We have dealt at length with the Budget elsewhere, and
can only say here that, in our opinion, it is a wise and sound Budget, though not in any sense original or capable of being described as a contribution to the science of finance. In spite of Sir William Harcourt's tantrums and Sir Henry Fowler's more discreet criticisms, we hold that the Chancellor of the Exchequer was perfectly right to review the operations of the new Sinking Fund, and that in reducing the amount annually expended on cancelling Debt from nearly £8,000,000 to not very much under £6,000,000 he has not too greatly reduced the amount devoted to redemption,—especially as at the same time he is going so largely to stimulate the reduction of Debt by the use of terminable annuities. In regard to the fresh taxation, we feel also able to express approval, though it must be of a slightly qualified kind. We do not suppose that the new and increased Stamp-duties will do much harm ; but we think it should be remembered that it is quite possible to strangle commerce by using too many fiscal ligatures, and that, therefore, the Stamp-duties must not be overdone. As to the duties on wine, we also see objections, and would have pre- ferred an extra tax on beer ; but then we admit that there are valid objections to every increase of taxation. Taxation is necessarily a choice of evils, and, on the whole, we most heartily congratulate the Chancellor of the Exchequer on the way he has met his difficulties.
