The New Zealand Railways Magazine, Volume 7, Issue 8 (February 1, 1933)
Interest and Taxes
Interest and Taxes.
The choice between punishing the taxpayer and punishing the Budget is still before the Governments of the world. Trade sees danger in taxes, but it also sees, danger in unbalanced Budgets. Britain is just as definitely in favour of a balanced Budget, as she is definitely off the gold standard, and it seems that nothing but the American interest (paid this time, perhaps for the last time, in gold) can upset that balance. That is one reason for hastening an international agreement to decrease debt burdens. Even without paying the American interest, France faces a big Budget deficit. So does Germany. All reports indicate a drift that only international action can stop; but critics who pretend to know the Roosevelt Democrat factor are venturing the prophecy that international debts (Governmental) will have ceased page 11 to be a dominant factor this time next year.