New-York tribune., 1903-04-24

Chinese indemnity Including the war debt, the
national Indebtedness now reached the enormous
total of So 991 745oo0. The Chancellor, now
ever saw no reason for apprehension in the ran
in consoIs. Both the high water and low wafer
marks had been abnormal, and. in view OF the
large sums the country had borrowed, he
thought it might think itself fortunate that the
effect was no greater.
Turning TO the expenditure for 19OS-a, the
Chancellor estimated that it would amount 10
s719.7ToOOO and said that he proposed TO hx
the annual national debt charge at S13o.otpoo''
of which SS1, 10000 was available for the sink
ing fund. This amount would rapidly increase
as repayments were received from the Trans
vaal until four or five years hence IT wouio
reach 100000 the largest amount, both an
solutely and proportionately, ever granted ne
viewed with great concern the increase IN the
army expenditure, and hoped great reoucuohS
would be possible soon. On the other mana, the
possession of a strong navy was not matter
of national pride but of national life or oeath'
and to preserve strong navy he would grunge
no cost The British naval preparations were no
menace TO any foreign power. So long as other
fleets grew the British feet must grow hu'
there was indication that some of Great Brit
aims neishbors wished to call halt in their
exnenditIre for ornaments II this were the
case Great Britain was fully ready to follow
suit.
In tbis connection the Chancellor referred 10
the improved relations between Great brltaii.
and France. and to the approaching visit OF
King Edward to Paris
After a reference to the raids made on all
sides on the Exchequer. including the demands
for the navnent of members of the House OF
Commons and for old age pensions. the Chan-
cellor estimated the revenue for 1903-'O4 on the
oF a
ing an available surplus of S54OSo,o0o- tAs more
than half the war taxation had fallen on the IN
come fax paver he had the first claim for con-
sideration. and MI Ritche proposed a reducuoh
in the tax of fourpence in the pouno. ne No0
not satisfied with the present methoe Oh eetS
ing +he tax and thought a committee OF Ihe
House Of Commons should be appointed 10 re-
wise it. The income tax payer having peen taken
care or the balance of the surplus would De
o5I,en IN tbe relief Of indirect taxation OF the
1ecessaries of life. He could not afford to re-
duce the duties on sugar or tea, which could NOT
be regarded necessaries. so ne propoeeu ~
remit the grain duty from July l. He pointed
out that the reduction of the income TAX IN
yoIved a reduction Of revenue Of about S42,aoo-
600 and the remission Of the grain duty meant
a reduction of about S10,0G0,N00 leaving a
small working surplus of about SlS5Oeoo
The Chancellor, who spoke for an hour ana
artI, minutes received approving cheers, espe-
cially when he announced the remission OF lhe
grain duties.
Sir WiIIieno Vernon-Harcourt QiberaD, the
former Chancellor Of the Exchequer, followed
Mr. Ritchie. He thought that 1t was scandai-
ously unjust that the well to DO classes snouIo @
he relieved TO such an extent, While the wage
earners' only advantage was the remission OF
S1OO0O0O0 in indirect taxation. The gram laA'
he added was an infamous one ara ne WdS
glad, therefore that II was repealed. ne op
iected vehemently to the proposed exponent lure
FOR South Africa, which he said, should pay lor
the war The colonies, he further asserted
sbould contribute toward the support of the
navy No sober minded man could 1ustlty the
enormous expenditure Of the government