New Britain herald., 1917-05-03

minions had been exceeded by f100,- 100000, but he was glad to say the i dominions had not only tho will. but 1 the power to supply 50 much from !, their own resources that there had been no increasing strain on the ! British exchequer during the last fin- ancial year.
 The total of the per cent. war loan, the chancellor announced. was 1 fs66.048,000 and of the 43Iaper cent loan. 21,005,00o. War savings cer- tificates had produced more than E72,- l 100000. During the war. the chancellor added, the national expenditure had l been ,318,000,o00. of which f1.137.- 100000 was out of the revenue. If the revenue site was turned to, continued the chancellor. a more sat- isfactory picture was presented. The estimate of fs02,000,000 had been ex-
 ceeded by f71,0o0,000. After giving the details of the increased revenue, the chancellor said there were com ing new taxations which he thought | it necessary to impose. He agreed that the burden of taxation already was heavy, and that in whatever form it was raised 1t diminished capital for after the-war purposes. On the other
 hand, 8 heavier netional debt also was a handicap.
 The chancellor emphasized the sat- isfactory character of the revenue returns for the year. The national
 debt, he said, now stood at ia, ,854, ,OOO-
 900, but the government was entitled
 to deduct the amount of the advances
 to the allies and dominions. MT. Bonar Law said he did not pro-
 pose any new taxes. but only an ad- dition to three existing taxes. The
 first was the entertainment tax. 1t
 yielded last year f3,00o.0o0. The ad-
 ditional duty would bring in fur ther f50O,OOQ. There would be no
 increase in taxes on the cheaper the
 ater seats, but free tickets would be
 taxed.
 The tobacco duty, Bonar Law said,
 would be increased Is Tod per pound,
 yielding f6,O00,000 more. Concerning Americas Part. The chancellor, in giving his esti- mate of the expenditures, for this year. remarked that the entry Of the United States into tho war had altered the financial situation. He said:
 i've knew that. to the extent of
 her abilities. the government of the United States would help us to bear the financial burdens of our allies. 1 Tn the vote of credit for the present year put down f400, 100000 for leans to our allies and the domtn- ions. f15O,OOO,0O0 less than iast year. and I hope this amount will not be re- quired."
 l The chancellor estimated the total revenue for the year at f638,6O0,0 ,0OO leaving H1, ,651 ,7s1 ,0o0 to be covered by loan.
 '.Want of money will not prevent l us from winning the victory" de.
 clared Bonar Law. flor we know we | can hold out longer than our enemies. 7 Very littlej criticism of the chan cellor's statement was heard in the
 subsequent debate. Reginald M. Ken.
 na, the former chancellor, congratu'
 lated Bonar Law on the ability and lucidity of his statement and it's dis Great Britain's resources and th'
 courage of the people in meeting th'
 financial strain.
 l Abiding to Bonar Laws good for
 tune in being relieved by the entr! Of the United States from the difacul task of maintaining American ex change. MT. McKenna suggested tha now America was in the war consider
 ation should be given to the possi
 bility of an international agreemen
 for limitation of the prices of com
 modities.
 Eventually the budget resolution
 were agreed to and the house rose.