, 1870-04-30
GREAT BRITAIN.
Hudxef IT the United KinGSoua-Fi-
o~-rlAp 81 feRSs euf or the Wear.

nnnclAl Statement OF the fe4r.
Iu the House of Commons, on April II, the
Chancellor Of tho E1chequer rose to make the
financial statemeut Plnnging st once INTO
retrospect Of last year finances, he reminded
1869 20 was E76, ,2o5 900, and the expenditure
Ecs rs QUO, leaving surplus Of f7,yia 900, Of
n Ssh s5see e. rs sRRsgg5asd rs to
and 4, 81, ,oo0 to the reduction Of .
Le.7ing. out Il sight the anticipstions Of
revenue contained in List years budget,
the actuRi revenue belonging to the year e1-
ceeded the cssimate b.. q sia, 900: The only ;
branches Of revenue which had fallen short OF
the estimates were the Post Office and the cus-
touls. The shortcomings in the customs oc-
curing, "a they had done, chiefly in tea, cof- |
fee, and sugar, he attributed to mistaken
expectation which hsd been entertained that |
he Was abont to sdoEt the 81 Fros Breakfast
criticised IN the Last Budget NJ. Love said
bad more than answered his expectations. !
Licensed duties, income tax. and house tax,
aiken together, had produced mora than . I
million oyer the estimste, and the licensed
successful i th.E % i WIS proposed p 0s1a to * r.
tena the principle to other taxes
to the collection Of the iucons Tax, for IN
STANCE The expenditure for the past year
NAG ns been estimated 1t E6s, 4os 600, but the
4l.IG !
there having been saving In every depart
ment except the paca-ot service and the inter
est Of debt. The actual surplus was E7,s7p.-
900, of which za,Soo, !; go ,ooo h.a been devoted to
1s4, ,o00 to the reduction Of the foasing debt
Tbs whoie cost OF the Abyssiuiau var Mr.
Love put at E8, soc, ,0o0, and be neutionel.
also, that st, 900 had been paid in the year
for the teIegraphs, Qesving balance Of s3a2,-
600 rnpaid.l This hsd been done bv crestiug
49, he ~t@eurt nj : 010 nh I
900 OF which the National Debt Commission
e1s had taken, while the rest had been 30
elillfully placed on the market that no
one had ever been sensible OF !
the operation Before quitting the past he |
explained also what had been done in the way J
Of reducing debt, and as general result he |
stated that, notwithstanding tho loans We had
contracted for fortifcacons, telegraphs, and |
the Abyssiuian war, We had paid OF CO, ,000, 900 |
OF debt since 1851. Passing, then, to the fu-
the coming year:
Consolidated fund charEes.--..--....-. 1,ss0,aoo
19,9t5,0a0
NAVy 9,831,OQ4
Revenue Departments. 4,seoooo !
E1ckek beTVlCt.. t..--....-...-..--.+.-.-.~ 1,tU,0oV
Telegraph seEgsce- s6a,ooo
Total expenditure es1. ,ooo
This waa net reduction OF .E1,713, QUO, and |
he entered into the particulars OF sach item |
to chow how the reduction Has brought about
The civil service alone showed no decrease,
but this arose from tie tzansfer Of charges
and certain - automatic" increases over which |
the government had, in reality, no cont1oL To
meet this expenditure, Mr. Lowe thus eati-
mated the reEeuno for the years:
So ooo Post onlee...E 4aoo, 400
income tax. :,seo,oSeI aIseeIaneons ] $4,000
They gave disposab1e surplus for tbs yesr |
Of :E4, ,S37, 900, and be proposed to add to this
surplus an amount OF sEl5Q, 600 by substituting |
for the prHsent game certificate q icause to
carry arms. Having thus obtained 81, IS7, 600,
Al. Love discussed next the various sugges-
tona which had been offered to him for the
disposal Of it. He explained tha detaila Of .
scheme which he proposed for e1tinguiahing
.f7, coo 900 Of stock held by the savings banks
By turning them into annuities, termiuable in
would enable the Chancellor OF tho E1-
chequer in 1885 to effect a1emisaion OF e., ,E6,-
O00. The malt duty came on next for coz
sideration, and, after weighing well all the
Of the matter, he decided to leare
il where it was, with this concession /: that the
farmers, With due precautions, would be Al
owed to steep their barley for feeding cattle- I
First, among the reniss1ons ho intended to | I
make, be mentioned number Of Euan license
luties. The. stamps on deeds, too, he in
euGed 10 fe0uCeY NJ cost 70 ILLS years
avenue Of 500 600, besides reduction OF the !
iuties on insurance against bail, on plate
,lass, DC, which he put at Il, 600. The im- :
'ressed stamp On newspapers he proposed to
bo1ish altogether, substituting for it post
go rats on newspapers o. one half- penny up >
o six ounces, and for other printed matter Of I
! half-pcnDy for every two ounces, and every 9
raction Of two ounces The combined eject E
# these two be put at :es7D, 600, half Of" which
MY would como into the present
'ear. The duty On railways he
proposed to equalize, at cost Of
el07, Coo After all these minor renissions 7
E1r. Lowe had still between three and four :
millions to dispose Of; and he proceeded to : !
liscuas. next the principles on which large
eduetion should be made, laying it down that {
be true theory Of taxation wast to spread the
,urden as widely and az equally az possible. 9
The practical conclusion he drew waa against =
'artiug entirely with any single tax. In place {
i this he proposed to reduce the income tax !
O 4d, by which he would sactiica E1, $50, 600, !
nd to halre tho sugar; dnties, which wou1d !
ost 60 $50 ,oo0., The whole amount Of re1nin-
ionx included in tho budget is e, Set, ,DQ0,
Ehich leaTes surplus Of ESS1 600 Mr. Lowe
concluded his speech by moving the resolution
'elatlng to the sugar duties, which provides !
hat as to refined ausars the reduction ahau !
lot take effect for ttree weeks.
I 4