The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-04-15
ENGLAND. SHORT
- 26,024,OOO LBS.
Continued from First Page)

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to the forestallment of the duty during
| the previous year.
He was in the exceptional position of
a chancellor of the eXchequer holding
| office during a severe war, and that for
| two years past the revenue had exceed
ed his antcipations, the last year by
900 when his total deficit, including
the war expenditures of e53,192.00O for
| South Africa, was 1854, 900. Proceeding
| to deal with the receipts of last year in
| detail Sir Michael Hicks-Beach said the
sugar tax was most successful. 1t brought
in 96.500,000 against his estimate of Co.
100000 The export duty on coal produced
e1,314G0O, which was also above the SEN
timent while the prophets of evil were so
far from being justified that the exports
were higher than in the case of any year,
except the record year of 1899.
Objects to Repeating Tax.
It would be difficult to convince him
that the tax should be repealed. Pass
ing to the wine duties, which it had been
suggested to him should be increased the
chancellor said the receipts from wine
had been diminished by G3SQ00. He
thought it absolutely impossible to OBJ
tain more revenue from that source.
The tobacco receipts had fallen Off To-
fore, the revenue was not increasing
He expects a better yield, however, this
year, as he would not again have to cope
with a forestallment of duty.
The death duties had produced Els
39S,G00 There had been a decrease in the
consumption of beer He had seen it
set forth that the brewers were decreas-
ing the gravity of their article on ac-
count of the high duty.
The account of the national debt WAS
so satisfactory. 1t now stood at e747,-
S06 900, the funded debt showing an in
crease of e5s0o0.00o chiefly due to the
consols loan of last spring.
The cost of the war for three years
was a165 coo but In addition to the
hope of repayment from the wealth of
the Transvaal there was their share In
| the chain of indemnity which was a
! very valuable asset and would probably
| be devoted to a reduction of the war
debt
The nationalist members Ironically
| cheered the reference made by the chan
cellor to the Transvaal.
Deficit Is 92e,e24,ooo.
| After touching of various details the
| chancellor turned to the prospects of
! the future. He estimated the expendi-
lures for the coming year at ETA. COG, 900.
| The revenue on the present basis of taxa
| ton was 1477S5, 900. leaving a deficit of
! f26S24,0 900. This would be increased by
f1S500,000 by gratious gifts to the troops
and bringing the soldiers home, the MAIN
tenance of the South African constabul-
airy and the cost of the international su-
gar convention, ETC., making a gross de-
felt of E45000,0 900.
War was a costly thing to wage and
costly thing to terminate. After the
war was over there would be the great
expense of relief and the resettlement
of the two colonies and the restocking of
farms. He hoped that when durable
peace was made, the government would
be generous in advancing money to re-
store former conditions of serenity and
peace. He had hopes of happy result
from the conference in South Africa, but
he had put them aside. Preparations of
the continuance of the war were the
best guarantee of peace.
The chancellor proposed to suspend the
sinking fund, reducing the deficit by
a4,3o0O 900 and to increase, by penny in
the pound. the income tax. yielding
f2, 000.0 900 increase. From July l there
would be a penny to two pence stamp
! duty on sight bills. including dividend
| warrants and checks, yielding e5OO,00o
Wheat ELL a Failure.
| After mentioning that he did not pro-
| pose to interfere with beer. wine, tea and
| sugar, the chancellor said he was of the
| opinion that the repeal by the late Mr..
Lowe of the import duty on wheat had
| not realized the expectations formed at
| the time. The effect of a duty of Sd per
! hundred weight on wheat would mean
| but very small fraction of farthing
| increase in the price of the loaf. and the
| competition of the bakers was 30 keen
] that any one trying to raise the price Of