The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-04-15
THE BRITISH BUDGET
Shows Enormous Deficit and the Ma.
tiOnal Debt Far from Satisfactory.
r---E
THE SOUTH AFRICAN WAR
-
Cost Nearly Billion of Dollars in
Three Years.
REMARKS OF THE CHANCELLOR
Referring to the Transvaal and China
indemnity ironically Cheered.
REMARKS OF THE CHANCELLOR
AN IMPORT TAX ON GRAIN PROPOSED
In Order to Bring Home to the People
the Lesson of the War
Hicks-5eaoh Was Dramatic.

London. April 14.-Not for many years
has Great Britaln's finance program been
awaited as that which attached 10 this
years income aud there is no doubt that
all the proposals contained In the budget
given out today by Sir Michael Hicks
Beach. the chancellor of the eXchcQuer will
he adopted More important, perhaps,
that the curious forms of the new taxation.
is the statement made by the chancellor Of
the exchequer. that the government had &C
coded to the Beers demand concerning the
restocking OF farms.
At late hour tonight the Associated
Press learned upon excellent authority that
the principal provision Of the budget,
namely, the treasury loan Of f82 100000 has
serious bearing upon the peace question.
There appears TO he a very strong belief in
the cabinet that owing TO the expected
early termination Of the war, the az, O00,-
600 will never he needed,
The failure 10 explain this important
point Is taken in the house Of commons to
indicate that the government has strong
hopes of a speedy issue of the negotiations
now proceeding az pretroia between the
Boer leaders. although II wishes to Impress
the world IN general and the Boers In par
tlcular with It's ability and determination
to push the war to q finish should the Brit
ish terms Of peace be refused,
Sir Michael Hicks-Beach is seldom dra
matte but when he referred today 10 the
governments intention to restock the Boer
as well as the old colonial farms, his voice
rose to an eloquent pitch. His gesture, as
he spoke In praise of the yalor Of the Beers
and expressed his hope for subsequent
friendship between Briton and Boer took
the house with him and the cheers, especial.
y from the opposition, prevented the speak
err from continuing his speech for some
moments. During this pause the chancci-
Tor of the eXchequer turned towards Mi.
Chamberlain. tbe colonial secretary, who
sat pale aud motionless, palpably none too
pleased at this official recantatiou Of his
unconditional surrender formula.
The chancellor of the exchequcr Sir
Michael Hicks Beach, rose IN the house OF
commons al 4:25 p. M. today TO make he
budget statement. He declared the past
year had not been exceptionally prosperous
but there was nothing 10 depress the coun-
try. Despite the fact that thousands II
workmen had been removed from produc-
tive labor by the war, the revenue figures
showed no dimunition Of business at home
while there was satisfactory increase Of
foreign trade aud there was no room FOR
thinking that there had been any falling
of in the consuming power OF the people.
There had been a heavy slump In the re-
cepts from tobacco, spirits and beer but
there was a great Increase of consumption
OF tea and cocoa.
The decrease in the receipts from spirits
and tobacco was due TO the forestallment
OF the duty during the previous year. Ht
was in the exceptional position OF a chan
cellor Of the exchequer holding office dur
ing severe war, For two years past the
revenue had exceeded his antlcipations, the
last year by f543,OOO, when his total de
felt, including the war expenditure of fT3
192, 600 for South Africa, was f52, 544 900.
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 f6J0O,OOO against his esti
mate Of IS, 100000. The export duty on
coal produced f1,314,OO0, which was also
| above the estimate 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. II would be difficult 10 eouyinc,
| him that the tax should be repealed.
Passing to the wine duties which 1t had
been suggested 10 him should he increased
the chancellor said the receipts from win,
had been diminished by $4,000 Hc
thought It absolutely impossible To Obtain
more revenue from that source The to
| bacco receipts had fallen of. Tobacco wal
not a growing trade and therefore Ia,
revenue was not increasing. He expected
a better yield, however, this year, as h,
would not again have TO cope with a fore
staIment of duty The death duties ha,
produced fls,39soo0. There had been ,
material decrease 10 the consumption q
beer He had seen II set forth that III,
brewers were covering the higher duty h,
decreasing the gravity OF their beer. Posi-
bly, their customers had not fully appre
ciated the diluted article.
Though the death duties were n nssfu
life buoy TO tho chancellor of the OK
| chequer, the real ship which bore him safe
! ~ through the stormy seas OF nationa
finance was the income tax, which las
year yielded s3i 10000, or 100000 aboy,
the estimate.
The account Of the national Sebt wa
not so satisfactory. 1t now stood at f747.
100000, the funded debt showing an In
crease OF f5s,OOOOOo, chiefly due TO IN,
eonsols loans Of last spring The cost o
| the war for three years was flG5. 034. 600
hut Ia addition 70 the hope Of repayment
| from the wealth Of the Transvaal Their
| was their share IN the China tndemnIt,.
| which was a very valuable asset aud woui,
| probably he devoted 10 a reduction OF tn
| war debt
The nationalist members ironlcail,
eheered the reference made by the chan