The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-04-14
SURPLUS N ENGLAND
Despite the Spanish War and
the African Troubles.
TERRIBLE BILLS
Cars 7aIk-Fest May Result
in Tightening Them.

4
exchequer, Sir Michael Hicks-Beach, pre-
scented to the budget in the house OF COM
| mons today. The house was crowded
when he rose to make his speech. lie
! said the trying period of last years Span
| ish-American war and the difficulties on
! the Niger and Nile had no pre-iudlclal
effect upon the countrys revenue, the re-
suit for the year being a small surplus.
| Continuing, the chancellor of the eS-
cheouer said he confessed to being disap-
pointed with the tobocco receipts, that Ii
they were able to leave tobacco alone he
felt confident the anticipations Of an in
| crease of revenue from the increased con-
sumption would be more than realized
during the coming year. He estimated the
expenditure for the coming year at tll2,-
927, 900, an increase of G6,o9S,000 over last
year, the total i1&rease of expenditures
during the asst four years being no less
than S19.076 000 If this increase was TO
continue, the speaker pointed out, aDrlia-
ment must agree to a large increase in
taxation or discover new and productive
sources of revenue, or the result would
be a reaction against great expenditures,
and he feared that such reaction might
impair the efficiency of the defensive
services to the point in which they I'M
happily stood during the last generation.
The chancellor of the eXcheuuer said {:
I'VE must. however, be hopeful that the
approaching conference of the powers,
who are animated by a desire for peace.
may devise a check for this terrible in
crease in ornaments, so wasteful of Nu~
-,
wealthiest nations may well pray to be
delivered Cheers) At the same time, if
the expenditure on ornaments is reduced
I am convinced we shall have to increase
it in another direction. I fear the expen~
diture of the present year cannot be re-
garded as merely temporary.
1.-The sum of 1856 900 pounds. the largest
on record, will be available for the reduc-
ton of the debt"
The new sinking fund, the chancellor of
the exchequer added. will, in consequence
of various increases, augment till it
reaches 9214.0OO pounds in 1905. 1t was
never intended that the funds should in
crease to such an extent. He proposed
to prolong the saving bank terminable
annuity, amounting to 100000 pounds,
from March 1902 to 1911 The market for
consols to be purchased by the govern
ment the speaker also pointed out, has
been dangerously narrowed. which had
the appreciable effect of raising the price
Of consols, and by purchasing, the govern
ment was practically increasing the price
against itself. Persistence in that policy
he added, constituted a real danger. I'm
the true interests of the sinking fund.-
the chancellor then remarked, I'VE shall
not only prolong the savings bank an
nuity and set up other annuities. hat
we shall reduce the fixed debt charge from
G25, 900, 600 to G23, 1000, 600" (Cheers.)
This course is justified by the facts.
The taxpayers of the future will beneGt
by our expenditures and ornaments. The
strength of our navy during the past year
was the main factor in saving US from
war.
I'm the event fthe proposal being
adopted. we shall still have to meet an
expenditure of 10 927. COO pounds. On the
basis of the existing taxation we expect
to get 40, 2S7,o 900 pounds. Therefore there
will be no necessity for a new departure
in taxa.On. There are grave objections
TO re-raising the tobacco duties 1t would
be unwise, for the sake of a small temper
airy advantage. to surrender the hope of
what may ultimately be a golden harvest.
1--WE propose two new stamp duties
five shillings per 100 pounds sterling on
foreign and colonial bonds. stocks and
shares which are now not liable TO 6utv.
The new tax will be payable on the first
occasion the document is negotiated in
this country.
THE second stamp duty will be an ordi-
nary mortgage duty of two shillings per
100 pounds on loan, capital and debenture
stock created by corporations or COM
panies under the statutes. The comDan-
les capital duty will be increased to five
shi.Iings per 100 pounds and the stamp
duty on letters Of allotment Will be in
creased from one penny to siv pence. 1t
is estimated that the total increase from
this source will be $4,000 pounds"
The chancellor of the exchequer also
proposed fresh indirect taxation saving
there was nothing in the condition Of the
wine trade nor the treaties with foreign
countries to prevent the imposition Of
reasonable duties. He proposed. therefore,
to increase the duty on wine not exceed
ing 03 proof to l shilling pence and be-
tween 81 and Il proof To shiiings and a
surtax on sparkling wines of > shillings
pence per gallon. II was also proposed /
to impose a new duty on still wine i'm
ported in bottles. to the amount Of shiH-
ings per gallon.
In conclusion, the chancellor Of the *
chequer remarked: Now. therefore. we
are able to estimate a revenue Of H.
Ia f10 mounds IN meet an cvoauSlf7,~o Of
1l0 927oc pounds. leaving a surplus Of 23a /
ooo pounds. The large expenditure Is not
due 20 an aggressive policy on our part.
but has been forced upon Us by the in
creased and Increasing armaments n +
others and the consideration OF the unique
position Of our national prosperity and
security. Other proposals have recoE- /
nized the exceptional circumstances we /
have ha dto dea. with and We have dealt
with them not only without adding u
the debt. but by making SIS reduction 1
surer than II present. The taxation ur7- +
passed has not violated the great fsca.
principles from which We have derived
such an abounding revenae. and vii not
seriously interfere with the trade - com
merce - the country or apnreciabIy add F.
70 the burdens Of the reonIe''