Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-04-18
Statement Shows Unpromising Con-
dition of the Country,
THE TAXES INCREASED MATERIALLY
Chancellor Of the Exchequer Pro-
poses $3oo,ooo,ooo Loan.
ITEMS IN TAX LIS

LONDON, April 1S.-The exceptional in
terest taken in this years budget state
ment was evidenced by the crowded condi-
ton of the house of commons when it re-
assembled today. The attendance of men,
bers was unusually large, while the appear
ance of the galleries testified to the deep
interest of the public in the fresh taxation
proposals required to meet the expendi-
ture for 1901-1902, which, according to a
parliamentary paper issued this afternoon.
total FIST ,602 900. inclusive of war charges,
this being increase of f32. 9O1 900 over
last year.
The national balance sheet for 1900-1901,
as shown by the same paper, stands as
follows: Revenue f130, 1856, 900; expenditure,
f1s3. $50 900; net deficit, Eos, POI, 900.
MIR. Balfour, the government leader, in
directly announced the forthcoming loan,
saying he hoped to introduce a resolution
on the subject tonight If possible.
The Budget Statement.
The chancellor of the exchequer Sir
Michael Hicks-Beach, rose at Alb pm,
amid rounds of cheers, and commenced
the budget. His opening sentence was not
promising. During the last five years."
said the chancellor, I'VE have been inva-
riably able to congratulate the house on
general increase in the prosperity of the
country, but the year 1900, especially the
last six months, showed symptoms of
change. Our foreign trade during the year
considerably increased. but in value rather
than in volume" 1t was mainly derived,
the chancellor said, from the high prices
of certain articles. notably coal, which,
naturally, must have injured important in
dustries. especially railways.
Nevertheless the revenue for the past
year showed no signs of decrease and the
excheauer receipts showed a surplus of
t., S65 900 over the estimates. He was bound
to say, however, that the excess was due
to forestallment on dutiable articles. But
for this his estimates would have been
barely realized. Much could be said for
and against forestallments, but it was an
unmitigated nuisance to financial statisti-
clans. The forestallments of 1S99-19OO
amounted to f3,25o,ooo, which properly be-
longed to the revenue of last year. The
forestallment for the past year somewhat
exceeded the previous year. He would say
that the consuming power of the people
evidence of the expansion of that power be-
yond what was fairly attributable to in
crease of population
Decrease in Beer Revenue
The chancellor then proceeded to review
the various items of revenue mentioning
that the revenue from beer was "a, 900 900
less than the estimate THAT decrease"
said he, sis 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, owing to
the high price of coal Experience has
shown that we have practically reached the
limit in the profitable taxation of Spirits
The receipts from the death duties were
t1,oOo.0Oo below those Of the preceding year.
but he had better expectations for next
year.
The prolongation of the war and the alb
sence of business on the stock exchange
were responsible for the unsatisfactory
yield from stamps.
In noting that the yield from the income
tax was &, 10000 above the estimate. the
chancellor remarked that in twelve years
the income on which taxation was paid had
been increased by no less than f120, 900 600
fact that he hoped the house would re-
member. when he reached a later part Of
his speech.
The only other points Of the revenue
which he need to touch upon were the ex-
ceptional receipts owing to silver coinage
and the telegraph receipts, which COM
pared very unfavorably with the expendi-
ture.
The total receipts amounted to f14O, O19.-
600. and the expenditure to f1S3, 592 600 Of
which f65, 100000 was for the war in South
Africa and f3 ,OOO, 600 for China