Omaha daily bee., 1918-04-23
British Expenditures in Com
ina Year Estimated at S14,-
86O,95O,000; Germany
Faces Financial Crisis.
CBy Associated Press.D

(By AsSOclateu ITess''
London, April 22.-Andrew
Bonar Law, chancellor of the
exchequer, in introducing the
budget in the House of Com
mons today, said it was the
largest in the history of the
world.
Great Britain's expenditures
for the period covered by the
measure are estimated at about
a2,s72,197,OOO ($14,s60,9s5,-
oOO), of which approximately
es42,o5o,oo0 ($4,21o,25o,ooo)
will be raised by taxation, leav-
ing a balance of nearly 92, 130,-
l47,ooo> ($1O,65o,735,ooo) to
be borrowed. At the end of
the present year the national
debt of Great Britain will be
about a7,es0,OOO,000 $780,
9OO,OOO,OOO), of which 91,-
100000 ($s, s,16o, ,ooo,o ,ooo)
will be due to her from her
allies.
ADVISES HIGHER TAX.
The income tax, he announced,
would be raised from to 6 shillings
in the pound He estimated the yield
rom this source at 911,ooo,ooO. No
change was proposed on the tax on
incomes less than $500. The stamp
dutv on checks, he said, would be
raised from penny to 2 pence, yield
ing E75o,Ooo.
LEAN UPON U. S.
The chancellor said his eXpecta-
tions as to the assistance given to
the entente allies by the United
States had been fulfilled. Notwltll-
standing this assistance, the British
loans to the allies in the last year
were 95O5,OO0,000. The United States
had advanced to all the allies $3.50,
100000.
1T is only necessary for us" salo
the chancellor. to lean on the
United States to the amount the
other allies lean on us. In Other
words we are self-supporting.
II have made certain suggestion;
regarding advances to the allies,
continued the chancellor, (which, i
adopted, will, lesson our burden con
siderably y without in any way IN
creasing the total obligations to th'
United States"
Giving the figures of the revenu'
for the last fiscal year. which amour
to G707 ,234,565, large increase owe
the preceding year, he said tina
this was very gratifying, but that th'
real test of the financial position
would come when Britain ceased tt
rely upon borrowing.
Canada Cooperating.
The chancellor expressed th'
governments appreciation OF the co
operation on the part of the Canadian
government in assisting to tranc'
the war. He considered it possible
that the alteration of the arrangement
with the United States in the metho'
Of making advances would result II
loans to the allies being reduced tt
3OO,0OO,000 pounds and to the domln
ions 50O00O00 pounds. He pointe'
out how small the advance to tn
dominions had been during the war
showing how great was the desire
not only in Canada, but in the othe
dominions to carry on the war out O
: heir own expenditures.
The additional taxation proposed
said the chancellor, would be in tn
iull year equivalent to 66 per cent o
the ante-bellum revenue from taxa
lion. The fnancil strength of tn
country after three years OF war wa
greater than any one could lmagln
and was amazing testimony to tn
financial stability OF tn nation
Germany Faces Bankruptcy.
Mr.. Bonar Law said that Germany
1aily expenditure was $o,25000C
girtually the same as the British, bu
he German total did not i1clud
various charges borne by the centra
governments. The total German
votes of credit amounted at TIL
present time to $6,200,000,00O.
Assuming that the German est
mates would be realized, the tota
taxation levied by the German
government would amount to 9365
100000 as against $ll,044,000,000 il
Great Britain. This was not enoug
to pay the interest on the war debt
accumulated. The German balanc
sheet, reckoned on the same basi
as the British, would, with the in
terest on the sinking fund pension
and pre-war expenditures, be $20,000
300 yearly. With an additional per
manent imperial revenue of $l20,000
900, it would make their total add
.ional revenue $185,000,0O0. Thi
amount added to the pre-war revenu
brought the total up to $685. 100000
showing deficit of $685. 100000
IF that were our position" h
added, 81 would say that bankruptc,
was not far distant"