The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-24
BRITISH CORN TAX REMTTED.
THE SUGAR, COAL AND TEA
TAXES REMAIN.

Reduction o. Fourpence In Income Tax
Sinking Fund to Ne Maintained
Decrease In Customs Receipts-Beer
and China Wars Cost Over . Billion.
Special cabk Dsspaeh 10 tn. SUE.
LONDON, April 2s.-The Right Hon.
Charles T. Richie, Chancellor Of the Ex-
ohequer. was greeted with cheers when
he arose in the House OF Commons this
afternoon to read the budget. He began
by saying he trusted that the sinking fund.
which was now in full operation again,
would be strengthened His predecessor
In Office had had to impose fresh taxation;
his duty was to remit. lCheers.l b.. a
comparison OF what money he had would
show that he had been unable to satisfy
the demands. The total cost Of the Boer
and China wars. Mr.. Richie said, had been
E217 900 900.
The Chancellor said he was glad to say
that while trade and commerce in ieo2-o3
were not so good as In 1900. which was a
bumper year, they were in many respects
better than in 1901. and in others not so
good. There had been larger percentage
Of people out OF work and wages had been
lower than in 1900. when they were at the
highest point.
The budget estimate for loo2-os. Mr.
Richie said. was for exchequer receipts
OF E152, is5, 900. They amounted to El5i.-
$50 900 for that period. which was a de-
crease OF cess. 900. The exchequer receipts
for 1901 were 1905 900. The customs
receipts showed a decrease Of E767 900
from the budget estimates OF 1902-0S; ex-
else receipts a decrease OF COCO, 900; death
duties an increase OF fesO. 900; property
and income tax an increase OF f200, 900;
post Office receipts a decrease Of f50,000,
and Suez Canal receipts an increase OF
E7s.0O0.
was: Receipts from proxies, fl29 933, 900:
receipts from non-tax revenues, Ell, $4,000,
or a total Of fi5l.sS2,00o This leaves a
deficit on the total expenditure OF fa2 esq.,
900. The net balance in the exchequer on
March 81 was fo.os7. 900.
Continuing. Mr. Richie said q very salts
factory feature Of the falling market for
wages was that there had been compare
lively few trade disputes. Employer and
employee had been brought together and
had discussed the situation. In a majority
Of cases they had been able to arrive at
conclusion. Opposition cheers.
The estimates for i903-N were that the
expenditure would be fi44,23l,0o0.
In regard to excise receipts, Mr. Richie
said neither those from beer nor spirits were
quite up to the mark. Beer receipts stood
still. Those from spirits showed an ad-
vance, but not enough.
The chief deficiencies in receipts, the
said. had been In sugar and
tea The corn duties had produced the
amount Of revenue anticipated.
Foreign trade, Mr.. Richie aaid, had in
creased in imports and exports, and the
whole trade OF 1902 showed an improve
ment. There had been a large increase in
the production Of coal and iron. Railway
traffic had increased in both freight and
In vessels the increase OF tom
mage had been I, 100000 tons.
There was no great scope for jubilation
In British trade. he said. but much to in
spire caution and confidence and to sug-
rest that capital and labor draw closer to-
Eether and strengthen their capacity to
resist foreign composition Money had
BEEN scarce and dear and In much demand.
me drain had been increased BY the Trans
vaal war loan. In regard TO consols. there
ZION.
The war in South Africa was over. the
Chancellor said. but making peace had
proved almost as costly as making war.
The whole expenditure for -0S was not
less than f2ol 1927 900. The cost of the wars
In South Africa and China during the four
years ended in March had been f2l7 900 900.
Of that amount eo7 500 900 had been de-
frayed out of the revenues and the balance
had been met out Of capital. He hoped to
recover Es4 ,oOO. 900 in South Africa and
co 900 900 indemnity from China.
There was nothing abnormal about the
receipts from death duties. The income
az receipts had been very satisfactory.
The charge for the reduction Of the national
iebt was E77 900 900 per annum. II the
iebt were not augmented, II would be wiped
,ut in fifty years. OF the total taxation,
ces, $50 900 would be raised by indirect and
e72. 800 900 by direct taxes. The national
lebt was now f7ss $40 900. an increase Of
eS, $4,000 The total war debt was
Else 900 900.
Mr.. Richie denied that there had been
/ fall in English stocks a. compared with
'oreign securities, a. had been asserted
by Sir Edgar Vincent.
The Chancellor said that the expenditures
estimated for 1s0s-o4 Of Ei44, ssi 900 showed
! reduction a. compared with 1902 Of esq.,
rs .00o He intended to maintain the sink
ng fund in order to preserve the credit Of
he nation.
The Chancellor announced that there
would be q reduction Of fourpence in the
income tax. He estimated the total ex-
oenses at Si4s .ss4 900 and the receipts at
Elsa, nc. 900. leaving q surplus Of fiO.sieyOOO.
The estimates for the army and navy
amounted to fs2 100000. He expressed
he hope that there would be Q reduction
N these expenses during the coming year.
He announced that neither the sugar. coal
,or tea taxes would be touched. but the
,orn duty would be RENTED. /
Speaking Of the navy. the Chancellor
aid strong navy was . matter Of life or
leath with England. The British feet
must grow with others. but he welcomed
ne indications that other Powers wished
@ call halt in the matter Of constructing
var ships. II they did this, Great Britain
would cordially and Loyalty follow suit.
Mr.. Richie estimated the receipts from
ustoms at Eso,e4o,ooo. an increase Of
. ,2o7 900; excise. ESQ 10000, an increase
c.oo orn. daotk Aufiao onn M