Rock Island daily Argus., 1888-03-27
GOSCHEN'S FINANCIERING
STRIKES THE BRITISH STATESMEN
AS ABOUT THE THING.


Raising the Expenses of the Government
Proposed-Encouragem for "Unser
Fritz'-Jules Fcrry's Views
LONDON, March 27.-Goschen, the cham
cellor Of the exchequer, introduced the
budget in the house of commons Monday
evening. The house was crowded Goschen
said that the local government bill gave a
special interest TO the present budget. Hith-
erto the chancellor Of the exchequer had had
to consider chiefly the claims of taxpayers.
On this occasion the claims of ratepayers had
to be considered The total expenditure for
the current year had been gS7, ,427 900, show
ing saving of e423, 900 ON the budget esti-
mated, and Of eGl2, 900 over the preceding
year. The revenue also presented salts
factory account. The total was $50 5SS, 900,
being 81 ,454, 600 more than the estimate
[Cheers.l Coming to the details of
the budget the customs on tobacco
showed a reduction in revenue of G1 ,595, 600,
but the actual consumption had increased un-
der the rearranged duty, to the advantage of
the consumer, who now consumed more to-
bacco and less water than before The de-
cline in revenue from spirits and wine had
stopped for the first time in many years The
total increase in revenue had been 81 800, 600
from spirits and 81 l20,O 900 from stamps and
succession duties over last year This was the
most promising field for the exchequer reap
er. This showing was also proof of the gen
eral prosperity Of the country, the increased
revenue stamps especially indicating re
vival Of trade The income tax he could
not speak of with satisfaction, as
the yield had been less than that
of any year since 1881. To sum up, the ex-
cess of revenue over the estimated, added to
the saving in expenditures, gave total real
lied surplus of ~, l65, 900, the greatest since
1874. CHEERS He had begun the year with
a balance in hand of Ej,9500OO, and had
ended it with balance of E7 43s, 900. He had
"A special reassn for desrug handsome bal
ance, his object being to provide for those
stockholders who might prefer to be passed
off under the consols conversion act instead of
taking new stock. This 47,0OO,OOO would
meet any exigency Coming to the national
debt, they had decreased their liabilities dur
ing the year by S7,GOl 600, the largest sum
paid off during any year since 1872.
(Cheers.l
Dealing next with estimates for the coming
year, he said it was calculated that the total
expenditure would be ES6,9000O, a decrease
of 95l2,0OO as compared with the present
year The revenue, as estimated, would be
ESQ, ,277, ,OOO giving IA surplus of e., ST., 900
over the expenditure. They proposed to de-
vote from this amount to the local county
authorities the sum of 81, l25, 900 This
would leave a balance of 81, ,252, 600. They
desired to take penny Off the income tax,
and as the balance was not sufficient, they
proposed to raise enough by various minor
taxes including duty of 1 shilling per cent
on the transfer of certain fugitive Stocks
6-penny stamp on contract notes, duty of
81 upon every pleasure horse and of e5 upon
g.
panies of 81 per 81, 900 capital, and a duty
of s shillings per dozen on bottled wines. By
these means they would obtain surplus
enough to enable Them to take penny off
the income tax. [Cheers.
They had still surplus Of 42l2 900, which
he surrendered to the local authorities
budget, which would further get eS40 600
from new licenses. Here ho entered upon a
complicated and detailed explanation as to
how the imperial taxation and the local tax
alton were separated Referring to the i'm
portant measure to fortify forts and coaling
stations, he stated that it was the intention of
the government to utilize the revenue derived
from Suez canal shares, amounting to 4570.-
900 yearly, raising on this sum a loan of &C.,
800, 900 to meet the expenditures for fortif-
cations. In this way they could avoid plac-
ing the slightest burden upon the taxpayers
[Cheersl Goschen concluded his speech,
which lasted four hours, and abounded in in
tricate details, by thanking the house for the
close attention with which it had listened to
him.
Childers, who was himself formerly chan
cellor of the exchsquer, complimented
Goschen upon the lucidity of his statement, |
considering the involved matters with which |
he had to deal.
GoSchen asked the house to pass resolutions
at once reducing the income tax and increas-
ing the duty on vino,
Vernon Harcourt said he thought that the
proposal relating to the duty on wine ought |
to be passed without delay, but not the in
come tax proposal, which involved the supse-
quent sanction of number OF other taxes
Goschens proposals commanded the admir- |
alton of the lobbies 1t is expected they will |
he resisted in some minor points, but in the |
main be accepted. The chancellor's state
ment has greatly enhanced his reputation.