THE BRITISH BUDGET.

Taranaki Daily News, Volume XXIV, Issue 88, 16 April 1902, Page 3

THE BRITISH BUDGET.

, INCREASED TAXATION PROPOSALS. PBB PRESS ASSOCIATION, London, April 14. Sir Michael Hicks-Beach, in the course of his Budget speech, hoped a happy result would ensue from the peace negotiations.

Ho proposed an additional penny on the Income Tax, increased stamp bill duties, a large loan, and a small duty on imported flour and corn.

Received 16, O.IS a.m.

London, April 15. In his Budget Sir Michael Hicks-Beach said the revenue was buoyant, though the value of foreign trade bad declined owiug to the fall in •he plica of coal. L*st year the expenditure totalled £195,522,000. The total cost of the South African and Ohina wars up to the end of March wns £165,000,000, less the Chinese indemnity of six millions, which was still unrealised, and the eventual contribution from the Transvaal's wealth. The expenditure next year would be estimated at £175,609,000, and the revenue at £147,785,000. Though he hoped for peace it would be safer to add eighteen and a half millions to cover the war contingencies, fresh railways in the conquered territories, bounties to soldiers, return transport for troops, and generous provision for the relief and reinstatement of 'oj alis's and enemies. Part of mch loans would be repayab'e from a suspension sinking fund. The deficit was reduced to fortv-cne millions. The additional penny income tax would yield two millions in i he present year, and two and a half millions next year. He promised it would be the firdt tax to be reduced. Received 16,0.45 a m.

London, April 15. The duty on bills 011 sight, dividend warrants, and cheques would be increased oce pennyin the pound,yieldir g half a million. It would be useless to touch beer, spirits, wine, tobacco, tea, or sugar. The Government preferred a registration duty of three pence per hundredweight on imported corn and grain, and fivepence per cwt. on flour and meal, yielding £2,650,000. It wns proposed i> issue loans for £32.000,000, providing for the balance of .£3,850,000 by a draft on the Exchiquer balances. Possibly the Government would ask for additional temporary borrowing power to the extent of ten or twelve mil'ions later on

In t.he digcutsi m which followed, Sir Wm. V, HatcjurC considered the tax on corn was the worst class of tax desirable.

Right Hon. Ohaplin, Right Hon. J. Lowrther, and Sir Howard Vincent approvfld of it. The House, by 254 to 153, sanctioned the duty on corn and fljur. A few Unionists voted in the minority, with the Liberals and Nationalists. Keceived 16, 1.8 a.m.

London, April 15. The Unionist Pie«s endorses the the corn and flour duiiec, considering it will practically not affect individuals. It grumblts at the additional Income Tux, and condemns the stamp duty as irritating and meddling.