The Penn's Grove record., 1905-04-14
BRITISH BUDGET ISSUED
Shows a Surplus For Second Time
Since Boer War.
austen Chamberlain, Chancellor of the
Exchequer, Reads Statement
Before the House.

London, England.-For the first time
since the war, with the exception of
one year, the British budget, read to
The Commons, showed a surplus. Aus
ten Chamberlain, Chancellor of the
Exchequer, was greeted with an out
burst OF enthusiasm by a crowded
house When he announced that the
revenue Of the year just closed exceed
ed his estimate BY almost $4,000, 900,
showing that the trade of the country
had turned the corner, and whereas a
year ago there was a heavy deficit
there had now been established some
thing more than an equilibrium be-
tween the revenue and expenditure.
Although 1904 began badly, a bounti-
tul crop of cotton had revived the Lam
cashire industries, shipbuilding showed
signs of recovery and the iron and steel
industries had slightly improved.
Nevertheless, while the country was
on the path of moderate but steady re-
covery it could not be said that 1904-O5
had been wholly satisfactory from the
g1eWp6lnt, of commerce and finance.
There had been much pauperism and
distress.
In Analysing the items of evenue
the Chancellor Of the Exchequer said
the sugar duty promised to prove an
expanding revenue, and tea fell short
of the estimates, mostly during the last
quarter Of the year, so, perhaps, this
was attributable to holding shipments
nm tho n n0A Nf \ .a1,,NAs--l Ia ~
duty. The export of coal marked q
record, but the decline in the excise
duties on, spirits, which began in 1900,
continued; The consumption of beer
and spirits was less id 1904 than In
any Of the preceding fifteen years. In
fact, said Mr.. Chamberlain, the habits
OF the people are changing, and this
must be taken into account in consid-
ering the financial situation. The ma
1ority of the people are finding other
employment for the money they used
to spend in public houses. Outdoor
recreation and excursions are becoming
more popular.
Turning to the expenditure of 1904-05
Mr.. Chamberlain said it had been be-
low the estimates, and the actual real'
lied surplus for the year was $7,07O,-
900. The national debt had been re
duced by $37, 100000, and at the close
81, the year stood at So, 775, 1850, 900.
Dealing With the finances of the new
year, Mr.. Chamberlain estimated the
expenditure for 1905-06 at $7O5, 100:
900, and the on the existing
basis of taxation at $72O, O20, 600, leav,
ing d surplus of $14, $3.50, 900. The sur
plus at his disposal from last year,
Mr.. Chamberlain said, was small; but
he had no doubt regarding what had
the first claim on the country's re.
sources. The first thing to do was to
restore the national credit.
He proposed that $4,000 900 should
be added to the fixed debt charge to
create d sinking fund for the S50,OO0,.
900 in treasury bonds falling due III
December, and which he proposed tc
reissue. as new bonds for ten Years
with the condition that one-tenth be
drawn and repaid each year.
Mr.. Chamberlain regretted that he
was unable to relieve the income tax.
payer, as the cost of reducing the tax
by two cents would be S11, 0 5000, and
he had not the necessary money. He
proposed to take off on July 1 the ex
tfa dutf Of four cents per pound put
on tea last year.
Sir Henry. Campbell Zimmerman, the
Liberal leader in the House; congratu:
lated Mr.. Chamberlain on the clear,
ness of his statement and his provis-
ions in regard to the national debt.