The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-04-17
IN HOUSE OF COMMONS
Sir Michael Cks-BeaCh Makes a Speech
Amid the Cheers of the Conservatives,
THE CREDIT OF THE COUNTRY EXCELLENT
The Speaker Said the Condition of
the Working Glasses Had Never
Been 80 Satisfactory IAN Now, Hut
the Position of the AgricuIturists
ts WOrse..Past Year wonderful.


London, April 16.-In the House of
Commons this afternoon Sir Michael
flicks-Beach. Chancellor of the Exche-
quer arose amid Conservative cheers to
deliver the speech Introducing thp 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 1t 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 similar period The de-
pos!ts In savings banks and permanent
accounts in ordinary banks had amount
ed 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 Eng
land was G49,000 00e and the reserve fund
In the bank in proportion tn Its labili-
ties was the highest on record.
Continuing Mr. Beach said the position
of the working classes had never been SO
satisfactory as at present. but he feared
that the condition of agricul;uris,s Is
ments supplied the best possible mea-
sure of ascertaining that business trans
| actions had never reached so great
volume. Altogether. he said, the past
year had been wonderful one.
The great triumph 1f the Chancellor of
| the Exechequer. he said, was when re-
ceipts and estimates equal TO the figures
OF this year, became In respects OF the
receipts exceeding the estimates.
British and Irish spirits had driven
foreign spirits out Of the market The
| import of spirits had declined 10 per
cent. and the popular taste for lum was
greatly Increased. Tea had Welded Gl20,-
600 over the estimate, implying an in
creased consumption of 10000, 900 pounds
# that commodity. In connection with
| this. he added. there was a large and
welcome transfer of the tea trade from
China 10 British India and Ceylon.
Whe receipts from wines. he said, had
been Gl,256. 600 This seemed to be
largely due TO an Increased consumption
| OF vineous liquors by members of the
STOCK Exchange and spcculators, who,
II appeared, consoled themselves In non.
success and rejoiced in success in the
consumption OF champagne. In this
way ne accounted for the dealing In
100000 extra bottles of champagne
After referring to the great increase
In the excise and death duties the Chan
Government, which. he said, had reach
ed the total sum OF 97.764. 900 pounds,
leaving surplus of 4,20S. .00G which
would be applied to the National de-
FENCES as explained in the Naval Works
Dill. during the year, he continued
the National debt had been reduced
s,l34 600, the largest reduction on record
with the exception OF the reduction dur
ing the years 1S94-95. The unfunded
81
had reached in q years. and the funded
debt had not materially increased since
the Crimean war. In thirty-nine years,
he explained. 10000. 900 pounds of debt
had been paid off, 100, 900, 600 pounds OF
which had been paid in the last thir-
teen years. (Cheers)
Some persons, he said, had denied the
wisdom OF this. but II was his own
opinion that by this self-denying course
the country had raised up a reserve OF
incalculable Importance. If time of
need should come when the country
would again have to fight for its life
the reserve would enable 1t without i'm
posing a penny of taxation 10 raise
200.0O0.000 pounds for defense, without
imposing an atom.
The total deposits in the savings
banks Sir Michael stated were now
l44.0000 900 pounds, which was a matter
for congratulation as far as Ii was due
to the THRIFT of the working classes. He
did not think. however, that large pro-
portion of the deposits in savings banks
belonged to the wage earners. and he
did not see why the State should under
take banking business for persons who
were able to take care of their own de-
posts. and he especially could not see
why the State should pay 2I2 per cent.
for savings bank deposits while money
could be produced for less Before
long. he said, there might be an altera-
ton In the law. which would reduce the
interests ON larpn a1noinntS