THE BUDGET.

Globe, Volume VI, Issue 605, 27 May 1876, Page 3

THE BUDGET.

(Some Nctcs.) On April 3rd, the Chancellor of the Ex chequer, having gone into the income and expenditure of the past year, proceeded to explain that the estimates in 1876-7 amounted to being a net increase, as compared with the issues of 1875-6 of £1,352,227, A possible addition might, he said, be made to the expenditure of the current year by the repayment of Indian charges to the "War-oilice of £170,000, and by a charge of £IOO,OOO for the new post office at Manchester, which would raise the total estimate to £78,044,000. Exclusive of the last two items the following were the estimated items of expenditure for the year; —Permanent charge of public debt 1 £27.700,000 ; interest, &c, on local loans, £160,000; charge of-Suez loan, £160,000; other consolidated charges, £1,590,000 ; army, £15,232,000 ; Army Purchase Commission, £464,000 ; navy, £11,289,000 ; civil services, £13,309,000; post office, £3,120,000; collection of customs and inland revenue, £2,730,000; collection of telegraph service, £1,128,000; packet service, £852,000; total, £77,774,000. The various items of income of public revenues were estimated as follows: —Customs, £20,250,000; excise, £27,650,000; stamps, £ll,0u0,000; land tax and house duty, £2,500,000; property and income tax, £4,100,000 ; post-office, £5,950,000 ; telegraph service, £1,325,000 ; Crown lands, £395,000; miscellaneous, £4,100,000. Total, £77,270,000. Deducting the above from the total expenditure, including the items of repayment of Indian charges to War-office and expenditure on account of the Manchester Post-office, the deficit would be £774,000. To meet this, rather than impose an additional duty on spirits, he proposes an increase of the income tax from 2d to 3d in the pound. This would give a sum of £1,480,000 for the service of the year, subject to certain deductions which it was proposed to make. The limit of exemption of this tax would be fixed at incomes under £l5O a year, as originally designed by Sir Robert Peel, and it was proposed to extend the abatement of £BO now made on incomes under £BOO a year to £l2O, and to make it applicable to incomes under £4OO a year," The proposed increased taxation, after making allowance for the exemptions contemplated, would leave £1,168,000, and deducting from this the deficit of £8 0,000, there would remain a moderate surplus of £368,000. The right hon gentleman concluded by placing in the hands of the chairman a formal resolution imposing the income tax for one year at 3d in the pound, After some considerable discussion on the proposition, the debate was adjourned.