FURTHER ECONOMIES NECESSARY.
I have already referred to the fact that the loyal support given to the National Government by the taxpayers and investors of the country has been due in considerable degree to the fact that the new Ministry is supposed to be pledged to effect further economies in the national expenditure. I suggest that the magnificent response which has been made by the taxpayer and the rentier calls for an equally loyal response from the Government in bringing about such a further reduction in the national expenditure as shall ensure a substantial reduction ere long in the Income Tax. Such a response is due on grounds of fair play and equity, but it is, I am sure, equally necessary in the interests of the general well-being and prosperity of the country, for it must not be forgotten that the amount saved to the Exchequer by the conversion operation—an amount estimated at £23,000,000 annually—has to be subtracted from the amount which would otherwise be in the pockets of the public, and therefore available as spending or investing power.
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