New-York tribune., 1920-04-20
british Revenue,
Greatly Exceeds
Budg get Figures
Receipts for Next Year Cal
culated at $5,299,535,-
500, Chancellor of Ex-
chequer Tells Commons
Increases in Taxation
Higher Levies Proposed for
Liquors to Reduce the
Country's National Debt

LONDON, April l9.-J. Austen Cham
berlain, Chancellor of the Exchequer,
IN introducing the budget in the House
of Commons to-day, said the expendl-
lures for 1920 were approximately
s144 100000 ($568, 100000 present ex-
change) in excess of the budget esti-
mate of last year, but f63, 3,000,0oc
S20,850,00o present exchange) below
the revised estimate he made last Oc-
tober.
Regarding revenue, Mr.. Chamberlain
declared the result was not only more
favorable than had been anticipated
but greatly exceeded the original budg
ct estimate of 81 ,201, 100000. The ac-
tual exchequer receipts were nearly
s138 100000 in excess of this. On the
present basis of taxation the Chancel-
lor calculated the revenue for next
year at f1,S41 900 ($5,299 ,535, SOC
present exchange).
EXchequer issues for the past year,
Mr.. Chancellor said, were sl,665,773,
600. The revenue was 81, 1899 ,57l 900,
leaving ceficit of 4326, ,202 900, which
was SIG, 1902, 900 more than the budget
estimate and nearly 9147,O 900 900, viii. n
was f76,202,000 more than the budget
estimated and nearly STAT 100000 less
than seemed probable in October. T,.e
decrease in the floating debt since the
end of of March, 1919, was almost ex-
actly e100,000,000 The floating debt On
March 81 of this year, the Chancellor
continued, was e1,312 ,205,0OO ($5,183,-
209,975 present exchange).
Would Improve Credit
Mr.. Chamberlain estimated the ex-
penditure for the new year at s1,177.-
452, 1000, leaving, on the existing basis
of taxation, f164 100000 to go for re.
duction of the debt. That, however.
Mr.. Chamberlain declared, was not SUI
ficient by way of reduction, and he is
going to ask the country for generous
efforts to improve British credit and
Tighten the future burden.
The Chancellor said the external debt
amounted to 81 ,276 000,0 900, showing a
reduction of s86,000,000 during the
year, and this would be further reduced
in the current year by repayment of
the Anglo-French loan of $500, 900 900.
The whole loan, he declared, would be
repaid next autumn without further
borrowing from the United States.
Great Britain's decision to repay her
halt of the loan, Mr.. Chamberlain as
serted, already had had a pronounced
effect on her credit
Last year there had been an addition
to the country's debt, but this yea.
| there must be a substantial reduction,
the Chancellor said. The government
| had decided that there should be no
more borrowing to balance revenue and
expenditure. The only borrowing would
] be TO meet the floating debt
Proposed Increase in Taxation
MIR. Chancellor outlined proposed ia
creases in taxation. He said he pro-
posed to revise the postal charges, the
letter rate being raised to two pence
Tor three ounces, an. increase of a half
penny. The newspaper postage will he
doubled, or one penny for six ounces.
The minimum for kilograms will be-
one shilling instead of ninepence.
An ad valorem duty of SO per cent
en- imported cigars was included in the
new taxation. the Chancellor said.
There would be a preferential rebate,
he added, In the case of cigars import
ed from the ~dominions or India.
Mr. Chamberlain said there would
Se further duty on spirits, the price
being raised to II shillings 6 pence-pcr
bottle for the consumer. as against the
present prlcc OF 10 shlllingS 6 pence.
The wine duty would be doubled, he
said, and on sparkling wines the duty
would be SO per cent ad valorem. The
beer duty would be increased to 80
shilllngs the standard barrel and the
price to the consumer raised penny a
pint.
The Chancellor announced that the
excess profits tax would be raised to
GO per cent.
The national debt on March 81 last
was estimated to be 97,S35, 100000 Mr..
Chamberlain said
Tax on Liability Companies
Mr.. Chamberlain said a new tax of
a shilling in the pound would be levied
concurrently with the excess profits
tax on the profits of limited liability
companies. 1t would be deducted be-
fore she income tax was levied When
the War Wealth Committee made it's