THE BRITISH BUDGET.

Greymouth Evening Star, Volume XXXI, 20 April 1901, Page 3

THE BRITISH BUDGET.

Increase In Taxation

[by electric telegraph. —copyright)

(per press association.)

London, April IS. In the House of Commons Sir M. Hicks-Beach delivered his Budget speech. He announced 2d increase in the income tax, 4s 2d per hundred weight on sugar, and a graduated duty of 2s per hundred weight on raw sugar, molasses, and syrups; a duty of la 8d per hundredweight on glucose, with Is per ton on exported coal. Sir M. Hicks-Beach said that the expenditure of the past year was £183,500,000 The deficit amounts to £53,000,000. The total of the National Debt is £687,750,000, being increased by £59,000,000 on account of the war. The estimated expenditure amoun's to which will bo met by j 5.1,000,000 of taxation and £21,000,000 of non-taxation, such as telegraphs and posts, making a deficit of £55,250,000. The estimated increase of ordinary expenditure, amounting to £3,750,000, required a widened basis of taxation. The 2d increase in the income tax is estimated to produce £3,750,000, sugar and allied taxes £5,000,000. The retail price of refitted sugar will rise Ad, and coal produce £2,000,000. The future proportion of direct taxation will be 53 1-10 per cent, indirect 49 7-10 per rent. The estimated revenue is £143,250,000.

He proposed to reduce the expenditure to £183,000,000 by again suspending the sinking fund, leaving the estimated deficit at £39,750,000, besides £1,000,000 or £1,250,000 interest. Fresh loans will be asked lor. Tito borrowing powers will not bo asked lor £11,000,000, but £00,000,000, and extend the borrowing to consols. He added that the war cost was £153,000,000 heretofore, including £5,000,000 for China, and Transvaal and lie would renew the loans when able. The Orange Colony would be unlikely to contribute anything. In the House of Commons, Sir W. Y. Harcsurt congratulated Sir M. HicksBeach on his lucid and honest statement. He approved of the twopence income tax, but the policy causing such a gigantic budget was disastrous, lie censured the delay in publishing Sir A. Milner’s despatch and denounced the coalcxport duty. Other members strongly resisted the sugar and coal imports. The Stock Exchange m-embers anticipate the issue of consols loans of sixty millions at 94 to 944.

Some dealings took place during the evening at a half to three-quarters premium on the first Government loans, whatever form it takes. The House of Commons passed the sugar duty by 183 to 123, while the coal duty was also passed by 171 to 127. Progress was then reported. Telegrams from the provinces show that there is an outcry in colliery and shipping circles. The Times lobbyist declares that there is a widespread belief that the 2d on income tax will alienate the middle class sympathy. London, April 19. Tito Times commenting on the Budget says ifc.is fairly satisfactory as a step in the direction broadening its basis. The Standard says the Budget is a makeshift. An increase of two pence on the income tax is a fatal blot. In view of the imposition of duties, enormous but Fruitless clearances of tea, tobacco, wines and spirits were made.