NEWS OF THE WEEK.
MR. RITCHIE opened his Budget on Thursday afternoon. He calculates that if he maintained the taxes now in operation at their present figure, he would next year have an excess of revenue over expenditure of £10,816,000. That is, he estimates the revenue at £154,770,000 and the expendi- ture at £143,954,000. This estimated surplus he proposes to distribute as follows. He will take 4d. off the Income-tax, which makes it 11d. in the pound instead of ls. 3d. This will account for some £8,500,000 of his surplus. Next, he proposes to abolish the Corn-duty altogether. This will require about £2,000,000. The result is that he will be left with a margin of £316,000. On the whole, we think Mr. Ritchie could not have done better. A reduction of the Income-tax was imperative, and it was perhaps better to go below the shilling than to take off only 3d. That Mr. Ritchie was wise to abolish the Corn-duty altogether rather than to halve the Sugar-duty we have no doubt whatever. It is an immense relief to all Free-traders to find the food of the people once more on the free list.
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