The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-04-16
THE BUDGET STATEMENT.
The Chancellor of the Exchequer Proposes a
DUTY on All Grain.
(By the Associated Press.)

! London, April 1.-THE Chancellor of
the Exchequer. Sir Michael Hicks Beach,
, today made the budget statement, in the
House of Commons He declared the
past year had not been exceptionally
prosperous but there was nothing to de-
press the country. He said that for two
years past the revenue had exceeded his
anticpations, the last year by E543.0O0,
when his total deficit, including the war
expenditure of G73 $4,000 for South At
RIGA and China was Esq, 544, 900.
The chancellor estimated the expendi-
ture for the coming year at Ella $685. 900
The revenue on the present basis OF tax
alton was s147,7S5.OO0 leaving deficit
of f26,S24 900. This would be increased
by els, SOC, 900 by gratuities to the troops
and bringing the soldiers home, the main
tenance of the South African constabu-
larry, and the cost of the international
sugar convention, ETC., making a gross
deficit of upwards of 945,O00,00O.
War was costly thing to wage ana
costly thing to terminate. After the
war was over there would be the great
EXPENSE of the relief and the settlement
of the two colonis. and the restocking
of farms He had hopes of happy re-
suit from the conference in South
Africa. but ne had put them aside.
Preparations for the continuance or the
war were the best guarantee Of peace.
After mentioning that he did not pro-
nose TO interfere with beer. wine, tea
and sugar, the, chancellor said he must
select for indirect taxation an article
practically in universal consumption,
the taxation of which would not unduly
! press any calss He, therefore proposed
an import duty of three pence per num-
dred weight on all grain. with a cor
relative duty of five pence peh hundred
weight on -four and meal. The total
yield of this duty was estimated at
60 $50. 900 bringing the total estimate OF
the revenue from the new taxation 10
G5, 100000.
OF the balance of the deficit the
Chancellor proposed to borrow GS2'-
OOO, 600 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 he
raised but he was convinced that by
no OtDer 10TH Ol IuuiIeCt tdNdtioh %oei'A
SO much money by any possibility be
found. with so 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 was
loudly cheered by the occupants of the
ministerial benches as he concluded.
Sir William Vermont arcourt Cab
eraD corroborated the view expressed
by the Chancellor of the Exchequer that
the duty On wheat would meet with
strong objection. The taxation or the
peoples food. he said, would bring to
the people the lesson of the war. rms
passion for expansion Of territory and
the annexation of independent countries
involved ruinous expenditure. which. he
believed, would have to be betrayed by
the British taxpayer, as the security OF
the Transvaal would not in any way
meet the expenditure. The gigantic for
tunes made in the Rand had not been
produced by the mines. but by proJec-
tors selling worthless mines to the igno-
rant and credulous.