The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-04-19
BIG DEFICIT TO OVERCOME
Large Increase In National Debt
Reported By Chancellor
Of Exchequer.

A duty of As. I'd. per hundred-weight
will be imposed on refined sugar. Raw
sugar polarizing below SO is to pay a
duty gradually diminishing, according
to each degree of polarization, to a
minimum of 2 shillings at a polariza;
ton of 76.
A duty Of 2 shillings per hundred
weight is imposed on molasses. West
Indian sugar is not excepted. A duty
of Is. Sd. per hundred-weight is i'm
posed on glucose. A shilling per tor
duty is imposed on exported coal.
The total yield of the new taxation
is / 100000 pounds, of which 2,1OO,
~ will be from coal. The chancellor
Of the exchequer proposed to suspend
the sinking fund and borrow CO., OO, O00
pounds. He also asked for permission
to extend the present borrowing pow.
ers to borrowing on consols. The
loan will be in consols.
.As to the national debt" said the
chancellor of the exchequer, sit stands
in painful contrast Win last year. But
the funded debt has decreased by L.
425, 900 pounds. April 1, the national
debt stood at 637, 100000 pounds, an
increase of $4,000 900 pounds on &C.
count of the war;"
Turning to the present year, the
chancellor said that the total esti-
mated expenditures was 1877, SOC, 600
pounds On the existing basis it was
estimated that the revenue would be
132,255,0OO pounds, leaving a deficit
of about 55,0 100000 pounds.
How is this deficit to be metz,
asked Sir aAlchael. Il will never be
responsible for the policy of paying
the whole cost of the war out of loans,
without putting a reasonable amount
on the taxpayers of today. The real
difficulty, however, is no, so much the
cost of the war in South Africa as the
operations in China, as they will in
crease or diminish in expenditure even
1t the war came to an end within three
or four months, (this statement caused
cheering from the Irish members) or
longer nan the honorable members
suppose. Our expenditure would not
permit of the remittance of the addi-
tional taxation proposed for war pur-
poses last year. It therefore becomes
necessary to put our expenditures on
a broader basis. The country has
reached a point when it is necessary
to widen the scope of taxation, but
the direct taxpayers must bear their
share of the burden. AS to obtaining
contribution from the Transvaal, Sir
David Barbour's reports are not en-
c%ouraging at present. | think the
house will see the wal has brought the
country to the verge of ruin ,opposi-
ton cheers at this remark). This can
no longer be endured. The small war
has cost 15%1,0O0,0OO pounds, double
the cost of the Crimean war;
After the speech of the chancellor
OF the ~exchequer in the house of com
mons, John Redmond, nationalist,
asked what interest Ireland had in the
war which led to this extraordinary
disastrous and d%isgrace1ul financial
situation. lie protested against fresh
taxation, which ne said imposed great
injustice on Ireland, which as admit
ted by the government commission
in 1898 was greatly overtaxed. He
continued his attack of Chamberlain's
war policy.
Replying to the criticisms, Sir
Michael Hicks-Beach said there were
valuable assets in the Transvaal colo
ny, but it was impossible in the pres
ent condition of the country to say
what those contributions will be.
There is little doubt that in raising
new taxes instead of increasing the
old ones, Sir Michael Hicks-Beach has
~courageously courted much hostility
and given the liberals an opportunity
to close ranks and attack the govern
ment on its financial policy.
The GAL duty seems destined to ex-
cite the keenest opposition. 1t has
created CONSERVATION in Wales and
in the north of England. The, north
country exporters to the continent as
sert that the duty will practically pre-
vent competition abroad with West
phalian coal. In South Wales it is
urged that the duty will injure miners
n materially assist the United
I.ates and Germany.
William Abraham, radical, member
for Glamourshire, who is president of
the Welsh Miners Federation, said in
the course of an interview that he was
extremely surprised at the proposal
of such a tax, adding: "The ultimate
result will probably .e the closing
down of a cor of Welsh collieries
and throwing thousands out of en-
Such a tax is wrong in
principle and will inevitably cause
Of the government"
The entire press, liberal and conser-
alike. are loud in their praise
the courage, honesty and candor
Of Sir Michael Hicks-Beach's state
ment, which was delivered with great
ability and lucidity, but without any
attempt at rhetoric. Never before
have the immense sacrifices entailed
BY the war in South Africa been SO
br0ugh. home to the nation. The
of the exchequer sketched
he situation In hard, pitiless outlines.
4 aim at no transient popularity" he