The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-04-18
BIG DEFICIT.
Great Britain's Balance Sheet
Has a Bad Look.
Revenues Fall Far Short of
Probable Expenditures.
is A LARGE INCREASE
In the Budget Without Count
ing on the War.
Net Shortage Amounts TO Over
2S3,OOO,OOO.
is A LARGE INCREASE

| London, April 1S.-3 80 p. m.-The ex-
| ceptfonal interest taken in this years
! budget statement was evidenced by the
! crowded condition of the house of com
| mons when it reassembled today. The
| attendance of members was unusually
large, while the appearance Of the gal
leries testifes to the deep interest of the
public in the fresh taxation proposals
required to meet the expenditure for
19o1-19o2, which, according to a parlia-
| mentary paper, issued this afternoon,
totals e1S7 602. 900 inclusive of war
charges. this being an increase of G32,-
100000 over last year
The national balance sheet for 1900
1901, as shown by the same paper, stands
as follows: Revenue, $50, ,3S5, 600; ex-
penditures, e1SS. .5s2 600; net deficit. a5S,-
2O7. 900
The budget adds two pence to the in
come tax making it one shilling two
pence It does not provide an increase
in the duties on beer, wine or tea, spir-
its or tobacco.
A duty Of As I'd per cwt will be inn
posed on refined sugar
A duty of shilIings per hundred
weight is imposed on molasses.
West Indian sugar is not excepted.
A duty of L shilling and 8 pence per
hundred weight is imposed on glucose
A shilling per ton duty is imposed on
exported coal.
Mr.. Balfcur, the government leader,
indirectly announced the fort hcoming
loan, saying he hoped to introduce a res
olution On the subject tonight if possi-
Bile. The chancellor of the excheduer,
Sir Michael Hicks Beach rose at f:18 a.
m, amidst rounds of cheers and COM
menced the budget statement.
When the chancellor of the exchequer
commenced the budget statement his
opening sentence was not promising.
During the last five years. said the
chancellor, we have been invariably
able to congratulate the house on a gen
country but the year 1900 especially the
last six months, showed symptoms of
change. Our foreign trade during the
year considerably increased. but in val
ue rather than in volume. 1t was main
ly derived the chancellor said, from
the high prices of certain articles, nota-
bly, coal, which naturally, must have
injured important industries, especially
railways. Nevertheless the revenue for
the past year showed no signs of de-
crease and the exchequer receipts show
ed a surplus of 82.S65.000 over the es-
Inmates" He was bound to say, how
ever, that the excess was due to fore
stallment on dutiable articles. But Cor
this his estimates would have been bare
1y realized. Much could be said for and
against fCreStalImeEtS. but it WAS an ILL.,
mitigated nuisance to financial statis-
ticians The fOrestallments of 1S99-1900
amounted to 600 which properly
belonged to the revenue of the last year.
The forestallment of the past year some
what exceeded the previous year. He
would say that the consuming power Of
the people was maintained, but there
was no material evidence of the expan-
sion OF that power beyond what was at
tributable to increase of population.
The chancellor then proceeded to re-
view the various items Of revenue, men
tioning that the revenue from beer was
e4 OO0, coo less than the estimate. That
decrease" said he, lis probably attrib-
uta bic 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 ir
profitable taxation of spirits
The receipts from the death duties
were 81, ,500,0 900 below those Of the pre-
ceding year, but he had better cxpec-
tatiors for next year.
The ProlCngation of the war and the
absence of business on the stock ex-
change. were responsible for the unsat-
isfactory yield for stamps.
In noting that the yield from the in
come tax was Ell 600 above the esti-
mate the chancellor remarked that in
twelve years the income on which tax
alton was paid had been increased by no |
less than eI20.000. .0O0 a fact that he |
hoped the house would remember.