Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1905-04-11
BUDGET DAY
Attracts Large Number Of Spectators
In British Parliament,

London. April 1O.-Budget day attract
ed large crowd of members of Parlia
ment ana visitors to the houses. today,
Austin Chamberlain, rose to make his an,
nual statement the house was well filled
in all parts. At the outset Mr.. Chamber
nouncing that the revenue of the wear
just closed exceeded his estimate nv
nearly $15.000OO0, showing that the trade
of the country had turned the corner and
whereas year ago there was a heavy
deficit there had now been established
something more than equilibrium be-
tween the revenue and expenditure.
Mr.. Chamberlain estimated the expendi-
ture for 19Q5-06 at sos, 100 900 and the rev
enue on the existing basis of taxation
at $7a0.02O,00O, leaving a surplus of $14-
$4,000. The tea tax is reduced by four
cents from July /. the date on which the
existing duty expires. There is no reduc-
ton in the income tax
Although 1904 began badly, bountiful
cotton crop had revived the Lancashire
industries the ship-building showed signs
of recovery and the iron ana steel indus
tries had slightly improved. Neverthe-
less it could not be said that 1904-05 had
been wholly satisfactory. There had been
much pauperism and distress.
The chancellor of the exchequer said
that 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
chance of reduction in the duty. The
exports of coal marked a record out the
decline in the excise duties on spirits
continued. The consumption of beer and
spirits was less in 1904 than in any of
the preceding Is years. In fact, said Mr..
Chamberlain, the habits OF the people are
changing and this must be taken into ac-
count in considering the financial situa-
ton The majority of the people are
hnding other employment for the money
they used to spend in public houses Out
door recreation and excursions are be-
coming more popular.
turning to the expenditure of 19O4-O5
Mr. chamberlain said it had been below
lne estimates and the actual realized
natlonal debt had been reduced by $37, $780,
gro. and at the close of the year stood at
- 81 I'9S6o,ooo Mr.. Chamberlain estimated
sos, 10000 and the revenue at $40. 1920, 900.
leaving surplus of $14,S 900. The sur
plus at his disposal from last year was
small but the first thing to do was to
restore the national credit He proposed
that 100000 should be added to the
fixed debt charge to create a sinking fund
for the S5O,OOO,000 in treasury bonds fall
ing due In December and which he pro-
posed to reissue as new bonds for 10
years with the condition that one-tenth
be drawn and repaid each year.
The chancellor of the eXchequer said
that he hoped the first instalment of the
$15O.0O0 900 of the war contribution prom
iscd by the Transvaal would be available
in 1906. In the meanwhile repayments
from the Transvaal together with the
sinking fund at the governments disposal
would wipe out S2O,OOO90O of treasury
bonds out of the S70,000,00O due in Deem
her. He had already stated how he pro-
posed to deal with the remaining $780,
000, 600
MIR. Chamberlain regretted he was I'M
able to relieve the income tax payer He
proposed to take off July the extra duty
of four cents per pound put on tea, last
year which would absorb $7,75O,0OO to
clear away the remainder of the customs
Warehousing charges which were an an
noyance to traders without substantially
increasing the revenue to abolish certain
small stamp duties, leaving $2,11O,OOO to
meet contingencies.
Sir Henry Campbell-Bannerman the
Liberal leader in the House, congratu-
lated Mr.. Chamberlain on the clearness
of his statement and his provisions in
regard to the national debt.