1941-04-08 — Page 21

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British Budget Brings New Tax

Paying Class: Less Spending K

LONDON, Apr. 7 (Reuter). In the House of Commons to-day, Sir Kingsley SHOES

Wood, Chancellor of the Exchequer, announced that the income tax rate would · bez increased to ten shillings in the pound.

The House of Commons was well-filled for Sir Kingsley's Budget Speech, and the Chan- cellor was cheered when he entered the House. A number of peers and Mr Montagu Norman, Governor of the Bank of England, were present.

The Chancellor said that he The estimated total expenditure would make proposals which was £4,207,000,000. The estimated yield in income tax for the current would not only enable us .to.

year was £003,000,000 (an increase surmount immediate dificulty of £81,000,000), a surtax of

£80,- but would ensure that we con- 000,000, denth duties of £82,000,000, tinue to maintain our national stamp duties of £14,000,000, excess

pronta tax of £210,000,000. finances on sound lines so that The total csumato of inland re- we would be able, when the time venue; duties on the existing basis of came, to pursue measures of taxation was £9002,000,000; Customs of £378,000,000; and reconstruction and social ad- and, excle of

purchase tax of £70,000,000, vance, ---

The total 1940-41 on the

estimisting

revenue - for basis.of

Atm und strong. The steps taken to tuxation was 16 for a

full deveera).

The hops tax was

of income

A

JAPANESE PLANES

Discouraging View

Of British Critic

The British Anancial Iront stood stimulate exports drastically and to reduce non-essential Imports cer further four years, the medicine and tainly lad been successful.

stamp dulles repealed from Septem- WASHINGTON, (By Clipper Our system of exchange controlber 2 and new medicine and stamp to Central Newa).-"The Japan under the mobilisation of dollar scruritics had enabled us to meet the duties legislation would be introduced: ese have not one home-built. Allowances

warplane that could stand up for very heavy drain upon our resources

The Finance Bill includes a clause three minutes to a frontline of gold dollars and we now had an #saurance, by reason of the great providing for the purposes

the United contribution America was making in tax and national defence contributions equivalent from the Lease and Lend Act, that no a similar allowance to that provided States, Britain, Germany, Italy difficulty in financing purchases from for the purpose of the excess profits or Russin, in the opinion of Capt.

tax in respect

it losses incurred in H. C. Biard, British air oce. the United States, would hamper the

of our fighting providing addit

additional buildings, plant

Capt Biard, who has made a strength

and machinery for the war effort.

study of the growth of air power in The control of capital issues in the The Chancellor

ellor foreshadowed domestic

had been of great modifleation of the excess profits tax the leading countries for the last 30 value in securing the best possible but could not now afford any con yous; said that the best of the conditions for the success of Govern-siderable changes. Part of the tax Japanese planes is only of

breed." inent loans.

would be held

by the Exchequer 10 All these measures combined en-be made available to industry at the by the Japanese press to be able to abled us to borrow at a very low rate end of the war. of Interest, averaging below two per Sir Kingsley wood estimated that blot out anyone who offers opposition cent.

private savings for the current year to the New Order in Eastern Asia. totalled £1,000,000,000 in addition to The Aichi is Japanese-bullt, but powered with French Lorraines from revenue.

which are good of their kind but galast the British Sunderland er the American Curtiss-Wright flying

Good In China Only "The Kowanishi 94's are stro power- ed with Lorraines, They are good

"We have no intention of borrow- needs. We shall hope to improve estimated that upon them." (Cheers).

Ho

"half-

"The Alchú flying boat is claimed :

ing on worse terms as the war pro- £1,630.000.000 omestic expenditure would look like yesterday's beer

Post War Debt

would be £3,700,000,000, leaving a gap of

of £500,000,000 to be filled, The Exchequer would bear a con- siderably increased burden to prevent an increase in the cost of living, in- cluding an increase in the shipping| rates and Insurance.

boats.

All this meant that the aggravation of our post-war financial problem by the burden of the War Debt, though it was bound to be grievous, would be correspondingly less and we should also avoid the evils incurred after The policy of stabilising prices stuff for war in China but cannot 1918 of starting a period post-war would continue to be extended. The work against the front-line deck- expansion and recovery with a rate scheme included coal, gas and elec-Oghters, eight-gun landplanes or the of Interest which, in the long run, trielty charges. The aim was to hold Chicago Plano armaments

cmbarrassing and often crushing to the borrower. The maluwages about where they are now.

New Savinga tenance of a low rate of Interest

Turning to the question of Alling would do much to case the financial problem of rebuliding our cities after the £500,000,000 gap, Sir Kingsley Wood said that he needed a stil

Was

the war.

power battleships.

of, big

The Kawanishi 02 is a very big boat with three 000-horse power engines. The engines are imported. This machine carries six men and

ΟΙ

Sir Kingsley Wood added that we greater sum from genuine new sav-a heavy bomb-load, but it is not fast had taken many steps to eliminate Ings and urged the people to spend as we know speed; its armament is It maneuverability is war fortunes,

as little as possible and to lend as second-class;

not up to modern requirements. Referring to the "many diiculties much as possible,

The Mitsubishi Co. of Tokyo and problems inherent in the most New private savings were estimated

fighters,

bomber deck- expensive war in history," the Chan-to produce between £200,000,000 and

trainers every sort of war- cellor remarked that the danger we £300,000,000. had to control was that of being. The new taxation was estimated to plane. It constructs under a number

and American licenses; of British

but flooded out by a torrent of excess produce £205,000,000 in a full year.

The income tax rate would be in- naturally the licenses for the No. purchasing power fed by the spring

wartime government expenditure, creased by 18d. to 10s.

defence machines do not go abroad; of. That was the function of finance,

exportable licenses

are supersecu before they are

senf cast. During the Japanese-Chinese war, Japan has managed to import an altogether surprising quantity of British, Ameri- can, German. French, Italian and other warplanes.

A solution of the problem would be Impossible unless it was easedi by withholding a substantial part of the surplus purchasing power through the instrument of taxation.

Free Gifts

Dealing with details of last year's account, the Chancellor thanked the tax-payers who had responded se readily to his appeal for prompt payment of taxes and also those at home and overseas who had patriotically helped with a steady flow of free gifts to the Exchequer and to aircraft production,

The purchase tax yielded some £20,000,000. Its administration had worked quite smoothly.

The 5s rate on the lower scale would be increased to us. Od.

On the largest incomes, the income tax and super tux would be 19s. 6d.

the pound,

The Income tax yield this year would be £08,000,000, in a full year £125,000,000,

Exemption Limit

would be

Orders May Come Back "It is not for me to tell the political The earned income allowance de Muguls, their jobs, but figures don't duction, now one-sixth, would be lie and there is indisputable evidence one-tenth. Personal allowance of of millions of dollars worth of air- £170-for-u-married-person would be craft-going into Japan every year reduced to £140.

from countries that may one day find The exemption Instead of

limit for Income tax those aircraft coming back with £120. bombs aboard. They will probably This would increase the number of be shot down because they are semi Income tax payers by over 2,000.000. obsolete.types.

The extra tax any individual paid "The Nakajima fighter is about the Towards the total expenditure of by reason of the reduction of per- only Japanese-bulit and powered £3,084,000,000, we received a total sonol

leaving all allowance and carned income machine that comes into the modern of £1,400,000,000, revenue

deficiency of £2,475,000,000 found by other means.

Α

year.

would

It is not a Spitfire, a would be cff-set after the

wor he war by eredit, in the Post Office Lockheed-Allison or a Curtiss Hawk,

Savings Bank.

but no doubt it could put up a show nelt sum of £2,462,000,000 was The whole income tax proposals against certain other types. But I borrowed during the

produce £150,000,000 this year believe not very many Nakajimas The hard and severe financial and in a full year £250,000,000, half have been produced. measures brought bencfts because of which would be treated as credit. they avoided, for the mass

A full year would produce £1,800,- of the people, the evil effects of unchecked 000,000 from taxation. Inflation.

Hitherto, Increases In taxation had not fuilen short of the necessities

of the case. There

hud been 110 inflationary dongers In our sysicut

tip to the present.

Soviet Reporting Of Balkan War

"As to pilots, the Japanese does not take kindly to machinery. He is industrious, keen, as fond of his copybook as a German, but without the German pliot's dogged courage, or the British or American Пyer's daredevil Inspiration.

The

The war in China has shown that Japanese airmen cant fly well-or Lease & Lend Act

MOSCOW, Apr. 7 (Reuter),-The Aght well-but they cannot do the Referring to the future, the strong resistance encountered by the two things at the same time. They Chancellor said that a new and Im-Germans, especially in the Struma fall down, even before the ancient portant factor was introduced by the Valley, was emphasised by the Mos-Chinese warplanes, Ufted off the Lease and Lend Act. He could not cow wireless in a broadcast for home scrapheaps of half the world." estimate the value of supplies to be consumption to-day.

received from the United States. Commenting 11pon the military

He estimated the vote, credit re-situation created by the German at Greek, British and German communi- quired, excluding supplies from and tacks on Yugo-Slavia and Greece, the ques but he also emphasised, the payments to the United States, at Moscow announcer, in the main, con- strong resistance the Germans were

£3,500,000,000.

Aned himself to giving briefly the encountering.

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