New-York tribune., 1905-04-11
TURN IN BRITISH TRADE.
ExCHEQUEB SETTLEMENT.
Marked improvement in National
Finances-Habits Changing.

London. April 1O-Budget Day attracted large
crowd Of members of Parliament and visitors to
the House of Commons to-day, and when the Cham
cellor of the Exchequer, Austen Chamberlain rose
TO make his annual statement the House was Wen
filled.
At the outset Mr.. Chamberlain put his hearers
in a good humor by announcing that the revenue
Of the wear lust closed exceeded his estimate by
nearly S15OOOOOO. showing that the trade OF the
country had turned the corner and whereas
wear ago there was heavy deficit, there had been
established something more than equilibrium pe-
tween revenue and expenditure. Although 1904 began
badly bountiful crop of cotton had reViveo the
Lancashire industries, shipbuilding showed signs
Of recovery and the iron and steel industries had
slightly improved. Nevertheless while the coun-
try was on the path of moderate but steady re-
covery it could not be said that 190i-Oo had been
wholly satisfactory from the point of view OF COM
merce and finance. There had been much pauper-
ism and distress
In analyzing the items OF revenue the Chancellor
of the Exchequer said the sugar duty promised to
prove an expanding revenue. Tea fell snort OF
the estimates, mostly in the last quarter OF the
year This was. perhaps, attributable to holding
shipments on the chance of a reduction In the
duty. The exports of coal marked record but
the decline in the excise duties on spirits Whlch
began in 1900 continued
EXCISE RECEIPTS SMALLER.
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 were changing and this must be taken into
account in considering the financial situation Ihe
majority Of the people finding other employ
ment for the money which they used to spend IN
public houses Outdoor recreation and excursions
We're becoming more popular.
Turning to the expenditure of 19O4-'05 Mr.. Cham
berIaln said it had been below the estimates. The
actual surplus for the year was %O7OOO. The ma
tonaI debt had been reduced by $S7,79O,OOO and at
the close of the year stood at s. 775,S6O.OoO.
Dealing with the finances OF the new year, Mr..
Chamberlain estimated the expenditure for 1905-O6
at STO5 900 and the the existing basis
of taxation at S720O30OOO, leaving a surplus OF $4-
S6OOOO The surplus at his disposal from last year.
Mr. Chamberlain said. small but he had no
doubt Tegardng what had the first Est % eai o a on the %
restore the national credit. He proposed that
TO- Create sinking fund for the $50 100000 in treas
ury bonds falling due in December, which he pro-
the condition that one-tenth be drawn and repaid
each year This disposed of $5OOGoO of his surplus
THE TRANsVAAL's REPAYMENTs
Incidentally the Chancellor of the Exchequer
said he hoped that the first instalment OF the $780,
100000 of Inc war contribution promised by the
Transvaal would be available in 1906. In the mean
while repayments from the Transvaal on account
of railroad works and sales of stores together with
the sinking fund at the governments disposal,
would wipe out $2O0O0O00 OF treasury bonds out OF
the S7OOOOOOO due in December. He had already
$50 10000,
The new recommendations OF the Chancellor Of
the Exchequer dismissed in few words.
Mr.. Chamberlain regretted he was unable to re-
lieVe the income tax payer, the cost of reducing
the tax by two cents would be S11,100,0O0 and he
had not the necessary money. He proposed to take
off on July the extra duty Of four cents pound
put on tea last year which would absorb S,750OO
to clear away the remainder of the customs
housing charges, which annoyance to
traders without substantially increasing tho
enue, and to abolish certain small stamp duties,
leaving S2. 2.11000O to meet contingencies.
Sir Henry Campbell Bannerman, the Liberal
leader in the House, congratulated Mr.. Chamber
lain on the cearness Of his statement and his pro-
visions in regard to the national debt,