IN THE AIR.

Taihape Daily Times, Issue 220, 4 May 1917, Page 5

IN THE AIR.

TORPEDOED BY A SEAPLANE. BEITISH SHIP'S EXTRAORDINARY FATE. LONDON, May 3. The Admiralty reports that the British steamship Gena was sunk on Tuesday by a torpedo discharged from a German seaplane off Aldeburgh. All were saved. The Gena's gunfire brought down another seaplane associated in the attack. The occupants were prisonered. FRENCH ACT PROMPTLY. LONDON, May 3. As a reprisal for the enemy bombing Chalons and Epernay, five French machines bombed Treves, causing a violent conflagration.

THE BRITISH BUDGET. STAGGERING FIGURES. LONDON, May 2. In the House of Commons, Mr Bonar Law, in delivering the Budget, said that during the war 822 millions had been advanced to the Allies and 142 millions to the Dominions. It was satisfactory to know that the Dominions have been able to find so much from their own resources, so that ther e would bo no increasing strain on the British exchequer on their account. The United States had promised to assist the Allies. In examining the national balance-sheet in view of peace conditions, excess profits and non-recurring revenue must be deducted, making a net revenue of 41(i millions. The National Debt was now ;?554 millions, less the amount advanced to the Allies and the Dominions. Thus far 4318 millions had been spent in the war, of which 1137 millions were out of revenue. No other belligerent could present such satisfactory figures. The estimated expenditure for the coming year was 1190 millions, including advances to the Allies to the extent of 400 millions, but this amount was doubtful owing to the United States' entry. The daily expenditure was thus '5,275,000, compared with 6,022,000 last year. The tobacco duty would bring in extra millions, and the neAv taxation would bring in sixty millions. Mr Bonar Law concluded, "It is certain that want of money will not prevent our victory. We shall be able to go on longer than the enemy." The Budget resolutions wer e adopted.

Mr Baldwin said the Government recognised the hardship of the double income tax, and ; that would be considered after the war. There was little excitement over the Budget. It was an open secret that changes would be unimportant. Mr Bonar Law said the gigantic figures were not a subject for rejoicing, but a ground for thankfullness that we able to bear the financial strain of the greatest act of madness, the greatest crime in the world's history. Keceipts exceeded the estimate by 71,153,000, of which income tax and the super tax accounted for 10,033,000 excess profits, including the munitions levy, realised 53,290,000. Eevenue from all sources was 573,425,000 and the expenditure £2,195,513,000. Excise and Customs had

fallen 9,069,000 owing to the restriction of shipping. The excess of expenditure was 372 millions over Hon. McKenna-'s estimate,; due to the increase of munitions and the advances to the Allies and Dominions.