New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-15
THE BUDGET SPEECH.
SIR MICHAEL HICKS-BEACH'S LONG
EXPECTED STATEMENT IN
PARLIAMENT.

London April 1.-THE Chancellor of the Ell.
chequer. Sir Michael Hicks-Beac rose In the
House of Commons at 4.25 D. m to-day to
make the Budget statement. He declared the
last year. had not been exceptionally prosperous.
but there nothing to depress the country.
In spite of the fact that thousands of workmen
had been removed from productive labor by the
war, the revenue figures showed no diminution
of business at home. while there satis-
factory increase of foreign trade. and there was
reason for thinking that there had been any
falling off of the consuming power of the peo-
pie. There had been a heavy slump in the re-
eeipts from tobacco. spirits and beer. but there
was Il great increase in the consumption of tea
and cocoa. The decrease in the receipts from
spirits and tobacco due to the forestaIment
of the duty during the previous year. He
in the exceptional position, for Chancellor of
the Exchequer holding office during severe
war that for two years past the revenue had
exceeded his anticipatfoTs- 1dsS Year BY
fj43.O 900, when his total deficit. including the
war expenditure of a.. 10000 for South Africa
and China, was EJ2,.tH000
THE SUGAR AND COAL TAXES.
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
E6.5oOo00 against his estimate of E5.1O0.000.
which was also above the estimate, while the
prophets Of evil were so far from being justified
that the exports higher than in the case
of any year except the record year of 1899. 1t
would he difficult to convince him that the tax
should be repealed
Passing TO the wine duties. which it had been
suggested TO him should be increased. the Chan
ceIIOr said the receipts from wine had dmn-
ished by f3S.O00. He thought it absolutely i'm
possible tG obtain more revenue from that
source. The tobacco receipts had fallen off.
Tobacco was not . growing trade. and. there
fore. the revenue not increasing He
pected Il better yield. however. this year, he
would not again have to cope with a forestal-
ment of duty.
The death duties had produced f13,39S.OoO.
There had been a material decrease in the
consumption of beer. He had seen it set forth
that brewers were covering the higher duty by
decreasing the gravity OF their beer. Possibly
their customers had not fully appreciated the
diluted article
ENORMOUS REVENUE FROM INCOME TAX
Though the death duties were useful life
buo--. to the Chancellor of the Exchequer. the
real ship which bore him safely through the
stormy seas of national finance was the income
tax. which last year yielded f34.s00.O0o, or
Il 1.OC0OOO above the estimate. This fact led him
burden in some cases. the instances were not
quite so numerous as many people believed
The account of the national debt not So
satisfactory. II stood at 4ISt6.000. the
funded debt showing an increase of tlS.Uo.Ooo.
chiefly due to the consoIs loan of last SPRING
The cost of the war for three years was
fl i5.034.OOo; but, in addition to the hope of re-
payment from the wealth of the TransvaaI,
there was their share in the Chinese indemnity.
hi, ycYIfd
probably be devoted reduction of the war
debt.
The Nationalist members ironically cheered
the reference made by the Chancellor to the
Transvaal
After touching various details the Chancel-
Tor turned TO the prospects of the future He
estimated the expenditure for the coming year
at f114 100000 The revenue on the present
basis of taxation was E141.1S5,epO. leaving
deficit of f26,S2iO0o This would be increased
f1S.JCOOOO by gratuities the troops and
bringing the soldiers home, the maintenance Of
the South African Constabulary. and the cost of
the International Sugar Convention. etc. max
in.; gross deficit of upward of t4o.00oOOo-
WAR COSTLY THING.
War was costly thing wage. and a costly
thing to terminate After the war was over
there would he the great expense Of the relief
and resettlement of the two colonies and the re-
stocking of farms. He hoped that when durable
peace was made Parliament would be gener-
ous and loan money for restocking the farms.
not only of those who fought the British
side but of those who had been honest enemies
and whom they now hoped 10 make friends. and
for railroad and other enterprises to serve to
develop the two States. 1t was his duty not to
take a ROSY view of the case. but to provide for
the worst Fe had hopes OF a happy result
from the conference in South Africa. but he had
put them aside Preparations for the continu-
ance of the war were :he best guarantee Of
peace
The Chancellor proposed to suspend the sink