NEWS OF THE WEEK.
R. CHAMBERLAIN made his Budget speech on .01 Monday. The Budget is marked by great honesty and courage, in spite of some doubtful points ; but as we have commented on the subject fully elsewhere we shall here give only a bare summary of the details. He began by reviewing the past financial year. The revenue had been £1,339,571,000 and the expenditure £1,665,773,000, leaving a deficit of £326,202,000—enormous in itself but less by £147,000,000 than he had expected last October. During the six years, mainly of war and armistice, which ended with March, 36.17 per cent. of the expenditure had been met from revenue. Last year four-fifths of the expenditure was thus provided. This year there should be no borrowing. The total Debt on March 31st last was £7,835,000,000. A sixth of this—or £1,312,205,000—was Floating Debt, which, though it had been reduced, was a continual embarrassment to the Exchequer and the Money Market. Another sixth—or £1,278,000,000—was external Debt held by foreign creditors, and especially America. Mr. Chamberlain expressed a hope that he might be able to repay the American loan of £50,000,000 falling due in the autumn by the sale of War Savings Certificates, which brought in no less than £48,000,000 last year and which were a most valuable incentive to thrift.
