New-York tribune., 1902-04-16
TARIFF WEDGE INSERTED.
Mr.. CHAMBERLAIN'S ACTION IN BRIT
rSH FINANCIAL PLAN
,,,,,,--;,,t. 1902: BY The Tribune Assocation)

fco,v-iSht: 1902 By The Tribune Associationo
1s,ectal to The Tribune by French cable-l
1ordon Anril 16 ! a. m.-Despite all efforts
m minimize the Importance of the revival OF
registra ton duties on grain and flour, 1t Is eVl
dent that a new departure has been made IN the
direction of a revenue tariff. Duties may De
small and bakers may be unable to raise the
nrice of the loaf but Cobdensm has been struck
at it's most vital point. If small duties can be
placed on foodstuffs, they can also be LEVIED on
many commodities for revenue purposes
Sir Michael Hicks Beach has reluctantly
opened the way for the transformation of the
entire tariff system.
Mr. Chamberlain has not obtained as much
leverage as he desired, but he has secured a
ground for discussing commercial and tarnt
questions at the conference of colonial premlers
and ministers after the coronation. Sir Wlnrlo
Iaurier and Messrs Fielding, Mulock, Paterson
and Borden are expected to be present 1rolh
Canada and Barton-Seddon and many other in
fuential men will represent Australia New
Zealand and other self governing colonies. ID
bles shining subsidies and postal service Will
come up, but the main topics Will be lHlper'ai
defence apd trade.
While the colonies will reluctantly surrender
their eff-governng rights, it is probable that
some basis for financial contribution TO 1mpeIidi
defence NAV be reached If some form of prefer
ential tariff be adopted by the home govern
ment. Some colonies may be willing TO agree
upon a common increase of or 10 per cent IN
tariff duties and set apart the sum thus raised
for defensive purposes if the mother country
be disposed to adopt the preferential system In
dealing with the colonies
Mr. Chamberlain has little margin for nego-
tiations in corn duties. but revenue tti-
if based upon similar principle will enaple
him to take up the imperial federation busl-
side.
There is an opening for zollverein talk with
a chance of dragging Sir Michael Hlcks-beach
into 1t for another year.
The Cabinet meeting yesterday was clearly oc-
cupied with the second message from the Boer
leaders communicated through Lord Kitchener
The air is filled with surmises. and there is a
general feeling of optimism.
The market hardly knew what to make of the
Budget yesterday. ConsOls fell at the outset
and then became almost buoyant but after
ward eased off again and closed unchanged
These erratic movements We're caused by the
uncertainty which prevailed to the form OF
the f.S2 100000 loan. 1t was not until just De
fore the close of business in the City that it be-
came known that the Chancellor of the Ex-
chequer proposed to borrow money in the same
ways as consols at pa per cent. with interest
falling to 213 per cent in 1903 This decision
caused general disappointment, as TransVaai
loan guaranteed by the imperial government
has been anticipated.
In the House of Commons Sir Michael HICKS
Beach admitted that there had been a differ
ence of opinion on the question between hlmseli
and Mr Chamberlain. He said that the Colonial
Secretary was anxious to make charge on the
Transvaal. The resolution authorizing loan
was carried by large majority. but there was
notwithstanding. very widely entertained teei-
ing on the Tory side of the House that Sir MI
chael Hicks Beach had been too cautious In MS
estimate of the situation. and that II would nave
been well II Mr.. Chamberlain's influence hao
been permitted to prevail. The Chancelior OF
the Exchequer had. however. already given way
to the Colonial Secretary on the question or TAX
ing foodstuffs and be would probably have re-
signed If the Cabinet had insisted on a Trans
vaal loan.