THE BRITISH BUDGET.

Dominion, Volume 1, Issue 193, 9 May 1908, Page 4

THE BRITISH BUDGET.

The cable message we publish this morning gives but the briefest details of the Budget presented to the House of Commons by Mr. Asquith on Thursday. The financial year closed, with a surplus of £4,776,000, as compared with £5,399,000 for the previous year. Concisely stated, the finances of last year were: — Revenue ... £156,538,000 Expenditure 151,762,000 Surplus ... . ... £4,776,000 This surplus of £4,776,000 passes automatically to the Sinking Fund Commissioners to be applied in the reduction of the National Debt. In this connection Mr. Asquith took considerable credit for what has _ been achieved. In three years the Liberal Government has reduced the National Debt by over forty millions sterling, made up as under: — March 31, 1906 ... ... ... £7,746,000 , 1907 ... 14,825,000 1903 ... .' 18,030,000 . £40,601,000 Mr. Asquith contends that the.time is now approaching to slacken this rate

of reduction, but it is not proposed or suggested that the amount of £29,500,000 fixed for the- National Debt service should be reduced. What is intended is to apply the surplus, if any, to the Old Age Pension Fund under the scheme now proposed. For the current financial year the estimates are as under:— JWonuo £157,770,000 Expenditure ... 152,809,000 Surplus £4,901,000 It is stated in the message that Mr. Asquith appropriates the realised surplus, that is, the surplus of last year, chiefly for old age pensions, but this, we think, is incorrect. It is more likely to be the expected surplus of the current year, namely, £4,901,000, that is to be appropriated for the purpose, and the additional sum required to make up the six millions sterling which the pension scheme is expected to cost will be obtained out of additional taxation. It is useless to attempt to express an opinion on the Budget, for the details are far too meagre to permit of fair judgment. It seems, however, that it is an electioneering Budget, and, in vie\f of recent happenings at by-elections, the Prime Minister may consider it advisable to make an early appeal to the country, and seek to stem the tide, by: securing a verdict on the strength of his pensions proposals.