BRITISH CHANCELLOR'S WAR BUDGET

Dominion, Volume 8, Issue 2454, 6 May 1915, Page 6

BRITISH CHANCELLOR'S WAR BUDGET

A WELTER ,OF MILLIONS OPPOSITION TO THE LIQUOR PROPOSALS _ _ _ London, May 4. Mr. Lloyd George, Chancellor of the Exchequer, in his Budget statement, said that the war was costing £2,100,000 a. day. If it lasted throughout the financial'year he estimated that the expenditure would reach £1,132,654,000, leaving a deficit of £862,322,000; if it lasted for half a year the deficit would be £548,346,000. The Government must depend primarily on the community's savings. It was proposed to renew the income tax on the present 6cale. The cost of the war, ho continued, had been progressive. For the first four months it had been 102 millions, for the second four months 177 millions, exclusive of the purchase of commodities, for which the money would be returned Wonderful Buoyancy of the Income and Super-Taxes A feature of the Budget was the wonderful buoyancy of the income-tax and super-tax, There were now 36,000 payers of the super-tax. Five hundred and twelve estates had been relieved of duties owing to deaths in the war the allowances amounting to £102,000. ' If tho war lasted during the financial year the Army would require 400 millions and the Navy 120 millions, while aidvances to the Allies and the Dominions would absorb 100 millions. National Savings Must Incroase. If the war was prolonged it would be (ho duty of the House of Commons to consider what further contributions the general community should make. It, was vital for the successful conduct of the war, and in order to help Britain's Allies,' that the national savings should increase. If the savings increased. thero would be funds available to release existing securities or to imest in a national loan. If the war lasted over the financial year it would be perfectly legitimate to resort to taxation of those making exceptional incomes out of the war. At the end of the Napoleonic wars our forefathers taxed themselves to the extent of two-sevenths of their incomes. The Output of Munitions. Wo had raised an enormous number of men, but ought to consider whether the time had come when there should be discrimination iu regard to recruiting, so as not to interfere with the output of munitions and of manufactures for export which would enable' the country to purchase munitions. OBJECTIONS TO THE LIQUOR TAXES INCOME TAX RESOLUTIONS ADOPTED. . (Rec. May 5, 8.30 p.m.) „ London. May 5. . Speaking in the House of Commons, Mr. Austen Chamberlain said that it would be impossible for the Opposition to accept the licensing proposals. He urged Mr. Lloyd George to consult the "trade." Mr. Lloyd George, interposing, said that he was anxiouß to come to an arrangement with the "trade," which was most patriotic. He was not wedded to any scheme, and would therefore postpone his proposals until he bad received a deputation from the brewers and distillers. ■Mr. Eonar Law (the Unionist leader) said that if the' liquor taxes were' .proceeded with in their present form the Government would raise an agitation similar to that which was created over the Licensing Bill of 1908 ° Mr. Eedmond (the Nationalist leader) said that no case had been made out for the taxes, so far as Ireland was concerned. Mr. Arthur Henderson (Labour) said that tho White Paper (which had been published) had introduced unnecessary controversy. The evidence was only that of the employers and the offiioals. The workmen's side had never been stated, or asked for. The income tax resolutions were adopted. TWENTY MILLION LOAN FOR RUSSIA „ Petrograd, May 4. Russia is issuing m foreign markets 5 per cent. Treasury bonds for £20,000,000.