Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-04-18
RARE GOOD TIMES
FOR OLD ENGLAND
Commons is Crowded to Hear
the Liberal Budget.
FIRST ONE IN II YEARS
Revenue $?2O,s5o,000 on the Exist
ing Basis of Taxation.
DUTY ON TEA NOT CHANGED
Only Disappointment is Bad Showing
of Revenue Returns-Reduction
of National Debt.
Revenue S?20s5o,00o on the Exist
ing Basis of Taxation.
DUTY ON TEA NOT CHANGED

LONDON. April 1s.-No budget statement
of recent years had been awaited with so
much interest as that of Chancellor Of the
Exchequer Asquith today. Although II was
his second budget. that of last year really
was only legacy from the previous ad-
mnistration. his proposals today con-
stituted the first real liberal budget in
twelve years. The house of commons was
thronged and the public galleries were
densely crowded. The financial statement
issued by the treasury In advance of the
chancellors speech informed the house
that the exact realized surplus for lss6-CT
was S2G.95500o. which, in accordance with
the law, would be devoted 10 the reduction
of the public debt.
Mr.. Asquith estimated the expenditure for
1.W7-0S at SOB, $4,000.
The revenue the existing basis of tax
alton was estimated to be S12O $4,000
Duty on Tea.
The duty on tea was unchanged.
Mr.. Asquith opened his speech with q.
brief review of the past year, pointing out
that with the exception OF the stock mar
kets, which suffered from the money strin-
gency, trade at home and abroad had been
remarkably fourishing The treasury re-
estimates. The latter was due to the In
creased demand for coinage on account Of
the prosperous state of trade and the large
amount of silver. agsregat!ng $2,5J3C0p, re-
quired for varied purposes In connection
with the general election.
Annual Elections.
The latter remark reminded the house Of
numerous petitions to annul elections on &C
| count of alleged bribery and called forth
much laughter.
AS a whole. The revenue returns. the
chancellor added, had not shown great
elasticity, and in view of the undoubted
prosperous state of trade they were dis
tinctly disappointing.
The reduct ion in the tea duty in the last
budget had been followed by Increased con-
sumption. amounting to 1850. 900 pounds
The revenue from tobacco had not realized
expectations, and there had been progress
sive, formidable decline I'm the revenue from
the alcohol group since 1899 until last
year.
The permanent reduction of the national
debt for 19O6-O1 announced TO be Sos
J.00 Go.
Reduction of Expenditures.
AS chancellor of the eXchequer he sMr.
Asquith) was glad to say that there were
signs of definite reaction, and the pres
ent year had furnished an increase Of
s2,470,OOO in these receipts. Continuing,
the chancellor said there had been a falling
off in the revenue from stamps in conse-
quence of the slackness of opera tons on
the stock exchange and the fact that tho
telephone was superseding letters.
Turing to the financial year OF 1908 tho
chancellor estimated the expenditure Of
SOB, 1SoOto a reduction of s., $40 60 COM
pared with l!m6-I. He hoped the reduction
would be continuous and progressive
On the existing basis of taxation Tho
revenue for the forthcoming year was sstl-
mated at s720 $50. 900, showing an estimated
surplus of ST. i6JCG0
The National Credit.
Dealing with the lines on which the lib
eral administration proposed to direct the
finances of the country during the next
few years. the chancellor said
I'VE are under the immediate obligation
of reinstatins and improving the national
credit"
Referring to the recent fall I'm gill edged
securities. the chancellor claimed that con-
soils We're still the premier security. The
existing conditions were largely the result
of unliquidated commitments and CONSTITUTE
ed serious enr5arra ssment, not only TO
the government. but to the community at
large. The further reduction of the national
debt was the paramount duty of the gov
eminent, but behind all that the un-
conquered territory of social reform.
Il am not a socialist" the chancellor re-
marked but there is nothing which an
peais to us SO loudly and imperiousy as
the possibilities of social reform
In regard to old-age pensions. the chan
celor said he would not commit himself 10
any scheme for the purpose Everything
must be done by steps. But, in behalf of
the government lie declared that In the
sphere of finance the ministers regarded
old-age pensions as being the most serious
and most urgent of all the demands for So
cial reform. 1t was their hope ana inten-
ton before the close Of the next session OF
parliament If they were allowed to have
their way, to lay a firm foundation for this
reform.