IMPERIAL POLITICS.

Gisborne Times, Volume XXVII, Issue 2617, 27 September 1909, Page 5

IMPERIAL POLITICS.

CABLE NEWS.

THE BUDGET DEBATE.

HOUSE AND TOWN-PLANNING BILL.

Unithu Pit ups Assooiation—Coi'Yniam LONDON, Sept. 24. Mr. Herbert Gladstone, speaking at Oinderford, said : “I offer no objection to the Lords rejecting the Budget. If a challenge ds given avo shall take it up at once and go to the country for the Budget, freetrade, and a change an the constitution of tlhe House of Lords.”

Lord Avebury (formerly Sir* John Lubbock), interviewed, declared that Mr' Balfour’s speech was an excellent statement of tile probable effect of the Budget. He did not believe that tariff reform Avas the only .alternative to the Budget, neither did Mr Balfour. Mr Asquith, he said, had laid stress upon the necessity' for economy. When referring to exclusion from protected countries, Mr Balfour forgot that Germany was Britain’s best customer, ex.cept Lidia. The House of Lords, at the instance of the Earl of Camperdown and Viscount St. Aldwy n, have introduced general safeguards, into the House and Town Planning Bill. Thus, before local authorities are authorised to oompufeorily purchase land, a public inquiry must be conducted by an impartial authority, not in the Government employ, regarding the necessity for the purchase. The Houses and Town Planning Bill has passed' through, committee. Lord Crewe feared that the 'amendments would destroy the value of the measure.

CLAUSE 56 OF THE FINANCE BILL

In the House of Commons, in connection Avithi clause 56 of the Finance Bill, doubling stamp duties on marketable securities exce.pt in the case of the colonial Government, Mr Rowland Hunt moved to omit the word “Government,” arguing that if trade followed a loan, the exemption of all colonial securities would facilitate colonial trade.

An interesting and vigorous debate followed. Mr. Hobhouse said the Government considered the exemptions in favor of colonial- Government and provincial Government securities were sufficient. i

Mr Hunt’s amendment was rejected by 200 to 69. In the House of Commons, in the course of the debate on Mr Hunt’s amendment to clause 56 of the Finance Bill, Sir F. Bnnbury saw no reason why colonial railway and municipal securities should be excepted. The object of the exemption was to encourage British people to invest money in the colonies. Mr Timothy Healy did not see Avhy the colonies should be allowed to escape that Birmingham policy which was anathema to the Treasury Bench.

Mr. S. Harmood-Banner considered these colonial municipal loans were of the greatest value to British industries. It was often arranged that the money should be spent on work in Britain. Major Ooats gave a powerful analysis of the effect of the stamp duties from the standpoint .that they were preventing free dealing in securities. He claimed that the exemption of municipal loans woulld be greatly appreciated in the colonies. It would prevent America from taking Canadian municipal bonds from the English market. Mr Hobhouse, in replying, said he had been advised' that the competition in colonial municipal loans did not come from France, Germany, or America, but was among the various groups in operation in Britain. (Hence the concession would not necessarily benefit the colonies. Last year Britain lent Canada £40,000,000 ,and Australia £8,000,000 to £10,000,000. America was becoming a very dangerous competitor against Britain in loans made to municipalities and industrial concerns in the colonies and elsewhere. A few years ago such competition did not exist. It was due to the huge accumulation of capital in America during the last 10 to 20 years. British citizens would reasonably object to the exemption of all' money .lent to the colonies'. Mr H. Long declared there was not a particle of defence for the Government’s attitude.

Members of thirty 'South London building firms states that since the introduction of the Budget 2500 men have been rendered 1 idle in their district.

DUTY ON SPIRITS. There was ian all night sitting in regard to the spirit duties. The Govern-, ment’s majority fell to 13, owing to the Nationalists, joining the Opposition. Sir W. J. Bull emphasised that whereas Mr Lioyd-George estimated the decline in consumption at .15 per cent., the withdrawals from bond from May to August/ had 1 declined 55| per cent., including an anticipatory clearance in April of 29 per cent. Thus, instead of a gain of £600,000, as shown by Mr Lioyd-George, .they would experience a loss of £1,700,000. Mr Llioyd-George admitted that he had under-estimated the immediate effect of the duties in reducing consumption, but still 'ho anticipated l a substantial increase of revenue for the whole year. ~

LEGISLATION OF THE EMPIRE. Lord Rosebery, in his book on the legislation of the Empire from 1898 to 1907, edited by Mr. C. Bedwell, recommends watching the aims and progress of the legislative experiments in Australia, which is dealing with new topics that may hereafter claim all attention.