BRITISH POLITICS.

Taranaki Daily News, Volume XLVII, Issue 8100, 3 May 1906, Page 2

BRITISH POLITICS.

PRESENTATION OF BUDGET. London, May 1. The Bight Hon. U. H. Asquitb, Chancellor of the Exchequer, delivered his Budget Speech. The aotual revenue was £143,078,000, and the expenditure £140,512,000, leaving a surplus of 63,466,000, whioh passes automatically to tho reduction of the public debt. Over-sea trade during the last financial year was unparalleled, and ejliploymeift was perceptibly improving. There was a steady progressive diminution in the drink reveaue amounting to £607,000. This attributable to the growth of tomperanee, and to the increased power of competing attractions. He deprecated the interception of earmarked Imperial taxes for local purposes. He estimated tHo revenue for next year 'at £141,860, WO, while be set down for expenditun on Imperial account £141,786,000, or, including looal contributions, at £151,621,000. Allowing £414,000 for contingencies there would be left a disposable balance of £2,660,000. *'

Tho Chancellor said he was determined to end the practice of borrowing* for military and naval works at the earliest possible dato. TJio total phivision next yoar for the reduction of the national debt was £13,500,000, which included half a mil'ion from the i estimated surplus, and half a mil)ioQ ' from the Chinese indemnity. Allowing for fresh borrowing for works, this would effect a red taction, of the debt by nine millions.' It wag intended to allot £135,000 as education grants for East and Welt Ham, £105,000 would be allotted to the Post Office to secure greater postal and telegraph facilities. The abolition of the coal duty would this year absorb a pulton, and two millions next year, and the reduetion of the tea duty would absorb £920,000. ' Should the reduction on stripped tobacco not involve an appreciable lost r in revenue, he admitted it jm impossible to justify a shilling income tax in times of peace. He proposed to appoint a select committee to inquire ag to the practicability of its graduation and differentiations He) promised legislative action to facilitate the use of alcohol for Industrial purposes and bring the manufacture of the basis of wines under exeise supervision. Liberal newspapers consider the Budget sound, but a stop-gap one. Unionist papers describe Jt as humdrum. " 1 It is expected thj! debate will be finished to-day, as the issues are nW. senously controversial. THE BUDGET DEBATE. PROPOSALS CARRIED. ' 1 "T* X Received 2,10.40 p-.m. '» London, May 2. I Mr Asquith announced that the reduction on tea duty would begin on May 14th, instead 'of July. The maximum loss to the treasury through the change would not exceed eighty thousand pounds. Replying to Mr Redmond, Mr Asquith promised shortly to carey fully investigate the financial relations of Britain and Ireland,Mr Balfour insisted that treat naval and military works could- never be constructed except by loan. Mr Chamberlain considered that Mr Asquith had introduced virtually a | Unionist budget, since the surplus | estimates and the decision to abolish r the coal tax was theirs. The reduction ■ •>4 on tea was insufficient to benefit oon- if sumors. He warned the 'Government I not to be too saoj.Tuino that they would f escape unexpected ealls, since the digturbances in Natal and the diffioultiec I in Egypt loomed ahead. « The budget resolutions were passed. I