The New York herald., 1870-04-12
ENGLAND.


Tho Chuncelior's Badxet-Fisuncini Exhibit
Of the Nation.
LONDON April II, 1870
The House OF Commons had special sitting to-
day. when Mr.. Lowe, Chancellor OF the Excheluer
submitted the annual budget.
Mr.. Lowe makes most satisfactory exhibit OF the
financial condition Of the government. His yvuges
SHOWS that the total amount "a .c.aanile received
,iou aii sources during the last fiscal year ending
"arcn u, 1870 was cts. .324 900, and exceeded the
es'imate made early in the year by fl,Sl9, 900.
o. the total receipts the customs pro.
duced &2l, $4,000, against f2i.o5o,ooo estimated
Excise 4 7e3,00O. against E2o, 9o0, 900. estimated
stamps, co. 24s.o0O, against fss50.ooO estimated;
taxes, "a 500 0oo the amount estimated ana income
tax. flOO44 600. against 2s.s6oOOo estimated. The
new method Of collecting taxes yielded II. $4,000
more than was anticipated
The total amount Of ths expenditures for the last
fiscal year was f67 664 900, against an estimate OF
COS, 4os, ,oOo The estimate Tor the paymens OF in-
terest on the debt fell 1850 ZOO short OF the amount
required. The expenses OF tho army and navy uu.
derran the estimates.
The surplus realized last year was 81 $40 O0O or
which $43oO,ooO have been expended in the pay.
ment of the debt resulting from the Abysslnlan ex-
peditlon.
The expenditures for the current fiscal year, end.
ing March 81, 1871, are estimated by Mr.. Lowe at
200, which he says falls ELL 73O, 900 below
the total amount Of the grants for the past year.
Mr.. Lowe said the budget proposed 10 abolish
game licenses and impose pound duty on firearms.
This change Is expected to result In doubling the
revenue from this source, which amounted last
year to f15O,000 1t Is also proposed that savings
bank stock be turned into terminabe annulties.
The malt tax Is introduced and beer Is left tax Free
Farmers are to be allowed TO steep their own
barley.
decline In the revenue from sugar is noticed also
In the revenues on foreign liquors anu wines. The
increase OF revenue on tobacco is f12l000. and on
tea s55,OOO Mr.. Lowe remarked that free break
fast was still impossible In OF the size OF the
debt. He was prepared to remit the tax on
soap and paper makers, to equalize the
duties English and foreign bills. to abolish
newspaper stamps, and to reduce newspaper post
age to half penny for six ounces. lie suggests
that the income tax be reduced to four pence, and
sugar relieved OF half the duty now imposed on H.
These, with some minor remisslons IN favor Of the
agricultural interest mainly, will make a reduction
In the surplus OF $4,000, O00
Mr.. Lowe closed his explanation OF the budget,
with a motion that the duty on sugar be reduced
onehalf.
Messrs. Barring and Crawford and others spoke
briefly on the budget, taking difTerent views.
Mr.. White complained OF the retention of any duty
sugar.
MIR. G. w. Hunt, former Chancellor of the Ex-
chequer. congratulated Mr.. Lowe the fact that he
had followed him in a happy time and under
auspicious circumstances when the Abyssnan war
was ended, and the expenditures for military and
naval improvements were greatly reduced.
Mr.. Smith, member from stockport, euoglzed the
efforts Of America reduce her debt, aud urged the
imitation OF her example.
General debate followed, in whicn Messrs Read
and Fowler, Lord Bury and Mr.. Booth were the
principal speakers.
Mr.. Lowe replied briefly, and the Budget was
passed.
After brief discussion upon the question Of the
purity Of elections, the House adjourned.