The Savannah morning news., 1901-04-19

ana two pence should increase the retail
price more than half penny per pound.
ne graduated scale of taxation will be
as follows Refined sugar, which is polar
lzed at IS and upwards, which represents
tWo-thlrds Of the total imports. would
pay the full tax. This will diminish to
minimum of two shilings per hundred
weight on raw sugar polarized at rs. This
scale is only tentative and l am perfectly
Wiling to listen to criticism and the
peneht of experience and better knowl-
edge
Molasses, in which are included the
grocery syrups consumed largely by the
poor pay two shillings per hundred
weight, and glucose of which a great
deal has been heard lately, and which is
used in the manufacture of jams and
Grated waters, will have to bear tax
OF one shilling and eight pence. I antic-
pate yield of 100000 from this tax
The West Indies will not be exempt
Am Export Duty on Coal.
My next proposal is a novel one, nm
known in this country for forty-five years.
1t is an export duty OF a shilling a ton
on coal In aiming to secure a. revenue
from coal l am not sacrificing trade. The
imposition of a shilling. which is infinite
ly less than the fluctuations in price, will
60 no real injury to the coal trade, even
supposing that the export of coal is
checked. 1 am not sure that even that
result will be an evil. From this source
| expect f2,1G0,00O making an aggregate of
fll,0O0,0O0 from new taxation.
My final balance sheet will be, from
taxation a revenue of f122, ,200, 900; from
non-taXation, f21 055,000 total of f143-
10000. l propose to reduce the expend-
lures by again suspending the sinking
fund to fl82, 962 900. This shows a deficit
OF f39 100000, to which must be added
Fl, ,250,000 for the fresh debt l have to bor-
row. l must ask the House to give me
borrowing powers considerably in excess
of this deficit of f41, 900, 900. In order to
finance the exchequer, L ask power 20
borrow f60,O00G00 by means of consols
las to obtaining contributions from
the Transvaal, Sir David Barbours re-
ports are not encouraging at present. 1
think the House will see the war has
brought the country to the verge of ruin
Opposition cheers greeted this remark).
This can no longer be considered. The
small war has cost f151 100000 double the
cost of the Crimean war. There was f67-
100000 of the unfounded debt redeemable
within the next ten years. l have tried
to put before the House a true account
of our finances for the present and i'm
mediate future. In our time no chancel
a task and none has had d more indul
gent audience. 1 have not laid proposals
before the House with the view Of gain
ing transient popularity, but 1 have en-
deavored to establish atprinciple of con-
tribution by the whole community to the
burdens of the state"
Sir Michael Hicks-Beac concluded at
6:H p. m, amidst loud applause, having
spoken two hours and twenty-six min
utes.
COmplimented by HnrcOurt.
Sir William Vernon Harcourt compli-
mented the Chancellor of the Exchequer
on the ability he had shown, declaring
that his speech was characterized by
honesty, a quality very much lacking in
the conduct of the war, in telling the
House and the country the truth in re-
gard to the position.
The budget, continued Sir William, was
but a chapter in the disastrous incident
of the war.
Sir William argued that England was
not as strong now as she was at the
close of the French war, and said in
conclusion that it was the most disas-
trous statement that the exchequer had
ever made.
John Redmond, the Nationalist leader,
asked what interest Ireland had in the
war which led to this extraordinary, dis
astrous aHd disgraceful financial situa-
ton. He protested against fresh taxation,
which, he said, imposed great injustice
upon Ireland.
Sugar and Coal Duties Adopted.
Mr.. Balfour, the government leader,
said it was necessary to pass resolutions
tonight, whereupon the house divided on
the sugar duty which was adopted by
vote of 1888 to 125. The coal duty was
adopted by vote of Ill to 127.
On the resolution to authorize the war
loans being put before the house, MIR.
Redmond moved to report progress. Sir
Michael Hicks-Beach assented, and the
house adjourned.