The age-herald., 1900-03-06
WAR BUDGET IN
 HOUSE OF COMMONS Great Crowds Listened to the Chancellor's Statement. ENORMOUS SUM NEEDED It Was Shown, However. That Neces- sary Expenditure Was Less Than
 Six Times as Much as the
 October Estimate.
ENORMOUS SUM NEEDED

London, March 5.-The house of conn mons was crowded today and all the pulp | No galleries were thronged In anticipation of the budget statement. The return of | the chancellor of the exchequer, Sir Michael ], HicksJBeach, introducing the budget shows that an expenditure of e154. .OOO,OOO has to | be provided for in the budget of 19O0-19O1
 The same statement shows that the ex- l ohequer account of 1899-1900 would have | given a surplus of upwards elf e5,Ooo,OOo, but that the supplementary war estimates
 of e23, 900 makes the expenditure exceed
 the revenue by 917.T7o.o00.
 The chancellor of the eNchequer, after laying the figures before the house. pointed
 out that the country had to face total I estimated expenditure in consequence of
 the war of less than six times as much as l had been estimated in October.
 There had been a remarkable increase | in the receipts from the death duties, to-
 talling e17 ,471,OOO, of lHGnbch 900 was l from the estates of miilionaires, including l 9900,000 from the estate of one man, a for eigner who lived on IS shillings a day, in | a West End London club. That one per 1 son, he continued, however, unwlllingly, | had contributed ito the exchequer more l than the cost of an ironciad. (The for 1 eigner referred to Is the late George Smith, the pioneer banker of Chicago, who died October 2, 1S99 in his rooms at the Reform club, London).
 The Pro2os ed Ltaa-
 Explaining the proposed loan, Sir Michael Hicks Beach said he believed !. would be | a mistake to try to raise 1t by a new issue | of consols, as 1t would create a permanent | debt which the nation could not pay off | at par until 1923. He thought it would be | better that part of the 935, 100000 be re-
 served, say an Amount not exceeding e5,- 100000, for a further issue of treasury bills | The rest he proposed to raise by bonds or
 stocks He had reason to believe it was 1 possible to place such an issue on very
 reasonable terms, and he hoped to do so
 in way not to insure profit for a few greas and wealthy persons, but to bring
 tlhe whole public into the war loan and
 enable them to come to the assistance of
 the country.
 Against the estimated expenditure of
 154,0S2,OOo for the coming year the chancellor of the exchequer estimated the revenue
 on the existing basis of taxation at 116, ,9OO,- | 900 pounds, or deficit of 37,O0O,O00.
 Dealing with the war expenditures he said l the government had made the best calcula- tions as to the amount it ought to ask from
 parliament with the view of successful | prosecution of the war. But 1t was impos- | S1ble to be certain when the war would be | concluded, and the expenditure might be | larger. On the other hand, however, a hap | py change in the military situation and the 1 fact that the season now fast approaching was, in the opinion of all authorities favor | able to Boer operations had to be consider
 ed. He might be obliged in July or August | to ask parliament for further relief but he
 believed he was fairly justified in hoping l that the intended expenditure would suffice
 to successfully conclude the war.
 Total War Expenditures
 l He estimated the total war expenditure | including the deficit of r 700 900 pounds, at 60,000000 pounds. The chancellor of the ex-
 chequer characterized the suggested method | of fresh taxation as in no way impractical | ble, saying the government felt justified in | raising portion of the war fund by a loan, | but he added, 1t was also justified in calling l upon the taxpayers for an immediate and | substantial sacrifice. In this connection he l thought they could reasonably anticipate | that the more acute and more costly phases 1 of the war would not last long. He aaSed | the taxpayers to subscribe to the cost of
 the war by increase of the income tax to | one shilling in the pound, producing an ad- l drtional 900 pounds. Sir Michael Hicks-Beach also said that in | order to meet a war expenditure of 60,O00 | he would propose that the stamp duties on | stock exchange contract notes be extended | to sales on the produce exchange that the | beer duties will be increased a shilling a | barrel of 36 gallons; that there would be | an increase in the duty on spirits of six l pence per pound and tea two pence per | pound. He anticipated that the above | changes would increase the revenue 12,3l7, ,OOo | Ac md hn nrnnaSa6 | pounds by suspending the sinking fund in | relation to certain annuities. He proposed | to borrow the rest of the necessary funds. l total of 43, 900 900 pounds had to be raised, | of which 900 pounds was now in the 1 treasury. and 35,0O00OO pounds would be
 raised by bond or stock, re payable dn 1 term not exceeding ten years.
 Adhered to His Opinion
 During the course of his remarks the | chancellor of the exchequer, referring to | his previously expressed opinion regarding 1 the capacity of the Transvaal to bear responsible share in the expenditure of the | war said he still adhered to that opinion. but he was bound to say the events of the | last five months and the claims which | would undoubtedly be made the loyal col | onists of Natal for compensation for losses | sustained at the hands of the Boers and | the enormous increase in expenditure since
 he last spoke, had made him feel that tine
 capacity of the Transvaa to bear the cost
 of the war was a less important factor
 though it was still an important factor, than
 he estimated in October last.
 The opposition leader, Sir Henry Camp l beE- Zimmerman, said the opposition would
 give every facility for the passage of the | necessary resolutions. He complimented
 Sir Michael-Hicks Beach the straight forward statesman-like and discreet meas
 ure" proposed to deal with the financial dif- | faculties, and said he thought the govern | wOuld fp met fn Crudging spirit
 in prosecuting it's financial proposition.
 Very properly, he added. considerable pro-
 portions of the burden will fall upon the shoulders of the income tax payers.