The Sun. — London, England, 1855-04-24 00:00:00

RK F, s (Tnis LA Y•) 'ltd.! AYS . RAILWA TI. Ohmin. Prtees :eat" lay. 19 r- 20 - 48 8 -8/ 141 -13 i i 5 16 9 8 d 88 =qo s si 59i, fi . ja 7 9 ... .- 1 - 3 5 i - 6 1t Li Bin' ne4s lone tills day. kbe,rdeelei n.. ..... 11 Notn and Eastiti. J g un.l . 130,' ictist & Ballymena 1! iiirroing. Wolverh itour Valloy ...•. kenhd. Janet.hesirtir .. 0 1i, wl Z. 50 all, L'2s 0"11 DO., ..... 11 ilyth & Tyn ori gine n eir £2S (hied. at £i£4bv istol and E xeter.. 0 :aledonian. ....... B. Claltaarthen and C a' . di ............. Chester 4 llolybea' .kirk and Bandon Cork, Blck, dz Pas ail ............. !rietf Junction „... .. 1 DUndeePerthdr.l.h lto. New East astorn Counties.. ',viten Union, A Do ' aNew .... s 1 taineashire ildinbnrgb 4 Gloog E dinb. and Peebleso' -or tt , Edin. Prtt, 4 D una' cv Purness de JUL. ..... Exte nsion. . ...... fllaagow at S. w est .l•aat NTorth 00 .. A. Stock... 110., B Stock .... Sth. &West.(lri treat Western-- G).• Stour Val. RA i1a....... Ina stontli.Easter .ceaster Do., Thirds ....... New Thirds„ • '...n cas h.andVorks wst. Ridi na TT' l 'oa I.iteraby.&Solithi ' don Black wa • ond. Aright s•C` ,ond. and N. W°l4l.'' Fifths . . ... .• .1/4).101, Sh,Vf&D (. 00. Eighths . _ ... DindonandS,..WosL 0., £.50 ............. £4O . . ......... I,ndsmlrrydt Col erain • I.ndndrry.& Ennisk Ntanch.Fo,,?.k Lind! 80, Shares, No. 1 kid Mao. & Cu. and ..... , ....... 4141 d, Q. Weet. LT' ) )0. tialf Shares Wpt .A ...... Newcastle & Carlisle. erg. & rf N ew st I°l°ll WatTenpoin, and Bostrevor. ..... Norfolk . • ........ Northn.6;nnties N ort Un h N ort Riitish.. h bevun, 1)o.. No. 2 .......... 'O.. A Deferred 110., 11 Quarant"-(1 Eatitern_p,erwi,‘ 0. do. Extension I)c.do. C.N.E. Pure'. no. Le.ids ........... Do. York.. ............ Do. spa 10 ..... N.44.rn.,13a..Tr0. bttead, and City jr,.. 4artl. Statfordebir, Ni'rth Western.- ‘l.estrn. n' Ninleaton, Rinekle" ford Ind Leicester.. ..... (1/4, Worcester. Wolverhampton aNtsraonth ,ecAttish Cent ral..,. . % tli% N tid I a ad ,lAsilire Union ... Nati. E ° 11t11 be vou ...... astcrn ......... clouth tiki„ A n • Yrksh 4 R,cc.l)ut, atainoo .. toaltton barii kt - _2kton f Vale. 4 liartlep • • ....... 1)0. £lO 1)c. Pref. No. (Thames liav en bo n` . end RtihVa3, ..... Vale . • W'kterf az illkuti. • WWAterfobldlthuer West eornwall. est Ettd of 1,(;o,io , ,t ud Crystal Plae6. W LOthl.oll. Nimbledn C; : C. .. FOR - ", t, Antepo: holt:mays Relgian Eastn. June. Ri o rs to Graissessa- C' it ez ninbay , Raroda, an, eut ral I udia.Scril bernerl ' Central of Italy ......ara ........ ... I iota fill enisb.. ..... . Eastern of Prance .. bo. New. .......... East Indian, g. 5 1). o. be. EY.l.ensio.,.. bo. di P. e. 13,18., Pay '57, convertible .... T d do., '59, do.. %I. Tit of bo. St, Canad -,..A. is Lawrence & Atlantic do. .. ...... bo. Cert. of been, Co into Stk. tiff'.l Do Comp. 6 p. e., do. Ot. Central of P , ant. Gt. Intfiall Peninsula gnar. 5 'YAW 5 per n vent . 1\ 0. Etensions. Great iizeuxbonr. Constituted Share N. Obligations .. - Gt. Western of Calla 4 h %area . ........... . [1(18., pa. yabls7, NWith option till '55.. . do., '62. P. '56 bo. do., '76, p. 60 I). tie,. .73, withoul option .... _, _.. ..... Ilatuilton & Toront, o. 6 per cent. ... take Collet ask . & .. B Lti eca aL pis toj a 5 p.c Pref...., Geneva ..... - ,Yons and ... Ilona di IdediterralL bo%khaki .... ........... . . New..... . ......... lii Autotlia .... • ~ do. New ......... nr di Liege (wits iterest),„ T t ( h az .. '• interest). .....ern of rance. J. 201.8116.104 Char ierol and trquelines Char a' 3i D. e , & re& at 22p, du i .. gg yrs. front 1 an. 154.. • no. 291. 3 . e Bri; (filly.B. 4 40-IR.trihs. ' R‘lerweqianTronkPl'of ays a n Lynns ...... 1 /itt,,,, knris ~.. Nis and Paris an Orleans... d 80nn... slrises.en 4 oherbrg. Rouen and liavro.•••• lxoyal banish „ ..... Rohl Swe dish....t .. ‘lebre and ense— Srl/4: 5i p. cent. Pref. ci , .d , ..... .. •- •ienthein.of Prance.. 4t. kndrew's au'l Quebec (a) . . ..... West handers .. W e . • • bo BA per e. 1.;ef•• w e s t • W alt of Prance— . of Zeal and Switzerland Wtosbaden ............ 4ari 4 D o. —4llr 'lll D o. 1)0.91,11 T OINT.R , • ---...— A 4141,11C48 1ab ~ -• • • " itritiah Colonial Baulk and Loan Com Pan tiriti%h N. American °hand. Bank of Agm ehrtd. link. of India, ustrala, & China Colonial • ....... eorornerciai Of LOnd- Engli.,h Scottish ,Ind A.rustralian Chart. Lona. Chart. Bk. (d Anstralia ........ hitto Now • .......... London and dounty.. London Joint Stock.. Natio L oud. 44 Westminster nal Provincial bo of England ........... . New . . .. .. .... Natnal Of Ireland. Novo South Wales.... Oriental Jtiank 01 Cr .... . . I"rovincial of frolan; 1)0. New ............. Royal Anstralnalke fit Oold Imp C 0... 'iwith Australia .. • .l U nion .)f Atnetrßli", ,),°. New „. ... :.. .... y!gol3 of 40114.!Ilirtol 2 - 15 - 114 32 - 22 71 Ft;i 51 56 2(1 par 18 20 6 7 88 - 89 73 - ;4 - 25 92 • 4 . r3i 59 - 61 - 70 - 7 7 • :5i 8 88 100 87 i —9: I „ 1 d 82 83 9 Si i 8 —7 d 23 i 24 4 - 81. •••• 68i ••• 10 - 42 '' .. 11. - 9 li - 2 47 4.6 28 . ... iY 70 71 - 74 - 7 1.2 t - •!31 48 49 ~'d - pac 5 61 I. d oar 1 25 - 27 97 - 99 - E 5 41 2i 1 3 60 60} a - 28 5 - 3 2 - 1 .. - 6 i i 7 4•- 5 5... C 6 _ 7 '.IGI, T. - "I- Par 4 p 2 - 34 -34 i 4, 7 23/ - 231 24 9 ~- ~8 9i 48 50 83 90 2 iP par • ip 2 t 21 17i - 18 96 - 98 97 - 99 100 - - 102 97 19i - 20 99 100 2i - 3-p Par 4p 4 6 2p lo 2i 51 6f 14 : 3.4 t2i 13 S - 9 23 - 23ip 45 - 47 39 - 41 ro ?.1.1 P 22; par 1p 7i 8 -• ... i = 1 ... --- pm "-• . 4 i 4 • d .... 6 8 is 80 - 82 •• • • • 1d -.. i d i ia 16 i -17 i 20 21 td ip ... ... 33 7 iii 39 - 41 ..• ".. Imo 4 7 i 8! Hs NZ 124 93 63i i 75j i it 99 97 4 i 15i 65 5 5 75i 124 60i 60 i 27# e• .."..' 31 12 t LTNES • SED EN :JCIT C Artlritt:: yoter day. RATLWAPS. Bedford mnd Bletchley Buckghamsh. Clydesdal e Je. Col. Stour Vy. Sud. and Hal. E. Lincoln gr. 6 per cent. aas. Barr. & Neils. Direct Do. New...... Glstr.dg Dn. Fr ',I 0.10. Dk. & Rail way Hull & ScibY Do. Shares. Do. Shares. Lon.&Grecnw Do. Preference Lon., Til., & S. Lowestoft gr. 4 per cout. Do. 6 per et. Manch. Bxtn. and Matlock Middlechro' & Redear. '\tidlil Bracifl Newmarket Bury Exteu Northern an ! Easternsp.• Do. 6 per et. Do. Fixedsp • ?rest. & Wye•. Do. tThrs. A lloystn.& nit Shef. Roth n. , rtooleg.sn (.. Shrews. &Her S. Stadordst , *ear Val eygi Pi per cent... 100 Villts&C4omrst 5 - 97 16 - 98 133 - D 5 2 - 27 A - 107 - 13 23 - 24 11 -17 2i - 2i ••• - ••• 92 - 4 par 'O7 59 )30 - 133 74 - 84 zi - 2 t 2 - 33 89 - 91 AwuL i,rlh Anglo Austen. Gob, Anglo Californian Austrrlian Australian Cordillera Ave Maria Baden (Gd. Duchy of Blionarvon Iron an.; Coal British Iron Brazilianlnap.(issue at £5 plu.) Do. Comes & Cuiab Do. St. John Del Re: C•arson's C!.e9k. .. Clarendon Conic. Min Co. of Jamaica Cobro Copper Colonial Gold Copper 'tlin. of En.; • Do. Pref. 7i p. cent Copiapo English and Artstir Copper Stmtltg Fortuna General Gt. NuggetVeiußeg Great P01g00th..... Liberty Linares. Lusitanian Mariquita New Granada . New Linares Minin, and Smelting C 0.... Nouveau Monde__ . Pontgiband Silver- Lead Min. & Smelt Port Philip Quartz Kock Ithymney Iron Do. New Santiago de Cuba.. Routh A nstralian.. . Tin Croft ............ United Mexican . Waller West Mariposa Woithing Mining of Australia Vn ha . .. • i PRE FEREN( London g N. t L&N.W. "Jaledon... E. 11n. g E. C (It. Nrth claldoniat Do ;t. Wow Ne; iler, N S. Eaßte ;)o Peto & Co .191;O rfolk . N. W & Migl4l itckton b Darlingt Midland En. Com) '4l. Count &N.W ALLn&Yi Nortl Ancasi T. Viwks}.. Brasscy VI. itock t Darliuto )0 atWestn MINES. i - i --- .. - -.. 5 - 7 5 - 6 2/ -3/ 2 —2, 31. —33 - - 52 54 30 40 ld 1 24 11 $1) 144 16 7 - - 11P - - 14 -15 i - 20 - 22 5 - 6 6 - 6i - 1 - • 2i 7i - 71 - 'E SHAttr_;:, Iberdeo , i :02 - 104 90 -92 00, N 0.2, 7 p.c. ilyth and Tyne 10p. c. prof. (issd. 2.t 500 Iris. & Ex. 4 p. c. )o. 4 p. c. Shares "aledonian £10..._. 'nester & Holyh•:a Inar. 5i per coot )0. do. Prof. No. 2. )o. do. Pref. No. 2 %wit &Raw - 101151i tul.Prth er. . A Sh D do. Cs. B 6 p... do. Cis. C 7 p. c. =ension, 5 p. c. No No. 2. Oi 96 - 97 2 - 4 - 6 ... ... .. 1 - 2i - 13 , o. New 6 r . c. S. aat IJn., Cl. 6 p. .o. 51., 10 per cell ro. IW. nehentr.Fl . 10. do. 4 per cent. fi . V or' , 1 . sth, ••• • s. PrtL.&D.i.p.ip.. Fu Dos , •3P. k fi. W. G. 5 r . ;mat Nortliu. 5 p. o 5 p. c. Itefleein ~t.lO p. c. prem. p." Do 5 p. c. Scrip, Red. 58 - 62 - 116 1 , 17 - 109 101 - I('3 i - iv t 5 p. c. pm .. 4. N. of Scot. Ist Pr A. s. d i W. (Iri•lat. d Do. 4 per c. Pr... - . -.. 4. Rost n. (Berke : :lant Ex. 5 p. e). )o. con. re 4. 4# p„. Do. con. red. 4 p. .. Do. irred. 4 p.c. Do. Birm Pref Kt Do. Cuester 8 p. c.P. • Do. do. 5 p. c. do 40. Birm. Gua. Stt• . Do. Ches. Gua. Sh . Do. do. d 0........... Do. do. do ...... ••• . • 'Au. & York. F. £2 .o. 0 p. c. Stock .. 7.0 n. & !Mal , . G. 5 p., . 10. Pref., 5 p. c. St to. New Guar.6 p. c Do. d ~ 5 par c .;it. ,on. &N. W., Cov. 4 ' Nuneaton 5 p. et ; . .,on. SE S. W. Con. IL '.outly. REG. er. i Sh, ',randy. & Emu - 1,2..4:7:: 'lan., Shef., & Lin. Vow, £lO )o. Di A h rypt .Sz Carl. 4 p e )o. 43 per cent Do •Tid.ConsoL6p.e qt ,Do. Consol. Bristol .^ ttirm, ft per cent. Do. 4i p. c. Pref. St. 6 - 6? - 98 87 - 8 89 - ul 10 - 11 17i -17 i 10 10; 72 73 19t -19 i --94 :4i-14 - -- 136 ..• o• .•• - 2i - 3 12i -- -- -13 G 93 - - 4 - 4t, 00. ic•Jt. 4 1 per co Do. 5/. Pc f 4 p. c Ditto Leic ster a..,d Hite' on Pr f St. . vorfolk Debenture Do. Pref. 4 p. c. Stoc Do. 5 p.c. Est 5A per ct. pref... Do. Way. Val. 5 p c North British 4. E. Peres. 4 p.c P Do. do. do Do Leeds 6 p.c %N o. 1 Dc. do. Quarters Do.Vorlo4 & ''r. North Staffordshire.. Word, Worcester, Wolverh.£ls. p • Scot. Cent. ,New Pr South Devon fixed, 44 per cen S. Eastern (Reads . ) %Tin.) of 1.1 Os. 6d Do. 44 pe , c S Wales Gus. 4p. c. Do. .10. 14 p. c. S. Yorksh.4p.c.GUSlT. Stock. & Dar., 5 p e. Do. do. do Stock. & +i arts EC. P. c. till July 1, 'Ait W„tei fd. & Kilk.6 pc, 4 - 4i S 5 - 87 iO3 - 105 99 - 101 90 - 92 34 - 3i i la 103 - 105 13 15 0 - pal - 23. 96 - 93 l 5 - 17 -• ••• Zip it -- lid MISCELLANEOUS. 5 ;i 7 At‘stralian Agricult. 28 30 W 11l Auszain. Royal Ma , 10 7, Berlin Water Work , 3 50 40 Brit. American Lan 55 60 5 1 Brit. & Coln. Smeltg. and Reduction Co. 109 32i Canada - 119 St. WO Canada Gov. 6p. et . Jan. and July I(S4 - 109 •.: 5 all Crystal Palace 3i 31 5 4 Do. Prafe - enc ,, — ip 4i 4 all tirystai Val.of Franc , 1 $ Deston Tron Ore 20 Eastern Steam 25 22 Electric Telegraph l4i —15 A 1 all Electric Teleg. of Ir — ••• 15 L 4 Gen. Steam ?Wriest ••• 20 all General Screw Steam ... .- 20 10 Trish Beetroot Suga- •-• ••• 20 10 Magdalena St. Navin 10 all Iloditeran. Elec. Tel. ••• 1.0 9 Mexiean&S.Amerien GA 7 10 2i I .o. N0w.... ••• 1 all Nat. Pat. Steam Fuel ..; 10 5 Netherlands Land I -- it 2 1 N. S. W. Coal & Inter. Steam Navigat. Co. .. ••• 1 all N. P Australasian... 1 20 124 Nrth.efEuropeSt .3am all Peel Rr. Ld. & Minrl. 2$ 50 all Peningular& Oriental 61. 63 5 10 Do. New — •••P 2 all Portlanu Iron Co ls 14 . 0 0 60 Royal Mail Steam ._ 68 1 dl Sent. Arotral. Invest II 1 Ditto New — 2 all South Austral.' .am o 6 37 ! all Submar. Tel. Scrip._ 4 _ all R., 2 0 • 5 Trost& L.Co.U.Cam. YAn Digatem laud, 32 ••• ••• - es this day. 2561 U) 5 25 all 1 lkw • St. 12A1 St. St. St. 8 all LOO 9 Kt 10 St. 5 St. 20 25 20 ( 43 1 4.1( 1,11 100 Ll 1.00 THE SUN, LONDON TUESOA_V EVENING, APRIL 24, 185 5. 'i_111" a 4- i • ' Iwas not his intention to offer any opposition to the confir ntatian of the contract into which the right hon. gentle. m all bed entered. Abstractedly considered, the loan ate ',eared to have been contracted on terms fair to the con. - Lectors, and nut mil& to the country; but as he thought the house mu s t b e prepared to ant i cipate t h at i n f u t ure years they mi g ht b e ca ll ed upon for a repe titi on o f th e process of rai sing money by loan, he was anxious to point out the mode i n w hi c h h e thought the i nconven i ences o f the sye tern might be le s s ene d. If h e cou ld believe, with his right honourable friend the Chancellor of the Exchequer, that the Parliament on the arrival of peace, would be prepared to apply a surplus of 1,003,0001. annually to the redemption of the debt new to be iucurred, then he should have no objection to make to the measure, but as he did not believe this, he could hardly psrsuede himself that when his right hon. friend came to consider what experience had pointed out as the reason able objections t o th e course proposed, h e wou ld s till be I disposed to per severe i n i t. He denied t h e j ust i ce o f the resolution, agai ns t w hi c h applied with st 11 greater force the objeeti n usually brought against loans, that they t h rew a burden upon posterity, whist the parties borrowing de rived all the advantae*e. But if they threw the entire burden, not merely of the increase of the debt caused by the loan, but of the redemption at the rate of 7 per cent. upon posterity, they enhanced the objection heretofore raised to loans. Bit let thew consider w/ether it was in the least degree probable that on the arrival of peace Par e u to enter, to raise an additional lietnent would be p re p are d to fulfil the engagement into which th y wore called pen revenue of 1,000,000!. annua ll y f or 16 years f o r the pur pose of repayin g th e cap it a l b orrowe d . Ae th e b eg i nn ing of the term tor which he hart sat in Pa!liament there was a sinking fund, maintained by men cf groat experience in financial affairs. The house was unwilling to bear the bur den of the sinking. fund, hut they came to a solemn resolu tion that 5, 0 ./,000/. annually should be set apart for the redemption of the debt. But was that resolution adhered to? Two years afterwards their cenfidence failed them, and the house declared that 3,000,000/. a-year should be set apart for that purpose; but they observed that resolu tion with jest as much punctuality as they had d .ne the first. In the end the only mode adopted of reducire the funded debt was by comparing quarterly the amount of revenue with that of expenditure, and applying any surplus to its redemption. As the custom had been to apply this to the payment of deficiency bills, the sur plus which was intended for the reduction of debt bad been generally used to eke out the revenue of a deficient quarter. He, therefore, hoped his right honourable friend would abandon the resolution by which he proposed to lay on this hoc, ease:( burden for the repayment of tne debt. He was bound to take the loan as an irredeemable annuity to the amount of somewhere about 500,0001. a-year, and it was as an irredeemable annuity that he objected to the principle on which it was b tsed. They were about to im pose on the country for ever the charge of 500,0001. ; and if succeeding loans were contracted on the same principle, a burden would be imposed on the country from which there was no hope of relief. It was perfectly true that, technically speaking, the Three per Cent. Consols were redeemable; but twelve months' notice was required be fore any alteration could take place ; and he would ask any man conversant with financial affairs where he could I find a Chancellor of the Exchequer bold enough, in the circumstances in which the country might find itself placed, to give twelve months' notice that at the end of that pe riod he would be prepared to deal with that large amount which the Three per Cents. offered to the operator. He contereled, therefore, that the funds must be regarded as practically irredeemable annuities. It was the bu-i -bees of the Minister entrusted with the management of the finances to apply himself as far as possible to the re duction of the liurden which the national debt imposed upon the country. He could only do this in one of two modes—by applying a special revenue for the reduction of the capital of the itebt, or by availing himself of those re ductions of interest which might take 'dace from time t thus, and thus relieve the public of part of the general &large of the debt. Exactly in proportion to the difficulty of the op oration was the duty incumbent on us to take care that we did not throw away a favourable opportunity of reducing the interest of the debt, and it was iu that respect he thought hie right hon. friend had failed. He believed the Chancellor of the Exchequer would have acted a much wiser arid safer part if he had made an offer of this new loan in the Three per Cent. Annuities, which represented a ca pital of 25 ,oeo,ood/., and were cap able of redemption in the year 1874, rather than in the Three per Cent. Consols, which, as he had already shown, were in feet irreleem able. The consideration was one of vital importance to the pe. cuniary interest of the country. He maintained that we I ought to purchase the power of redemption in twenty years by some sect irice of immediate interest rather than entail on ourselves and on posterity the burden of a perpetual charge. The theory of the plan of raising money by an nuities was, that at the expite.tien of a certain period of years the whole sum they borrowed would be discharged, and to secure that advantage the borrower consented to pay a Consli • lerable additional interest above the inerket trete. If, therefore, fur the sake of the extinction of the debt at a distant period, they were willing to rape the terms to be given to the loan contractor, he maintained that it would. be good policy to raise the terms to a limited amount, in order that relief might be afforded, by the re duction of interest on the debt when the market rate fell. When he spoke of the reduction of interest he might be told that he was indulging in a premature.speculation; but with his knowledge of the industry and energyof the people of this country;with the great facilities of enterprise pos sessed by the inhabitants in time of peace, and the great accumulation of capital that was continually taking place, ho could not conceal his conviction that if they should be blessed with a return of peace, the interest of money would be at a far lower rate than it steed at the present moment. (Hear, hear.) Ho trusted, therefore, that they would take care not to divest themselves of the possibility of effecting a reduction of interest, of which they ea( already experienced the benefit. Mr. T. BARING confessed lie had heard with great astonishment the observations of the right hon. gentleman, beeause he should have thought that be, if any man, would have upheld the duty of repaying what we bor rowed. The right hon. gentleman opposed the louse setting spat a surplus of 1,033 0301. annually for the re payment of the loin now contracted, a clause which pledged us to the rep tyment iu time of peace of what we borrowed for the purposes of war. It was no answer to the le in :A pl to say that because they had abolished sinking funds formed oat of surplus revenue in times past, therefore we ought for the future to make no effort to repay what we owed, or to argue that although the present House of Commons might be honest, yet another House of Conn tomes might arise which would not be honest. He thought it a principle of the highest ,value and importance to de clare that, :Although in times of emergency and trial the public debt must neciesse:i;y be increased, yet that it was the duty of non uncut, when it should again rind itself in p sessien of the means, to iiitnieith the debt by applying the surplus revenue for that purpose. Even against precedent and experience, he would still cling to the hops that they might find a Government honest and powerful enough, on the restoration of peace, to resist the pressure for the re duction of taxation. It was a phrase touch abused, but one in which there was great wisdom—that of the ignorant impatience of taxation. With regard to the question avlo ther the Chancellor of the Exchequer would not have suede a better bargain if he had offered the loan in what were calle 'the Reduced Three per Cents., he should only observe, that when they reflected that there were about 250.000,000 which could be reins bureeil about the year 18 4, they would see that the elenister of the day might have enough to (lo in deal ing with them. (.1 laugh.) As far as ho could judge, the plen seemed. a just. and honest one in this respect, that the Chancellor of the Exchequer had gone on the principle that during 00 yearE the nation should pay 14 e. 6 .i. for e ver y 100/. of money borrn wed, in order that at the end cf that period there should be no repayment of the principal more than had been actually received. • He must express his hope that the Chancellor of the Exchequer would persist in the clause for applying 1,0040001. annually to therepay tnent of the loin, inasmuch as it would record the resolu tion of the house to apply this amount out of the surplus revenue to that purpose after the restoration of peace. He had been surprised to hear the hon. member for Wick (Hr. Laing) the other night say that the right hon. gentleman might with the greatest ease have obtaiued his money in terminable annuities. It was very well in theory or in the closet to say that it might have been so obtained easily. But in all contracts there were two sides, and you might no doubt find a seller with opinions that this would be the more just course, and the more advantageous for the country, but on the other hand you must find your buyer, and if you wanted the money you must offer a commodity that would be dealt in. He must confess his doubt that the right loon. gentleman would have been able to obtain it on those terms, except by making some great concessions and sacrifices, which wo uld have been at once repudiated by the house. The hon. mem ber referred to the large sum of money borrowed for the French railways in annuities, for a term of 03 years, but he forgot to say that it was a question of fixed rental but of fluctuating profit in that case, and t hat the p artie s l e nding entered into a commercial speculation. (H e ar.) It would be impossible that the Government affairs of finance could be conducted iu that way, and to parallel two ways of raising money for different objects, and with uifferent terms and inducements, seemed to him a notion utterly preposterous. The honourable member again recent -mended them to try the plan of subscription, as had been (lone in France ; but in that country there was a large class of proprietors of small means, who, having before ties as they had wi tnessed in their own country, Were their eyes the dre ad of such revolutions and p ubl ic calami anxious either to hoard their money or to lay it out only in what they thought a secure investment upon very favour ablery low ra t e o f i n t erest. i the England. people, either th T e h r e hoa r w , nn l e e r d s terms. The French , t oo, as a co mmunity, were a more saving people than the E n g lish. Th e people in the interior of France had, and still have, a g r eat deal of money di vided amongst the great m or, iatt any,hlelsamem suratset,ohfi thing didlnoney were hero n o t on l y more employed at a very not a'sexist s f intelli gent but also more enterprising; they generally invested their sayings in something that woul l give them a good rate of interest. The French Three per Cent. loan was ne gotiated at 62 ; could the Chancellor of the Exchequer have offered the same induceme nt here ? He could have, at the most, offered 3i per cent , and did the house think that persons holding small sums would have divert e d th em f rom existing investments and subscribed them to a loan at 3 t i per cent.? He did not believe that the Chancellor could have raised a loan either by terminable annuities or an open subscription ; but by inserting the clause they were then discussing, he had done what he could do in order to comply with what he felt to be the true policy of this country—that we should continue a surplus Income in time prosperity in order that we might apply it to the dimi nution of our debt. (Hear.) Mr. GLADSTONE agreed with thehon. gentlemen who had just sat down upon the two important p o i nts to w h h . h e had last adverted. He—and he believed the m a • ority of the house also—was firmly convinced that it was not i the Chancellor of the Exchequer to contract largefor so fur sum of money as the present !oan in terminable except at a price altogether extravagant. He thoaunries, the remarks of the hon gentleman would also tendgtotatissj li at pate the delusive opinion prevalent throughout the country, that it was competent to the Chancellor of the Exchequer to adopt the mode of pr o c e d ure w i se l y adopted is France— an opinion which, he b e li eve d, never could he entertained by those who had m a d e a care f u l es ti mate of the n • ense difference which exist e d b e t ween the circumstanc es llm of two countries. But the lion. geetleinau had not been just the to hie right hon. fri en d (Ur. ( ioulburn) near hi m His right hon. friend q u it e concurre d i n the * policy of Parlia ment, in easy times, maintaining a surplus revenue for the reduction of the debt ; and had manifested his concurrence in such a poli c y i n some thi ng b e tt er than words, for while he was Cha nce ll or o f th e E xc h equer hissenest u and his succe ss f u l efforts were direct e d t o the creationn °eari;da largo surpl us a ppli ca bl e t o th e re d uct i on of the debt, year by year applied to that purpose. The point of diffe rence between the hon. gentlemanopp os it e ( Mr. Baring) and his right ho n . f r i en d was not i n rea lit y wh e ther it was de sirable t o ma i n t a i n a sur pl us revenue in time of peace for the extinction o f th e debt, but w h e th er the clause hey were then discussing would really and practically assist them in maintaining such a surplus. The hon. gentleman said that this climes contained the assertion of a principle. He Glaastou!) 1144 grated, ou F r id ay ma th s flat he entirely respected the motive and the object with hich the Chancellor of the Exchequer had introduced ttii 3 proposal into his scheme. But could it be contended that the object was more likely to be attained by the inser tion of aclause of this description ? He apprehended that when Parliament desired to assert a principle that was to give a solemn expression to their conviction, the preamble and not the clauses of a bill were, according to the usage of the Leg islature , on all occasions, the proper place fri doing so. What was the use of Parliament enacting a clans e for a purpose to which it had no power to give effect ? This clause purported to be a contract to give a pledge. But to give validity to a pledge it was necessary that it should be given to somebody, and by somebody who had a right to give it. But the future Parliament who might be sitting some few years hence woultl question the light of the present Parliament to fetter their discretion by spool flying the particular amount they should devote to the re p ,yment, and the particular stock in which they should invest it— questions of which they would justly say they were better judges than we. It was the duty of the existing Parliament to raise supplies to meet the national expenditure for our own time, and not for that of our cldhlren. And they were trespassing on the province of those who would succeed thorn on those benches when they declared so many millions in such and such wars s'iould be taken from the public Treasury and dcvotid to a, particular purpose. ,(Hear.) And nut only ('id this ci cruse profess to provide that a certain sum should at a future time be devoted to the redemption of the nati,nal debt, but it purported to apply that sum to the repayment of Comols. Now, who could tell now whether in 1833 or 1370 it might not be the wiser course to devote our surplus revenue to the repayment of Exchequer bills or bonds, or of reduced stock? (Hear.) The real question was, whether they were likely to promote the maintenance of a surplus income by enactments of this kind. For his own part, he tlyrught Parliament would do better to rest satisfied with the performance of its own duty, and not to undertake to teach future Parliaments their dillies, by making declara tions or issuing instructions which did not give them the slightest assistance to do such duty. Nor was he even of opinion that a clause of this kind was harmless. Enact ments of this kind had a tendency to thro v dust in the eyes of the people. They gave rise to the belief that things would be done which we were pretty well convinced would not be done. They tended to give undue facilities for the ere ttion of.' unnecessary loans, by professing to provide paper facilities for their redemption. He thought that the more straight forward and explicit the house was in all matters that con cerned the money of the people, the better; and i i this case the attempt which they called principles was really nothing but vague paper promises which they bad no right to make and which they would not find others to fulfil. . . . • He did not think such a course either wise, just, or expe dient for Parliament to pursue. (Hear) There was one other point to which he wished to call the attention of the house. It was no doubt through inadvertence that on the other night the house passed, not merely the resolu tions relating to the loan, and those in reference to the in creased duties on coffee, sugar, and spirits, in conformity with the usual custom, but also those in reference to the additional income-tax, and the one for imposing a stamp duty on bankers' cheques. Now, there were very suffi cient reasons why resolutions of the former kind sh add be passed on the night of the financial statetuent ; but similar reasons did' not exist in the latter case, and he did not think that Parliament would be inclined to give up their right of fully discussing these res dation', when neither the necessity of the case nor previous custom called for it. He had no doubt that what had o curred simi ly arose from inadvertence, but he hoped it would not be drawn into a precedent, (Hear, hear.) _ _ _ . Mr. JOHN M`GREGOR, said that the Chancellor of the Exchequer ought to have thrown the loan open to public competition, and that the Chancellor ef the Exche quer might have raised 20,000.0307. on terminable annui ties at less than 4 per cent., which, with 3,000,0001. of Exchequer-bills, would have given him all the funds that ho required, without having recourse to the imposition of increased duties on tea and coffee. He quite agreed with his right hon. friend the member for the University of Oxford, that the house had no light to pledge a future Parliament to the repayment of 1,000,003. per annum of the debt now incurred. (Hear, hear.) Mr. LAING said that he desired to say a few moor's in explanation of the remarks which he had made on a former evening, and wWch had beer misapprehended by the hon. member for Huntingdon (Kr. Baring). He did net on that occasion contend that this loan should have been raised by terminable annuities simply. What he contended was, that it would have been perfectly possible to raise it by one of two alternatives —the first of these being by a system of terminable annuities, and the other by the creation of a stock bearing a rate of interest—probably per cent.— which would have enabled Government, with their credit, to have raised the requisite amount of stock in the market at par. By the present plan, as he had then stated, the Government sacrificed the chance of reducing the rate of interest on the whole amount if they borrowed; and it had also another disadvantage, for as the Three per Cent. Con sols were the barometer of the money market,i.ny ad:Thion to them not only depressed their own value, but also the value of all other securities which they regulat Forthat reason he thought they ought always to avoid the creation of New Three per Cent. C tnsols, except in cases of great emergency. He still maintained that the loan might have been raised in terminable annuities, aml that the possibi lity of getting them taken was simply a question of price. In referring to the case of the French railways, he had simply done so for the purpose of showing that a kind of security in which 100 millions had been already invested ' was as marketable as any. other, and that its being taken by the public was simply a question of price. No doubt a censiderable sacrifice must be made in the first 'instance, because until a large amount of stock of this description had been created, it would not be so available in the mar ket, and would consequently bear a lower price. But ho thought now tint we were commencing the negotia tion of a new series of loans, it was worth while patting up with this disadvantage for the sake of having a security the repayment of which was guaranteed by its terminabi lity being of the essence of the eontrJet. Believing as he did that it was not right to burden posterity perpetually with a charge of this description, he, like the right lon. gelitleinan opposite (Hr. G.,ulburn), would be no party to a guarantee which he condlerel eatirely illusory he regarded merely as asserting something on paper to re here ourselves from doing something whi.:ll would hold us fast when subjected t the test of future exi;encies. (Hear, hear.) He sheuld, therefore, vote %%NI the right lion. gentleman if he pressed his amendment to a division. Mr. - JA ME 3 MACGREGOR said it was true that money was invested in French railways on a terminable security, but then the profits of thos,e undertakings were so consi derable that they admitted of a certain sum being set aside yearly for what the French called_ the amortiesenten.t of the capital, so that at the end of .the term. the' lenders would receive the whole amount of the capital they had in vested. (Hoar, hear.) He believed that these sixteen millions bad been obtained by tb• Chancellor of the Ex chequer on as favourable terms for the public as. could be expected ; nor had we ever seen an operation of the kind carried through in a more creditable manner by those charged with conducting it on behalf of the public. Mr. T. HANKEY was surprised to hear the right hon. member for the University of Oxford object to the house pledging itself to the red( mption at a future time of the money now being raised on loan. For to what else did his own policy amount when lie issued Exchequer bonds, and asked the house to i opoee taxes for the purpose of redeem ing them. lie quite agreed with the lion. member for Huntingdon in thinking that although no doubt a future House of Commons might reverse the decision to which they came on the present occasion, yet that it was not inconsistent with their duty to show iu the best manner 'they could their honesty of purpose, and that it was tli&w intention on the resorption of peace to impose an amount of taxation adequate to the repayment of the loans that were flaw about tee be contracted. After a few words from Mr. WILKINSON, Mr. CARDWELL said that he had heard with some surprise the remarks of the hon. member for Peterbo rough, for if two things were perfectly distinct they were these : one for the House of Commons to do a thing at a particular time, end the other for them to enter into vague paper promises which they themselves had no power to per form. Besides, the case referred to by the hon. member was otherwise different from the present loan. When the Exchequer bonds were issued, the condition for repayment within a certain period was a stipulation entered into with the lenders—it was part of the contract, and was not therefore likely to be broken. The taxes, therefore, im posed to meet it wore to be maintained. But what the right hon. gentleman the member for Cambridge contended was, that this clause would no t cons tit u t e any o b l i gation theon l public ; that it would merely act as an opiate, in ducing them to believe that this was a mere temporary loan, and that provision had been made for its repayment in time of peace, although at the same time we knew that, except in the formal words of an act of Parliament, no such provision had been made, because it was not in our power to make any. The hon. member for the Wick Burghs (Mir. Laing) said that the borrowing of money on termin able annuities was a que-tion of price. No doubt it was. And it was the duty of the Chancellor of the Exchequer to pursue the requisite calculations on matters of price, and to take care that the loan was negotiated on as favourable terms for the public as possible. He believed that the Chancellor of the Exchequer had done so on the present occasion, and that the present loan was negotiated in a manner. highly advantageous to the public. He thought that there was a solid advantage to be gained by suffering the reduction of price consequent upon not engaging to give twelve mouths' notice of the repayment of the loan, because such a stipulation imposed an insuperable difficulty in the way of any future reduction of interest. (Hear.) The CHANCELLOR of the EXCHEQUER had listened with the ut most respect to the remarks of his right hon. friends the members for the two universities upon the pro posal in the resolution before the house with respect to the annual repayment of the loan after the expiration of the war. The opinions which they expressed would com mand great weight, not only from their extensive financial experience, but also from. their great ability on all ques tions of that nature. He fully admitted that the resolu tion in dispute was not a matter of contract with the lend ers of the 16,000,000/.—that it was perfectly open to the house to discuss the question without any limit upon their discretion—and that they were at liberty to deal with the clause before them as they might think fit. But the pro- position had been made deliberately to the house by the Government, who believed it to be a proper and defensible proposition, and when the proper time came they would think it their duty to adhere to that proposition, and take the sense of the house upon it. (Hear.) He could not but think that there had been some misapprehension on the part of his hon friends as to the precise effect of the proposition in question. When he hail the honour to ex plain on Friday night the nature of that proposition, he stated distinctly that he was aware that ho could make no irrevocable laws—that no act passed in that house could bind the Parliament fifteen years hence—and that nothing they could do would tie up the hands of their successors. Precisely the same objection which his right hon. friends made to this proposition might be made to almost every act of Parliament which passed that house, and affected future generations. (Hear.) There was nothing peculiar in the pro position which ho now ma d e as respected a con t ro l ove r the discretion of Parliament itself. The effect which the clause :vou —it 1 createda hav if a it permanent r ece ved r a g l e i thuoproi upon y t h o o f law co4oonvs w eori e ni s ta t e :l ,3 :i Fund, and it would become the duty of every to make provision for the repayment of 1,00 ), o tm ( (Hear.) Tr° was out of the ways and means of the yea t r. g necessity wliieli might make it expedient that no stup to the reduction of debt ; revenue should in some particular year be appli ed would be competent to Parliament and, if that were so, it ment and repeal, eitheain be engaged in r permanently of the Govern p w e a r r f , e e e t r l t y h a at w t a h r e e r t e h m a g t h h t e n b a e t e i e e l e m i i ) g r h en s isi g , to untie the hands of permanently or temporarily, an nuallyt for the extinctizn which might be suited to the mightmake any time until Parliament did so interfere exigency o f the tants of, 1 Government, it would be bound to and untie the hands h o v n eK e whichap millionrendered iam n limit t i o t t .u h p e o e n at t i h n e ct iz ion . That was all that it was possible Of debt. (Seer, hear.) . thew to do in the way far n:mt otnheanrqn)ouvaelrluoyit:rie;:tita:oi provide of th th e e d P eb m t. vi T sl i providein NEWMARKET RACES. (THIS DAY.) (BY ELECTRIC TELEGRAPH•) TWO THOUSAND GUINEAS. LORD OF THE ISLES ST. HUBERT KINGSTOWN 3 Won by a length. The following also ran :—Pugna,tor, Paletot, Vandal, Claret, Polydore, and Hampden. COFFEE-ROOll STAKES. Ptgnaor Nutriment Three ran. HANDICAP PLATE. C.)ck Pheasant Donum Six ran. I UPERIAL PARLIAMENT. HOUSE OF LORDS—(YESTERDAY.) The LORD CHANCELLOR took his seat on the wool sack at five o'clock. The E irl of HARDWICKE gave notice, that on Monday he would move for a return of the number of surgeons and aßsiataot-surgeons on hoard her Majesty's navy ; also a return of the schoolmasters attached to the same. _ _ _ The noble earl also presented some petitions in favour of the abolition of church rates. _ _ _ The Doke ~f ARGYLL presented petitions from the Free Church of Aberdeetshire, and other bodies in Scot soul, aczain-t any distillation from grain. Lor 1 CAMPBELL presented a petition for the total prohibition of the gale of spirit , : on the Lord's•day. SECOND READINGS. On the motion of Lord REDESDALE the Folke stone Water Bill, the B. Hit.. Cnarity Estate Bill, and Price's Patent Company Bill, were severally read a second time. The Earl of EGLINTON presented three petitions from different religious bodies iu Perth. against the grant to Maynooth. The M trquis of LANSDOWNE presented two peti tions, one from the NonconformiAs of Srlmouth, and the other from Bridgwater, in favour of the aholition of church rst.s. CONVENTION WITH SARDINIA BILL. On the motion of the Earl of CLARENDON, this bill passed through committee. Their lordships then adjourned. HOUSE OF COMMONS—YESTERDAY. The SPEAKER took the chair at four o'clock. H BERNIAN MILITARY SCHOOL. Mr. BRADY ;Eked the Secretary for War if the sum e,f 2451. in the army estimates of this year, specile 1 as the salary of the chaplain of the Hibernian Military School, was for a Protestant or Catholic chaplain, and what was the relative proportion between the children born of Catholic and Protestant parents who were edu cated at that establishment Mr. F. PEEL said the sum specified was for a Pro testant chaplain. The number of Roman Catholic boys in the school was 120, which was one-third of the whole number in the institution ; and the interests of these boys were as carefully lo,,ked after as fny of the others. CLOTHING OF THE GUARDS. CaptainSTUART asked the Under Secretary for War whether the last detachment .of Guards, 1,000 stronv, left London on the 12th April with the clothes of 1854, the new clothing due on the Ist April, 1855, not having been issued : Whether the allowance made to the men for wearing their own clothes will be borne by the contractors or by the Government, from the let of April to the date of issuing the new clothing of 1855. Whether any steps have been taken to pro vide the Guards with clothing suitable to the Crimean summer, the issue of white trousers having been lately discontinued ? Mr. F. PEEL replied that the question had been asked in ignor:mce of the regulations in force with respect to the Guards, which differed from those of re giments of the line. In the latter case, as soon as a fresh issue of clothing was made the old ones were discontinued but with the Guards the old ones were retained, so that when the issue of the Ist April was male they would only be used for parade arid particular occasions, and the others would be retained. With regard to the latter part of the question, although white trousers had been discontinued, other garments of a light description had heeu sele( ted and would slvirtly be issued. DIRECTORSHIP OF THE NATIONAL GALLERY. Lord W. GRAHAM inquired of the First Lord of to Triigury whether Sir C. Etstlake had hen ap ointed Director of the National Gallery, an:l \Vor- ruin Se,crelary, and whether Sir C. Eastlake was appoint ed for five years, or for life ? Lord PALM ERsToN - said no appointments of that kind had yet taken place, but the matters were under conhidtr, t THE GUANO ISLAND OF AVES. Mr. HORSFALL a ked the First Lord of the Treasury whether her Majesty's Government were aware of the fact of the Venezuelan Government, or persons in the name of that Government, havieg taken peesessien id the Island of Ayes, which was surveyed by the Bri tish Government in 1849 ; and if so, whether it was in tended to take any measures for the recovery of the islan.l, and far the preservation to this country of the supply of guano, which is said to abound there ? Lord PALMERSTON, after going into a brief state- ' meat of the cut vey of the ieland, said that the question arose as to whether England had any right over the island by virthe of its being unoccupied. The law officers of the Crown had been consulted, and they had decided that England had no right whatever over it ; but instructions hal recently been forwarded to our consul to require from the Venezuelan Government that Great Brvain should have the privilege of getting guano equally with any other country. THE SNIYRNA HOSPITAL. Mr. S. HE! BERT asked the Under-Secretary for ' War, whether arraireements were in prrgress for the removal of the hospital from Smyrna to any other place when the smuttier set in ? Mr. F. PEEL said he did not think there was any necessity for the change. He had been informed that the number of patients had been reduced to 480, and that the medical staff was quite adequate to attend to double that number: Mr. LA.YARD inquired whether the right hon. gen tlean had received any information to the eect that the m fever had broken out in the whole of the lower wards I of the Smyrna hospital Mr. P. PEEL said that by a letter be had received from Dr. Meyer, dated 7th April, the general state of the hospital was improving daily, and that the fever was decreasing. THE VIENNA CONFERENCE. Mr. BRIGHT said he wished to ask the noble lord at the head of the Government a question of which he had not given notice, but the subject of which was of great importance. Me understood that the noble lord the member for London had left Vienna and he wished to know whether, therefore, our ne gotiations might be considered to be at an end ; and if so whether the noble lord at the head of the Go vernment could inform the house on what day the noble lord the member for London would make a specific statement as to the result of his mission, or if some documentary information would be rought for ward showing precisely what was the difference be tween the terms offered by the Allies and those pro posed by Russia ; also what terms had been offered by the Russian Government, in order that the house and the country might clearly understand on what ground the war would in future be conducted ? (Hear, hear.) Lord PALMERSTON—Sir, the question which has been asked by the hon. gentleman is of too deep impel'. tance to he allowed to pass by without same explana tion. (Hear.) What may be the time at which the Government may think fit to make a more detailed state ment on the subject I cannot of course now say ; but it is well known to the house that the English and French Governments, in concert with Austria, have de termined that the proper development of the third point, which revived the treaties of 1840 and 1841 with respect to the Dardanelles and the Bosphorus, that the proper development of that point should be that the predomi nance of Russia in the Black Sea should henceforth cea-e. That was the principle laid down by Eng land and France, and agreed to by Austria, and it was virtually accepted by the Russian plenipotentiary. On Thursday last, when the Conference met, when the plenipotentiaries of England, France, Austria, Turkey, and Russia were p r e sent, the plenipotentiaries of England, France, Austria. and Turkey proposed to the Russian plenipotentiary, as a way of causing the preponderance of Russia in the Black Sea to cease, that the amount of the Russian naval furce should be limited by treaty, or as an alternative, that the Black Sea should he declared neutral, and that all ships of war should be excluded from it. Toe Russ;an represen'ative required 48 hours to con sider this proposal. Those hours elapsed on Saturday, then another conference was held and at that he abso lutely refused to accept either of the alternatives proposed. Thereupon the Conference adjourned sine die, and the noble lord the member for London and the French minis ter were, I believe, to take their departuro from Vienna in the course of the p-esent day. I should add that Russia made no counter proposition. (Hear, hear.) THE INCOME TAX. Mr. HILLYARD gave-notice that when the proper One arrived he should move as au amendment that the impost on incomes between 1001. and 1501. be re duced to lid. in the pound, so as to relieve the smaller class of incomes. WAYS AND .MEANS-REPORT. The CHANCELLOR of the EXCHEQUER brought up the report of the resolutions agreed to in committee of wa ys and moans. On the first resolution being put, Mr. GOULBURN hoped, as he had been unable to at- tend on the evening when the budget was brought for ward, that the house would excuse him for now offering some observations on that part of bis right hon. friend's wawa which had rofennoo to the raising of • loan, cretion of a future Parliament. They were unwilling to create a permanent burden - upon posterity ; buteaireutn stances prevented them from borrowing any large sum of niey in terminable annuities. It had been stated by th e hon. member . for Huntingdon, who spoke on subjects of that description with great authority—and his statement would be confirmed by all persons who carefully examined the question—that a loan of 16,000,0J0/. could not effected in terminable annuities without giving terms so extrava gant that the Government would justly be condemned by that house if it consented to grant them. (Hear, hear.) He even questioned whether, without giving terms abso lutely extravagant, a loan of so large a sum as , sixteen millions could be effected at all in terminable annuities for thirty years. The objections on the part of the public to receive their capital in driblets year by year, subjecting them to the necessity either of spending their capital as income, or of reinvesting it in small sums under circum stances of difficulty and embarrassment, would be se great that it was questionable whether so large a loan could i.e effected at all in terminable annuities. - The Government had gone as far as they could do in effecting a portion of the loan in terminable anuuities ; and if they had thought it expedient to raise the bulk of it in Consols, they at the same time proposed to apply one million annually to the redemption of the debt so contracted. He was willing to admit that the obligation so to provide and apply that one million annually was not of a paramount nature—that it was in the power of Parliament at any time to rescind it— but it was impossible for them, without m a kk g th e repay ment of the debt a matter of contract between the Govern went and the lenders, to impose any more stringent obli gatien upon future Parliaments. -His right hon. friend the member for the University of Cambridge had made some remarks as to the inexpediency of contracting this loan in the Three per Cent. Consols, and had stated that he would have preferred it to have been contracted in the Three per Cent. Reduced Annuities, on the ground that the one could not be zodeemed without one year's notice, whereas in the other description of security that was not the case. The right hon. gentleman spoke of Consols as if they were an unredeemable stock. In doing so, he confounded two ideas which appeared to be wholly different, namely, the reduc tion of interest upon the stock, and the extinction of that stock. If that house should at any future time—as he hoped it would—make a real sinking fund, that was tb say, not an imaginary or illusory sinking fund founded upon the principle of borrowing and of compound interest, but a simple sinking fund derived from the surplus taxation of 'the year—he saw no reason why Consols, or any other per petual annuities should not be redeemed by the Govern ment going into the market and buying up their own an nuities, thus extinguishing bdth debt and interest. He confessed he was not very sanguine as to the possibility, at, any time within the lifetime of the present generation, of reducing the interest of any 3 per cent. stock ; but he saw no reason for thinking that they might not advantageously extinguish any amount of 3 per cent. stock by the annual application of the surplus taxation. Some honourable members seemed to think that it was not in the power of the Government to extinguish a perpetual annuity. They contrasted a terminable annuity as being something which the Government could extinguish with a perpe• tual annuity, as being something which the Govern= merit could not extinguish. He must be permitted to say that no error could be more apparent with regard to a sim ple financial question. It was convenient to the Govern ment to borrow in perpetual annuities, because they never could be called upon to pay the rrincipal at any definite time, and it was convenient to the lender to lend in perpe tual annuities, because he never could be called upon at any definite time to receive back his principal. The convent ence was mutual ; but if the Government was in the pos session of a surplus revenue applicable to the extinction of debt, it could go into the market and buy its own perpetual annuities, and as effectually extinguish the debt as if it had contracted the loan in terminable annuities. The propositions which had been made at different times for the establishment of a sinking fund had gone upon the as sumption that it would be impossible in that manner to extinguish debts. He regretted that the acts relating to the sinking funds of 1823 and 1827, which rendered it necessary that a surplus revenue in the first instance of 5,000,0001. and in the second of 3,000,0001. should be applied to the redemption of debt, had been repealed, and he trusted that whenever the present war should have ceased, it would be in the disposition of Parliament to revert to that system. But let not the house suppose that there was any difficulty in the nature of perpetual annuities which impeded the extinction of that description of stock. SoMething had been said upon the subject of opening a subscription loan. He entirely concurred with the very instructive remarks made upon that point by the hon. member for Huntingdon, who illustrated it by a comparison of the different circumstances of England and France. It.was to be remembered that if the Government had opened a subscription loan they should not only have encountered the difficulties referred to by the hon. member for Huntingdon, bat they would also have created a demand upon the savings banks which they could only have met by a sale of the stock in the hands of the Commissioners for the Reduction of the National Debt. (Hear.) Nor ought hon. members to forget another cir• cumstance—namely, that in a loan raised by subscription it would be necessary for the Government, to fix the price at which they would receive the sul:vcriptionF. The lists would necessarily be kept open for a considerable time, and the Government would lose the advantage of that competi tion in the money market which they secured in the case of contractors, and even when it happened, as in the pre sent loan, that only ono tender was sent in, bccquse the person who made the tender acted with the know]. Igo that if the terms he offdred were not reasonable there wore others ready to come forward and offer more moderate terms. (Hear.) Ho had listened with satisfaction to the testimony rendered by so great an authority as the hon. member for Huntingdon and other members of that house with respect to the terms on which the loan had been con tracted. He had every reason to believe, from all he bad heard since the acceptance of• the tender, that while the terms were fair and not disadvantageous to the con tractor, they were also beneficial to the public, and that the very onerous responsibility which lay upon the executive 'Government in contracting a loan• withontite being pos sible for them to obtain the proviona •sanetion. of Palia ment,. had been fulfilled. in a manner which could, he hoped, receive the approval of that honse. Same remarks had been made is to its being de.sirable that ; the Govern ! !neut. - should, before receiving tenders for a loan, inform that'housO of the conditions - upon which th 4 riropOsed effecting the loan. lie coug assure. the house that if it had d6penited nierely upon'the wish of thoGoverniLeat to free themselves from.a semewlcat painful. responsibility, they would unquestionably IJAN-is resorted to that, coupe.. They found no alternative left them, hociever, but strictly to adhere to the practice of former. times, and take upon t.,einselves the responsibility of making a provis:onsl c0n .... tract before submitting the subject to'triat house.. With re , - ference_ to what fell from the right hon., gentlenittu the, member for the University of Oxford as to' the passing of the income tax.resolu:ion on Friday ni3ht, ho could only express his regret that he should unintentioually have done anything contrary to the practice of the house with reference to such resolutions. it Wall entirely owing to his inexperience in such matters. Nothing was said on the subject of the income tax* when the resolution; was read Jima the chair. if any objection had been communicated to him he would unquestionably have postponed the reso lution on the income tax. (Bear.) He was not aware that there were any other points which required explaurt tien at present; but he should be glad to furnish any fur . . . . . Cher intormation which the house - might desire. Sir H. WILLOUGHBY thought the loan was on the whole a fair transaction, though ho complained of the amount as excessive, wising from the large margin of 5,000,0001. which the Chancellor of the Exchequer had allowed him self in the estimated expenditure for the years He also ap proved of the proposed plan for the repayment of the loan in annual instalments of 1,000,0001. There had recently been extensive sales of savings' banks stock. He wished to have an explanation of those transactions which had ex cited a good deal of observation, and which were calculated to produce much mischief. He objected to the Chancellor of the Exchequer borrowing money nu terminable annui ties one day and putting an additional income tax on the annuitants the next. The CHANCELLOR of the EXCHEQUER said the sales of savings bank stock had been • made under distinct powers, created by an act of Parliament, which authorised the Government to direct the Commissioners for the Re duction of the National Debt to sell stock belonging to savings banks, and to receive in exchangeother Government securities. The house were aware that exchequer bills and ways and means bills, though they were temporary and re newable, were just as binding upon the Government es those securities which were of longer duration. When, therefore, the National Debt Commissioners sold savings bank stock, and took in exchange exchequer bills from the Government, they did not diminish the strength of their security. With regard to the income tax and the annui tants, he could only repeat the explanation which he - gave on Friday night. The lenders of money on terminable an nuities necessarily took into their calculations possible fluc tuations in the amount of the income tax; and as they would benefit by any diminution in the impost, he thought it was but fair they should take their chance of an increase. Mr. W. WILLIAMS inquired whether the 86,000,0001. for which provision had been made included tho cost of collecting the revenue ? The CHANCELLOR of the EXCHEQUER was under stood to reply in the affirmative. Mr. GLADSTONE suggested that, instead of binding the commissioners to lay out the 1,000,0001. annually is consols, the resolution should leave them at liberty to select whatever description of security they might consider expe dient at the time. There'was another alteration which he had to propose. The resolution bound the commissioners to purchase 1,000,0001. of console annually until the whole 16,000,0001. should have been redeemed. But a portion of the consols might be redeemed from other sources ; and if that were so, the Chancellor of the E xc h equer wou ld not be able to redeemC the 16,000,000/. with his annual sum of 1,000,0001., but perhaps not more than 5,000.0001. or 6,000,0001. If they were to have a clause of that kind at all he thought it should be efficient for its purpose. 1 ' Mr. BARING could not help thinking that the sugges tion of the right hon. gentleman would frustrate the ob ject of the clause. There were a great variety of debts, and the right hon.. gentleman proposed to say to the com missioners, " Here is a surplus of 1,000,0001. per annum, and you mast apply it to buy off a portion of any of the existing debts you please." But the object of the Chan cellor of the Exchequer was that, over and above what might be done with respect to the other debts, ,uce should be 1,000,000/. applied annually, to the rel tion of the newly-created debt. (Hear, hear.)er The ot real object of the clause was that beyond any upon the Exchequer, 1,000,0001. should be a pplied redemption, by purchase, ntleman 5 t hon ge to the derstand what other object ef th e e en r e ig el h e, the whole reso lution. he could sob, pro posal could have than entirely to frustrate lution. • Mr. GLADSTONE thought he w a charge of attempting to frustr ate by his suggestions.. aseiehuseredlyta ob j ect, the; which he had risen to facilitate f the r ig ht Mr. T. BARING had but of the effect of his suggestions t to speak, not o . , hon. gentleman's object, if carried out. The CHANCELLOR time to t n n to allow him consid er of the EXCIIEQUER would, ask the right hon. power -to apply 1,000,000 L to the're his suggestions; gentle ma n ho did not see that there vould be any objection to g p demption of any gi ve stock. Willi regard to the Melega l effect was i diffic . ult . for him to see the pre • other point, effect of the clause, but if it were possible, consistent with the resolution, to alter the words. so as to make the mean ing clear, ho would have no objection - to do so. Mr. WILLIAMS corOplained that the sum of 86,000,0001. did not include the cost of collection of the revenue, y et it was most important that that should be made clear) Th tilid object of the former, commission was t o b r i ng the whole.e ex penditure of the country und er th e view of the hou s e, large amount which the there was no reason at a ll why the collection cost ghoul(' be kept ou t of view this ye ar , al though the late Chancellor of th e E xchequer had - given very su ffi cient reas ons w h y it sho uld not have appeared last year. Were that amount brought under the view of the house it would he seen that the real expenditure would be not 86,000,0001. but 90,000,0004 Mr. JAMES WILSON said that this year the accounts had continued to be made up on the old prinoiple. Thecost of oollootio4 wotil be G`twicd4 before.* how; but In • _ .._ • 2i 7 i i 1021 141; - quite agreed th a t th e amoun t s s h ou ld b e B O m a de up as t • show the gross amount-required. and the.grosa amount to be expended. SPIRITS." Mr. WHITESIDE said that by the words of the resolu tion duty was fixed upon every gallon of spirits in the cus tody, stock, or possession of any dealer or distiller, and he wished t o k now whether it was meant retrospectively 'to fasten the new duty on stocks in the possession of dealers who had paid the existing duty. Coffee and sugar in stock were not treated in the same way, and he did not see why spirits Should be singled out. The CHANCELLOR of the EXCHEQUER said it had always been the practice folitclude stock in t4e possession of dealers in all cases, either of imposition of Kew duties or of reduction of old ones. Mr. FAGAN protested against the injustice of imposing duty on stock that had already paid it. It had not always been the practice to include stock in the possession of dealers, but he admitted that stock in the hands of the dis- tiller—the producer—had been so included. If the hon. member for Enniskillen would support him he would move that the words " reclifier or dealer in spirits should be left out." The CHANCELLOR of the EXCHEQUER said there was no doubt as to the practice with resptetttohedipsratilclteirces. h A a s d to be it a e n al i e in rs i deal e rs, he was one n w o a t y p o re r p t a h r e e o tl ier; t h osay b h ut ho. understood some g entlemen were cowing across from Ireland on the ,- .abject ; he should see them, and; if the hon. member would raise the question again, he would communicate to him the result he bad arrived at. Mr. FAGAN said he WS3 quite satisfied. LABOUR IN THE COLONIES... On the reading of iiereeointion Waive to the duty of ' Captain LAFFAN said that recently very considerable additions had been made to the duties on suga.rin the Bri tish possessions, and at the same time very considerable re enlly mi-sions wer e made t o slave-grown sugar. The present additi on t o the sugar duties was regarded in the colonies generally as an inju s ti ce . Th e M aur i t i us, t h e co l on y with which he was best acquainted, was dependent for its pros- P supply er y of an f d r . e e 1a difficult to persuade single men to indeed,bnnn fur l i n ts i e n x d P i i s a t i gn i c t e, wa u s p a o t n having a fall first extremely the views of reali • to their own country,slnlndia g a competence with which to return come from India with The agents of the Government in acting, upon, (saved from home, rnaore misinterpreting, instrectione re every leeien leaving India enforced a regulation that woman, which •was should be accompanied by a labour and destroying sugar equivalent to stopping the supply of presentations were made egnar roducing in the colonies. Re- Government, who proceedned the t subject to 'her Majesty's they were taking so long a time o consider the question, but tion that while the matter was being te.arrive at a determine were being ruined. The,G ov . settled the colonies • did, to create an a pp ro ximation — l:Cm- 1'486 k es everyone • but he had no idea that they wished between the two sexes, prosperity of the colony. H e ho .. put a stop to the refers, that the • next overland mail would communicate Ine to the Government agents in India that they had misinterpret d the • e anstruc tions sent them. Mr. j., BALL said that successive Secretaries of State had given their attention to the question alluded to by the • bon. member, and it had been clearly seen that effectual '''• measures must be taken in order to procure - an app e.- - mate proportion between the two sexes in the colonies. In the month of June last, therefore, a letter was written to the governors of several of the more important colonies, expressing an opinion that the time was come when it was - e necessary to take effectual measures for increasing the • female proportion of the population of those colonies ; but that letter contained not one word as to enforcing the re gulations which had been enforced, nor did any of the further letters that were afterwards sent to India on the same subject. It was now the intention of her Majesty's Government to forward to India by the next mail precise instructions as to what their intentions wee.), which would remove all the misconceptions that had been made. Mr. P. 'URQUHART, as a West India proprietor who had suffered long in silence, trusted that he might be al lowed to protest in a few words against the injustice with which the West India colonies had been treated. They had been told that in 1854 they- would know the worst, and they had made their arrangements in the hope , that no further prejudicial measures would be taken against them. In the very first yew; afterwards extra duties were imposed upon them duties which, in his opinion would make the whole diff erence b etween cultivating their - estates with profit or abandoning them with loss. He had succeeded to a West India estate of from 2,090/. to 5,0001. -a year; Since then he had been 1,5001. out of pocket. He thought that he had a right to complain that the persons whom the advocates of free etude admitted had been hardly dealt with in support of the principle during the time of peace should be the first to suffer in time of war. Mr. E. BILL said the hon, gentleman who had just sat down was ono of the advocates of free trade, and was so enamoured of that beautiful theory that he was willing to sacrifice his interest of from 2,0001. to 5,0001. a year, for which he now paid 1,5001. Now, not only had the country suffered such a loss, but it had also given the greatest sti mulus to the infamous traffic of the slave trade. He wished to ask the Chancellor of the Exchequer whether the in crease of the duty would apply to the sugar grown in Cuba or the Brazil', or to the whole produce? In the former case he should consider the duty an excellent one. • Mr. J. G. PHILLIMORE did not rise to criticise the budget,' but only to express his deep regret - that there` should be a-necessity for proposing a duty on sugar, which he believed would have 0 pernicious effect on the happiness and comfort of the lower classes. He did not mean to deny the existence of the necessity, for he had the greatest confidence in the talents of the right hob. gentleman the Chancellor of the .Exchequer;.. but he must express his re gret at a necessity which, in a moral point of' view, would have most unfnvouralile results. Mr. WILSON said, with respect to the complaints of the ~ bon. nielober, who appeared as the advocate of Mauritius, ' he aompleined rather of the absence of labOurilami of the ' condition of the island. With respect to the sugar nelo-e, • niei in general, perhaps there wag no British interest w hi c h wel l ibitee,o mere marked example of rapid pro- .. ' , gress than the island of Mauritius. The very complaint of the'wvit of lateral- ites the 1e.4 evieeece of the'prosperitY ' ' whieh l tbet. Walla erjoyed. -It would be slitisfactory, to •• [the house to know that in 1841, 'when. Mauritius was in tha•full isteinythent of a protection amounting- almost to ••' fau exolu,sion of .for,ifzis sugar, it= producq was 27,0.10 tone - per fitinnin. In 1813 it had risen to 44,00) tons, and in " 1334,.after the. profits had become equalised, it had risen from that amount to 82,000 tons. There was, therefore, a _ large' increase, under the influence of free trade and of is compoc4ion which increased year hy year.: ILI, therefore, ~lit not n-Oniler that Hay complained of the want of la bour la I hat.dsland. ThoOolonial.office woubrenceitrage . ' etnigfation,from,lndia in _every way cons i s t en t w i t h o th e r . inters--t 5 to tdpilr'lli:t deniand for labour. With regard to the whole tel the , seeareelonies the same was true, but • not to the same extent. Taking the British colonies as is whole, lit; found that In- 1844, when they- enjoyed a pro- tection amounting almost to au exclusion, the average produce was 201,033 tons, which ha I increased, in the face of increasing competition, to 290,000 tans daring the last year. This could not be an evidence of a decaying in terest. If the house wished to see a proof of the prosperity of free trade, it was the proposition of his right hon. Mend, for the increased duty of the present year would only add one shilling a hundredweight to the price to the consumer, as compared w ith last year. . Mr. ELA.CKBUR,.. had the misfortune to be a West India propriator,nnd, he must complain of the alteration of the duties, for although they had been promised they .. should kn3wthe duty and must mike - their arrangements - - accordingly, the, duty had not been the same any two years. A great share of the costs must fall on the producer, and the loss would be et least 1/. a ,ton. Now, - would any • gentleman say that the West India colonies were in a pose- .. tion to lose this 180,0001., which would be the loss thus - inflicted on them ? The Chancellor of the Exchequer watt e taking a surplus of 7,000,0001., which he did not know how ha was to spend. He (Mr. Blackburn) therefore - thought that it would be better to cut down the estimates -, than levy these taxes on the poorer classes of thi s co untry. -. . Mr: HEY WORTH complained of the policy of indirect 'e taxation, because if the demand for manufactures was re! ~ stricted abroad the means of paying the tales in this` -- country would be diminished. He agreed that the addi tion of one per cent. to the income tax ' which would pro duce the amount, would be preferableto this proposition, and ho trusted that the house would not sanction the ab surdity of resorting to a principle which had over and over again been condemned. The report was then received. THE NEWSPAPER STAMP BILL. The CHANCELLOR of the EXCHEQUER moved that the house do go into committee on this bill. . Mr. COWAN said it would perhaps be most convenient to the house if he should at this stage state the nature of the proposition of which he had given notice.. He was un- , Willing to sacrifice any amount of revenue in times like . the present, when all the resources of the country ought to - he hushended. He.-owned the difficulty- of meking. the change, but he had supported the second reading in hopes _- that the revenue would not suffer, orat least not materially.. - ' The house would not be surprised that he had looked,, a orT the various acts which from time to time had regulated = the newspaper stamps . There appeared an animas tu a ll. . eted the these acts, that the_more newspapers were restnshould be, better, and that with regard to dimensions t v ls a to 1825 restrictecleo the smallest poasib'es size.. ncife e s by 32, a sire, no newspaper could legally exceed 22telveninf, papers. At -, Considerably smaller than the presenel exce&l 1 oz, whilst . that time the weight appeared to b r ary _. appearedlt to the stamp duty was 4d., less 20 per seat.e of that time hafl ea n ut o him that, in 1836, the Governmentof the introduction of st ant idea what would be the_ result d ailways in bringing on h P te the law printing machines an There was no reason why a endless fix which they were in. accompanied with s n n id size. The of 1836 should have been to stamps, w eight, at . quantity of restrictions as on the l'ost-office au enor was to throw not have sustained effect of that law , f' ork which it could this was fitting moue quantity 0- " He thought thi l s was a op without the railways.fder whether the postage aws should not portunity to COn*to make the carriage remunerative at ' be so a ltered as , proposition of which he had given notice •. lower rates. Ihe-voyance through the Post -office not only ' provided for the cof all printed matter. The rates proposed', prov b u t 5 of newspapersif ()tin y for each transmission for every twe were one ha A de for four ounces, and a .f at' to 0 on, a such ounce' , a P -- - ate the Post-office. H h 'rra— . would rem e thought the pro.. ,- " f Government would press ha dl I' yon many per-.. position o . ally the proprietors of wing, osPe ci ' country newspapers•-whc. ' ht wish to sell their papers at one might penny and when • would then have to pay 100 per cent, for '. transmission. through the post. He did not wish to_ tion unduly, but he trusted that Governmentprest this proposi. would give it , every favourable cOnsideration. Mr: BARROW, hoped the Government • would alsoiske into their consideration the propriety.of reducing the damp upon newspapers to a halfpenny -- ' ' - s ' -- . ' --. ''. . The house then went intocommittee. - • •-- ... Clause 1. was agreed to • - on . o , Ectise 2 . , without diScussion. _ _ , , e• . . ..._ . Mr .COLLIER said he should propose that-instead of a• -: starep of a penny, which was imposed by this clause, the stamp should_, be a halfpenny, an d th a t a h a lfp enn y 'stamp ' should be imposed for each transmission through the post- ,-- He did not put this proposition forwird entirely upon , _ financial grounds ; ho proposed it upon higher gro und s 11 DJ! . than those,. viz , educational grounds. It was rthe heist highest pastille iibportance that newspnrie Taxes for ' class should - be cireu!ated as freely as possible. w _ e taxes on kno I d 0.1. the . trensmission of knowledge weree t - b e . u pport of those ' and, - thaefore, he expected to receiveagitating for the re • hon. gentlemen who heel been so long There was another reason peal of blltaxes on knowledge. the _London newspapers e for this, proposal. At present papers. They circulated, Were on a'footing with p r ovincial on the same terms as the provin- ' throughout the countryt2e P %en passed as it now stood, a low cial papere ; but, if papers would spring up, which, to some class of provincial ,_ _ less „, ail La piratical publications extent, would be Domes They a ll k n ew th e grea t London press. against the Lo, n don' (WHY papers were conducted—the at which the Lon . t ll• and early in e igence which they gave, and the i wportant hi g h literary c haracter their of th • leading articles. Now it . en* -tile " e d- to him t 0 b 0 of Aitazosi autportisa NO WV t• ' 0 4~. rd• lop l2oop 0 1S 10(1 10( j 21 4 it St. 50