BRITISH BUDGET.

Press, Volume LVI, Issue 16815, 22 April 1920, Page 7

BRITISH BUDGET.

REVENUE and EXPENDITURE, j Imperial No-ts Service—Press Association, j LONDON, April 18. The Chancellor cf the Exchequer, in iho course of Ins Budget speech, stated that realisations from votes of credit increased by 41.3 per cent., mainly owing to the unexpectedly large receipts by the Ministries of Shipping and Munitions. The floating debt as at March 31st was £1,313,CC0..0C0. a decrease of £100.0G0,0G0 as compared with last vear. The worst feature of the | floating was the burrowing on Wavs and Means. Th's was the immediate cause of tie infl it'.on of credit an:, prices. Although the revenue exceeded expenditure he was lorced in_ tindays nf April to borrow &33,0ii9.0UU from the 13 ink of England o!i tiie Ways and Means ac.-ount. Owir.y; u the nonrenewal of maturing bills to the extent of £04 C00.r.00 re was compelled to raise the Treasury JSiil rate, and the bank rate was simultaneously raised. This fliowo ] the clink-uKy of havsng an enormous floating debt, and the urgent need for an effective remedy. Mr Chamberlain added that this Budget was critical because the time had come to lay a deep foundation for future prosperity. The expenditure in 1920 would be approximately £141,000.0?0 in excess of last year's estimates, but £ 0 2X03.030 below the revise 1 estimates of October, 1910. As regards revenue, the result was not merely mora favourable than anticipated, but greatly exceeded tho original Budget estimates. The actual Exchequer receipts were nearly £133.500.000 more. Customs and Excise duties exceeded the estimate by £45 ITO.OGO, mainly due to the increased yuTi from spirits, beer, tobacco, and tea. The increased consumption of tobacco was unprecedented, and was due, inter alia, to greater smoking by women. The entertainments duty yielded A1D,500.000 or £2.500,00'.) moie than was anticipated. The in-come-tax and super-tax were £5,000,000 and death duties £7,500.000 above tho estimates. The cxcess profits tax produced a surplus of £10,000.000 over the reduced estimnto of October, 1919, but showed a deficiency .compared with the Budget estimate. This, however, was onlv a question of delayed payment. StamT) duties were a record, being £10,000,000 over the estimate. Miscellaneous revenue exceeded tho October estimate by £130,000,000.

THE DEBATE. (Australian and N.Z. Cable Association.) LONDON, April 20. Tho Budget lias received much Driiirism ' from the Government benches. Probably it will get more support from the Opposition than from tho Government side, though the Oppositionists cfeplore the dropping of the Prime Minister's land taxes. j The main criticism is directed against tho increase in the excess profits'tax, which surprised many peoplo who expected a reduction, if not the abolition, of the tax. Members of the Housg of Commons and others representing trading and manufacturing interests declare that the tax • will hamper the countiy's reconstruction, cause a rise in prices, and damage the country's export trade. Supporters of the tax consider that prices will not be affected, as prices rose after the tax had been halved. Mr Chamberlain's proposals, on the whole, aro regarded as a courageous attempt to adjust tho country's incomings arid outgoings, and to reduce the National Debt. Imperial Nows Service—Prtat Association. (Received April 21st, 7.15 p.m.) LOADON, April 20. Ia the Souse of Commons, in the debate on the Budget, Mr Asquitli declared that the wine duty was worthless in view of the small' revenue it would produce, and it would bo the cause of ill-feeling in the wino-produc-ing countries. Ho emphasised tne need for greater public economy. He criticised the smallness of the provision for a reduction of the floating debt. Otherwise he warmly approved the Budget. Mr J. li. Clynes (.Labour, Mancnester) lamented the undue war-time bor- • rowing, and maintained that none of Mr Chamberlain's proposals would diminish the cost of living. On the contrary, they were more likely to intensify the situation. He congratulated Mr Chamberlain on the excess profits tax proposals, but rejected the prolonged scheme' for the redemption of tho \ National Debt, which could be wiped out in a few years by tho continuance of a little self-sacrifice. The removal of the debt would give contentment, not only to the poor but to many people not classed as poor. Mr J. A. R. Marriott (CJo-Unionist, j Oxford) expressed the opinion that tho Budget would have an admirable effect in demonstrating to the whole world the country's confidence in the national finances. Therefore it would react in the piost favourable manner on British credit. FRENCH COMMENT. 'United SerriotJ (Beceivied April 22nd, 12.15 a-xn.) _ PARIS, April 21. Frenchmen point out that the Budget proposals "are a poor return for all France has done for England." They say it would be better if there wore more wines and less spirits consumed in England.