Rensselaer Journal, Volume 10, Number 46, Rensselaer, Jasper County, 25 April 1901 — BRITAIN’S NEED LAID BARE. [ARTICLE]

BRITAIN’S NEED LAID BARE.

Nation Ha# to Borrow 5300,000,000 to Meat It# War Expense#. The long-delayed budget statement was presented to the house of commons Thursday by Sir Michael HieksBeach, the chancellor of the exchequer. The statement, from the standpoint of the British taxpayer, was most discouraging. The national balance sheet for 1900-1901 shows a net deficit of £53,207,200 ($266,036,000). The Boer war, according to the chancellor, has cost the government £146,567,000 ($732,835,000), or double the cost of the Crimean war. The total expenditures for 1901-1902 are estimated at £187,602,000 ($938,010,000), of which £58,320,000 ($291,600,000) is for the Boer war, while the revenues will yield only within £57,000,000 ($285,000,000) of this amount. This deficiency is to be met ip part by an increase in the income tax, and a tax on raw sugar, molasses, syrups, glucose and coal. To meet the remaining deficit, which is estimated at £39,707,000 ($198,635,000), the chancellor proposes to borrow £60,000,000 ($300,000,000) upon consuls. Sir Michael stated that it was estimated that the total expenditures this year would amount to £187,602,000, of which £58,320,000 would be for carrying on the war.