,

I

The April Budget imposed new charges or £128,000,000, making ni all an additional sum of £367,- 000,000 imposed in the last three months, excluding £40,000,000 in connection with excess profit tax.

NOT UNMANAGEABLE UNDERTAKING Remarking that already over £300,000,000 had been raised on the three

per cent. war Bonds, £260,000,000 on the sale of saving certificates and defence bonds, and £110,000,000 by the 24 per cent. war bonds, the Chancellor said that the success of these saving efforts led him to belleve that the task of EXTEND RESTRICTIONS

- filling the gap between expenditure Continuing. Sir Kingsley Wood Air Kingsley Wood announced a fand revenue was by no means un- says it was the Government's in-further increase of 10 per cent. on manageable. The financial pro- tention to extend restrictions on estate duty which would produce blems that faced the country were. normal supplies to traders. By about £8,000,000 in a full year and undoubtedly many and difficult, this action they would enable £1,000,000 In the current year. but they could have full confidence manufacturers, to maintain, and Remarking that the task of ring that they were by no means unsur- where possible, to extend the ex-ing enough money to pay income mountable. port trade which must be regard-tax in two six-monthly instalments ed as a vital part of the war was becoming increasingly diffi, on our determination and cape- effort.

cult, the Chancellor announced an city to use them to our utmost, "There must be increased direct extension of the principle of de- there can be no doubt. As in the and indirect taxation. It is evi-duction at the source to the whole field of war, so in the vital areas dent that further taxation on the range of salary and wage earners of national finance, we are deter- Largest scale possible and covering from the manual labourer to the us wide a field as possible is im-company director. perative.

"It is also equally pain that we cannot expect to raise by. taxation at once and with, one Budget, so quickly following another all the sume that will. have to come still further from this source. There are sevETO Umits at any rate on certain. means of obtaining new ræ venu*

The Chancellor, believed that the only satisfactory and work. able method of collecting In come; tax was, deduction st, the source month, by month, and week by week. We appealed to employers to give their co- operation in this task.

"We have many resources and

mined to continue on our course unceasingly and at any sacrifice until victory has been achieved.” (Loud Cheers).

A FINE EXAMPLE Speaking for the Labour Party, Mr. H. Lees-Smith said he took the increased expenditure as an exam- ple of increased vigour in adminis- tration and increase in the produc- tion of war machines.

He added: "The Nazi system pro-

The Chancellor then announced an increase in beer duty of 8-duces poor human quality. When penny per pint with an additional "Incume, tax. Ive years ago, was yield of £13,000,000,

أمره

our production of machines is so at the standard, rate, of. 4a,' edɛand.

developed that we can meet the Tobacco duty would also be in- Nazi power man to man on equal yielded.muzhly £290,000,000. To-creased by a further two shillings: terms, then this war will begin to day the estimate. yield, la 2525,000,- per pound, representing an addi- be won."

1000. In the present circumstances

tional yield of £9,000,000 for a full

1 must ask for further contribution

"I believe the Chancellor.can year and £8,000,000 for this. The carry the limits of taxation to the from the direct tax payer and stabilised preference on Empire limit of human endurance. Never believe he will readily respond tobacco would be maintained. (Laughter and Cheers).

STANDARD RATE

ENTERTAINMENT DUTY

has any country had such a. res-- ponsibility as rests upon us in the

Winea also must contribute as next few months. I believe the propose to increase the stan- from tomorrow, added the Chan country is willing to rise to that dard rate of income tax for the cellor. The increase on light wine responsibility and accept a self- whole of the current year to 38 bd would be two shillings and a penny sacrifice it did not even contem- and with this increase, I propose to per gallon and on heavy wines plate a few months ago," alter the rate on the tax that is four ahillings, making duty on light Sir Percy Harris agreed that the charged on the first £160 on a wines 83. per gallon and on heavy country was ready to bear any bar- tax-paver's income. The rate wine 188: per gallon.

den to secure: victory, for, he said, chargeable. 121 this song of income

the alternative meant bondage.

PLACID ASSEMBLY

"

Preference for wines from the CHUNGKING, July 24 (Central) LOXANG, July 24 (Central) —

is at present half the standard The American-owned Hwas Mel The North China War Zone rate and with the reuse of the moons and colonies would be Wan Peo (Chinese-American People's Bervice Corps under the

standard rate to ts. 6d. the reduced maintained (Evening News) which was

Daly on entertaument woud LONDON, July 24 (Reuter) -- or National Military Council is plan four shillings and three penel

*rate should automatically rise, to

also be increased to produce en No Chancellor of the Exchequer dered by the Shanghai Municipal ning to continue the work left

estimated additional revenue of ever had a more placid assembly. Council last month to suspend down by the late Father Vincent should be increased to five shill-

"I propose that this reduced rate (£4,000,000 in a full year.

to address than that faced by Bir publication for

one month Te Lebbe, naturalised Chinese citizen ings in the pound

These proposals in the sphere of Kingsley Wood yesterday after- sumed publication yesterday, ac-of Belgian birth who passed

direct and indirect taxation as a noon; states Reuter's lobby corres cording to a Shanghai dispatch..

"Increase in Income tax would whole would give him £86,000,000 pondent, The 8. M, C. ordered te sus-away in the Chungking, suburbs produce in a full year £84,000,000 in the current year and 129,000. pension following a protest fled last month

by the Japanese authorities: over In this connection a special the publication in, the paper on committee has been formed. The June 17 an article about Chinese work to, bly carried out," includes guerillas in the Chungao moun- the establishment of schools tain range in south, Shansi, which hospitals. libraries, relief organis the Japanese com ed as a detri, culti

Industrial and arzioni mental to the

the taral organisatioria.

and in this year £60,000,000 000 10 a full year

The Chancellor announced increases In the scales of unt- tax ander which the rate of the first slice of income in ex- ocar of 22.009, would be in `crrased" from 1s. 34. to Zain

The Chancellor ladicated that the purchase tax as Mo outlined would involve a reduc flon in the amount the Excha quer would receive ander, the

sche

There was no excitement before or during the speech Members had simply assembled to hear what was necessary for the nation's un- alterable purpose to win the war

money ready*. Kingsley Wood was Fare 11 Column 3)

THURSDAY, JULY 25, 1940.

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