New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-15
-. ,uno reducing the deficit by f4.sooooo.. and

ing fund. reducing the deficit by 100000 and
70 increase by penny in the pound the iieoire
tax. Welding 100000 increase From July L
,bere would be a penny to twopence stamp duty
on sight bills including dividend warrants anu
checks, yielding fJoo0eo.
After mentioning that he did not propose IL
interfere with beer wine. tea and sugar '-
Chancellor said he must select for Indirect Ia
ton an article practically in universal CONSUME
tfon the taxation Of which would not uhuNis
press any class The ordinary expenditure VI
the country, quite apart from the WAL wa
greatly increasing. and in view OF the e'ei
growing expenditure for armies and haEies ~
other countries he thought it desirable to frame
some scheme of taxation under which. Wheh
peace returns there would be no difficulty IN
settling the country's finance system on basis
equitable alike TO all the taxpayers of the couh-
try.
REPEAL, OF CORN DUTIES A MISTAKE
The sneaker 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 threepenee
hundredweight on wheat would mean but d
very small fraction Of a farthing increase III
the price Of the loaf and the competition OF the
bakers was so keen that any one trying 10
raise the price Of bread such a ground would
probably find such action not to his advantage.
i. The Chancellor of the ExcheQuer denied that the
registration Of duties grain and flour Vio-
lated the principles of free trade or would IN
crease the cost of food He thought the duties
had been reeklessly abandoned, and declared
= their remission did not reduce the price of food.
He. therefore. proposed an import duty of three
pence a hundredweight on all grain, with a
corre1ative duty Of fivapence a hundredwelght
on flour and meal. The total yield Of this duty
was estimated at f2.6J0o00, bringing the total
estimate OF the revenue from the new taxation
to f5,1y0.ooo. OF the balance of the deficit the
Chancellor proposed to borrow f320o1eoO and
to find the rest by drafts on the Exchequer. He
feared that the duty on grain would arouse
prejudices strong and deep. and that the cry of
taxing the food OF the people would once more
be raised, but he was convinced that by no other
form Of indirect taxation could much money
by any possibility be found, with little effect
on the article on which it was imposed and
with so little injury to the trade and commerce
OF the country.
The Chancellor of the Exchequer loudly
cheered by the occupants of the Ministerial
benches he concluded.
SIR WILLIAM HARCOURT CRITICISES.
Sir William Vernon Harcourt Q-iberaD was
the next speaker. He corroborated the view
EXPRESSED by the Chancellor OF the EXchequer
that the duty on wheat would meet with strong
objection. This taxation of the peoples food, he
said would bring home TO the people the lesson
Of the war. Wheat thing Of the first
necessity, and he opposed to a return to the
old fallacies of protection. II was. Sir William
considered, by far the most objectionable pro-
posal made TO the country in many years. This
passion for expansion of territory and the an
nexation of Independent countries involved ruin
VIII "a balie -,r1d baZ
TO be betrayed exclusively by the British tax
payer, as the security of the Transvaal would
not in any way meet the expenditure. The gi-
gartic fortunes made in the Rand had not been
produced by the mines, but by projectors selling
worthless mines to the ignorant and credulous.