THE BRITISH TAXPAYER

Auckland Star, Volume 55, Issue 12, 15 January 1924, Page 7

THE BRITISH TAXPAYER

HIS FEARFUL BURDEN. IF ENGLAND S DEBTORS PAID. WAY OUT OF IMPASSE. (By Cable.—Press Association.—Copyright.) (Received 2..10 p.m.) LONDON, January 14. The Association of British Chambers of Commerce, in a letter to Mr. Baldwin, the Marquis Curzon, and Mr. Neville Chamberlain, draw attention to tho fact that France and Italy at present owe £ 1,139,000.000 to Britain, interest on which at 5 per cent would be equal to over one shilling in tlie pound of the income tax at prpscnt paid in Britain. Repayment of the American loan to Great Britain of £85(1.000.000 cost £36,000,000 yearly, equal to Sid in the £ of the income tax. The council of the association expresses the opinion that in view of the adverse effect of high taxation on the trade of the country the Government should consider whether steps should not be taken to approach the French and Italian Governments with a view to securing payment on account pending the settlement of debts on a fair basis, with the object of relieving the British taxpayer.— (A. and N.Z. Cable.)