The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1907-10-02
SPAIN WANTS 70
HAVE NAVY AGAIN
FINANCES WITH
VIEW TO RESTORING FLEET
AMERICA DESTROYED.

LONDON, September 9.-The desire.
and assumed intention of Spain to re-
store the navy which she lost in her
tragic encounter with America is OF
considerable interest, as contracts for.
Spanish warships are to be placed in
this country. In the circumstances,
and more especially when the critical
condition of affairs in Morocco is
borne in mind, it is Of interest to see
how the finances Of the country now
stand The present minister of fl
nance, Senior Osma, seems bent upon
following the prudent policy of his
predecessors, the objects of which
have been retrenchment and reorgan-
ization. Since then taxation has been
reorganized in order to meet the addi-
tional burdens of debt thrown upon
the country.
Senior Villaverde cut down naval and
military expenditures, while he in
creased the expenditure for public
works, education and other utilities
which had previously been neglected.
This policy showed at the end of the
fiscal year in 1906 a total excess rev.
enue over eight years of about 500.
100000, which was applied to the liqul-
dation of debt. Senior Osma, in his re-
cent budget, (not yet voted on in the
house of deputies), estimates for a rev
enue of $2O6, 1886, O95 and an expenditure
of $202, 227 ,610, which last marks an
increase of 81, 436,S25 on last year.
The expenditure on administration
and the army mas been cut down, but
there is an increase of 81, SOC, 900 in the
naval estimates, which is not surpris-
ingly in view of a revival of the naval
policy of Spain, although it is not in
accordance with the financial policy
| inaugurated by the late Senior Villa
verde. On the other hand, reductions
are estimated under public works and
administration and also in the service
of the debt. The budget estimates are
not necessarily the actual expenditure
of the fiscal year.. because the cortes
pass supplementary votes without
much difficulty; but, such as they are,
we must take the estimates as indi-
eating the situation. The revenue is
to be obtained in these proportions
| $50, 246,0 10 from direct taxation, ST.,
704, 900 from indirect taxation, $36,064,-
200 from monopolies and services by
the state, 1901 AGO from the sale of con-
cessions, and $619,165 from treasury
resources. Last year the revenue from
all these sources was $218, 1865, 22O, but
| a falling off has to be reckoned with
this year in all the sections except the
treasury resources.
1t is estimated, for instance, that
there will be a decrease of IS, 100000 in
the import duties because of the de-
cline in the imports of breadstuffs, and
one of 100000 in excise in conse-
quence of the suppression of taxes on
wines of 16 degrees in the large towns,
in the land tax, the death duties and
the state lottery. The government is
proposing to the cortes a new set OF
taxes, which will fall mainly on the
rlcher classes, as they include imposts
on carriages, clubs, gas, electricity
high-grade wines and liquors. and OF
Cedulas. Against these new taxes it is
proposed to abolish everywhere, and
not in the large towns only, the ex-
else duty on all wines below 16 degrees
alcoholic strength.
1t is supposed that the government
intends gradually to suppress entirely
theoctroi duties in Spain, but the time