The English Budgets

Te Aroha News, Volume XIV, Issue 2109, 7 June 1898, Page 2

The English Budgets

REMISSION OF TAXATION.

Ouk London correspondent, writing on April 23, says:—Last night was Budget night in the House of Commons, and Sir Michael Hicks-Beach had the gratification of announcing a year’s revenue of £106,000,000, a surplus of £3,500,690, and, secondly, an anticipated surplus of Ll, 800,000 for the current year, without estimating any increased proceeds from taxation. But what about new taxes ? asked the Chancellor of the Exchequer. And then he preceed< d to discuss varif us proposals as to r sh subjects of taxation. The House listened uneasily and anxiously, lut Sir Michael rejected all these sugge t» ms ©ne by one, and then suddenly galvanised the House into excitement and en thusiasm by announcing that instead of asking for more, he wa,< going to remit. (Great cheering.) Yes, said the Chancellor, he was going to ease down the income tax on incomes between L4OO and L7JO; to lighten the death duties and iand tax, and to reduce by 6d per lb the tax on tobacco. (Immense enthusiasm of smokers!) In this way he could dispose of L 1,500,000 of the surplus, keeping in hand the balance as a margin. All this, too, in the face of the huge and unprecedented outlay on navy and army ! Verily, England’s prosperity has attained a marvellous pitch! We spend on our navy, Sir Michael tells us, as much as France and Germany combined ! And, after it all, we have a surplus of L 3,500,000 left. ‘ Rule Britannia,’ etc., etc.’—Auckland Star.