The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1905-05-03
BRITISH BUDGET ISSUED
Shows a Surplus For Second Time
Since Boer War.
Austen Chamberlain, Chancellor of the
E~xchequer, Reads Statement
Before the House,.

London. England.-For the first time
since the war, with the exception Of
n year, the British budget. read to
the Commons, showed a surplus. AUS
ten Chamberlain, Chancellor of the
ExcheQuer,, was greeted with an outs
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 q
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-
full crop Of cotton had revived the Lam
caShire industries. s%hipbuilding 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 1904-05
had been wholly satisfactory from the
viewpoint 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
on the chance of a reduction in the
duty. The export of coal marked a
record, but the decline in the excise
duties IN spirits, which began in 1900.
continued. The consumption of beer
and spirits was less in 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
jority 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 Il -penditure of 1904-05
MI. Chamberlain 4 it had been be-
low the, estimates, and the actual real
lied surplus for the year was $7,010,-
900. The national debt had been re-
duced by S37, 79O,O 1000, and at the close
Of the year stood at S3,775,360,000.
Dealing with the finances of the new
year, Mr.. Chamberlain estimated the
expenditure for 1905-06 at sos, 160,-
600, and the revenues on the existing
basis of taxation at $720, 020, 900, leav-
ing a surplus of $14, 100000. The ur-
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 $1,000, 900 should
be added to the fixed debt charge to
create a sinking fund for the $50,000.-
900. in treasury bonds falling due In
December, and which he proposed to
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 $11, 10000, and
he had not the necessary money. He
proposed to take off on July 1 the ex-
ira duty 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.