The Stourbridge Observer, Cradley Heath, Halesowen & District Chronicle.
Stourbridge, West Midlands, England, 1888-03-31 00:00:00

SITRPLUS OF £2,165,000,

the largest since 1873-74. He began the year with
a balance of £5,0E0,000. He left off with a balance
of £7,438,000. As regards the National Debt,
he had decreased the liabilities of the country
during the present year of no less a sum than
£7,601,000, and had paid off £7,293,000, the
largest sum ever paid off in one year since 1872-73,
or a diminution of £512,000 as compared with the
present year. Coming next to the interesting point—
namely, the estimated revenue for the coming year,
the right hon. gentleman said he estimated the
revenue of 1888-9 at £89,287,000, as against
£89,589,000 in 1887-8, being an estimated (10-
crease of revenue in 1888-9 of £302,000. On
the other band, there was a slight decrease
of expenditure of £512,000. There was a surplus,
calculated on the existing basis of taxation, of
£2,377,000, but ho knew that the President of the
Local Government Board would work havoc and
devastation with his proposals. Turning to the sub-
ject of the new Local Government Scheme, he stated
that in future imperial and local taxation would be
separated. The sum of £2,600,000 now granted
in relief of local taxation would be withdrawn, 1 ut
there would be surrendered to the new county
authorities existing licenses amounting to £3,000,000
and some new licenses amounting to £BOO,OOO.
These licenses would be divided into two classes,
one portion amounting to £1,400,000, of which
publican's licenses formed the bulk, to be collected
by the county authorities. Another portion, about
£1,600,000, composed chiefly of dog, gun, aid
game licenses and carriage tax would still be col-
lected by the Inland Revenue, and the county autho-
rities would have no power to increase them. The
net gain in relief of local taxation would be
£2,900,000. He proposed that the succession duty
should be raised one-half per cent., and that a longer
time should be given for the payment of succession
duty upon land than upon personalty, viz., eight years
instead of four. Coming to the arrangement with
county authorities. be proposed to pay in this year 4d.
a head towards the indoor poor, contributions on
account of the turnpike main roads, and
some relief to the Quarter Sessions boroughs.
They proposed to give one-third, that was 1 per
cent., of the Probate Duty, and to impose • at once
other local licenses. The 1 per cent. of the Probate
Duty would almost pay for the indoor poor, and the
new loans would be a contribution in respect of roads.
He proposed to put a duty of £1 upon any vehicle
exceeding lOcwt. in weight, excepting agricultural
carts. He further proposed to put a tax of 2s. Gd. a
wheel on all carts over 2cwt. in weight. The heavy
four-wheel carts would have to pay a duty of El 10s.
The amount estimated from this duty would be
£300,000. A duty of £1 on all pleasure horses he
also proposed. Racehorses would pay a duty of £5,
and horse dealers would pay a tax of £l5, making a
total return of £530,000. The increased taxation
would be £1,976,000, and this he would dispose of by
£1,200,000 in the relief for indoor poor; grant for
main roads £520,000, and contribution to metropolis
£256,000. He had a surplus after the deductions he
had made of £1,302,000. He proposed to make the
taxation on carriages as follows: Two wheels, 155.; four
wheels, drawn by one horse, 215.; four wheels, drawn
by two horses, £2 25.; hackney carriages, 155., and
carriages let out on hire for less than three months,
13s. 'There would be a relief in taxation under
Schedule A of the Income-tax in the caseof husbandry
where no profits were made at all. He proposed to
REPEAL THE HAWKERS' LICENSES,
and the loss to the revenue from that would he
£25,000. The reductions amounted to £75,000, and
reduced his balance to £1,227,000.
INCOME TAX TO BE REDUCED.
Then he approached the Income-tax, on which
he would like to make a reduction on both
political and imperial considerations. In a time
of profound peace it might be practicable, and he
would like to take off a penny in the £, but
that would amount to £1,500,000, which was more
than the amount of his surplus. To make up the
deficit he proposed to raise a sum Of £50,000 by pre-
venting certain evasions by which deeds required by
law to be stamped were permitted in many cases to

remain unstamped. On the transfer of fugitive secu-
rities he proposed to put a a tax of is. per cent. per
year, which would touch

STOCKS AND SHARES,
and this would bring in a revenue of £200,000 to the
Exchequer. He further proposed to put a 6d. stamp
instead of a id. stamp on contract notes. He also
proposed the imposition of a tax of £1 per £lOOO
upon new companies and the new issue oi old com-
panies. He should get £llO,OOO out of that. He had
£410,000 to meet the £500,000 deficit which he had
to make up. He cast his eye on wine—not the
cheap wines—(laughter)—but on the finer wines. He
would follow the Act of 1851 and put a

TAX ON BOTTLED wincEs
of five shillings a dozen. These taxes would, to-
gether, bring his surplus up again to £1,762,000, and
this would enable him to take a penny off the income.
tax, and leave him a surplus of £212,000. (Cheers.)