THE ENGLISH BUDGET.

Ashburton Guardian, Volume VII, Issue 1802, 29 March 1888, Page 2

THE ENGLISH BUDGET.

[per press assooiationJ,

London, Maroh 26 and 27i

In delivering his Budget speech, the Ilight Hon. Mr Goschen, Chancellor of the Exchequer, said the revenue for the past financial year had been and the expenditure leaving a surplus of ;£2, 1 65,000, which the hon. gentleman said was the largest surplus any Chancellor of the Exchequer had been privileged to announce since 1874.

The revenue for the year was ;£i, 454,000 above the estimate.

The statement shows that there has been a gross saving of over all the departments, proving that economy has been carried out.

The estimated revenue for the next financial year was and the estimated expenditure ,£86,910,000. The Government proposed to impose additional taxation by the increase of succession fees. Additional taxation m the shape of license fees would also be placed on vehicles, racehorses, and horses kept for pleasure, horse dealers, new companies, additional duties on deeds, contract stamps, fugitive securities, new issues, costly wines (ia bottles) to the amount of 5s per dozen.

The estimated revenue from these sources was The present surplus Mr Goschen said would be applied chiefly m granting subsidies to County Councils. The Government would propose a reduction m the income tax of id m the jQ.

The Chancellor of the Exchequer went on to urge the necessity of immediate Parliamentary sanction for the cost of the auxiliary fleet.

The revenue derived from the Sue? Canal shares would be applied m forti* fying coaling stations.

There will be no additional EJsti* mates brought down for the Army and Navy.

The necessary funds for naval defence would be raised by loan, payable as annuities m ten years.

Mr Goschen announced that it was intended to impose surrenders to assist local taxation, and that a portion of the license fees and half the probate duty would be applied to the same purpose.

Ireland is to be exempt from the vehicle tax, which imposes 2s 7d on wheel traffic. ;£i on pleasure horses, and £$ on racehorses.

The Press generally approve of the Chancellor's proposals. The " Times ;> likens the proposals to those formerly set forth by Sir Robert Peel and Ihe Hon Mr Gladstone. The " Standard " gives a qualified approval, but expresses dislike to the petty wheel and horse taxes, which it considers will cost a considerable sum to collect. The " Daily News "■ considers the Budget ingenious and partially sound, but thinks it is doubtful it the proposal to impose surrenders to- assist loc^l revenue is wise policy,

The Government supporters highly praise the proposals m the Budget, tha Opposition, however, are reserved m their opinion.