The Bridgeport evening farmer., 1915-10-11
ENGLISH WORKERS MUST PAY. SHARE
 OF BIG WAR TAX
Artisans Engaged on War Contracts Must Contri-
 bute Also.

London, Oct. 1.-The secrets of 1 the new budget are out and the gen eral opinion is that it is fair and reaches the pockets of those best able to pay as well as those who have hith- erto not been directly affected. In the latter category are to be found the Snall-wage earners who will now pay their cent or two through the increas- ed tax on tea, cocoa and tobacco
 while the artisan who is piling up an increased income by reason of over time war contracts and the small farmer who will be brought into line with other business people regarding income tax.
 There has already been the usual outcry from certain trades hit or like 1y to be hit by the new taxes and
 several deputations are likely to keep the Chancellor of the Exchequer busy with their complaints for time. The abolition of ha1f-penny postage caus-
 ed considerable dismay in the picture
 postcard trade and newspapers and
 publishers are also up in arms at the
 prospects of double postage bills for daily and weekly papers as well as
 periodicals and magazines.
 In the tea trade it is expected that
 consumption will ] be on a rather
 smaller scale and already the quality
 in tea shops is said to be reduced.
 The sugar tax caused a great outcry
 from consumers in the suburbs and
 
 price imm ediately the budget tax was
 announced and manyaand bitter were
 the remarks fired at unfortunate managers of various retail stores. One
 of the surprises is the tax on hats which will affect principally ladies
 millinery imported from Paris, mems
 hats being made up almost wholly
 from materials imported. The tax on petrol is likely to de- crease the earning capacity of taxi cabs whose fares are regulated by the Home Office, and may cause a reV1- sfon\in fares of the various notorious companies
 AS far as the Stock Exchange is concerned gratitude was expressed that the increase was not greater, but it is at the same time recognized that investment business which is at low ebb at present will probably, decrease, especially in those commercial under takings which were bought in anttci- patton of increased dividends but which viii not be subject to special war tax on profits.
 The new method proposed by the Chancellor of the Exchequer for de- ducting i1scome tax from the interest paid by Bankers on current and de- posit accoE1nt is a minor matter when compared witIRthe larger interests in volved in the budget, but, according to a banker writing in the financial papers, 1t creates difficulties. Broad lyN speaking current accounts do not carry interest in London while they do in many provincial districts; but. even in London there are exceptions
 to this ruks notably in the case of ac- counts of foreign banks on which in terest is uf4ua11y allowed, they, in their
 turn. rect5rocating on amounts left with them. The withdrawal of l balances maintained in London (ahd, &s it is possible that they
 amount tH many milhons) probably would adversely affect the exchanges,
 It will tnsfefore be a matter for seri- ous regret if the new regulations should detrimentally affect the condi- ttions under which the balances in question aEe held in this country. Such a result would be another blow at the supremacy of London in finance.
 The sa1Ae banker sees in the new
 tax or tie collection thereof a serious
 increase ir work for both Inland Rev
 enue authorities and the already de-
 pIeted staff of the banks.