The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-04-19

| ceptional receipts, owing to silver coin
age and the telegraph receipts, which
| compared very unfavorably with the
expenditure. The total receipts amount
ed to e140,0 900 and the expenditure
to G1S3 SOP 1000, of which e65,000.000 was
for the war in South Africa and G3,-
100000 for China.
The deficit, G53, 207 900, showed that
they had paid 15,413,000 out of the rev.
enue for the cost of the war. The total
amount provided by the state last year
aggregated the enormous sum OF $685.
SAG. 000
"As to the national debt" said the
chancellor of the exchequer, 1T stands
in painful contrast with last year. But
the funded debt has decreased by G1,-
425,O00. April 1 the national debt stood
at 95S7, 100000 an increase of 55,OO0-
900 on account of the war;
Turning to the present year, the chan
cellor of the exchequer said that the to-
tai estimated expenditure was $751;
100000. On the existing basis it was
estimated that the revenue would be
G132, 255OO0, leaving a deficit of about
G55 900, 900.
How is this deficit to be metz" asked
Sir Michael. II will never be RESPONSE
BILE for the fatal policy Of paying the
whole cost of the war out of loans with
out putting a reasonable amount on the
taxpayers of the day. The real diff
Guilty, however, is not so much the cost
Of the war in South Africa as the OPP
erations In China, as they will increase
our ordinary expenditure even If the
war came to an end within three or
four months. (This statement caused
cheering from the Irish members), or
sooner than the honorable members
suppose Our ordinary expenditure
would not permit of the remittance of
the additional taxation proposed for
war purposes last year. 1t, therefore,
becomes necessary to put our expendl-
ture on broader bases. The country has
reached a point when it is necessary to
widen the scope of taxation, but direct
, taxpayers must bePr their share Of the
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 93,-
100000. There will be no addition to
the beer, wine, tea spirits or tobacco
duties. I am not disposed to impose a
customs duty on manufactured import
ed goods, as suggested by Sir Howard
Vincent.
''The average consumption of sugar
is fifty-six pounds per head. Sugar is
taxed in every other community in Eu-
rope, and is taxed in the United States.
In this country taxes remained on SUI
gar long after the institution of free
trade. What / propose is not protec
tive duty, but an adequate public ne
cessity has arisen for some duty of
which the laboring classes should bear
a fair share. The effect Of my propos-
ais on the price of sugar Is doubtful as
the price of sugar Is governed by the
bounty system, / propose a duty on
refined sugar OF four shillings and two |
pence hundredweight. A half-penny
per pound, could be four sbillings and |
eight pence, SO a margin of six pence is
left to cover the customs handling, etc.
There is, therefore, no reason why tax |
Of four shillings and two pence should |
Increase the retail price more than a |
half-penny per pound.
The graduated scale of taxation VIII |
be as follows; Refined sugar, which is |
poIarized at as, and which represents |
two-thirds Of the total imports, would |
pay the full tax, This will diminish to |
4 minimum Of two shillings per hun
lredweight on raw sugar polarized at I
e. This scale is only tentative, and I
I'M perfectly willing to listen to criti-
ism and the benefit of experience and
better knowledge.
"Moasses in which are included the
syrupsr consumed largely by the
)oor. pay two shillings per hundred
weight, and glucose, of which great
leal has been heard lately, and which
s used in the manufacture of jams and
lerated waters, will have to bear tax
# one shilling and eight pence. l anti
ipate a yield of G5,100,000 from this
ak. The West Indies will not be ex-
mpt.
my next proposal is novel one, not
in this country for forty
light years. It Is an export duty of
killing a ton on coal. In aiming to Sc
ure revenue from coal am not sac
ificing trade The imposition of
killing, which is infinitely less than the
uctuations in price, will do no real in
ury to the coal trade, even supposing
hat the export of coal Is checked III
m not sure that even that result will
Q an evil. From this source I expect
100000 making an aggregate of G11,-
10000 from new taxation.
my final balance sheet will be from
lxation revenue of e122, 200, 900; from
a21, O55.000 A total of
1925 900. I propose to reduce the ex-
by again suspending the sink
lg fund to a1S2, $4,000 This shows a
eficit of e3a7o7,000 to which must be
dded e1.250,000 for the first debt /
ave to borrow. I must ask the house
, give me borrowing powers consider
bly, in excess of this deficit of e4100O.- L
10. In order to finance the exchequer
ask powers to borrow $4,000, 900 by
eans of consols. b
AS to obtaining contributions from \
lie Transvaal, Sir David Barbour's re- d
orts are not encourag ing at present I
link the house will see the war has L
fought that country to the verge Of S
lin. Opposition cheers greeted this re- Il
ark. This can no longer be consid- h
ed. The small war has cost G151, 000,- b
0, double the cost of the Crimean war. Z
here was scr 100000 of the unfunded :, N
'bt redeemable within the next ten a
'ars. Il
IT have tried to nut before the hnuse ri