Mr. Chamberlain, speaking for the Opposition, took no objection to the spirit and principles of the Chancellor's speech, but regretted that the proposals had not been made at the outset of the war, and that revenue was confined to so few fruitful channels. But he made no opposition to the general proposals, and was sure that every income-tax payer would bear his share. We append a table (taken from _The Times_) showing "the Budget in brief." £ New Estimate of Revenue 195,796,000 New Estimate of Expenditure 535,867,000 ----------- Deficiency 339,571,000 Deficiency made up of-- Loss of Revenue due to War 11,128,000 War Expenditure 328,443,000 Deficiency met by-- New Taxation 15,500,000 Suspension of Sinking Fund 2,750,000 From Existing Loans 91,000,000 From New Loan 230,321,000 THE NEW TAXES. Income-tax and supertax doubled and charged on one-third of the current year's income. 17_s._ 3_d._ on barrel of beer, equal to 1/2_d._ on a half-pint. 3_d._ per lb. on tea, making the tax 8_d._ INCOME TAX. On earned incomes 1_s._ (instead of 9_d._) for rest of current year and 1_s._ 6_d._ for 1915-16. On unearned incomes 1_s._ 8_d._ (instead of 1_s._ 3_d._) for rest of 1914-15 and 2_s._ 6_d._ for 1915-16. YIELD OF NEW TAXATION. ------------------------------------------------------------- |Rest of Year| | | 1914-15. | 1915-16 | ---------------------------------|------------|--------------| | | | | £ | £ | Income-tax | 11,000,000 | 38,750,000 | Supertax | 1,500,000 | 6,000,000 | Beer Duty | 2,500,000 | 17,600,000 | Tea | 950,000 | 3,200,000 | ---------------------------------|------------|--------------| | | | | 15,950,000 | 65,550,000 | Less concessions on Licence Duty | 450,000 | 500,000 | |------------|------------- | | 15,500,000 | 65,050,000 | -------------------------------------------------------------