Evening journal., 1901-04-19
ENGLAND HAS
BIG WAR LOAN
BOOr War COStIiOr Than The
Crimean
SUGAR AND COAL TO PAY DUTY
Necessities Will be Taxed to Provide
for The Loan Of Sixty Mil
lion Pounds

Lcndon, April 19.-The exceptional
interest taken in this years budget
statement was evidenced by the crowd
ed condition Of the house of commons
when It resembled yesterday. The at
tendance Of members was unusual'y
large, while the appearance Of the gal
lcries testified to the deep interest of
the public IN the fresh taxation pro-
pcsels required to meet the expendi-
ture for 1901-19O2, which, according TO
parliamentary paper issued yester
day afternoon, totals e1s7,6O 900, in
elusive of war charges. this being an
increase Of e32.so1, 600 over last year
The national balance sheet for 1900
1901, as shown by the same paper
glands as follows: Revenue, $780, /
3S5. .OOOi expenditure. e1SS goo; net
deficit, e5S,207 900.
The chancellor of the exchequer, Sir
Michael HiclIs-Beach, rose at 4:18 p. /
m, amidst rounds Of cheers, and com
menced the budget statement. His |
opening sentence was not promising. |
During the last five years" said the
chancellor eve 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 a change"
The chancellor then proceeded to re-
view the various items Of revenue
mentioning that the revenue from beer
was e4OOOOOO less than the estimate.
"That decrease said he, 'is probably
Gttrlbutabie 10 the fact that very many
beer drinkers are IN South Africa. and
also to the increase IN the spending
power In 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"
In conclusion Sir Michael Hicks
Beach said:
''I propose to reduce the expenditure
by again suspending the sinking fund
to 91S2, 100000 This shows a deficit
Of e39 ,7O7 900. to which must be added
G1,25O,0OO for the fresh debt have to
borrow. ] must ask the house to give
me borrowing powers considerably in
excess Of this deficit OF e4i 600 900. In
order to finance the exchequer I ask
power TO borrow e6O,OOO,OOO by means
OF consols.
"As to obtaining contributions from
the Transvaal Sir David Barbour's re-
ports are encouraging at present.
think the house will see the war has
brought the country to the verge Of
ruin. This can. no longer be consider
ed The small war has cost 6 151 ,00O.-
600. double the cost Of the Crinean
war"
The budget does not provide an in
crease in the duties on beer, wines OF
tea, spirits or tobacco. II provides for
a duty of 4 shillings pence per hun
dred weight on refined sugar. Raw
sugar polarizing below 9S is TO pay q
duty gradually diminishing, according
10 each degree Of polarization, to q
minimum of shiliings at a polariza-
tion Of 76. The budget adds pence tC
the income tax. making it ! shilling
2pence. A shilling per ton duty i:
imposed on exported coal
At 14O this morning Mr. Balfour
the government leader, said it wa
necessary to pass resolutions tonight
whereupon the house divided on th'
sugar duty, which was adopted by I
vote Of 1873 to 125. The coal duty wal
adopted by vote of III to 127.
On the resolution to authorize tn
war loans being put before the hous
Mr.. John Redmond moved to repor
progress. Sir Michael HiclIs-Beach as
sented and the house then adjourned
On the whole the statement of ST
Michael HicLs-Beach, which was lis
tened to by Mr.. ]. Pierpont Morgal
among others. from the distinguish
strangers gallery, appears to hav
been fairly we'll received.
The Liberals in the lobby declare
that the budget proposals afforde
them the best electioneering weapo
they had had for 20 years. One Lii
eral figured out that the war had COS
1000 for every Boer killed
There is little doubt that. in raisin
new taxes. instead of increasing oil
ones. Sir Michael Hicks-Beach ha
courageously courted mucs hostilit
and given the Liberals an opportunit
to close their ranks and to attack tn
government on its financial polio
Many ministerialists arc dissatisfe
because the government has failed
grant differential treatment to the co
onies in the sugar tax.
The coal duty. however, seems dc
tined to excite the keenest opposition
1t has created consternaticn in Wal'
and the north of England. The mort
country exporters to the continent a
sert that the duty will almost prevei
effective competition abroad wit