The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-19
Estimates for 19O1-10O2 Not Far from
Billion Dollars, an Increase OF
over S164, 100000.
INCOME TAX TO BE INCREASED
DUTY TO BE LEVIED on SUGAR AND
EXPORTS OF COAL.
Authority Asked tn Float a Loan of
$500, 900. O.O0O-Mine Owners Like
Iy to Raise n Storm.

Beach, chancellor of the exchequer, pre-
Bented the budget TO the House OF Commons
last night, and with II made statement 4
duty woulS be levied sugar and exports
of coal. and that the income tax would be
increased. He also asked for authority TO
issue a loan OF 960,00O,OOO. The attend
ance OF members was unusually large,
while the appearance of the galleries testi-
fed TO the deep interest of the public In the
fresh tax proposals required to meet the
expenditures for 19O1-1902, which. accord
irg to a parliamentary paper issued in the
afternoon. totals Els. COZ, 600. inclusive OF
war charges, this being an increase OF
232, ,901. 900 over last year. The national ball
ance sheet for 1900-1901, as shown by the
same paper. stands follows: Revenue,
fl3O 3s5, 900: expenditures, flS3592,OOo; net
deficit. s53. .2O7, 900.
The budget adds ? pence to the income
tax, making ii shilling 2 pence. II does
not provide an increase in the duties on
beer, wine or tea. spirits OF tobacco. A
duty OF IS 2d per hundred pounds will bc
imposed on refined sugar. Raw sugar polar
izing below IS is 10 aay a duty gradually
diminishing. according TO each decree OF
polarization. to a minimum o. shilngs at
o =
per hundred weight is imposed on molasses.
West Indian sugar is not excepted duty
OF shilling and s pence is placed on glu-
eose sugar. A shilling per ton duty is i'm
posed on exported coal. The total expected
yield OF the new taxation is ell.Os9.O0O. of
which 100000 will be from coal The
chancellor asked for permission to extend
the present borrowing powers to borrow
He
sinking fund and borrow e6O.OO0OOO. The
new loan will be on consoIs
RECEPTION OF THE STATEMENT.
On the whole the statement. which was
listened to by Mr.. j. Pierpont Morgan
among others from the distinguished
strangers gallery. appears to have been
fairly we'll received. and the chancellor
of the exchequer is generally congratu-
lated upon a just distribution of burdens
A heavier addition TO the income tax had
been expected. and the fact that only two
pence were added brought feeling of re-
lief. The Liberals in the lobby declared
that the budget proposals afforded them
the best electioneering weapon they had
had for twenty years. One Liberal figured
out that the war had cost e1.coO for every
Boer killed.
taxes instead of increasing old ones Sir
Michael Hicks-Beach has courageously
courted much hostility and given the Lib
erals an opportunity to close ranks and to
attack the government on its financial pol
Icy. Many ministerialists are dissatisfied
because the government has failed TO grant
dfferential treatment to the colonies I'm
the sugar tax. The coal duty, however.
he 70
opposition 1t has created CONSERVATION
In Wales and the north of England. The
north country exporters TO the continent
assert that the duty will almost prevent
effective competition abroad with West
phalisn coal. In south Wales it is urged
that the duty will injure the miners and
materially assist the United States and
Germany. William Abraham. Radical men,
Der for Glamorganshire who is president
of the Welsh Miners Federation. said ves-
terday I'm the course OF an interview that
he was extremely surprised at the pro-
posal OF such tax. adding: 1.-THE ulti-
mate result Will probably be the closing
down of scores of Welsh colieries and the
throwing of thousands out of employment
Such a tax Is wrong in principle and will
inevitably cause the overthrow of the gov
ernment. The shipping interests. which
are very powerful in the House of Conn
mons, are also strongly opposed to the coal
duty.
Altogether. although the government or
gans have little but praise for the budget.
Trey fain would admit that n the near
future were TO bring bye-eections the re-
suits might be unfavorable for government
candidates
The entire press. Liberal and Conserva-
tive. is loud in praise OF the courage. hon
esty and candor OF Sir Michael Hicks
Eeach's statement. which was delivered
With great ability and lucidity. but without
any attempt at rhetoric. Never before
have the Immense sacrifices entailed bv fhe
war in South Africa been so broush. home
10 the nation. The chancellor of the ex
cheduer sketches the situation in hard niti
less outlines. II aim at no transient nonu-
larity. he said Il ask for no cheers. ana
j expect none. come TO tell the nation
the truth and the whole truth Ii is neces-
sary for the salvation OF the nation that
should do so. You have had Your feast
1ou have all. Liberals and Tories been
med for riOtifg and expenditure Now
comes the reckoning. and you may laugh
or not as you please" In a brief perora-
ton he added III you defeat our budget
you will relieve as OF an almost insup.
portable burden"
THE BUDGET STATEMENT