BRITISH POLITICS.

Nelson Evening Mail, Volume XLII, Issue XLII, 20 April 1907, Page 3

BRITISH POLITICS.

[Uiirrßi; Pbess Association.— CopxEIGHT.] f Mli iW^EBIAj, PiRLIAM&fr. THE BUDGET SPEECH," LONDON, Friday. * Tn"- the H6u._a or- uommCSJ *' Chancellor, of the - Exchequer, Mi Asquitfcih delivering the Budget, spoke in. tongrntulfttofyterm_r regarding tfie trade Sf m »a Kjpgaota tod of the prodnc-iiig con_ltrl?S Of the ivWia/ but he emphisiSed that it tfculd be nnwisa to' treli H& y?ar's.flMnce as though it, He enumerated tatfotia' cfthfesj inch Ss the lowness in the prico of high clars securities, and" contended that the coaitry's credit' remained better apd higher than evej f : expenditure for the paSt year iva'5,*133,415,000. and tho surplus was ifiainly due to three items Cjin,"- estate- dutios, and tho mint; it hadibeen a record jear in rece pts from lea," and "'those from alcohol had increased. The. National Debt redeived , The estimated revenue for the coming year was £144,190,000, Bnd the expenditure £140>767.000, but a grant of £200,000 to'stftSesfeTCous schools would reduce the sorpluiisto £3,22s,o9o. Mr Asquith -dontinusd'to-sajr that the Government regarded old age peflßions as the most serious and urgent of all demands in the nature.of social reform, and hoped, and intended, before the close of he?t ses-ion. to lay a-flrm Jonny dation for such pensions. He incidental y warned the country that there was no social xeform that, was hot dearly purchased at a sacrifice, of free trade. A ninepenny tax on earned income could be collected promptly, and a loss of two -millions could be balanced by a gain in "death duties) which could be increased ,in jtho case of estates of over £I£o,ooo. iTheie could also bea slight super tax on estaterover two millions. This woulJ leave 'a nominal nucleus of two and a quarter millions by 1908 for old age pensions;- with the prospect of economies and fresh ..sources of taxation inereasiiig such nucleus. The graduation \>f lig-tincomes would be postponed on the- groiiud that one - charge for the officials to cope with in one" year would suffice, fie added tbat instead of transfen ing to local authorities ttn millions, including license duties, 'at the end of the present year the Exchequer would pay the authorities leu millions out of che Consolidated Fund. It would then be at liberty io 190d to increase license duties for tbe te_ie.it of the nation. ...It would also be. pjsjiclo to. deal witb taxation of motor cars. The increase in death duties was estimated to yield £'600,000, making .£3,823,000, and deducting two millions, the disposable surplus would be £1,823,000, and, retain ing £330,000 for contingencies, they could add the balance to the nSxfr sinking fund, making provision for tbe debt to the extant of .629,500,000. X?) After a brief discusStorr-the nsual | resolution was passed. I