Waterbury evening Democrat., 1888-03-27
FROM OVER THE OCEAN.
THE NEW BUDGET PRESENTED BY
 MIR. GoScHEN.


 in Years-surprising the Champagne Drinkers Foreign Matters.
 LONDON, March N.-The budget, which was submitted to the house of commons by Mr. Goschen, chancellor of the exchequer last evening, possesses more novel features and creates greater sensation than any similar presentation for many years. In ex- pectation of something of this character thousands of persons vainly tried to gain ad- mission to the galleries long before the speaker took his seat, but the space allotted to strangers was already crowded to its full capacity. Minister Phelps and several other prominent Americans were present.
 The budget provides for total expendi- ture of 9S7, 427, ,O0O-e423, 900 less than the estimate, and 9612, 900 less than the expendi- lures of the preceding year. The total rev. enue accruing to the government through the adoption of this budget will be eS9, ,5S9,- 900, an increase over the estimate of el ,454,- 900. The tobacco customs are reduced e595 900, but the actual consumption is in creased under the encouragement of duty. The decline in the revenue from spirits is arrested for the first time in many years The total increase in revenue from spirits is a3CO, 1000, and from stamps and succession duties el, 120, 900 over last year. The budget is held to furnish abundant proof of general prosperity and the revival of trade.
 Of the income tax Mir. Goschen said be could not speak with satisfaction, since the revenue from that source had been the lowest of any year since 1884 The excess of reve- pue and the saving in expenditures had given surplus of @, 165 900, the greatest since 1874. The year had begun with balance in hand of e5 5,950, 900, and ended with a bal ance of @, ,43S, 900. T5e national debt had decreased e7,60l ,OOO-the largest shrinkage since 1872. For the coming year the expendi- ture would be es6, 900, 900 and the revenue 9S9, ,2S7 900.
 In order to obtain a surplus to enable the remission of penny from the income tax it was proposed to institute various minor taxes, including shilling per cent on the transfer of certain fugitive stocks, sixpence on contract notes, e1 on each pleasure horse, e5 on a race horse, e1 per q 900 on the cap. ital of new companies, and one shilling per dozen on bottled wines.
 Referring to the measure to fortify ports and coaling stations, Mir. Goschen said it was intended to utilize the revenue from Suez thereon loan of c., 3O0, 900, which would meet the expenses without the slightest bur den being imposed upon the taxpayers.
 Mir. Goschen spoke four hours, and was highly complimented by Mir. Childers upon the lucid manner in which he had presented his statement.
 Mir. Goschen asked the house to pass resolu- tions immediately reducing the income tax and increasing the duty on wine.
 Sir William Harcourt concurred in the proposal to increase the wine tax, which be thought to be passed at once, but could not agree to the income tax proposal, which in. volved other taxes.
 Replying to Mir. Nolan, Mir. Goschen said the government was most sincerely desirous that Ireland should share fairly in the reduc- tion of taxation proposed, and was ready, he said, to discuss the question with Mr. Nolan with view to readjusting the changes to that end if necessary. He admitted, in reply to other criticisms, that the budget did not rival the great budgets of Mir. Gladstone, but thought it impossible at this time to fur ther simplify the taxation and reduce duties on imports, though some of the latter, nota- ply tobacco, were too high.
 The resolution increasing the tax on wine was passed.