15 OCTOBER 1932, Page 54

ExcnoAcmnNG ON .3ESERVES.. . Moreover, to any thoughtful person there

is another aspect of a 5s. Income Tax which is .gravelyAlisquieting. Quite apart from the actual. :strain and burden :of the tax so far. as present conditions' arc concerned,..there is undoubtedly a conscious, or at all events" it subcon.: scious, feeling that Incothe Irak' should be. 'a -nation's reserve fund for times of emergency.. SO it-was always regarded in this country in-the days Of sound budgeting, and until the tax has been very materially reduced there must always be a feeling that as regards Income and Sur-tax we are using up reserves just as in the case of the heavy. Estate Duties we are living to some extent