THE IMPERIAL BUDGET.

Otago Daily Times, Issue 11398, 15 April 1899, Page 5

THE IMPERIAL BUDGET.

A SMALL SUKPLU&

INC.IMSASIS IN STAMP AND OTJ-.LEK DUTIES.

Press Association—By Telegraph—Copyright. LONDON, April 14.

(Received April 15, at 0.30 a.m.)

In the House ol Commons Sir M. Il.ieksBeach delivered his Budget speech. Tie

said tho past yenr's revenue had exceeded the expenditure by £186,000. ]lo proposed to reduce the annual charge 011 the national debt by two millions, hence in Lho current year he would require £110,927,000, which was £610,000 in excess of the estimated revenue. The balance lid proposed to provide by a. new stamp duty of 5s per £100 on -foreign and colonial bonds, stocks, and shares when negotiated in Britain, and. a mortgage . duty of half a crown per £100 on loan capital and debentures under the statute. He also proposed to make an increase in the import fluty on wines. The total estimated increase from these sources was £870,000.

In tho discussion .which followed Mr Henry Fowler, a member of the late Gladstone and Rosebery Ministries, protested against tampering with tho sinking fund and tho prohibition of Australian wines.

Sir W. V. Harcourt protested ;igainst any repudiation of. the country's obligations. It was one of the most disastrous proposals for repudiating tho nation's bill, and was trashy finance.

Sir C. Dilkc said that tho wine duties would lead to Britain losing the favoured nation treatment.

Sir M. Hicks-Bench, in reply, ridiculed tho idea of retaliation, and said the colonial vino import swore infinitesimal, and the duty only meant ;i difference of a penny per hotllo on wine. Tho House formally sanctioned the proposals. (.Received April 15, at 0.50 a.m.) ■In his Budget speech Sir M. HicksBeach said ho also proposed to increase the duty on companies' capital from half a crown to 5s per £100; to impose a duty of 6d on letters of allotment and renunciation; 3s per gallon on still ivine imported in bottle, and an extra' 6d per gallon duty on other wines, including colonial. He showed that the value' of tho Suez Canal shares held by tho British Government had during two years increased by four minions, against an expenditure of one million in the Soudan.