The Sun. — London, England, 1866-05-25 00:00:00

iiifiiika rAmlwim SOUSE OF COMMONS-LAST EVENING. The SPEAYER took the chair at 4 o'clock. PRIVATE BUSINESS The following bills were read a third time and passed: —Barry Harbour, Brynmawr Gag, Chester and West Cheshire Junction Railway, Edgware, Highgate, and Lon don Railway, Hounslow and Metropolitan Rail way, Launceston and South Devon Railway, Leeds Im provement Acts Amendment, Ryde Gas, South Devon Railway, Stourbridge Improvement, Thetford and Wat ton Railway, and Wivenhoe and Brightlingsea Railway. NEW MEMBERS _ - Mr. M. CHAMBERS and Lord Emort took the oath and their seats for Devonport. Lord 0. FrrZGERALD took the oath and his seat on his re-election for Kildare. COLONY OF VICTORIA. In reply to Lord R. MONTAGU, Mr. CARDWELL said he would be happy to lay the papers on the table so far as they go. There had appeared in the newspapers an intimation that the difficulty had met with solution, but the Government had not yet received information to that extent. GOVERNMENT BALANCE SHEETS. Sir J. HAY asked the Secretary of State for War whe ther he was aware that the " balance sheet" submitted by the Royal Gun Factory to a committee of the late Parlia ment +' on Ordnance" had since been found to be erroneous; and if he would lay upon the table of the house a cor rected balance sheet of that date, to be appended to the report of that committee ? The Marquis of HARTINGTON said he had given an answer some evenings ago to a similar question. It was quite tine that an alteration had been made in the manner of drawing up of the balance sheets, but he could not go the length of saying that the balance-sheets already presented were erroneous. He did not therefore think it expedient to make out fresh balance-sheets in place of those referred to by the hon. and gallant member, therefore he had none to lay on the table man. COLONIAL BISHOPRICS BILL. Mr. WALPOLE said the Colonial Bishoprics Bill was at present fixed to come on on Thursday next, but he thought that was too early for the discussion to be taken ; he there fore had to ask the right hon. gentleman that he would arrange to postpone the matter, and that on that day, in place of moving the second reading, he would state the day on which he intended to do so. Mr. CARDWELL said he would not bring forward the measure on Thursday next, and he would endeavour to comply with the desire of the right hon. gentleman. CATTLE DISEASE IN IRELAND. On reply to Sir A. AGNEW, 3lr. BRUCE said the Privy Council was now in com munication with the Lord Lieutenant of Ireland, and he had no doubt an order would soon be issued to prevent the spreading the disease in Ireland. CHURCH RATES. On the motion of the CHANCELLOR of the EXCHE QUER, the bill for the abolition of compulsory church rates was read, for the purpose of being postponed until Wednesday next. THE PROPOSED CONGRESS. Mr. DISRAELI asked whether her Majesty's Govern ment had any communication to make to the house with respect to the proposed Conference at Paris, and whether it was true that her Majesty's Government had acceded to the invitation to take part therein. There was also a statement in an evening newspaper which had hitherto been looked upon as a semi-official organ, to the effect that the great difficulty, viz., territorial compensation to the Powers of Austria, Prussia, and Italy had been ar ranged. The CHANCELLOR of the EXCHEQUER said he should have been glad to have given a more perfect and concise answer to the question had he received notice from the right hon. gentleman of putting it. Up to that morn ing ho had not received an: communication by which he could add anything to the statement made by his noble friend the Secretary for Foreign Affairs in another place. The Government had entertained the proposal for a conference of the great Powers in Europe in order if Possible to prevent the calamities of war, and their earnest desire and sanguine hope is that such a result might be brought about. He could not say the terms of congress had been adjusted, but he did not see any reason that diffi culty would arise as to the adjustment of those terms. With respect to the statement published in a newspaper, referred to by the hon. gentleman opposite, according to his information, it went beyond the state of facts. CUSTOMS AND INLAND REVENUE BILL. In reply to an Hon. Member, The CHANCELLOR of the EXCHEQUER, in refe rence to the motions of the hon. member for Buckingham on the Customs and Inland Revenue Bill, and the hon. member for Dudley on the Terminable Annuities Bill, with a view to obtain a reduction of the fire and marine insurances, said that if the house did not determine the question on the motion for the hon. member for Bucking ham, the hon. member for Dudley ought to have an oppor tunity of raising his question onthe Terminable Annuities Bill. On the motion that the bill be read a. second time, Mr. HUBBARD moved that it was inexpedient to retain, as part of the inland revenue for the service of the year, the present duties on fire and marine insurances, which wore unjust in their incidence on property, and injurious to thi national industry. The hon. gentleman took the opportunity of going into the Government profits, and said that ho considered. that the fairest and best manner of devoting the small surplus was by remitting 6d. of the fire duty, and reducing the duty ou marine insurance to 3d. per £lOO. Mr. MARSH seconded the resolution. He said the mo tion opened up the whole of the Government proposals contained in the financial statement made by the right hon. gentleman the Chancellor of the Exchequer. Some of the proposals he thought would be very beneficial, especially that for equalising the duty on foreign wines in cask and also in bottle, because he anticipated the best results. With respect to the plan for the paying of the national debt, that was a matter of the highest importance, and he thought the house ought to pause before it tied itself down to a particular project for its gradual reduction. The proposal of the Chancellor of the Exchequer, it seemed to him closely allied to the old sink ing fund return, which had resulted in thorough and com plete failure. He did not think the house would be acting wisely if it finally determined to pay £1,000,000 a year for a very long period, let whatever crisis arise. The CHANCELLOR of the EXCHEQUER, although admitting that the marine insurer had an urgent claim for reduction of duty, did not think that the fire insurer had the same claim, inasmuch as it was a tax upon property. The revenue returns would, however, not admit of any re mission of insurance duties at present. After a few words from Mr. WHITE and Mr. HENLEY, the motion was negatived without a division. TERMINABLE ANNUITIES BILL. The CHANCELLOR of the EXLICHEQUER said, in moving the second reading of the bill, he must begin with with a confession on his own part, and at the same time a plea in mitigation of any bl a me that might be due to him. He must confess that he ought to have given a much fuller explanation of the measure in order to convey a clearer idea of it to the house. But the house would understand that made involved such amass the financial statement annually of varied matter that he was unwilling to add an la f our to a speech which of ne cessity was already too long for the purpose of entering requisite to enable the into all the details which House to understand the naturereefproposal which he have li n ich . endea vour recommended. He would, i n the the incautiously used. your to obviate any misapprehension first place, opinions alt arisen out out of words that he may might have It was true that in the financial statement he cipally, in connection with this subject, u he thought were coming more and more into vog ue withwhich respect to the supply of c oal. His intention N 7,,,, not to make those opinions the basis of a proposition, but to em ploy them in reinforcement of the ordinary considerations which he thought they might safely take for granted a s belonging to the fixed financial policy of the country considerations amply sufficient to justify the proposal he now made. On the evening on which that statement was submitted to the House, the right hon. member for Ox fordshire, with his usual discernment, observed that the proposition was a somewhat small one when measured with reference to the prefatory reasons by whic h it was introduced. He thou g ht that obse r vation was a just one. B u t t e p p re refa u t t ory reasons—which might be dispensed with se if he isolated matter --were were to be judged simply as an House c,onsideratio-7ere intended to bring to the mind of th e in the measure _ to 111 . 1 somewhat wider than those involved adopting am e nsa durations connected with the policy of re d ecisive course, not only in the present, but in future years, w i t h He had not regard st to our action upon the public debt. of England was exclusively dependent either that the greatness they were to look forward to therndent upon coal, or that treated coal as a peculiar element i exhanstion of coal. He the land, largely contributing not only greatness of Eng land, but in particular to their commercial that greatness in over other countries, and that was the point precedence ess ential to ke e p in view. That England would wo which it was her coal keep an eq ual p lace in the race he liati i n a n d with doubt. But it was her precedence in the race reason to she had already made—it was her maintenance of t hat start, etart it was the incre ased development from year to year which he had exhibited —it was the speciality in her condition which enabled her . , to produce and send to market the largest quantity of the cheapest coal in the world. Th ese were considerations which could not be presented in the form of d e t erm inate propositions, but they were considera tions of great weight at the present day. He adhered to the general scope of those observations, but with the explana tion that they were indeterminate, and afforded consider able scope for debate. Returning to the precise points in volved in the bill, he had two propositions to submit to the house. First of all, a portion of the argument ho had hoard from the hon. member for Salisbury, and a portion of the argument he had heard in various forms on the subject of the bill, was to be met by this observation, that the policy of paying off the public debt in fixed portions from year to year under the form of terminable annuities had . THE S(Th, LONDON, FRIDAY EVENING, MAY 25, 1866, never been fully argued by him, because he had as sumed it as an elementry proposition, fixed and em bedded f or a l ong t i me i n their w e , le financial Policy. If people said that that policy sl onld be re east from its first elements, he granted th .y were entitled to do so. The policy of terminable a ,uOO es being a fixed portion of the financial system of the v ntry, the imme diate justification of the present measure was to be found in this : that it was not, as the hon. and learned member for Suffolk seemed to suppose, a great extension of that which they had uniformly done ; it was not a marked step in advance as comparad with the ordinary scale of pro ceeding; but a very partial attempt to recur to the scale of operations with reference to the payment of the national debt by terminable annuities—a scale which was uniformly maintained until about five years ago. At the close of the great war in 1815 the charge of terminable and life annui ties was £1,900,000. By the year 1840 this charge had been brought up to £4,300,000. From 1835 to 1859, a period of a quarter of a century, the annual charge in re spect of terminable annuities—a large part of which repre sented presentiendtecraepsittaol of debt—was nd d ebt, t but as bolaargeutplr,tooofo,oowho. I ichan 1860, by by the lapse of terminable annuities, tho charge fell to £2,094,000; so that there was then a considerable reduc tion in our efforts for the reduction of debt by terminable annuities. Since that time we had done something, b u t not much, to increase the charge of terminable annuities. That charge was now £2,400,000; and this would be still further increased by an Act passed during the present year. We were, however, now about £1,600,000 within the sum that was paid for a quarter of a century before 1860; and the Act to which he had already referred, together with the bill under discussion, would not bring the annual charge in respect of terminable annuities up to that sum. He now came to the question whether we ought, as a mat ter of policy, to make an effort to reduce our debt. It was said by those who argued in the negative that the debt was held by the public at a rate of interest, say of ail while the sum taken to pay off that debt was taken from an industrial community who were making 5, 10, or 20 per cent. on it. But that argument was fallacious, because it implied that when debt was paid off there was an end of the transaction, and the money thus expended was lost. But that was not so, because the money employed in paying off debt went into the money market of London, and thus became available for cheapening capital and stimulating industry. It was, however, said again we must not only look to the fact that our debt had during the last 50 years been brought down from 900 to 800 millions; that we must also look to the fact that the country was now better able to bear the latter sum than our forefathers were to bear a much smaller sum. Well, it might be we were now better able, if need were, to enter upon and maintain a long and sanguinary struggle than our forefathers were when Mr. Pitt entered into war with a debt of some 350 millions. But that did not seem to him a satisfactory argument. He should be sorry to see the financial process of that war re peated, for he believed it might be truly said we were only now beginning to extricate ourselves from the mischievous results which that war had in one way or another entailed upon this country. It must also be recollected that while that war entailed great burthens upon the country, it also opened to us great sources of wealth, by giving us the ab solute mastery, indeed the monopoly, of the sea. That was a thing that could never happen again. There was there fore no safe parallel to be drawn between the two periods. Coming to the bill before the house, the propositionsit con tained were twofold. First, by operation A the Govern ment proposed to convert a book debt of 24 millions due to the Commissioners of Savings Banks into an annuity of £1,725,000 for 152 years, terminating in 1885, which would entail an annual additional charge of about one million. This £1,725,000, when paid, would pass into the hands of the commissioners for the national debt, who would hold it, liable to the demands of the trustees of the savings banks. The commissioners would annually invest whatever could be spared from the balances in their hands, either in pub lic securities or-in funds guaranteed by Parliament, as might be most expedient. No change in the mode of in vestment mirth, existed now would be made, but supposing that a considerable proportion of the investment of these spare balances should go into the funds, these would be come the subject of operation being converted into annul ties terminable in 1895. The result of the two operations would be this : during the present year only half a million additional charge would become payable. Next year it is true that the whole of the million due under operation A would come to charge, but then the additional half million would be more than met by the falling-in of the Bank dead weight of £585,000 per annum. The maximum effect of operation A would, therefore, be to increase the annual charge by £420,000. He then came to operation B. Sup posing the whole of the annuity of £1,725,000 to be in vested, which would not be the case on account of the demands of the savings banks trustees, the figures would stand thus: There would be outstanding in 1885 a public charge of £120,000 as the result of operation A. If the whole of the annuity of £1,725,000 down to that time had been regularly invested in Three per Cent. stock, there would then have been created an annuity of £3,170,000 terminable in 1895. But stock would have been cancelled bearing interest to the amount of £1,875,000, so that the additional charge under B would be £1,295,000, which, added to £120,000 under A, would make £1,715,000. Then in 1885, she annuity of £1,725,000 payable under operation A would cease, and annuities created by Sir George Lewis to the amount of £680,000 would also fall in. Therefore there would be a diminished charge of £2,405,000 against the increase of £1,715,000 which had been already men- 1 tioned ; shriving a net decrease of £690,000,per annum compared with the starting point. An objection had been raised to the bill on the ground that it involved the prin ciple of the sinking fund. Now, he would undertake to endure any penalty that might be inflicted upon him if he were found knowingly proposing again the institution of the sinking fund. He did not believe that any part of the sinking fund was involved in the proposal which he now made to the house. He had on all occasions been opposed to the sinking fund, and during the present session he had obtained powers for the abolition of two sinking funds pure and proper which had existed down to the year 1866—one under the name of a fund for donations and bequests, and another under the title of the Audit Roll Fund. Let themconsider what were the real objections to a sinking fund. The first objection was that they did not pay off debt but only pretended to pay it off, and it was a fiction to borrow money for which they were. to ray. The next objection was that the sum which they paid was infallibly sure to be less than the sum which they borrowed in order to pay. There was therefore a positive waste in the operation. In order to pay for a given amount they borrowed more than that amount, because in order to go into the market to make the loan they must pay the contractor his profit, and in order to redeem the stock they must give the jobber his profit. Considered, therefore, in an economical point of view, the proposition would not hold water for a single moment. Such being the objections to a sinking fund, and these being, in his opinion, conclusive, the next point that arose was how far they were applicable to the terminable an nuities ; because on the answer to that question would de pend the merits of the bill. Terminable annuities had this advantage, that they placed a certain payment of debt be yond the vicissitudes of the finance of a . particular year. For his own part, he confessed ho was disposed to side with those who established our system of terminable an nuities. How far were these annuities open to the disad vantages of a sinking fund ? In a year of surplus there was no objection whatever to terminable annuities because they had a surplus available for the payment of debt. But how did it operate in a year of deficit ? In such a year un doubtedly nothing was gained, to say the least of it. They were not under the disadvantage which they would have been under Mr. Pitt's plan of going into the market to purchase and redeem stock, but still while they were borrowing in the market they were likewise paying for debt. That prima facie was a disadvantage. It was one, however, which really had no application to the proposal now before the house. Another objection to terminable annuities was that they were only saleable upon very bad terms in the open market ; that they did not suit the object of the great body of those who had money to invest ; and that they were open to an unfavourable influence in consequence of the operation of the income tax, which was uncertain in its amount. For these reasons they 'were a costly method of borrowing for the public. Sir G. Lewis, in 1856, combined the two operations of borrowing money at 3 per cent. and of creating terminable annuities, and ho was by no means prepared to say that the scheme was not advantageous to the public. But the objections to terminable annuities did not apply to the present bill, because under its operation not one market. s tal sh The g viillin's worth would, be sal ea bl e i n the open and fundaxaental consideration of the whole matter was this, that the public were not only to be regarded as borrowers, but as bankers; and further that, whereas they were only occasional borrowers, they were always bankers. As borrowers they conducted losing ope rations, and as bankers they conducted profitable opera tions. which a The house should bear in mind that, i n d ependent of their revenuoandexrpuenndetunrtefnuaacicloyu,nta,natheeyn had banking account which such as the Friendly Soci stood the deposits they rec s e , iv f e u d nd f s ro a m nd va t ri he offie oupsossot-urces, etiee , because the present bill did not propose to deal with them. Savings Banks funds, both of which he put cut of view a There were also the funds theof.n the ol d generalsavings banks, but these he put out of viewargument, though th e y had an important bearing upon the question of conversion. As regarded th Savings B an k s i t was ver y un likely that, as they h alashlte ytoearmoafintiaiiianharaltaersg,ethbe p banking waccountto during e ost been e P ffi had - e Post-office c onvert the b a l ances, which dur i ng t h e f our years' ope ,cecuoludb oanxious ope rations stood at £7,000,000 over and above all payments out ; and d ur i ng the last year, under the adverse circum stances of the money market, the balances stood at one and three quarter millions over and above all payments out. The tendency, the tion, and h e accordingly ref ore, was towards accumula uroverntnei beassumedcertain, that from th a t sou rce a surplus w ould Post-office Commissionerstheirit sold to banking establishment h aving that surplus,and therefore the and to no oth er customer. Let them con s id er the effect of operation A under this bill in years of different circumstances It e would be most' convenient to his p urpose to divide these y classes. First, th e years of surplus ; seconda,r t s h i e n to tiareeef casual and unanticip a t e d d e fi c i encies; and third, tre a y r e s ars , of known and avowed deficiencies, such as years of war, when they were obliged to resort to extraordinary re sources. The years of surplus did not require to be dis cussed, because they were agreed that there was no objec tion to the operation of the terminable annuities in those years. Then as to the years of casual deficiencies. Suppose that they were going to liquidate debt to the amount of one million under the form of terminable annuities, and suppose also that there was a casual deficit amounting also to one million, what happened? The Chancellor of the Exche quer, with his deficit of one million, as Finance Minister went to the Chancellor of the Exchequer in his capacity of Commissioner of the National Debt, who had just received one million to invest, and in his capacity of National Debt Commissioner he made over to himself, in his capacity of Finance Minister, this one million, and received in return Exchequer bills or bonds. It would be seen that there was no waste or economical objection to this mode of proce dure. Coming next to years of avowed deficiency and loan, the operation was equally simple. Suppose they had a surplus in their banking account of one million, and sup pose they were going to raise a loan of five millions, the National Debt Commissioners would simply take the one million of loan upon the same terms as the bidders in the open market. That was a perfectly simple operation, and involved no economical objection. The only other con tingency which required to be taken into view was th e case of a deficit in their banking account, where the divi dends received upon the stock and other securities held by the National Debt Commissioners, together with the de posits, were less than the calls made upon them by the de positors ; and secondly, where the banking account instead of being able to help the Exchequer, was itself in need. He contended that the operation of this bill was also bene ficial there. It would be open to them to borrow money. Suppose they borrowed a million, and that went to keep their banking account. That would prevent them selling so much stock ; and he conceived it was not desirable, especially in periods of depression, for the Government to go into the market as sellers of stock. It would be much better that any deficit should be raised by Exchequer bonds or in some similar way. Admitting this, he did not think that even in an extraordinary year mischief would occur, while in every other year the operation would be of the greatest convenience. With regard to operation B the case was precisely the same, because the house should remember that the money which they were going to pay—the 4725,000—was the trust money, and being trust money they must deal with it according to the conditions of the trust. It was not to be dealt with for the purposes of the Exchequer, but it was held liable to the claims of the savings bank trustees. It was perfectly true they would have to invest the surplus of that money in the public stocks, but so they did under the present law, and they did not propose to alter the conditions as to investment; but these investments would, if this bill ?assed, be reconvertable into terminable annuities, and the produce of these annuities would be subject to the same considerations which he had mentioned as applicable to operation A. He ought, however, to keep in view the con tingency of the Government being bort owars and payers of debt in the same year ; but this did not demand more than passing notice, because on all occasions they must look not to what might happen exceptionally, but to that which happened ordinarily. All, however, depended, he must admit, upon a clear comprehension by the house of the position of the Government as bankers. Through the Commissioners for the Reduction of the National Debt, the Government was responsible to the savings bank trus tess for the principal and interest at a certain rate of all moneys they received. The principal and interest con stituted the liability of the State considered as bankers. The State invested the money it received from the trus tees of the savings banks, and it was those funds and the dividends which it received that formed the assets of the State. This measure was not bringing up its liabi lity; it was only bringing up its assets. What, therefore, he would contemplate, and what he hoped the house and future Parliaments would adopt, would be to adhere to the policy of paying off the debt through terminable annuities, by paying dividends simply as a bank, and by adjusting their banking accounts to the wants of either years of de ficit or years of surplus. He did not, as had often been suggested, propose going into the market. for the purpose of selling these securities, but he looked to the public de posits as supplying the natural limits of the operations. It was p.oysse wouldiable that the deposit i n th e h an d s o f th e St a t e i n migh s t ee be ch g e r a e p a e tl r y menolnaerygeidn. thislt was probable a a b n l d e was possible that the deposit in the hands of the State in future years might be greatly enlarged. It was probable tthat they that Lo doubt would tend to increase the deposits. If the operations of the Post Office savings banks were to con tinue, say for thirty-five years, at the same rate as they had gone thus far, they would by that time have received something like £50,000,000 the whole of which would come into operation, and be available for being Omit with in the manner proposed by the present bill. His own be lief was there were various funds in this country which ought to be in the hands of the State, because if a deficit were to occur in them that house would be called upon to pay the loss, and that being the case it seemed to be a corollary that this house should have the custody of them. While, therefore, they did not propose going beyond the deposits as a basis of operations, yet it was quite possible that the fund of which they proposed to make use might be enlarged from time to time, either by the causes which were now in operation, or by the possession by that house of moneys which it now had not. With out going through the figures which were in the hands of hula. gentlemen, it would give him satisfaction to give any explanation that might be required, and he would be happy to listen to the sentiments which might be ex pressed by other gentlemen, members of that House. Making freely the admission and setting out with it as a principle, that they did not desire to be parties to the re establishment of a sinking fund, and thinking that they did possess, through the banking offices of the State, a means by which they could avail themselves of the un doubted advantages for liquidating the debt through the system of terminable annuities, and avoiding the incon veniences which in former times had beset that system, most anxious was ho not to claim for this proposal the credit of effecting great operations. It was quite possible that what might take place under what he had indeed. However, operation B might be very insignicant However, he was bound to point out to the House that in that case the Post Office savings banks would supply a fund by which they would have the power to make ter minable annuities. The House would observe that he had not argued the question at all in detail, but had spoken of the policy of making this application of the moneyrather than of applying it to the remission of any particular im post. He should only be taxing the patience of the house if he were to enter into any probable operations in an ex ceptional year. What he proposed was of the character of a financial operation that might be easilyunderstood by the house, so that the house was able to form a judgment upon the important question whether they were endeavouring to pursue a public object, whether they were liable or not liable—he thought they were not liable—for the re-intr o ductiou of principles which, however plausible they might be at first, had been proved unsatisfactory, and principles which, after such confutation by right and practice, it would be a mistake on the part of any Government to place on the statute-book of the country. Mr. HUBBARD objected to several items in the pro posed scheme of terminable annuities, and taxed the Chan cellor of the Exchequer with dealing unfairly with savings banks deposits. He trusted that this would be thoroughly investigated when passing through committee. Mr. LAING complained of the disparity which existed between the Chancellor of the Exchequer's budget speech and his additional financial statement. The terminable annuities were then spoken of as a mode of reducing the national debt which would virtually be by taxation ; but it appeared now that for them to lapse into a permanent sinking flied was a mere delusion, as the bill could be swamped at any moment by decree of the Chancellor of the Exchequer. He did not approve of entering into pros pective engagements, neither did he believe that the scarcity of coal which was predicted would lessen our resources to the extent contemplated. If such scarcity should occur, other branches of industry would take the place of those which required an abundance of fuel. He thought that if the duties on consumable articles, such as sugar, were reduced, we should benefit commerce and the working classes better than in an attempt to lessen the national debt by moans of extra taxation. Sir FITZROY KELLY objected to the principle of raising large sums of money by means of taxation for the purpose of reducing the national debt. He reviewed the scheme of the Chancellor of the Exchequer in an elaborate speech, and contended that it was unwise, impolitic, and dangerous in the extreme to bind ourselves to a policy of annual payments of at least a million extending over forty years without knowing that the condition of the country would bear the extra taxation. Mr. FAWCETT was sorry to differ from the Chancellor of the Exchequer, but he thought the terminable annuities a bad scheme, because it was a.n uncertain scheme. It was impossible to see what the effect of this extra taxation may be in 1885. The endeavour to throw upon our successors a greater manual payment than we were prepared to pay was an unfortunate project. This was not a period to in crease the ta xa ti on o f the country, and the only way, in his estimation, to reduce the National Debt was to have a yearly increasing surplus revenue which could be thus applied. Mr. CHILDERS defended the Government Bill, and went over the scheme proposed by the Chancellor of the Exchequer, which, he said, would not tax the country to the extent which had been suggested. It was a sound financial arrangement, and one which would tend to increase the credit of the English nation. Mr. HENLEY ridiculed the Government scheme of ter minable annuities, and pointed to the difficulties of meet ing the payments guaranteed in future years. After a few words from Mr. Samuelson, Mr. Liddell, and Mr. Vivian, the second reading was agreed to. Mr. COWPER introduced the second reading of the Commons (Metropolis) Bill, which was intended to facili tate the purchase of open spaces for public recreation within 15 miles of London and four miles of other towns, and to appoint commissioners to report upon such lands. After lengthened remarks from Mr. Ayrton, Sir W. Jol liffe, and Mr. Buxton, Mr. COWPER agreed to the bill being referred to a select committee, with instructions that it should be extended to all large towns in England. The remaining orders of the day were then disposed of, and the house adjourned. Naval and Military Intelligence. Yesterday Major-General Sir Robert Walpole, K.C.8., commanding the Chatham district, com menced the half-yearly inspection of the troops under his command, the first day being devoted to the in spection of the Ist Depot Battalion of Infantry, under the command of Col. J. W. Smith, C.B. In the morning Sir Robert Walpole inspected the books, accounts, and the official records and docu ments of the battalion, and afterwards visited the barrack-room and quarters occupied by the troops. At 4 o'clock yesterday afternoon the various regi ments and depots comprising the battalion, includ ing the Ist and 2d battalions of the 4th King's Own Royals, the Ist and 2d battalions of the 15th Regiment, 35th Regiment, 77th Regiment, and 94th Regiment, were formed on the review ground within the inner lines of fortifications, where on the arrival of Sir R. Walpole the inspection of the various corps was proceeded with, the arms, kits, accoutrements, &c., of the non-commissioned officers and men being first examined, and the companies afterwards exer cised in various movements to test their efficiency in battalion drill. Major-Gen. Sir R. Walpole will eontinue his inspection of the other troops at the garrison this evening. The out-pensioners of Chelsea hospital, attached to the Chatham district, including those formerly belonging to the various cavalry and infantry regi ments, and the Royal Marines Light Infantry having completed their annual period of training, under the command of Col. R. Jenkins, were inspected on Chatham-lines yesterday by Col. J. W. S. Smith, C. 8., commanding the Ist battalion of infantry at the garrison. The various companies, numbering in the aggregate about 400 men of all ranks, having assembled in front of their quarters, near St. Mary's Barracks, were marched to their lines, where they were put through the manual and platoon exercises, and afterwards inspected in a variety of movements, in which the veterans acquitted themselves most effi ciently, the whole of the movements being gone threugh with the utmost steadiness and precision. The pensioners will return their uniforms, accoutre ments, and rifles into store to-day, and will then be released from further duty until again called out for training. Major-Gen. W ar d e , C . 8., comman di ng t h e dis trict of Woolwich, on Tuesday brigaded on the re view ground at Woolwich-common a large portion of the non-duty men for inspection, which it is an nouneed will be carried out on Thursdays, each week, during the summer seasons, the weather per mitting. The force assembled consisted of three troops of Horse Artillery of the C Brigade, in com mand of Col. A. Huyshe, three batteries of the Bth Brigade Field Artillery, in command of Col. Riddell, C. 8., recently marched into garrison from Dublin, four batteries of other brigades mounted, and a bat talion of Royal Marine Light Infantry in command of Second-Commandant Col. Lambrick, A.D.C. to the Queen, making a total strength of 1,122 men, 42 guns, and 636 horses of the Royal Artillery and 800 men of the Royal Marines. The ground was pointed out by Brigade-Major Hay, and the line was formed soon after nine o'clock, the Light In fantry in the centre, and the troop of the Royal Horse Artillery (acting as cavalry) and the field batteries right and left. After being inspected front and rear they marched past, and subsequently went through a most interesting course of field-day's ma noeuvres, occupying three hours. The batteries were supplied with 10 rounds of blank cartridge per gun, and the infantry 15 rounds per man. Major-Gen. Warde stated to Colonel Louis, who commanded a portion of the Royal Marines, that he was much gratified at the steady and correct manner in which the battalion had performed their movements, the correctness of which would lead one to suppose that they were at the close, instead of the com mencement of the drill season. The firing and marching of the battalion, he added, were, as usual, excellent. Capt. and Adjt. Shadham, Quartermaster Wil liams, and the head-quarters staff of the 4th Bri gade Field Artillery, accompanied by a detachment of non-commissioned officers and privates, left Woolwich on Tuesday for the Euston-square sta tion, where they were joined by a detachment from Warley, and proceeded by a train to Liverpool, where they were to embark for Canada. No. 2 company Military Store Staff Corps have been granted quarters in the Royal Engineer Bar racks at Woolwich, 63 non-commissioned officers and men of various Line regiments having arrived from the depots of their regiments. The company will receive its full strength of 100 during the week. The system appears to work satisfactorily, and will be extended to the other garrisons shortly, Wool wich to be the head-quarters of the corps. Major Hammersley, Assist.-Quart.-General and director of gymnastics, accompanied by Capt. Clarke, Royal Artillery, superintendent, completed his in spection of the gymnasia at Woolwich garrison, the Royal Military Academy, and at Warley, on Wed nesday. Each gymnasium was found in excellent order and the instructors most efficient. Upwards of 2,000 men have undergone a course of training during the past year at Warley and Woolwich, not withstanding the limited space at present allowed for that purpose. ft is, however, expected that the establishment at Woolwich will be considerably enlarged. Yesterday a naval court-martial assembled on board the Formidable, 84, flagship of Vice-Admiral Sir Baldwin W. Walker, Commander-in-Chief at the Nore, for the trial of Mr. Chas. Gribble, assist.- paymaster of and belonging to H.M.S. Dauntless, 31, 580-horse power, Capt. E. P. B. Von Donop, for having, on or about the all inst., drank intoxi cating liquors to such an extent as to unfit him for the proper performance of his duty on board the said ship. The prisoner gave a complete denial to the charge, and urged that he was suffering from heart disease at the time, the excitement caused by which might have been mistaken for intoxication. The prisoner called four witnesses for the defence, and also handed in certificates from officers under whom he had served, giving him an excellent cha racter. The Court found the prisoner " Guilty," and in consideration of his former good conduct, as shown by the certificates produced, sentenced him to forfeit one year's seniority of his rank, and to be dismissed from H.M.S. Dauntless. The annual regimental dinner of the 38th Regi ment was held at Willis's Rooms on the 17th inst., and was numerously attended, Colonel E. A. Whit more presiding. The Challenger, 18, screw steam corvette, 1,462 tons, 400-horse power, left Sheerness yesterday for her destination as the flagship of Commodore R. Maguire, on the Australian and New Zealand sta tion. The ship was last employed on the West Indies station, under the command of Capt. Ken nedy. She returned to Sheerness about a year and a half ago, and was placed in the first division of the steam reserve. Since she has been at Sheerness some extensive alterations and repairs have been effected, and she has now been commissioned as the flagship of the station mentioned above. Her arma ment consists of eight Bin. or 65cwt. guns, eight 64 pounder shunt guns, and two Armstrong guns. Since the vessel h as b een ly i ng i n comm i ss i on in Sheerness harbour th e f o ll ow i ng officers have joined her :--Commodore Maguire, Commander Brown rigg ; Lieuts. Hornby, Boyd, and Bell ; Master Slader ; Dr. Watson, M.D. ; Chaplain Rev. Mr. M'Dowell ; Chief Engineer Brown; Naval Instruc tor Mr. Fowles ; Lieut. (Royal Marines) Airey ; Assistant-surgeon Pickthorne ; Paymaster Antey ; Secretary Parish. Previously to her departure the ship was inspected by Sir Baldwin Walker, who expressed himself as highly satisfied. The Chal lenger takes out several supernumerary officers to fill up vacancies occurring in ships on the station. The ship will call at Portsmouth to take up super numeraries, and will then proceed to Malta, where she may stay a shoat time, after which she will pro ceed directly to Sydney. The Mullet, 5, screw gun vessel, 430 tons, 80 horse power, Commander Robinson, loft Sheerness harbour on Wednesday for the West Coast of Africa station. The following appointments have been made at the Admiralty :—.Commander J. Hutchison, to the Curacoa, for surveying service ; Lieut. Francis W. Lowther, to the Formidable, as Flag.-Lieut., to' Vice-Admiral Sir Baldwin W. Walker; Joseph B. Doyle, master, additional, to the Indus, for the Vestal ; George A. Stubb, master, additional, to the Frederick William ; and Richard Sainthill, pay master, additional, to the Topaze. Railway and other Companies. LONDON AND NORTH WESTERN. The adjourned W harncliffe meeting of this com pany, appointed to be held yesterday at the Euston station, Mr. Moon in the chair, was further ad journed, in consequence of none of the bills being ready, to the 29th inst. METROPOLITAN AND ST. JOHN'S WOOD. A special general meeting of this company was held on Wednesday at the offices, Duke-street, Westminster, for the purpose of considering agree ments with the Metropolitan Railway Company for the working, use, and maintenance of the St. John's wood line, and to raise additional capital under the company's Extension to Hampstead Act, 1865; Mr. W. Austin in the chair. The CHAIRMAN said the works on the line had progressed satisfactorily, and he had no doubt the line to the Swiss Cottage would be completed and opened by the end of the year. The Metropolitan Company were to work the Metropolitan and St. John's-wood line for 50 per cent. of the gross earn ings. The Metropolitan Company were to allow the St. John's-wood Company a rebate of 121 per cent. on the gross through traffic over the whole of their system until the St. John's-wood Company paid a dividend equal to 6 per cent., and before the St. John's-wood Company paid a larger dividend than 6 per cent. they were to repay to the Metropolitan Company any sum paid by way of rebate, with in terest at the rate of 5 per cent.; and the agreement also provided that the Metropolitan Company was to have the option of taking the St. John's-wood line at any time within five years from the opening of the line, at 6 per cent. in perpetuity. He pro posed the adoption of the agreements, which, having been seconded by Mr. W. Lee, M.P., was unani mously agreed to. The CHAIRMAN then moved a formal resolution, authorizing the raising of new share capital to an amount not exceeding £200,000 by the issue of 20,000 shares of £lO each. Mr. LEE, M.P., seconded the resolution, which was carried, and the proceedings terminated. NORWICH AND SPALDING. A Wharncliffe meeting of this company was held on Wednesday, at the Westminster Palace Hotel, for the purpose of considering a bill for the amalga mation of the Lynn and Sutton-bridge and the Spalding and Bourn Railway Companies, and for a lease of the Norwich and Spalding Railway to the amalgamated company; Mr. J. Wilkinson in the chair. The CHAIRMAN, in moving a resolution approving the bill, said it was proposed to lease their line to the amalgamated companies for 99 years at a gua ranteed rent of £9,000 per annum, which the di rectors considered was a very fair sum to pay. The resolution was carried, and the meeting se parated. SPALDING AND BOURN. A Wharncliffe meeting of this company was held on Wednesday at the offices, Queen-street, West minster, Mr. Tootal in the chair, when a bill was approved authorizing the Spalding and Bourn Rail way Company to extend their undertaking from Bourn to the Midland Railway at Saxby, in Leices tershire, and to form junctions with the Great Northern and Norwich and Spalding Railways. Two other bills were also approved, and the pro ceedings terminated. LYNN AND SUTTON-BRIDGE. A special meeting of this company was held on Wednesday at the office,Queen-street, 'Westminster, Mr. Tootat in the chair, to consider a bill to enable the Lynn and Sutton-bridge Railway Company to extend their undertaking at King's Lynn ; also a bill authorizing the amalgamation of the Lynn and Sutton-bridge Railway with the Spalding and Bourn Railway, and for a lease of the Norwich and Spalding Railway to the amalgam ated company ; and also a bill to enable the IVensum Valley Com pany to make deviations in their line of railway, and for repealing sections of their Act of 1864 con ferring certain powers on the Great Eastern Rail way Company. The CHAIRMAN having explained the object of the bills, resolutions approving them were adopted, and the proceedings terminated. LLANELLY. The special general meeting of this company, ap pointed to be held yesterday at Radley's Hotel, Bridge-street, Blackfriars, to consider an agreement entered into between the Llanelly Railway Company and the Llanelly Harbour Commissioners for the use of a dock, was adjourned to the 14th June, in consequence of the agreement not being ready ; and also a Wharncliffe meeting of the company, ap pointed to be held yesterday, was adjourned to the 7th June, in consequence of none of the bills to be submitted being sufficiently advanced for the con sideration and approval of the shareholders. GRAND TRUNK OF CANADA. The traffic receipts on this company's lines for the week ending the sth inst. amounted to £6,045 for local passengers ; to £3,227 for foreign passengers; to £596 for emigrants ; to £976 for mails, &c. ; to £12,954 for local freight and live stock ; and to £2,047 for foreign freight and live stock—total, £25,845, against £26,399 for the corresponding week of last year, showing a decrease of £554. The total receipts from the Ist January to the above date amounted to £441,160, and for the same period last year to £428,188, showing an increase of £12,972. CITY TERMINUS HOTEL. The report of the directors for the year ending March 31 states that the expenditure to that date on capital account amounted to £110,870, less £lO,OOO returned on account by the South-Eastern Railway Company for amounts paid for the con struction of the booking offices. The directors would commence business at the earliest possible moment by opening the restaurant, in order to ac commodate the great number of passengers by the City trains, which would be running to and from the Cannon-street terminus in the course of a few weeks. The sanction of the proprietors of the South Eastern Railway had been obtained to the granting of a lease by that company of the necessary site for the hotel, restaurant, refreshment-rooms, tap, &C., for 999 years, at £65,000. This sum had been paid in shares, the South-Eastern Company reserving a portion of the ground-floor for the railway booking offices, for the erection of which that company had agreed to pay £15,000. The company was now about to issue debenture bonds at 6 per cent. per annum, in amounts of not less than £lOO each. The directors looked forward with much confidence to a satisfactory result being obtained as soon as the ne cessary arrangements were completed for opening. [ADv EuxisEmENT.]—Consumption, and all nervous, biliow, stomach, and liver Complaints, in every stage, are only ag gravate I and accelerated by drugs of every description, bui vertecly curable by Du Barry's health restoring Revslents Nrabica Food, as proved by thousands of cases which nao been considered hopeless; such as indigestion (dyspepsia), cough, asthma, consumption, habitual constipation diarr hoea, all gastric derangements, hemorrhoids, liver com plaints, flatulency, nervousnes4, biliousness' fevers, sore throats, diphtheria catarrhs, colds, influenza, noises in the head and ears, rheumatism, gout, 'input Wes. eruptions, hysteria, neuralgia., irritability, sleeplessness, acidity, pal pitation, heartburn, headache, debility, dropsy, cramps, spasm-, nausea .d sickness even in pregnancy or at sea, sinking fits, bronchitis, scrofula, tinlituess of the chest, pains in the pit of the stomach and oetwecn the shoulders, &c. We quote a few. -Cure, No. 46,270. Mr. James Roberts, timber merchant, of leers 'ey surrey, of tarty years' diseased lungs, spitting of blood, liver derangement, and partial deaf ness.—Cure, No. 47,121. Mies Elizabeth Jacobs, of extreme nervousness, indigestion, gathering - ,s, low spirits, and nervous tancies.—Cure, at.. 1,77). Lord Stuart de Decies, Lord-Lieu tenant of Waterford, of many years' dyspepsia.—No. 43 , B32 . Fifty years' indescribable agony from dyspepsia, nervousness, asthma, cough, const patio., flatulency, spasms, sickness, and vomiting—Maria Jolly.- Cure No. 54,816. 'hie Rev. James 11. Campbell, Ftiaenham, Norfolk, of indigestion and torpidity of the liver. which had resisted all medical treatment. In tins, 11b, 2s 9d ; 21b, 4s 61 ; 51b, lls ; 121 b, 22s ; 211 b, ; Os. —Barry Du Barry and Co., No. 77, Regent-street, London; also Phillips, tea dealers, 8, King William-street ; likewise at 61, Gracechurch-stre .t ; 4, Cheapside ; 49, Bishopsgate street Within ; 63, 50, and 298, Oxford-street ; 330, Strand ; 54, Upper Baker-street ; 103, '1 ottenham-court-road ; 96, Upper-street, Islington, N.; Harvey, Notting-hill; Close ifrothers, 65, High-street; and Stubbs, Queen's-terrace, St. John's -wood, London; and all respectable grocers and che mists.--Beware of spurious imitations. SPIRIT OP THE PUBLIC JOURNALS. TIMES.—Some time since, when the foremost Prince of the Imperial House of Austria abandoned his high station in the Empire, his right of su.:ces sion, his splendid home, and all the comforts and tranquillity of European life to reign in another hemisphere over an almost uncivilized people by the protection of foreign bayonets, the world was startled to find that the passion for a Crown was so strong in princely breasts. If the Archduke Maximilian could be tempted by Mexico, no wonder that Prince Charles of Hohenzolleren has not been able to resist the offer of the Principalities. The Archduke was one of the greatest personages in Europe ; Prince Charles is of much less exalted rank. The Arch duke is the brother of the Emperor ; the Prince, though connected with Royalty, is but a captain of Prussian Dragoons. On the other hand, a more pleasant and comfortable Throne may be found in the Principalities than in Mexico. The title of Em peror assumed by the emigrant Archduke may be grander, the territory he hopes to rule is far more vast, and the elements of untold wealth abound. But to realize this greatness and these riches in se curity may be beyond the power of a foreign Sove reign, confronted with a turbulent people and op posed with strong antipathy by the great Republic which is his neighbour. The Danubian Principali ties, though they have their drawbacks, might fur nish a more easy and more permanent Throne. They have nearly four millions of people, who are for the most part quiet and industrious, easily governed, and having a high notion of the greatness and capacity of real European Princes. The soil is fertile, the production abundant, the finances may be made satisfactory, and there is no reason why a ruler who understood his subjects might not take a most respectable rank among the minor Potentates of Europe. Prince Charles has appreciated these advantages, and has not waited for repeated solicitations. Old fashioned Royalty may see something undignified in his conduct, but the practical and positive character of the age must have' its effect even ou Princes. A delicate and fastidious refusal of a good thing until it is actually forced upon one is not after the fashion of the 19th century. Prince Charles probably be lieves that the will of the people will give both the right and the power to govern, and after making sure that they are really in earnest he has entered Bucharest. His reception has been enthusiastic. When he arrived, on the afternoon of the 23d, the church bells rang, the authorities presented him with bread and salt, he visited the Chamber of Deputies and the Metropolitan Church, and in the evening the town was illuminated. The National Assembly, called by the Provisional Government after it had dismissed the Legislature that existed in Couza's time, joined its acclamations to those of the people, and, if the demonstrations of the capital are to be trusted, Prince Charles of Hohenzollern is now the most popular man in Roumania, and will be maintained by the nation as its future ruler. There are, however, great difficulties in the way of a set tlement. The Prince may be a very deserving young man, and the Moldo-lVallachians may be enthusi astic in his favour. But in the existing constitution of Europe there is no country which has so little command over its own destinies as the Danubian Principalities. They have long been fertile in " questions ;" they are conversant with interven tions and occupations ; their seizure as " a material guarantee" brought on the war of 1854, and since its conclusion the present is the second Conference which has been held on their affairs. The problem diplomatists of Europe have set themselves to solve is how to combine the complete forbearance of the Porte from all interference in the concerns of the Principalities with the full recognition of its Sove reign rights. One would suppose that when Europe had come to the conclusion that the Principalities should govern themselves, and not be governed by the Sultan, the most reasonable course would have been to dissolve the connection between them alto gether. This exclusively Christian community could not be subjected to the direct government of Con stantinople, and the old administration by Hospo dars holding power for a few years at the pleasure of the Porte would renew intolerable abuses. If the country was to be independent in fact, it might have been made independent in name. But the fears of the statesmen who represented Europe prevailed to maintain the Ottoman suzerainty. It was thought that the Principalities would have a surer guarantee of independence if they remained, even nominally, a part of the Sultan's empire. The Western Powers had interfered, and might be expected to interfere again, to protect the Turkish possessions ; but if the Principalities were made theoretically independent, there might be a danger that Russia would gain possession of them some time or another by force or intrigue. We are not prepared to say that the diplo matists were wrong, or that the suzerainty of the Sultan may not give the nations interested in the fate of the Principalities more ready means of de fending them. But it ought not to be ignored that in the last ten years the Principalities have made considerable progress in self-government, and have shown a strollg inclination for more complete inde pendence. Their first effort was to obtain political and administrative union. Each of them had for merly had its separate Hospodar, and under the Constitution each was required to elect a ruler for itself. The Moldo-lVallachians over came the difficulty by electing Couza in both provinces. Whatever may have been the vices of his Government, the fusion of the two provinces and the union of their inhabitants into one people have-been consistently observed under it. The union of the Principalities under the name of Roumania was proclaimed in December, 1861, at Bucharest and Jassy, a national flag was devised, and a common administration for the whole country established. The next step towards na tionality is, in the opi n i on o f t h e po p u lar leaders, to obtain a foreign Prince as Hospodar. They de clare that there is no native who has a position so commanding as to be abo v e rivalry. Any one of their own race who is set up is sure to be the mark of furious animosities on the part of those who think themselves equally entitled to rule. A native may be too timid towards the Porte, or too subservient to Russia, or without sufficient influence to disre gard the possible menaces of Austria. The scion of a Royal European stock would have the good will of the great families, and be able more effici ciently to protect the interests of the country. lie would also confer on Bucharest the dignity of a Court, and, being entitled from his precedent rank to wear a crown, he might be able to hasten the day when Roumania will be received into the sisterhood of kingdoms. Such are the feelings which animate this lately inert and apathetic race, bearing witness to that impulse in the direction of national inde pendence which is the most remarkable movement of our time. The Roumans having successfully united the two Principalities by an artful com pliance with the letter of the law while evading its spirit, now try an experiment of the kind. It is necessary that the Hospodar of Roumania should be a native. In order to comply with this require ment the National Assembly has unanimously adopted a resolution declaring the father of Prince Charles of Hohenzollern to be a naturalised Rouman. How far the Powers will be satisfied by this ingenious expedient remains to be seen. Prince Charles, however, has already taken possession. He proclaims that he has been elected to the Throne by the free act of the Rouman people, that he has forsaken his country and family, and is henceforth a Rouman. On the other hand, the Conference is to meet to-morrow, at the invitation of the Turkish Ambassador, to de liberate on what has taken place. It is proposed that the Conference shall protest against the pro ceedings of the Prince as an act of usurpation. Thus, at a time when more important interests are to be discussed, the affairs of this little State are likely to give some trouble to the Plenipotentiaries, if they persist in upholding their old opinions. As far as the English people are concerned, we believe there will be little objection to let the Roumans take their own course. So long as the Russian frontier is not advanced, we can only desire that each race should live under the ruler and the institutions of its choice. It is not consistent with justice or policy that any community should be permanently governed by Conventions and Conferences, nor that ther e s h ou ld be every now and then a talk of bestowing its ter ritory on a powerful neighbour as " compensation" for some concessions in another quarter. The Moldo-AVallachians have as much natural right to freedom and nationality as the 'Venetians, and, if they do not endanger the general interest of Europe, there is no reason that they should not please them selves. POST.—The duty on fire insurance, though not absolutely vexatious in its character, has invariably attracted special attention on occasions like the present, when the Chancellor of the Exchequer is engaged in pressing the Customs and Inland Revenue Bill on the acceptance of the House of Commons. The tax can hardly be termed vexa tious, because, although in one sense a tax on pro perty, it assumes that indirect form which almost leads the public to lose sight of the fact that they are paying any duty at all. When an insurer is called upon for his annual premium he does not often take the trouble of ascertaining how much passes into the coffers of the insurance company and how much into the national Exchequer. Nor is the impost a particularly heavy one. Previous to 1864 the duty amounted to three shillings on the insured value of £lOO on all personal property ; but in that year Mr. Gladstone effected a reduction of one-half in respect to insurances on stock in trade, the duty in other respects remaining unmodified. In the course of last session a further remission was made, and a uniform duty was imposed of one shilling and sixpence per £lOO on insurances effected on all kinds of personal property. There are some, who consider that e ven thi s impost is too high, ana, about a month s i nce M r . Sheridan gave notice of his intention to move a resolution to the effect that it should be further reduced. The member for Dudley was, however, at the last moment induced to withdraw his intended motion, and leave the question of furthe r rem i ss i on uncon ditionally in the hands of the Chancellor of the Exchequer. Speak ing generally, however, it is not suggested that the tax is disproportionately great, and those who pal it do not themselves complain that it is oppressive. But, nevertheless, the fire insurance duty numb perhaps more opponents than any other spot' source of the national revenue, no t omitting th e malt duty and the inco me t ax . The ground of ob jection is a peculiar one; it has already frequently, been brought under the no ti ce o f the House 01 Commons, and last evening was, pursuant to notice, again strenuously advanced, warmly cP vassed, and temporarily overruled. On the m otion ~ for the second readi ng o f th e C us t oms and Inlelf Revenue Bill Mr. Hubbard mo v ed, as an amen"' ment, that the impositio n of a d u ty on fire insur ance was inexpedient on account of the inequality of its operation and its g enera l p re judicial ten dency. Although, unde r ex i s ti ng c i rcum stances, the house acted wisely in negati v i n g the amendmen t ! the issue raised was one w hi c h it wou ld be incorrec t to suppose has been fi na lly d ec id e d. Th e objections which Mr. Hubbard and those w h o su pport hisvievla take to the imposition o f an y d u t y w h a t e ver on in surances against the accidental destruction of pro' perty have been advanced on so many previous occasions that it will be necessary very briefly t o review them. The tax is one, it is said, which ope rates inequitably, because it is paid, for the part, by men of limitel means, w h o ar e compel-I. e' t to insure the little property they possess again loss ; whilst the rich, or those who are comparative l y so, may regard with indifference the possible eel' tingency of the destruction of property which they can easily replace. Again, it is a tax which virtu ally offers a premium not only to the wealthy but to the improvident, si n c e it i s on ly th e poor an d the prudent who pay it. It i s a l so o bj e cted, with much plausibility, that its tendency is directly Pre' judicial to the best interests of the State, because/ as the wealth of the community is made up o f the wealth of the individuals who compose it, it i s for the interest of the state to hold out every possibl e inducement to those whose means are limited. to secure themselves against contingencies which ring? otherwise so completely paralyse them as to nat e theth a source of weakness and n ot o f strength their fellow-citizens. It must be admitted that this constitutes a long catalogue of objections, and must also be acknowledged that they are objections to which it is not easy to give satisfactory replies* We are by no means certain that the wealthier classes do not insure largely, and that a large Pet : ton of the revenue annually paid into the Exch e quer from this source is not contributed by theta . and therefore we cannot go so far as to say that fire insuranc e d u ty i s one f rom th e pa yment e e which the richer members of the community sr,. practically exempted. But it is undeniable that th e existence of the tax, however moderate it may be, must operate in deterring the poo rer c lasses fro m ; effecting the insurance of the little property they possess. An insurance is in the nature of a wage", in which a company lays very large odds that Cet i tain property will not be destroyed. The practie ro 3 effect, however, of imposing a duty on such wage rs is to make the company diminish the odds tbe e , would otherwise lay, and thus render it less probab that the bet they offer will be taken. It is, hold' ever, so manifestly the interest of the State to e ll, i t courage prudence on the part of its me m bers tha t may safely be asserted as an abstract propositie" that any tax the operation of which has a c ontra); effect is impolitic. Thus fa r , th en , M r. Hubbar , and those who support e d hi s mo ti on secure d the 3d ' hesion of the majority of th e H ouse o f Commo ns ' But, when passing f r o m the abstract to the concr ete tv it was urged that the provisions for le v ying cl e J on fire insurance should forthwith be rescindc"j other considerations arose which it would have be e puerile to lose sight of. From some source er t another the vast revenues needed by the Governort of this country must be supplied, and it n ecessam o follows that some of the taxes by which they are . 5 supplied must be more objectionable than otheil Direct taxation, for example, does not recomine„ e ut itself to the public so well as indirect taxation ; i% O nevertheless it has been found necessary to iniP e , an income tax, and nearly every one is agreed as the expediency of its imposition. And in like nit ner the duty on fire insurance has its drawbae' t ; but notwithstanding it has been found necessary t continue it, for the simple reason that the amoun t which it returns annually cannot, fo r the presen t at least, be dispensed with;-. and no other less Ob jectionable tax can be devised to take its plac e ' For the ensuing year the Chanc e ll or o f the -r-Alcl" chequer has but a small surplus t o di spose o f, any it has consequently been out of his power to effec t any substantial remission of taxation. Howev er desirous, therefore, he might have been of extin; guishing the ta x on fi re i nsurance , it has been el l of his power to d o so cons i s t en tl y with his sale'? e for reducing the national debt. With all its in conveniences, and they are perhaps more theoretical than practical, it must last for at least another Yea r ' ', But that Mr. Gladstone regards this tax with asin ec ., disfavour probably as M r. H u bb ard an d M r . Sheri dau, is apparent from the fact of his having, in c . ell ; conformity with the tenour of certain resolutioit passed by the . House of Commons, effected a cl i c , derable remission on the duty in the course a t t past two years. Insurers only pay half the aree eli t o f duty now w hi c h t h ey pa i d i n 1864, and i t is 11 improbable, o hence they will if everyt hi ng goes well, that two years hence pay no duty at all. COUNTRY MARKETS. MANC HES TER--THURSDAY. At our market this morning, owing to the contil2o,o pressure in monetary matters, as well as the usualholidl'fo of Whitsuntide, scarcely any attempt at business was 1 13 % e by either buyers or sellers. Quotations for all articles same as this day se'nnight. BIRMINGHAff—MunsDAY. At this day's market there was a short supply of ly - no t which was taken off at fully last week's currency much doing in foreign. Barley scarce, and 6d pe r c ed higher. Oats less in demand, but firm. Beans advau is per qr. Peas unaltered. BURY ST. EDMUND'S—WEDNESDA Y. On our market to-day English wheat was in nicc ler ! supply, but last week's values were fully supported. re d, White wheat, 56s to 595; old red, 49s to 51s; new 44s to 48s , grinding barley, 35s to 38s ; Page's prolific ley, 39s to 40s per qr. averages :—Wheat, 760 - qrs, at 43s 9d ; barley, qrs., at 35s 6d; oats, 25 qrs, at 27s Od. EDINBURGH—WEDNESDAY. Wheat on the top, is 6d down average, Os E d clooll. „ Barley on the top, Os 9d down avera ge , Os 9d up„ g 0• Oats on the top, Os 3d down ...... -average, Os 5d rot. Beans on the top, 1s Od down average, is id do Total supply and sales. Wheat 1185 qrs sold 5 47 Barley 2OO qrs sold 100 Oats 1750 qrs Beans 132 qrs Average prices. Wheat, 48s Od I Oats, 3 Barley, 3Bs 6d Beans 48 8ss s gooll 6dd 2d i r47 ..tss Town-made flour sells as follows :—White, 40s 0d; superfine, 38s Od; superfine, 36s 6d; fine, 35s Od. GLASGOW—WEDNESDAY. A fair attendance to-day, with a slow business cloi:goi Wheat dull, and fine qualities barely realised the prZa e l last week. Flour was also dull a t recent rates. 197: unaltered. Beans, peas, and o a t s were th e turn dear.'" Births. maja GARRARD—On the 17th inst., at R ea di ng , th e wife 0. Garrard of a daughter. PETO—On the 22d inst.. at L ong t on - grove , Upper gv delr. ham, the wife of C. Peto, Esq., of a daughtr. i. W.I WEST— On the 23d inst., at Berwick Lodgee Ryde, the wife of Lieut.-Colonel West, of a daughter. wei r WAILNE—On the 28th inst., at 58, Doughty-street, ID ° burgh-square, Mrs. Frederick Warne, of a son. Marriages. HOWDEN— COSTA—On the 22d inst.,k' at St Mark's, , r delh ton-terrace, David Alexander, eldest son of D. Esq, of Avenue-road, Regent's-park, to Rose, ut - ,1 rd" of A. G. Da Costa, Esq., of G ower - s treet, P' f° square. , JA 6. WAnREN— GRANT—On the 22d inst., at Rothes,_ 01 0 Warren, Esq, of London, to M ar y Anne, widoNf late Captain J. Grant, of Glen Grant House. Deaths. DAVIS —On the 21st AR a inst., at Blaengwawr House, A"" Dvid Davis, Esq., aged 6. rrit cet g h-IC G DEN— 0 n the 21st g inst g at 9, Q u eensborou Hyde-park, Alex. Garden, Esq. i v• Mar is ' HARRIS —On the 22d inst , at St. John's-wood, T , • Esq., form e rly o f Bristol, aged 85. John HALL —On the 22d inst at The Cedars, Maidenhead' Hall, Esq., aged 33. rge' s- Low—On the 19th inst ,at his residence, 47, St. —e° square, Pi m li co , David Low, Esq., aged 68. eea, , 0 , RICH—On the 22d inst., inst , at 2, Beresford-place, SOW Rich, of Harlington, Esq., aged 75. Ale °. STRANGE—On the 20th inst., at Southsea, Iran to,- • • Strange, Esq. poict i g er TRURO —On the 21st inst., at Eaton-squar e, the Lady Truro. NO. EW E ' London : Printed and Published by WILLIA3I A— ,k -,!„ /1 2 : nil 9 of No. 112, Strand, PI inter, at Tau SUN 011100, OS Strand, in the Precinct of the Savoy, in t he CG — Middlesex.—Friday, May 25, 1866. L Jain Ch a DW.113 rt DI NS V e l , D 4 th e t Doric, 4 F a to D Su to, 444 ( ttree, D