Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1901-04-19
TELLS THE TRUTH.
HiCks-Beach Gives Unvarnished
Tale Of England's Finances.
Budget for 1902 Calls for a Total
Of fl87, 602, 900.
Would Cover Deficit by Increased Taxation and
Loan Of 100000. 600.

London. April $50 p. M.-The cx-
ceptional interest taken in this years
budget statement was evidenced Ly the
crowded condition of the House OF
Commons when it reassembled, this af-
ternoon. The members We're unusually
numerous, while the appearance of the
galleries testified to the deep interest
of the public in the fresh taxation pro-
posals required to meet the expendi-
ture tor l90l-l902 which, according to
a parliamentary paper issued, this af-
ternoon. totals GlS1 .G02 600. inclusive
Of war charges. this being an increase
OF E32,sOl. 900 over last year The ma
tlonal balance sheet for 1900 1901 as
SHOWN by the same paper stands as fol-
lows: Revenue. ci3G, 3S5 900: eXpcndi-
ture. GlS3 600: net deficit; c53 200
100.
Mr.. Balfour. the government leader
indirectly announced the forthcoming
loan. saying he hoped to introduce a
resolution on the subject, to night
The chancellor OF the cxchequer. Sir
Michael Hicks Beach. rose at AIS =.
NJ, amidst rounds of cheers and COM
mcnccd the budget statement. His
~
During the last five years" said the
chancellor, we have been invariably
able to congratulate the House on a
general increase in the prosperity Of
the country. but the year 1900. especi
ally the last six months. showed symp-
toms OF change. our foreign trade
during the year considerably increased
but in value rather than in volume
1t was mainly derived" the chan
cellor said, from the high prices Of
certain articles, notably coal. which
| naturally, must have injured important
industries, especially railways Never
thelcsS, the revenue for the past year
showed no signs Of decrease and the
cxchequcr receipts showed a surplus of
g, s65.ooo over the estimates. He was
bound to say, howe ever. that the excess
was due to forestallnent on Gutiable
articles But for this his estimates
would have been barely realized. Much
could be said for ana against fores tall
| ment but it was an unmitigated nuis-
| ance to financial statiaticians.
The forestallmcnts .of 1889 1890
amounted to E3251. t0U which properly
belonged to the revenue Of last year
! somew hat exceeded the previous year
lie would say that the consuming
power of the people was maintaiDed
but there was no material evidence Of
the expension Of that power beyond
| what was fairly attributable 10 in
crease of population
He then proceeded to review the var
ious terms of revenue, mentioning that
the revenue from beer was ci.U0O. 900
less than the estimate. THAT decrease,
| said he. lis probably attributed to the
fact that very many beer drinkers are
in South Africa and also to the de-
| crease in the spending power of the
people. owing to the high price of coal.
Experience has shown that we have
practically reached the limit in the
profitable taxation of spirits"
The receipts from the death duties,
Mr. Balfour said. were Ct 800, 900 below
those of the preceding year. but he had
better expectations for next year.
The prolongation of the war ana the
change We're responsible fer the unsat-
isfactory yield from stamps.
In noting that the yield from the
lntOlflt tt\ WIS ,lJu.utW uDoNt lIic
estimate. the chancellor remarked that
in T. years the income on which taxa
ton was paid had been increased by
no less than c12O.000 600. a fact that he
hoped the House would remember
when he reached later part Of his
speech.
The other points of the revenue
which he need touch upon We're the eX-
ceptional receipts owing to silver coin
age and the telegraph receipts. which
compared very favorably with the ex-
pendituroS. The total receipts amount
ed to e130. $50 900. and the expenditures
to c1S3 40 GOO. of which Ee,, OO0. 900 was
for the war in South Africa and E3.-
eco coo for China.
The deficit. c53 POI 600 showed that
they had paid Gl54l3.000 out of the
revenue for the cost of the war. Tn"
total provided for the state last year
aggregated the enormous sum Of cl9S.
346 600.
LAS to the national debt" said the
chancellor of the exchequer. 1T stands
in painful contrast with last year. But
the funded debt had decreased by
CT .ie5. GOO April l. the national lebt
stood at fGS7. 10000 an increase Of
c55 900. 900 on account of the war
Turning to The present year III"
chancellor of the cychequer said that
the total estimated expenditure vas
cIS7 600 900. ON the existing basis ii
WAS estimated that the revenue would
he f132. a55. geo leaving deficit If
about G55 100000.
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