The Sun. — London, England, 1855-04-21 00:00:00

TEE B 11 1) GI E 'l7 //h t. W 1 Tee feliowine is ti,; - offic le eeew . ich then ewelatig e s t u he ial made ona iu u our huaeleiie 11 he- sUb Mitted to the hou se . Y THE NEW LOAN. gran te d to her Ma -..e..."1-• That, towards raising the supply ~„,,e. 4 uRY, the sum of 16,000,000/. be raised by' annuities. '!2. That every contributor to the said sumof 16,000,0001. to the s hall, for every 1001. contributed and paid, be entitled o f 3 per reincipal stun of .100/. in annuities, after the rate_ _ ___, see and !_ el l,te to um from the sth day of January , 1 f .,' b e added to and made one joint stock with the existing e a tmes "Iftlida ted Three per Cent. Annuities, and to be pyable Led transferable at the Bank of England at the sa Le d in the same as the • manner, and subject to the like redemption i said Consolidated Three per Cent. Annuities. entitled, for ' "3 . That every such contributor shall also !,/,erY 1001. contributed and paid, to a furth be er annuity of sunk"• 6(1. for 30 ear' to be payable and transferable at p th ri e l of Engle, d,and to be payable . on the sth dee' of A yi d lithe 10th day of October in (ae t h o year, da-'4.l),,ayinents, the first paymentby equal hal . f- Y e t uctober 1855 and the last Parnell of 188 ' ' , , 5 . - b e madet, on theo the s th 1 ga t b y e• That the :said several annuities so to be payable as afor da tedid shall be charged upon and hed f the • Kingdom of Great iaad. 0 e United Britain and paid out of the COM:O -lt e..... 18'° Th at every contributor shall, on the 24th day as he or sh o e o make a deposituf 10/, per cent, on suchsumssaid sum o f of April, choose to subscribe towards- raising ° Governor 16,0000001 •th security for mak and Coinp • with the chief cashier or cashiers of the . iii"any of the Bank of England, as a se 1 1 .. e14 , e subsequent payments on or before the lereinafter mentioned (that is to say): — of May, 1855. days or times alleent of 15e per cent on or before the 22d 1865. • ~ 101. 11th of June, ,) 10/. , f • " 1 01. ~ 21st of Aug., 1855. 19th of July, 1 1 8 85 55 5 . . " 10/. ), 18th of Sept., 1855. ~ 101. /I 16th of Oct., 1855. " 10e ,f 20th of Nov., , P T hat " 1 0/. all the mone s s t b " received by the sai h Bank _e 18th of .d De cas e. ttal l i ers of , y o o e Dee., 1855. eegiand the said Governor and Company f the receipt of her • M o l est , shall be paid into the account o lan , . of t e of ny d to be applied f ro ,:7 Exchequer at the Bank le tl 7_ t s lta s e to time to such services this house in this ses coo" if Jaall then have been voted by foofr England , Britain and Ire inte- rathament, or to the redemption of the be issued under th `:at , of any Ex chequer -bills issued or to 4_ principal and au e e o a r t • her itY of the act of 57 Geo. 111., car!. 8 stit ; l l o.i rte o f , t , any act of the present k m ng the application of moneys out on o the 31st day of /larch 1 iorot,.he service of the year ended seesie f u th e e r o cP r oau u rsol n i d mill e da r e t tu h l e ; 84 . ' ' O 5, and of the year ending on the 31st day of March, 6 . Tha t for the purpose of- the extinction from Annuities,m time to kin a l t them of Consolidated Three Per.. af ore ? amount to i e added to the said the consolidated fe,isaid, there shall be issued and paid out of. joint-stock as ent of the courted Kingdom of Great Brita c m om an ni d is l s r i e o l n a e n rs d, fo o r r th e R.,,,,e "I'ewing produce thereof to - eenito'e.tiltlon of the National Debt, .which i shall first happen, 12 izo,,n,ing on the Ist day of April, _. of peace the 'n the financial year, h ~I'ns.after the ratication of a delinitive n treaty c tuiesia, and in every subsuent ear u . 1 su . c h h e s d um , s : ra n so o l f ie ..a t red th e e f Three per Cel% Annuities . is extinguished, in h- of e',190,000/., provided that in case • n m ecessary for pur ehee':eee sum would be payable the sum the hot year hreeV.eeeemaining portion of the said sum of Conso t li h d en ate s d o r eileb 0,,1ii, uent. Anertities be less t au 1,000,00uf., ° hall e of such stu n as may be necessary the sums so to be for that purpose iN ed e Issued and paid as aforesaid, and I Cate o al d Paid to the Commiesioners i e n the eurchase of eo esoli a, bebt shall be applied by tlie!m for th redaction of the ro oted „iated Three per Cent Annuities, in the manner di eea some 'l the acts for the reduction of the national debt, un uti of 16000,0001. Consolidated Three per Cent. An ;B hae been e xtinguished and cancelled. pall, That, towards raising the supply granted collected, and tai,i_Lhere shall be charged, raised, levee ~. to her Ma ke) d 4 Pen the goods and commodities heremafterment s i p o e n e e i d . 41 ,"eribed, the several duties of excise respectively a nd set forth— that is to say : THE NEW TAXES. I g per , " SPIRITS. the strength of ledr ee , 44 ' 1 upon every gallon of spirits of_., day 9 f April, le4"-eter Proof which, on or after the 20t11 tiv e e'. ',hall be distilled in Scotland and Ireland respee tele:. °r be la th e-stock, custody, or posse . ssion tri of ta a in ny se d o i t s . - Ik ea ,_ rectifier, o compounder of or dealer in 13 lise,C Ireland, or of any person in trust for s n him dis o t r il f l o ed r his NI, re d, t, or account, or which, having h e i n 1/4, Scotland or Ireland, shall, on or a bftee qa.re-hwarehou,,, ~_' ''' in Scotland or Ireland, and or which, hap ' ll se for con ' in Scotland or Ireland, t !n g be__ sumption removal b er e t t h a e k sa en id ou d t ay of , 5 l 'cotl " be day - It and 0 taken out of warehouse in England for . Nil' • r Ireland, shall on or hi g , ' into R. a l duty. of is• 10 d at is to Oland or Ireland, the .. additionalafter the said i pro ; say): in Scotland the addi_tion and so n follow Ile ttie e ti i: i in Ireland the additional duty ofo _ 2B ; trang .th, or any eto ete er any greater or less degree t , " ' l, ° , r less quantity anted to her Ma- , 4e%ty:ott`uat towards raising the supply g r • lieu of the ' e nt e a nd after the 20th day of April, 1 , 855, int or is in fore aili ng duties now chargeable undei l a ni n n y set a • •tfl British spirits ail e ilf °4 spirits of the nature or reality of i Guernsey, Jersey, o keeraetured or distilled in the islands o imported from any d the !e rne cud and 0 , sari Y, •' - eark respectively, and to say) : sad paid ialands into Scotland or Ireland, duties (that is to , p ot the following countervailing last-men.ti" Scotland there shall b . e charge of t he etr," upon every gallon of such c e into th e ,Il Nth of hydrometer proo e f ve i ry mPul n• ale . 14 of es • Ireland ntio eee , : , and for and uon strength imported se m s Pirits of the like greater or gallon of tn su to ch last- Lesk, d egre e -43175. 2,1 ,and so or less quantity of such witr of s trength or any greater Ireland respectively. in proportion for any _ last 5 -14,„Portea into Scotland - and granted to her Ma e i e hat, tow ards ra i s i ng the supply excise now payable inleor_iiee of the respective duties o PooelsenY act or acts in force upon and de be iprFparationa, and mentionedtbe ti s e e n veral mixtures, corn commodi there shall ~Q 1 ,,,, ta l the schedule hereto annexed,on the ue 4i.,,,,. he as hereinafter mentioned , sa id seve re' 'ee, levi e d , commo collected and paid upon the tee,striitaires, compounds', preparations, and April, 1855, s hall I : : i r l : 11 on ° r after the 20th daY of Scotland, the ae reral ~,luoroed from Ireland to England schedule.' 4ett ed, eeZ e f ni oneY and deities of excise er res 'e'l. 'Oct sot forth in the said ely in " 10. That t oward s STAMP DUTIES. granted to her Ma jesty, all the , raisinz the supply sum of e ents or d - the payment of any 111° IeY to the bearer c, °r-er e for ,_,_.- drawn. upon sany banee r, or iill n de mand, which a 0 : 1 , 11 6 g as a banker, ;V residing cr tranYsaPei:s°n t or persons tin of a banker withi r n e is..- I ''_ , ile s of the place -'l,,n.: • s' lle tl i t e such draughts or orders eab a le w r i n e i e th ar e °ow exept fro ' tamp du shall be eh duty 0, ed. for everY suche stamp .i W. 8 draught or arg order. 11. OME-TAX. iest e, „ That,• INC towards raising the supply and aft stirere fall be charged and raised yearly from duties granted to her Ma claY A. 'I 18'5 in addition to the rates and . _ al...a. chareable pri , .) , byt4t, ch ap melee the act passed in the last session r o f _l . _ il nt s and tains o h • 2 4, for and in respect of all property!p ineoran ,argeable matter the 'everal acts in force relating to the eerse::,i'ax. either by assessment or under any contract of of 2d ler ic loil or otherwise, the additional rate and duty perteeverY 2 08. of the animal value or amount of all suchpro w profits, and gains respectively. 12 " MALT ALLOWANCES, la r e • That there shall be made, allowed, and paid, . for or re of the several goods and commodities d d he ra re w in b a a f e t k e s r of e „, n . d or Mentioned the several allowances an is t •s'-ise reepectively hereinafter specified and set forth (that 0 s ay) • , to . strength of I 'M ~,r ,td UpOn every gallon of spirits of the tleeeCeLer Proof, and so in proportion for any greater strel er less ill t4ltY, or an ashed Y greater or less degree of strength, distilled oe ot g l aed or Ireland from malt only, which shall be h m WWI . a fter . the 20th day of April, 1855, and w h hic spi r i t s for t ee ; bice. distilled at the rate of two gallons of such three_teusthel of Marley malt, or in Ireland one spirits bushel and an allowl' h parts of a bushel of malt made from bare or bigg, 4 110 w„ 440 e after the rate of Is. 4d, per now in foroe:"e granted on such spirits by any act or acts gallon, in lieu of all p . than after lisce Y°N-ided always that if the quantity of malt mashed and the „' the Productien of such sps shall be less l for tenth .. ° °I one bushel of barley malt, or one bushe anbdigtgh,ree ele,3, Parts of a bushel of malt made from bere ti o4 r,t,',o gallons of proof spirits charged with dut e y r , a deduc the r ' °i n the d every a mount-of such allowance shall be made after be e h u a e of 4s, for every bushel of barley malt, . ___ malt, .tvLi e , and three-tenthlaarts of a bushel of bere or eigg Ai ;, eh ' ll an be so deficient. Alia Ircleee fromfor and upon such spririts distilled in aforesaid 1 %h e l l be malt onl and on which the allowance__ ~ u l, England or s tore ye been made' and which said spirits shall be Lai etcr°ved frone Warehouse for exportation , or for use as under ships' 4e elii i , B4( l be (114 exported or shipped as steles i u n n suchd % Peet ',.",g to the laws and regulations of customs above the " the allepealllere than be granted and paid over and 1/ e 4 S'able e° aforesaid, and in lieu of the drawback the rate of ed. f or - tinder an y former act, a drawback after exported or allipi,aev'llr gallon of such spirits 03.4 rs stores as aforesaid. granted and 4. actuallyy MADE WINES. 13 ERNAILING DRAWBACK ON for ' Thai. 141 ' ti -Uu drawback of excise or "41 n 1 1)44 ' kiY ed to the Bet o . (k litie s, of the mixtures , . shall b e allowed or paid (B) auue h on or after i the ihil'eseribed in the . _ slbed e u h l a e p. la m t he 20th Eird 18th ViCtY 1855, ;hall be removed f malewines ; and that (4. S eeth e eY of April, upon which shall vfee and n to Ireland, except made wines 27, w le rom Eng " Bo r emo ve UPon every gallon of all the ce,,d as aforesaid there shall be v'lltervailing drawback of 2d, and no more „ 14. ~a lled and granted to her Ma -3,643-, the hat, towards raising the supply ,_ halve d on tea i-l ' o rte f°lle wing duty of customs . shall DO C rity a b ie ado the United Kingdom, in lieu of the thereonth (that is to say) : until the sth t i a , (In af the 21st day of April, 1855,duty now .0f12" April inclusive, t theeace, th e hrsniwitlis from the date of a definitive trea d y which shall first happena . duty eheir e u ls. 9d. ; from which last-mentioned .aY e ns o f the fter - the end ket, i,e regulated in accordance with the provisions e-Ja P• 9 , of the present session of Parliament. le. -Nest That " COFFEE AND CHICORY. , towards raising the supply granted to her be c h a rged on tea , Y, the following duties of customs shall ntioned ( after tho 21 5 on the underme artieles list day of April, 185 , the in lieu of . du ties ,"11Purted into the United Kingdom, for'every mound, -° Payable thereon (that is to say),—coffee, for every i, 4d ; ditto, kiln dried, roasted or ground , . ell. ' 4 sd• ehieo r ,or any other vegetable mae' y aP for cry'to the uso of chicory or coffee, roasted or ground, ' Pound, sd. " 16 ~ SUGAR. to her Ma. je ee • That, towards raising the supply granted d on and ~, e l, the following duties of customs shall bo charge , sges im._ ":` Parted the 21st day of April, 1855, on sugar an I the Ine duties a ' now „._ 3 itlto the 'United Kingdom, in lieu of or whie, 1 , pi le thereon (that is to say),—Candy, brown in eQ„uned sugar, or sugar rendered by any process equal!ror l'alitY thereto, for g everY cwt., 1/. ; white clayed sugar, esiligar reudered refined , oresproess equal in quality te for „'" a Yed not being qual in quality to refined,. brovin J e rY not 17s 6,1 • yellow, Muscovado - , and equal ~,,,,'''3;',l sugar, or . su,,a; rendered by any process eq 1 , ....'"4IItY to yellow Macovado, or brown clayed, and not eq "ei white elayed, d or for every cwt., 15 s.Muscova m 1 0. alld other sugar not being equal in quality to yellow, .u mo. 1 t l°, or brown clayed sugar, for every cwt., 13s. 9d- , oeses '''. e very cwt., ss. 4d. " CONFECTIONERY. Ma . . je ‘ 4 . ' 17 * That towards' raising the supply granted to her _ - -s 'Y, the following duties of customs shall be charged on and . eftor the 2 1st 1 1 18, on the articles unclermn ( ay of Apr . l , Lku,cd, in lie now payable thereon (that re c to ky),_ _ co.,. lieu of the duties cherries dried, marmalade, Plain s preutectlanery, comfits, I:winding all fruits and ogetablesrv' cl in suar, succades, i . Niue, 2ictreservecl in sugar, not otherwise enumerated, the he •L!: st la towards raising the supply granted to her si t : sched u l e contains a list of spirits and tinctures prin. m 3 ecl n. medicine. the folloring duties of custom , 110.1 ho charged • 11 . after t.;lay of April, on the articles tinder nbien d, iwpor;e.l into Scotlin 1 or Irelaud, in lieu of the duties now payable thereon :- :—Not I,eing sweetened or mixed' with any article so that the degree of strength thereof. cannot be ascertained by Sykes's hydro meter; for every gallon of the strength of proof by such hy drometer, and so in proportion for any greater or less strength than the strength of proof, and for any greater or less quan tity than a gallon ; of and from a British possession in America or the Island of. Manritius; and rum of and from any British possession within the limits of the East India Com pany's charter, in regard to which the conitions of the act of the 4th Victoria, chap. 8, have or shall ha d ve been fulfilled. If imported into Scotland, the gallon, Bs. 2d. ; into Ireland, the gallon, - 6s. 4d. " Rum, shrub, cordials, and liquors of and from a British possession in America, =or the Island of Mauritius, or a British possession within the limits of the East India Com pany's Charter, _ qualified as aforesaid, if imported into Scot land, the gallon, - 8s 2d. ;' into Ireland, the gallon, 6s. 4d. " BOUNTIES AND DRAWBACKS ON SUGAR. " 19. That in lieu of the bounties and drawbacks now pay able on the exportation of refined sugar, the following draw backs shall be allowed on and after the 19th day of May, 1855, on the exportation or on the removal to the Isle of Man for consumption there of the several descriptions of refined sugar hereinafter mentioned (that is to say) : " Upon refined sugar in loaf, complete or whole, or lumps duly refined, haying been perfectly clarified and thoroughly dried in the stove, and being of an uniform whiteness through out, or sugar candy, for every cwt. 18s 9d. " Upon such refined sugar already described, if pounded, crushed, *or broken, in a warehouse approved by the Com naissioners of Customs, such sugar having been there first inspected by the officers of customs on lumps or loaves, as if for immediate shipment, and then packed for exportation in the presence of such officers, and at the expense of the im porters, for every cwt. 18s. 9d. " Upon refined sugar unstoved, pounded, crushed, or broken, and not in any way inferior to the export standard sample, No. 1, approved by the Lords of the Treasury, and which shall not contain more than 5 per cent. moisture over and above what the same would contain if thoroughly dried in the stove, for every cwt., 17s. 10d. " Upon bastard orrefined sugar,unstoved, broken in pieces, or being ground, powdered, or crushed, not in any way in ferior to the export standard sample, No. 2, a pproved by the Lords of the Treasury, for every cwt. 16. 6d. " Upon bastard or refined sugar, being inferior in quality to the said export standard sample No. 2, for every cwt. 13s. 9d," SPIRIT OF THE PUBLIC JOURNALS. TIIE BUDGET. (Prom the Times of this day.) The martial enthusiasm of the country has shown itself in almost every possible way- -in subscriptions for the orphan and widow, the sick and wounded, in deposing an unsuccess ful Cabinet and est tblishing a Committee of Inquiry, and this week is giving to au ally the most splendid reception ever accorded to a foreign potentate. It is now to receive its last trial. The British public has to receive the bill and pay it " like a gentleman." Certainly it is a trying moment when, having spent a week in an hotel described iu your " Hand book" as " eapital, but expensive," and having enjoyed your self so much as to have lost sight of the expenses, you receive your little account, and see a fabulous sum tolal of francs or thalers at the foot of the column. In the present instance the trial is the greater, inasmuch as the success has been inconsider able, and the enjoyment very qualified. Nevertheless we must pay with a good grace, and that all the more, inasmuch as it is better to pay in the pocket than in the person. Pecuniary loss short of utter ruin, is a triflo compared with loss of life or limb, of father or son, of brother or friend. So let the Bric ish nation hear with its boasted equanimity that, in con sideration of the war now raging in the Crimea, and soon about to rage in the Baltic, and in commutation of death or wound, cholera, dysentery, scurvy, typhus, frostbite, or hos pital fever, the Chancellor of the Exchequer calls on us to pay forthwith one per cent. , more incornetax, and a little more of that indirect taxation which we have been so busily and cheerfully repealing these dozen years or more- Yes, the income tax, which the year before last was put on a vanish ing scale, on the strength of a succession tax ,which was gradually to fill up its place, and which then stood at 3 per cent., but was last year raised to 6 per cent., first for half the year, then for the whole year, is now to be 7 per cent. for the current year at least. Cons dorinm that the reduction of indirect taxes has not prevented the price of bleed, meat, and other principal necessaries of life from rising to a very high level—considering, too, that some how local rates of all kinds have been rising lately year after year, much to the inconvenience of householders with limited incomes -seven per cent., that is, Is, 4d. in the pound, is a very serious addition to the burdens of British life, and, what is worse, is one step more towards the old ten per cent., whioh, if the war continues, we shall probably have to pay. - (From the Times' City Article of this day.)- The first*quotation • for the Omnium, as •he combined stocks of the new loan are termed, was 1 A to a premium, and, after having declined to 1* premium, it closed at 4 to *. The manner in which the market premium for the new loan is calculated is as follows :—The value of 100/. Consols is 891. 155., and of 14s. M. terminable annuities for 30 years 111. 12. This makes 101/. 75., or almost exactly la pre mium. Its actual value, however, is rather more, since this calculation assumes the entire subscription of 1001. to be paid at once, whereas the instalments extend over eight months, and the employment in the interval of the money not called up would yield, even at the low rate of 2 per cent, now obtainable in the Stock-Exchange, about 12s. The value of the terminable annuity, moreover, has bed taken as low as 16/. per 11., while the quota tion to-day was 16 to 16 i , a purcase having been made at the latter price. Under these circumstances, the intrinsic woyth of the ers .omnium woUld appear to be 2 p.m. The lett of allotment were promptly delvered yesterday, and, although a general curtailment was necessary of the amounts applied for, it was impartially made. Tho applica tions were supposed to have been fully 10 per cent. in excess of the total required. There seemed but one opinion as to the equitable nature of the contract for all parties. It is understood that the margin of profit to the subscribers in the Emancipation Loan of 1835 was almost precisely the same as that now obtained. (From the Daily News of this day.) The Budget, in short, is quite as much Mr. Gladstone's as Sir George Cornewall Lewis's. Of course, the ex-Chaneellor of the Exchequer is not so unnatural a parent as to quarrel with his own offspring because it is being nursed by another. His opposition, therefore, is disarmed. Again, it is not the cue of the Derbyites to make a serious onslaught on Minis-• ters yet ; and this silences another financial critic—Mr. Dis raeli. Sir G. C. Lewis has therefore no hostilities to appre hend beyond a partisan -warfare conducted by a few guerilla chiefs, unconnected with and independent of each other. If we mayjudge by appearances, they intend to make of certain items ol the Budet a handle for ventilating their notions on s undrr abstractg principles of finance and taxation, but to o ffer no serious opposition. As to the increased taxes proposed by the Chancellor of the Exchequer, they are probably neither much , better nor much worse than any others that could be suggested. ( From the Morning Herald of this day.) Our worst anticipations as to our new Chancellor of the Exchequer are more than realised. It has been.our fate to listen to many budgets ; from Mr. F. Robinson (now Lord Ripon), from gr. Canning, from Mr. Goulburu, from Mr. Herries, from Lord AlthorP, Mr. Spring Rice; Mr. F. Baring, &c., but an exhibition so deplorable as that of last night we never heard. The two last Chancellors of tie Exchequer s , Mr. Disraeli and Mr. Gladstone, each, on making his finan cial statement, kept full houses fixed in admiration for four or five hours at a stretch. Sir G. C. Lewis condensed more matter into a speech of an hour and three quarters ; but the house, half empty, did not listen to him He huddled up his conclusion in haste, and sat down without a cheer i The cool, dry, clerk-like way in which the matter was handled excited the wonder of the house, and drew forth once or twice a derisive cheer. But the general feeling wahimself s, that the budget could not pass. The his soug ht that a general vi ew of his whole plan might be taken ; and we should say that a general vote, condemnatory of the whole scheme, would be concurred in by a majority of the house. (From the Morning Advertiser of this day.) The additional taxation, corning, as it does, in conjunction with the loan, will be exceedingly unpalatable to the country; and the burden will be borne with so much the less resignation, because the war, which has rendered it necessary, has been so grossly mismanaged, and has been carried out with such manifest want of vigour, as to compel them to come to the conclusion that Ministers have not up to the,,present hour been sincere in the desire to destroy the prestige, by diminish ing the power,.of Russia. Before the House of Commons ac qniesces in the proposals which the Chancellor of the Exche quer means to make, for so large an addition to the taxes of the country, it is to be hoped that it will take care to exact guarantees that the war will not any longer be carried on in the same bungling, half-hearted manner in which it has been conducted until now. Let it never be forgotten that this year the total expenditure of the country is to be no less than the astounding sum of 86,000,0001. COURT OF COMMON COUNCIL. Yesterday a Speoial Court was held for the purposeof receiving an addresi fimmtho Prefeot of the Seine and Municipality of Paris. The Court was very numerously attended by commoners, and the following aldermen were present : —Sir P.. Laurie, Alderman Wilson, Sir Chapman Marshall, Sir G. Carrot, Alderman Hunter, AldermanSidney,Alderman Salomon; Sir R. W. Carden, Alderman Wire, Alderman cdbitt, Alderman and Sheriff Muggeridge, and Alderman Rose. ADDRESS OE THE EMPEROR OF THE FRENCH TO THE CITY OF LONDON. The .LORD MAYOR said—lt is my duty formally to inform this Court, that the Address voted to their Imperial Majesties the Emperor and Empress of the French, by this Court, was yesterday presented to their Majesties, when the Empanderor was; pleased to make the reply which I hold in my h, and to which the autograph of the Emper or is appended. It will be read to this Court.and deposited amongst the archives of the Corporation. (Cheers.) The RECORDER then read the Address (a copy of which ap peared in our impression of yesterday), which called forth the heartie,stupplause of the Court throughout. Mi. J. WOOD moved—" That the address, and the an swer of his Majesty the Emperor be printed, and that a inted copy and a fac simile copy of the answer of the Emperor of the French, be distributed to each member of this Court " - Alderman WIRE seconded the motion, which was put, and carried unanimously. ADDRESS FROM THE PREFECT OF THE SEINE AND THE -• MUNICIPAL COUNCIL OF PARIS TO THE CORPORATION OF LONDON. The LORD MAToit--7-Gentleroen, I bavp called this Court to receive the Prefect of the Seine, the President of the Municipal Council , a nd a dop.utation, who w present an address from the City of Paris to the Corporation of London. (Hear, hear.) Sir P. Laurie, Alderman Salomons, Alderman Wire, Mr. 3. Wood, Deputy Harr ison, and Deputy Hale, forth with left the court, and shortly returned with the Prefect .and the deput,tion from the Municipal Connell, whom they formally introduced to the Lord Mayor. The distin guished visitors having taken their seats on the right of the chair, The LORD MAYOR said—Gentlemen of the Common Council, I have already announced t o y ou the pu of rport this special court; I have now the hon our to present to you the Prefect of the Seine and the President and other me m 'hers of the Municipal body of Paris, Vilio will p yon an address. (Rear.) r esent to The PREFECT, who on rising was received wi a th much cheering, s:=id—My Lord Mayor, Aldermen, nd 'hers of of the COrporation of London in Common Council as sembled, whin I received from my august Soversigu u thori4ation to accept !he kind and valuable invitation that his lordi.hip the Lord Mayor has been so good as to send forme these aoleuin and memorable circiunstances, the THE SUN. LONDON, SATURDAY EVENING, APRIL 21, 1855 PERI 'A 'OA A ENT. • ' (' ~ T ,r.ition of Paris charge.) me • h , in with e of the },resent members, al- 1-etfal and yl to this celebration, in essre. , s and p e officially not only the deep ano keoeru esteem ' but also the more and snore friendly fee lin g s of our cit y to yours. (Cheers) That address which lam here request ing the liberty of reading, at first according to our original French writing, and afterwards from an English translation, presents, as a special character, that it .has been signed by all the members of the Mu micipal Council, because every one wished to give a positive testimony of this peculiar approbation to it. (Cheers.) The .Prefect then read the Address, both in French and English, and afterwards presented it to his lordship. " The Prefect of the Seine and the Members of the Municipal Commission of the city of Paris, to the Lord Mayor, Alder men, and Commons of the eity of London, in Common Council assembled. . "My Lord and Gentlemen,—The august - Sovereigns of England and of France are cementing by personal marks of friendship the intimate alliance of our two nations, and the city of Paris readily and earnestly seizes this memorable op portunity of addressing to the city of London the particular testimony of her cordial sympathies. " In the interest of civilisation the close alliance of the two countries cannot be manifested too frequently, nor can it as sume forms too varied. Whilst it is displayed in the Councils of Europe by the identity of their - respective will and actions, on the seas by the solidarity of their national colours, on the fields of battle by a community in dangers and in glory, it is right that it should be found real in the affectionate relations of their Princes, in the fraternal communications of their cities, and even in the habitual intercourse of their popula tions. " The city of Paris preserves a deep remembrance of the visit with which the Loid Mayor, aldermen, and members of the Common Council honoured them, after the London General Exhibition. The city of Paris is equally grateful for the friendly invitation which, at this approaching period of the Paris General Exhibition you, my Lord Mayor and gentle men, have made to the magistrates who represent the French capital. " Those periodical competitions, during which learned men, manufacturers, and artists compare their discoveries, their productions, their works, and draw without ceasing new in struction and new emulation, have not only for effect the blending together of that enlightenment which radiates from the two principal intellectual centres—England and France ; they powerfully contribute, moreover, to establish between the two nations a conjunction of ideas, a conformity of views, and traditions of concord, which secure for the future the tranquillity of the world and the welfare of mankind. - " On the eve of the great national solemnity now in pre paration, it is, therefore, my lords and gentlemen, a cause of intense satisfaction' for the City of Paris to be able to pro claim aga n, by a public manifestation, the bonds of the high esteem and of the faithful affection which unite her to the City of London. (Signed) " DELANSLE, President and First President of thelmperial Court of Paris. " G. , TIIMANT, Secretary. " Coun'cillors of the Imperial Com t of Paris—Eugene Lanry, Fouche, Le Pellesier, F. Devinck, Palouse, Herman E. J. Thayer, A. Thierny, De Riberolles, Legendre, Le Dagre, Chaix d'Est Ange, Casinie Noel, Perier, Vice-presi dent ; Segalas, Benjeau, Comte de Bretenil, E. de Royer, E. norms; Vice-Secretaire ; Victor Foucher, Peupin, Ambroise Firmin Didst, Pewurt Boissel, Ancien Depute de la Seine; A. Chevalier, Moreaux de la Seihe ; Comte d'Argout, Bayvet, sillaud, Eckame, J. Boulatignier, Dumas. (Signed) Baron G. E. HAUSSMANN, Prefect of the Seine. " Hotel de Ville, Paris, 14th April, 1855. MUNICIPAL COMMISSION OF PARIS. Delangle, President, Senator and First President of the Im perial Court of Paris. Thibaut (Germain), Secretary, deputy and merchant. Moreau (Ernest), Vice-Secretary, attorney-at-law in the Tribunal of First Instance. Cte. d'Argout, ex-Minister, Senator, Governor of the Bank of France. Bayvet, Censor of the Bank of France. Billaut, Syndic of the Brokers. Boisset, ex-deputy. Bonjeau, ex-Minister, Senator. Cte, de Bretenil, Senator. Chats d'Est Ange, advocate. The Prefect and the other members of the deputation then left the court, amid the most enthusiastic cheering. They were s'iortly afterwards introduced, when The RECORDER read the following reply to their ad dress : " To the Prefect of the Seine, the President, and Members of the Municipal Commission of Paris. " Monsieur le Prefect and Gent emen,—We, the Lord Mayor A:dermen, and Co mo s of the City of London, in Common Council assembled, receive with deep gratitude an lively satisfactien ti e address of sympathy -and f iendslip from our brethren of the municipality of Paris, wet we accept it as a pledge of amity and mutual esteem between these great cities. " While we' have celebrated with exultation the meeting of the i lustrions sovereigns of France and Great Britain upon our soii, and have recorded with pride the visit of the chosen Emperor of the French people to our ancient jurisdiction, we heartily unite in the belief that the interchange of masks of confidence and affection between the people of the two coun tries and the public 1 odies representing them, is not less important or less essential to a lasting alliance than the per sonal intercourse of princes ; nor can they be reiterated too often, or repeated in too many forms. We trust that these demonstrations of cordiality between our nations will convince alike our common enemies and our common allies how indis soluble is the union of our interests and feelings. !" If, Monsieur le Prefet, the City of Paris has retained the remembrance of the visit, it was the happiness of many of us to make to your beautiful and classic city on the occasion of the Great Exhibition of London, by your courteous invita tion, those who witnessed the noble hospita ity of the Hotel de Ville, and shared the reception there given us by th) authorities and inhabitants of Paris, call never forget the splendour of the one or the warmth and generosity of the other. " We unite in regarding such recurring assemblage of friendly nations to do homage to genius and foster skill and industry, whether in the arts and sciences learned, or is manu factures, or in the cultivation of natural products, as the best safeguards, under Providence, for the future peace of the world, for the expansion and enlightenment of the heart and mind of man, and the religious and general advancement of the human race. We look forward, therefore, to the Uni ver al Exhibition' of Paris as another epoch in the groat rn-rch of time and civilisation; and in the emulous contest for national superiority in the arts of peace, we do not doubt that the varied and exquisite creatio s of the fertile, skilful, and refined spirit of the French people, will again be pre emi t() .t amongst us. " While our armies and our navies are contending side by side and rallying to. victory in the cause of justice and of right, under the blended colours of our national flags, it is with heartfelt gratification and pride that the citizens of Lon don seize this opportunity of doing honour to the representa tives of the capital of France. Thus hand in hand we shall exhibit to the attentive eyes of all nations, and to future ge nerations of ourcountrymen, a fresh proof of the deep and affectionate attaclum sat uniting the hearts of the people, aud identifying the unbounded resources of the French and Eng lish empires. (Signed) c' MERRY/MI:IER, Town Clerk." The Prefect and the deputation then bowed, and took their leave of the Court, amid enthusiastic cheering. Prefecthee e r pg e r P vinyiel roe o agf f let t v i: efe e Seine and the Deputy HARRISON—My Lord permittinglit w a s yt o n t is am ci no s ue u r r tt e o, Iw moven n Corporation, which has jgLui st been your eh e e a n x t our copyao sdrst.il to o h n o i t t f p: te t h h t Munici pality of Paris, be engrossed, signed by the town clerk, emblazoned, and forwarded to Pans as soon as it can be finished." (Hear, hear.) • Mr. FARBER-4 have the honour to second the proposi tion of my friend, and I have no doubt that this Court will unanimously agree to it. The RECORDER put the motion, whichwas carried unani mously, with acclamation. Mr. W. JONES moved—" That the address, ourtand." whi the re ply to it, be entered upo n the journals of the c h was carried C Sir P. LAURIE seconded t he motion, unanimously. The Court' then adjourned. HOUSE OF LORDS—(YES'TERDAY•) The LORD CHANCELLOR took his seat on the wool sack at five o'clock. The Earl of HA.REINGTON presented Several peti tions, some praying for the closing of public houses on Sundays, and others prayingfor the introduction of the Maine Liquor Law-into this country. Lord LONDESBOROUGII presented a petition from - the guardianS of the poor of the 13everlsy union, in Yorkshire, praying for an extension of.powers to guardians of the poor to enable them to afford out-door relief. MESSAGE FROM THE COMMONS. Messengers from the Commons requested that their .ordships would give permission for the examination of Lord Monteagle before the select committee on the re moval of the poor. The LORD CHANCELLOR replied that an answer would be sent by a messenger of their own. Lord CAMPBELL gave notice that be should on a future occasion ask a question of the Commander-in- Chief with reference to the rule of military discipline which precluded soldiers from being present in an assize town during the time of the sitting of the judges. He saw no good reason why their presence on such occasions should, be prohibited. He had been frequently applied to when presiding at assizes for per mission to allow soldiers to appear in town during the sitting of the court, and he had invariably given per mission, and even admitted them into court, and he always found them amongst the best behaved of the audience. The LORD CHANCELLOR entirely concurred in the observations of the noble and learned lord. When he was on circuit on one occasion the military attended the court, and a more orderly or attentive audience he never witnessed. THE CONVENTION WITH SARDINIA BILL. Lord WODEHOUSE said, in the absence of the noble earl the Secretary for Foreign Affairs, he begged to move the second reading of this bill. The bill was read a second time. Their lordships then adjourned. HOUSE OF 'COMMONS-YESTERDAY. The house met at 4 o'clock THIRD READINGS. The following bills were read a third time and passed : Bangor Markets and Public Institutions ; Belfast and . County Down Railway ; Colchester Stour Valley, Sud bury, and Halstead Railway ; Grand Junction Water ; Great Northern Railway (Increase of Capital) ; Lan caster Water and Gas ; South Wales Mineral Railway ; Southwark and Vauxhall Water ; Vale of Neath Rail way ; Woolwich Equitable Gas. The following bilis were ordered to be considered : Jedburgh Railway ; Llynvi Valley 'and Bridgend Rail wayti ; Newcastle-under-Lyme Gas ; Oldham Gas and Water. The following bills were read a second time :—Eng land and Ireland Improved Communication ; Liverpool Port ; New River Compiny and Trustees of the River Lee ; Southampton Pavihg Trust Saint Pancras. PETITIONS. Petitions were presented—by Mr. MuNTz, from Bir mingham, praying that the Nuisance Bill may not be allowed to pass, till a clause was introduced to prevent any one carrying on a trade that was considered a nui sance to discontinue such trade, until it was proved to be a nuisance ; by Mr. M. GIBSON, from the proprietor of the Manchester Examiner, praying that the News paper Stamp Bill be passed ; also a petition from 46,000 inhabitants 'of Manchester, praying for the re peal of the Beer Bill •, by Mr. GLADSTONE, from Oxford, in favour of No. 1 bill, relating to Stamp Duties. FRENCH INDEMNITY FUND. Mr. BOWYER asked the Secretary to the Treasury whether the sum of 23,707/. 10s. 10d., which, by cer tain Ps rliamentary returns, was stated to have been paid to Monsieur Ladebat, a French subject, out of the " French Indemnity Fund d ," had ever, and whMajesty's en, been returned to that fund ; an, if so, whether her Government had any obj ction to lay upon the table of the house a return showing the application thereof ? • Mr. WILSON said the sum alluded to was never re paid. FOREIGN HOPS. Mr. FULLER asked the Chancellor of the Exchequer whether his attention had been called to a great imposi tion now going on in packing foreign hops in English pockets ; whether the Commissioners of the Inland Re venue had had their attention called to it ; and whether any proceedings were to he taken against the parties who had perpetrated this fraud ? The CHANCELLOR of the EXCHEQUER replied, the practice alluded to had not been carried to any great extent, and the attention of the excise authorities had been called to it. • THE SIEGE OF SEBASTOPOL. Mr. MUNTZ asked the Government if it was true, as stated in the papers, that orders -had been given to spare the town of Sebastopol ? Lord PALMERSTON replied that no orders had been given except to take the town of Sebastopol as speedily as possible. (Laughter.) In reply to Mr. H. BAILLIE : Mr. MONSELL said the mortar fusees sent out to Sebastopol were not in a satisfactory state at first, but Col. Ward states that he has discovered a new mode of cutting them, and they now answer well. RELIGIOUS EQUALITY IN AUSTRALIA. Mr. DUFFY rose to ask the Under Secretary for the Colonies whether her Majesty:s Governmenthad directed any departure to be made from the system of religious equality which had hitherto been established in the co lonies of Australia, : And whether the Royal assent had been withheld from a bill which passed the Legislative Council of Victoria in November last, entitled "An act to enable the, Bishops, Clergy, and Laity of the United Church of England and Ireland, in Victoria, to provide for the regulation of the affairs of the said Church ?" The hon. member then proceeded to enter into a state went of the question when Mr. GLADSTONE rose to order. The SPEAKER said the hon. gentleman was clearly out of order. Mr. DUFFY then said he should content himself with simply patine. the question new • Mr. BALL said he was not aware that any such de parture ba I been made, and with regard to the bill alluded to he had not yet seen it. LORD DUNDONALD'S PLAN. In reply to Captain SCoBELL, • Lord PA.LXIERSTON said' that a plan had been submitted to the Government for shortening the time of attacks on fortresses ; professional me n had given it as their opinion that great difficulties lay in the way of carrying nut that plan, but at present he could not enter into the details. . _ NAVAL AND MILITARY INTELLIGENCE, The Cruiser, 17, screw corvette, Commander the Hon. G. S. Douglas, and the Rosa mond, 6, p addle sloop; Commander Crofton, loft Spithead on Th ursda y evening for which Downs of , en route for the Balt ic. A p art y of riggers, a set jury gear, are ordered to leave Portsmouth for Pembroke, to rig and navigate the new 50-gun frigate Sutlej from that port to Portsmouth, where she is to be fitted for commis sion. The George H ur lbut emigrant ship, Captain Post, is expe ditiously refitting in Portsmouth, after her late accident in collision with her Majesty's ship Duke of Wellington. A visit to her by a Portsmouth correspondent proved that the emigrants are most comfortably berthed, both on board the ship, and also on board the hulk (her Majesty's ship D r y a d) lent- - them by the Government. The captain is unremitting in his attentions to their comforts, and all (their number extends to upwards of 360) ap peared quite happy, contented, and cheerful The shi A c p ourt of 's-state and condition between decks was very healthy. inquiry has been held by' a board of naval officers (Lord George Paulet, president), to investigate the circumstances of the collision. The dicision fully exonerates the Duke of Wellington's officers and Captain Post from all blame in the misfortune. We learn by intelligence from Plymouth that the Ven geance, 84, Captain Lord Edward Russell, arrived in Plymouth Sound yesterday afternoon from the Black Sea. She left Malta February 17, and Gibraltar March 30. All her marina, under the command of Captain Aslett, are left in the Crimea,. whence she has brought 300 men of the Naval Brigade, belonging to the Trafalgar, Arethusa, and other ships which have returned. Tho Vengeance changed colours with the screw steam-ship Greatßritain, full of troops, under steam only, and apparently all well, on Sunday, the 15th inst in 48 . 5 N., and long. 5.55 W. The steam block-ship Cornwallis, 60, Captain Wellesley, was taken out of the basin dock at Plymouth on Thursday, and she is now in the Sound. The hired transport No. 63 was towed from Plymouth Sound into 'Hamoaze on Thursday, and placed alongside the jetty, to embark troops and horses for the Crimea. Letters have been re cived at Plymouth, dated from the f r i ga t e President, 5 w..i ch arrived from Valparaiso at Callao, all well, on the 6th of March. THE BUDGET. The house having resolved itself into a committee 01 ways and means, The CHANCELLOR of the EXCEIEQUER rose to make his general financial statement for the year. The right hon. gentleman said— I feel that some apology o r explana tion is due to the house for the postponement of the finan cial statement which I have to make on the part of her Ma jesty's Government to the present moment. It was the wish of the Government that the statement should be as com plete as it was in their power to make it, and as satisfac - tory to the house. as it was possible t o be ; but they are , apprehensive that if made shortly after the formation of a new Administration, and immediately after the appoint ment of a new Chancellor of the Exchequer, such a state ment would have been less satisfactory to the house than if delayed for a longer time. They also felt that there would be an advantage in waiting till the financial year had ex pired, which would have enabled them to lay the annual accounts before the country in a more perfect form. At the same time the Conferences at Vienna having lately com menced, her Majesty's Government thought that it would be more seemly to delay a little for the commencement of these Conferences, and that thus they would be better able to form a judgment upon what would be the course taken by the great Pc;wers, and that this would be better than to proceed with a statement of our annual expenditure and estimates, founded on supplies already voted, and which assumed a continuance of the war. (Hear.) Her Majesty's Government, under these circumstances, thought it would be better to extend the time for making this statement, as ; well out of due respect to the public interest, as out of the respect due to the house. (Hear.) In making the statement which it is tow my duty to perform, I feel that I have need of the indulgence of the house. I will try einby a referrings to the esti mates possible, to the ex. ma t e s made, for the revenue a nd expenses of the year tent o of mye in p to simplify th e statement I shall have to la y before them as much as I am able, and I will endeavour to render it as ul) letiotwseelr. I itself, satisfactoryand willbg which has just ela p sed, by m y ri g ht h on. friend my pre decessor in office, the member for the U n i vers ity o f Or ford. The estimate he made for the revenue of the year, w hi c h expired on the 31st of M arch last, was as follows : The produce of the existing taxes he took at 53,349,000/. and the produce of the new taxes which he proposed for the ensuing year be estimated at 10 ,157,600/. ; and the new taxes be received within the year he calculated at 6,147,0001. So he estimated the proce du of the t axa ti on w ithi n th e year at 59,496,00 N. Now, I must certainly congratulate the right hon. gentleman on having exercised, in this in stance, a species of financial second sight, for whereas his est imated produce of the year was 59,496,0001., the amount ac tually received was 59,496,1511 . (Hear, hear.) Gentle- MILITARY. men will see that in that very large amount there was no between the estimated On Thursday morning 27 men and double the number of greater difference _ 0 a imated sum and the sum horses belonging to the 11th Hussars left Exeterfor Plymouth received than 1541. I, th ( • u cheers.) •In the ways and to embark for the Crimea on board the Kent and Childers means of last year, e right hon. 'gentleman took a power steam transports,which have arrived &Mat port. During the to issue 1,750,( 00 . xchequer-bille, which were real past few days five men belonging to the 11th have deserted, iced ; and he also estimated 6,000,0001 Each • Exchequer-bills, and one belonging to 15th Hussars, bode of which regiments which produced 5,375,5 M., making the unfunded debt are stationed at Exeter. The detachment, of the 11th is ac- 7,125 5131 Therefore, the taxation of the year b ' companied by Captain Foster. 59,496, 1541., and the unfunded debt 7,125 I ,5131., the tote The 13th Regiment of Light Infantry, stationed at Gibral- revenue of the year was 66,601,667/. The expenditure of tar ; the 51st Royal ditto, quartered in Manchester ; let bat- last year having been 65,642,96•2/., there was thus l ft lion 71st Highland ditto, at Corfu ; and the 72d ditto, at excess of receipts over expenditure of 9 - 8 70 - e all 0 , a/. I have Malta, are under orders to proceed to the Crimea, and draughts already stated that the excess .of receipts over expenditure from the depots of the f ollowin g re g iments at the seat of war 'tens produced by the issue of certain securities. re will embark early in th e ensuin g month to join the service venue for taxation having been during last year The 59,496,1541. com p an ies, viz. ;-Ist Royal Reg iment, from Winchester (Ist and the expenditure 65 , 642 ,0001.f0110ws that it there was battalion) ; 2d battalion ditto will proceed from Cephalonia to f an actual deficit of revenue to the amount of 6,145,8461. the Crimea, and be aug mented b y a detachment from Athlone; by my right The entire amount of the new taxes imposed 3d Buffs, from Newry ; 7th Royal_Fusiliers, from Winchester; hon. friend last year was not received, and there remains 21st Royal North British F u siliers, from Birr ; 23d Royal were i uncollected of the taxes which Welsh ditto, from Winc hester ; 68th Durham Light Infantry, i but which have not been collected imposed last year, from Ferrnoy ; 71st Highland ditto ( 2 d battalion) , from Chat- Ist of A p ril last, accordin g to the best es n the year ending the timate, a sum of ham) and 91 th Perthshire Light Infant r y fawn Dublin. The 5,020,0001. Adding that sum to the fo ll ow i ng regiments will proceed to the seat of war on theiris ' 516,0001. The whole the taxation of leek year, the sum revenue produced from re liefs arriving from England : -31 st Foot , from Corfu ; 48 t h revenue estimated fur the year, with the new taxes includ ditto, from Cephalonia ; 66th and 92d ditto from Gibraltar. ing the portion uncollected, was R e inforcements for the Ist and 2d battalions of the Rifle Bri- and assuming that the estimated to be 63,506,000 1 ., , uncollected portion should produce ga de will embark at Portsmouth, and it is expected that the what it is now estimated it willvenue made produce, there will be on new ly levied 3d battalions of the 60th Royal Rifle Regiment the estimate of re right hen. friend a and the Rifle Brigade will be so far disciplined as to embark gain of 1 010 000/. (Rear , hear.) • . ! On the estimates now early in June. before ns of the revenue o f the last including""l" year, 'e••ted taxes, there is ebeve one million- over :.he sum esti teri. This result has taken place, though, in cense once of the alteration in the quarters of the year, the present year contaias five days less than the estimate was made for ; and, as the receipts would amount to about one million a week, the difference of the five days is not unim portant. I now call attention to this result, as showing that, notwithstanding the burdens which unhappily it, has been necessary- to impose upon_ the people, and notwith standing the disturbance of trade and industry and manu factures which a state of war must necessarily produce, the revenue that_haa been received, and -that will, on a, safe estirnete e be received, including the new taxes imposed in the last year, exceeds the estimated amount by more than a million. (Hear, hear.) .1 shall - now proceed to estimate the expenditure for the ensuing year. (Hear, hear.) The expenditure for the financial year, ending on the let of April, 1854, that is to say, the last year of peace, which included a small military expense for the Kafir war, amounted to 51,198,0001., and the expenditure for the last year is 65,692,962 i. I shall now; with the permission of the committee, state the estimate of the expenditure for the present year, judging by a mode that with tolerable closeness approaches to the truth, inasmuch as all our military estimates have been voted, and some progress has been made in voting the miscellaneous estimates. The first item is the charge for the funded and unfunded debt, amounting to 27,974,0001., in which a saving has been pro duced this year in consequence of the reduction of the Three-and-a-Quarter to Three per Cent. at the end of 1854. The other charges on the consolidated fund, which have been now somewhat reduced in consequence of the nume rous transfers made from the consolidated fund last session, amount to 1,750,0001. The- charge for the army which has been already voted amounts to 16,214,477/. ; the charge for the navy, which has been also voted amounts to 16,653,042 1 ., and the charge for the- Ordnance amounts to 7,808,000/. ; and I propose to take a vote of credit in aid of military service for the year amounting to 3,000,0001. (Hear, hear.) The charge for civil services amounts to 6,500,000/e which makes a total for supply service of 50,175,5611. I further" nclude an estimate for two instal ments of the Sardinian loan, one of which is now in pro gress of payment, and another my become due before the end of the year. That produces a total of expenses of 80,889,5611. (Hear, hear.) I beg leave to state that the charge for the funded debt I have stated includes the addi tional expense for interest of the loan which has been con tracted this day, and which now awaits the approbation of Parliament. (Hear.) The committee will probably think that the sum of nearly eighty-one millions,' which I have just stated, may be excessive compared with the propable wants of the ensuing year. I fear that any such anticipa tion will be very sanguine when we advert to the fact that during the last quarter, consisting of the months of Janu ary, February, and March, of this year, the sum actually expended and disbursed by the Exchequer amounted to 19,474,0001. This great expenditure, as the committee will naturally conceive, has been owing almost exclusively to the, additional expenses of the war. Perhaps you would wish to know, and I shall therefore state, the expenses of the present year as compared with the expenses of the last year of peace and of the previous year. The total amount voted for the army, navy, and ordnance, constituting the - military expenditure for the year 1853-1854, was 16,487,000/. The similar expenses for the last year amounted 30,121,0001., and the sum estimated for the corresponding expenditure of this year amounts to 43,615,0001. I shall further state the progress of the expenditure within the six last quar ters. In the quarter ending January, 1854, the expenses for the supply service, which i icludes the expenses of the civil service, amounted to 4,650,0001. ; in the quarter end ing April, 18et, they amounted to 5,640,0001. ; in the quarter ending July, 1354, they amounted to 7,445,000/. ; iu the quarter ending the 10th of .October last they amounted to 8,500,000/. ; in the quarter ending the sth of January last they amounted to 8,600,000/. ; and in the quarter ending the 31st of March last they amounted to 11,661,000/. (Hear, hear.) I shall now proceed to state the estimated income of the next year, upon which we way rely to meet the estimated expenditure which I have laid before the committee. It is estimated that the Cus toms for the present year will produce 20,500,0001.. in which sum is included that portion of the tea duty which would have been abandoned if the act passed this year had not been passed. The amount which it is estimated will be received from the Excise amounts to 17,071,000/. ; stamps, 6,815,0001., exclusive of 480,0001. stamp duty upon newspapers • laud and assessed taxes, 2,920,00 01 . •, property tax, 13,535,0001. ; Post-office, 1,150,0001., to which I add 288,0001. for newspapers; Crown lands, 260,000/. ; miscel laneous, 800,0001.—total, 63,339,0001. (Hear.) The esti mated expenditure, as I have already stated, amounts to 80,899,965/. ; and further I include in.the estimate for the expenditure for this year a sum of 1,000,0001. for ways and means bills issued in the last year, and redeemable this year ; and - owing by the Commissioners of the National Debt in consequence of the sales of stock belonging to the savings banks, and which we replace out of revenue. I further propose to take, in order to guard against those contingencies which may not unreasonably be expected, a margin of 4,440,0001. The vote of credit will be imme diately applicable to the military service; but, in addition to the vote of credit that is so applicable, I propose to leave as unappropriated margin of surplus revenue for that amount. This will make a total estimated expenditurefor next Year of 86,339,00 e/. I have already stated that the esti mated revenue arising from the existing taxes amounts to 63,339,000 1 ., and we have therefore to provide in the ser vice of the ensuing year for a deficit amounting to the diffe rence between 86,339,6001. and .63,339,000/. —namely, for a deficit of 23,000,0001. The question now arises for the consideration of the house, how this deficiency is to be sup plied, and it will be my duty to submit to your considera tion the ways and means by which we propose that the de ficiency shall be met. It has been stated at different times that the entire expenditure for the war should be defrayed by taxes levied within the year. And it is said that it is not safe to entrust the. Government with the power of effect ing a loan, or of borrowing money and mortgaging the re venues of posterity for the purpose of defraying the extra ordinary expenses of war. I shall not enter into a long reca pitulation of the opinions expressed on that subject, but shall take the liberty of reading a single passage from the celebrated essay of Mr. Hume on public credit, in which he states his opinion upon that subject ;—" It is very tempting to a Minister to employ such an expedient, as it enables him to make a great feature during his adminis tration, without overburdening the people with taxes, or exciting any immediate clamours against himself. The practice, therefore, of contracting debt will almost infallibly be abused by every Gov ernment. It would scarcely be more imprudent to give a prodigal son a credit in every bankeir's shop in London than to empower a statesman to draw bills in this manner upon posterity." This is a plain statement of the doctrine that it is not expedient, under any circumstances, to attempt to defray the extraordinary expenses of a war by a loan, or by any other means except by taxes levied within the year. (Hear.) But the expe rience of this country and of other countries, at all times shows the impossibility of realising this attractive theory. It is impossible, with a large expenditure for military pur poses immediately to be met, to raise by taxation the sum necessary for defraying the whole additional charge within the year. (Hear, hear.) And even if it were found by experience to be practicable, the encroachment upon the savings of the industrious classes, which would be caused by excessive taxation, would be a greater evil than the abstraction of capital by means of a loan and its ex penditure. I apprehend that nothing can be more certain than the effect of excessive taxation iu making inroads into the savings of the industrious classes. (Hear, We can see that to a certain extent in the diminution of useful projects of various sorts that has already begun to take place in this country, and which exhibits itself in the diminution of the private business of this house. That is well known by the diminution that has taken plate in the number of bills for new projects of different kinds which has been brought before the private bills committee, and by the fact that many projects which had already received the sanction of the house, have been suspended during the past year, because the calls upon the shareholders have not been paid up. (Hear.) Taxes which cripple trade and de range industry, or interfere with the ordinary distribution of capital are more detrimental to the country than loans. The practice of raising loans was resorted to by Mr. Pittand his successors during the last war, as it hadbeen previously resorted to by his predecessors. The practice was every year to defray the increased charge upon the Exchequer, partly by loan, and partly by additional taxes ; and there is not a single year, or one exception, during the American and French wars, in whiCh a loan was not granted. (Hear.) Onr experience, which has been purchased at the expense much 'hardship upon individuals, and much privation en dured by the public, must warn us against the attempt of meeting any large temporary deficiency exclusively by taxation. (Hear.) Her Mai esty's Government therefore de termined to take steps for negotiating a loan for a portion of the deficiency of the year, and in so doing they felt that they were fortified by extensive experience, and by the con stant example of their predecessors. Before I proceed with the explanation of the details of the loan, for which her Ma jesty's Government have made a provisional contract, I would take the liberty of asking the committee to listen to a short statement of the progress of the national debt, with a view of making them perfectly aware of the nature of the proceeding in which the Government has now em barked. (Heart) At the beginning of the last century, in the year 1702, the debt consisted of 10,000,000/. ; at the beginning .of the reign of George 11. it had risen to 53,000,0001. It had been reduced during years of peace to 46,000,0001., and that was its amount at the beginning of the French war in 1739. During that war it rose to 72,000,0001., at which amount it was in 1748. At the be ginning of the seven years' war in 1757 it amounted. to 76,000,0001., and at the end of the war and at the peace of Paris in 1763 it amounted to 135,000,0001., at which sum it remained np to the commencement of the American War in 1776. In 1786, three years after the termination of the American war, it stood at 259,000,0001., and in 1793. at the commencement of the French war, it had risen to 269,000,0001. In 1830 it amounted to 491,000,0001., and in the month of February, 1816, it had reached 816,000,0001. It had since undergone some reduction, and on the sth of February last the funded debt amounted to 751,000,0001—the decrease since the peace having been 64,000,0001. The details which I have read to the house show the continual tendency of a great national debt to increase. They show that we bequeath to our succes sors, with the advantages of Government, religion, esta blished institutions, arts, and sciences, • a debt which is almost a mortgage upon our latest posterity, and they show also that the additions that take place during war are but imperfectly removed by the slight reductions which have been effected during a period of peace. (Hear, hear.) It therefore becomes necessary, in consequence of the exist ence of the war in which the country is now engaged, to resort to the practice of borrowing, and it is certainly in cumbent upon Parliament to take such means as are at its disposal to prevent us from imposing a perpetual burden upon our successors. (Hear, hear.) It is thought that the creation of a perpetual debt is merely the one-sided expe dient of improvident snd rapacious Ministers, and that by proper attention to finance, and to the mode of providing for the extinction of the debt, this perpetual charge may be prevented. (Heat, hear.) But it would be found, on closer examination, that the mode of borrowing is forced to a great extent upon the Government by the interests and preferences of the lenders. It suits the lender to pur chase perpetual annuities, the capital of which he can al ways realise by going into the market, and at the satne , time be is protected by its perpetuity from the dangers of redemption, which so greatly influences the valueof public clanger stocks—those stocks which are least expo sed to the (Ine highesta of being redeemed being those that command the will take the prices in the market. (Hear, hear.) liberty of mentioning that au actuary of ottrleogfutelisetiionusuorf? the , offices, Mr. Newmarch, bus examined successfully shows loans during the last war, and o that those loans were obtained upon trz!un;ducslin tageous to the public than ase pmpooraee d Dior predecessors, while thus creating debt in successive years, were entailed upon P n er o i i s t he {liens t o o a s r t n n i i n u t g: f b a u u n l r l I t n c h o enoyf ts i o o k u s a t o fditffheereenvitlstitmheey e i e renuraesewctethinuanyc:)eolifevthedatteevbile. efficacious for p srelLeTeesx wore proposed n fo a r . From an earl y esrrignilo.kedinn,tigi fi f - e u r n e r f the creation of d a plan thought to be of great -ingenuity was tional debt, an devised by Mr. Pitt, carried in 1786, and maintained in A form or another during the whole of the late war. There is no doubt that Mr. Pitt believed in the efficacy of the sinking fund for the extinction of the debt, while it was itself-created by borrowing, and the conclusion he came to was, that by some contrivance of keeping up a nominal i eking fund surorted by a loan, and by some machinery for the collection of compound interest, it would be pos sible at no distant time to extinguish the whole of th. na tional debt. The, i,ica was fondly cherished by Mr. Pitt— he died, as he liVed, in the belief of its efficacy, and did not think that he had left the means of entailing burdens upon posterity, the end of which it is scarcely possible for us to foresee. There is another class of cases in which Par liament has recognised the inexpediency of perpetual loan, namely, in all those: cases in which money is - borrowed for enberdinate. purpesee. I may refer, for example, to cases in which money is advanced to boards of guardians, to the justices of the peace, and to other subordinate authorities, whoare entitled to charge therates of their districts with the payment of loans for certain purposes. I may state, for in stance, to the committee that the expenses for repairing, county bridges, prisons, town-halls, must be paid off ac cording to act of Parliament within 40 years. (Hoar.) There is a very long series of acts of Parliament in which powers are given to subordinate bodies to raise loans upon the security of taxes under their charge, and in every case the creation of an annual sinking fund_ is made compul sory upon them. (Hear.) It is required of them to ex tinguish the debt within a limited number of years, and that, practice sanctions the principle of not permitting the existence of a perpetual debt where the body raising the loan is -under-the control of Parliament. (Hear.) With regard to railway companies, the railway clauses for con solidating acts provide that unless a time should be speci fied for the repayment of the money lent on mortgage it is to be payable after 6 months' notice shall be given by the parties—thus distinctly preventing the possibility of the debt being, perpetual. (Hear, hear.) Another - means of preventing the- existence of a perpetual national debt is to effect a loan by Taising the - money for Government on lerininable annuities. This plan has been recommended by Many persons and unquestionably offers great advan tages with respect to the mode of creating debt. The, committee are doubtless aware of the nature of termin able annuities. (Hear, hear.) An annuity is granted by Government for a limited numberof years, and it pays to the annuitant annually not only a sum calcadated as in terest, but also a certain portion of the principal, so that at the end of the term, whatever it may be, the entire debt, both principal and interest, is discharged. (Hear.) The advantage of terminable annuities so far as Government is concerned, for securing the extinction of debt, is this—that the repayment of the principal is made the matter of spe cific contract between the Government and the person en titled to the annuity •, and without breach of faith the Go vernment cannot omit to pay every year a portion of the principal. But although Government finds its hands as it were tied up, and are bound to extinguish a certain por tion of the debt, unless they were guilty of a breach of faith, it is found in practice that a terminable annuity is to so little extent a marketable commodity that a person will not desire to hold it, because by receiving annually a part of the principal he is thereby diminishing his capital, unless he reinvests it in small portions as he receives it. (Hear.) The objection to it I therefore find is great and general, and at no time in this country has it been possible for the Government to effect a loan on terminable annuities only. There is no example of an entire loan having been effected on that species of security ; and the terminable annuities, which now "amount to a considerable sum, have in every instance been combined with a loan for a perpetual annuity, and are formed of the aggregate amount arising from the different loans that have taken place. They are formed of the aggregate of loans on terminable annui ties similar to that which the Government has this day effected. (Hear, hear.) Therefore, however much the Government may have desired to effect the loan that is necessary for them on terminable annuities, they have no option in the matter. It was impossible for them to ob tain such a sum as they required for the service of the year on terminable annuities without giving a price which would be justly considered as exorbitant and unjustifiable. It seems to be supposed by many persons that terminable annuities—as was at one time thought—are to be con sidered as a sinking fund, acting by some mechanical and stupendous process for the extinction of our debt. It was co nsidered that the nation thus obtained value without equivalent or security, and effected a reduotion of their debt without an expenditure of taxation ; and by some mysterious and occult process, which certainly no one has been ever able to describe, the national debt might be reduced and ultimately extinguished, without any bur den being imposed upon the people. (Hear, hear.) Unfor tunately, nothing can be less well-founded than this state ment which is wholly chimerical and baseless. Terminable annuities consist of the repayment of principal as well as of interest, and although at.the end of the time the debtis extinguished, it has been extinguished by a voluntary mode of repayment of principal and interest, and those repay ments have been provided for out of the annual produce of the taxation of this country. Under the circumstances; I have stated the Government find it was necessary that a part of the loan they were called upo'n to - contract should he effected with some perpetual stock. That is to say, the only means by which they could have avoided the creation of a perpetual stock would have been by borrowing the whole amount on stock of a terminable nature, and thus leaving the whole amount borrowed to be repaid at the end of a fixed time. For instance, if the Government had de termined to make a loan on stock terininable at the end of thirty years, when that period arrived it would be neces• snit , for the .Chancellor of the Exchequer of that year to provide a surplus of sixteen millions for the extinction of that'debt, and we all know from experience that nothing ,is more improbable than that a provision made by a pre vious Parliament for the payment of a sum of 16 millions fir the extinction of that debt would be carried into effect 'when the time should waive. (Hear.) If such a mode of creating terminable stock was resorted to, it would infallibly; at the-conclusion of the period, end in disap pointment, and the nation should resort to some method of re-borrowing like that adopted by railway companies, who, having borrowed on debentures payable in five or seven years, simply continue them when they expire, and scarcely ever extinguish the debt. (Hear, hear.) The Government thought that any plan that created termi nable stock, the whole of which would become payable at the end of a certain term, would be an ineffectual mode Of obtaining the object they had in view ; and I, there fore, propose as a means—so far as lies in our power— of preventing the creation of a perpetual burden, to insert in the loan act a clause which will render it incumbent upon the Government for the time being at the end of the year following the signature of a treaty of peace, to set aside one million sterling annually until the whole of the perpetual portion of the debt which they propose to contract shall be extinguished. (Hear.) In that manner a legal obligation will be imposed upon the Government of the day to provide one million sterling an nually for the reduction of the debt now about to be in curred. (Hear.) lam aware that any act of Parliament we now pass may be repealed. (Hear.) All similar acts, I Trust be allowed to say, have been violated, and it is im possible to make any law which our successors can be pre vented from altering ; there is no irrevocable act of Parlia ment. But we can pass au act which will produce the only effect it is in our power to accomplish, namely, to render it incumbent on the Government for the time be ing to provide funds for the extinction of the debt, and to render it obligatory on the Chancellor of the Exche quer for each successive year to include that amount in his estimate of expenditure, and to provide the funds necessary for the extinction of the debt, unless Parliament should deem it otherwise - expedient. Sir, it appears to roe that the only effectual mode of discharging debt is that Parliament should agree, upon the return of peace, to create a special revenue by taxation, and to set aside annually a certain portion of revenue for the reduction of taxation. If Par liamentlwould again return to the policy which it pursued after the peace, but which unfortunately was soon after wards abrogated, of erecting a sinking fund of 5,000,0001. annually, and applying those five millions to the redemption of debt during times of peaoo, then we should be making undoubtedly slow but steady progress towards the extinc tion of the debt. If, unhappily, another war should arise, or any other circumstance to create an extraordinary demand on the Exchequer, it would then be in the power of Parliament to release the 4overnment from the obligation of the extinction of debt, and to apply that margin of surplus revenue to defray the extraordinary expenditure for the year, thus rendering the imposition of new taxes unnecessary, and affording a reliable sur plus to fall back upon. (Hear, hear.) When those ex traordinary demands shall have been met. the way would then be prepared for the extinction of debt by the only sure means by which it can be extinguished, namely, by the creation of a surplus of taxation, and not by any imaginary expedient of a sinking fund. In the "Essay on Public Credit," hem which I have taken the liberty of reading an extract, Mr. Hume remarks that either the na tion must destroy public credit, or public credit will destroy the nation. Now, sir, I beg leave, with great submission to so high au authority on questions of this sort, to dispute both branches of this hypothesis. We sae, by long expo rienee, that the nation has not destroyed public credit, for during the exigencies of the most disastrous wars—during that period of great depression which followed the Ameri can war—during the Irish rebellion, and other occurrences tending to shake the stability of our institutions in the course of the French revolutionary war, the sacredness of our public credit was never for a moment shaken. (Hear, hear.) On the other hand, I may equally venture to question the other dictuin, that, public credit will destroy the nation. Notwithstanding the rapid increase and vast amount of the national debt, the magnitude of which I have laid before the house, there has been a perpetual growth of prosperity since the conclusion of the last peace, and the proportion which the wealth of the country bears to its means of paying taxes and affording a revenue to the Government has been perpetually augment - ing. Moreover, annual means have been found, in con sequence of this prosperity, of lessening the interest of the national debt, and thus making the debt a smaller annual charge on the country. In the year 1816, the charge of the national debt was 1',0,458,000/. • in the year 1854 the charge was 26,521,0001., being a decrease of 3,937,000 1 . in the actual charge of the debt. (Hear, hear.) The in come tax in the last year of the war, which then stood at 10 per cent., produced 14,880,0001. ; the income tax of 6 per cent. in the last' year produced nearly 14,000,0001., showing how great has been the increase in the income of the country since the peace, and how, far, therefore, the ability of the country to bear taxation has been aug mented.. I see nothing in the present state of our na tional debt, with all the burdens it entails on us, to cause any well-grounded feeling of desporider f c o y at our future prospects ; but I see ample grounl ear r confidence with a good management of our finances. l (H s . , s , hear.) Having stated the grounds on which her ... f 1 j ty millions for the service of the present year, of it as they Government have determined to effect a loan_ p observe that they negotiated such portionhleannuities in that thought they could obtain in terrains of the Principle the value portion of species of security, recognising zinc as well as Iwill 3s mi t r e e e ly n the loan by the annual npo rtion of the the remaining p r etual that the nation shouldbrienpdayitniseelnfttoefdirscharge a por interest. With respect to e they propose to und i e . t the con stock.; but, at the same_ _l O , l. in each _ car, ft, n the loan, they think it n obligation to repay 1 OW perpetual an elusion of peace, until theflanoutoftaxa tion, expenditure of to isdefray ingborrowone the wholesof that expenditurehep out of borrovied money, and udent to follow the example of former' the extraordinaryr expenses of the war were years in - andditwiraiitthotthheeptearxmesisosfiotnheoyfeatrh the s house and they j progress which has udged itp been made by tax. trhionupgahrtby sometimesloa;i— t e h v e e loan tw at ion dining the late war. n having be-e—n y With the system then ado ted, w(le althoughfiiraany briefly. eduw; : bs Icat which 2°t s ae fo t.h ttn e founded up on the defrayment of the ? ev t year—it was, notw•th o loans were cotnhseidesruamble addition to annual found generallyp contracteden s e s of a each u o y a n l e e raised 3 by taxation was to l m n ak ri e 9 a 3 taxation. necessary 17,656,000/. ; in 18 , 11 it was 3- Km:OOM ; in 1815 it was 69, °, 29,0 0 01. ; in 1898 it was the great addition which ' 6Bl "1.1.. thereby showing of the country during th was made to the annual taxation sums raised by e war, notwithstanding the large make an addition to borrowing. Wo propose, therefore, sir, to amounting, according the public taxation this year of a sum. murs.) will to the estimate, to 5,300,0001. (Mur now, with state to thorn the manner in which this addition is pro- INEWSpAp ER posed to be effected. In theNlP . .. - pMeiv, I.•W a ad • dition to the present dutie •' ~ , e2T ifr*#--.4, - be 7 ,t__ )fiv varied accordingto the qual ~ I*'- =t: ad 1 Y; e estimate, will produce the ii k,f, • .it ( 4 1 7 ,W.,7; :••, ~ re of sugar, at the conclusion of cla:sß latfe_li .z art s l4 : .o ;: lerivi .- .45 th 9 e o c: i t e s : ; a l t o th op e o s e a e m qu e e t n im ee e o la f s t t h ea' - ,• , :' - '01409 s 20 short price, or price of sugar withmt the , , • ~, _at' lower from 3s. to 45. a cwt. than it was' eat o. warm now _ state the pric es o f sugar i n t wo years s i nce 1844, by which the committee will see that, notwithstanding the addition now to be proposed to the duty, the price to the consumer is at present considerably lower than it was at that period. In 1844 the importation amounted to 4,129,000 cwts.; the price in bond was 335.8 d., and the duty 255. 2d., making the full price 585.1041. In 1846, after the alteration of the in bond me. u. importat ion duty 145., , duty owle. ; hadthe priceten was d was t h s'y 48 edu making the full price 435. 3d. I n 18: and the duty 145., making the full price 435. 3d. In 154 the consumption had risen to 8,096,000 cwts. ; the price in bond was only 255., the duty was 12e., making the full price to the consumer 375. Under the new duty at present the price in bond is only 235., the new duty is 155., and the price to the consumer is only 385., that is to say, ls. more than the price of last year, 10s. less than the price of-1-80;"-iiiia-290ess than the price of 1844. (Hear, hear.) We further propose an addition of id. per lb. to the duty on coffee, which is at present 3d. per lb. That is an ex tremely moderate duty ; we propose to increase it to 4d., and - we estimate that this will yield an additional revenue of 150,0001. I have already stated that the reduction of the duty on tea which would have taken place this year was stayed by the act passed at the beginning of the year, I propose also to make some addition to the duty on tea. (Ironical cheers.) In 1853 the duty on tea stood at 2s. 21d. per lb. ; it was reduced in the first year to is. 10d., and next year to ls. 6d., at which rate it now stands. I propose to raise_ it to is. 9d. which. will be ld. less than the rate at which it stood in the first year of the reduction. That addition to the duty on tea is estimated to produce 703,000 i. Thi s w ill ma k e a total addition to the revenue derived from Customs duties of 2,100,0001. With respect to the stamp duties, they have undergone recently a sys tematic revision, and it is not my intention to propose any i alteration in them, with one exception, that of the exemp tnioown applying ee to cheques drawn upon bankers. These are thdrewthet.a as x manner fre quently chequex exempt fbrloenl duty in the case of persons . drawing a within fifteen miles from their place of abode. This exemption is th duty on receipts , inasmuch quil:my perform m the e d m u e t a y n e s f of et d em im p i ed nish re m e g eip t t le e u: p s t a t 1. : li p e, and 1 d ch it el e ues eeti in me th ted at . I propose t o , that this duty will produce to the head of Excise. about 200,0001. I come now which I shall pro se. The only duty of Excise upon any to the committee is the duty on sp i r i ts. duty on Scottish 4 wits T o y Proposal is to assimilate the The duty on English s • • • that upon English. (Hoar.) pints is now 7s 1 duty on Scottish spirits is 6s. 11 . Od. a gallon ; the equalise them. The present dntya gna Irish spirits I propose to gallon. Ido not p ropose to e spirits is 4s. a raise it on account of the circumstances of Ireland—(lond laughter fr o m the Opposition)—on account, sir, of the circit - tan of Ire land regarding illicit distillation. (Heat,) Ido not pre pose to equalise the rates of duty on Irish spirits to Eng lish, but I propose to raise them. (Ironical cheers from Irish members.) The additions which have recently been made to the spirit duty both in Scotland and Ireland have not produced any increase of illicit distillation, nor have they diminished consumption. I will state to the c omm i ttee the consumption of English, Scottish, and Irish spi r it s during the last two years. In 1854 the cogenmption in England was 10,350,000 gallons ; in 1855 it was 10,339,000 gallons. In. Scotland the consumption of 1854 was 6,534,000 gallons ; that of 1855 was 6,553,000 gallons ; thus showing a slight increase of consumption, notwith standing the addition to the duty. In Ireland the con sumption of 1854 was 8,136,000 gallons ; in 1855 it had risen to 8,443,000 gallons.- It can hardly be disputed that if an increased duty, producing a considerable sum, can be obtained from spirits without increasing illicit dis tillation' smuggling, and all the evils which go in their train, it is as legitimate an object of taxation, during the heavy expenditure of a war, as can be conceived. (Hear). I estimate, not on a sanguine conjecture, the produce of this increased duty on Scottish and Irish spirits at 1,000,0001. sterling. The additions I have already stated to the Customs, Stamps, and Excise duties will amount to 3,300,0001. In order to raise a sum sufficient for the ser vice of the year , it is still further necessary that we should propose some addition to the direct taxes. (Murmurs.) Last year the additions made to the direct and indirect taxes were in this proportion. The indirect taxes were calculated 1 to produce 2,600,0001. ; the direct taxes, 6,557,0001., there fore the great increase was on the direct taxes, being more than double that on the indirect. In the plan which I have now the honour of submitting to the house it has been thought desirable to throw the excess on the other side of the scale, and to levy the larger sum by indirect taxation, and a less sum by direct taxation. (Hear, hear.) , We, therefore, propose to raise 3,300,0001. from the indirect taxes, leaving 2,000,000/. to be raised by direct-taxes. Now, the number of direct taxes to which it is possible to have recourse is not peat. It is well known that the Land tax in this country is an impost which is fixed at varying rates in different localities, and which is subject to partial exemptions, so that any increase can only take k place to a limited extent, and under conditions with which it is not necessary to detain the house. The only direct taxes of any magnitude besides the income tax to which our attention can be directed are the house and assessed taxes. With respect to the house tax, its produce is not very cons siderable ; it is between 700,0001. and 800,0001. a year, and even if the tax were doubled, and some eitension given to its area, it still would not produce above 1,000,0001. of additional taxation. The house tax is, after all, , only a species of indirect tax and the same may be said of the assessed taxes whi ch fall upon a narrower class of persons than the income tax, and are subject to the same objection of being partial in their in -1 cidence as well as not yielding the increased return within iso short a period. Tier Majesty's Government,. there fore, after consideration, have come to the conclusion that the beat form of direct tax which now exists is the income tax. It reaches on the whole the largest number of per. sons, and its operation falls with fairness on different classes of incomes, whilst an additional sum can be col. leeted through the existing machinery, thus obviating the necessity of imposing any new tax, of creating a new in. spection, or of extending the machinery to meet an expen diture which I hope wil 1 not be of long duration. On the whole, then, we propose that the additional sum of 2,000,0001. shall be raised by an augmentation of the income tax, by simply adding one per cent., or 2d. in the pound, to its preseet amount. (Hear.) With this en hanced rate of income tax I calculate that an addition of 2,000,0001. will be secured for the service of the next year, 1,000,0001. of which will be received within the present year. The addition to the income tax, therefore, conjoined with the additions to the other taxes already specified, will pro duce a suns of 5,300,0001., which, together with the loan, and the sum of 3,000,0001. in Exchequer-bills, for the issue of which we propose to take a power equivalent to that of a vote of credit as taken in former years, will yield the sum necessary forthe service of the year. (Hear.) With the permission of the house, I will now state precisely the ways and means by which we propose to meet the estimated ex penditure of the ensuing year. That expenditure, I have already stated to the house at 86,839,0001. ; the estimated revenue from existing taxes I have given at 63,399,000/. ; the loan will furnish 16,000,0001., and the new taxes re ceivable in the year 1855-56 will be 4,000,0001. I say 4,000,0001., leaving out 1,000,0001. of income tax, which will not be receivable within the year, and, in order to avoid the appearance of over-sanguine calculation, I have also omitted 300,J001. of indirect taxes. The issue of Ex chequer-bills, for which I propose to ask power to the extent of 3,000,0001. will not, under any circumstances, take place until the last instalment of the loan, payable in December next, shall have been paid ,up. All these means will produce a sum available for the service of • the year of 86,839,0001. To enable the country to bear the increased charge, the items of which I have now submitted to the house, all that is necessary is, that its resources should remain unimpaired, and that the vast creation of wealth which has been going on without inter ruption for some years past should not suffer any diminu tion in consequence of the vicissitudes of the war. Now, sir, there is one cause of favourable anticipation, to which I think hardly sufficient attention has been paid in this house, and to which, as it seems to me, scarcely sufficient i was given by the Government which prceded that of my noble friend near me. It is well known that during the late war a large portion of the disturbance of trade and interruption of manufactures was owing to the unwise retaliatory Measures adopted by this country against the Berlin decrees. This measure led to great disturbance of the trade with neutral nations, and created an amount of loss and disturbance of commerce and industry, which it would, perhaps, be no exaggeration to say was equal to the entire detriment and suffering created by the increased taxes. From that form of national loss the country has been fortunately saved by the course which the present contest has taken. In consequence of the measures adopted in former years by the legislature, as well asof the measurea taken for the protection of our commerce since the war, 'hitherto with success, it appears that a vast increase has taken place in the amount of our foreign trade. As a proof of the present power of the country to bear increased taxa tion, I will beg to draw the attention of the committee to a cbmparison of our impel. ts and exports in the year in which the French war broke out, in the year when peace was concluded, and the present year. In 1793 the im p or t s into the - United Kingdom were valued at 17,350,000/ in l 1815 they were valued at 33,187,030 1 ., in 1853 t hey had „.,0001re , ' risen to 123,099,0001. The exports in 1793 were 1 h 1660 3 8 4 185 'tey we . in 1816 they were 58,659,0001., and in - 242,373,0001. (Hear, hear.) These tesi.sures, sir, pr e sent ase e f the :.,blatiit fwflli r ferms tae allotcombined French trade of this country since the beginnin g peeve that war and since the last peace ; . an d in they incontestable proofs of the enormous inc o r f e the from which an additional amount ex penditure of the be raised to defray the extraordinary has necessary for me • I fear that it gth, but I onsitierable len an enormous mass of wealth exists of country. (Hear.) to detain the committee atovferviciv g o tedious to that of' sub preferred re if the risk f b a ying withheld from the taztheatcoiononteryan, knowledge of the comm 1 1 bays introdued tO their notice is Wee information necessary for their he various interests proposed in a 8 1 , we j g e u c i t d i a n n g ee . d submit it to the house with the confi concerned, an . 11 re ceive impartial consideration. I will myself that t i h t e ru dence that it t wi .t s e t h , a i r n ge p o rovidi g th e w a s and ' only observe the e xpenditure of the year , a y . means for defraying f the times, this house ' and meet i ng the • d t th exigenc ies ° Con at once , that it will take the whole plan into considers j . t. c ular scheme proposed by the Government , k • ill gratin " • e mind that if they change an 1 they must look to some practical other perhaps equally objectionable keeping constantly in y part of the plan now proposed, alternative, to some it. Perhaps, before I means of replacing conclude, the house would wish for some particulars with re details l o . f h i e traded this morning. respect to the loan which was eon party proposing for 1 Government required that the the ean should give 1001. in money for every 100/, stock of things which ercated, in order to avoid that state sometimes occurred during the late war, of a large debt of stock being created, for which the Go vernment received an imperfect equivalent. By the mode which has been !adopted the Government will receive 100/. in money for every 1001. of stock created. I will just trace what was done during the late war in this respect. In 17t)8 a loan of 17,000,00 01. was contracted for, to meet which 34 000,0001. of stock was created ; in 1801 there was a loan of 28,000,0001., with 39,200,0001. stock; in 1813 a loan of 37,000,000/.. .with 45,000,0001. stock ; and inlBls a loan of 36,000,0001., with 62,210,0001. stock, least ßy secure adopt ing the course we have this day followed, 77 s e ue at d. That or to the public 1001. for every 1001. of stock is tion of the price of the loan n the price of Consols for the day,. wi ll ey to make P u is ec co es ntra td • t P. c e in a er necessarily expire by minable annuity of 14s. 6d. which_ annual payments at the end of 30 years. . We have every I reason t 0 believe that the t erms of that loan are fair be rtweseonn i the contrac t o rs and the public, and that the public has reason to be satisfied with the rate at which it has tin taken. Th e m anner in which the loan will be taken is this ;—A provisional contract is entered into between the-Government and the lenders. Then. Jae Government lays the terms of the loan before Parliament, and asks them to agree to the loan. It will oe my duty immediately t o su bmit to the house and ask them o agree o a resolu- ~. _ ..,. * roiw • 11 t