THE FINANCES

Press, Volume LXVI, Issue 13742, 25 May 1910, Page 7

THE FINANCES

Ho enumerated tho different directions in which increased taxation wna proposed by the Government last year. Sir Joseph Ward had said that it was necessary to have increased taxation in order to meet the increased expenditure for defence purposes. As a matter of fact, however, although tho taxation had been in creased" for this purpose, there had not yet_been any increased expenditure on defence. In fact, last year's defence expenditure showed a decrease. Then, again, the Prime Minister had said that tho increase in death duties was necessary in order to meet tho outlay incurred in connection with the battleship gift to Groat Britain, but although tho greater death duties had been in operation for some months, there had yet been no expenditure in connection with the battleship. Ho referred to tho statement that tho Minister for Finance had declared that thero was a surplus of £432,000. For many yeare it had been customary to transfer*the greater part of the surpluses to tho Public Works Fund, but fast year nothing was transferred to the Public Works Fund, and consequently tho whole of tho £184,000 of the.previous year's surplus was carried forward, and thus was included in the £432,000. Yet, Sir Joseph Ward had declared that the £432,000 was the actual surplus for the yoar. Sir Joseph hdd been called the '"Wizard e-f Finance," but his methods of keoping accounts were not the methods that sane and sensible people would adopt in conducting their business. (Applause).