THE BRITISH BUDGET.

New Zealand Herald, Volume XLV, Issue 13745, 9 May 1908, Page 5

THE BRITISH BUDGET.

A GROWING SURPLUS. • NATIONAL DEBT REDUCED. OLD AGE PENSIONS, By Telegraph —Ptcsa Association.— Copyright. : London, May 7. In the House of Commons last night ; Mr. H. H. Asquith, Prime Minister, ! introduced the Budget, which he had prepared as Chancellor of the Exchequer. The estimated expenditure for the year is 52,889,000, and revenue £157,770,000. i Mr. Asquith appropriates the realised surplus of receipts over expen- . diture of £4,770,000 chiefly for old age pensions. The payments begin when the recipient has reached the age of 70 years, at the rate of 5s per week, , the 'combined pension for married couples being 7s 6d per week. COST OF THE PENSIONS. (Keeeived May S. 11.21 p.m.) London, May S. Regarding old age pensions, Mr. Asquith said that the Treasury, and. not the local authorities must pay the cost. Some, discrimination was essential. It. was proposed to except aliens and lunatics. Those of 70 years of age and upwards, not actually in receipt of poor law relief, and umlisqimlifted by recent conviction for serious crime or by possession of an income of £26 per annum or upwards, or, in the case of married couples, of £39, should be entitled next. January to 5s a week, except married couples living together, where both would be entitled to a pension. In that, case, a joint pension of 7s 6d would be given. It was assumed that the pensioners would not exceed half a million, and the maximum cost £(5,000,000. The cost of the pensions from January to March - would be £1,200,000. THE NATIONAL DEBT. The revenue for the past, year had been £156,538,000, of which the income lax had yielded £1,180,000 above the. estimate. The national debt had been reduced by £18,030,000, and by the end of j .1008 it would be reduced to £696,000,000, the same figure as in 1888. Under his predecessor, the reduction had been at the rate of £9,000,000 a year, and under the present Government £15,500,000.' The ! reduction, in the interest on the debt amounted to nearly lj million a year, all done out of taxation. The time was now approaching to slack-j en the reduction and relieve the taxpayer, SUGAR DUTIES REDUCED, j It was proposed to reduce the duty on sugar by* • one-half, which ! would cost the revenue £3,400,000 a year. . . No new taxation proposals were introduced. THE SCHEME DISCUSSED. LA BO DISSATISFIED. ' , AGE AND INCOME LIMITS. (Received May 8. 11.52 p.m.) London, May 8. Discussing the Budget proposals, Mr. Austen Chamberlain expressed the opinion that a contributory compulsory scheme of pensions have been framed with success. Mr. Henry Chaplin (who was Pre-, sident of the Local Government Board in Lord Salisbury's Ministry), complimenting Mr. Asquith, both as regards his old age pensions scheme and the lucidity with which he had unfolded the Budget, remarked: " Since Mr. Gladstone's great Budget I have, not heard so great an effort. Mr. Arthur Henderson (chairman of the Labour party), said that the party was dissatisfied with the pensions scheme, both as regarded the age and income limits. Mi'. John Burns (President of the | Local Government Board), stated that the receipt of 10s per week as | superannuation allowance from a trade fund would not disqualify a person, in respect to the old age pension. Mr. Lloyd George (Chancellor of the Exchequer), intimated that the Pension Bill would provide for . it being worked through the post office and local pension authority and pension officer, acting under the Excise Department _ , The usual resolutions were agreed to except the income tax resolution, which will be discussed later. The Chancellor of the Exchcqiiei climated the revenue last year at £142,790,000 and the expenditure at £142,457,000, leaving an estimated surplus of £335,000, which,however, has been very largely exceeded. The principal items of estimated revenue last year were: Taxation, £117,640,000 (Customs and excise £62,000,000, property and income tax £30.500,000. duties on estates-, etc., £14,200.000); post office, £17,600,000; telegraph, £4,400.000. The chief items of expenditure wore: Consolidated Fund services, £32.345.000: army, £27,760.000': navy. £31,419.000; Civil Services, £30,107,000: Post Office, £17,368,000. The Labour party's demand was for an old age pension of 5h a week for all over 65, which would involve a payment of £22,000,000 per annum. To provide 5s a week for all over 60 would involve a cost to the nation of about £45,000,000; and for the purpose of raising the money the Labour party suggested taxation of various kinds more or less directed against the rich. =====