New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-06
,yorsE VOTES AN ENORMOUS SUM TO
MEET EXPENSES.

Er~
Al the public galleries were thronged in an
..s-,o7 Of the Budget statement. The return
he chancellor Of the Exchequer. Sir Michael
~1,,ls-geach. introducing the Budget shows
-. an expenditure of f154. 600 had TO be
s6ed for IN the Budget Of 1S00-'01. The
- statement shows that the Exchequer ac-
-. ~ $4,000 would have given a surplus
= inward Of f5,000G0o, but that the supple
--sr,s-v war estimates Of f23.O00.O00 makes the
..x,ensstures exceed the revenue by f11.7T0000
re- chancellor Of the Exchequer. after laying
-, se-7,rzs before the House. pointed out that
~ country had TO face total estimated
s-sttzre II consequence Of the war. no less
,bsn SIX times as much had been estimated
:, october last He explained the various rea-
s-ns which led to the early Introduction Of the
r7e6gs+ Including a desire TO afford both our
o5,ersaries and our foreign critics proof of
ss~nestness IN the work in which are
gagged"
Hs next explained the present financial situa-
.,,n dwelling with satisfaction on the increase
IN ne actual over the estimated revenue being
5ne 70 the steady and substantial increase of
h,sinass pointing out that the increase in the
vslue and volume OF foreign imports had been
exceptional and that il was not at the expense
@ home industries.
Reviewing che principal items of revenue, Sir
Michael said that tobacco had been disappoint-
large as expected which was perhaps due to
.be absence Of The. ordinary winter festivities.
ENORMOUS DEFICIT PREDICTED
Against The estimated expenditure of f154,-
Osa0D0 for the coming year the Chancellor of
The ExchequeT estimated the revenue, the
existing basis Of taxation, at 1169o0O0o, or
GenciI Of 81, 100000
Dealing With the war expenditures he said
ehe Government had made the best calculations
as 70 the amount 1t ought 10 ask from Parlia-
-rent with the view a successful prosecution
q ire war. but II was impossible to be certain
when the war would be concluded. and the
penclture might &c larger. On the other hand
however q happy change had recently taken
place n the military situation. and the fact that
fhe season now fast approaching was. in the
opinion Of al tie authorities Unfavorable to
Bosr opera tons, had 10 be considered. He might
be obliged in July August, 10 ask Parlia-
rnsrr Ger further relief. but he believed he
fairy justified n hoping that the intended
pe-d.tlre would suffice successfully to conclude
ne var. He estimated the total ex-
ranziture Including the deficit Of Elf, TO O00 at
z61oGgO00
TIE Chancellor OF the Exchequer characterized
the suggested methods Of fresh taxation as in
10 way impractcahle. saying the Government
felt justified in raising a portion Of the war
tlnds by q loan, but. he added. It also justt-
I'D n calling upon the taxpayers for imnne-
date and substantial sacrifice. In this connec-
t.en he thought they could reasonably antici-
pate that the more acute and more costly phases
- the war would not Last long.
EEAvY INCREASE IN TAXES.
de asked the taxpayers to subscribe to the
ccst u the war by an increase Of the income tax
70 one shilling N the pound. producing al addi-
,ionaI 66,5O0.O0O. and proposed stamp duties
stock Exchange contract notes. TO be extended
10 produce sales The beer duties, he said would
be increased shilling a barrel OF thirty-six
gallons; there would be increase in the duty
O. spirits Of Sd a gallon, tobacco I'd a pound,
.oreiga cigars Sd a pound, and tea ID pound
Re anticipated that the above changes would in
crease The revenue E12,317 600. and he proposed
70 save E4,6+00O0 by suspending the sinking
fund II relation to certain terTnnable annuities.
he proposed 10 borrow the rest of the necessary
sunds. 4 total Of 543 600 900 had TO be raised of
which = 100000 was now in the Treasury and
IL 100000 would be raised by bonds stocks
re7aEabe n a term not exceeding ten years.
n the course Of his remarks the Chancellor Of
he ExcE=quer referring TO his previously X
pressed opinion regarding the capacity Of the
Trarsvaal TO bear a responsible share Of the ex-
DendltUre q the war. said he still adhered 10
that opinion. but he was bound to say that the
events OF the last five months and the claims
which would undoubtedly he made by the loyal
eoion.sIs II Natal for compensation for losses
sIsta-ne1 ~ the hands Of the Beers and the
e1or-nous Increase IN expenditure since he last
spoke had made him feel that the capacity of
ne Tra1svasI 70 bear the cost Of the war
less Important factor. though il was still i'm
po-tant factor than he estimated in october last.
GREAT GROWTH OF INDUSTRY.
From the Astounding revenue of the year
AS5'o"'o surplus available toward the
~ expenditure, bearing remarkable testimony
. Tie eEr-a5rtinaTy industrial activity and
eonslnerc.al prosperity Of 1899 which was, he
1'pec, one of a long series Of prosperous years.
Tie Improvement was due to the steady and
substantial progress Of business. and not TO the
w which had in some respects initiated
Ss2l1st trade The increase in foreign trade
o-a IN imports ara exports. was greater than in
ne previous year There had been remarkable
increase In The receipts from the death duties,
detailing tI-47IOO0. OF which f2,2T1, 900 was
I'3iA the estates Of millionaires including
@+F'"" from the estate OF one man. a foreigner,
VINO lived On y ehiungs a DAY in a West
f-ll London club. That one person. he con-
'i'--a' however unwillingly. had contributed 10
sc =H--e2uer more than the cost of an ironcIad.
l-1p-ain-ng The proposed loan, Sir Michael
h'scSs-1each said ne believed II would be d mis-
axe 70 ~ 10 raise Il by a new issue OF con-
Us as II would create a permanent debt which
ne nation could not pay off at par until 1928
= t-ougEr 4 would be better that part Of
- -'y,SttyD be reserved-say an amount
-ol exceeding = 900 0O0-for a further issue Of
1@slfy bills The rest he proposed to raise
y S.L-S " stocks. He had reason 70 believe
: vas possible % place such issue on very
'ss'naD-e terms, and he hoped to do so in a