IMPERIAL POLITICS.

Gisborne Times, Volume XXVII, Issue 2579, 13 August 1909, Page 5

IMPERIAL POLITICS.

THE BUDGET DEBATE.

PROPOSAL TO TAX MINING ROYALTIES.

United Pkebs Association—copyright LONDON, August 11.

In the House of Commons the Budget debate was .resumed. The Opposition emphasised the Government’s refusal to fulfil its promise to respect existing contracts, inasmuch as it defeated an amendment which proposed to lorn a tax -on undeveloped land only &§§£? sale, lease, or transfer. Mr Balfour urged that if a landowner refused to affirm an offer from a responsible buyer there should be a solid basis to go upon, but it should be the basis of rating him upon the annual value of the sum refused, not for singling him out as the subject of an anomalous tax on capital. Ho added vehemently: “This is not a tax for getting money, but votes, because it is believed the tax will only affect the few, leaving the many untouched.” He added: “The Government is dealing the greatest blow ever aimed at our national traditions of finance.” Mr Asquith, in reply, emphasised the growth of the towns and the increasing demand for building sites. The clause was adopted by 223 to 119.

The Government gave notice of an amendment substituting a tax on mining royalties for a tax on ungotten minerals; also another providing that the valuation of land and buildings be at the expense of owners, with the option to the owner to make the valuation.

i A GOVERNMENT CHANGE OF 1 FRONT.

THE STATE TO PAY FOR LAND VALUATIONS.

(Received August 12, 11.15 p.m.) LONDON, August 12.

In the House of Commons, the financial resolution authorising the payment out of public money of the expenses of valuing land or premises for the new land duties, was carried by 227 to 96. Mr. Asquith estimated that the valuation, by 500 officials, would cost two millions sterling, and be completed in fAy/years- The cost in the first year 'fbuld be £300,000, and the yield in increased taxes from reversion duty and undeveloped land tax was estimated for the first year at £325,000. The new’ tax, providing an annual duty of 5 per cent, on mineral rents, including royalties and head rents,/was estimated to yield £350,000.

AUSTEN CHAMBERLAIN’S VIGOROUS CRITICISM.

GOVERNMENT’S LATEST MOVE WILL NOT ALLAY THE OPPOSITION. Mr. Austen Chamberlain, in a vigorous speech, emphasised the Government’s remarkable change of front and tardy recognition of the fact that the case against their former unworkable proposals could not be met. The Government, he said, had been compelled to recast the Budget, and to make a new Budget speech in August. The Opposition’s complaint, from the outset, of the injustice of requiring landowners to pay for the valuation, had been justified, but the new plan, which was an admission of defeat, would not tillay the opposition to the Budget.