26 APRIL 1913, Page 17

NEWS OF THE WEEK

ON Tuesday the Chancellor of the Exchequer opened his Budget. The essential fact is that there is not going to be new or increased taxation this year. The premises on -which the Chancellor of the Exchequer reaches this apparently happy conclusion for the taxpayer are as follows : he expects in the present year, 1913-1914, to spend 2195,640,000. On the basis of last year's receipts this would mean a deficit for the coming year of 26,838,000, but owing to the fact that the miscellaneous revenue is certain to show a falling-off, the estimated deficiency on the basis of last year's taxation is 27,500,000. In other words, if the taxes were to yield no more in the coming year than they yielded last year, we should be 27,500,000 to the bad.