29 APRIL 1925
In the House of Commons Mr Churchill introduced his Budget, the main features of which include a return to the gold standard, a reduction of 6d. in the Income-tax, provision for pensions for widows and orphans, earlier Old Age pensions, higher death duties, and lower Super-tax. The McKenna duties are to be restored, and there are proposals for Imperial Preference.
The report of the Committee on the Gold Standard, to which the Chancellor of the Exchequer referred in his Budget speech, has been issued.
A Washington telegram says the announcement that the gold basis is being restored in England is gladly received by Treasury officials.
The Commonwealth has issued a proclamation that Australia is returning to free export of gold concurrently with Britain. Mr Bruce, the Premier, announces that it is not intended to substitute gold for notes as internal currency.
Holland has returned to the gold standard.
In the House of Lords the Licensing (Scotland) Bill passed second reading by 33 votes to 23. Lord Salisbury, who voted for the measure, said he could not promise Government support any further, as they could not suspend the 1913 Act by a private member’s Bill.