New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-04-17
REMARKABLE BUDGET.
.,,pprUs IN THE BRITISH TREASURY
rur LARGEST EVER KNOWN.

-xyrsp1ruRrs THE GREATEST SINCE THE LAST
wAR-REsERvE FUND OF THE BANK
vvcl.ANp THE HIGHEST ON RECORD
1.-THE LAST YEAR HAS BEEN
WONDERFUL ONE" SAYS SIR
MICHAEL HICKs-BEAcH.
~, Apr:l 16.-Sir Michael Hicks-Beach'
..,,or Of the Exchequer rose at 452 O'CLOCK
Cp. C. 1ouse of Commons amid Conservative
20 deliver the speech introducing the
ene He began by saying that. despite the
D' Not the expenditure Of the last nscai
had been larger than that OF any year
F ,hs last great war, the surplus IN the
INV was the largest that had ever been
" and the credit Of the country was never
",N. The Weld Of consols to the pur-
no said was Just about half what IL
en''s century ago. and a larger sum had oeen
"u.s to the reduction Of the National DEBT
sw Ia over before been applied to that end
mo- ",. similar period The deposits IN saw
.rs and permanent accounts In oroi-
"s' x.nks had mounted to an unprecedented
'a. ond the production Of gold throughout
pA1 or,d had been the highest ever known.
y" ..,rt of bullion in the Bank OF Englaho
Inv ,'o ooo ooo and the reserve fund In the pank'
~or,,on 70 its liabilities WAS the highest
on record. s,.,or
'" a.-.,rrne S'r Michael said that the position
..r,rgmen was never so satisfactory as
VI " -, hut he feared that the condition OF
o. '..,.,r,sts was worse. The issue Of produce
ss ,unn,Ied the best possible measure OF
sa" ,.,ns that business transactions had
'S.. rsacbed so great volume. Altoge'her,
hod
one. ,,>,Dr>-cv
rvrRYrHING HAS AN UPWARD TENDENCi'
m. great triumph Of Chancellor OF the EN-
-. he said. was when receipts and esu-
..., we're equal. but the figures OF this year
S.c.ms remarkable by the fact that the
,~.. .xceeded the estimates. Everything he
.'.,.r.d had had an upward tendency espe-
'sn,, aur,nr the latter half Of 1895. Inc IN
80 IN tho value of exports, imports railway
.-.,ngs and bankers and clearinghouse re-
80. showed a continuous expanse OF traoe'
mx. r.yenus for the fiscal year had been iioi'-
a.. mo while for the year 1s94-9o the revenue
-. No, on,v 1914 $4,000, showing an increase oi
- ,oo ooo and making an excess OF to'oi1'o'V
80, feature had been In the increase Oh
~. revenue from tobacco wine ana tea '"e
,o,tsr having steadily driven coHee out VI ,"e
-.-xa, british and Irish spirits naa aiso
s-,v.n ,ore,en spirits out Of the market. Inc
-. -, sn,r,ts had declined 10 per cent. ana
.ss ,o,,,,or taste for rum was greatly lessened.
mn. ,aa Yielded f12O 900 over the estimate I'M
.,,,,,. an increased consumption OF loooo'oVo
.o,rae q, that commodity. In connection VIII"
.,,. hs added there was large and weicone
.-an.,er q. the tea trade from China to British
India and Ceylon. (Cheers)
CHAMPAGNE CONSUMPTION 1NCREAsHD'
The receipts for wines. he said. had peen
f1,2M0o0 This seemed to be largely due 10 an
increased consumption Of vinous liquors py mem-
bers of the Stock Exchange and specuiators'
who. II appeared, consoled themselves In nom
success and rejoiced IN success in the consump-
tion of champagne. In this way he accounted lot
the dealings In 100000 extra bottles OF cnam-
pagne.
After referring to the great increase In the
excise and death duties. the Chancellor turned 10
the exnenditures OF the Government, which. he
said. had reached the total sum OF f9776A,ooo'
leaving a surplus Of f4.2oS0O0, which would be
annl,ed TO the national defences, as explained
An the Naval Works bill. During the year. ne
continued. the National debt had been reduced
fslA0O0, the largest reduction on record with
the exception of the reduction during the year
1ss4-s5, The unfunded debt stood at the lowest
point II had reached in twenty-one years ana
the funded debt had not materially increased
since the Crimean war. In thirty-nine years. ne
explained 1880 000.0 900 OF debt had peeh pa1u Oil,
n00000000 Of which had been PAID IN the last
thirteen years. (Cleers)
Some persons. he said had denied the wisdom
Of this. but 1t was his own opinion tnat py this
sefdenying course the country mad raiseu up
reserve Of incalculable Importance. ii ti,iis
NJ onA chA,1I lfha
again have TO fight for its life, the reserve would
enable II without imposing a penny or taxaton
to raise f200 600 900 for deferCe without imposing
an atom more debt upon the peopie ,nan a,r,,r ,ne
(Cheers)
The total deposits in the savings banks. Sir
Aicnael stated, were now flH,00O.OOV which was
matter for congratulation, as far as IL was uue
70 the thrift Of the working classes. lie did not
mink. however that a large proportion or the e.
posits In savings banks belonged 10 tne was.
ss,nes and he did not see why the state h"ouu '.a
UNDERTAKE banking business Tor persons "Iio
were able to take care of their own deposits, ana
ne especially could not why the state sn0uiu
pay 2h per cent for savings bank deposits whhe
money could be produced for less. Before long
ne said. there might therefore. be an alteration
IN the law which would reduce the interest on
large amounts.
A REVENUE TO BE PROUD OF.
Inc country. Sir Michael said. might be proud
oi 'ne enormous revenue. but II was. In his judg-
'"eht' grave question whether the expenditure
was moi increasing faster than the permanent
capacity OF the nation could bear. Opposition
cheersJ IL the expenditure increased while the
Ie.enue was unelastic the country would be
M.nin Shond a measurable distance of having to
enoose Detween putting an end to the reduction OF
the national debt. and an increase of the taxa
ton. S''"'' -
., ,Soming TO the receipts and expenditures for
t,., .nsuns year sir Michael stated that the es-
ssa.eo expenditures were fl00 O47 000 and the ex-
n'' revenue tl0l $4,000 leaving an estimated
ny ,O ,h ol ,ooOo which proposed to ap
fror, fn v 'euuctlon OF the maximum rate on land
=, III III. ioar shiilings In the pound to one shilling
sdr"s. a'so INTENDED to increase the grants for
rrna Al conclusion the Chancellor Of the Exchequer
V oi Ihe agricultural rating and f433 900 for
f'.sronal for purposes. leaving moderate surplus
e., e|y contingencies that might arise
I. OF william Harcourt, leader Of the Opposition
~ ,ne House. and formerly Chancellor Of the