British Budgets 1887-88 to 1912-13

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in the habit of setting aside for paying off the principal of our National Debt," a reduction which he endorsed, an actual redemption amounting to no less than 12,657,000 had been effected, of which £6,970,000 for reduction of the funded debt had been provided by the sinking fund of the previous year, and nearly £6,000,000 by the revenue of the year 1909-10.

The motion for the rejection of the Bill was defeated by 324 to 231, and it passed the House of Lords after three hours' debate, Lord Lansdowne justifying the course which had been pursued but announcing that the Opposition "were bound to pass the Bill."

It received the royal assent on the 29th of April, 1910, one year to a day since its first introduction.


MR. LLOYD GEORGE'S SECOND BUDGET, 1910-11.

June 30, 1910.

ON the 30th of June, 1910, Mr. Lloyd George rose to introduce another budget under circumstances, as he observed, "which are, to say the least, very unusual and I think I may say entirely without precedent." These circumstances have been indicated in the preceding pages; and they had had the result, among others, of deferring the statement for 1910-11 to a very late period in the year, and of complicating it when at last it was made by the necessity for constant references to the "very considerable direct and damaging influence" which they had produced in the finance of both the past and current years. Another feature of the budget was noted by the Prime Minister in a speech which he delivered on the income-tax resolu

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