1928-03-31 — Page 5

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GOVERNMENT AND NATIONAL DEBT

GIFTS.

LOYALISTS.

MR. AMERY ON THE GRANTS. THE ROMANCE OF FIGURES.

FAIR FULFILMENT, FIFTY YEARS HENCE.

"It is a profound relief to lay The sum of $1 has been forward- this Estimate, before the Cóm-ed by an anonymous donor to the mittee. I believe it to be a fair | Morning Post to be applied to the and - honest... | fulfilment of our reduction of the National Debt, and pledges.

will be forwarded to the Treasury.

In this word the Colonial cretary, Mr. Amery, ended his speech in the House asking the Commons for the balance of the sum of $1,000,000, which is to be used for compensating the Irish Loralists..

The public imagination of Great Se-Britain has been deeply stirred by the patriotism of the wealthy citizen, who, at the beginning of last month, made a donation of £500,000 to be managed in trust for the nation." This capital is to accumulate over a long period of years at compound interest, until may be applied to the reduction, o auch time as the accrued proceeds even the extinction, of the National Debt.

The vote was reached at dinner time, but the Prime Minister and a large number of Conservatives came in to hear the Colonial Be cretary explain the terms of the settlement which has been solemn ly promised by Government after Government. The Opposition alde filled up as the debate developed.

The donor still remains anony- mous; but his example remains, and during last month, more than towards the fund, of which this a thousand pounds was contributed

Mr. Amery went over the his-half million is the nucleus. tory of the loyalists' claims, One man has contributed 3,000 which has been protracted enough francs; another the sum of £43, to, become exceedingly familiar. the amount of his disability pen- It amounts, as he showed, to a ston; ten shillings came from " progressivo realisation by the humble working man." At East- Government of a tremendous tale bourne, a voluntary effort was made of hardship. Mr. Amory's dexteri- to the same end, and £50 was ty was required during his re-speedily raised. Other suggestions cital to prevent the extremely for national appeals have come into late recognition of these just de- the Treasury from other sources, mands becoming uncomfortably and it seems certain that this utilitarian memorial has commend- apparent.

ed itself to all classes of the public.

1,715 Cases Dealt With..

Mr. Amery had furnished him- self with up-to-date facts and figures, such as that 1,715 cases had been dealt with up to the end of last week by the Irish Grants Committee, and that £704,688 had been recommended in payment.

As there are altogether 3,800 claims, it occurred to the House that at this rate of compensation considerably 'over $1,000,000 would be needed in final settle- ment. But Mr. Amery hastened to remark that the largest and most grievous calls had been ac- cepted first.

"The settlement will come out close to the million," he predicted confidently, "and I shall not be surprised if the figure is below." Any appeals sent to the Com- millee before the end of this month, he said finally, will be certain of review.

Interest Charges.

"To repay the National Debt may be thought to be beyond the reach of individual effort," stated the anonymous donor in his letter to Baring Brothers and Co.. who are handling his donation. Indi- vidual effort has already done so. much that it is interesting to con- Jecture what united effort, on the part of the whole country might do. According to the Intest ågures pro- vided by the Treasury, the Na- tonal Debt, on March 51, 1927, stond at £7,554,617,647, including a of £1,101,453,000. foreign debt According ..to сле statísical authority, it would take 245 years for. £500,000 at 4 per cent. to amount to this total.

Great Britain, however, has an adult population of about 30 million. If every adult were to make a contribution of £1 a head, the sum of £30,000,000 would be immediately forthcoming. In the course of fifty years, which is the farthest limit which the practical statistician' cares to envisago, this sum would total almost £300,-

* Sir Basil Peto did not move the hostile amendment which strong Conservative feeling had caused to be set down before the Gov-000,000. ernment's more general terms The interest on the charge for were revealed. But that did not interest and managenient alone of imply a speech of uncritical the National, Debt is £305,000,0000, thanks to the Treasury.

exclusive of sinking fund pay: menis. This enormous annual

He assured that he and others drain upon the taxpayer rafses the did not regard the question of re-question whether it would not be demption of a pledge as a question better for futuro donors to permit of economy. "We were not satis- their gifts to be used for the im- fled originally with a proposition mediate reduction of the National of 68. in the £ for the Loyalists," Debt, rather than to permit a fund he cried, and we shall not be to accumulate with a view to wip- satisfied with an ultimate resulting out the entire debt in the giving a compensation of 198. 11d. future. in the "

r

The Treasury officials, however, whom I questioned upon this point refused to express an opinion upon so debatable à point.

Mr. Wheatley's Arrogance. Mr. Wheatley's peculiary selfish and arrogant brand of Socialism

According to their figures, an in- sometimes amuses and sometimes crease or decrease of one shilling in irritates Conservatives, but his the pound on the income tax repre speech offended the propriety even

sents an increase or decrease of of his associates. He talked of £60,000,000 a year in the country's enriching people already better revenue. Such a voluntary con- off than the British tax-payer, tribution, of £1 a hend, to the and of "unjustified claims" in a public funds, as I have suggested, way so inaccurate and cynical | should commend itself to the mind that at least an interruption cap of the public, first as a patriotle ped every sentence, and, the gesture and secondly as a sound Ministerial benches openly mock-financial investment, ed him.

It would, of course, be necessary for the public to be convinced that "I protest in the nome of the such an effort would stimulate the British working classes," he Government to economise on its grandiosely sald, "against an act own part and would not result in of political corruption."

departmental extravagance or re- duction of existing sinking funds.

Mr. Baldwin rose and asked sarenstically, "Will Mr. Wheatley tell us what he says in the name of Mr. MacDonald's Government, which promised to uphold the pledges to the Loyalists?"

Mr. Wheatley, as a Cabinet member of the Socialist Govern ment, must have subscribed to the obligations about which he is now scornful.

"TOO OLD AT —”

SOUTHERN RAILWAY CRITIC OF BOARD OF DIRECTORS.

There was some lively criticism by shareholders at the annual meet- ing of the Southern Railway..

"Equitable not Generous,”

The board of this company," Several of the Conservative sald Mr. Waley, Cohen, "lacks the group which has made itself re- lubrication of youth. The average sponsible for seeing justice done age is 69. What will it be ten by those who suffered at the hands years hence? (Laughter.) There of Sinn Fein pointed out how are nine of the directers who are. deeply involved English honour over 70,"

Gretton.

is in this task of reparation, and "It has been suggested that their attitude was made abun-there should be a retiring age for dantly clear in the short and busi- directors," replied the chairman, noss-like apocch, from Colonel Brigadier-General Baring. "Thero

ja no retiring age for judges.

"We have not neglected our duty. We are not more stupid than any body else. We want to be a united family, and not go on squabbling." (Cheers.)

"The awards are only equitablo, not generous," he said. "We are willing to accept the Governmont assurance that they are paying fr full, but"--and he paused for emphasis "if it turns out thay are not wo reserve the full right to bring this before the Houge again."

The vote was then, passed, it having been thoroughly establish ed that the Conservatives have not laid down their watching brief,

·

The report was adopted, the dividends declared, and the retir ing directors reappointed..

Competition, not only of the private car but of the motor-büs, was one of the reasons given by the chairman for the decrease of £474,000 in passenger train re ecipta.

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