THE BRITISH BUDGET.

New Zealand Herald, Volume XXXI, Issue 9488, 18 April 1894, Page 5

THE BRITISH BUDGET.

A LARGE DEFICIT. *' PROPOSED EXPENDITURE ON NAVAL DEFENCE. INCREASED TAXATION. DEATH DUTIES, INCOME TAX, AND SPIRIT DUTIES RAISED. Press Association.— Electric Telegraph.— London, April 16. In the House of Commons to-night Sir W. V. Haroourt delivered his Budget speech. He said the revenue last year amounted to £91,133,000, and the expenditure to £91,310,000. The estimated expenditure for the coming year was £95,458,000, and included in this amount was the sum of £750,000 which would be required in connection with the Government programme for an increase in the Navy and naval defence. The estimated revenue for the same period was £90,956,000. Sir William said the charges under Mr. Goschen's naval imperial defence schemes were set down at £5,745,000, and this amount it was proposed to liquidate by means of a new sinking fund, leaving a deficit for the year of £2,379,000. It was proposed to merge the death duties into one -estate duty with uniform charges for real and personal estate, graduated from one to eight per cent., the latter charge being for sums over one million. The Government also proposed to submit a proposal for an increase of the income tax by one penny with an exemption of £100 on incomes under £500, and exemption of £160 on those under £400. It was also proposed to increase the duty on spirits by sixpence per gallon, and on beer by sixpence per barrel. In the course of his speech, Sir W. Harcourt said the distress in America and Australia had disturbed trade with India, and the labour troubles in great Britain had induced financial difficulties. During the past year the quantity of beer passed through the Customs was the largest on record, but the quantity of strong wine used was constantly diminishing. London, April 17. The House of Commons has sanctioned an increase in the beer and spirit duties. The increase represents a revenue of £1,300,000.