Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-06
CANADIANS SEEKING
WHEAT SALE PLAN
Present System of Dealing in
Futures Will Be
Investigated.
BY JOHN F. SINCLAIR.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, April 6.-When Sir
Josiah Stamp. the British industrialist
and economist arrives in Canada on
April 9 to head a government commits
sion to investigate the sale of grain
futures. he will have behind him the
unanimous support of Premier Bennett
and the Conservative government.
Its a big question for the Canadians,
for the Sustenance of approximately
half of its people depends upon farm
products.
The commission, therefore, will have
one question to deal with: Does the
sale Of grain futures operate to the
6etriment of the producer-the farmer
In Western Canada there Is q general
belief that the sale of grain futures has
adversely affected the price which the
farmer receives for his wheat and other
grain. But its subject that few people
there understand.
SO this government commission,
headed by this distinguished BritiSher.
will study the mooted question ION the
ground" and make its report to the
Canadian government.
Its findings should be announced
some time this year
Britain's Revenue.
NITGAB IIkGo NlSOIOAaAy 4dSb
week to increase its revenue for the
year, so as to show the least deficit
possible. 1t did a good Job, too, for
while 1t was expected that the deficit
would be $l5o,000,000, the actual deficit
amounts to S116,000O00. This is in
contrast to the estimated surplus of
S10,180, 900, which Chancellor Snowden
made in his budget speech a year ago.
While the final figures are yet to be
cHnuand
a decrease over last year. The income
tax yield dropped about $1S,00o,000.
Much new revenue must be raised.
The latest report is that the present
tax on gasoline will be more than
doubled, so that the tax itself will
amount to Is cents a gallon. Today
gasoline, or petrol, as the Britishers
call it, costs from 80 to As cents a
gallon. If this new tax Of cents Is
added gasoline will retail in Great
Britain from 40 to SO cents a gallon.
incidentally, this is one of the big
reasons why motoring is not so popular
in Great Britain as 1t is in the United
States, where the cost of gasoline is
about one-third Of what it Is over
there.
Snowden Report Awaited.
When Chancellor Snowden returns
to the British Parliament, after his
severe sickness, to deliver his much
talked-of budget speech, on Monday,
April 81, he will tell the British people
officially of the governments $116,-
100000 deficit and of his plans for
the raising of new taxes to meet the
problem.
Right now it looks as though tobacco
will shoulder the extra load. A package
of 20 cigarettes costs IS cents in Great
Britain, as against Is cents in the
United States. The manufacturer pays
the government 1919 cents in duty
out Of the Is cents. Now, If the tax
is raised 2l2 cents it means (if the
cigarette package remains at rs cents
the government viii receive Is cents in
taxes for every Is cents paid in for
the cigarettes.
There has been no change in British
tobacco duties for four years. Winston
Churchill, when chancellor Of the ex-
chequer, increased the duty from 50
TO 1920 pound, with provision that
al tobacco grown within the British
Empire would be taxed but $l.70
pound.
At present, tobacco taxes bring into
the British treasury about $4,000, 900
year.
Chancellor Snowden has always OPP
posed taxes on foodstuffs or tea, as he
says he will net tax the breakfast
table.
The Snowden budget speech will be
awaited With great interest throughout
the world, for the dominionS are almost
as much interested in it as those who
live in the British Isles.
It's only in times of depression that
real executive ability shows up In its
true light When companies are making
money rapidly, dividends being paid in
substantial amounts, few stockholders
take the time or trouble to go min
utely into the financial statements Of
the various companies.
But when times get bad and divi-
dends are passed, then inquiring stock
holders begin to ask questions and dig