IMPERIAL PARLIAMENT.

Evening Star, Issue 7484, 31 March 1888, Page 2

IMPERIAL PARLIAMENT.

THE BUDGET SPEECH. [By Eleoteio Telegraph.—Coptbight.l [Peb Press Association.] LONDON, March 27. In delivering his Budget Speech the Right Hon. G. J. Goschen, Chancellor of the Exchequer, said the revenue for the past financial year was L 89,589,000, and the expenditure L 87,424,000, leaving a surplus of L 2,165,000, which the right hon. gentleman said was the largest surplus any Chancellor of the Exchequer had been privileged to announce since 1874. He estimated the revenue for the next financial year at L 89,287,000, and the expenditure at L 86,910,000. The Government proposed to impose an additional tax upon increase succession fees. Additional taxation would be placed in the shape of license fees on vehicles, racehorses, and horses kept for pleasure, horse-dealers, and new companies. Additional duties would be placed on deeds, contract stamps, fugitive securities, new issues, and costly winea (in bottles) to the amount of 5s per dozen. Theestimated revenue fromthesenew sources was L2,51(,000. The present surplus, Mr Goschen said, would be applied chiefly to granting subsidies to county councils. Government would propose a reduction of the income tax by one penny. The Chancellor of the Exchequer went on to urge the necessity of immediate Parliamentary sanction for the cost of the auxiliary fleet. The rovenue derived from Suez Canal shares would be applied in fortifying coaling stations. The Financial Statement delivered by the Hon. Mr Goschen, Chancellor of the Exchequer, shows that there has been a gross saving of L 711,000. All the departments show that economy has been carried out. There will be no additional estimates brought down for the army and navy. The revenue for the year is L 1,454,000 above the Estimates, which leaves a surplus of L 2,165,000. The Government supporters highly praise the proposals in the Budget. The Opposition are, however, reserved in their opinions. ' The Times' likens the proposals to those formerly set forth by Sir Robert Peel and the Hon. Mr Gladstone. The 'Standard' gives a qualified approval, but expresses dislike to the petty wheel and horse taxes, which it considers will cost a considerable sum to collect. The 'Daily News' considers the budget ingenious and partially sound, but thinks it is doubtful if the proposal to iinpose surrenders to assist local revenue is a wise policy. Mr Goschen announced that it was intended to impose surrenders to assist local taxation, and that a portion of the license fees and half the probate duty would be applied to the same purpose. The necessary funds for naval defence would be raised by a loan payable as annuities in ten years. Ireland is to be exempt from the vehicle tax, which imposes 2s 7d on wheel traffic, LI on pleasure horses, and Lson racehorses. The Press generally approve of the Chancellor's proposals,