BRITISH CHANCELLOR'S WAR BUDGET

Dominion, Volume 8, Issue 2311, 19 November 1914, Page 5

BRITISH CHANCELLOR'S WAR BUDGET

£450,000,000 FOR FIRST YEAR OF WAR DOUBLE TAX ON INCOMES PROPOSED ■ ■ • London. November 17. Mr. Lloyd (Jeorge, Chancellor of the Exchequer, stated that the estimated year's expenditure was £206,924,000, in addition to £328,443.000 of war expenditure, and the probable deficiency would be £339,571,000. The first year of the war would cost at-least £450,000,000. The largest sum Britain had previously spent on a war in a single year was £71,000,000. The British expenditure was- in highfer proportion than that of any other country. ■ The beer duty would be increased by a halfpenny per half-pint; the tax on tea would be increased by threepence; no extra whisky tax would be levied. London, November J7. The proposals included a double income tax, but this year it was proposed to collect only on one-third of the incomes. , . . The Chancellor pointed out that Britain already had at, least 2,000,000 men under arms,' and he confidently anticipated that the number would reach 3,000,000 in a few months. Separation allowances alone would then cost £65,000,000 a year. - (Reo, November 18, 10.85 p.m.) London, November 17, Mr. Lloyd George said that the tea duty would produce £32,000,000 next year, and ihe beer duty £17,000,000. The country's income at present was £2,300,000,000,- whereas in Napoleonic times it was £250,000,000. If .we rose to the heroic level of our ancestors we would now b? raising £700,000,000 annually. . . The Chancellor was generally cheered throughoat his speech-, and the proposals were carried. BRITISH WAR LOAN PROSPECTUS ISSUED. London, November 17. . The prospectus has been issued of a £350,000,000 3J per cent, loan at £95, i redeemable in 1928. Applications closo on November 24. One hundred millions has already been placed. . ■ ': '• OUR WAR BILL FOR LAST WEEK-£12,.765,000! (Ree. Novemoef 18, 9.5 p.m.) London, November 17. Britain's war bill last week cost £12,755,000, the highest yet recorded. " PRESS COMMENT ON THE BUDGET. (Rec. November 19, 1.40 a.m.) ■. ' London, November 18. The newspapers generally approve the War Budget, .and declare that the burden is well spread. '