The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-04-19
Circulation Statement.
The British Crisis.

The British Crisis.
The British taxpayer at last has been
placed in a position to understand the
fearful cOstlfness of the Chamberlain
Rhodes attempt to extinguish the two
little Dutch republics in South Africa
In the House of Commons yesterday,
Sir Michael Hicks Beach, Chancellor Of
the Exchequer- presented the annua!
budget. and it was not of a character to
please the British public. In the course
of his speech explanatory Of the avail
able resources needs. and intentions Of
the Government. Sir Michael admitted
that the enterprise against the Beers
had already cost twice as much as the
total expense of the Crimean war, and
that the end was not yet. He also said:
During The last five years we have been in
variably able TO congratulate the House on
general increase IN the prosperity OF the country
but the wear 1900. especially the last SIX months
showed symptoms OF a change Our foreign trade
during the year considerably increased. put n
value rather than IN volume
This increase was not offered as a
favorable sign. because it represents en-
HANGED prices for several commodities,
notably coal. which would be necessaT-
fly detrimental TO the prosperity of rail
ways and steamship owners The def
cit of the British Government last
year was stated at $3.50, OBS, 600. The def
cit for the coming year is estimated
at 1915. 49,. 0G0 The Chancellor of the Elk
cheQuar proposes to meet this by means
Of a public loan OF $500 600. 600. the i'm
position of tax of one cent a pound
on sugar. an increase Of the income tax
by Two pence in the pound. and an ex-
port duty of twenty-five cents per ton
on coal.
The proposition to issue additional
bonds 10 the extent of three hundred
million dollars is a matter Of interest
on this side OF the Atlantic since there
IS little doubt that England looks TO
The United states for most OF the
money. It Is said-we do not know with
how much or how little authority-that
the Salisbury Government already has
an understanding with J PieTpOnt Nor
gan on the subject, and that the emf
uant American financier in question
who is now in London strictly for his
health. has undertaken to float the loan.
That may or may not be true. but
at least there is not a doubt that If
they Iikea the security and rate Of in
terest we'll enough. half a dozen or less
OF our rich men like Nj Morgan. MI
Rockefeller. ana a few others who
could be named, would he able TO cash
the paper for England without the
slightest effort Whether or not they
would regard the security as unim-
peachable in view Of the decadent con-
dition of British trade and manufac-
lures. and the gloomy political outlook
for the Empire, is a question: London
has ceased to be the all dominant
money centre of the world The United
Kingdom can no longer compete with
the United states in the iron and steel
industry or IN shipbuiIdine- The coal
and iron ore resources of the Kingdom
show unmistakabIe symptoms Of ap-
preaching exhaustion All economic con-
ditions appear 10 pTesage rapid decay
Meanwhile there Is an ever increasing
debt 10 be borne by the people, who
are suffering. and bid fair to suffer
more and more severely in the future,
from diminishing means with which to
British public debt, il is as well to con-
slider it d permanent investment in
present circumstances
From a financial point Of view, these
conditions are rendered more discour-
aging by the fact that the ultimate in
teSriyy Of the Empire IS threatened from
without by the loss Of EngIand's pres
tiEe as a military power, and by the
probability that the Inevitable fight
with Russia for the possession Of In
dia may be brought near at hand by re-
cent events and their indirect conse-
quences. So, il would seem to Us that
the American investor would be only
reasonably prudent in thinking twice
before putting his good money into
bonds which. like the Spanish Cuban
bonds. are printed on the skins and
with the blood Of people battling 10 the
death for their freedom