BRITAIN'S WAR BUIGET

Dominion, Volume 10, Issue 3070, 4 May 1917, Page 5

BRITAIN'S WAR BUIGET

GIGANTIC FIGURES

RECEIPTS EXCEED THE ESTIMATES V (THE DOUBLE INCOME TAX IMPOSITION (Ree, May 3, 6.55 p.m.)

London, May 2. j. There was little excitement over the (Budget,) it being an open secret that jtho changes would bo unimportant. !Mr. Bonar Law, in his speech,: said ■ that'tho gigantic figures which feart'ured the Budget were- not a subject If or rejoicing, but a ground for thankffulncss that wo were ablo to bear , the iiinancial strain of the greatest act of jmadness'and tho greatest crime in the. Svorld's history. Tho receipts exceeded tthe estimate by £71,153,000, of which She incomo tax and super-tax accounted Sot £10,033,000, and the oxcess prohte; including the munitions levy, £53,920,-. ! iOOO. she .revonuo from all sources totalled £573,428,000, and the expenditure £2,988,113,000. Tho excise and ICnstoms receipts had fallon to £9,069,!000, owing to the restrictions in shipIping. 'The excess of expenditure was (£372,000,000 over Mr. M'KennaJs estiHnate, due to .the increase in tho isupply of mnnitions and the ad'ivances to tho Allies and the Dominions, puring the war £822,000,000 had heen Advanced to tho Allies, and £142,000,|()00 to the Dominions. It was satisfactory .to know that tho Dominions Hiad been able to find so much from Hheir- own resources, and., that there {(would bo no increasing strain on tho British Exchequer o». their account. fTho United States had promised to assist the Allies financially. , '■•..' Examining the national halance.lsheet from the point of view of peace /(conditions, the excess profits and nonh'ecurring revenue must be deducted, the net revenue £416,000,000. /The National Debt had now.' reached i£3,854,000,000, less the sums advanced jto the Allies and. Dominions. Thus far i£4,318,000,000 had been, spent on war, tof which sum £1,137,000,000 camo tout of revenue.: No other, belligerent teould present such satisfactory figures. JTho estimated expenditure for the compng year totalled £2,290,000,000, inicluding advanoes to the Allies' of 1£400,000,000, but this amount wag ■doubtful, owing to the entry of the [United States. The daily expenditure ion the war was thus £6,275,000,' Compared with £6,022,000 last year. ?The tobacco duty, which would be in■creased to 22d. per lb., would bring in ,ia_n extra £6,000,0001 while new taxation (including an 80 per cent, increase ion excess profits), would bring in 5£60,000,000. The tax on entertainknents would yield a million and a half.

■ Mr. Bonar Law concluded: "It is cerjtain tlat want of money will not present our victory. AYe. shall be able to Co on longer than our enemies." The Budget resolutions were adopted. - Mr. S. Baldwin (U.) said that the Government recognised the hardship of !the double income tax, which, would be fconsidered, after the war. Mr. Bonar Law mentioned that the iGovernment was requisitioning; all Ships, except small coasters. The Government would thus take the excessive profits. , i Mr. Page Croft protested that the intolerable grievances of the Dominions regarding the ■ double income-tax, [were not redressed.—Aus.-N.Z. Cable ! lAsSn. ■: ■■■.- ■•',•.■ ' '..- ", :.. ..