The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1917-05-05
BRITISH WAR BUDGET.
BONAR LAW PRESENTS I'M.
MENSE MONEY MEASURE.
No New Taxes Added-Incrcases i'm
Old Lcsies to Make up Increase in
Revenue Needed for Conflict,

London. May 2.-Great Britains
war budget for the fiscal year, which
Andrew Ronar Law, chancellor of the
sScheQuer, introduced in the house OF
commons, contained no surprise and
feyer changes from the existing tax
alton than did the previous war bud
get. No new forms Of taxation were
Proposed. The only changes were in
creases in the excess profits tax. which
was raised to 80 per cent. from so per
cent. the placing OF excess profits on
munition works on the same basis
and increase Of tobacco duty by 1
shilling and 10 pence in the pound
and increased entertainment taxes on
the higher priced tickets. Economy
In tho employment Of ships by govern
ment and impressment Of all vessels
except small coasters at fixed rates of
pay also was announced.
In beginning his announcement OF
the budget Mr.. Bonar Law laid en-
phasis on the statement that Great
Britain was paying greater share of
her war expenses from her income
than were the other belligerents.
Mr.. Bonar Laws first allusions were
to the expenditures he said had been
in actuaIity s72,0oO.OOO pounds high
er than the estimate. The increase
was largely due to expenditures on
munitions and advances to the allies
and dominions.
The estimate for the ellies and do
minions had been exceeded by 1O0.-
100000 pounds but he was glad to say
tho dominions had not only the will
hut the power to supply so much
from her own resources that there
was no increasing strain on the Brit
ish excheauer during the last fnancial-
year. Loans TO the allies had beer
b4o.ooe.ooe pounds and to the do
minion st.soe.oeo pounds. Mr. Bonar
Law estimated that the additional
yield from the excess profits tax would
amount to 10000. 900 pounds.
4 The chancellor estimated the expen-
diture Of the present financial year ait
,2.2s0. 1881. 900 pounds. Asserting that
the entry OF the United States into the
war had altered the financial situation
he said:
I'VE know that. to the extent of
her ability. the government of the
United States would help us to bear
the financial burdens of our allies.
In the vote Of credit for the present
year i put down 400. 900 900 pounds
for loans to our allies and the do
minions 10000 900 pounds less than
last year and hope this amount will
not be required"
The chancellor estimated the total
revenue for the year at S3s.s0O, 600
pounds. leaving 1.s51.7s1. 900 to be
covered by loan.
Want Of money will rot prevent
us from winning the victory" de-
clared Mr.. Bonar Law, "for we know
we can hold out longer than our
enemies"
Mr.. Bonar Law said he did not be.
iieve there was any form of taxation
which had not been suggested to him
and which he had not examined. He
had rejected these proposals. he said
for the reason that they would not
yield a sufficient revenue proportion
ate to the cost Of collection.
The total Of the per cent. war
loan. the chancellor announced. was
s6s.o4s.ooo pounds. and OF the Az
per cent. loan S21.0O5,ooo pounds
War savings certihretes had producec
more than 100000 pounds.
During the war the chancellor said
the national expenditure had been
4.s1s.ooo.oo0 pounds. OF which 1,137.-
100000 pounds was out of the rev.
enue.
The tobacco tax duty. Mr.. Bonar
Law stated. would be increased 1 shil-
ling 10 pence per pound and the ex-
cess profits tax raised from 60 to 50
per cent. The so per cent. excess
profits tax was effective from Jan
uary !. last. he said. The govern g.
ment. continued the chancel ellor, would
requisition all ships, and by this
means It would take the excessive
shipping profits. Last year, the chan
cellor said. the total expenditures were
estimated at 1.s26.3so, 900 pounds but
the actual expenditures rose to 2,19S,-
$4,000 pounds The advances made
by England to her allies and the do
minions since the beginning Of the war
totalled 5s4.Ooo.OOO pounds. The total