Britain’s, Budget.

Manawatu Herald, 28 April 1903, Page 2

Britain’s, Budget.

Mr Ritchie’S' Budget, i was cautious, but not unhopeful of trade prospects. The Chancellor emphasised the necessity of a mutual understanding between capital and labour, and. urged the advertising of; consols..;; He dwelt on the exceptional Government borrowings,, the suspension of the sinking fund, the smaller supply of gold from South Africa,; and the increase of trust securities and of borrowings by the colonies and by municipalities.

’ The fall in the price of consols, Mr Ritchie said, was not surprising and there was no reason for apprehension. Mr Ritchie estimated the revenue for the current yqarat £154,770,000, .and* tip?' expenditure- at, ■ £143,954,000. It wis intended, he said to, devote twenty.-seven millions annually to the Sinking 1 fund, enthere were- no additions in tbe„ meantime to the national debt, the whole to. .be 'Extinguished In half a century. ; jThe'Coßtpf fhe Sottth'AMoan-and' Chinese wars nadbeen two hundred and seventeen millions, of which eighty-seven and a half millions,, had been met out of revenue, and the remainder. out;'of capital.' Mr Ritchie said he hoped to recover from Chipa six and from South /Af^ca : milHons of the aforesaid. The fixed annual debt charge was twenty-seven millions, Which would leave £6,600,000 for a sinking fund. This, with receipts from the Transvaal, would rise in five years to nine millions, or 1J- per cent , of the entire debt. percentage, -the Chancellor added, was' jempraesdented. Sir William s Vernon ttaroourt (Liberal), congratulated Mr Ritchie, bat said it was scandalously- unjust to benefit so largely the payers of direct taxation compared with-in-direct taxpayers. DISPOSAL.OF THE SURPLUS. Mr C. T. Ritchie, Chancellor of the Exchequer anticipates a" surplus of £10,816,000. ’ Eight and a half millions are to be devoted to a reduction of fourpence in the income tax. Indirect taxation is to be relieved with the balance, including a remission of the cork tax.