BUDGET DEBATE.

Dominion, Volume 5, Issue 1429, 2 May 1912, Page 5

BUDGET DEBATE.

CHANCELLOR'S SPEECHSURPLUS AND FINKING FUND, By Tclcßrapk-Pross Association-Copyright. London, April 30. The Ron. Mr. Lloyd-George, Chancellor of thj Exchequer, speaking in tho House of Commons dm-ing tho }imlgct dcbnt<\ said that when lie opposed the amendment respecting the sinking fund ho cxpluincl I hut tho lion. Mr. Winston Churchill, Fii-st Lord of tlm Admiralty, hnd already indicated Hint the naval expenditure depended on what was done by other countries. If their programmes'were altered, Jfr. Churchill would nsk for further expenditure. "Wo do not kimn- what is our present position or our liabilities, but they must bo faced," declared Mr. LloydGeorge. Tho Opposition moved to compel payment io the sinking fund of the surplus remaining after meeting tho Chancellor's requirements for additional naval expenditure or losses sustained through industrial troubles. Tho amendment was negntived by a majority of fifty-tlirco.

The British fiscal year closed on March SI, and tho Budget was delivered on April 2. Referring to the surplus of jCG,S'(S,(IOO, [ which it was decided should bo devoted to strengthening tho Exchequer balance, Mr. Lloyd-Gcqrge, tho Chancellor of the Exchequer, said that although tho Admiralty hud underspent its vote by *'I,!iCO,GiIO, they must regard this as a postponement, not a saving. They must also consider tho contingent increase mentioned in Mr. Churchill's Navy speech. If Parliament was satisfied that Mr. Churchill's demands vera necessary Io secure tho minimum of safety, it was bis (Mr. LloydGeorge's) duty to find tho money, lie deplored the enormous waste on armaments, but .much depended on tho inviolability of Britain's shores. It may bo stated that, hitherto the practice has been for the surplus to pass? automatically to tho sinking fund in reduction of tlio national debt.