The New York herald., 1921-04-26
SURPLUS Is SHOWN
IN BRITISH BUDGET
First Since Before the War
Last Year and Another
In Sight.
U. s. DEBT OFF f75,OOO, 900
f40, 100000 Interest on Debt
to United States Must Be
Paid Annually.
Ru the Aaaoctated Press.

LONDON. April 25.-Austen Chamber
lain, former Chancellor Of the Ex-
cheuuer. taking the place Of the present
Chancellor. Sir Robert s. Horne, pre-
sented the budget in tho House of Com
mons to-day. It's leading feature-re-
noval OF the excess profits duty--was
announced some time ago.
The Chancellor's estimates of revenue
and expenditure Of a year ago have
been borne out with remarkable accu-
racy, q surplus Of revenue over expendi-
turs Of f2so.5o0. 900. only about $4,000
900 under the estimated surplus. being
recorded This Is the first surplus since
before the war.
No additional taxation is proposed
and there will be no further reduction of
taxation In the current year. The chief
points are removal of the surtax on
cigars and replacement of the existing
fixed duty OF seven shillings and an ad
valorem duty OF 80 La per cent on
sparkling wines by specific duty Of Is
shilrlngs per gallon. These changes
have been made because the higher du-
ties proved unremunerative and were
injurious to England's allies.
The corporation profits tax proved to
be a disappointment. producing only
1850, 900, instead of the expected
ca, 900, 900. but the Chancellor hoped the
tax would justify itself the coming
year.
The House was chiefly interested in
details concerning debt reductions, espe-
cially the announcement that the debt
to the United Saes had been reduced
by 100000 during the past year and
that interest on the debt to the United
States amounting to f40, 100000 annu-
ally must be provided for next year.
The debts to Canada had been reduced
by f20.000.0O0 In the year, while all
debts to Japan, Spain, Argentina, Uru-
quay and Holland had been wiped out
He emphasized the Importance of re-
ducing the external debt. because it in
terferred with exchange and trade, and
announced as a remarkable achievement
that In two years the external debt
had been reduced by f203, 100000.
In this connection he said that the
remaining ~ per cent. fve year notes
maturing at New York in November
amounting to I'll, 600, 900. would be paid
off. while an arrangement had been
made with Canadian banks to repay the
Canadian debt by monthly instalments.
The Chancellor characterized the past
year as one OF the most remarkable in
England's financial history. and de-
clared that the financial results were
satisfactory when II was taken into
consideration that his last statement was
made when trade was booming and
prospects were rosy, and that upon that
sunny prospect there descended with
almost unequalled suddenness and COM
pleteness deep depression. which still
continued.
The actual receipts for the last year,
Mr. Chamberlain said. were f1,42b, ,900,-
900, while the national expenditure was
f1,185, ,42S.000. The total amount ap-
piled to reduction Of the national debt
was f259.500.000. The foreign debt was
reduced by f117 100000 to FL, 161, $50, 900
on March 81.
The ordinary expenditure for 1e21-22.
Mr.. Chamberlain declared, would be
1914, ,023.000. while ordinary receipts
with dropping of the excess profits duty
and two other small changes. would BIZ
f1,06S,150.0o0, leaving a surplus Of
fs4.127.0o0.
The House leader said the total debt
on March 81 was 1853, 900, 600. He esti-
mated the total sum available for debt
redemption from the surplus this year
would be 100000. 900.