BRITISH AFFAIRS.

Western Star, 23 April 1920, Page 3

BRITISH AFFAIRS.

THE BUDGET. REVENUE ESTIMATES LARGELY EXCEEDED. LONDON, April 19. In the House of Commons Mr Chamberlain, in delivering his Budget speech, said that this Budget was critical because the time had come to lay deep the foundations for future prosperity. The expenditure in 1920 would be approximately £144,000,000 in excess of last year’s estimates, but £62,000,000 below the revised estimates of October, 1919. As regards revenue the result was not merely more favourable than anticipated, but greatly exceeded the original Budget estimates. The actual exchequer receipts were nearly £138,500,000 more. Customs and excise exceeded the estimate by £45,500,000 mainly due to the increased yield of spirits, beer, tobacco and tea. The increased consumption of tobacco was unprecedented, being due, inter alia, to greater smoking by women. The entertainments duty yielded £19,500,000, and death duties £7,500,000 above the estimates. The excess profits surplus was £10,000,000 over the reduced estimate of October, 1919, but there was a deficiency compared with the Budget estimate. Miscellaneous revenue exceeded the October estimate by £130,000,000. Under special miscellaneous revenue the war contributions of India and the colonies increased by £10,000,000. The Budget has been received with much criticism frqm the Government benches. Probably it will get more support fromi the Opposition than the Government.”side, though Oppositionists deplore the dropping of the Premier’s land taxee. The main criticism is directed against the increase of the excess profits tax, which surprised many people, who expected a reduction thereof, if not its abolition. Members and others representing trading and manufacturing interests declare that it will hamper the _ country’s; reconstruction, cause a rise in prices, and damage the country’s export trade. Supporters of the tax consider that prices will not be affected, as prices rose after the tax was halved. Mr Chamberlain’s proposals, on the whole, are regarded as a courageous attempt to adjust the country’s incomings and outgoings, and to reduce the National Debt. THE DEBATE. LONDON, April 20, In the House of Commons, during the Budget, debate, Mr Asquith declared that the wine duty was worthless in view of the small revenue it would produce. It would be a cause of ill-feeling in wine-producing countries. He emphasised the need for great. public economy, and criticised ; the smallness of the provision for the reduction of the floating debt. Otherwise he warmly approved of the Budget. Mr Clynes lamented the undue wartime borrowing, and maintained that none of Mr Ohaunbcrlain’s proposals; would diminish the cost of living. On the contrary they were more likely to intensify the situation. Mr Clynes congratulated Mr Chamberlain on the excess profits proposals, but rejected the prolonged scheme for the redemption of the debt, which could be wiped out in a few years by the continuance of a little self-sacri-fice. The removal of the debt would give contentment not only to the poor but to many not classed as poor. Mr J. A. R. Marrit expressed the opinion that the Budget would have an admirable effect, demonstrating to the whole world the country’s confidence in the national finances. Therefore it would react in a most favourable manner on British, credit. THE WINE DUTIES. PARIS, April 21. Frenchinent pointful that the Budget proposals are a poor return for all France has done for England. It would be better if there were more wines and less spirits.