News of the Week
ON Monday Mr. Churchill introduced his third Budget. His speech so surprised and enchanted the House by its resourcefulness and was so clearly and persuasively argued that the Budget was received with a general approval which is not likely to be quite maintained after closer examination. In rough figures the estimated expenditure is £83,1,000,000. The deficit on existing taxes will be £21,500,000. This deficit plus an additional pay- ment of 115,000,000 to the Sinking Fund plus some supple- mentary estimates will make it necessary to find a total new revenue of nearly £38,000,000. Mr. Churchill gets £12,000,000 towards the 138,000,000 by raiding the reserves of the Road Fund. It will be remembered that last year he took £7,000,000 from the Fund. £5,000,000 is to be raised by a further reduction of brewers' credit. 4;15,000,000 is to be obtained from collecting the Landlord's Property Tax in one amount instead of in two instal Wilts. Finally, Mr. Churchill expects to get £5,800,000 from new taxes.
