Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1900-03-06
ENGLISH BUDGET PASSED.
II Provides for Expenditure Of 81 4,062, goo
in Years 19OO-19OI.

London. March 5.-The House Of
Commons was crowded, today, and all
the public galleries We're throngcd in
anticipation of the budget statement.
The statement of the chancellor of the
cxchcqucr, Sir Michaels Beack,
Introducing the budget speech. was
that an expenditure of G15i0S2,OOO has
been provided for in the budget Of 1900
1901
The same statement shows that the
TX h.quer accounts 1899, 1909 would
have given a surplus Of upwards Of
C5. 900 900. but that the supplementary
war estimates Of c23 400 600 makes the
expenditure exceed the revenue by
c17.770, 600.
The chancellor Of the cXchcqucr, af-
ter laying the figures before the
House. pointed out that the country
had to face total estimated cXpcndi-
ture. in consequence Of the war. no less
than six times rs much as had been
estimated in October last. Re OK
planned thc various reasons which led
to the carly Introduction Of the bud
get. including a desire 10 afford both
our advcrsaries ana foreign critics
proof Of our earnestness in the work
in which We are engaged
He next explained the present finan-
ciaI situation. dwelling with salisfac-
ton on the increase IN the actual over
the estimated revenue. du" I, tn
steady and substantial incrcas, ~ bust
ness. pointing out that the increase in
the value and volume of foreign inn
ports has been quite exceptional ann
that it was not at the expense of home
industries
Against the estimated expenditures
Of elsa 0S2. 900 for the coming year. the
chancellor Of the exchequcr estimated
the revenue on the existing basis Of
taxation at els 600, 600. or q deficit %
c37 900 600.
Dealing with the war expenditures.
he said the government had made th-
best calculations az q the amount IL
ought to ask from Parliament with a
view Of a successful prosecution Of the
war But it was impossible to be- Ger
tain when the war would be conclud-
ed. and the expenditure might be larG-
err on the other hand. however. a
happy change hal recently taken place
in the military situation and the fact
that the season now fast approaching
was. in the opinion Of the authorities
UNI "a OF dDlt' " duct tl't'l etti'llS llui -
he considered. He might be obliged,
in July or August. to ask Parliament
for further relief: but he believed he
was fairly justified in hoping that the
intended expenditure would suffice to
successfully conclude the war. He es-
timatcd the total war expenditure, in
Guiding the deficit Of G1.N0,0O0, at
$50 000. 900.
-.
characterized the suggested methods
of fresh taxation as in no way i'm
practicable. saying the government
felt justified in raising a portion of the
war funds by a loan but. he added, it
was also justified in calling upon the
tax payers for an immediate ana sub
stantial sacrifice.
Sir Michael Hicks Beach said that
in order to meet the war expenditure
Of $50. 600 900 he would also propose
that the stamp duties on stock OK
change contract notes be extended to
the sales of produce. y total of SIS
600. 900 had to be raised. of which
5000. 600 was now in the treasury, ana
c35. o00. 600 would H. raised BY bond or
stock repayabc in a term not exceed
ing 10 years.
During the course of hrs remarks the
chancellor of the eXchcQuer. referring
to his previously expressed opini'n re
garding the capacity Of the Transvaal
to bear responsible share Of the eX-
penditure Of the war. He said H. still
adhered to that opinion but h. was
bound to say that the events IF the
last five months and the claims which
would undoubtedly be made by tho
loyal colonists of Natal for compensa-
ton for losses sustained at the hands
of the Beers. and the enormous in
crease in expenditures since he last
spoke had made him feel that the ca
pacity Of the Transvaal to bear the
cost Of the war was a less important
factor. though il was still an important
factor. than he estimated in October
last.
Explaining the proposed loan. Sir
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