IMPERIAL BUDGET.

Otago Witness, Issue 2402, 15 March 1900, Page 19

IMPERIAL BUDGET.

jS t EW TAXES PROPOSED.

A JuY

.SSON FOE FOREIGN CRITICS.

THE WAR LOAN PASSED.

LONDON, March 6,

in the House of Commons, Sir M. HicksBeach, Chancellor of the Exchequer, delivered his Budget speech. He proposed to borrow 35 millions, whereof the war loan will absorb 30 millions; to add 4d to the income tax ; 4d to the duty oni tobacco ; 6d on foreign cigars ; 2d on tea ; 6d per gallon on spirits ; Is per barrel on beer. The Budget was applauded, and the resolution agreed to.

Sir M. Hicks-Beach adhered to his statement made in October about the Transvaal's capacity to bear a reasonable share of the expenditure, but in view of the compensation due to the loyalists of Natal for their loss, and the enormous British expenditure, the Transvaal's capacity to bear the cost was a less important factor now, though still important. The chief consideration was tliat Britain's promptitude in meeting liabilities afforded foreign critics a proof of th(f earnestness of the work wherein they were engaged. The expenditure this year, apart from the war, •was only £110,500,000, showing a likely surplus of 54, millions. The real deficit was 17f millions, whereof eight millions were temporarily covered by Exchequer Bills'; 1899 had been extraordinarily prosperous, but this was not attributable to the war. H°! estimated the expenditure next year at £154,000,000. The estimated deficit was £37,000,000. The increase of the Army would cost £47,000,000, whereof £38,000,000 was due to the war.

Sir M. Hicks-Beach's Budget imposes Is on brokers' contracts, and on the sale of' produce.

Enormous withdrawals in expectation of increased duties were made from the custom houses at Liverpool, Glasgow, Leith, and Portsmouth. In some instances cheques for £40,000 and £50,000 were paid.

Although it is considered unlikely that the Budget proposals will "be seriously opposed, The Times, Standard, and Morning (Post (Government supporters) • express regret that the Government have not ■widened the basis of taxation, instead of •persisting in the present system of inequalities.

March 7.

Sir M. Hicks-Beach's foresight in not disturbing thei Continental trade of Britain is appreciated in France and Germany.

In the House of Commons the war loan resolution was agreed to by 161 votes to 24. Sir M. Hicks-Beach declared that he looked to the Transvaal as the first source for the redemption of the loan.

VIENNA, March 7.

'Austrian sugar refiners are agreeably surprised that Sir M. Hicks-Beach refrained from a differentiating duty on sugar.