THE BRITISH BUDGET.

Oamaru Mail, Volume XXIV, Issue 7492, 15 April 1899, Page 1

THE BRITISH BUDGET.

(By Elbotbio Telegraph.—Copviti sa r )

(PER OWITKIS PKKSS ASSOCikTiOtt)

Received April 15, at 0.30 a.m. London, April 13.

In the House of Commona Sir M. Hicks Beach delivered his Budget Speech. He said the past year's revenue had exceeded the expenditure by 1186,000. He proponed to reduce the annual charge on the National [Debt] by two millions ; hence in the current year he would require LI 10,927,000, which was L 640.000 in excess of the estimated revenue. (The balance he proposed to provide by a new stamp duty of 5s per LIOO on foreign and colonial bonds, stocks, anjl shares when negotiated in Great Britain, and a mortgage duty of 2s 6d per LIOO on •loan capital and debentures under the statute. He also proposed to make an increase in the duty on wines. The total increase from these sources was L 870.000. In the discussion which followed, Mr Henry Fowler, a member of the late Gladstone and Rosebery Ministries, protested against tampering with the sinking funds and the prohibition of Australian wines. Sir W. V. Harcburt protested against repudiation of the country's obligations. It was one of the most disastrous proposals for repudiating the nation's bill, and was trashy finance. !?ir C. Dilke said the"wine duties would lead to Great Britain losing favor in nation treatment.

Sir M. Hicks-Beach, in reply, ridiouled the idea of retaliation, and aaid the colonial wine imports were infinitesimal, and the du{;y only'meant a difference of Id per bottle on wine.

The House formally sanctioned the proposals. In the Budget speech Sir M. Hicks-Beaoh said tbathe also proposedto increase the companies' capital duty from 2a 6d to 5s per LIOO, imposing a duty of 6d on letters 6f allotment and renunciation, 3s per gallon on still wine imported in bottles, and an extra 6d per gallon duty on other wines, including colonial. He showed that the value of the Staez Canal shares held by the British company during two ; years increased by _ four agaiiist an expenditure of a million in the Soudan.