The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-04-23
THE EXGHEQUER'S BUDGET FOR NEXT
YEAR PRESENTED.
CONDITIONS NOT SATISFACTORY.
from Several Sources of 1axa-
ton Below Estfmates-Forefpu Trade
Increased I'm Value, but not In Vol
ume-Heavy Deficit to be Made Up.
New Subjects OF Taxation Necessary.
Import Tax on Sugar and Export Tax
on Coal Proposed-Income Tax In
creased.
creased.

London, April 1S.-The exceptional
interest taken in this years budget
statement was evidenced by the crowd
led condition of the house of
when it re-assembled today. The at
tendance of the members was unusu-
ally large, while the appearance of the
galleries testified to the deep interest
of the public in the fresh taxation pro-
posals required to meet the expendi-
ture for 1901-02, which, according to a
parliamentary paper issued this after
noon, totals s1S7,6O2 900, inclusive of
war charges, this being an increase Of
G32, 901, 900 over last year.
The chancellor of the exchequer, Sir
Michael Hick-Beach, rose at AIS
O'Clock p. m. amidst rounds of cheers,
and commenced the budget statement.
His opening sentence was not promis-
ing.
During the last five years, said the
chancellor, I'VE have been invariably
able to congratulate the house on a
general increase in the prosperity of
the country, but the years 1900, espe-
the last six months, showed
symptoms of a change. Our foreign
trade during the yea considerably in
creased, out in value rather thar in
volume" 1t was mainly derived, the
chancellor said, from the high prices
of certain articles.
The chancellor reviewed the various
items of revenue, mentioning that the
revenue from beer vas G4,0 600, 900 less
than the estimate. THAT decrease"
said he. lis 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.
The prolongation of the war and the
absence of business on the stock ex-
change were responsible for the unsat-
,i~sfactory yield from stamps.
In noting that the yield from the in
come tax was Ell, $50, 900 above the esti-
mate, the chancellor remarked that in
years the income on which tax
alton a paid had been increased by
no less than G120, 600, 900.
The total receipts amounted to G130,-
.019, 900 and the expenditure to G1S3,-
'592, 900 of which G65, 900, 900 were for the
war in South Africa and $500 0 900 for
China. The deficit of $751; 07, 900 show
the revenue for the o of the war.
The total amount provided by the
state a. year aggregated the enOr-
NOUS sum of G19S, 346, 900.
LAS to the national debt" said the
chancellor of the eXchequer, lit stands
in painful contrast with last year; but
the funded debt had decreased by 81
,425, 900. April 1st the national debt
stood at G6S7, 500, 900, an increase Of
6 SO, 900, 900 on account of the war"
Turning to the present year, the
chancellor Of the exchequer said that
the total estimated expenditure was
G1S7, SOC, 600. On the existing basis it
was estimated that the revenue would
be G132, 255, 900, leaving a deficit of
about G55, 000, 900.
How is this deficit to be metz
asked Sir Michael. II will never be
responsible for the fatal policy of pay
ing the whole cost of the war out of
loans, without putting a reasonable
OIL the tax payers of the lay.
The country has reached a point when
lit is necessary to widen the scope of
taxation, but direct tax payers must
bear their share of the burden. / pro-
pose that 2 pence shall be added to the
Income tax, making l shilling and 2
|pence in the pound. The extra 2 pence
will realize G3,S00, 900. There will be
no addition to the beer, wine, tea, spir-
Its or tobacco duties.
THE average consumption of
is Sc pounds per head. Sugar is taxed
in every other community in Europe
land is taxed in the United States. In
this country taxes remained on sugar
long after the institution of free trade.
What / propose is not a protective du-
Ity; but an adequate public necessity
has arisen for some duty of which the
Ilaboring classes should bear a fair
ishare. The effect of my proposals on
the price of sugar is doubtful as the
tprice of sugar is governed by the
ity system. l propose a duty on refln-
led sugar of 4 shillings an 2 pence a
hundred weight. A half penn per
pound would be 4 shillings and s pence,
$50 a margin OF 6 pence is left to cover
lcustoms handling, etc. There is, there
fore, no reason why a tax of 4 Shillings
land 2 n should increase the retail
price more than a half penny per
lpound.
My next proposal is a novel me,
unknown in this country for forty
live years. 1t is an export duty of a
q ton on coal. In aiming to
Isecure a revenue from coal / am not
Sacrificing trade. The imposition of a
shilling. which is infinitely less than
the fluctuations in price, will do no real
Injury to the coal trade, even p
ing that the export of coal is checked.
II am not sure that even that result Will
be an vii. From this source l expect
60, 100, 900 making an aggregate of ELL
loco. 600 from new taxation