The San Francisco call., 1896-04-17
Vast Strides Made in Reducing
the Debt Due to the War
of the Crimea.
REVENUE GREATLY INCREASED
Heavy Sums to Be Expended for De.
fenses and Improved Educational
Facilities.

LONDON, ENG, April 16.-In the House
of Commons to-day Right Hon. P. w.
Hanbury, Financial Secretary to the
Treasury, stated in reply to question by
Mr.. Patrick o. Brien. member for Kilkenny
City, that the Postmaster General was at
the present time in communication with
the Postmaster-General of the United
States in regard to the future transmission
of newspaper matter from the United
States to England solely by American
vessels, and was now awaiting an answer
from the Postoffice Department in Wash
ington. But" he said, lit should be re-
membered that the Postmaster General of
the United States has the liberty to make
his own arrangements"
AT :25 o'clock Sir Michael Hicks Beach.
Chancellor OF the Exchequer rose amid
Conservative cheers to deliver the speech
introducing the budget. He began by.
saying that despite the fact that the ex-
penditures of the last fiscal year had been
larger than that of any year since the last
great war, the surplus in the treasury was
the largest that had ever been known ana
the credit of the country was never so
high. The yield of consols to the pur-
chaser, he said, was just about hall what
IL was d CeilluI y ago anu q larger sum QaQ
been applied to the reduction of the
national debt than had ever before been
applied 10 that end within q similar
period. The deposits in savings banks
and permanent accounts in ordinary
banks had amounted to an unprecedented
point, and the production OF gold through
out the world has been the highest ever
known. The amount of bullion in the
e Al n
reserve fund in the bank in proportion to
its liabilities was the highes on record.
Continuing, Sir Michael said that the
conditions of workingmen were never so
satisfactory as at present, but he feared
that the condition of agriculturists
was worse. The issue of produce
stamps supplied the best possible measure
of ascertaining that business transactions
had never reached so great volume. Al
together. he said, the past year had been a
wonderful one. The great triumph of a
chancellor. of the exchequer, he said, was
when receipts and estimates were equal,
but the figures of this year become remark
able by the factthat the receipts exceed the
estimates. Everything, he said had had
an upward tendency, especially during the
latter half of 1895. The increase in the
value of exports, imports, railway earn
ings and bankers and clearinghouse re-
turns showed continuous expansion of
trade. The revenue for the fiscal year had
been f101, ,974, ,0O0 while for the year
1S94-95 the revenue had only been f92, ,684,-
600, showing an increase OF 97. 10000 and
making an excess of 95,812,OOO over the
estimate.
A great feature had been in the increase
of the revenue from tobacco, wine and tea,
the latter having steadily driven coffee out
of the market. British and Irish spirits
had also driven foreign spirits out of the
market. The imports of spirits had de-
clined 10 per cent and the popular taste for
rum was greatly lessening. Tea had
yielded f120,OO0 over the estimate, i'm
plying an increased consumption of
TO- 600 pounds of that commodity. In
connection with this, he added, there was
large and welcome transfer of the tea
trade from China TO British India and
Ceylon.
The receipts from wines, he said, had
been Ell, ,256, ,000 This seemed to be largely
due to an increased consumption of vinous
liquor by members of the Stock Exchange
and spectators, who. it appeared con-