The Montgomery advertiser., 1908-05-08
GREAT BRTTAIN's BUDGET.
Premier Asauith Presents It to th
 House of Commons.

Premier Asquith Presents It to the House of Commons.
 London, May 7.--The budget for the first time in many years. was pre- scented to House of Commons this ar ternoon by the premier, Mir. Asquith, instead of by the chancellor of the ex- chequer
 This departure from precedent is a result of the recent changes in the | cabinet and 1t was thought better. inasmuch as Mir. Asquith in his capac- ity as chancellor of the exchequer. had l prepared the budget, that he should himself explain to the parliament. No budget of recent years has been taken with as much as this one Every body was keen to learn of the gov | ernment's scheme for old age pen | sions; the house consequently was packed and its galleries were overflow | ing with visitors.
 Mir. Asquith after commenting brief 1 ly on the present slaekening of trade l throughout the world following the bum year of 1907. announced that Great Britain's realized surplus for the year 1s07-s amounted to s23, 3,630, 900. which he said would be largely applied to the reduction of the national debt Commenting upon the difterentiation in the income tax introduced in the last budget, Mir. Asquith said this had prov ed practically that 1t had worked cas- fly; that if had removed irregulari- ties, and that 1t had brought in S9.40a.- 900 more than had been estimated.
 The national debt, the premier said. had been reduced by approximately ss0.000,000 during the past year. 4 fur ther reduction of about S7s.o0o,eOe would be effected during the current year and Great Britain's debt would then stand at tine same figure as twen- ty years ago. in spite of the great cost of the South African war. Some other countries, Mir. Asgutth said, which were supposed to enjoy a happier fiseal system that Great Britain were obliged to borrow yearly to make both ends meet. Ii is not an unhappy reflection on British conditions that in three years the country had been enabled to pay on between k200.000. .0Oo0 and s250.- 100000 of it's debt s. sfs
 Mir Asquith estimated the total ex- penditure for 1s0s-09 at $7eA34B, 900 and the revenue on the existing basis of taxation at S7ss.s50.0o0. owing to the main feature of tho budget--the matter of old age pensicns--Mr. As quith said that 1t had been decided to rule out all eontributory schemes and provide the pensions from the national treasury.
 universal scheme of pensions was outside the range of practical poli- pSs- m oFQef thar lunaficS, criminals and persons now receiving poor law relief should be ineligible under the proposed system 1t had been decided 10 start with pension of SIPS a week to persons over seventy years of age in possession of incomes under SIsO a year
 The premier estimated that the pen- sioners will not exceed 500, 900 and that the cost of the scheme would be es0.- OOOoOO year. It will come in force January 1, 1909. Stringent condftfons would be laid down for forfeiture and suspension, and if this was socialism. the premier declared, 1t was socialism Of kind that both parties accepted As the scheme will not go into effect until January 1, the cost for the eur. rent fiscal year will be only s6. .oeo' 0fO leaving balance of SIS, 595. 900 out ff the estimated surplus of s24 505. e,,0 The premier said he proposed to reduce the duty on sugar from 4e 2d to ia Tod per hundred weight With a re- sultant loss on revenue of S17. 900 Ove This with the old age pensions. prac- tically exhausts Mr. Asquith's estimat- ed surplus. Contrary to expectations the premier had no new taxes to pro. pose.
 
 M0ntgomery's Baseball team smoke.