BRITISH BUDGET.

Gisborne Times, Volume VII, Issue 391, 16 April 1902, Page 2

BRITISH BUDGET.

INCREASED TAXATION. By. telegraph—Press Association — Copyright. LONDON, April la. In ins Budget speech. Sir Michael Hicks-Beach said that the revenue was buoyant, though the value of foreign trade had declined owing to the fall in prices of coal. . Last year the expenditure totalled £1115,522,(JUG.. The total cost of the South African and China wars up to the end of the month of March was £175,000,000 less the Chinese indemnity of £0,000,0U0, which was still unrealised, and the eventual contribution from the Transvaal’s wealth.

The expenditure next year he estimated at £174,800,000, and the revenue at £117,783,001). Though hoping for peace, he considered that it would be safer to add £18,500,000 to cover war contingencies, fresh railways ja conquered territories, bounties to soldiers, return transport for troops, generous provision for the relief and reinstatement of loyalists and enemies, part of such loans to be repayable from a suspension sinking fund. This would reduce the deficit to £41,000,000. An additional penny income tax would yield two million pounds m present year, and two and a half millions next year. He promised that it would he the lirst tax to be reduced.

The duty on bills on sight, dividend warrants, and cheques would be increased a penny in the pound, yielding half a million. It would, he said, be useless to touch beer, spirits, wine, tobacco, tea, or sugary He preferred a registration duty of threepence per hundredweight on imported corn and grain, fivepence per hundredweight on Hour and oatmeal, yielding £2,650,000.. He proposed to issue a loan of 52 millions, providing the balance of £3,850,000 by, draft on Exchequer balances^ Possiblv lie would ask for au additional temporary borrowing power to the extent of ten or twelve millions later on.

Discussion of ,the Budget proposals followed.

Sir William Harcourt considered that the tax oil corn was the worst class of tax.

Messrs Chaplain, Lowther, Howard, and Vincent approved of it., The House by 254 votes to 153 sanctioned .the duty on corn and flour.

A few Unionists voted in the minor, ity with Liberals and Nationalists. The Unionist press endorse the corn and flour duties, considering .that practically: they will not affect individuals, but they grumble at the additional income tax, and condemn the stamp duty, as irritating and meddling.