New-York tribune., 1901-04-19
AN oMINoUs BEGINNING.


AN OMINOUs BEGINNING.
The Chancellor of the Exchequer, Sir Michael
Hicks Beach rose at Ais p. m.. amid rounds of
cheers and began the Budget statement. His
opening sentence was not promising. During
the last FIVE years" said the Chancellor, 1--WE
have been invariably able to congratulate the
House on general increase in the prosperity OF
The country, but the year 1900. especially the
last six months, showed symptoms OF change.
Our foreign trade during the year considerably
Increased but in value rather than in volume"
II was mainly derived the Chancellor said,
from the high prices of certain articles, notably
coal which naturally must have injured i'm
rortant industries, especially railways. Never
fheless the revenue for the last year showed
no signs of decrease and the Exchequer receipts
showed a surplus of f2,S65,OOO over the esti-
mates He was bound to say, however, that the
excess was due to forestallment on dutiable ar
ticles But for this his estimates would have
been barely realized Much could be said for
and against forestallment, but IT was an un-
mitigated nuisance to financial statisticians. The
foresta llments OF 1S99-00 amounted TO t3.2o0,
600 which properly belonged to the revenue OF
the last wear The forestallment of the last
year somewhat exceeded the previous year
He would say that the consuming power
of the people was maintained, but there
was no material evidence of the expansion or
that power beyond what was fairly attributable
TO increase OF population
ITEMS OF REVENUE REVIEWED.
Sir Michael Hicks-Beach then proceeded TO
review the various items of revenue, mentioning
that the revenue from beer was f4,Hopo less
than the estimate. That decrease sald the
Chancellor of the Exchequer. lis probably at
fributable TO the fact that very many peer
drinkers are in South Africa. and also to the
decrease in the spending 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
IT,, .o.,n+s f,on, the death duties were
81 500 600 below those of the preceding year, but
the Chancellor had better expectations for next
year.
The proIongation Of the war and the absence
O, business on the Stock Exchange were re-
sponsible for the unsatisfactory yield from
stamps
In noting that the yield from the income tax
was Il 15O 600 above the estimate the Chan-
oelor Of the Exchequer remarked that III Twelve
years the income on which taxation was palo
had been Increased by no less than tlZo,ooo'ooo'
fact that he hoped the House would remember
when he reached later part OF his speech
The only other points OF the revenue "iiiNii iA
need touch upon were the exceptional receipts
owing TO silver coinage and the telegraph re-
oeipts. which compared very unfavoraniy with
the expenditure
GREAT COST OF THE WAR
The total receipts amounted TO tl5o'oooooo
and the expenditure to f1S3.o92,oo OF WHICH
s65o00ooo was for the war in South AFRICA ana ana
100000 for China. The deficit. 1882 600.
a
revenue for the cost of the war. The total
amount provided by the State last year aggre-
gated the enornaou. sum of f19s.346.0oo.
AS to the national debt" said the Chancellor
Of the Excheauer lit stands in painful contrast
with last year But the funded debt had de-
creased by II 425oOO April L the national
debt stood at 1857 800 Ooo an increase OF too'-
vvYoo0 on account Of the war
Turning to the present year. the Chancellor
o. the Exchequer said that the total estimated
Expenditure was f1S7 100000. On the existing
basis it was estimated that the revenue wouio
De fl32 255o0o. leaving deficit OF ABOUT
ta5lD00OO0
THE SCHEME OF TAXATION.
Sir Michael continued follows
How is this dsf,cit TO be met? / will never be
responsible for the fatal policy Of paying the
Mnoie cost Of the out of loans, without pu.
,-s TtdSon1pie amount oti t'S
sie day The real difficulty, however, Is hoe %
much the cost Of the war in South Africa as tie
operations In China as they viii increase ouI
ordnary expenditure even IL the war came -
~ end within three four months tthis statS
.ent caused cheering from the irish mem pe' ~
=, sooner than the honorable members suppose,,
,h ' ordinary expenditure would not permit VI
Ie remittance Of the additional taxation pro
hsso ior war purposes last year IL ~uieIelo.. ~
mines necessary to put our expenditure on on
rh.oer bases. The country has reacneo poh'
urn II Is necessary to widen the scope OF taxa