The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-03-27
G0SCHEN IN HIGH GLEE.
THE BUDGET MAKES AN UNUSU-
ALLY GOOD SHOWING.

A Saving of 2423, 900 Made on the
Estimate for the Past Year - The
Revenue el ,454 900 More Than Was
Expected - The Income Tax to be
Cut Down Penny.
LONDON, March 90. Mr. Goschen, Chan
cellor of the Exchequer introduced the
budget in the House of Commons this even
ing. The house was crowded Mr.. Goschen
said that the local government bill gave
special interest to the present budget.
Hitherto the Chancellor Of the Exchequer
has had to consider chiefly the claims of the
taxpayers. On this occasion the claims of
the rate payers had to be considered The
total expenditure for the current yesr had
been EST, 427 900, showing a saving of
f423,0 600 on the budget estimate, and
96l2,OOO over the preceding year The
revenues also presented a satisfactory ac-
count The total was ESQ ,5s9, 900, being
81 ,454, 900 more than the estimate. lCheersl
Coming to the details of the budget, the
custom on tobacco showed reduction in
revenue of 2595, 900, but the actual con-
sumption had lncrei sed under the re-
arranged duty to the advantage of the con-
sumer.
SPIRITS AND WINE
The decline in revenue from spirits and
wine had stopped for the first time in many
years. The total increase in the revenue
has been 9300, 900 from spirits and 91, 120,-
900 from stamps and succession duties over
last year. This showing was proof of the
general prosperity of the country, the in
creased revenue from stamps especially in
dicating a revival of trade. OF the income
tax he could not speak with satisfaction, as
the yield had been less than
that of any year since 1884
! TO sum up the excess of revenue over the
estimate, added TO the saving in expendi-
lures, gave total realized surplus of
e, 1886 the greatest since 1874. [Cheers.l
He had begun the year with a balance in
hand of 95, $50, 900, and had ended il with a
balance of g7, ,438, 600.
A SPECIAL REASON.
He had a special reason for desiring a
handsome balance, his object being to pro-
vide for those stockholders who might
prefer to be paid Off under the consols con-
version act instead of taking new stock.
This e7, 100000 would meet any exigency.
Coming to the national debt, he said they
had decreased the Liabilities during the year
G7, COL ,000 the largest sum paid of during
any year since 1872 [Cheers.1
Dealing next with the estimates for the
coming year. he said it was calculated that
the total expenditure would be 266, GIG, 900,
a decrease of g5l2,000 as compared with
| the present year. The revenue as estima-
tod, would be $50, ,2S7, 900, giving a surplus
of e2, ,377, 900 over the expenditures.
REDUCING THE INCOME TAX.
They proposed to devote from this amount
to local county authorities the sum Of
| g1, 1875, 900. This would leave q balance of
| 91, ,252, 600 They desired TO take a penny
off the income tax, and as the balance was
not sufficient they proposed to raise
enough by various minor taxes. including a
duty of shilling per cent on the transfer
OF certain fugitive stocks, sixpenny stamp
on contract notes, duty OF e1 upon every
pleasure horse and 95 upon race horses,
tax on the issue Of new companies OF
g1 per thousand capital, and a duty of
| five shillings per dozen on bottled wines.
| By these means they would OBJ
penny Off the income tax [Cheers.I
| They had still surplus OF R2l2, 900, which
he surrendered TO the local authorities bud
get, which would get a further GS40, 900
| from the new licenses.
ON THE FLOOR FOUR HOURS.
Mr.. Goschen concluded his speech, which
lasted four hours abounded in intricate
details, by thanking the House for the close
Mr.. Chiders, who was himself formerly
Chancellor of the Exchequer, complimented
NJ. Goschen upon the lucidity of his state
statement, considering the involved matters
with which he had to deal.
Mr.. Goschen asked the House TO pass res
olutions at once reducing the income tax
and increasing the duty on wine. The reso-
luton increasing the duty on wine was
adopted.