New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-14
BUDGET BEFORE COMMONS.
ENGLAND'S CHANCELLOR OF THE EN-
CHEQUER ESTIMATES EXPENSES.
INCREASE FOR COMING YEAR NEEDED-PRo-
VALUE OF THE NAvY-TO RE-

Budget I'm the House of Commons to-day. Inc
House was crowded when he rose to make mis-
speech. He said the trying periods of last year
Spanish-Amercan War and the difficulties on
the Niger and the Nile had no prejudiclal effect
upon the country's revenue the result for the
year being a small surplus.
The Chancellor Of the Exchequer said he con-
eessed to being disappointed with the tobacco
receipts. and that. If they were able to leave
tobacco alone. he felt confident the anticipations
OF an increase of revenue from the increased
consumption would he more than realized in the
coming year.
He estimated the expenditure for the coming
year at f112.92TOOO. an increase Of s6o9Sooo
over last year. the total increase of expenditure
during the last four years being no less than
f19,076,0OO. If this increase were to continue.
the speaker pointed out. Parliament must agree
to large increase In taxation or discover new
and productive sources of revenue. or the result
would be reaction against great expenditure.
and he feared that such a reaction might impair
the efficiency of the defensive services so as to
reduce them to the place in which they un-
happily stood during the last generation.
The new sinking fund. the Chancellor Of the
Exchequer added will, in consequence Of vari-
Gus increases, increase till 1t reaches f9214oo
in 1905 1t was never intended that the fund
should increase to such an extent. He proposed
to prolong the savings bank termnabe annuity.
amounting to 5000 O00 from March, 1907 to
1911.
The market for consols TO be purchased by the
Government. the speaker also pointed out, had
been dangerously narrowed, which had the ap-
preciable effect of raising the price Of consols
and by purchasing. the Government was prac-
tlcally increasing the price against Itself. Per-
sistence In that policy. he added. constituted
real danger.
REFERS TO COMING CONFERENCE.
The Chancellor of the Exchequer then said:
I'VE must. however, be hopeful that the ap-
preaching conference of the Powers who are
animated by desire for peace. may devise
check for this terrible competition I'm arma-
ments. so wasteful Of ability, energy and
money from which even the wealthiest nations
may well pray to be delivered. Cheers) At
the same time. If the expenditure on armaments
is reduced. | am convinced we shall have to In
crease II In another direction. | fear the eX-
penditure of the present year cannot be re-
garded as merely temporary.
THE sum Of e. 1876 00O the largest on record,
will be available for the reduction OF the debt
In the true interests of the sinking fund
he continued, I'VE shall not only prolong the
savngs-bank annuity and set up other annul-
ties besides but we shall reduce the fixed debt
charge from f25,OO0,OO0 to f23,000.O00. (Cheers)
This course is justified by the tax. The tax
payers of the future will benent by our ex-
rendtures and armaments. The strength OF our
navy during the last year was the main factor
in saving us from war.
'In the event of the proposal being adopted
we shall still have to meet an expenditure OF
RI A 1D- H.
ton, we expect TO get f110 900. Therefore
there will be necessity for departure
in taxation. There are grave objections to re-
raising the tobacco duties 1t would be unwise
for the sake of a small temporary advantage
to surrender the hope Of what may ultimately
be a golden harvest
NEW STAMP DUTIES PROPOSED.
I'VE propose two new stamp duties-fve sh-
ings per 100 foreign and colonial bonds.
stocks and shares which are now not able to
duty. The tax will be payable on the first
occasion the document is negotiated in this
country.
The second stamp duty will be an ordinary
mortgage duty OF two shillings on 900 on loan,
capital and debenture stock created by corpora
tions companies under the statutes. The
companies capital duty will be increased to five
of allotment will be increased from one penny
to sixpence. 1t is estimated that the total in
crease from this source will be f450.OO0."
The Chancellor of the Exchequer also pro-
posed fresh indirect taxation. saying there was
the treaties with foreign countries to prevent
the imposition OF reasonable duties. He pro-
posed. therefore. TO increase the duty on wine
not exceeding 80 proof to shilling and six
pence, and between 81 and Al proof to three
shillings, and a surtax on sparkling wines of two
shillings and sixpence a gallon. II was also pro-
posed TO impose a new duty still wine i'm
ported in bottles to the amount Of three shlngs
q gallon
In conclusion. the Chancellor Of the Exchequer
NOW. therefore. able to
a revenue of fill $4,000 70 meet an
expenditure of f110927,0 900 leaving a surplus
of 100000. The large expenditure Is not due TO
an aggressive policy on our part, but has been
forced upon by the increased and increasing
ornaments OF others, and the consideration of
the unique position Of our National prosperity
and security Our proposals have recognized
the exceptional circumstances we have had 10
deal with and have dealt with them not
only without adding TO the debt, but by making
its reduction surer than at present. The taxa
ton proposed has not violated the great fiscal
from which we nave received such an
a bounding revenue, and will not seriously inter
fere with the trade or commerce of the country
or appreciably add to the burdens OF the peo-
pie"
ANSWER TO CRITICISM
Sir William Vernon Harcourt, Liberal member
FOR West Monmouthshire, who followed the |
Chancellor Of the Exchequer strongly depre-
,ated a suspension of the sinking fund.
Sir Charles Edward Howard Vincent, Conserv-
alive and Industrial member for Central Shef-
field suggested that tax on foreign manu-
factures would have enabled the Chancellor of
The Exchequer to reduce the income tax.
Sir Charles Wentworth Dixie Radical member
'or the Forest OF Dean. Division of Gloucester
shire. expressed fear that taxing foreign wines