London, Nov. 17.
In the House of Commons to-day Mr, Lloyd George, Chancellor of the Exchequer, made a statement on the financial position. He said that he was making proposals not merely to meet the increased expenditure to March 31, but also the deficiency in revenue. The total sum for which "HE NORTH-CHINA HERALD. provision had to be made was £535,000,000 ordinary and war exture.
The additional money which had to be found was £339,571,0000. A full year of war would cost at least £450,000,000. He proposed that the income-tax should b> doubled but that, this year, it should only be collected in respect to one-third of income. Mr. Lloyd George then announced an extra duty of three-Pence per pound on tea and a halfpenny on a half-pint of beer.
The Chancellor said that it was necessary to borrow £230,321,000 to carry us to the end of the present financial year, and it was also desirable to have sorns surplus. Hence he proposed to issue a loan of £350,000,000 bearing interest at the rate of 3} per cent. The issue price would be 95 and the bonds would be redeemable at par on March 31, 1988, The Chancellor of the Exchequer stated that £100,000,000 had already been offered to the Government.
The tea duty would produce £950,000 this year and £3,200,000 next; the beer duty £2,000,000 this year and £17,000,000 next. New taxation this year would realize £15,500,000 and the suspension of the Sinking Fund £2,750,000.
Text read from the printed page and cleaned; old type leaves the occasional error.