The record-union., 1896-04-17
The Surplus in the Treasury the Largest
Eyer Yet Known.
Great Reduction Also Made in the
National Debt.
The Bank of England Holds Bullion to
the Amount of Forty-Nine Million
Pounds, and the Reserve Fund in
the Bank, In Proportion to Its LA
bflities, Stands at the Highest on
Record.

Record.
LONDON, April 16.-In the House of
Commons to-day Right Hon. r. w.
Hanbury Financial Secretary to the
Treasury, stated, in reply to a question
by Patrick O'Brien, member for Kill
kenny City, that the Postmaster-Gen-
eral was at the present time in COM
rounication with the Postmaster Gen
eral Of the United States in regard to
the future transmission of newspaper
matter from the United States to Great
Britain solely by American vessels, and
was now awaiting a reply from the
Postoffice Department at Washington.
''But," he said, cit should be remem-
bered that the POStmaSter-Genera Of
the United States has the liberty to
make his own arrangements
AT APO o'clock Sir Michael Hicks
Beach, Chancellor of the Exchequer
rose amid Conservative cheers, to de-
liver the speech introducing the budget.
He began by saying that despite the
fact that the expenditures 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, and
the credit Of the country was never so
high.
The yield Of consols to the purchaser
he said, was just about half what it
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 SINH
lar period.
The deposits in savings banks and
permanent accounts in ordinary banks
had amounted to an unprecedented
point, and the production of gold
throughout the world has been the
highest ever known. The amount of
bullion in the Bank of England was
f49, 100000. and the reserve fund in the
hank in proportion to it's liabilities was
the highest on record.
Continuing, Mr.. Beach said the posi-
ton of the working classes had never
been so satisfactory, and the issue of
produce stamps supplied the best pos
sible measure of ascertaining that bus
mess transactions had never reached
SO great a volume. Altogether" he
said 1.-The past year has been wonder
fui one The great triumph of a Chan
ceipts and estimates equal to the figures
OF this year became remarkable in re-
spect of the receipts exceeding the es-
Inmates. Every thing has had an up
ward tendency, especially during the
latter part of 1895. The increase in the
value of exports, imports, railway
earnings and bankers and clearance
house returns show a continuous ex-
/ ,,x-;o nf t,~o6 ha f0T Il q
fiscal year had been f101 ,974 900, while
for the year 1S94-95 the revenue had
only been f94 6S4 900, showing an in
crease of Ct 900, 600, and making an
excess of f5,S12, 900 over the estimates.
| 4 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 have declined 10 per cent.
and the popular taste for rum was
| greatly lessening. Tea has yielded l2O,-
~ pounds over the estimate, imply
ing an increased consumption of lO,-
/ GO0,000 pounds of that commodity.
/ I'm connection with this, he added,
there was a large and welcome trans
/ fer of the tea trade from China to Brit
! ish India and Ceylon. The receipts
| from wines have been f256,OO This
seems to be largely due to an increased
consumption of vinous liquor by mem
| bers of the Stock Exchange and specu-
! lators, who it appeared consoled them
| selves in non-success and rejoiced in
success in the consumption of cham
pagne" In this way, he said he ac-
/ counted for the dealings in 100000
extra bottles Of champagne.
| After referring to the great increase
! in the excise and deash duties, the Chan
cellor turned to the expenses of the Gov
! ernment, which he said had reached the
| total sum of f97 764, 900, leaving a sur
plus of IA 100000, which would be ap-
| piled to the national defenses, as ex-
planned in the naval works bill.
| During the year, he continued, the
national debts had been reduced ESQ.,
134. 900. the largest reduction on record,
with the exception of the reduction dur
! ing the lear 1S94-95. The unfunded
debt stood at the lowest point it had
reached in twenty-one years, and the
| funded debt had not materially in
creased since the Crimean war. In
| thirtynine years, he explained, tl9O,-
! O0O,0 900 of the debt had been paid off,
/ t100. 900, 600 of which had been paid in
| the last thirteen years. (Cheers)
| Some persons, he said, had tried the
wisdom of this. but it was his own
opinion that by this self-denying course
the country had raised up reserve of
incalculable Importance. If time of
need should come when the country
would again have to fight for it's life,
| the reserve would enable it without i'm
posing a penny of taxation to raise
100000. 900 for defense, without i'm
posing an atom more debt upon the
people than the nation had borne in
| 1907. without murmur. (Cheers.)
The total deposits in the savings
banks, Sir Michael stated, were now
| tl44, 600, 600, which was a matter for
congratulation as far as it was due to
| the thrift of the working classes. He
did not think, however, that a large
proportion of the deposits in savings
| banks belonged to the wage-earners
and he did not see why the State should
undertake banking business for per-
sons who We're able to take care of their
own deposits. and he especially could
not see why the State should pay pig
| per cent. for savings bank deposits
while money could be produced for less
Before long, he said, there might be an