The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1901-04-19
HICKS-BEACH MADE
BUDGET STATEMENT
War Has Brought England to
Verge Of Ruin.
HEAVY LOAN IS NECESSARY
Iacome Tax Increased Export Duty on Coal
and Tariff on Sugar Levied No
Help From Transvaal at
Present.


The total expected yield OF the new
taxation is ell, 900, 900, Of which e9lOO,-
0Oo will be from coal.
The national balance sheet for 1900
1901 stands as follows:
Revenue NEUTRALITY-SUSPICIOUS.. lSO,SSS,UvV
expenditures ..,......,......, lSS,5Ss,OOO
Net deficit ............,..,.. SS,sOIOOO
The chancellor of the excheduer Sir
Michael Hicks Beach. rose at AIS p.
m. amidst rounds of cheers, and COM
menced the budget statement.
During the last five years" said the
chancellor. 1--WE have been invariably
able to congratulate the house on a gen.
eral increase in the prosperity Of the
country. but the year 1900 especially
the last six months. showed symptoms
Of change. Our foreign trade during
the year considerably increased, but in
value rather less than in volume" 1t
was mainly derived. the chancellor said,
from the high prices OF certain articles,
have injured important industries. es-
pecially railways.
The chancellor then proceeded to re-
view the various items of revenue. men
tioning that the revenue from beer was
e4.0OOOOO less than the estimate.
That decrease" said he, 'is probably
attributable to the fact that very many
beer drinkers are in South Africa and
also to the decrease 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 spir-
its.
The prolongation of the war and the
absence Of buyers on the stock ex-
change are responsible for the unsatis-
factory yield for stamps"
He stated that the national debt on
April 11th was e6s7. 7OO,0 900. an increase
OF f55,OOOOOO on account of the war.
"As to obtaining contributions from
the Transvaal." said the chancellor
''Sir Davis Barbour's reports are not en-
couraging at present. think the house
will see that the war has brought the
country to the verge of ruin" (opposi-
ton cheers greeted this remark.). This
can no longer be concealed. A small
war has cost e151,OOO,OOO. double the
cost of the Crimean war.
1T becomes necessary 10 put our ex-
penditures on a broader basis. The
country has reached a point when il
is necessary to widen the scope Of tax
alton. but the great taxpayers must
bear their share Of the burden. I pro-
nose that two pence shall be added
to the income tax. making one shilling
and six pence in the pound. The extra
two pence will realize e3,S00,OOO. There
will be no addition to the beer, wine,
tea, spirits or tobacco dues.
II am not disposed 20 oppose a Gus
toms duty on manufactured imported
goods, as suggested by Sir Howard
Vincent The average consumption OF
sugar is 56 pounds per head. Sugar
is taxed in every other community in
Europe and is taxed in the United
States. In this country the taxes re-
mained on sugar long after the insti-
tuition Of free trade. What I propose
is not protective duty but an ade-
auate public necessity has arisen for
some duty for which the laboring class
es should bear fair share"
A duty of As. I'd per cwt is imposed
on refined sugar.
A duty Of 2s. per hundredweight is
imposed on molasses.
West India sugar is not excepted.
A duty Of Is. Sd per hundredweight is
imposed on glucose.
A shilling per ton duty is imposed |
on exported coal.