Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1901-04-25
BECAUSE OF THE EOE2 WAR.
England Must BORROW Nearly S3OO,~
000,00O and Increase the Burdens
of Taxation - A Remarkable State


OF Taxation - "A Remarkable State
hlent.
London, April 10.-The exceptional
interest taken in this years budget
statement was evidenced by the
crowded condition of the house of
commons when it reassemblcd yester
day. The chancellor of the ex-
chequer, Sir Michael Beach. rose at
4:1S p. III. and commenced the budget
statement.
He said the country had reached
point when it was necessary TO widen
the scope of taxation, but direct tax
payers must bear their share of the
burden. Il propose that two pence
shall be added to the income tax,
making one shilling and two pence in
the pound. The extra two pence will
realize E3,SOO,0 900. There will be no
addition to the beer, wine, tea, spirits
or tobacco duties.
81 propose duty on refined sugar
of four shillings and two pence
hundred weight. My next proposal
is novel one, unknown in this cOun-
try for As years. 1t is an export
duty of a shilling ton on coal.
V
from taxation total revenue of
G 143 ,255,0 900, | propose to reduce
the expenditure by again suspending
the sinking fund to c 1872, ,962, 900. This
shows a deficit of C 9,707,000. to
which must be added G1,250,000 for
the fresh debt | have to borrow. |
must ask the house to give me bor-
rowing powers considerably in excess
of this deficit of c 100000. In or
der to finance the eXchequer | ask
power to borrow C 60000,000.
"The war has brought the country
to the verge of ruin. The war has
cost G151 100000, double the cost of
the Crimean war. There was c 81
OOO.O00 of the unfunded debt re-
deemable within the next ten years.
| have tried to put before the house
true account of our finances for the
present and immediate future. In
our time no chancellor of the eX-
chequer has had so difficult a task"
At 1:40 this morning Mr.. Balfour,
the government leader. said it was
necessary to pass resolutions at once,
whereupon the house divided on the
sugar duty, which was adopted by
vote of 1S3 to 125.
On the resolution to authorize the
war loans being put before the
house, John Redmond moved to re-
port progress. Sir Michael Hicks
Beach assented and the house adj
iourned.
The liberals in the lobby declared
that the budget proposals afforded
them the best electoneering weapon
they had had for twenty years. One
liberal figured out that the war had
cost { 900 for every Boer killed.
There is little doubt that, in rails
ing new taxes, instead of increasing
old ones, Sir Michael has courted
much hostility and given the liberals
an opportunity TO close their ranks
and to attack the government on it's
fnacial policy.
William Abram, radical member,
who is presidet of the Welsh Miners
Federation, said that he was extreme
Iy surprised at the proposal for a
coal tax, adding:
The ultimate result will probably
be the closing down of scores of
Welsh collieries and the throwing of
thousands out of employment. Such
a tax is wrong in principle and will
inevitably cause the overthrow of the
government"
The shipping interests, which are
very powerful in the house of com
mons, are also strongly opposed to
the coal duty.