The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-03-06
ENGLAND MUST HAVE MONEY.
MAY NEGOTIATE a LOAN AMOUNT
ING TO $4,000, 900.

Chancellor of the ExcheQuer FIX
planned the Necessity for Funds to
Carry on the Wnr-Budget shows "a
Deficit of esq ,00OG, ,OOO-Part of the
Needed Revenue TO BE Raised by
Increased Taxation Opposition
Gave Its Assent.
London, March 5.-The House of Com
mons was crowded to-day and all the pub
lie galleries were thronged in anticipation
of the budget statement.
The return of the Chancellor of the Ex-
chequer, Sir Michael Hioks-Beach. who in
trodueed the budget, shows that an ex-
penditure of f1540S2,C00 has to be provided
for in the budget of 190O-19O1. The same
statement shows that the exchequer ac-
count of 1S99-19O0 would have given a sur
plus of upwards of 100000. but that the
supplementary war estimates of f23,O0O coo
make the expenditure exceed the revenue
by f17, ,770 600.
The budget provides for raising fS5, ,OOo-
900, by bond or stock, repayable within
ten years, and shows a deficit for the
coming year estimated at f37 100000.
The Chancellor of the Exchequer an
nounced that the country had to face a
total estimated expenditure, in conse-
quence of the war of no less than six times
as much as had been estimated in October
last He explained the various reasons
which led to the early introduction OF the
budget including "a desire to afford Eboth
our adversaries and foreign critics proof
of our earnestness in the work in which
we are engaged"
He dwelt with satifaction on the increase
in the actual over the estimated revenue,
due to the steady and substantial increase
Of business, and pointed out that as the
Increase in the value and volume of for
eign exports had been quite exceptional, it
was not at the expense of home industries.
Reviewing the principal items Of reve-
nue., the Chancellor of the EXchequer said
tobacco had been disappointing and that
the increase from wines was not as large
as expected, which was perhaps due 10
the absence Of the ordinary wnter fes-
tvities.
Deficit Caused by War.
Against the estimated expenditure of
G540S2,G00 for the coming year, the Chan
cellor of the Exchequer estimated the rev.
enue, on the existing bass of taxation at
fll6,900000, or a deficit of f37, 100000
He said the government had made the
best calculations as to the amount IL
ought to ask from Parliament, with a
XeiW Of sucGassful prosecution Of sihe war.
But 1t was impossible to be certain when
the war would be concluded, and the ex-
penditure might be larger
To meet total war expenditure Of &C.,
90 Oo0 including a deficit of fl7,17QCOl, the
chancellor proposed that the stamp du-
ties on stock exchange contract notes he
extended to sales on the Produce Ex-
change that the beer duties be increase
a shilling a barrel of sc gallons; that there
be an increase on the duty of spirits of
six pence per pound and on tea of two
pence per pound.
These changes he estimated, would in
crease the revenue f12 $4,000. and he pro-
posed to save ca, $40 600 by suspendng the
sinking fund in relation to certain terni-
nable annuiues. He proposed to borrow
the rest of the necessary funds. A total
of $4,000 600 had to be raised, of which IS
O00.CO0 was now in the treasury, and f35,-
100000 would be raised by bonds or stocks
repayable in a term not exceeding ten
years.
The New Loan Proposed.
He asked an increase of the income tax
to one shilling in the pound, producing an
additional $500, 600 He did not favor rails
ing the proposed loan by a new issue of
consols, but advocated that not exceed
ing f5,000OO he reserved for a further is
sue of treasury bills, the rest to be raised
by bonds or stocks. He anticipated rea-
sonable terms for this issue and hoDed
to bring the whole public into the war
loan. He wanted a resolution empowering
him to borrow thus without imposing any
precise terms on the issue 1t would be
premature to specially provide for paying
off this loan until they knew the total IL
abilities.
The opposition leader, Sir Henry Camp
bell Bannerman. acquiesced in the govern
ments proposals, especially commencing
the income tax feature.