Every evening, Wilmington daily commercial., 1918-04-23
80 BILLIONS, TOTAL
OF BR|TA|N'S DEBT
Nation Self Supporting and Leans
on U. S. Only as Other Allies Lean
on Her, Bonar Law Says.

London, April 23.-Chancellor Bonar
Law. introducing the budget in the House
of Commons yesterday, announced IN
the last year Great Britain had advanced
81 525, 900, 900 to its allies and that the
United States had advanced 81, ,OOO,-
600 to the Entente nations.
at is only necessary for us" he said,
"to lean on the United States To the
amount the other Allies lean on us. In
other words, we arc sclf-supporting'
The Chancellor said he had made
| certain suggestions regarding advances
to the Allies which, il adopted, would
lessen Great Britains burden consider
| ably without in any way increasing the
The gross national debt at the end OF
last year was 500, 80, 600 900, the Chan
| cellor said He proposed new taxa
tion running well over GO per cent oil
the pre-wM taxable revenue
BELIEVES RUSSIA WILL PAY.
! The Chancellor said at the end Of the
present year the national debt would De
S39. 900 600, 900. He did not regard the
debt of Russia as a bad one, believing
that sooner or later there would be an
ordered government of that nation.
| The total debt due Great Britain from
| its allies at the end of the year, he added,
would be IS, 100 100000. ;.
| The Chancellor estimated the cxpcndi-
| lures in the coming year ut sl4, $50 .9S5,-
600 He placed the revenue at {3,S1l,-
| 80 600, plus 1899, 900, 900 to be gained
from new taxation, making the total OF 81
DO. $50 600 This left balance OF $l1,-
$50. 735, 900 10 be covered by borrowing.
The income tax, he announced, would
be raised from 81 TO 81 .25 on So He estl-
mated the yield from this source at 700
900 600 No change was proposed on the
tax on incomes Of less than 81 SOC. he
stamp duty on checks, he said would be
raised from penny TO four cents, yield
ing $3,750,000
GERMANY rs BANKRUPT.
Comparing the financial situation Of
Great Britain and Germany, the Cham
ccllor said the daily expenditure of Ger
many was s3l .250.0O virtually the same
As that of Great Britain. but that the
German total did not include certain
charges The total German votes OF
credit amounted to S3l 900, ,0OO, 900. The
new taxation imposed by Germany, he
said. was insufficient to pay the interest
on the war debt If the case of Great
Brltian were similar Ia that OF Ger
many. the Chancellor added, he would
saw that bankruptcy was not tar away
The measures Of taxation introduced
bv the Chancellor included an increase
Of postal rates within the nltcd King
dom and 10 the United States. Canada
and India from penny 10 three cents,
which would yield sl7,O0O,0OO. The
taxes on beer and spirits, he said, would
be doubled There would be taxation
of farmers on a new basis They would
be taxed on the assumption that their
profits amounted 10 twice their rent,
whereas it is assumed under the pres
ent law that a farmers income exactly
equalled his rent.
SUPER TAX 81 II on s..
The super tax would be SLIP on 50
instead OF 50 cents. and would begin
with incomes OF SI2, 500 instead of SIS, 600.
The sugar tax would be increased TO
81 qI per hundredweight, and there would
be an increased taxation on matches.
The tobacco duty would be raised from
81 10 to s204 pound.
The Chancellor also announced new
tax on luxuries along the lines OF the
French methods of taxation OF those
articles He said the details would be
/ prepared BY a special committee.
The Chancellor expressed the govern
ment appreciation OF the hearty CO.
operation on the part Of the Canadian
government In assisting 70 finance the
war He referred 10 the fart that In
the last year Great Britain had TO bor-
row 50 94o. 100000
Mr. Bonar Law said he would like TO
remind the House how small the advances
10 the dominions had been kept during the
war, showing how great was the desire
not only OF Canada, but of other domin-
| ions, TO meet their own war expenditures.