The Gisborne Times. PUBLISHED EVERY MORNING. THURSDAY, APRIL 6, 1916.

Gisborne Times, Volume XLVII, Issue 4208, 6 April 1916, Page 4

The Gisborne Times. PUBLISHED EVERY MORNING. THURSDAY, APRIL 6, 1916.

Tho now British Budget, a summary of which appeal's in this issue, was presented to tiic House of Commons yesterday. Its contents have, lot course, been awaited with keen interest, in view of the increasing burdens which the war is entailing, and, as was expected, it is intimated that it is found necessary to raise this year a much heavier aggregate of revenue in the Motherland than was required even last year. As showing what tho war means, from a financial standpoint to tho taxpayers of Great Britain, it may bo recalled, first of all, that for the year before the outbreak of tho struggle the national, position was—

The New British Budget and the Beminicns.

Gross Revenue ... .£198,243,000 Gross Expenditure £195,640,000 Gross National Debt £707,000,000'

For the past year, 1915-16,-the situation, according to Mr. McKenna, was-

Gross Revenue ... £330,767,000 Gross Expenditure £1,559,000,000 * Gross Nations 1 Debt £2,140,000,000 *lt includes £368,000,000 advanced to tlie Allies and the Overseas Dominions.

As regards the current financial year,

which will end on March 31, 1917, the estimates, it will ho soon, are as under—

Gross Revenue ... £509,000,000 Gross Expenditure £1,825,000,000 * Gross National Debt £3,463,000,000

*This item will then include total advances to Allies and Overseas Dominions of £818,000,000. It will bo seen that, this year, the taxpayers of Great Britain will be required to provido two and a half times as much revenue as in the last prewar year! These figures are certainly very startling, but it is satisfactory to learn that, even so, the people of the Motherland will not find the huge task of meeting the increasing cost of the war an intolerable burden. In the case of the now moneys that are being obtained by loans, Mr. McKenna indicates that a very Aviso principle is being followed. Not a single pound, it Avould appear, is being borrowed Avithout provision being made at the same time for extra taxation to cover the increased interest and sinking fund. In connection Avith the neAv British Budget there is, avo may point out, one matter Avhich, it Avill bo agreed, is of especial interest to the people of the Overseas Dominions. For the Avar period up to March 3'lst last the total of all Avar advances to the Dominions Avas, it Avould seem, £52,000,000, and, if their requirements for the current year have been estimated in the same ratio to the total advances last year, the figure for 1916-17 is, apparently, being reckoned at a further £90,000,000. Is it right that the Motherland should have to find so much money to aid the Overseas Dominions in prosecuting their part in the struggle? One and all must admit that it is not ajiappy position. Canada and Australia have already realised their full responsibilities as Empire partners by raising domestic Avar loans, but this \Domiiiion, avo regret again to have to mention, is still content to alloAv her parent nation to supply it Avith the great bulk of the moneys it requires to train, equip, and despatch its contingents to the Front despite the fact that so many of its citizens arc coining money out of the AA'ar. If this state of affairs be not put right this

session Xgav Zealand, AA r o are afraid, runs a very grave risk of earning a very unenviable reputation for selfishness. Let us look at the situation in this light: To-day, the Motherland has a total dead-Aveiglit debt of £2,140,000,000, and, at the end of the current year, it must advance to at least £3,*463,000,000. To-day, New Zealand’s national debt is but £IOO,000,000, less sinking fund accretions, but by far the greatest part of the aggregate is not dead Avcight, seeing that betAvcen GO per cent, and 70 pel cent, is directly interest bearing and is represented by assets Avhieli are of much greater vaiuo than the amount of borroAved money that has been spent upon them. To-day, the people of the Motherland are to be taxed, under the new Budget proposals, for national purposes to the extent of £l2 per capita. To-day, the people of Ncav Zealand are required to find for the purposes of national taxation only £5 per capita. Is it the case that the Government of this Dominion is of the opinion that it should not raise

an internal Avar loan until it receives a direct request to do so from the Motherland? Mr. McKenna’s remark that the reason Avhy the actual advances last year did not reach the estimate Avas on account of the public spirit sboAvn by the Overseas Domi-

nions Avas. it Avill be noted, receded in

the House of Commons with cheers. It is the position, also, that lie further contended—-and rightly too—“that civic courage is just as impor-

tant as military courage,” and the contention must he taken to apply to the Overseas Dominions as well as the Motherland. We trust, therefore, that tho contents of the new British Budget will assist in awakening this Dominion to a full sense of its financial obligations in this the Empire's great hour of trial.