New-York tribune., 1901-04-19
DEPRESSED THE COMMONS.
RECEPTION OF THE BUDGET SPEECH IN
PARLIAMENT.
A WEDGE IN THE BRITISH FREE TRADE
TREE WHICH WILL BE HAM
MERED FURTHER IN.
tCopyright: 1901: BY The New-York Tribune.)
[BY CABLE TO THE TRIBUNE.l


Downright: 1901 BY The New-York Trbune>
[BY CABLE TRIBUNE
London April 10. 1 a. m.-Mr. Redmonds
comment on the Budget speech, Not much
Mafeking now" was, perhaps the most judicious
reflection which found expression from a crowd
ed house Sir Michael Hicks Beach made
most depressing speech. which sobered both sides
of the Commons The cost of the war; the mag
nitude of the deficit and the extent to which
course must be had to borrowing powers were
a larger scale than had been expected and
the new burdens of taxation were more serious.
The estimate of f14S.50O.00O the net cost of
the war would have staggered the taxpayers
even if the end of the military operations had
been in sight but with the resources of guerilla
warfare apparently ineXhaustible there was a
general conviction in the Commons that it
might exceed f2OO.0O0,000 before a settlement
could be reached The permanent debt. already
increased. would be enlarged by 5000, with
fund. Consumers of beer. spirits tobacco and
tea were spared further increase Of taxation
because the limit of profitable revenue had been
approached but Eli 100000 was estimated as
the outcome of increased taxation, with fresh
taxes on incomes sugar. moasses glucose and
exported coal. The main burdens will be II
pence instead of a shilling on incomes. the duty
ch suSdl. aver dSluS Il iIpeHny on the pOuHu
TO consumers. and the export duty coal. which
constitutes - per cent of the export trade of
the United Kingdom.
A crowded house heard this speech with min
gled feelings of dismay and satisfaction. Many
Conservatives would have been better pleased
if the sugar duties had been doubled and the
twopence dropped from the income tax. The
Liberals would have been delighted from party
point OF view. if the of indirect taxation
had been widened by duties corn and manu-
factured goods, so that there could have been
grand rally of the Opposition in defence of free
trade AS it was, Sir William Harcourt
enabled to make strong protest against re-
vival of antiquated export duties which would
embarrass the shipping interests and also
against reputation of the tariff policies of Peel
and Gladstone
There was general satisfaction the mis-
calculation of a large body of Budget gamblers
IN tea spirits and tobacco Importers had been
warned by Treasury inquiries respecting sugar
classification and polariscope methods, and had
been allowed to overstock the market and make
a halfpenny on every pound consumed for the
greater part Of the year.
There was intense excitement in the galleries
and lobbies, and the impression prevailed last
night in the city that the wedge would be driven
into the free trade tree and that it would never
come out but would be hammered further in
another year.
On the whole the budget proposals have been
fairly well received by this mornings news
papers. The coal duty has. however. already
caused CONSERVATION among coal and
shippers The shipments from Newport. Wales.
amount to 100000 tons annually. and the pro-
posed tax will, it is estimated, result in a loss
to the port of f150C00 year. An organized
effort will be made to bring pressure the
IN 1roD he blltit 4 iS xeIv
to be successful. With regard to the sugar
duty, there is strong feeling that to the
colonies ought to have been granted dfferential
treatment.
Although nothing known during business
hours yesterday the Stock Exchange about
the new loan. fair number of transactions took
place in it at " to % premium. The view was
that the stock bound to advance to a sub
stantial level above the issue price. as it was
taken for granted that the Chancellor Of the
Exchequer would have to give the public good
inducement to apply
The desire of the American Society in London
to participate in the Victoria Memorial has
been gratefully accepted.
Robert Mccormick, the American Minister
to Austria Hungary, has arrived in London from
Chicago He will go to Paris early next week,
and approach Vienna by easy stages.
Consul Taylor has come from Glasgow for
brief holiday.
good story is told of J. Pierpont Morgan
who attracts more attention here than any other
American. An inquistive ecclesastic asked
him buntly how much he had paid for Gains
boroughs Duchess of Devonshire," and the
head of the so-called American Steel Octopus
wriggled
Nobody will know he said. eff the
truth came out. I might be considered candi-
date for unatic asylum
Notwithstanding Mr.. Morgan's denial that he
has come to Europe to place considerable line
Of United States Steel stocks. City men are dis
posed to believe that he may take advantage Of
a good opportunity for offering the shares to in
vestors when the conditions of the market are
less uncertain than present. Nothing could
be done until he Budget speech made and
the borrowing operations of the Chancellor of
the Excheauer would be forecast. There are City
men who believe that a considerable portion of
the new loan will be taken in America, and that
the United States Steel shares will be marketed
here. l. N +.
KILLED BY An AVALANCHE.
1T STRUCK TWO ENGINES AND HURLED THEM
FROM THE TRACK-FOUR TRAJNMEN DEAD