THE BRITISH BUDGET.

New Zealand Herald, Volume XLI, Issue 12555, 22 April 1904, Page 5

THE BRITISH BUDGET.

MR. AUSTEN CHAMBERLAIN CONGRATULATED.

DEBATE IN PARLIAMENT.

RISE IN CONSOLS.

By Telegraph.— Association.—

London, April 20. In the course of the debate on the Budget in the House of Commons, the Leader of the Opposition, Sir Henry Campbell-Bannerman, congratulated Mr. Austen Chamberlain, the Chancellor of the Exchequer, on his lucid and masterly statement, and applauded his courage in not trenching on the sinking funds. He complained of the enormous growth of expenditure, and said such headlong extravagance must be arrested.

Mr. Ritchie, in the main, approved of the proposals.

Mr. Haldane suggested that a Royal Commission should be set up to inquire into the incidence of indirect taxation.

Sir Michael Hicks-Beach doubted the wisdom of increasing the tobacco tax, and the shilling income tax in time of peace dangerously reduced the national resources in the event of war. He did not see sufficient justification for the increase in the navy estimates.

Mr. Lough moved an amendment rejecting the tea tax in the interests of India and Ceylon.

This was negatived by 265 to 193, and the tax approved by a majority of 81.

The tobacco tax was passed by 200 to 106.

Mr. Austen Chamberlain received many congratulations from members of Parliament and the press.

Consols rose when it was known. that the sinking funds were untouched.

The Budget is not considered a dissolution one.

The amount of revenue from the new tobacco duties is estimated at £550,000.