THE HOME BUDGET.

Taranaki Daily News, Volume XXXXIII, Issue 7, 20 April 1901, Page 3

THE HOME BUDGET.

INCOME TAX INCREASED. NEW DUTIES ON SUGAR. FEB PRESS ASSOCIATION. I Received 19, 5.1 p.m. I London, April 18. I In the House cf Commons) Sir Michael Hicks-Beach delivered the Budget speech. He announced twopence increifo in the income tax, four and twopence p = r cwt. oi sugar, a graduitfd duty of two shillings p9r cwt en r.vw n-ugar, molasses acdßyrup», a duty of one and eightpence per cwt. on gluco«e and one shilling per ton on export d co*l. Received 19, 10.25 p.m. London, April 19.

Sir M. Hioks-Bsscb. said the expenditure for the pas' - yen- was one bundled and ei;;h'y-'>hree ami a ha'f millions. It included for tha war six'yeight ond a half millions and the deficit debt of six hundred and eighty-sevn land three-quarter millions wss being increased by fifty-nine mill : on on account of the war. He estimated expenditure at one hundred and eiglity-s-ven and a ha'f millions which was to be met by one hundred and eleven millions of taxation aid twenty-one millions non-'sxa'ion, such as telegraph p:stp, making a deficit of fifty-five and a quarter millions. The « t'mat'd increase of ordinary expenditure amounting to two and threequarter million required a widened basis of taxation. Twrpence increa'e on the Income T-ix, Hstimat">d to pro luce three and three quarter millions, sugar and allied taxes five millions. The retail price rf refined sugar would rite one half-penny, and coal would prc'ire two millions. The future pro;i • t i->n of direct taxation was fifty-three and a trnth par coiit, and indirect forty-nine and ioiith.s. Tiro estimated revenue wis oi.e hundred tind foriy-tinee and a quarW millions. Ho prorjosi-d to reduce the expenditure to a hundred and »sigr ty-three miliions by again suspending the sinking fun l ', le ving an ostini'.'ed dtficin of tiiirty-rine and threequarter millions besides a million or a million and a quarter interes l ; on the fre»h loans. H«i asked for borrowing powers tot for fort.y-nna milliors, butfor sixty million*, and to extend borrowing toccns.'ls. Ho added that the war bad i cost one hundred and fifty-three millions heretofore, including five and a ha'f millions in China. The Transvjal wou'd renew t'lebans when able, but tho Orange Colony was unlikely to contribute anything.

Received 20, 1.10 a.m. London, April 19. Sir W. Harrourt congratulated Sir M. Hicks B-aoh oo his lurid honest statements. He approved twopence on the Income T*>x, but the policy causing such s gigantic Budget was disastrous. He censurc-d the d-lay in publishing Sir A. Milnei's despatch and denounced the coal export duty. Other members strongly resisted the sugar and coal imports. Tbe Stock Exchange memtcs enticipate tha issue of the consols loan of sixty millions at 94 to 94£. Some dealings took place during the evening at half to three quarters premium en the first Government loan, whatever form it takes. Received 20, 1.16 a.m.

London, April 19. The sugar duty wai pas=ed by 183 to 123, while the cial duty was slso passed by 171 to 127.