Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1901-04-24
ENGLAND'S Big DEFICIT
Enormous Cost Of the Boer War Made
Clear to the Nation.
TO BORROW $3OO,OOo,OOO MORE

The budget Statement OF Sir Michael
Hicks-Beach Is Said to BE the Worst
Ever Heard I'm Parliament - He An
nounccs Plans For New Taxation -
London.-The long g-delayed budget
statement of the Chancellor of the EN-
chcQucr. the Right Hon. Sir Michael
Edward Hicks Beach, was made in the
House of Commons The House Is
always crowded on such occasions, but
this year the interest in the budget
was tar greater than usual. and there
was not an inch of spare room either
on the floor or in the galleries. j.
Pierpont Morgan was one of those
who heard Sir Michael Hicks Bea chs
speech. He sat in the Distinguished
Strangers Gallery.
The entire press. Liberal and Con-
servative alike. is loud in praise OF
the courage, honesty. and candor of
Sir Michael Hicks Beachs statement.
which was delivered with great ability
and lucidity, but without any attempt
1T rhetoric. Never before have the
III South Africa been so brought home
10 the nation.
The Chancellor OF the EXchenuer
sketchcd the situation in hard. pitiless
outlines. II aim ut no transient popu-
farity, lie said. Il ask for no cheers
ana expect none. | come to tell the
nation the truth and the whole truth.
1t is necessary for the salvation of the
nation that | should do so. You have
had your feast. You have ALL Liberals
and Tories, been mad for rioting and
expenditure. Now comes the reckon.
ing, and you may laugh or not as You
please"
The estimated expenditures for
l"pl-2 amount to 93S.010,O00. an in
crease of S163,505, 900 over the esti-
mate for last year.
The national balance sheet for 1900
1901 show receipts of $651 ,925, 900 and
expenditures of S917,960,G0O, leaving n
deficit OF $266. OBS, 900.
Ihe Chancellor OF the Excheouer
asked permission TO borrow $500. 600
ooo the loans TO he in consols He also
asked to he allowed to extend the pres
ent borrowing powers of the Govern
ment, and proposed TO suspend the
sinking fund
In view of the heavy war charges
and the condition of the national
finance. Sir Michael Hicks-Rcach pro-
poses increased taxation. as follows:
Two pence increase of the income
tax, making one shilling two pence.
Increase in the duties on beer, wine
or tea, but no increase in the duty on
spirits or tobacco.
duty of four shillings two pence
per hundredweight on refined sugar,
West Indian sugar not excepted
duty of two shillings per hundred
weight on molasses.
duty of one shilling and eight
pence per hundredweight on glucose.
shilling per ton duty on exported
coal.
Raw sugar polarizing below ninety
eight, to pay duty gradually dimin-
tshing, according to each degree of po-
iariZation, to n minimum of two shil-
lings at polarization of seventy-six
the new taxation is expected to
yield S55. 100000. $10,5O0,000 to come
from coal. This export duty on coal
has been unknown in England for
fortyfive years. This and the IN
creased duty on sugar Sir Michael de-
Tended as unlikely to be greatly felt
From molasses and glucose he an
ticipates yield of S25. 100000. From
this tax the West Indies will not he
exempt.
The increased tax on incomes is ex-
pected to realize $19.000,000.
The Liberals declared that the bud
get proposals afforded them the best
electioneering weapon they had had
for twenty years. One Liberal figured
out that the war had cost $1,000 for
every Boer killed.
The coal duty seems destined to OK
cite the keenest opposition. 1t has
created CONSERVATION in Wales and the
north of England. The North Country
exporters to the Continent assert that
the duty almost will prevent effective
competition abroad with Westphalia
coal. In South Wales it is urged that
the duty will injure the miners and
materially assist the United States
and Germany.
The Daily News, which seizes the oc-
casion to attack the Governments war
policy. says: There is no discernible
and scarcely any imaginable end to
the ruinous and fatal drain upon our
national resources caused by the most
calamitous enterprise in which Eng
land has ever been engaged"
Poor Sugar Making Season Ends.
rt,o manila euCar making season in