BRITISH BUDGET.

Gisborne Times, Volume V, Issue 87, 22 April 1901, Page 2

BRITISH BUDGET.

By Telegraph—Press Association—Copyright London, April 19.

Tho Times, commenting on the Budget, says it is fairly satisfactory as a step in the direction of broadening the basis of taxation.

The Standard says the Budget is a makeshift. Tho increase of twopence in tho income tax is a fatal blot, in view of the imposition duties. Enormous but fruitless clearances of tea, tobacco, wines, and spirits were made. Tho borrowing proposed by the Government will bo mainly from tho consols under the Debt Conversion Act of 188 S. There arc indications that two and threequarters consols are falling automatically to two half per cent. It will be issued at minimum 941. Discounts and other allowances make it probably largely allotted at 96{. Dividend will be payable in July for the quarter ending June. Sir Michael Hiclcs-Boach has promised to consider the exemption of existing coast export contracts from duty. Tho Standard says that it is understood tho exemptions will bo applicable exclusively to foreigners who are purchasers, whilo British purchasers abroad are liable. The Budget provides a duty of 4s 2d on refined sugar polarising about 98 degrees, whilo raw sugar polarising below 98 degrees gradually diminishes with each diminishing dogree of polarisation by a percentage of duty until it reaches a maximum of two shillings at 76 degrees. feeling" IKMIEEMANY. By Telegraph—Press Association—Copyright London, April 20. The publication of the Budget caused astonishment and admiration in Germany. The action of the House of Commons in accepting fresh burdens is taken as a proof of tho greatness and Tho bulk of the German exports of sugar goes to England. Some German newspapers say that it remains to be seen whether Sir Michael Ilicks-Beach succeeds in throwing portion of tho cost of the South African campaign on to the Continent.

THE NEW LOAN. By Telegraph—Press Association —Copyright London, April 20. The Committee of tho Houso of Committee, by 186 to 117, has authorised a loan of sixty millions by two thirdquarters per cent, consols, or a further issue of war loan stock, or treasury bills exchequer bonds. The Times says that Sir Michael HicksBeach was previously assured that tho city would support the loan as issued, and that tho prevailing conditions were believed eminently favourable for the loan which will bo placed on tho market early next week.