IMPERIAL BUDGET.

Gisborne Times, Volume XXVII, Issue 2506, 20 May 1909, Page 5

IMPERIAL BUDGET.

PRIME MINISTER’S REPLY TO BANKERS’ LETTER.

DEBATE ON INCOME TAX

United Press Association— Copyright.

LONDON, May 18. The House of Commons has adopted the income tax resolution.

Mr Evelyn Cecil, M.P. for Aston [Manor, emphasised the bankers’ letter. Mr Asquith, the Prime Minister, replied, citing admissions in the memorial aid the statement that signatories, were prepared to bear their share of the increase of taxation. He argued that in view of the extra burdens falling upon liquor and tobacco, the burdens proposed nnon capital were not excessive. He was not aware of any other method of raising these burdens more equitably. He added that the French projected taxes, and the existing Prussian supertaxes’ were higher. He reviewed the history of the income tax. He declared that he, when Chancellor of the Exchequer, removed most of the glaung anomolies by distinguishing between earned and unearned incomes, and he now regarded the permanency tax absolutely with an untroubled conscience. He believed the tax capable of still wider expansion in the event of emergency. In the income tax debate, [Messrs Austen Chamberlain, Bonar, Law, and Prettyman, in the interests especially of the younger men going to the colonies. vainly opposed the resolution withdrawing the abatements to not ordinarily resident in the United Kingdom. Mr Lloyd George. Chancellor of the Exchequer, replied that those seiving the Crown abroad were entitled to abatements. These were allowed to residents in Britain, because the latter contributed indirect taxation. STAMP DUTIES CARRIED. ESTIMATED RETURN FROM NEW IMPOSTS. (Receive d May 19, 11.55 p.m.) LONDON, May 19. In the House of Commons the stamp duties resolutions have been carried. Mr. Lloyd-George said he hoped it would be possible to make concessions fn regard to income tax and license duties" before the Budget proposals wore ultimately decided. A white paper has been published showing that Mr. Lloyd-George estimates that the new imposts will yield over 14 million sterling in 1909, 1.7 millions in 1910, and 184 millions in 1911.