BRITISH FINANCE.

Oamaru Mail, Volume XXXIX, Issue 10768, 17 May 1911, Page 4

BRITISH FINANCE.

A PROSPEROUS PROSPECT

[Bt Electric Telegraph—CoPYßicrrr.]

(Per Press Association:)

Received May 17, at 9."20 a.m. , London, May 16... ' Iu the Houso of Commons, Mr LloydGeorge announced that the past two years had realised a surplus of £5,607,000. Everything except sugar and tea had exceeded the estimate. He said members of the House of Commons are to receive £4OO yearly, this costing a quarter of a million'annually, but no travelling expenses 'will bo allowed. The cost of the. Coronation will be £300,000. Old-age pensions will mean £12,500,000, this being an increase Of £2,250,000. The whole cost of the pensions will be borne by tho State, thus releasing the Guardians. The'only alterations proposed for the relief Of taxation is that cocoa duties will be reduced by graduating the chocolate duty, and abolishing .tho drawback, which will cost £450,000 yearly. Liquor duties will be reduced at a cost of £50,000. This will leave a surplus of £337.000. after devoting £2,300,000 to the old sinking fund, £1,500,000 to the Development Act, and £1,500,000 for sanatoria. Tho Chancellor said that ho had in three years reduced'the capital liabilities by £28,700,000.