IMPERIAL POLITICS.

Hastings Standard, Volume XII, Issue 5846, 9 May 1908, Page 3

IMPERIAL POLITICS.

CABLE NEWS.

United Press Association—By Electric 'telegraph—Copyrigh THE BUDGET. NATIONAL DEBT REDUCED. London, May 8. in the House of Commons, Mr Asquith delivered the Budget. He said that the revenue for the past year was £156,538,000. The income tax yielded £1.180,000 above the estimate. The system of differentiation had proved to be, besides practicable, smoothworking, imparted equality to the permanent tax. The National Debt had been reduced by £18,030,000, and by the end of 1008 would be reduced to £696,000,000, the same figure as in 1888. Under his predecessor, the reduction had been at the rate of £9,000,000 a year, while under the present Government it had been £15,500,000. The reduc'ion in interest on debt amounted to nearly £1,250,000 a year, all done out of taxation. The time was now approaching to slacken the reduction and relieve the taxpayer. He estimated the expenditu;e at £152,869,000. OLD AGE PENSIONS.

Regarding old-age pensions, the Treasury and not the local authorities must pay the cost. It was proposed to except aliens and lunatics. All those of 70 years of age and upwards not actually in receipt of Poor Law relief and not disqualified by recent conviction for serious crime or by possession of an income of £26 per annum or upwards (or in the case of married couples, of £39) should be entitled next January to 5s a week, except in the case of married couples living together where both were entitled to a pension. In that case a joint pension of 7s 6d will be given. He assumed thai the pensioners would not exceed half a million and the maximum cost would be £6,000,000.

The cost of pensions from January to March would be £1,2000,000. Mr Austen Chamberlain said he thought that a contributory compulsory scheme of pensions might have been a firmer success.

Mr Chaplin, in complimenting Mr \squith both as regarded his pension scheme and his lucidity in unfolding the Budget, remarked: —"Since Mr Gladstone's great Budget, I h-ve not heard so great an effort." Mr John Burns stated that the receipt of 10s per week as superannuation allowance from a trade fund would not disqualify for old age pension.

Mr Lloyd-George intimated that the Pensions Bill would provide for its being worked through the Pest Office and for the local pension authority and pension officer acting under the Excise Department. Mr Asquith said he proposed a reduction on the duty on sugar of 2s 4d per cwt, or %d per lb, costing the revenue £3.400,00.}. The usual resolutions were agreed to, except the income tax resolution, which will be discussed hereafter. lhe Budget proposes no new taxation. PRESS COMMENTS. (Received 9, 7.55 a.m.) London, May 8. " The Times" remarks that the Budget marks an epoch in the national policy, and declares that Mr Asquith is reckless and improvident in disposing of the whole of the surplus in the face of admitted requirements for larger shipbuilding to keep pace with the development of Germany's navy. Several newspapers comment on the absence of a sliding scale, and the fact that those with incomes under 10s receive a pension, while those just above are to be deprived of the pensions whereto they contributed

The " Mail" emphasises the mortality returns, and says the workers are unlikely to bt satisfied The " Mail" adds that " the scheme cannot be final and the future is tu-avily mortgaged. Tariff reform alone will be able to discharge the obligations." The "Standard" says that ihe Budget seals the doom of Free Trade. The " Morning Post" says Free Trade has played its part and must now leave the stage.

The " Daily Chronicle" describes it as the most reckless Budget of modern times. The "Daily Chronicle" says it is a great Budget, and is the key-rote of sound finance and social reform. The "Daily News" remarks that Mr Asquith has cleared and ploughed the rough ground. It will be Mr Lloyd-George's task lo draw from the ready furrows the full harvest of reforms. And adds "The rapid expansion of pensions is possible from a super tax on large unearned incomes, and taxation of site values.