THE BRITISH BUDGET

Taranaki Daily News, Volume LV, Issue 285, 24 April 1913, Page 5

THE BRITISH BUDGET

increased TAXATION.

REVENUE A3\~D expenditure.

By Cable—Press Association—Copyright.

' . April 22. The House Commons was crowded for the Budget debate. Mr. Lloyd George, in the course of his speech, said ; that during the year every domicile of industry had been doing humming" business, despite a bad harvest, the wnr and strikes. 11l consequence of the increase in the B&vjr estimates' and the expenses connected with the" Insurance Act he wanted an extra £7,500',000, but new taxes were * OBTTCcessar-y. He was basing his forecast on the assumption that the prospects for the coming year were the most glowing British trade 1 had ever seen. He expected that the yields from the taxes, the Customs aiid Excise duties, with the million from the Exchequer balances, ■would give a "balance of £185,000 for the ■ew Budget The revenue was estimated at £195,825,000, and the expenditure at .£195,- j 640,000.

Received 23, 9.5 p.m. London, April 23.

The Budget speech was uneventful and brief. It was stated that the overseas trade had reached its highest point. The home trade was-the heaviest on record. The coal strike' had caused a loss of revenue of £550;000, while the withholding of stocks of tea, sugar and tobacco, in anticipation of-reduction in the duty, had depressed the-revenue by £450,000. Although eight million gallons less spirits had been consumed during the last four years, the higher duties had produced an increase of £2,000,000 last year. The expenditure exceeded the estimate by '£4,671,000, due chiefly to unforeseen naval increases and additional medical remuneration under the Insurance Bill. The expenditure in nearly every country had rushed up alarmingly through the growth of armaments, and there were small prospects of retarding it. The Treasurer confidently relied on the normal growth of revenue to meet the increased expenditure .<Sf ' 1913, with the .exception of £815,000, which would be met by taking the million unspent by the Admiralty in 19K. It is anticipated that increases from spirits and beer will ibe £922,000, from tea and sugar £019,000, and from tobacco £905,000. The national debt is being decreased by '£12,000,000 annually. It is proposed to reinstitute the practice of two Finance Bills, one dealing with taxes and the other'with amendments of the law. 1 Received 23, 18.35 ■ p.m.

Mr. Austen Chambeiiaiin viewed with anxiety that tliey were not profiting by the good time, but were spending i eveiy penny and mortgaging every penny of farther income, while not increasing the reserve to meet bad times. He .criticised the disappointing Hand value .duty, which had resulted in a return of ■£90,000 'below tie. estimate in two years. The old sinking fund had been •robbed of £3,000,000 to provide for commitments. He agreed that the armament expenditure was beyond the Government's control, but it was different with regard to civil expenditure. Old age pensions had proved doaWe the amount originally estimated. Something .similar had occurred in connection with the Insurance Bill. He hoped the Government would consider the insurance administration from the Trou.aury. The Chancellor was over-sanguiae •regarding the estimates of 1913.