The Savannah morning news., 1901-04-19
BRITAIN'S FINANCES
.xDrD STATEMENT BY SIR
MICHAEL HICKs-BEACH.
TIE DEFICIT is TREMENDOUS.
,ocErY DUE TO THE SOUTH AF'R4-
CAN WAR.

-. That the Country Must
rao. the situation and Names the
,,..ns nv which 1t Must Be Met.
sar Coal and Incomes Must
n,.,de the Defciency-The Duties
cooI and Sugar Promptly Inn
posed.
london. April 1S.-The exceptional in
...os+ taken in this years budget state
rsnt was evidenced by the crowded con-
s,,ior of the House of Commons when 1t
-..o,,h1ed to-day. The attendance Of
-..,,hsrs was unusually large, while the
..oo-once of the galleries testified to the
,-.orost of the public in the fresh taxa
zion PROPOSALS required to meet the cx-
-,orditnre for 19O1-19O2, which, according to
= parliamentary paper, issued this after
AVON totals f1S7,602,O 600. inclusive of war
ahorges this being an increase of ES2,9O1,-
O0O over last year.
Mr. Balfour. the government leader, in
directly announced the forthcoming loan,
saving he hoped to introduce a resolution
ON the subject tonight if possible.
The chancellor of the exchequer, Sir
Michael Hicks-Beach, rose at 4:1S p. m.
amidst rounds of cheers and commenced
the budget statement. His opening SEN
tence was not promising.
During the last five years." said the
chancellor. we have been invariably able
10 congratulate the House on general
increase in the prosperity of the country,
but the year 1900, especially the last six
months. showed symptoms of a change.
Our foreign trade during the year con-
sderably increased, but in value rather
than in volume"
It was mainly derived, the chancellor
said. from the high prices of certain ar
ticles. notably COAL which, naturally,
must have injured important industries,
especially railways Nevertheless, the rev.
enue for the past year showed no signs
Of decrease and the exchequer receipts
showed surplus of f2,S65OOO over the es-
tmates He was bound to say, however,
that the excess was due to forestallment
on dutsble articles. But for this his es-
Inmates would have been barely realized.
Big Decrease i'm Beer Revenue.
The chancellor reviewed the various
items Of revenue, mentioning that the
revenue from beer was f4,OOO,O0O less than
the estimate.
That decrease" said he, lis probably
attributable to the fact that very many
beer drinkers are in South Africa, and
also to the decrease in the pending
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"
Ihe receipts from the death duties were
hNaO0 below those of the preceding
year, but he had better expecta tions fer
next year.
Inc prolongation of the war and the alb
senee Of business on the Stock Exchange
were responsible for the unsatisfactory
Yield from stamps
Large Increase in Incomes.
IN noting that the yield from the income
TAX was fLl50,O00 above the estimate. the
chancellor remarked that in twelve years
the income on which taxation was paid
000lO
o,a lie total receipts amounted to f190, ,O19,-
wv ana the expenditure to f1S3, 592, 900, of
"nicA iooO0OO0 was for the war in South
AIrlca' r, and 100000 for China
ine deficit, f53, 100000, showed that they
% ."u paid IIo,4l30O0 out of the revenue for
nr ore IVsL OF the war. The total amount
~ tbso''ueu I oy the state last year aggregated
nv enormous sum of f19S 346.0O0.
o, as 10 the national debt" said the
IL ,'I'CeLor r Of the exchequer, 'it stands
~. painful contrast with last year. But
mn iunued debt had decreased by 81, ,425,-
ssc1 -oa Aprll ipirIll the national debt stood at
ioSr0ooM2 an Increase of f55. .OOo, 600 ON ac-
'Vuht OF the war"
o,nlg inuIhing to the present year. the chan
.e,of Of the exchequer said that the TO-
@r l eStmated expenditure was f1s7 600 900
49, "e existing basis it was estimated
Iao,', tne revenue would be f132. .255 900
"s deficit of about f55OOO, 900.
The Painful Deficit.
Sir NV NV, IS this deficit to be met?' asked
for tho e"oel' s i will never be responsible
cost ~, ialai policy of paying the whole
puttins 'ne war out of loans. without
rsya.s reasonable amount ON the tax
V.
war g.. not so much the cost of the
CSi ai IN South Africa as the onera lions in
errsa,,l a as this will increase our ordinary
END 'ure even If the war came to an
statsr,sII,alh .,I,lh three or four months" (this
nen,ba.D11 caused cheering from the Irish
menb.rs' or sooner than the honora bic
ture - - suppose. Our ordinary expendi-
Of N" h"'uia not permit of the remittance
war auultional taxation proposed for
comes POSES last year. It. therefore. be-
On br,.s secessary to put our expenditure
ed eF na,'I bases. The country has reach
the sao.NI1 When 1t Is necessary 10 widen
ers mr. OF taxation, but direct taxpay
pr,no.. nsar their share of the burden.
10 tbs ~ mat two pence shall be added
and t,g, eVlhe tax. making one shilling
two psn,, feuce s.., IN the pound. The extra
b no s5dWt.i,l realize fS,soo,00O. There will
spirits or D'l,oh TO the wine. beer. tea.
poe,6 or tobacco duties. / am no, az
ufsolnr'e, IMPOSE customs duty on man
BY glr ~ imported goods, as suggested
howard Vincent.
.,. Argument for m suenr Tax
& po5,S. SSt'lsse consumption OF sugar Is
every .tb,l yer nead. Sugar Is taxed IN
h taxed a. immunity IN Europe, and
counry ."e United States. In this
aiier tts lrs,,. remained on sugar long
! promo, ''.s'lipiion Of free trade. what
a. sdeg,. not "a protective duty. bur
Or ,5,,s public neoessity has arisen
ss fholls ',,y ty on which The laboring olass.
~ mo-. ger fsir share Ths effeet ~
oogb.r' .'i. On the price of sursr n
el bg t. n' price of sugar h. govern.
"I D.a. ''pliy system.
ioaf .aI0,.. GUY on refined sugar Of
"s.ytt ena Two pence a hundred
De- ioaf ss.'..'l .'l penny per pound would
mefrt ID .,t. and eight psnos so a