Lord Welby, as Chairman of the Finance Committee, made his
annual budget statement at Tuesday's meeting of the London County Council. Last year's realised income was 29,277,470, and the actual expenditure 29,237,288, of which 24,647,195 was on education. For 1906-7 the total income is estimated at 29,874,358, and the total expenditure 210,107,643. In three years the Education-rate has been raised by fourpence, and in view of the prospect of further increase the Finance Committee urges on the Council the duty of effecting economies wherever practicable, especially in regard to expensive sites and decorated buildings. London's gross debt now stands at 274,513,703, or an increase of nearly three millions since March, 1905; the net debt is 245,234,198, or an increase of 2616,575. The analysis of the revenue-producing undertakings owned by the Council shows a deficit of 251,205 on the steamboats for last year, and an estimated deficit of 251,955 for the current year,—a highly unsatisfactory state of affairs. The Council does not desire to make a profit on its housing enterprises, and here an equilibrium is maintained. The total actual and estimated expenditure on authorised tram- ways has reached £11,000,000; the total debt incurred up to the end of last March was 24,818,034, of which one-eighth has been repaid. In view of the fact that about six millions sterling is required to complete the work of tramway electrification, and the prospect of having to pay a higher price for loans, Lord Welby expresses the hope that the Council will not entertain new schemes of expenditure, but will "give their stock a little rest."
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