New-York tribune., 1907-04-19
THE BRITISH BUDGET.
NATIONAL DEBT REDUCED
Further Economy Erpected-Od
Are Pensions Planned.

rv mart and with the Prince Of Wales in
the peers gallery, Herbert Asquith, the Chan
oellor Of the Exchequer. in an sbie two hours
rneech to-day delivered the budget statement.
Juaging by the debate which Z ilcwed, this
s+ateuert viii meet with greater ge-eral ap-
rroval and less sectional antagonism than usu-
slv falls TO the lot of budget statements.
whitelaw Reid. the American Ambassador.
listened to the budget statement from seat in
the gallery near that occupied by the Prince OF
Wales.
The most persistent complaints come from
the extreme section OF the Labor party, which
Is disappointed at the postpOnement OF the
-,onsion scheme and the absence OF any direct
relief in the taxation OF the working classes.
James Keir Hardie calls il brutal budget"
and declares his belief that the government has
no intention Of dealing with this question dur
,nr its lifetime. but purposes TO reserve It as
an effective election plank when ii becomes
necessary to appeal 20 the country. In the
hobbies OF the House the statement was gem
erally characterized as middle class budget"
Instead OF the estimated deficit Of $4,000 for
1gO6-'07 AIr. AsQutth has realized q surplus OF
s2sss5OOO while for l907-'0s he estimates the
surplus at sl7,l65,0 ,00O Ills proposals not for
a reduction in indiretz taxation, but provide
relief from the burden OF the income tax by
preferential treatment of earned incomes below
$4,000 a year. To compensate for this loss. ne
proposes Increased death duties. The Chancel-
lor promised an old age pension scheme for
next year and sets aside s7.5OooOo for this pur-
pose.
The unusually brief debate which followed
Alr Asouith's statement was devoid OF any
partlcularly interesting feature Austen Cham
berlain. declared Mr.. Asquith. had disclosed how
limited were the resources of taxation under the
present system. and how inadequate was the
present basis OF taxation 10 provide means for
che reforms which all parties desired TO see un-
dertalen.
Jonn z. Redmond and other Nationalists said
privately they were dissatisfied because there
was no change I'm indirect taxation, which
presses very heavily upon Ireland.
Mr.. Asquith opened his speech with brief
review Of the last year. pointing out that with
the exception of the stock markets. which suf-
6ered from the money strlngency. trade at home
and abroad had been remarkably flourishing.
The Treasury receipts We're over s1o,oOo0OO in
excess Of the estimates unexpected death duties
accounting for S6.OOO.O0O Of this sum. while the
rest was made up OF increased receipts from the
coal duty and the mint. The latter was due
10 the increased demand for coinage on account
OF the prosperous state Of trade and the large
amount of silver. aggregating s2,5OO,OO0 re-
CURED for varied purposes in connection with
The latter remark reminded the House Of
numerous petitions 10 annul elections
count OF alleged bribery, and called forth much
laughter
REVENUE RETURNS DISAPPOINTING.
As a whole. the revenue returns. the Chan
csllor continued had not shown great elasticity
ana In view OF the undoubted prosperous state
Of trade they were distinctly disappointing. The
reduction IN the tea duty IN the last budget had
been followed by Increased consumption, amount
ing TO 100000 pounds.
The revenue from tobacco had not realized
expectations, ana there had been a progressive.
Formidable decline in the revenue from the al
oohol group since 1899 until last year. Speak
ing as Chancellor OF the Exchequer. Mr.. Asquith
was glad to say that there were signs OF a def
inite reaction and the present year had fur
nished increase OF S2.470ooO IN these re-
oeipts. The Chancellor said there had been
falling of in the revenue from stamps IN con-
sequence OF the slaclIness OF operations on the
Stock Exchange and the fact that the tele-
phone superseding letters.
During the financial year Of 19O5-'OS. the
Chancellor estimated the expenditure at S903,-
IS5OO0, showing reduction OF Ss.320.oO0. COM
pared with 19O6-'O7. He hoped the reduction
would be continuous and progressive. On the
existing basis OF taxation the revenue for the
forthcoming year was esllmaIeo az SaSO,S'sV,VVO'
showing an estimated surplus OF S17.l65,OOO
The announcement OF the permanent reduction
Of the national debt IN the course OF 19O6-'O7
by s6s.570O0O was greeted by cheers.
Dealing with the lines on which the Liberal
administration purposed 20 direct the finances
ct the country during the next few years. the
Chancellor said: We under an immediate
obligation Of reinstating and improving the ma
tiOnal credit"
Referring 10 the recent fall in giltedged Sc
curties be said that Consols were still the
premier security The existing conditions were
largely the result OF unliquidated commitments
and constituted a serious embarrassment, not
only 10 the government, but to the community
az large The further reduction OF the national
debt was the paramount duty OF the govern
ment. but behind all that was the uncOnquered
territory Of social reform.
Il am not a socialist the Chancellor re-
marked ''but there is nothing which appeals TO
rs 50 loudly and imperionsly as the possibili-
ties of social reform"
PLAN FOR OLD AGE PENSIONS.
In regard 10 old age pensions, the Chancellor
said he would not commit himself to any
scheme for the purpose. Everything must be
done by steps But in behalf Of the government
he 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 social reform. Il was their hope
and intention before the close OF the next ses-
sion Of Parliament, IL they were allowed 10
have their way to lay a firm foundation for
THIS reform
Continuing. the Chancellor said that IL these
THE KNOW HOW