THE BUDGET SPEECH.

Otago Daily Times, Issue 8145, 31 March 1888, Page 2

THE BUDGET SPEECH.

(Per Press Association.) Lo>> DON, March ' In delivering his Budget speech the li lion G. J. Goschcn, Chancellor ol the chequer, said tbe revenue for tho past h rial year was £80,589,000, and the exp ture £87,424,000, leaving a surp v: £2 105,000, which the right hon. gentli said was the largest surplus any Cham oi the Mxcliequer had been privileged U nonnoo since 1871. He estimated the nuo for the next financial year ,^ **»? -8. ! -ukl the expenditure at £51.,910,000. Government proposed to impose an tional tax upon increase succession toes

itional taxation would bo placed in the shape curi f license fees on vehicles, racehorses, and *»™ torses kept for pleasure, horse-dealers, and but ie\v companies. Additional duties would be "^ ilaced on deeds, contract stamps, fugitive esurities, ncwissues, costly wines (in bottles) o the amount of live shillings per dozen. jng The estimated revenue from these new j t j lources was £2,511,000. The present sivr- t a ]j slus, Mr Goschen said, would be applied & 0 . jqicilv to granting subsidies to county conn- to-: ;ils. "government would propose a reduction the )f the income-tax by one penny. The Chan- to jcllor of the Exchequer went on to urge the _ I necessity of immediate Parliamentary sane- i»c iion for the cost of the auxiliary fleet. The sm revenue derived from Suez Canal shares would be applied in fortifying coaling stations. The Financial Statement delivered by the Hon. Mr Goschen, Chancellor of the Exchequer, shows that there has been a gross saving of £711,000. All the departments show that economy lias been carried out. • There will be no additional estimates brought f w down for the army and navy. The revenue j for the year is £1,454,000 above the esti- An mates, which leaves a surplus of £2,105,000. Ny The Government supporters highly praise the proposals in the Budget, Tha Opposition x _ are, however, reserved in their opinions. j. r j The Times likens the proposals to those formerly set forth by Sir Robert Peel and the Hon. Mr Gladstone. ■ he The Standard gives a qualified approval* th but expresses dislike to the petty wheel and re horse taxes, which it considers will cost a pi considerable sum to collect. °* The Daily News considers the Budget inecnions and partially sound, but thinks it is doubt ful if the proposal to impose surrenders to assist local revenue is a wise policy. Mr Goschen announced that it was in- _. tended to impose surrenders to assist local vl taxation, and that a portion of the license m fees and half the probate duty would be tl applied to the same purpose. The necessary B funds for naval defence would be raised by a j ( loan payable as annuities in ten years. Ireland is" to be exempt from the vehicle tax, j which imposes 2s 7d on wheel traffic, £1 on p pleasure horses, and £5 on racehorses. 1 The press generally approve of the Chan- f cellor's proposals. '