The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-03-06
THE EXPENSES OF THE WAR
GREATEST BURDEN IN ENGLAND
BORNE BY THE RICH MEN.
Chancellor of the Exchequer SUBJ
mitted the midget, which He En-
plained-ProposaIs Adopted.

London, March 5.--The house OF COM
mons was crowded today and all the pub
lie galleries were thronged in anticipation
Of the budget statement. The report OF III
chancellor OF the exchequer. Sir Michael
Hicks-Beach, introducing the budget
shows that an expenditure OF s.54,0s2, 900
has to be provided for in the budget of
10000. The same statement shows that
the exchequer account OF 1899 1900 would
have given a surplus of upwards of 15,-
100000 but that the supplementary war
estimate OF G2S 100000 makes the ex-
penditures OF the revenue e17,77O,oOo.
The chancellor of the cxohequer. after
laying the figures before the house point
ed out that the country had to face a to-
tai expenditure in consequence Of the war
Of less than six times as much as had been
estimated for October.
There had beer remarkable increase
in the receipts from death duties. total
ling eli $1,000. of which e2,2Tl,O0 was
from the estates OF mlllionaires, including
100000 from the estate OF one man,
foreigner who lived on fifteen shillings 4
day in West End club That one per-
son. he continued, however unwilling, had
contributed TO the exchequer more than
the cost OF an ronclad. THE foreigner re-
ferred to is the late George Smith, the
pioneer banker OF Chicago, who died oc-
tober 7. 1899, in his room at the Reform
club, London)
Explaining the proposed loan, Sir Mich
nogl he al
be a mistake 20 try to raise it by new
issue of consos. as 1t would create per-
manent debt which the nation would not
pay of at par until 1923. He thought IL
would be better that part OF the $4,000
600 be reserved. say an amount not eN-
ceeding e5,0o0,e00, for a further issue Of
treasury bills. The rest he proposed 10
raise by bonds or stocks. lie had reason TO
believe 1t was possible TO place such an
issue on very reasonable terms, and he
hoped to do so in q way not to insure
profit for a few great and wealthy per
soas, but 10 bring the whole public into
the war loan and enable them 70 come to
tho assistance OF the country. Against
the estimate expenditures of El5i, 0S2 600
for the coming year the chancellor OF the
excheauer estimated the revenue on the
existing basis OF taxation at G1l6,900,000,
or a deficit OF E37 900. 900, Dealing with
he war expenditures he said the govern
nent had made the best calculations as
70 the amount 1t ought to ask from par
liament With the view OF successful
prosecution of tho war. but 1t was impos
sible to be certain when the war would be
concluded and the expenditure might be
larger. On the other hand, however, n
happy change In the military situation
and the fact that the season now fast
approaching was, in the opinion OF al
~ NJ.
had to be considered. He might be obliged
In July or August to ask parliament foI
further relief. but he believed he was
fairly justified In hoping that the intended
expenditure would be sufficient to sue
sessfully conclude the war. He estimated
The total war expenditure, Including the
deficit of eli 100000 at 81 900,
The chancellor OF the exchequer char
icterlzed the method OF fresh taxation M
IN no way impracticahle, saying that the
government felt justified in raising por-
lion OF the war fund by loan. hut he
added. 1t was also justified in calling upon
the taxpayers for an immediate and sub.
stantial sacrifice. In this connection hs
thought they could reasonably anticipate
that the more acute and more costl,
phases OF tho war would not last long
He asked the taxpayers to subscribe L
the cost OF the war, by an increase OF thu
income tax to one shilling on the pound
producing an annual income OF e o, 800 900
Sir Michael Hicks Beach also said tina
IN order TO meet war expenditures o
E6O.pO0,0oO he would propose that tn
stamp duties on stock exchange contrac
notes be extended to sales on the prodnc
exchange, that the beer duties be in
creased shilling per barrel OF thirty 81
gallons; that there would be an increas
In the duty on spirits OF Ga per poun
and pence per pound on tobacco, II
IA ~ no
be raised, OF which $4,000 900 was now 1
the treasury and R3500O. 600 would b
raised by bond or stock repayable In
term not exceeding ten years
During the course OF his remarks Il
chancellor OF the excheuuer, referring
his previously expressed opinion reEardil
the capacity OF the Transvaal to bear
responsible share in the expenditure
the war, said he still adhered to tn
opinion. but he was bound TO say d
events of the last Ave months and d
claims which would undoubtedly be ma
by the loyal colonists OF Natal for COZ
pensation for losses sustained nj d
hands OF the Beers and the enormous /
crease in prices since tho last speeo
had made him feel that the capacity
the Transvaal To bear the cost OF the W
was a less important factor, though II
still a more important factor than he esi
mated last October:
The opposition leader, Sir Henry Cam
TELL Bannerman. said the OPPOSITE
would give every facility for the passa
OF the necessary resolution. He COZ
plimented Sir Michael Hicks-B Beach