THE BRITISH BUDGET

Waihi Daily Telegraph, Volume XVII, Issue 5607, 2 May 1919, Page 2

THE BRITISH BUDGET

INCOME TAX UNCHANGED. IMPERIAL PREFERENCE. (Australian and N.Z. Cable.) (Received May 1, 8 p.m.) LONDON, April 80. Mr A. Chamberlain. Chancellor of the Exchequer, in presenting the Budget, said that the income tax would remain unchanged, and that the excess profits tax would bo abolished as soon as possible. It would bo 40 per cent, this year, yielding £50,000,000. The Imperial preference would be based on existing duties. There would be onesixth on consumable commodities apart from alcohol, and one-third on manufactures. Principal preferential articles would include tea, cocoa, sugar, tobacco, and rum. The motor spirit would be reduced. The tea tax would operate from 2nd June. Ho anticipated that the total loss of revenue would be £2,300,0*00, and estimated the revenue for the current year at £653.000,000, and expenditure at £766,000,000. He expected that the increased duty on spirits would produce £21,000,000. and on beer £31,000,000. A revision of land value duties was proposed. Tim Budget estimates the expenditure at £1,131,910,000, and revenue at £1,159.650 000. The total loans io the Allies and the dominions totalled £1,739,000,000. and included; Russia £568,000,000, Franco £131.000.000, Italy £412,000,000, Bel gjium £86,000,000. Serbia £18.,000,000 America during the year lent Britain £325,000,000