The Chancellor of the Exchequer, Sir Michael Hicks-Beach, on Tuesday
made an important speech to the Dolphin Society at Bristol. After mentioning that he had wished to resign, but wan not permitted to do so, he proceeded to declare that "the finances were disorganised" by the war in South Africa, which "dribbled on at an enormous cost." He could not, therefore, promise any revision of taxation, and indeed he should be happy if he were not compelled to increase the taxpayer's burden. For as soon as the war ended, which he hoped would be before April, we mast begin to liquidate its cost, which could not be left a permanent burden on the country. He expected, indeed, that part of the burden would be borne by the Transvaal, in spite of the "lamenta- tions" of the mining magnates, but we must not make that part so heavy as to spoil the future of the new Colonies. Then in addition to the cost of the war there was the expenditure on the Navy, which must be kept up, though its cost had risen from £18,000,000 a year to £27,000,000, and the cost of Army reform. Altogether, Sir Michael fore- shadowed a very heavy expenditure indeed, and a Budget which can scarcely add to the popularity of the Government, though it may to its reputation for financial nerve.
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