25 APRIL 1903, Page 17

The most interesting points in Mr. Ritchie's speech are discussed

by us elsewhere, but we may mention here one

or two items of importance. He stated, for example, that the total expenditure last year was £201,127,000, and that the total cost of the war had been £217,000,000. The Sinking Fund is to be again established, and the sum to be devoted each year to the service of the Debt—i.e., £27,000,000—will have a greater capacity for redeeming Debt than any sum ever allocated before. This, of course, is due to the reduction of interest from 2i to 2} per cent. It is curious to note that while the taxes on sugar and tea. were below the estimates, corn yielded almost exactly what was expected of it. The Coal- tax produced about £2,000,000. That is a tax which has entirely justified itself.