NEWS OF THE WEEK.
ivJR. LOWE brought forward his Budget on Thursday night, in a House not less crowded than usual ; but the speech, though amusing in parts, contained less clear exposition and less interesting discussion of theoretic principle than even Mr. Lowe's previous speeches, and as compared with Mr. Gladstone's budget speeches it was quite dull and lame. The Chancellor of the Exchequer had a very good account to give of last year's revenue and expendi- ture, the revenue having amply covered even the excess of expendi- ture caused by the European war and sanctioned by Parliament before it rose in the autumn, without any fresh taxation. The receipts had exceeded the estimates by 2.2,311,220. The first estimated expenditure (estimate of the spring) had fallen short el the actual expenditure by £2,245,539, which was, however, less (by 165,681) than the increase in revenue. As the original estimate counted on a surplus of £331,000, there was a total surplus for the last financial year of 1396,681. For the future year the estimated deficiency, supposing no new tax to be added, would be /2,713,000, which Mr. Lowe proposes to raise by changes in the Probate and Succession duties, yielding £300,000 this year (and £1,020,000 next) ; by a duty on matches (id. stamp on boxes of 100 wooden matches or less, and id. stamp on boxes of 100, or less, wax matches, because they are "more aristocratic," or 100 fusees) estimated to yield in the first year £550,000; and an increase on the income-tax of slightly more than 1id. in the pound (really exactly 10s. 8d. per cent.), to yield £1,950,000; which items being added together, give £2,800,C00. And as the esti- mated deficiency is only £2,713,000, the estimated surplus, if the new taxes are granted, would be £87,000.
