§ 70. Mr. HANNON
asked the Chancellor of the Exchequer if he can present a statement showing the Budget deficits for the last financial year and the estimated deficits of the current financial year in the United States of America, France, Germany, Italy, and Japan?
§ The FINANCIAL SECRETARY to the TREASURY (Major Walter Elliot)
As the answer involves a number of figures, I will, with my hon. Friend's permission, circulate it in the OFFICIAL REPORT.
§ Mr. HANNON
Can the Financial Secretary say for the benefit of the public of this country whether this is the only country which is balancing its Budget this year?
§ Major ELLIOT
I think that the financial achievement of this country has been even more remarkable than that.
§ Following is the statement:
§ The deficit on the budget of the United States for the year ended 30th June, 1932, was $2,885,000,000. I understand that the measures of taxation and economy recently dealt with by Congress have been designed to balance the Budget for the current year. The deficit on the French budget for the year ended 31st March, 1932, is estimated at 4,748 millions of francs. The budget for 1932 (a period of nine months in consequence of a change in the financial year) was passed in a form showing a small surplus, but the position is now apparently receiving further consideration in the legislature. In the case of Italy the deficit for the year ended 30th June, 1932, was estimated in May last at 1,04,3 millions of lire, and the budget for the current year shows an estimated deficit of 1,413 millions. In the cases of Germany and Japan I regret that no comparable figures can be given owing to their accounting systems and particularly the division into ordinary and extraordinary budgets.