25 NOVEMBER 1989, Page 25

One hundred years ago

REFERRING to the growth of trade and the return of prosperity, the Chan- cellor of the Exchequer predicted a probable surplus, and also, — what he even regretted, — a rise in the yield of the taxes on drink, which have during so many years been falling. As Chancellor of the Exchequer, he did not look forward with unmixed satisfaction to a surplus. It is far easier, he said, to resist demands for increased expenditure without a surplus. With it there are an unlimited, number of pleas pressed by sections of the House of Commons for further grants here, there, and every- where.

The Spectator, 23 November 1889