Evening star., 1902-04-26
.PLEASES FAIR TRADERS
British Budget a Step To-
ward Protection.
CHANCELLOR'S SPEECH
KING EDWARD INTERESTED IN
THE BoER WAR.
Elaborate Preparations Being Made for
the Coronation - London
News and Gossip.
Special Correspondence Of The Evening Strr.

Special Correspondence of The Evening Stsr.
LONDON, April 16 1902.
The details of the long expected budget
have been cabled over to you. They were
about what nearly every one anticipated.
and have caused enthusiasm only among
fair traders" as leaners toward protection
here are known. They see in the imposi-
ton of corn duty a return to pre-Cobden
days and rejoice accordingly, while radical
newspapers all over the country today de-
nounce in strong terms the tax on the peo-
pies bread. 1t is a tax, however that will
fall lightly and doubtless will be repealed
when the necessity for it is over.
In making his speech the chancellor Of
the exchequer occupied two hours in a
crowded house. There was none of the
rhetorical effulgence which glowed through
Mr.. Gladstone's budget speeches. Neither
was there any of the halting, barking back,
drive-you-t madness confusion which some
times made Mr.. Goshen's budgets parlia-
mentary Nightmares. 1t was plain undis-
tlnguIShed, but perfectly clear exposition
or the finances of the country. He made no
effort to be brilliant. He had Just come
l1I back from sick room. He was worn.
There was no color in his cheeks and no
luster in his eye. 1t struck me the tinge of
iron in his wiry beard was turning to I'M
doubted gray. There was little rise and fall
In his voice. 1t was tired monotone. He
stood a little from the table, with both
hands on the chest that buttresses the cor
ner. and spoke clearly but unorat torically
arousing neither cheers nor countercheers
curing the first hour. Immedia tely behind
sat Mr.. Balfour, his hands clasped in his
lap and soft smile on his lips and a lit
tie -abstracted in his manner Next to him
was Mr' Chamberlain. with face rigid and
rYoc fol da1 ,{r nf<-l~k
as unmoved as Buddha figure.
Taunt to Adversaries.
Sir Michael dealt with his subject In
broad sweeps and never got confused in
tricacies of detail He seemed to enjoy re-
minding his opponents Of their prophecies
last year. that the tax on sugar and the
export duty on Goals were going to bring
ruin. "They prophesied before they knew"
said he. He alluded to the advice show
cred on him how to increase the revenue
by taxation. A tax on champagne was a
frequent idea. But tax on champagne" :"
he added, slowly, "a tax on champa gne
would only lead to more people drinking
English champagne than they think they
drink at present" Neither beer nor tobacco
nor spirits had this last year produced as
much revenue as was Anticipated. He had
however. good word for the death duties.
which gave him over eighteen millions
Death duties may be a useful life buoy"
Whereat the opposition began to laugh,
but the ship which bears the country over
the storm is the income tax" The income
tax had stood him well, bringing e34, 500, 900,
winch was more than he hoped for Ac-
cofdlngly he was very grateful for the
prompt response by the PAYERS of income
tax to the necessities Of the country and
the extra penny l spoke of as likely in a
recent letter was imposed on the patient
payers of this wretched tax
Will Hit the Small Investor.
Ihere can be no question that the impost
upon dividend warrants will hit the small
investor. For some years past both in the
case of mining and textile and other in
dustrial companies. the II shares (whether
preference, ordinary or deferredD has been
the order of the day. In the case of Lin
ton limited, alone. there We're at the time
oI the aiotmentS considerably over so 600
names standing against the preference and
Ordinary shares, and taking for example
one big textile concern, the English Sewing
COTTON company, there are about 1900
shareholders.
Now the great bulk Of these COMPANIES
pay half-yeary dividends, whilst in the
case of the Oldham and most other South
END Lancashire cotton spinning 'limiteds"
IL is usual to declare quarterly dividends
And i'll these companies the ten twenty
thirty or fifty shares holder is considerably
IN evidence or course, the small man will
pay just the same impost, in respect of the
pretty certain that, just as the great ma
Jority of limited companies now deduct the
amount of the income tax when paying
dividends, whether of pounds or shillings
so they Will deduct, In some way or other
the cost of the new stamp on the dividend
warrants.
OF course when a shareholders total in
come does not exceed f1GO per ann,,m he
can, by going through a lot of red tape
procedure, obtain from the inland revenue
authorities a return of the sums deducted
by the various companies. But, in practice
among many thousands of small investors
the various sums so deducted, trifiing as
they may appear, treated separately are
never recovered from the authorities. as the
trouble to which the small people are SUBJ
jected is considered so great and the time
involved in the business Is often an long
that these investors commonly do not trou-
bic to insist upon the rebate. 1t is too an
irritating tax like that on checks, and the
yield (half a million pounds) is so paItry as
to make 1t hardly worth troubling about.
The King Interested in Transvaal.
need hardly say that the king is taking
the keenest personal interest in the history
which Is being made In the Transvaal The
first thing he did on returning from his
holiday cruise was to inquire as to the
latest information in possession Of the gov
ernment. 1t was by his command that Mr.
Chamberlain attended at the palace on Sun
day and gave full account Of all that has
transpired since the Transvaal chiefs an
Piled for safe conduct to confer with the
Free Staters. Since his interview with the
king Mr.. Chamberlain has arranged for the
earliest communication to him of anything
further that may occur. These communica-
tOns are conveyed to the palace in the
most confidential way by the trusted chiefs
of departments. and there Is no danger of
the strict secrecy hitherto maintained being
broken.
The coming in Of the Boer leaders to dis
cuss terms of submission is ample justifica-
ton of kitchener's policy In having con-
centrated his strongest force on the task
of defeating and dispensing the forces of
De Wet. Steyn and De Wet Of all the Boer
out, and 1t was necessary to impress on
them the futility of further resistance The
crumpling up of their power in the Orange
River Colony seems to have been successful.
That at any rate is the fair assumption
from the fact that these two leaders have
now Joined with the other Boer chiefs in
seeking peace. The extreme care taken to
keep the Free Staters and TransyaaIers