Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-05-23

i arc SODCItu udtlOH with IHc
single object OF carrying the business
thru to successful issue.
Finance.
! War is business upon large scale
and as no large business can he sue
cessfully prosecuted without money,
| neither can war OF the present mag
nitude be properly conducted without
ample resources In money as well as In
| men. This war is az much one Of the
| factories as of soldiers The pre- war
annual expediture OF Great Britain was
nine hundred and eighty. seven million
dollars (s9s7,00O, 000)--truly large
sum, but inflnitesimal in comparison
with the present rate of national ex-
penditurc, which is twenty five mil
lions a day R25,000.O00). The national
capital wealth Of Great Britain is es-
| timated. at seyentyfive thousand mil
| lion dollars $75,000,000, 00O); and the
national income, |. G.. the aggregate OF
the income Of every person in the coun-
| try, is estimated ut twelve thousand
| five hundred million dollars CSC, 800, :
000,000). At the present rate Of expen-
dture 1t Is estimated that by the end
of this financial year the total nation
Guiding the pre-war indebtedness) will
be seventeen thousand two hundred
million dollars (s17,200,000 ,0O0) which
includes at the same date four thousand
millyion dollars GA 1000, 00O,000) ad-
vanced to allies and overseas domin-
ions. Deducting these advances. Great
Britain's total national indebtedness at
| 3lst March 1917 will be thirteen thous-
and two hundred million dollars (sl3,-
| 200 ,000,0 or little more than one
years national income. This and a
greater burden can, IL necessary, be
| borne
The cost Of the war up to date has
been betrayed by:
1. Longtime war loans.
2. Short time borrowings.
3. Increase in exchequer revenue.
The two longtime war loans bear
interest respectively at 31a and Az per
cent. The Az per cent. loan was issued
in June 1915. Certain conversion rights
were given to the holders Of the 3A per
cents. and to the holders Of consols,
and these conversion rights were to a
large extent exercised. The amount Of
new money raised by the 31a per cent.
SO, 300, 900, 900. The bulk of the short
time borrowings is against the sale of
three, six. nine. and twelve months
treasury bills and per cent. eXche-
quer bonds running until 1919 1920,
and 1921. Approximately sS.9G9, 99e, 600
Of these two classes of securities have
been issued
Other short-tme borrowing are
against foreign loans. war savings GER
tificates, and war expenditure certifi
Gates
The exchequer revenue for the year
1913-1914 was 1891 100000: for year
1914-1915. s1,133 900, 900; for year 1915
1915. s16s4 900, 900: and for the year
1916-1917 it will be $2,51l ,00O,0 900. From
these figures it will be seen that the
national income for the year ending
the 31st March next will ev~"ad the pre-
war income by s1,520,000,OO0.
Great Britain wisely considers that
it should not leave to posterity the
whole burden of this war. but that
substantial percentage should be borne
by present taxation. The war revenue
by taxation has been principally raised
by increases in income and super tax
~ SASSoo " ai pIolllS tah, tsiA Oh StliluSe-
ments, and increased duties OF tea, SUI
gar, and coffee, and the imposition of
new import duties.
Income-tax is now levied upon all in
comes exceeding $780, but certain spe-
cial attachments are granted in respect
of all persons whose total incomes do
not exceed $500. The rate upon un-
earned incomes is higher than that up
on earned incomes; but when the in
come is greater than $12. 500 this dis
tinction disappears. The rate upon in
comes disappears. The rate upon in
comes Qess abatements) from $3.50 to
$1,000 is graduate dfrom a minimum Of
ii u per cent. Of the income remaining
after deduction Of the abatements re-
ferred to, up to a maximum of 22h per
cent payable on the total income: and
the rate varies accordingly as the in
come is earned or unearned. Unearned
incomes of upward of $4,000 pay 25
per cent. on the whole income; earned
incomes Of more than $12 800 pay SINH
larry.
Super-tax applies to all incomes in
excess Of $4,000 as an additional duty
irrespective of ordinary income tax. 1t
fixed sum of s12,500: and the tax is
graduated from minimum Of 1-6
per per cent. of the first $500 of the
excess over 12.50O to maximum Of
l17h per cent. payable on that portion
of the income exceeding $4,000.
Earned incomes of $1,000, $1,000 and
$4,000 pay income-tax respectively Of
$45 $685., and 1888. Earned and I'M
earned incomes of $4,000. $4,000 and
10000 pay combined income tax and
super-taX of s7,02l, s16,396. and s37,646
respectively. Any possessor of an in
come OF 100000 pay to the treasury a
sum of s2O7646
In broad terms, the excess profits tax
is go per cent, Of all traders profits
(husbandry in the United Kingdom OK
cepted) which are in excess by more
than $1,000 Of the average of any two
out of three years preceding the out
break of the war The duty Is incident
on all trades and businesses carried
on in the United Kingdom, or elsewhere
by persons resident in the United
Kingdom; and it is additional to In
come-tax and super-tax.
There has been no serious opposition
to any Of the new taxes, as the coun-
try recognizes their necessity.
Notwithstanding the heavy burden
of taxation, the British public have re-
sponded nobly to relieve the suffer-
ings Of the wounded and others hurt by
the war. Country mansions and town
houses have been turned into hospi-