Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-04-17
THE BRITISH BUDGET.
Figures Touching In
come and Expenditures.

LONDON, April 16.-In the House Of
Commons this afternoon. Sir Michael
Hicks Beach, Chancellor OF the Exche-
quer. rose amid Conservative cheers
to deliver the speech introducing the bud
get. He began by Saying that despite
the fact that the expenditure Of the last
fiscal year had been larger than that OF
any year since the last great war, the
surplus of the Treasury was the largest
that had ever been known. and the credit
of the country was never so high. The
Yield OF Consols TO the purchaser was just
about half what II was century ago,
and larger sum had been applied to the
reduction of the national debt than had
ever before been applied to that end
within a similar period.
The deposits in savings banks and the
permanent accounts in ordinary banks
had amounted TO an unprecedented point,
and the production Of gold throughout
the world had been the highest ever
known. The amount OF bullion in the
Bank OF England was 100000, and the
reserve fund in the bank in proportion
to it's liabilities was the highest on re-
cord.
The increase in the value of exports,
imports, railway earnings. and bankers
and clearinghouse returns showed con-
tinuous expansion of trade. The revenue
for the fiscal year had been fl0l.974.0O,
while for the year 1s94-lSs5. the revenue
had been only f9464S,OCo. showing an in
crease OF Il, $4,000, and making an excess
of f5.a2OOO over the estimate. great
feature had been the increase Of the
revenue from tobacco. wine, and tea,
the last named having steadily driven
coffee out OF the market. British ana
Irish SHIRTS had also driven foreign
spirits out of the market. The import OF
spirits had declined 10 per cent. and the
popular taste for rum was greatly lessen
ing. Tea had yielded 10000 over the esti-
mate, implying an increased consumption
OF 1000, 900 pounds Of that commodity. In
connection with this. he added, there was
a large and welcome transfer or the tea
trade from China to British India and
Ceylon.
The receipts from wines, he said, nad
been Il 5000. This seemed to be largely
due to an increased consumption OF vinous
liquors by members OF the Stock FIX
change and spectators. who. II appeared.
consoled themselves I'm non-success and
reioiced in success with the consumption
of champagne. In this way he accounted
for the dealing In 10000 extra bottieS OF
champagne.
After referring to the great increase In
turned to the expenses OF the government
which, he said, had reached the total sum
Of t97, 76i 900, leaving a surplus OF ttDsooV.
which would be applied to the nahonal
defences, as explained in the naval WORKS
bill. During the year. he continued, the
national debt had been reduced fS,loivVc,
the largest reduction on record, with the
exception Of the reduction during the year
ls94-'95. The unfunded debt stood at the
bod in W
one years, and the funded debt had not
materially increased since the Crimean
war. In thirty-nine years, he explained,
1870. 10000 OF debt had been paid or, tloo,-
100000 Of which had been paid in the last
thirteen years. (CheersD
Some persons, he said, had denied the
wisdom OF this, but 1t was his own opin-
ion that by this self-denying course the
country had raised up a reserve OF meal
culable importance. IL time OF need
should come, when the country would
again have to fight for its life, the re-
serve would enable II, without imposing
a penny OF taxation, TO raise f2OO,OCoOOO Tor
defence. without imposing an atom more
debt upon the people than the nation had
borne in 1857 without murmur. tCheers)
The total deposits in the savings banks,
Sir Michael stated, were now HA0o0.OO0,
which was a matter for congratulation. as
far as II was due to the thrift or the
working classes. He did not think, how
ever. that any large proportion or the de-
posits in savings banks belonged 10 the
wage-earners, and he did not see why the
State should undertake a banking business
for persons who were able to take care
of their own deposits; and he especially
could not see why the State should pay
. l-2 per cent. for savings-bank deposits
while money could be produced for less.
Before long, he said. there might be an
alteration In the law. which would reduce
the interest on large amounts.