THE ENGLISH BUDGET.

Temuka Leader, Issue 1718, 31 March 1888, Page 2

THE ENGLISH BUDGET.

Lokdon, March 27.

In delivering bit Budget speech, the Eiafht Hon, G. J. Goschen, Chancellor of the Exchequer, said the revenue for tli'; past financial year was £89,589,000, a , 1 the expenditure £87,424,000, leevii•;; a surplus of £2,165,000, which the ri.-rht lion, gentleman said was the l>r»est surplus any Chancellor of the 1 xchequer had been privileged to ann : !nce since 1874. He estimated the r venue tor the next financial year at £ 9,287,000, and the expenditure at £:>6,910,000. The Government proposed to impose an additional tax upon increase succession fees. Additions! taxation would be placed in the shape of license fees on vehicles, racehorses and hr rses kept for pleasure, horse-dealers, ar.d new companies, Additional duties Wi'ulrf be placed on deeds, contract st, taps, fugntive securities, new issues, costly wines (in bottles) to the amount of five shillings per dozen. The estimated revenue from these new sources was £2,511,000. The present surplus, Mr Goschen said, would be applied chiefly to granting subsidies to County Councils. Government would propose a reduction of the Income-tax by one poaay. The Chancellor of the Exchequer went on to urge the necessity of immediate Parliamentary sanction for the cost of the auxiliary ftaet. The revenue derived from Suez Canal shares would be applied in fortifying coaling stations. It was intended to impose surrenders to assist local taxation, and that a portion of the license fees and half the probate duty would be applied to the same purpose. The necessary fund? for naval defence would be raised by a loan payable as annuities in ten years. Ireland is to be exempt from the vehicle tax, which impogps 2s 7d on wheel traffic, £1 on pleasure horses, and A. 5 on racehorses. Later, The financial statement delivered by the Hon. Mr Goschen, Chancellor of the Exchequer, shows that there has been a gross saving of £711,000. All the departments show that economy has been carried out. There will be no additional estimates brought dowa for the army and navy. The revenue for the year is £1,454,000 above the Estimates, which leaves a surplus of £2,165,000.

The Times likens the proposals.to those formerly set forth by Sir Robert Peel and the Hon. Mr Gladstone.

The Press generally approve of the Chancellor's proposals.