Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-04-18
'|H[ BRITISH BUDGET
War Expenses and Decline In
Prosperity Of People Becom.
ing Burdensome.
Chancellor Hicks.Beach Sub.
mits the Budget Statement
to Parliament Today.
Spending Power Of the People
Decreased--Cost Of Boer
War.

London, April 1s.-Tne exceptional in
terest taken in this years budget state
ment was evidenced by the crowded
condition of the house of commons when
| 1t reassembled today. The fresh taxa
tion proposals required to meet the ex-
to the parliamentary paper issued this
afternoon, totals f187 ,eO2. 900. inclusive
of war charges, this being an increase
| of e32.910,000 over last year. The ma
G130, ,3s5,O00: expenditures s1Ss,592, 900;
net deficit, f53.2O7 900. Chancellor of the
Exchequer Sir Michael Hicks-Beach
read the budget statement The budget
adds two pence to the income tax, maxi
ing 1t one shilling two pence. 1t does
not provide an increase in the duties on
beer, wine or tea, spirits or tobacco. A
duty of 4 shillings pence per hundred
Weight will be imposed on refined sug-
ar; shilings on moasses: / shilling S
| pence on glucose, and shilling on ex-
| ported coal.
During the last five years" said the
chanceilor we have been invariably
able to congratulate the house on the
general increase in the prosperity of the
country. but the year 1900. especially the
| last six months. has shown symptoms of
/ a change Our foreign trade during the
year has considerably increased, but in
| value rather than in volume. 1t was
| mainly derived" the chancellor said
| from the high prices of certain articles
4 notably coal which naturally must have
injured important industries especially
lrailways Nevertheless the revenue for
the past year showed no signs of de-
crease and the exchequer receipts
showed a surplus of e2.S65.000 over the
eStimates.' He was bound to say, how
ever, the excess was due to the fore
Stallment on dutiable articles. But for
this his estimates would have been
| barely realized. He would say the con-
suining power of the people was main
/ tained but there was no material evil
sdence OF the expansion of that power.
i beyond what VAS fairly attributable to
the increase of population.
The chancellor then proceeded to re-
view of the various items of revenue,
mentioning that the revenue from beer
WAS E4,o00,oO0 less than the estimate
THAT decrease" said he. "is probably
attributable to the fact that very many
beer drinkers are in South Africa: also
TO the decrease in the spending power of
the people, owing to the high price of
lcoal. Experience has shown we have
practically reached the limit in protita-
/ BILE taxation of spirits.''
/ Receipts from death duties were s1.-
/ 100000 below those of the preceding
year. but he had better expectations for
1 Iext year.
The prolongaton Of the war and the
absence of business on the stock ex-
1 change We're responsible for the unsatis-
4 factory yield from stamrs
In noting that the yield from the in
come tax was e1.150.0Oo above the esti-
i mate, the chancellor remarked that in
twelve years the incomes on which tax
alton was paid had been increased by no
Hess than a12O,OO0o00, a fact he
hoped the house would remember when
| he had reached the latter part of his
/ speech. The only other points of rev
! enue which he need touch upon were
the exceptional receipts owing to silver
coinage and telegraph receipts, which
compared very unfavorably with the ex-
| penditure.
| The total receipts amounted to e14o,-
019000: expenditures, elsa, ,592, 900, of
which f65,000,0o0 were for the war in
South Africa and e3.Ooo,Oo0 in China.
ehe chancellor proposed to suspend the
sinking fund and borrow ECO 600 600.
asking for permission to extend the
present borrowing power to borrowing
on consols. The loan will be on consols.