THE FALL IN CONSOLS.

New Zealand Herald, Volume XL, Issue 12229, 26 March 1903, Page 5

THE FALL IN CONSOLS.

By Telegraph.—Press Association.— ' London, March 24. The weakness of consols is due to the preparations for the Transvaal loan. There are also fears that the Home revenue, will 'he be?ow the estimates. (Received March. 25, 10.53 p.m.) ■ London, March 25. The Premier and Lord Rothschild had an interview ""in Downing-street with reference to consols and the Transvaal loan. (Received March 25, 11.15 p.m.) London, March 25. Consols are quoted at 90|. Mr. P. Havcourt Kitohin, writing in the Pilot recently, said:— opinion of those who are in a position to know la that the revenue estimate for 1902-3 of £152,185,000 will just about be reached, but that there will be iittle to spare. The expenditure for the same year was finally estimated at £134,650,000, showing a deficit of £34,474,809, which has been provided.by various loans. The expenditure included about £42.000,000 for finishing the South African war and " cleaning up" afterwards, £8,009,000 for compensation and advances to Boers and loyalists, and £250,090 for the West. Indian colonies. If they amounts, altogether about £50,000.090, are knocked off the expenditure for the year 1903-4, and the yield from the present taxation were unaltered, there would appear to be a surplus in sight for the r. ext financial year of seventeen and a-half millions. Income taxpayers, who make the above calculations, and bear in mind Sir Michael Hicks-Beach's promise that they will be the first to benefit T>y any remission of taxation, are in danger of assuming that Mr. Rllchie will really have this prospective surplus next, year and will be able to remit 3d in the £ at least, and possibly 6d. One penny in. the £ means about £2.750.000 a year in revenue. Bat lam much afraid that, in common with other income taxpayers, I _ shall not receive anything like as much relief as the poor 3d. which would bring my tax down to the round shilling in the pound.