The Chancellor went on to consider the application of - the
remaining 5-340309,090 of his expected -surplus. As we had paid off £322,000,000 of debt in two years, and as trade was still bad, he .bad decided to suspend the Sinking Fund, and, to raise fresh leans to repay any obligations that matured. He would thus be able . to „reduce the Income-tax by a shilling, at a coat_for. this -year of 02,500,000, and, for a .full year,. of =4000,090. The tea duty would be reduced from -a shilling to eightpence a pound, for foreign tea ; on Indian. and Ceylon teas, which enjoy ,a preference, Ahe duty would be .6d. The duties on coffee, coeoa, and chicory :would also be reduced by a third. These reductions would involve a. loss of £5,000,000 this ,yeax and of ;1,5,500,000 in a full year. The ,revenue left was estimated at £Q10,059,000, and:the balance over expenditure at £706,000.
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