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Sir Michael Hicks-Beach opened his Budget on Monday at a

much earlier date than usual, owing to the fact that in anticipation of increased taxation vast quantities of dutiable articles were being removed from bond at the old rates. The central facts of the Bridget are that the Chancellor of the Exchequer estimates that the war cannot cost less than 060,000,000, and that he is going to meet this by borrowing about 243,000,000, by raising an extra £12,317,000 by taxation, and by stopping the annual repayment of £4,640,000 of Debt. The extra taxation consists in placing 4d. additional (making is. in the 2) on the Income-tax, is. on produce contract notes, is. a barrel on beer, 6d. a gallon on spirits, 4d. a pound on tobacco, 6d. a pound on foreign cigars, 2d. a pound on tea.

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