NEWS OF THE WEEK.
THE Chancellor of the Exchequer opened his Budget in the House of Commons on Tuesday last. The expen- diture for last year amounted to £178,545,000. The revenue for the year was £185,090,000. The result is a balance or realized surplus of £6,545,000, the largest on record, Mr. Lloyd George informed the House. But for the coal strike it would have been £7,000,000. In normal circumstances this six and a half millions would go to the decrease of debt under the opera- tion of the Sinking Fund, but, as we have explained elsewhere, the Government do not consider that the circumstances are normal, In order to meet an advance in German naval con- struction they may be forced to ask the House for a great addition to our shipbuilding votes. In these circumstances they propose not to pay off debt with these six and a half millions but to add that sum to the Exchequer balance—in fact, to keep it in band for the present. If at the end of the year it should not be found necessary to draw upon this balance Parliament can then, " judging the situation as it then appears, deal with this reserve, and, if it so decide, devote it entirely or in part to the reduction of debt." In other words, the ultimate destination of the money is not " prejudged."
