New-York tribune., 1918-04-23


Kingdom and to the United States,
Canada, India and the other dominions
from penny to three halfpence, yield
| ing 93,400,000. The postage on post
cards would be penny. The income
tax would be raised from five shillings
to six shillings in the pound. The
stamp duty on checks would be raised
from penny to twopence, yielding
s750,00O. The increased income tax
would yield 911,oo0,00o. There would
be no change in the tax on incomes
under 950G.
There would be no increase in the
rate on service pay.
With regard to double income tax
within the empire, he proposed to adopt
the principle of his predecessor, and
the extra shilling would not apply
shilli2gs. Allowances for children
would apply for incomes up to $500,
instead of 500 as at present.
According to the new taxation, the
supertaX would be four shilling six
pence in the pound instead of three shill-
ings sixpence and would begin with in
comes amounting to $500, instead of
$4,000. The Chancellor said that farm
crs would be taxed on the assumption
! that their profits are twice their rent
ais. The present law assumes that a
farmers income is exactly equal to his
rental.
Beer and Liquor Tax Doubled
The spirit duty would be increased
from fourteen shillings ninepence a
gallon to thirty shillings, bringing in
e5,5O0,O00 this year. The beer duty
would be raised from twenty to
fifty shillings a barrel and would bring
in f9.700,000 this year. He had no
| doubt that at the prices to be fixed by
the Food Controller the trade could
bear the burden and still make a good
profit.
! The tobacco duty would be raised
from six shillings fivepence to eight
| shilling twopence a pound. Tobacco
controller, and the result of the in
creased tax would be that the retail
price would be fixed at twopence more
an ounce, not all of which, however,
would come out of the consumer. I'm
der this new scale the import of 5000
tons Of tobacco would give revenue of
f5,5O0,000 this year. There would be a
small additional duty on matches,
bringing in e600,000.
The sugar tax would be increased by
eleven shilling eightpence hundred
weight, which would bring in this year
e12, 100000 and in full year s13,200,-
| 900.
The Chancellor announced new tax
on luxuries, along the line of the
French method of taxing these articles,
details of which would be arranged by
special committee. 1t would be higher
than the tax in France and would be
twopence in the shilling, to be collected
by stamps.
Issue of Tax-Free Bonds to Cease
The Chancellor said that the issue of
tax-free per cent war bonds would
cease from to-day 1t was proposed to
substitute similar bonds to be issued
at 101 u instead Of at par, which would
give a slightly lower yield on the basis
| of per cent income tax.
The national debt OF Great Britain
at the end of the present year, said
Mr.. Bonar Law, would be 97,980,O00,00
1899, 800 ,000000). The total debt due
Great Britain from her allies at the
end of the year would be 1852 100000
(s8,16o,o o,ooo000).
With reference to the Russian debt
he said he did not believe it should
sooner or later there would be an or
derly government there. Russia's natu-
raj resources were great. and could be
exploited only By the aid of capital
Whenever there was a government in
Russia foreign capital would be re-
quired, and that government would
realize that it could not be obtained
unless previous debts were paid.
"National accounts must be kept in
the same way as business accounts,
added the Chancellor, "and for the
time being we must make allowance
not only for what is happening in Rus
sia, but for the possibility that at the
end of the war we might not be able
; to rely on receiving Immediately th'
interest due US by all our allies"
; He therefore proposed to take Of
half the debt Of the Allies as thougi
. it were Great Brftan's liability at tn,
end Of next year, and also the debt:
due from the Dominons in full ans
, the obligation of India in full, making
!, a total Of 124,000,00C
, Reginald McKenna, former Chan
. cellor of the Exchequer, arplauded Mr.
) Bonar Laws really great etfcrt, and il
the course Of some mild criticisms
/ urged that the United States shoul'
. take over from Great Britain the bur
den of financing the Allies, while Grea
Britain confined its attention to financ
: ing itself.
Mr.. Bonar Law interposel to say tina