The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-20
GREAT BRITAIN IS IN
SORE NEED OF FUNDS
Deficit for the Fiscal Year More
than S27,ooo,ooo Estimate for
Next Year $40, 100000
HIGHER DUTIES PROPOSED

LONDON, April 19.-The widespread in
terest in the presentation of the budget
to-day was in evidence in the crowded state
of the House of Commons Long before
the chancellor of the exchequer, Austen
Chamberlain, rose to make his statement
every part of the House was filled Joseph
Chamberlain was present to hear his son,
as was Mrs. Chamberlain. The former CO.
lomal secretary, whose first public appear
ance 1t was since his return from abroad
met with great reception from the occu-
pants OF the ministerial benches, while the
Nationalist invited him to sing Rule
Britannia" and greeted him with shouts of
''pigtail.
Austen Chamberlain opened his speech by
eXpatiating on the difficulties of his po-
sltlon, the great wave of prosperity which
Great Britain had enjoyed having appa-
rently long spent its force and giving place
10 less prosperous cycle. The industries
OF Great Britain, especially the cotton in
duStry, were depressed and foreign compe-
tition was keener than ever. The markets
in which Great Britain had heretofore beer
supreme were increasingly threatened. The
commercial depression in the United King
dom was aggravated by the conditions in
South Africa. The revenue for 10000 was
Sl3,62O,00O below the estimate, while the ex-
penditure exceeded the estimate by SIS 035,-
600. The repeal of the duty wheat had
been more costly than anticipated with
out affording the consumer the relief ex-
pected. The net total deficit for the finan-
cial year was s21 100000.
Mr.. Chamberlain estimated expenditures
of 1904-05 at $7l4 100000 and the revenue. on
the basis of the existing taxation, at $685.
100000, leaving a deficit of $40. 10000 to be
made up. He proposed, therefore, to in
crease the income tax by cents. He also
proposed additional tax of 4 cents a
pound tea. The chancellor further pro-
posed a readjustment of the tobacco duties.
imposing duty of 81 cents on tobacco
stripped before imported; also an addi-
tional duty of II cents on cigars and an ad-
ditonal % cents on foreign cigarettes. Mr..
Chamberlain proposed also to raise the
moisture limit to 81 per cent, and to in
trOduce three or four different rates in the
drawbacks, which he hoped would increase
Great Britains tobacco export trade es-
pecially to the colonies. The net gain by
these tobacco changes was estimated at
S. $50, 600.
The increase in the tea duty will amount
to S10,OO0O00, bringing the total estimated
revenue up TO S71S.O50,000 or a surplus of
$3650,0O0 Mr.. Chamberlain's announce
ments of the increase in the income tax
and in the tea duty were both receievd
with loud protests
On the motion to increase the tea tax,
the Liberal leader, Sir Henry Campbell
Bannerman, congratulated the chancellor
of the eXchequer on the lucidity of his
speech. He said he had discharged a diff
ficult task in a manner to command gem
eral admiration, Notwithstanding the fact
that the chancellor found himself in
somewhat incongruouS position, between
the position he held and his fiscal aspira-
tons, which he did not conceal.
In conclusion, the Liberal leader referred
to the greatly increased Expenditures of re-
cent years and said il was the first duty
of the House of Commons to check this ex-
travagance.
The House, after considerable discussion.
adopted the increased tea and tobacco du-
ties by majorities of seventy-two to nine
ty-four, respectively.