THE BRITISH BUDGET.

Manawatu Times, Volume XXVII, Issue 7959, 21 April 1904, Page 2

THE BRITISH BUDGET.

Austen Chamberlain's Speech

Less Prosperous Period.

Revenue Below Estimate

Repeal of Corn Tax a Mistake.

Heavy Local Debt.

Increased Taxation.

Presß Association—Copyright, Received April 20, 10.37 p.m.

Loxdok, Yesterday. Mr Austen Chamberlain, Chancellor of the Exchequer, in his Budget speech, said that a great wave of prosperity had spent itself, and a cycle of less prosperous years had commenced, which was specially felt during the last six months, resulting in a shrinkage of trade, lessening employment at full wages, while foreign competition was keener. The revenue was belown the estimate. .

The repeal of the corn-tax had proved more cosily than was anticipated, while priceß since the repeal showed that the consumers had not derived the expected advantage. The deficit for the year was ■ £5,415,000, necessitating a drag upon the Exchequer. The national 'debt was £764,500,000, but it had been reduced duringthe year by £5,149,000. •■

The local indebtedness of the United Kingdom, in 1902, was £412,000,000.

The chief cause of the depression was giltredged securities, and to regain the old credit the Exchequer and the locial authorities must restrict their demands. Ho was consider ng the advisability of restricting tho State advances from Local Loans. Revenue ■ during the current year from' the existing sources would be £139,060^000, and the expenditure £142,880,000.

'■ Increased income tax would yield £2,000,000, tea a similar amount, leaving a surplus of £730,000 towards recouping the Exchequer. In connection with tobacco, it was proposed to raise the moisture limit to 32 per cent, and impose several rates of drawback instead of one, and thereby considerably increase the export trade in manufactured tobacco and cigars, especially with the colonies, which at present are largely supplied from Hamburg and Holland. -. ■