BRITISH POLITICS.

Wairarapa Age, Volume XXVIX, Issue 8130, 3 May 1906, Page 5

BRITISH POLITICS.

THE BUDGET. STATEMENT BY THB CHANCELLOR OF THE EXCHEQUER. THE NATIONAL DEBT. Received May 2, 9.20 a.m. LONDON, May 2. Mr Asqnith, Chaucollor of the Exchequer delivered, his Budget speech in the House of Commons yesterday. The actual revenue, he stated, was £143,978,000 and the expenditure £140,512,000, thus leaving a Burplus of £3,466,000, which passes autotuatically to tho reduotion of the national debt. Oversea trade during the last financial year was unparalleled. Emplojment was perceptibly improving, and there was a steady and progressive diminution in drink. The revenue from the latter source amounted to £b'o7,ooo, the decrease being attributable to the growth of temperance and the increased power ot competing attractions, Mr Asquith deprecated the interception of, earmarked Imperial taxes for local purposes. He eatimatea the revenue for next year at £144,860.000, while he set down the expenditure on the Imperial account at £141,786,000, or, g including local contributions, at £151,621,000. Allowing £414,000 for contingencies, there would be left tor dispusal a balance of £2,660,000. The Chancellor said he was determined to end the practice of borrowing for military and naval works at the earliest possible date. Provision would be made next year for the reduotion of the national debt by £13.500,000, whioh including £500,000 from the estimated surplus, and £500,000 from the Chinese indemnity, andallowing for fresh borrowing for works would effect a reduotion of the debt by £9,000,000. It was intended tu allot £135,000 as education grants in East and West Ham, and £105,000 would be allotted to the Post Office to secure greater postal and telegraphic facilities. The abolition of the coal duty would absorb this year £1,000,000, aad £2,000,000 next year, wbile the reduction of the tea duty would absorb £920,0C0. The reduotion of the duty on stripped tobacco would not involve an appreciable loss in revenue. He admitted it was impossible to justify a shilling income-tax in times of peace, and he proposed to appoint a select committee to enquire into the practicability of its graduation and differentiation. He also promised legislative action to facilitate the use of alcohol for industrial purposes, and to bring the manufacture of wines under excise supervision. The Liberal newspapers oonsider the Budget sound, but a stopgap. One of the Unionist papers describes it as "humdrum." Ic is Jexpeoted that the debate will be finished to-day, as the issues are not seriously controversial.

STRIKE IN AMERICA.

Received May 2, 8.41 a.m. NEW YORK, May 1.

Six thousand longshoremen at Buffalo and three thousand at Chicago have struck.