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^ The Budget.

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The Budget. While admitting the truth of the aphor- ism that all taxation is grievous, it must be acknowledged that Mr Austen Chamberlain has faced the heavy deficit of five-and-a-half millions in the national finances in a busi- ness-like manner. The upper and middle classes are asked for an additional penny on their incomes, and the poorer classes should not object to the indirect taxation of 2d per lb on tea They escape innumerable imposts that affect their brethren in other spheres of life, and, bearing in mind their growing tendency to dictate national expen- diture, it is but equitable that they should be asked to take their share in the country's burdens also. The majority of them will, no doubt, view the impost in this light and will I ACCEPT THE TAX WITH EQUANIMITY. Foreign cigars and cigarettes are luxuries —the average working-man will be con- tented with British-manufactured tobacco, for which he will pay no more than hereto- fore. In his introductory remarks, the new Chancellor of the Exchequer regretted that the cycle of prosperity that prevailed this time last year seemed to have exhausted itself. Commercial depression at home had been aggravated by that in South Africa. Foreign competition had been keener, and markets in which we had been supreme had been invaded by other countries. Wages had fallen, and the number of unemployed increased. The revenue had been affected, and the estimated receipts had not been realised, the drop being £ 2,724,000. On the other side of the account the I EXPENDITURE HAS EXCEEDED Mr Ritchie's forecast by over three millions. The repeal of the corn duty had proved a costly one to the nation without bringing to the consumer the relief that was expected of it. The new Chancellor indulged in no great flights of fancy or digressions, inferences or essays—except one little aside comment on the growth of municipal indebtedness, which, in four and a-half years, had been increased by borrowing to a total equivalent to the whole cost of the war. This could not go on for ever, and. to protect itself, the Govern- ment will not lend money to local authori- ties able to enter the money market for themselves. Mr. Austen Chamberlain in his initial B ii, I get bad heavy responsibilities to encounter and his manipulation of them deserves the highest commendation.

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SALE OF GR\ZING LAND NEAR…

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ICAERLEON.

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I HIV KR REPORT. I

I ANNUAL MEETING OF THE U.D.C.

LLANTARNAM, J

I MONMOUTH. I

I PONTYPOOL. I

SKENFRITH. I