Omaha daily bee., 1907-04-19
BRITISH BUDGET IS IN
Surplus funds Of Last Year Will Be Used
to Reduce Iebt,
SURPLUS is EXPECTED FOR NEXT YEAF
"soeiaI Reforms" one of the Features
of Present Policy of Govern
ment, According to the
Chancellor.

LONDON, April 1s.--No budget statement
of recent years had been awaited with 50
much interest as that submitted by the
chancellor OF the eXchequer today. The
budget OF last year really was only
legacy from the previous administration,
so today's proposals constituted the first
real budget of a liberal government in
twelve years. The financial statement
issued by the treasurer in advance OF the
chancellor's speech informed the house
that the exact realized surplus for 1SO0-O7
was SCI, 5000, which, in accordance with
the law. would be devoted to the reduction
of the public debt.
Chancellor Asquith estimated the expendi-
ture for 1sO7-lsOS at 7O3,7S5,0O0.
The revenue on the existing basis Of
taxation was estimated to be. S72O, $4,000.
The permanent reduction OF the national
debt for 1s06-0 was announced to be $685.
$4,000
The duty on tea was unchanged.
There will be a difference hereafter on
the tax on earned and unearned incomes,
rebate Of cents in the pound sterling
C5) would be allowed on the income tax
on earned incomes under $4,000 year.
Mr.. Asquith estimated the loss in the
differentiation of the income tax at
tS,25O.OOO
A revision OF the death duties so as to
affeet the loss from the income tax was
suggested.
speech of Asquith.
Mr.. Asqulth opened his speech with a
brief review OF the past year. pointing out
that with the exception of the stock mar
kets which suffered from the money
strlngenoy, trade at home and abroad had
been remarkably hourishing The treasury
receipts were over Sl0OOO,OOO in excess Of
the estimates unantIcipated death duties
accounting for 100000 of this sum- while
the balance was made up of increased re-
ceipts from the coal duty and the mint
The latter was due to the increased demand
for coinage on account OF the prosperous
state of trade and the large amount of
silver. aggregating $4,000. required for
various purposes In connection with the
general election.
The latter remark reminded the public OF
numerous petitions to annual elections on
account of alleged bribery and called forth
much laughter,
As whole the revenue returns. the chan
cellor added. had not shown great elasticity
and in view OF the undoubted prosperous
state OF trade they were distinctly disap-
pointing.
budget had been followed by increased con-
sumption. amounting 20 t5OOOoO pounds
The revenue from tobacco had realised
expectations and there had been a progress
sive formidable decline in the revenue from
the alcohol group since 1893 until last year.
Reduction of Expenses.
There are no signs OF a definite reaction.
and the present year had furnished an IN
crease OF $4,000 In these receipts.
Turning to the financial year OF 1913, the
chancellor estimated the expenditure at
F7O8 7s5, 900. a reduction OF $4,000 compared
with 1867.
On the existing basis OF taxation. the
revenue for the forthcoming year was es-
timated at tI2O. 95Q000, showing an estimated
surplus OF sl7165.OO.
Discussing the liabilities OF the state, the
chancellor announced. amid cheers, that the
permanent reduction OF the national debt
In the course OF 1861 amounted to SIS,
$4,000.
Further reduction Of the national debt
\ declared NJ Asqu!th. was the paramount
duty Of the government but behind al
that was the unconquered territory OF social
reform.
y am not a socialist" said he, but Their,
Il nothing that appeals 70 us so loudly and
imperiously as the possibilities OF sOcia
reforms"
The governments ministers, according e
the chancellor regarded old age pension,
IA the most serious and urgent Of all IN,
demands OF social reform, II was their in