Page:The Annual Register 1899.djvu/91

 1899.] The Budget. [83

must be obeyed. He did not think, however, that that would be the interpretation of High Churchmen, and feared that there would be misunderstanding. Mr. Bartley's amendment was carried by 200 votes to 14, and Mr. Hoare's resolution was then agreed to.

The practical business of Parliament after Easter (April 13) opened with the unfolding of Sir M. Hicks-Beach's Budget, of which some of the difficulties had been removed by the un- wonted activity of trade and general prosperity of the country. The final figures of the year 1898-9, inclusive of the charges thrown upon the revenue by the supplementary estimates, were: Kevenue, 11 7,857,000Z., as compared with 116,016,000Z. in 1897-8. Deducting the amount that went to the Local Taxation Account, the Exchequer received 108,336,000*., as against 106,614,000/. in 1897-8. His estimate of the revenue for the year had been 107,110,000Z., and it was exceeded. Explaining the details of the revenue, he stated that Customs produced less than his estimate. Tea, however, showed an increase of 62,000Z. His estimate of the yield from tobacco was 10,630,000Z., but the receipts had only been ] 0,420,000Z. Excise produced 29,200,000Z., an increase of 250,000Z. over his estimate. Beer produced 247,000Z. more than in 1897-8, and spirits 636.000Z*, or 260,000Z. over his estimate. The death duties yielded 15,633,000Z., of which 11,400,000Z. went to the Exchequer, the remainder going to the Local Taxation Account. The Exchequer receipts were 300,000Z. in excess of those of the previous year, and 730,000Z. over the estimate. Having given the details of the revenue from the death duties, he went on to state that the stamp duties yielded 7,600,000Z., and the income tax 18,000,000Z., or 300,000Z. more than his estimate. The land tax showed a decrease, due to the relief given to small freeholders in the Finance Bill of last year. Turning to the country's expenditure, he reminded the committee that he provided in his last Budget for an expen- diture of 106,829,000Z. There were supplementary estimates of 1,986,000Z., and the net expenditure was 108,150,000Z. Adding certain expenditure in aid of rates and for certain naval and military purposes, the total aggregate expenditure provided by the State last year was 121,224,000Z. Describing next the posi- tion of the National Debt, he stated that 7,577,000Z. had been set aside for reduction of debt in the past year. The market value of our Suez Canal shares was 26,450,000Z., or 4,000,000Z. more than it was two years before. That unearned increment might well be set against the expenditure of less than 1,000,000Z. for the reconquest of the Soudan. The Chancellor of the Ex- chequer then proceeded to deal with the estimated revenue and expenditure of the current year, and we give the results of the statement in a tabular form, as follows : —