Show BUDGET DAY IN I BRITISH COMMONS CO Revenue Exceeded the Estimates by STATEMENT IS FAVORABLE TAX ON TEA WILL REMAIN FOR FORTHE FORTHE FORTHE THE PRESENT London April 10 Budget et day at attracted attract tract d a R large crowd of or o members of parliament and visitor vl t to the house of or today and when h n the th chan chancellor of the exchequer Austen Chain Cham bf rl tin rose ree r to make his hl hi annual state tate nt the house hou e was well en filled in all nil At the outset Mr lr Chamberlain put his hix hi hearers in a sod good humor by an Ull announcing that the revenue of or the year just closed exceeded his estimate by showing that the thet tv t 1 iilo of the country had turned the ther r orner and whereas a year ear ago there yaM wall a heavy deficit there had lund now bren b n established hed something more titan between the Ule revenue and Mr 1 chamberlain estimated the ex cx expenditure for at and aud the revenue on the existing basi b of taxation at leaving a sur surplus plus of or HSi The Th tea tux tax JK s reduced by 4 cents from July 1 I the date on which the ex ec 1 lug IlIg duty dut expires There i no re ye luf tion of the income tax Steady Recovery Although 1901 1904 began badly said the I chancellor of r the exchequer r a bountiful I ful trop of ot cotton had revived the Lancashire I Industries ship building j I signs of recovery and the iron steel industries had slightly im ml proved Nevertheless while the couii coun count t ty was wa on the path of moderate but recovery it could not be said that had been wholly holl satisfactory tory from the Ute view point of or commerce awl amid finance There had been much pauperism 11 p and ud dIstress In analysing the items of revenue reV lUe Mr SIr Chamberlain said the sugar duty to prove proe an expanding rev revenue flue and the tux tax fell feil short of or the esti estimates mates mostly mo during luring the last lust quarter o 0 the year y r The exports of coal marked a record but the decline in the exise ise duties on spirits which com commenced in 1900 continued The con coit consumption consumption of beer and amid spirits was less leu lessin leuin in 1904 than in any of the preceding I fifteen years year In fact said mald Mr lr Cham Chum the habits of the people are I hanging and this must be taken into Account a i c in considering the financial station The rf e majority of or the people pe m nr tr finding other employment ment for the they the used to spend in public houses Outdoor recreation and ex excursions excursions excursions are becoming more popular National Debt Reduced Turning to the tile expenditure of Mr 11 Chamberlain said it had been be belon betow below tow low the estimates and the actual realized surplus for the year was WILS 7 The national debt d bt han had been reduced oo by b 3 and at the close cloMe of the year stood at t 37 Dealing with the of the new yar ar Mr Chamberlain estimated the expenditure for At and the revenue on the existing basis of oft t at leaving a stir sur ur Ih of or US The surplus at his disposal from last par ir Mr Chamberlain said was small hut but ho hi h had no doubt regarding reg what h tl the first claim on the resources s The he first thing to do 10 was wast t restore the national credit He pro proposed proposed posed po d that should be he added d to tilE the fixed debt c rge to create a sink shik sinking Mg ing fund for the In treasury bonds falling failing due dut in December and iv It hi h he proposed to reIssue as aC new newl bonds l for fOI ten years with the condition that be withdrawn and re repaid repaid r paid iM each year ear This disposed of 5 of his lila surplus Transvaal Repayments l the chancellor of the time exchequer said he lie hoped that the first installment of the of the thear ther thear ar r contribution promised by bJ the Transvaal would be b available in 1906 1 06 In the meanwhile mc repayments from the Transvaal on account aC of railroad and sales ales of stores together with the sinking inking fund at the governments would wipe out of treasury bonds out of the due in December He ma already stated how he proposed to deal leal with the remaining The new recommendations re of the chancellor of the exchequer were ere dis die dismissed missed in a few foss words Mr Ill Chamber Chamberlain lain kiin li n regretted he was wa unable to relieve the income taxpayer er as the cost of reducing r du the tax by 2 cents would be and he had not necessary money He proposed to take oft off July 1 the extra duty dut of 4 cents per i pound put on tea t last year which would absorb to clear away aw remainder of the customs warehousing charges which were an annoyance to traders without materially Jn increasing the revenue nue and to abolish certain ertain small st tamp stamp duties leaving to meet contingencies Sir Henry Campbell Bannerman the r Liberal leader In the house congratulated congratulated Mr Chamberlain on the clearness cleame s I of or his statement and his provisions ions in regard r rd to the time national debt |