GRAND SURPLUS.

Gisborne Times, Volume IX, Issue 874, 25 April 1903, Page 2

GRAND SURPLUS.

OVER EIGHT MILLION POUNDS REDUCTION OF TAXATION, By Telegraph—Press Association— Copyright. Received -1.52 p.in., April 2 1. LONDON, April 2d.

Mr Ritchie anticipates a surplus o ten million eight hundred and sixicei thousand pounds. He devotes eight, aud a-ilalf milliol pounds to titc reduction ot iourpeno in the income tax.

Willi the balance lie relieves indi reel taxation, including a remissioi of Lite corn tax.

A CAUTIOUS SPEECH, SCHEME TO WIPE OUT NATIONAL DEBT IN f>u VICARS. AT RATE OF 27 MILLIONS YEARLY. By Telegraph—Press Association — Copyright. Received (i.du p.m., April 21. * LONDON, April 21. Mr Ritchie's Budget speech was cautious. He noted me unhopeful slate oi’ilrade prospects, ana empnasised Hie necessity of a mutual understanding between capital and Jabor.

Adverting to consols, lie dwelt on the exceptional Government, borrowings, suspension of sinking fund, tile ieduced gold front South Africa, tne increase of trust securities, the colonies’ anil municipalities' borrowings, and said the fall of consols was not surprising. There was no reason for apprehension. He estimated the revenue at one hundred and fifty-four million seven hundred and seventy thousand pounds and tile expenditure at one hundred and forty-three million nine hundred and fifty-four thousand pounds. It- was intended to devote twentyseven millions annually to a sinking fund, enabling, if there is no addition to .the national debt, ior tile whole to be extinguished in half a

century. lie expressed concern ai tiie military and naval expenditure with a hope for a considerable re-

duction in tiie former in future years, hut for Great Britain a strong navy Was a matter of life and death, ami was no menace to Hie happily pleasant terms with ail Powers. The relations hut:ween France and Great Britain were most cordial. All hoped for mutual goodwill animating the Governments and people of the two countries. It was shown in lh

cordial welcome being prepared for King Edward in France, and yearly was growing stronger.

THE SPEECH CONTINUED,

DESCRIBED AS ELECTIONEERING BUDGET.

By Telegraph—Press Association—Copyrigh: Received 1.4 a.m., April 25.

London, April 24. Mr Ritchie, continuing, said that ho was glad to think some of their neighbors were inclined to cry halt- in the matter of naval expenditure. He welcomed such indications. If others adopted such a policy Great Britain would readily andlovaily respond. Upwards of ball’ of the .war taxation had fallen on income taxpayers, whose contribution was £39,884,000, and the indirect taxpayer £31,962,000. Ho would be glad to appoint a Committee of the House of Commons as to the incidence, equity, and also evasion of income tax. The corn tax was a necessary life duty, inelastic and easily subject to fresh conditions. The remission would operate from the first July. The cost of the South African and Chinese wars had been two hundred and seventeen millions, whereof 87.1- millions would be met out of revenue and 1491 millions outof capital. He hoped to recover from China six millions, and South Africa the 34 millions aforesaid. A fixed annual debt charge of 27 millions would leave £6,600,000 for sinking fund. This, with receipts from the Transvaal would rise in five years to nine millions, or one and a quarter per cent, of the entire debt. The percentage was unprecedented. Sir William Hareourt congratulated Mr Ritchie, but said that it was scandalously unjust to benefit so largely the payers of direct txation, compared with indirect tax

payers. M. Haldane characterised it as an electioneering budget. Mr Ritchie stated that after the Crimean war the reduction in direct taxation was 75 per cent., and of indirect taxation 25 per cent.