The Daily News. WEDNESDAY, APRIL 24, 1918. THE BRITISH BUDGET.

Taranaki Daily News, 24 April 1918, Page 4

The Daily News. WEDNESDAY, APRIL 24, 1918. THE BRITISH BUDGET.

In introducing the Budget in the House of Commons Mr. Bonar Law remarked that the figures were the largest ever known in any country. This, of itself, conveys a faint idea of the enormous sums dealt with in the Budget. It is not a question of millions, not oven of hundreds of millions, but of thousands of millions—figures that would Btagger and bewilder the ordinary man. While it is quite impossible to make these Budget figures interesting to the ordinary reader, there is much that is well worth while noting, if only to realise the colossal nature of the Motherland's financial burden, consequent on the war. The total revenue raised last year by the Home Government amounted .to (£707,285,000, of whieh over .£413,000,-

000 was derived from taxes and duties. This year's new taxation provides for an Additional £114,000,000, the tobacco duty being fixed at Gs 2d per lb, the duty oil Spirits at thirty shillings, and on beer lifty shillings per barrel. Not only is Britain's actual Avar expenditure continually increasing, but the consequent liabilities are mounting up. For instance, old-age pensions now amount to over £12,000,000, and the interest on the national debt has reached £380,000,000. The actual total expenditure last year was £2,403.000,000, equal to a daily toll of £0,980,000, as compared with £0,583,000 in the previous year. This year the estimated expenditure is set down as £2,972,000,000. Naturally, Britain has had to borrow, with the result that at the end of 191S the national debt is expected to reach the huge total of £7,980,000,000,' whereas in 1913-14 it stood at £051,000,000. The growth of the national debt, and the enormous sums raised by increased taxation, show how the war has been, and is being, financed. It must be remembered that Britain has not only had to defray her own expenses, but also to advance money to her allies and to the Dominions. The Allies have received £505,000,000, and the Dominions £244,000,000. At the present rate of expenditure Britain could not continue to finance in the same way as previously. Fortunately America's advent into the war saved the financial situation, for she has advanced £950,000,000, including £500,000,000 to Britain, the latter almost covering Britain's advances to the Allies. The pressure, however, still grows as evidenced by the fact that the Budget provides for increases under almost every heading. The outstanding feature of the financial position at present is that the Allies are leaning on Britain, who, in turn, is leaning on America. To have raised £1,980,000,000 from the people 1 last year bears eloquent testimony to' the country's immense financial strength, as well as its determined spirit to see this war through. Nearly four years of war finds the country strong and resolute, while so far as war expenditure is concerned Britain is self-supporting. The people are not dismayed at the cost, and though hardships are entailed that we in New & z ea i an d do not just , y appreciatej the necessary money is forthcoming, and will be provided till victory is attainedthe last man and the last shilling if necessary.