A NOTE OF WARNING.

Dominion, Volume 1, Issue 242, 6 July 1908, Page 7

A NOTE OF WARNING.

DEPRESSION: DEFICIT, CHANCELLOR OF THE EXCHEQUER. UNEXPECTED COMPLAINT. THE COST OF OLD AGE PENSIONS. (by telegraph—PßESS association—coptright.) (Rec. July 5, 4.20 p.m.) London, July 4. The Chancellor of the Exchequer, Mr. Lloyd-George, speaking at the Mansion House at a banquet to bankers and merchants) said that with a stunning deficit, dwindling rovenues, and depressed trade, he was in no mood for jesting. Though the depression was not confined to Britain, everything was diminishing except tho demands on tho Treasury. Apparently there was a Tegular conspiracy to rob the Exchequer. He greatly doubted if we were getting the value of old age pensions. The cost would be 30 instead of' 7 millions.. REVENUE AND TRADE DECREASES. The cable message is printed as it was sent, but it is hard to believe that the name is cabk.i correctly; or at any rate," it is hard to believe that the Lloyd-George who now appears to talk of old age pensions costing thirty millions per annum is the same Minister who, on June 16, was reported as stating in tho House of Commons that "the scheme was likely to cost 7J millions per annum." If the cablegram to-day is correct; the responsibilities of the Exchequer would seem to have had a marked steadying on a very radical reformer. _ It .has been estimated that a five shilling universal pension at 70 years would.cost a year, at 65 years ,£27,503,000 a year; but Mr. Asquith's is a restricted scheme, and, as far. as the cablegrams have indicated, the restrictions have not been sufficiently altered in Committee of the Commons to quadruple the original estimate of cost. The recent Budgot showed no deficit, but a surplus of .£4,776,000. Still, the revenue results of the June quarter—the first of tho present financial yea I !—may have staggered Mr.' LloydGeorge. They show a decrease, compared with tho June quarter of 1907, of over two millions. Here are the figures, the totals being given in the *rst line, and next the principal items of revenue:— BRITISH REVENUE. 1908. 1907. Decrease. £ £ £ ■June quarter ... 30,313,000 32,650,000 2,337,000 Customs'- ... 7,218,000 8,259,000 1,041,000 . Excise ... 7,270,000 7,629,000 359,000 Stamps ... 1,850,000 .1,920,000 / 70,000 The decreases in British imports and exports for each month of 1908, compared with the corresponding month of 1907, are as under:— 1 Imports. Exports. Decreaso. Decreaso. £. £. January 4,166,488 662,840 February ... .a 499,782 ■ 123,631 Maroh ... ... 5,025,002 1,829,610 April 9,682,792 2,711,528 May . 8,344,418 5,855,071 Total decreases £28,319,142 £11,183,280