Mr. Goschen concluded by a very effective summary of the
effects of the three Budgets he had introduced, assuming for the moment that his new proposals would meet the approval of the House of Commons. Taking what be called his " misdeeds " first, he had diminished the Sinking Fund by a million and a half,—originally by two millions, of which he now replaces half-a-million ; he had increased the Death- duties on fortunes above 210,000 by 1 per cent. ; he had put the Succession-duty up to the point at which the Probate. dutynow stands, as an Imperial tax. He had imposed a duty on sparkling wines ; he had put 2300,000 on beer ; he had increased the Stamp-duties by about half-a-million ; and he had caught in the net of Transfer-duties some foreign securities which were previously exempt. Such were his misdeeds. On the other hand, he had reduced the Tobacco-duties by £600,000; he had reduced the Income-tax by four millions ; he had given two and a half millions in relief of local taxation. He had provided two millions extra for National Defence. He had converted 2530,000,000 of Consols, securing an annual saving in interest of 21,400,000 at once, and 22,800,000 by- and-by. ; and he had paid off more debt during his two financial years than, excepting on one occasion, had ever been paid off before in the same time. Such was Mr. Goschen's balance-sheet. We think that the nation will bear him out in saying that it is a record of large achievements. Indeed, we think that they will call it something more,—a splendid financial policy, splendidly accomplished.