The San Francisco call., 1896-04-17

Soled themselves in non-success and re-
joiced in success in the consumption of
champagne In this way be accounted for
the dealings in 100000 extra bottles of
champagne.
After referring to the great increase in
the excise and death duties the Chancellor
turned to the expenses of the Government
which he said had reached the total sum
of f97, ,764,000, leaving a surplus of f4,-
100000, which would be applied to the
national defenses as explained in the
naval works bill. During the year. he
continued, the national debt had been re-
duced fS,134 900, the largest reduction on
record with the exception of the reduction
during the year 1S94-95. The unfunded
debt stood at the lowest point it had
reached in twenty-one years and the
funded debt had not materially increased
since the Crimean War. In thirty-nine
years, he explained, 9190, 100000 of the
debt had been paid off, 9100,000ooo of
which had been paid in the last thirteen
years. [Cheers.
Some person, he said, had tried the
wisdom ofthis, but it was his opinion that
by this self-denying course, the country
had raised up reserve of incalculablc I'M
portance. If time of need should come
when the country would again have to
fight for its life, the reserve would enable it
without imposing penny of taxation to
raise 900 900, 900 for defense without i'm
posing an atom more debt upon the people
than the nation had borne in 1857 without
q murmur. [Cheers.
The total deposits in the savings banks,
Sir Michael stated, were now f144, 600, COO,
which was a matter for congratulation as
far as twas due to the thrift of the work
ing classes. He did not think, however,
that large proportion of the deposits in
savings banks belonged to 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 could not see why
the State should pay two and one-half per
cent for savings bank deposits while money
could be produced for less. Before long,
he said. there might an alteration in the
law which would reduce the interest
on large amounts The country, Sir Mi
chael said, might be proud of the enor-
nous revenue, but it was in his Judgment
grave question whether the expenditure
was not increasing faster than the perma-
HeuL CdpdClty OF the nation cOulu pear.
Opposition cheers. If the expenditure
increased while the revenue was unelastic
the country would be within measurable
distance of having to choose between put
ting an end to the reduction of the nation
al debt and an increase of the taxation.
Coming to the receipts and the expendi-
lures for the ensuing year, Sir Michael said
that the estimated expenditures were
f100,047,0OO, and the estimated revenue
9101, 755, 900, leaving an estimated surplus
of f1,70S, 900, which it was proposed to ap-
ply to the reduction of the maximum rate
on land from shillings in the pound to 1
shilling. 1t was also intended to increase
the grants for education.
In conclusion the Chancellor of the Ex-
chequer proposed to allot the sum of 1915
600 to the reduction of the agricultural
rating and 4433,OO0 for educational pur-
poses, leaving moderate surplus for any
contingencies that might arise.