New Britain herald., 1919-05-01
ENGLAND'S budget
IS $7,I7O,O95,OOO
National Debt Is Now Put at
$S7,i75,OOO,OOO


the governments budget was made to
the house of commons "Wednesday by
Austen Chamberlain. the chancellor OF
the exchequer. 1t WAS his third "'-
pearance before the house in tF~ot o.
pacity, Ire previously having outlined
the budget in 1904 and 1905.
On the previous occasions the pno-
gets were com paratlTclY easy TASKS
and there was no difficulty in making
the national revenues and eNpendl-
lures balance. For this financial year,
however the chancellor Of the eX-
cheouer has to find 100000, 600
pounds. The expectation is that he
will attempt to raise one billion
pounds bv taxation and the remainder
by loans.
Mr.. Chamberlain said that of the
total expenditures for 1918-1919, 39.4
per cent had been provided from rev
enue and the rest by borrowing. Ihe
British record in this respect during
fhe last five years. he added, was one
which no other belligercnt would
equal.
The expenditure for the current
year, he added, had been estimated at
1,434,619,000 pounds.
Debt Now 7435, 100000 Pounds.
The chancellor estimated that the
revenues in the current year would be
1,159.0OO,OOo pounds without new
takes or 27O,O00,000 pounds more than
last years receipts
The national debt on March 81, he
continued, was 7,435,0OO,O00 pounds,
compared with the estimate of year
ago of 7.9SO.O00,000 and 645,0OO,O0O
pounds at the outbreak og the war.
The chancellor stated that from
April /, s91S to November 10 the
daily expenditure had been f7,44S,OO0
and since the later date, f6.47 5000.
The reduction. he said, would have
been greater but for the expenditure
In connection with demo bilizatlon the
payment of E52, 100000 for gratuities
and f13,O00,OOO for unemployment al
IOwanceS.
The national assets Mr.. Chamber
lain announced, included E1,739, O00,
900 from the allies and the domin
lions Russia alone he said owed
1868, 900. Other assets were indemni-
ties due from enemy nations.
The chancellor said the eXcheQucr
issues last year were less than had
been estimated by 1898, 100000. The
estimated daily expenditure had been
f8,143,000, and the actual eXpendi-
ture, E7,O67,0OO.
Imperial Preference Provided For.
OF the actual debt incurred the in
sernaI debt accounted for 6,085. 000,-
600 pounds and the external debt for
1,350.0O0,000 pounds.
The duty on benzol will be with
drawn, the chancellor declared, in
order to encourage production. The
license duty on gasoline also will be
withdrawn. The land tax and the
gasoline tax will remain unchanged,
pending a detailed review.
Mr. Chamberlain estimated the ex-
penditure OF a normal year at $780,
100000. saying:
ut is anticipated that the deficit
from a normal year. therefore, will
be 194,O00,00O and / propose this
years budget with such q deficit in
view
Of the amounts due the govern
ment, he continued, Sill, 100000 were
owed by tl.c Dominions, E434, 1000, 900
by France: f412,52O,O00 by Italy,
E86,795.OO0 by Belgium and E47,915,-
900 by other Allies,
The chancellor said he proposed to
carry out the decisions of the i'm
perial war cabinet and the confer
g encc on imperial preference. The re-
ductiOnS from this would be sub
stantiai in amount, with the rates
few and simple. Preference on COM
modities to be consumed, except al
hocol, would be q sixth of the duty,
and on articles like clocks, watches
and musical instruments it would be
one-third. The preference agree
nent, he continued. Will particularly
:. affect tea cocoa and RIM
To Increase Beer Output.
The luxury tax. the chancellor lie
c1ared, would be dropped. An in
crease in the supply and quality OF
beer will be allowed at the present
prices. The duty on beer will be
raised from so shillings to 70 shl-
1ings a standard barrel, while that on
spirits will be Increased from 80 tc
80 shillings u proof gallon.
The increased duty on beer, the
chancellor estimated, will produce
31,2OO,O00 in a full year and f22,-
100000 this year The increase ir
the duty on spirits will produce this
year f19, $50 900.
The excess profits tax will be con-
=. tinued for one year at the reduced
rate of 40 per cent
The revenues also will include the
sum of 100000 on account OF
the excess profits duty for account.
ing periods already closed or running
out and the sum of $500. 900. 600 rep
resenting receipts from realization or
the votes of credit and assets.