The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1900-12-11
COST OF ENGLAND'S WAR.
She Has Already spent Hundreds of
Millions aud the End Is Nowhere In
ght.

The cost of the South African war has
now so greatly exceeded the original ee-
Inmates that practically no one In author
ity IN England seems able to make def
mite calculation of what 1t may ultimate
ly amount to. The borrowing powers
granted to the British government by the
late Parliament are nearly exhausted,
and heavy arrears amounting to between
S2n0, 900, 900 and S25O,O0o.0O0 are pressing
for payment. Against these liabilities
the government has about 16,0o0. 600 i'm
mediately available, the unexhausted
borrowing power amounting to $S0.0OO.-
900, and tire balance OF loans issued yet
to be paid up, s45,0O,o0o. or the pay
ments in arrears much consists OF the
pay due the army ana debts Of contrac-
tors
The Indirect cost has been estimated,
says the New York Sun, ard the result Is
highly interesting, In September last
the shrinkage in value of the full list OF
securities quoted ON the Lon don stock ex-
change had, as a direct consequence OF
the war, reached the enormous figure OF
nearly y. 600, 900, 900. The decline in the
market valus of consols alone has been
serious, and the fall has been equally
marked in municipal stocks ami railway
and other obligations. The inorsase to
the national debt with the additional
taxation to meet the interest payments
has also to be taken into account. Then
there is the expense of the permanent
kae4 al aaar w n
viii have to be kept up for an undeter-
mined period out of the pocket OF British
taxpayers, for there is>ao present Visible
source OF revenue in South Africa from
which the cost can be paid.
But the matter does not end hare.
The increase and the reorganization OF
the army have to be provided for, and
ing the stores of ammunition and other
war material up to the requirements OF
tho new policy. Already orders for $50,
0OO. 900 worth OF new guns have been
nIacsd. to be followed by others, the
amount of which has not yet been decid-
ed on.
that the direct cost OF the war is making
itself felt by tire taxpayers. The shortage
Of revenue In Cape Colony this year Is
estimated by the minister or finance at
NOT less than ST., e15, 900, which he pro-
poses to borrow, though the reception
which a proposal to raise small loan In
the London market q few months ago
met with does not seem to encourage
fresh applications In the same quarter,
In the nature of things, 1t viii be some
years before the waste and destruction
worked by the war have been made good,
and meantime the course OF trade which
n the mast was favorable 60 Cape Colony
will take other channels. Durham, In
Natal, and Lorenzo Marques are so much
nearer to Bloemfontein and Pretoria
than Cape Town that supplies ana traffic
may be expected to take the shorter
routes. This will affect the revenues OF
Cane Colony deriyable from the railways.
No boom lie to be looked for after the
war is over, the sacrifices made By the
Cape farmers or imposed on them hav-
ing been too great to permit their
launching into extravagances OF any
Kind for a long time TO come. The re-
ductinn OF the imperial exnenaltnra con-
sequent on the withdrawal FROM the
country OF the great portion Of the Brit.
ish army will cause sudden reduction
In the trade depending on 1t, and bring
about great curtailment OF the pronts
OF those engaged IN 1t, and ON which
they depend for their living. The --latest
asooounts from the late Orange Free
State describe 1t as reduced almost 60
the condition or "A desert, the Boer home-
steads in ruins and the Hooks and herds
either carried off to supply the wants of
the army OF occupation or scattered over
the veldt. where they nre prey to the
wild beasts that are making their appear
ance In considerable numbers as result
OF the disappearance OF the population.
The cessation af the production OF gold
during the peried OF the war is also
among the indirect losses caused DIT IL.