Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1901-04-26
COST OF BOER WAR.
EXPENDITURES REACH ENoR.
NOUS SUM OF s775,ooo,ooo.
Power to Borrow saoo.ooo,ooo Sought
Increased Tax Put on Incomes and
Duty imposed on Sugar and Coal
Other Sources of Revenue.

Great Britain, as the result of the Boer
war. is face 10 face with financial DIS
aster. In the budget presented i'll the
House OF Commons Thursday Sir MI
chacl Hicks-Reach announced that the
war already has cost England $I75.0OO,-
600, or twice the cost of the Crlmean
war. He also proposed a heavy tax on
sugar. molasses. glucose and kindred
commodities. stating that this was for
the purpose of requiring the working
working CLASSES 10 bear their share of
the burden for the cost of the war. In
the same report the Chancellor of tho
EXchcquer asked authority TO make a
loan OF $500. 0Oo.0oo 10 meet II present
deficit of over $3.50. 000.0GO. The Chan
%ccllor's report practically admitted TO the
people of England that the Bocr wal
has driven the country to the verge of
financial ruin.
Sir William Vernon liarcourt. after
complimenting the Chancellor on the hon.
csty displayed in the long budget state.
meMt. which consumed TWO and II half
hours. said that the budget statement
WAS but IL chapter in The disastrous in.
cidents OF the Boer war. lie pointed ~
that il was proposed To borrow four ti..ieg
as much rs was borrowed for the Cri
mean war. He argued that England to
day was not rs strong as she was ut tls
close OF the French war.
Sir Michael went on TO explain that
an increase in expenditures ncccssitateG
Il broader basis of taxation. 10 said he
was not disposed To accept the sugges
ton OF the protei -'onist party 10 impose
n duty on manuGt .turcd goods imported
into the kingdom. What he proposed. was
not n protective duty. hut one adequate
to the public necessity which had arisen
for some duty of which the laboring
classes would bear n fair share.
After announcing that the sinking und
is to he suspended. he said that the final
balance shcct< lows n revenue from all
sources of 1920 600, Which leaves ~
deficit OF $50, y 1000, plus / 1.25O.OOO for
interest III the new debt. The govern
ment must, besides. have sufficient money
to meet expenses until che new taxation
began TO make itself felt. and, therefore,
asked authority To borrow 4%GO,00O,OOO.
The budget adds I'd to the income tax,
making ii Is ID. a duty of Is I'd per
hundred weight will he imposed on rein
I'D sugar. West Indian sugar is not eN-
cepted. y duty of Is per hundred weight
is imposed on molasses. \ duty of is Sd
per hundred weight is imposed on glu-
cose. A shilling per ton duty is imposed
on exported coal. Raw sugar polarizing
below rs is to pay a duty gradually di-
minishing. according 10 each degree Of
polarization. to n minimum of Two shil-
lings at Il polarization of 90.
This total expected yield of the new taN-
D1iOn is FIJI Ouu OnD nf which 80 OMl 0tNl
will be from coaI.
Look to Uncle Sam.
a London correspondent says that all
eyes are now looking to the United Statcs
for relief. The cabled dispatches of the
|plethorie condition of the United States
treasury. which holds $500 u0, 600 golX
and the known resources of the .American
banks. coupled with the presence in Eng
land of j. Picrpont Morgan. have revived
the report that the great American tinan-
cier will be asked tn place Il large part
of this new loan in America.
Tho Chancellor of the E%Nchcquer said
in the Commons that it was thought in
financial circles that u great deal of the
loan would be taken by Americans. In
this statement the confession is made
that the money power of the world, so
long centered in London. has passed from
Lombard street to Wall street.
The immcnsity OF the proposed loan is
hardly yet realized. With the exception
of the great loan raised by France, it is
tile largest proposed in modern times. 1t
is about 500. 0GO,O00 in excess of the
amount which was at first thought ncces.
sary.