HC Deb 19 April 1904 vol 133 c567

I am now in a position to present my final balance-sheet to the Committee. I will not repeat the figures which are unaltered by the changes which I have proposed in taxation. I have added to Customs £2,550,000,bringing its total yield up to £36,450,000. I have added to income tax for the present year £2,000,000, making its estimated yield for this twelve months £30,000,000. By these means I arrive at a total revenue of £143,610,000, against an expenditure of £142,880,000, leaving a surplus of revenue over expenditure of £730,000. That is a larger margin than it has been customary to allow in recent years, and it is to this source that I look for the further restoration of the balances beyond the amount which I have already provided. Sir, I have now finished my task. I thank the Committee for the patience with which they have listened to me, and the indulgence that they have shown. Assuming office at a moment when the revenue was falling below the estimates, and when expenditure was already in excess of the Budget provision, I have found myself face to face with a double deficit. I have been obliged to propose to the Committee new taxation. But the difficulties which I have to meet are largely temporary, and I look for further relief to the cessation of the military operations in Somaliland and to the reforms which my right hon. friend the Secretary of State for War is preparing in our Army system. But the time for that relief is not yet, and it has been my duty to increase, and not to remit, taxation. Additional taxation is never popular, and the resources to which I can have recourse in present circumstances are limited. I have done my best with the means at my disposal, and I appeal with some confidence to the Committee to support proposals which I believe to be sound in themselves, necessary and adequate for the maintenance of our high financial credit, and framed in harmony with our existing financial system and with due regard to the just interests of all classes of the community