THE BUDGET.

Dominion, Volume 3, Issue 797, 21 April 1910, Page 5

THE BUDGET.

ITS REINTRODUCTIOM. BIG PRESENT DEFICIT. TO' BECOME A SURPLUS WHEN TAXES ARE ALL IN. Uy TeleeraDh-Presß Asaooltttlon-Oonyrleht (Rec. April 20, 11.5 p.m.) London, April 20. In the House of Commons, tho Budget was reintroduced by Mr. Lloyd-George, Chancellor of the Exchequer. Mr. Lloyd-George said that 22 per cent. le3s whisky had been consumed since the Budget had been first introduced. Tho realised deficit was .£26,248,000, but when the arrears of taxes (duo to non-passing of the Budget last year) were collected, the surplus would be, £2,963,000. Had the Budget been- passed in 1909 tho surplus would have been •JM.200.M0. ' The arrears of the land tax were .£1,940,000, which doubtless would bei collected. He hoped to collect another .£23,455,000 of income tax, making the actual loss of income tax .£350,000, and loss on stamps ,£600,000. Mr. Lloyd-George declared that no country in the world and no other fiscal' system could have emerged triumphantly from such a aevoro strain. Mr. Austen Chamberlain (formerly Unionist Chancellor of the Exchequer) said the figures given by Mr. Lloyd-George reflected great credit on the Chancellor, on his advisers, and on those traders who protected the course of trade and prevented damaging fluctuations. BUDGET CONCESSIONS TO IRELAND. ECCLESIASTICAL TRUSTS. London, April 19. The Government's insertion in tho Budget of the amendment relating to agricultural land is, it i 8 said, intended to conciliate the Nationalists.

Another concession to Ireland relates to tenancies in connection with the death duties, and a third—one affecting., the United Kingdom—is that which exempts from stamp duties transfers of property. held upon trnst, even where the trnst is a, secret one. This will largely benefit ecclesiastical trusts in Ireland. It is currently stated that important concessions to Ireland will be granted in the Budget for 1910-11. LLOYD-GEORGE HOLDS HIS OWN. A UNIONIST DICTUM; ' O'BRIEN'S SHOTS INJURE ONLY EEDMONDITES. London, April 19. The "Morning Post"; (Unionist) publishes 'a statement regarding ' the prevailing reeling in the House of Commons. The general, opinion of British members of all parties is that Mr. LloydGeorge disposed of Mr. O'Brien's allegations, but that Mr. O'Brien's attack on the Rodmondite Nationalists was severe and well delivered. .•'.."■ The paper adds that Mr. Lloyd-George made no important concessions in the controversial parts of the Budget. ■, THE BUDGET OF 1909. The historic Budget of 1909 was duoed into the House of. Commons by the Chancellor of the Exchequer, Mr. Lloyd-George,. on April 29, in a four hoars' speech. ' -' •The Finance Bill embodying its pr6 r visions was'issued on May 28. The second reading began on June 7, the Committee stage began on June 21, and lasted till October 7* The report stage began on October 19, and ended on October 29. _ ■'•,.■,<. The third reading was carried in the House on November i, by a majority of 230: For tho Budget „ 379 Against _ 149 The Irish party did not vote. The Finance Bill,' as passed in the Commons, fills 100 folios. The House of Lords refused to pass it on .the ground that the people should first be consulted. The Budget proposed new or increased taxation under the following heads: I.—Land Values. IV.—lncome-tax. ll.—Liquor Licenses. V.—Stamp Duties. TIL-DeatE Duties. Vl.-Customs and Excise. The proposed new taxes on land were four: (a) Duty on increment value; • (b) Reversion duty; (c) Duty on-undeveloped land; ''• (d) Duty on minerals.

The duty on increment value is a tax of 20 per cent., levied on any increase in the "site. value" of land accruing after last April. It is to he paid whenever the land is sold or let on lease (for more than 11 years), and whenever it changes hands by death.' In the case of.corporations, which do not die, the duty.is to be paid periodically every fifteen years, beginning, with 1914, instead of on transfer through death of the owner. In addition there were taxes on motorcars arid motor-spirit. The sum of 34 millions was taken from the sinking fund of the National Debt. . ' v■-

The present realised deficit; of over 26 millions is mostly made up of uncollected income-tax, nearly all of which, it is to be noted, the Chancellor of the Exchequer hopes to collect.