New-York tribune., 1901-04-20
BRITISH COAL TRADE ALARMED.
PUBLIC OPINION IN THE UNITED KINGDOM
ON THE NEW BUDGET.

London, April 19.-Taken as a whole the COM
ments OF the country on the proposals of the
Chancellor of the Exchequer IN the Budget state
ment presented yesterday cannot be REGARDED as
unfavorabe. feature of tho public's reception
Of the Budget is tho outcry the coal districts
anu IN a lesser degree. from the businesses affected
by the sugar tax. In coal centres the export duty
IS regarded as confirming the idea in some radical
quarters that the government is riding for fall
put the welinformed consider IT possible that the
Chancellor OF the Exchequer will be induced to ex-
eHpt from the new duty all contracts made prior
to to-day. thus relieving the pressure on the mid
dlemen who have bought or sold coal for frture
delivery This. 1t is believed viii go far 20 recon-
che the coal trade generally to the imposition.
In the mean time however. the opposition OF the
coal owners IS augmenting hourly The Chambers
or commerce In the coal districts protesting in
vigorous terms. The Cardiff exporters scent ruin
and believe their markets viii be captured by
American and German coal The manufacturers
on the other hand fatter themselves that the effect
of the tax will be lower prices and lessen COM
petition in iron and steel
The export coal business at Cardiff docks at
standstill to-day Merchants refused to ship and
take the responsibility of the tax while the
coliery owners repudate any liability.
The Scotch exporters of coal of the opinion
that the United States is bound to capture the
West indian coal market. The shipowBers of
Glasgow anticipate that portion of the duty win
come out Of their pockets
The comments of the afternoon newspapers here
follow the lead of the morning papers generally
in anticipating that the acute irritation will
soon pass on. The Irish newspapers condemn the
income tax feature of the Budget and they think
the sugar DUTY will press specially hard on Ire
land, owing to the general poverty of the people.
The Dublin Independent" remarks:
The imperial tax gatherer will thereby be en-
million for the South African war. which,
nation, we haze empha atically condemned.
The Chancellor of the Exchequer, Sir Michael
Hicks Beach. in the House of Commons to-day
confirmed the report that he considering
empting from duty all coal contracts made prior
to April 1s
The executive council of the Mining Association
OF Great Britain. representing all the coliery dis
trcts in the United Kingdom. has unanimously
passed resolution to the effect that the
port duty coal will seriously injure the
principal exporting district, and that it viii also
react seriously to the prejudice of the entire trade
this The advanced hafpsany pound
were very strong, and jumped two shngs two
confectioners and preserve makers advanced prices
9 I2ur sniiiinss and sixpenee and two shings and
a! p on res snrs f %
four shiings and have abolished discounts.
Greenock Sugar Exchange. owing to the extensive
buying prior to the Budget announcements
The president of the Refners' Association ex-
presses, the opinion that the tax will work out
A steamer with cargo of Continental sugar ar
rived rived at Greenock yesterday evening after the
custom House closed, and refused per-
mission to unload. The duty on her cargo amounts
20 f2VO. The importers claim that the duty on
sugar had not been imposed when the steamer ar
the duty.
The Budget had little general effect on the Stock
EXcnange here to-day apart from weakening Con-
soils This premier security opened half a point
lower at 9iia but later recovered somewhat The
price to-day is the lowest since 1892 Business be-
came brisk and the market indulged In a game of
ping pong. with Consols for balls There is reason
to believe that the best financial circles approve of
borrowing Consos
There is some expectation OF the new loan COM
ing Tomorrow The market talk suggests that the
issue price VIII be 9ii2 and already dealings have
occurred at Il to = premium.