BRITISH POLITICS.

Nelson Evening Mail, Volume XXXVII, Issue 85, 25 April 1903, Page 2

BRITISH POLITICS.

THEBUDGET.

(Unites Press Association).

LONDON. Yesterday. Mr Ritchie Chancellor of the Exchequer, in. his Budget anticipates a surplus of £10,816,000. He devotes £8,500,000 to the the reduction of fourpente in the income tax, and with the balance relieves indirect taxation, including the remission of tlie 1 corn tax.

, ■ Ur , Ritchie's Budget was cautions, mough not unhopeful of trade, prospects, tie emphasised the necessity of a mutual understanding between capital and labour. Adverting to consols, he dwelt on -the exceptional Government borrowings, the suspension of the_ sinking fund, the loss of gold from South Africa, the increase of trust securities, and the colonies and municipalities '•'■ borrowings. The fall of consols was not .surprising, and there was no reason for apprehension.. He estimated the revenue at £154,770,000, and the expenditure at | £143,954,000. It was intended, to devote £27,000,000 annually to the sinking fund enabling, if there was -no addition to the national debt, the whole to be extinguished in half a century. He expressed "concern at the military and naval expenditure, but hoped for a considerable reduction in the former in future years, but for Britain a strong navy was a matter of life and death . ■ii^' n ? i ? ,8 S a .S 9to ' <he '' hll PP a y Pleasant terms with all Powers. ■ ' (ReOMved April 25, 9.10 a.m.) Th* '.• r LGN ?°N, Yesterday. •»JS t/^S?*? 0f theßad ««feiß commended. The fourpenny reduction in the income tax came as a surprise, and the Opposition declares that it foresnadows a dissolution of Parliament. ... . 3Jj^Canadiaa Board of Trade dcelarea that the removal of the corn tax destro the last hope of Britain reciprocating with Canada in trade concessions. In ithe House of Commons an amendment to reduce the tea tax waa negatived by 184 to 76^ v v " . The Budget rianerally was commended r by member?. ■•"£ x Consols, affceftbe closing hours of the Exchange, werer^uoted at 925.