BRITISH BUDGET.

Gisborne Times, Volume V, Issue 86, 20 April 1901, Page 2

BRITISH BUDGET.

THE COST OF THE WAR,

THE WHITE MAN’S BURDEN

By Telegraph—Press Association—Copyright London, April 19.

In the Houses of Commons, Sir tl Michael Hicks-Beach delivered tho Bud- t( get Speech. ii He announced that thoro would be twopence increase of ineomo tax ; four shillings and twopence per* hundredweight on p sugar ; a graduated duty of two shillings per hundredweight on raw sugar, molasses and syrups ; a duty of ono and eight- t penco per hundredweight for glucose, and a shilling per ton on oxported coal. FURTHER DETAILS OF THE BUDGET SPEECH. 1 By Telegraph—Press Association—Copyright London, April 19. 1 Sir Michael Hicks-Beach said tho ex- 1 pendituro of tho past year was a hundred and eighty-threo and a-lialf millions. It 1 included the war expenditure, sixty-eight j and n-half millions. There was a deficit ! of fifty-three millions, tho total national 1 debt, of six hundred and eighty-seven and three-quarter millions, being increased by fifty-nine millions on account of the war. Tho estimated expenditure is ono hundred and oighty-sevon and a-lialf millions, which will bo met by ono hundred and eleven millions taxation, and twenty-one millions non-taxation, such as tolegraph and post, making a deficit of fifty-fivo and a-quarter millions. The estimated increase of ordinary expenditure, amounting to two and three - quarter millions, required a widened basis of taxation. The twopence increase of the income tax is estimated to produce three and threo-quarter millions, and sugar and allied taxes, fivo millions. Tho retail prico of refined sugar will risojby a halfpenny. The tax on coal will produce two millions. The future proportion of direct taxation is fifty-three and a tenth per cent, and of indirect taxation forty-nino and soventcntlis. The estimated revenuo is one hundred and forty-three and a quarter millions. He proposed to reduce tho ex- ) pendituro to one hundred and eightyi three millions by again suspending the 1 sinking fund, and leaving an estimated deficit of thirty-nine and three-quarter millions, being a million or a million and a quarter for interest on fresh loans asked ‘ for. The borrowing powers aro not 3 for forty-one millions, but for sixty millions, and extend tho borrowing to consols. Ho added that the wars had cost ono hundred and fifty-three millions heretofore, c including five and a half-millions for J China and Transvaal. He would renew the loans when able, but Orange Rivor ° Colony was unlikely to contribute anyj thing. L TAXES APPROVED BY THE HOUSE s 1 OUTCRY IN COLLIERY AND * SHIPPING CIRCLES. DECLARATION BY TIMES. By Telegraph—Press Association—Copyright (Received April 20, 1.15 a.m.) o London, April 19. The House of Commons passed tho sugar duty by 186 to 126, while the coal duty was passed by 171 to 127. Progress was then reported. 0 Telegrams from the provinces show that ‘i there is an outcry in colliery and shipping J; circles. " The Times’ lobbyist declares there is widespread belief that the twopence income tax will alicnato the middle-class i- sympathy.

CRITICISM IN THE HOUSE. BIG LOANS ANTICIPATED. By Telegraph—Press Association—Copyright London, April 19. In the House of Commons Sir W. Harcourt congratulated Sir Michael HicksBeach on tho lucid and honest statement. He approved of the twopence income tax, but the policy of causing such a gigantic budget was disastrous. He censured tho dolay in publishing Sir A. Milner’s despatch. He denounced the coal export duty. Other members strongly resisted the sugar and coal imposts. Tho Stock Exchange members anticipate an issue of consols loan of sixty millions, at 94 to 941. Some dealings took place during the evening at a half to threequarters premium on tho first Government loan, whatever form it takes.