The Press. — London, England, 1856-05-24 00:00:00

484 'ut6iiip in Varliantent. TIIE BUDGET. The house, on Monday, having resolved itself into a committee, The CHANCELLOR of the EXCHEQUER rose to make his financial statement. The right hon. gentleman commenced by stating the deficiency of the last year to be 3.560,0001., to cover which deficiency a 5,000,0001. loan and 3,000,0001. had been previously raised. The expenditure in the past year, 1855► 6, had been 88,428,0001., the revenue 65,705,0001., showing an excess of expenditure over revenue of 22,723,0001., or, with the addition of the Sardinian loan of ?,000,0001, and the redemption of hereditary pensions, 213,0001., a total excess of 23,930,0001. To cover this excess there had been raised by loan, Exchequer Bonds and Bills, 26,478,0001., exceeding the deficiency by 2,542,0001., and it was his duty to account for this sum, and to show how the Ex• chequer had been benefited thereby. The balances in the Exchequer on the 31st of March, 1856, ex. seeded their amount on the 31st of March, 1833, 1, 2,051,0001., showing a balance in favour of the Exchequer of more than 100,0001. The expenditure of the year which had elapsed had been mainly characterised by its connection with the war, the civil expenditure having been but slightly augmented. The total expenditure in the two years of war, 1854.55 and 1855-50, was 155.120.000/.; the total amount in two years of peace, 1852-53 and 1853-5/, had been 102,032,00 W.; being a difference of 53,088,0001. The revenue in the two years of war was 125,200,0001., and in the two years of peace 108,018,0001., an incrense of revenue from taxation in the two years of war of 17,182,000/. The amount raised by an addition to the funded and unfunded debt was 33,604,0001.: so that the total receipts in the two years of war amounted to 50,780,000/., as compared with two years of peace. Adding the surplus income in two years of peace, the amount applicable to war expenditure over and above the sum applied to peace expenditure was 56,772.0001. ; and adding for the war expenditure of 1856-57 2.1,500,0001., the total excess was 77,588,0001. He rejoiced to say that the Government had been able to make considerable re• ductions in the estimates for• the army and navy, the original estimates having amounted to 54,874,0001., and the revised estimates being 37,315,0001.—a difference of 17,559,0001. The total expenditure for the year 1850-57, including the second million of the Sardinian loan—a sum he thought the country was bound in honour to ad• vance—he estimated as follows : Expenditure. Funded Debt. including New Loan UnfUnded Debt Perinativnt charges on Consolidated Fund Army 4411.:47,000 Navy Civil Chnrves of collecting the Revenue.. Vote of Credit Loan to Sardinia Total etpenditore 21%031.000 1,025,000 1,750,000 44.115010 4,688,000 20100,000 1.000,000 42.1!3,000 But, as it was difficult to make accurate e4timates, by way of prudent precaution, he should take a vote of credit for 2,000,0001., making the total expendi. ture 77,525,000/. The right hon. gentleman then entered into detailed explanations relative to the estimated revenue for the year 1850 57. The income tax, according to the words of the act, would be continued at the rate of N. 13s. 4d. per cent. until the flth of April, 1858. The present rates of duty upon tea, coffee, sugars, and molasses, would be continued up to April sth, 1857. The present spirit duties of Rs. per gallon in Eng land and 6s. 81. in Ireland would be continued. Net. 27,613.000 1,025,000 1,750,000 44,116,000 9,000,000 1,000,000 It 77.52 \On° The duty on malt would be reduced on Ist July from 4s. to 2s. 8d per bushel, while 1,000,0001. would have to be allowed for drawback. The Chancellor of the Exchequer then stated the estimated revenue for the ensuing year at:— Gross Estimate. Net Estimate. Customs . , Excise .. Stamps .. Land and assessed taxes .. Property and Income tax .. Post•otMee Crown lands .„ 23.350.0 0 0 17,170,000 7,135,000 3.110,000 18,356,000 2,810,000 nosup 1,000.000 11, a:2 ,000 18,348.000 71)00.0(X) 2.960.000 16.000,0.00 1,070,000 V 0,600 1,000,000 Total .. 171,740,000 /67,152,000 Deducting this sum from the amount of estimated expenditure. there would appear an estimated defi ciency in the revenue of 10,873,0 of which the remainder of the produce of the loan of last year, 1,500,000 L, would reduce to 8,873,0001. Looking at the condition of the ceentry, the Government had no li. THE PRESS. intention of proposing additional or reducing existing taxes. They proposed to make no change in the existing basis of taxation, but to resort to borrowing, and the loan of 5,000,0001., concluded that morning, would reduce this deficiency to 1,873,0001., to provide for which he should propose later in the session to borrow 2,000,0001. in Exchequer Bonds. The present state of the Exchequer-bill market did not render it advisable to increase the amount of the unfunded debt. At the same time, he believed the fall in the value of those securities had been occasioned by tem porary circumstances. The quantity of outatcnding Exchequer Bills in the market amounted to 20,124,0001., of which sum the Commissioners for the Reduction of the National Debt held 5,000,0001., so that the amount really in the market was no more than 15,124,0001. Comparing the amount of the debt at the end of the last wsr and at the present time, he showed that the funded debt had decreased 49,000,000/. and the unfunded debt 17,000,0001., the total diminution being 00,000,0001., while the charge fur the debt had diminished 4,500,0001. Sir George Lewis then reviewed the pos►tion of the various branches of the revenue, and mentioned the duties upon tobacco, wine, and on fire insurances as duties which it would be desirable to reduce at the earliest opportunity, but which in the present state of the revenue it was necessary to retain at their present rates. The right hon. gentleman then concluded by moving the formai resolution authorising the new loan of 5,000,000/. _ _ Mr. Aicocx was of opinion that the duty on fire insurances ought at all hazards to be reduced at once. He approved of the income tax, never wished to see it taken off, anti would like to see it increased. Mr. HADFIEI.D intimated his intention of taking the sense of the house at a future period upon the question of the reduction of the fire insurance duty from 3s. to Is. per cent. Mr. BALL and Mr. VANCE protested against the malt and Irish spirit duties. Mr. MIL' ER GIBSON an I Mr. INGRVII strongly ad vocated the reduction of the paper duty. Mr. DISRAELI expressed his gratification at re ceiving an assurance from the highest authority that the resources of the country were unimpaired, and hoped, when the excitement of the war had passed away, that the house would give its attention to a most rigid system of economy, and not allow itself to suppose that it could guard against a re petition of the circumstances which hail occurred at the beginning of the war by maintaining a much larger military establishment. He though the pre sent opportunity an admirable one for impressing upon the country the great difference between an effective and an expensive army. The principle was to possess a perfect military system, and rather a model than a large force. He trusted the house would not permit the militia to fall again into a state of inefficiency, as all reductions should be effected upon a distinct principle, viz., one consistent with the maintenance of power in this country and the position which it ought to occupy in the politics of the world. With respect to the Sardinian loan, the house was always ready to put a large and liberal con struction upon treaties; but he thought that, be fore the house was asked to exercise towards Sar dinia a liberality which her Majesty's Government were not disposed to exercise towards our own troops, some view of the existing relations between England and Sardinia should be put fairly, frankly, and clearly before the house : I confess myself that nothing that I recollect ever ap peared to me so perplexing and so perilous as the position which this country has assumed and the relations which it is now forming in regard to that very kingdom. If I look to the protocols of the conferences of Paris which have been laid on the table, I find expressions of sympathy with suffering Italy which really exceed the usual caution of diplomatic language. The Sovereign of Sardinia is en couraged apparently in every way by the English Govern. ment to fulfil the high mission to which his subjects be lieve him to be called. He is preparing, and he is en couraged to effect, what he deems to be the liberation of Italy. We have authoritative evidence of the feelings of the Sardinian Government, and of the policy of the Ser. dinian Ministers, in the very important documents which have been promulgated, and certainly if we were to judge from the protocols of Paris and from the documents of the Sardinian Ministers, we should come to the conclusion that there was a perfect understanding between the English Ministry and the Sardinian Government. and that, in fact, not only was the liberation of Italy an adopted policy, hut that the means of effecting it had been agreed upon, and that England was to occupy a great position in the under taking. But how are we to reconcile such language and such diplomatic documents with the publication of that tripartite treaty, if not secretly at least unexpectedly con cluded, which apparently not only fashions but consolidates a policy opposed and adverse to that which Sardinia has adopted, which she is encouraged to prosecute, and which, according to the documents of her eminent Ministers, she is at this very moment actively prosecuting' The lan guage of the Sardinian Ministers is that the presence and the rule of Austria in Italy are insufferable—l give no opinion of my own upon these points on the present occasion—that the occupation of Italian provinces by Austria is the principal and the prime source of the degra- SATURDAY, dation, the misgovernment, and the misery of Italy. th a these are evils which it is the mis s i on an d policy of'Sar. dinia to terminate ; and that Sardinia looks, and has reas o n to look. for the co-operation of England in her efforts to this end. If this be the case, how can we explain that subterranean policy which at the same time signs the pro. tocols of the congress of Paris, claps the King of Ser. dinia on the back, and signs a treaty which, we now under. stand, appeared unexpectedly, and which, if it has any point at all, has this point—that the government of Europe is to be earned on fur the future by France, Austria, and England, and that the security for the tranquillity of the world depends upon this tripartite alliance? He did not say that such an alliance might not be wise policy, but it could not be wise or politic to enter into an alliance which, if it meant anything, meant a guarantee of the consolidation and perpetuity of the Austrian empire, and of course of her Italian domi• mons, and at the same time to enter into relations with the King of Sardinia which would stimulate him to a policy utterly opposed to Austrian views, and utterly inconsistent with the policy which has produced the tripartite treaty. An explanation of the strange inconsistency between the protocols of Paris and the tripartite treaty was highly desi rable. He wished to prevent a r..petition of the scenes of 1848: I do sincerely hope that, profiting by the bitter experience of 1848, and by the recollection of Lord iliuto's mission, and of those scenes of popular tumult which, excited by English influence, were deserted by English power —a desertion remembered to this day on the Continent with anguish and indignation, notwithstanding the intervening war in which the troops of Sardinia took so gallant a part —1 say, sir, that I do devoutly hope that, bearing all these things in mind, the House of Commons will refuse to be made the cat's•paw of any Government for the sanctioning of that pseudo-liberalism which, while it affects sympathy with oppressed lands, strengthens the hands of their op. pressors. (Cheers.) If the house neglected this lesson, they would bring dishonour on the reputation of England:— I trust, therefore, that we shall be most scrupulous in exacting from the Government a precise, frank, and definite account of the relations between this country and Sardinia, that we may understand whether we have played our cards so badly at the late game of diplomacy that we are at the same time pledged to support Austrian authority and Sar dinian regeneration. This is a question which is recurring to many minds in this country. It has touched the heart of England, and be assured it is watched with anxious attention throughout Europe. I feel a deep interest in the future of ltalv—(Hear, hear)—and sure I am that there is no hones.; - mfan in this empire who does not look forward with delight to the day when that immemorial land to which we all owe so much shall take her proper place among the nations, and be again one of the leading communities of the world. (Cheers.) But I for one base my hope of that consummation on my faith in the genius of the people and the resources of the country. Time, the great reformer, will save Italy; but if there can be any thing that will throw her back in her career—anything tint will baffle her advancing destinies—it will be the intrigues of politicians who are not Italians, and who, for the sake of getting an impulse and support which otherwise they might not command, trifle with the fate of a great people, pander to the lusts of secret societies, pretend to sympathy they do not feel, and, for the love of popular applause and a momentary success, compromise the destiny of a great and gifted nation. (Loud cheers.) • Lord PALmeas.ros denied that there was any my tery in our relations with Sardinia; they were knoAn to ever) body, and appeared upon the face of the pro tocols and the treaty—they were the relations of per fect confidence and friendship and of intimate a:lianoe ; but as to any eecret project of revolution ising Italy, there was not the slightest ground from which any man could imply such an imputation. The treaty with Austria was for one purpose, and for one only—namely, that there should be a mutual engagement between England, France, and Austria to provide for the due execution of t hel Austria treaty for securing the independence of the Turkish empire, but not binding England and France to guarantee the possessions of Austria. Sir F. BARING, recalling the discussion to the sub ject of finance, approved the conduct of the Chan cellor of the Exchequer, and hoped that next year there would be a reduction of the estimates, for which otherwise the country would loudly call. Mr. GLADSTONE thought that Mr. Disraeli was justified in referring to Sardinia, which he did not believe to be intent upon schemes of aggression. He commended the Chancellor of the Exchequer, who, he thought, had sailed very near the wind in his estimates, for not proposing to remit taAes, and trusted he would hold firm and decided language as to the intention of the Government to maintain the existing taxation until they were in a condition to propose the remaining reforms necessary to bring our taxation into a satisfactory state. Mr. MALINs was sorry to bear that the double income tax was to be continued for two years instead of one. Mr. HENLEY wished to know what were the five millions in the hands of the Commissioners for the Reduction of the National Debt.. The CHANCaLLOR of the ExcHEQUER explained that he had only spoken of the income tax as a source of revenue for the present year. The 6,000,000/. II