The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1888-03-28
THE ENGLISH BUDGET
4 Very Favcrsbls EhswIrg Announced bJ
ths GhsnsslI9r Of Exehtqasr.
editions Made to the Balance in the
Treasnry-some Changes Proposed IN .
TaxatioD-Duty on Wine-Deb1te
Begun in the HOuee.

LosDoH, Mach 90 Mr.. GosOhen, the
chancellor of the exchequsr, introduced
the budget in the house OF commons this
Evening. The house was crowded. Mr..
Goschen said that the local government bill
ave q special interest to the present
budget. Heretofore the chancellor of the
exeheouer had had to consider chiefly the
claims Of tax PAYERS. On this occasion the
claims of rate payers had to be considered.
The total expenditures Tor the current year
had been Es7, 427 geo, showing a saving OF
f423, 900 on the budget estimate, and
4612. .O09 over the Irecedin year. The
revenue also presented a scsory &C.
count. The total was ESQ 5S9 600, being
41,454 900 mere than the estimate. Cheersl
Coming to the details of the budget, the
customs OF tobacco showed q reduction in
revenue Of 1895 600, but the actual con-
sumption had increased under the re-
arranged tGty TO the advantage OF the
, consumer, who now consume more tobacco
and less water than before. The decline IN
revenue from spirits and wine had stopped
for the first time in many years.
The total increase in revenue had been
1900 COO from spirits and Il J20 600 from
stamps and succession duties, over last year.
This was the most promising tsld for the
exchequer. This sho wing was also pr1of
|, of the general prospert y OF tae country,
the increased revenue ffOm AtamDs es-
pecially indicating reviv Al of trade o.
7ihe income TAX he could not speak with
satisfaction, as the yield had been less than
sthat OF any year since 1884. To sum up
the excess of the revenue over the esti-
mate, added 70 the saving in expenditures,
gave e total Fealiz I'd surplus of 60 lG5 600,
the greatest since 1874 lCheersl. he had
begun the year with 50, 95O,0OO. aud had
ended il with balance OF Il 438 900. He
had special reason for desiring q hand
some balance, his object being to provide
for those stockholders who might prefer
TO De paid of under the consols conversion
act instead OF taking new stock. This
seven millions would meet any exigency.
Coming to the national debt, they had de-
creased their liabilities during the year oy
: 47 COZ, 600, the largest paid of during any
year since 1872. ChesH].
Dealing next with the estimates for the
coming year, he said it was calculated
that the total expenditure would be $50.
$1,000, decrease OF f512,00 as compared
with the present year. The revenue ss
estimated would be $50 2S7 600 giving a
surplus Of 60 81 00O over the expenditure.
They proposed to dsvote from this amount
to the local county authorities the sum OF
81, ,125, 600. This would leave 9 balance of
Il, I,252, 600. They desired to take penny
of the income tax, ard as the balance IVES
not sufhcisnt, they proposed 20 raise
4 enough by various minor taxes, including
duty OF shilling per cent on the trans
' fer OF certain fugitive stocks, a 6 penny
stamp on contract notes, duty of Il upon
every pleasure horse and Of 3 upon race
horses, tax on the issue of new companies
Of Fl per 1900 capital and a duty of
two shinings per dozen on bottled wines
By these means they would obtain surplus
enough to enable them to take q penny of
the income tsx. Cheers They had still
surplus of 4212, 900, which he surrendered
to the local authorities budget, which
would further get $50 900 from new IL
censes. Here he entered upon q compli-
Gated and detailed explanation as to how
the imperial taxation and local taxation
were separated. Referring to the imperial
measure to fortify ports and coaliug sta
tons, ne stated that it was the intention
OF the governmsnt to utilize the revenue
derived from Suez canal shsres, amounting
to 600 600 yearly, raising on this sum
loan of e. 800 eco to meet the expsndi.
tures for fortifcations, In this way they
would avoid placing the slightest burden
upon the taxpayers. ICheers
Mr.. GoEchen concluded his speech, which
lasted -four hours and aboun ded in In
tricate details, by thanking the house for
the close attention with which it had
listened to him.
Mr.. Childers, who was himself formerly
chancellor OF the exchequer, complimsnted
Mr.. Goschen upon the lucidiIy of his
statement, considering the involved mat
ters with which he had had to deal
Mr. Goschen asked the house to pass
resolutions at once reducing the income
tax and increasing the duty on wine.
Sir WilliaR Vernon III Arcourt said he
thought the proposal relating to the duty
OF wine ought to be passed without delay
but not the income tax proposal which
involved the subsequent sanction of a
NUMBER o. other taxes. The debate was
continued.
Mr.. Goschen's proposals commanded the
admiration OF the lobbles. It is expected
tney Will DC resls sted in some minor points,
but In the main Wtll be accepted. The
chancellor statement has greatly enhanced
bis reputation.
Replying to Mr.. Nolan. an Irish member.
Mr.. Goschen said he most sincerely desired
that Ireland should have a fair share of
the reductions in taxation. He was quite
ready to discuss the matter with Mr..
Nolan with the view of r.eadj justing the
taxes, II change were found necessary,
Giving further details as to minor changes
In the method OF taxation, he announced
that be hoped, in the course OF the session
70 introduce bill providing for the collec-
ton OF the income tax by inland revenue
omcers- In reply TO further criticisms he
admitted that the budget did not rival the
great budgets Of Mr.. Gladstone, but said 1t
was impossible to further simplify taxa
ton or reduce the duties on imports, al.
though some duties, especially that on
tobacco, were still too high.
The resolution to increass the duty on
wine was adopted.
Mr. Bslfour asked the house TO sanction
bill to expedite business in the Irish land
courts by the appointment of sssessom to