London, Apr. 21.
In view of alleged uniawi activities of Japanese pearl fishers in North Australian waters, the Australian Federal" Government—has prohibited all foreign vessels from entering North Australisn waters.
Arising out of the new trade agree ment with Canada, resolutions would bbe introduced applying the Ottawa Agreement to the new pact and revising the preferential duty certain Empire-produced silk stockings, The realized Budget defteit, he revealed, was 5,597,000, including an amount for the redemption of debt, But for Defence expenditure, there would have been a surplus of £2,250 000 after this debt redemption, which amounted to £13,000,000.
The true surplus of current revenue over expenditure, excluding the redemption charge, was £10,500,000. the rate of Income Tax would produce £13,000,000, reducing the deficit to under £2:000,000.
Mr. Chamberlain announced a new tax, to be known as the Growth of Profits Tax, which will be applicable all persons engaged in industry, trade and business whose profits ex: ceed £2,000 per annum, 'The tax is on exceedingly complicated one, varying from one-third to one-fifth of the growth of profits. 'Losses in the past four years will be taken' into account.
The Chancellor of the Exchequer described the tax 3s a special temporary contribution towards national defence, and estimated that it would Produce "£2,000,000 this year and '£20,000.000 to £25.000,000 "in a ful:
Text read from the printed page and cleaned; old type leaves the occasional error.