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

ill.. TILE BUDGET. thTli4,ll: following -___.,_______ is the official form of the resolutions in Will b th e new changes to he made in our financial SPW ili e snbruitted to the house (ll. Tk,„ THE NEW LOAN. Aty , th "", toga THE raising the supply granted to her Ma . ', earo 016,0)0,00X be raised by annuities. lo i d', tChat every contributor to the said sumof 16 . ,0 ,000 f. i t . . 'very 100/. contributed and paid, be entitled to the t kllial I 5 41 t to um of 1 00/, in annuities, after the rate of 3 per t,b'o. eoninience from the sth day of January, 18 55 , and Ok s ,Ved to and made one joint stock with the existi . 9g im tra ated Three per Cent. Annuities, and to be payable ki .11 nsforable at the Barkof England at the same times the , th sanle manner, and subject to the like redemption ""3.',1; consolidated Three ner Cent. Annuities. R , at every such contnt;utor shall also be entitled, for 11,:74001. contributed and paid, to a further annuity t _ of 'lllitof'lf,ar,3o Years, to be payable and transferable at the ti, e `', ° ,,g,land and to be payable on the sth day Apri lef al half ,‘„?taesday of October in each year, by on the 10th of'on ts, the first payment to be made rprn , October 1 855, and the last payment on the sth day 4 1o ' That the said several annuities so to be payable as . hlat ed l, shall be charged upon and paid out of the Conso d Ittl a „ "nd of the United Kingdom of Great Britain and d •• i;'4s . That every contributor shall, on the 24th day of April, bor itisittnallake a deposit of 10/ • per cent, on such sums . as e 0 . 14000 choose to of towards raising the said sum t tsdp' ° Ot. with the chief cashier or cashiers of the Governor .. ill tiinll4ny of the Rink of England, as a security for mak ill payments on or before the days or times at ere payments (that is to say) : "or 10/, per cent. on or before the 22d of May, 1!!5..5.... 10i • 11th of June, 1N " 10/ ~ 19th of July, 1855. " 10/. fl/ 21st' of Aug-, 1855._ . ° 111/. 3, 18th of Sept., 185 10i. PS 16th of Oct., 18 55 . 5. 10/, ~ 20th of Nov., 1115 Tlet: t i i v. 10e, J, %i . ue Money s so to be received by the or sth sa of id De e c a . s , bi l e B r ss o ._ tngi ee ' 4 , l 4 the said Governor and Comany of the Bank f 1 1% ° , shall i, y •-• paid intothe account of the receipt of her IN t i ' tt chequer at the Bankof England, to be applied . 'hi k„, 415 t ° time to such services for Great Britain !roe of 1,1141! then have been voted by this house in this ands and . Ir e e s. nkee,,t o'pareent, or to the redemption of the principal d der ' e klith e 4Y Exchequer -bills issued or to be issue the bithm, rity of the act of 57 G 111 cap* 48, or under . klial,„i` of anY act of the present " session of Parlia . ment, l 'sli f "bg th e ap i. ti on or the __. ? ication of moneys out of the consolidated 1, 4 tee 1855 service of the year ended on the 31st day of tl. , and of the year ending on the 31st day G. T time q hat for the p of March, IN to a snip of h° of Three e e e xtin e e r ti c o e n u f t 7 A m n t n im uiti e .e t s o , "4,Niqthil? a ' 4olll lt to% Consolidated r the P said joint-stock as 1 1 of ti:llere shall be issu e ed addedand to paid out of the consolidated the nt• the 4ited Kingdom of Grat Britain and lieland,o o eli 'dnet e . l° , Wlng produce thereof to the Commissioners for 12 '111 Sett e i ti '° 4 of the National Debt, in the financial year, v; t aesn i ''n the Ist dl of April, which shall first happen, nvo'thtbsolliiii,tafttitb,_e reatialon of adefinitive treaty of peace o. Ar al ' ted T br _o_i very s ubsequent . yea . r until such sum I el; 1, 000 , 0 0 ,!? Per Cen:-,. Annuities is . extinguishod, the . T h y Ruch , 11 ''`),., Provided that in case in the last_y_eaz ur in . 111' 11 6th e „"' w ould be payable the sum necessarY mi lli t i'„, Der e,eoill,ailthig portion of the said sum of Consolidated tenso k 'saly ". Anluities be less than 1,000,00111;, all 1 ) , . of stieb ose ~ Isan ed 'am as may be necessarY u t rP o be 114t,„.414 p a .,, , a4 (l paid as aforesaid, and the sums for that s p o ~, 'IN b b lq to the Commissioners for the reduction of the t 4 ' 1 4 ° t shall he • i n th e purchass 0 . , tt t , i 1. '44 , r h applied by them . di tLl. 1 th e _Yee Per Cent. Annuities, in the manner 4 kiti:°', of j7:,!_fer the reduction of the b na ree tio p nal debt, un er Cent. An 7. ,_as nee„ u z li t. o , 0 00. i. dousolidatedT iii• t filat, inguished and cancelled. t kii , , het,e eh.,,ards raising the supply granted to her ma ollected, and kri de, th e ' 4l be charged, raised, levied, 4 4 ssclit e , goods and commodities heremaft e er . m e e y nt s i p o e n e e i d . asci , et ' f t, the several duties of excise respectiv 1 l that is to say : TFIE NEW TAXES. 4,1,1'4 rot,and sp ett ' ' SPIRITS. h of k . 8 4 , 1, every gallon of spirits lit t ii 1 14111 I : ° °f ',ditch, on or after the 20th April,dayefrespea.. of the strength tt e l , orte b 0 (Istilled in Scotland and Ireland f any dis -11,44,0rect thet stock, Custody, or possession ° in tie,}Zlrelarti cpounder of or dealer in spirits or for his 4 611 " at, °I. of any person in trust for him distilled in Scot ia i, klt'T account, or which, having been • ,areho„,a4d, or Ireland, shall, on or after the sacl ou d:y (4 11 41 1 ;N k i re in Scotland or Ireland, and be taken d for removal t kliteli ion in Scotland or n l l r a e n land or which, 10toiiNi:t , eiareolanntdof N.varehouse inafEterg the 44(that j,7eotiarld t 1 1 say , oi rlr a e il lal o ßl l , t u h r e additional duty fo o ll f o_ s. said day w be . I "ti'd in i " , ,): in Scotland the additional _d s u o ty in F.O l - fiN to 'l for h'''alld the additional duty of 25., and S" ,'''),• le .3 ' Veater less degree of strength, or any Y, :rhatti4ll'r'titr. her f M t h a; st,-0411,1 '4',arparsing the supply granted. to toris Ilkiiisz',,er t day of April, 1855, 1 in or acts in blani.Pirit,ties now chargeable under any act.„sb spirits ChßAl(l,,,,,' e tlir e4 ci f the nature or quality of plain Btu' Jersey, ta;'7, Or distilled in the islands of Gue_rnse' any of ‘lli, I,44llaedsiallt respectively, end imported from (that is to say) ' spirits + ' P tl 'e fell4‘°[icotland or Ireland,thereshall be charged. of th e n" and , °lviag co untervailing duties . ned th e atre 'Pen e iast-mentio ,ellll, up„ .., v er3 , gallon of such lost- 'NC "IN "' nYdrometer proof imported of such , legs-he °ll ed 1,,: : allcl forand every gallon into Ireland ,pi of elrit a of . upon .imported greater or ..._ d i n to Scotland , ,e g , 7s 2 d the like strengtn.for any f such DN Oe of et • , and. SO in proportion i ' 7Do rt,i ' ? n gth, or any greater or leis spectively. - j„hat .tr lato ScotlAnd and Ireland r . e nted to her Ma 111414' tielki '''als raising the su ppl y quantity o gl a • s i e now payable 11,4,4'411qt the emu kril4' ,Dr e or acts in ic e n the seve ral . resp' e duties of exe2. mixtures, ed and de tb, i „, kr at; _ , u commodities mention removal of 4 %.. t `' tlit ; u4 s, and the shall 1 , 41 IN, 7,kbz'ot'.aestil: hereto hereinaftersneezed, mentioned, the!•e ssve diti ,Illiztt/tNiveolleCted paid u p on the saidlibal'O:ldeli '', 'eniPounds' and reparations, and .‘ 1855, Aeve,, after th P 20th day of A p ril, 1 the ,ert4' iii,Y,e(l froth I e l n et England or Scotian( , in lo eserir°l,_' npineY arn-da ddutioe-sof excise respectively . e 016 "'") and set forth in the said schedule Ali - That + STAMP DUTIES. ~ 7, idi ~ -oward ' ' to her N o . erang„,, %raismg the supply granted e b Y to tile 1,,,e°! orders for the payment of a•-• 7 upon 411,1,4tik1., or iiy" IletaaM, which being d'a a wn banker, Ma li 's'lmg or trAn D ' i . °4 or p ers s acting as 'thin Nrse(les of the ' plasaceting the 13114eusa ' bankei• wi are itil he now eseinpet ;cv.here such draughts or orders chargeable e stamp duty of 1 1°41 tamp duty, shall be . order. „ i d. for every such draught or j4ty.L T at, tew„d" ANcox-E-TAx. her Ma tilt t ti there sh a l l b ; i s_ raising th„upply granted and aft2r e „ ll art em ( ) ,Y of A pril c;larSed arid raised early from duties ' 405 inaddition to the rates and sie4 t, ,e under the , f Parlia tsia, 'n al). 24 e act passed in the last session 0 and ie,,, c har g ,,„, ~ for and in respect of all property, profits the ol 'lne.ta_.`4!)le inider the ev I • f rce relating to of , 1)q),13i,,x eith er ,_ era acts in o contract Iqr 0 , , lon or 0 „ 17 .assessment or under any duty of 2d p e ,, ty 43. 2os ~ecrwise, the additional rate andro ' Profits', Of the annual value or amount of all such P i I 'lz . ~, gmAiliesliectively. s 4,etitioenat there shall b LLOWANCE . paid, for or or kiii4 Of th e sey and e Made, allowed, . . t hereinafter e , 0 , _ en . eral goods and commodi ies 1 4 tcnse ,tioned, the several allowances and drawbacks (that S),:l'eetively herei f specified and set forth na ter In:" pd h__onietr 4Pon everY gallon of spirits of the strength. of blittity, ornroof, and so in proportion for any greater . o t r ifi l ed ea o ..glat k i os.al {,Treater or less degree of strength, dm hed lit kii l . qter thejrelaild from malt only, which shall be Dias. ~_ ~,, 'be 4; 20th da of April 1855, and which. f.ipir,l,_%T. tilerry 144etinled at theyrate of two ' gallons of such spirits ' 1 7., ka el t eail i ,of barley malt, or in Ireland one bushel a al lo,.. ° Noe s ' ar „ta of a bushel of malt'made from bere or bigg . .. fe„.'ance3 - after the r4e of Is. 4d, per gallon, in lieu of all "e. grantor; „ i, -- on such spirits by any act or acts now in , 4 ", d ' n cj`i . ,_ d e d 1 w and ,1 % 1- , ae a 'an, that if the quantity of malt mashed after t ttiti a l ,t o „r oP:eduction of such spirits shall be less than three tio:Yhe Patt i e bet of barley malt, or otie•bushel and ta for two Gallo bushel of malt made from bere or big„ e ,. nc. the f':)ra taes of proof Spirits charged with duty, a d afterll 1,14 4 e of 4 arn olint of such allowance shall be made e eveY , vili el pcit.for b n e very bushel of barley malt, and . alt, ,' - shall lee-tenth parts of a bushel of here or bigg m t e ; kg f et , ° so deficient. England or thajiti froka„,",nPon such sprints distilled in °N o 'Ave boo-'a't ° MY, and on which the allowance af be ore duly qo r ve4 froo-,' Illade, an d which said spirits shall , ,„2.,,,,„1-1,,, Ncarehouse for exportation, or for usean and under t,-„7,n, IN to the lz exported or shipped as store in such re hilo" there shall 1 73 and regulatieus of customs above the Day4.lee afOre,,,,,e granted and paid over and_an._ and ~ 1 r e ° ntioer " 1,, and in lieu of the drawback gr teu the rate of ship r eve ry 4 ' 3 ' . fernler act, a drawback after or ' ~ ship ped „, gallon of such spirits actually exported Ficytyl,4.,ores as aforesaid. WINES. for 013. TiZtVAILI ~,, LING D RAWBACK ON MADE psi. eoau ll 'llion ao" :YaWbacli: of excise shall be orallowed tions, o i i t . act ot °( t l , l ties, a c ,o , th, mixtures, compound s , Pre g to the aft er th" 17 th: il e vi bed in the schedule 03-_au hap.. V which on or 1a,,4d firs' day - .N 1 Victoria, cb-- '' 2 ' removed from Eng rat e'tland- t°o'...APril, 1855, shall be me , ; and ' i 'e as th aa d niiop treland, except liPon wines w hi c h shall .11 ' e re ve d as - ve rY gallon of all made allowed and paid etitervaii,_ of there shall be , tiling drawback of Rd, and no more. jest 14. ~„ y t h 'lla.t, t 0,.„, , . " TEA. - granted to her sra o:akin et'oliewhi_;te raising the supplyr.‘ c h arge d on tea l'4 >aliZ ll4 te th e tuuty of customs . sh 1 ue of the duty now 4 titer__ lilted Kingdom, in lieu 4 pll 4 ,,, con (that la to sav) • the s th a 7 of AN.after the 21 ' " 1855, until (412,, Dril inel • end St day ofApril, a fter the the `4ollthe frousive, which shall first happen „ of peace, sh Posm Ito the date of a definitive treaty the duty all be t S. 94' from which last-mentioned daY f the kt, ehaplalated in accordance with the provisions 0 , ' of , the present session of Parliament. !15 1,4 E AND CHICORY. d to her Nest t' toWard ai •g th su ply grante tild of Y , the folio • 8 r duties e p hall be charged on i artielet!! the 21ling duties of customs the undermentioned d ot . aun .ay of April, 1855, on . the lieu of , le a po Ported into the United Kingdom, in _ AaPoatio It Payable th is to ) —coffee, for every r n ' 4cl • d .„ . ereon (that sy , nd for every "d So '. ''tn, kiln dried, roasted or grou , appli evile led', ti chicory, or any other vegetable matter for el l' Pon:tit:4 chicory or coffee, roasted or ground, • I.C. 1 , " SUGAR. jest 16• t , That towards raising the supply granted to her Mt ollf,:t,er tb:iee2flellowing duties of customs shall be charged on and D a tM iti4_daY of April, 1855, on sligar au th d e m d e uties now , e labl e th I.:0 United Kingdom, in lieu of brown or white, ri,,atdir stige,,llo(:ha:gi:rt o re say), d C b a y u dy, any process equal in r ',O thereto 1 • white cloyed sugar,. tio7ylredereci, by every cwt., 1 .. , hite qquality to w 'ver y t 'et being ItanY Proce ei ss . e l n la qua lity to refined, for 0101 'd ewt. ' 17a. efinded.' eyielleol:a illuicovado, and br . o l w .i n n. ' very it, Tiog"..trz. or sugar rendered by a e ny pero,caensds,neor equal ali , h o it e eta.Y...el_ir _Muscovado, or brow . n brown,l d Muscovado, or a L , th er 2 . ' , for every cwt., Ips. , . w, Muse°. t ello sugar not being equal in quality o y . mo.. 1448,°, brown , fo cwt. 13s. 9d. , for C ayeu sugar r every , everY cwt., ts. 4d. 4 q 1 11. " CONFECTIONERY. ''llty ti , That towards raising the supply granted to hern:Nainad ,!ter tis `le ‘1,21l owing duties of customs shall be charged undeormen tio)lea:'`,:_ 21st day of April, 1855, on the articles say), .iii lieu of the duties now payable thereon (that is to marmalade, l'iliril ' i Dr°llftreeti°lleq, comfits, cherries dried, Ina 11 fruits and ‘' .2 ls tabb, -e rv , ll in sugar, succades, including a . po -, Pres e ~ - t otherwise enumeiated, the nod , 2 4d. - rvco.eu sugar, no '' lg granted to her • - That, towards ,i; a11 4elleaule contains _ O. Rpi r ... _4 in an t* ctures prin• 1124., Majesty, the following duties of customs shall be charged on and after the 20th day of April, 1855, on the articles under mentioned, imported into Scotland or Ireland, in lieu of the duties now payable thereon : Spirits—viz.:—Not being 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 Mauritius, and rum of aud from any British possession within the limits of the East India Com pany's charter, in regard to which the conditions of the act of the 4th Victoria, chap. 8, have or shall have 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, Bs. 2d, ; into Ireland, the gallon, 6s. 4d. " BO UNTIES 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, having 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 missioners 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 or refined sugar,unstoved, broken in pieces, or being ground, powdered, or crushed, not in any way in ferior to the export standard sample, No. 2, approved by the Lords of the Treasury, for every cwt. 16. 6d. " Upon bastard or refined sugar, being inferior in qaality to the said export standard sample No. 2, for every cwt. 13s. Pd." SPIRIT OF THE PUBLIC JOURNALS. THE 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 establishing a Committee of Inquiry, and this week is giving to an ally the most splendid reception ever accorded to a foreign potentate. It is now to receive its last trial. The British public hag to receive the bill and pay it " like a gentleman." Certainly it is a trying moment when, baying spent a week in an hotel described in 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 s pocket than in the person. Pecuniary loss, short of utter ruin, is a trifle compared with loss of life or limb, of father or son, of brother or friend. So let the British 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 incometax, 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 t 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. Conidering that the reduction of indirect• taxes has not prevented the price of bread, 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., which, 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 the combined stocks of the new loan are termed, was 14 to premium, and, a fter having declined to 1 4 p remium, it closed at 14 to 4. The manner in which the market premium for the new loan is calculated is as follows :—The value of 1001. Consols is 891. 155., and of 14s. 6d. terminable annuities for 30 years 11/. 12. This makes 1014 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 128. The 'value of the terminable annuity, moreover, has been taken as low as 161 . p er 11., while the quota tion to-day was 16 to 164, a purchase having been made at the latter price. Under these circumstances, the intrinsic worth of the Omnium would appear to be 2 p.m. The letters of allotment were promptly delivered yesterday, and, although a general curtailment was necessary of the amounts applied for, it was impartially made. The 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 Cornwall Lewis's. . Of course, the ex-Chancellor 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 silenees,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 may judge by appearances, they intend to make of certain items of the Budget a handle for ventilating their notions on sundry abstract principles of finance and taxation, but to offer no serious opposition. As to the increased taxes proposed by th'e Chancellor of the Exchequer, they are probably neither much b e tter nor much wo rse than any others that coulclbe suggested. --- ( From the Morning Herald of this day.) Our worst anticipations as to our new Chancellor of the Exchequer a re more than realised. It has been our fate to listen to many budgets ; f ro m Mr. F. Robinson (now' Lord Ripon), from Mr. Canning, from Mr. Goulburn, 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 the Excis fihequnan er, Mr. Disraeli and M r . Gladstone, each, on making h cial statement, kept full houses fix in admiration co ndensed more for four or five hours at a stretch. Sir G. C. ed Lewis matter into a speech of an hour and three quarters ; but the house, half empty, did not listen to him. He huddled up his in bas y te, and sat down w ithout a cheer conclusion The coo, dr, clerk-like way in which the matter was handled excited the wonder of the hous e ral feeling e, and drew forth once or twice a derisive cheer. But the gen pass. The Chancellor himself be the budget could not sought that a general view of his whole plax might be taken ; and we should say that a general vote, condemnatory of the whole schem e, would be concurred in by a majority of the house. ( From the Morning Advertiser of this day.) The additional taxation, coming, 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 resimaation, because the war, which has rendered it necessary, as 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 quiesces 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 c ountry is to be no less tha n the astounding sum of 86,000,0001. COURT OF COMMON COUNCIL. Yesterday a Special Court was held for the purpose of receiving an address from the Prefect of the Seine and Municipality of Paris. The Court was very numerously attended by commoners, and the following aldermen were present :—Sir P. Laurie, Ald :rman Wilson, Sir Chapman Marshall, Sir G. Carrol, Alderman Hunter, Alderman Sidney,Alderman Salomons, Sir R. W. Carden, Alderman Wire, Alderman Cubitt, Alderman and Sheriff Muggeridge, and Alderman Rose. I ADDRESS OE THE EMPEROR OF THE FRENCII TO THE CITY OF LONDON. The. LORD M A YOR 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 yes t er day presented to their Majesties , when the Emperor was) pleased to make the reply whi ch I hold, in my hand, an d to which the autograph of t he Em p eror 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 heartiest applause of the Court throughout. Mr. J. WOOD moved—" That the address, and the an swer of his Majesty the ' Emperor be printed, and that a pi 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 MATOR.—Gentlemen. I ha ve called this Court to receive the Prefect of the Seine, the President of the Municipal Council, and a deputation, who will present an address from the City of Paris to the Corporation of London. (Hear, hear.) Sir P. Laurie, • Alderman Salomon s, Alderman fWire,orth Mr. J. Wood, Deputy Harris on, and Deputy Hale, - with left the court, and shortly returned with the Prefect and the deput..tion from the Municipal Council, whom they formally introduced to the Lord Mayor. The distin -1 guished visitors having taken their seats on the right of the chair, The LORD MAYOR said—Gentlemen of the of Conanson Council, I have already announced to y ou the purport this special court, I have now the honou r to present to you the Prefect of the Seine and the P r esident and other mem bers of the Municipal body of Paris, who will present to you an address. (Hear.) The PREFECT, who on rising was received w ith much cheering, said—My Lord Mayor, Aldermen, and mern hers of the Corporation of London in Common Council as sembled,t when I received, from my august Soveroigu au _ .orisation to accept the kind and valuable invitation that his lordship the Lord Mayor has been so good as to send me fox tinge solemn AUd memorable circumatageo, the N ri 1 1l 1 : A;, TIIE SUN. LONDON, SA Municipal Corporation of Paris charged me to bring, with the assistance of the present members, a respectful and cordial address to this celebration, in order to express and prove officially not only the deep and known esteem, but also the more and more friendly feelings of our city 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 nicipal 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 an d 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 bo found Neal iu the affectionate relations of thir Pinces, in the fraternal communications of their cities, e r and even in the habitual intercourse of their popula tions. " The city of Paris preserves a deep remembrance of the visit with which the Lord Mayor, aldermen, and members of the Common Council honoured them, after the London General Exhibition. The city of Paris is equally grateful f9r the friendly invitation which, at t his 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 effect the new in struction and new emulation, have not only 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. (Sigued) " DELANOLE, President, Senator, and First President of the Imperial Court of Paris. " G. THIBANT, Secretary. " COll=llloll3 of the Imperial Court of Paris—Eugene Lanry, Fouche, Le Pellesier, F. Devinek, Pelouse, Herman E. J. Thayer, A. Thierny, De Riberolles, Legendre, Le Dagre, Chain d'Est Ange, Casinie - Noel, Mier, Vice-Presi dent ; Segalas, Bonjeau, Comte de Bretenil, E. de Royer, E. Horean, Vi c e-Secretaire ; Victor Foucher , Peu p in, Ambroise Firmin Didst, Peivurt.Boissel, Ancien I:lepute de la Seine A. Chevalier, Morea ux de la Seihe ; Comte d'Argout, Bayvet, Billaud, Eckame, J. Boulatignier, Dumas. (Signed) Baron G. - E. HAUSSMANN, Prefect of the Seine. " Hotel de Ville, Paris, 14th April, 1855. MUNICIPAL COMMISSION OP PARIS. Mangle, 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. Chaix d'Est Ange, advocate. The Prefect and the other members of the deputation then left the court, amid the most enthusiastic cheering. They were siortly 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 Gentlemen,—WC, the Lord Mayor, Aldermen, and Orono s of the City of London, in Common Council assembled, receive with deep gratitude and lively satisfaction the athiress of sympathy and f iendship from our brethren of the municipality of Paris, and 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 lustrious sovereigns of France and Great Britain upon our soil, and have recorded with pride the visit of the chosen Emperor of the French people to our ancient jurisdiction, we hea'tily unite in the belief that the interchange of marks of confidence and affection between the people of the two coun tries and the public I odies representing them, is not less important o.• less essent al to a lasting alliance tran the per sonal intercourse of princes ; nor can they be reiterated tco oft n, 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 bow indis soluble is the union of our it terests 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 bea‘itiful and classic city on the eceasion of the Great Exhibition of London, 1 y your courteous invita tion, those who witnessed the noble hospita ity of the Hotel de Ville, and shared the reception there given us by till authorities and inhabitants of Paris, can never forget the splendour of the one or the warmth and generosity of 1113 other. " We unite in regarding such recurring assemblage of I friendly nations to do homage to genius and foster skill and industry, whether in the arts an'l sciences leaned, or ix manu factures, or in the cultivation of naturr-1 products, as the best safeguards, under l.rovideuce, for the future peace of the world, for the expansion and enlightenment of the heart and rain I of man, and the religious and general lidvaucement of the human race. We look f ard, therefore, to the 'Cul ver al Exhibition of Paris as another epoch in the groat re , rch of time and civilisation ; and in the emulous contest for national superiority in the arts of peace, wedo not doubt that the varied and exquisite creatio• s of the fertile, skilful, 1 and refilled spirit of the French people, will again bo pre emi ne: t amongst us. " While our armies and our navies are contending sido 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 our countrymen, a fresh proof of the deep and 'affectionate attachment uniting the hearts of the people, and identifying the unbounded resources of the French and Eng lish empires. (Signed) " MEREWETHER, Town Clerk." Tho Prefect and the 'deputation then bowed, and took their leave of the Court, amid enthusiastic cheering. Deputy HARRISONMy Lord Mayor, I ara sure I am giving expression to the general views of this Court, when I ask your lordship the privilege of permitting me to move —" That a copy of the reply of the Corporation, which has just been read to the Prefect of signed by clerk, emblazoned, and forwarded to Paris as soon as it can be finished." (Hear, hear.) Mr. FARBER—I 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, whichwo.s carried unani mously, with acclamation. Mr. W. JONES moved—" That the address, and the re ply to it, be entered upon the journals of the Court." Sir P. LAURIE seconded the motion, which was carried unanimously. The Court then adjourned. -=_--- NA VAL AND MILITARY INTELLIGENCE. The Cruiser, 17, screw corvette, Commander the Hon. G. S. Douglas, and t he Rosamond, 6, paddle'sloop, Commander Crofton, left Spithead on Thursday evening for the Downs, en route for the Baltic. A party of riggers, with a set of jury gear, are ordered to leave Portsmouth for Pe embroke, that to rig and navigate th e new ' 50-gun frigate Sutl from port to Portsmouth, where she is to be fitted for commis sion. The George Hurlbitt emigrant ship, Captain Post, is expe ditiously refitting in Portsmouth, after her late accident in collision with her 3/lajesty's ship Duke of Wellington. A visit to her by a Portsmouth correspondent proved that the emigrants are most comfortably berthed, both ou board ship, the ship, and also on board the hulk (her Majesty's D r y a d) lent them by the Government. The cap tain 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 ship's state and condition between decks was very healthy. A court of 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 marines, under the command of Captain Aslett, aro left in the Crimea, whence she has brought 100 men of the Naval Brigade, belonging to the Trafalgar, Arethusa, and other ships which have returned. The 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 lat. 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 Hamoap on Thursday, and placed alongside the jetty, to embark troops and horses for the Crimea. Letters have been received at Plymouth, dated from the frigate President, 5 , w.dch arrived from Valparaiso at Callao, all well, on the 6th of March. MILITARY. On Thursday morning 27 men and double the number of horses belonging to the 11th Hussars left Exeter for Plymouth to embark for the Criine , a on board the Kent and Childers steam transports, which have arrived at that port. During the past few days five men belonging to the 11th have deserted, and one belonging to 15th Hussars, both of which regiments a re stationed at Exeter. The detachment of the 11th is ac companied by Captain Foster. The 13th Regiment of Light Infantry, stationed at Ist Gibbat ral- tar ; the 51st Royal ditto, at Corfu ; and the 72d ditto, at 'uartered in Manchester • lion 71st Highland ditto, a Malta, are under orders to proceed to the Crimea, and draughts from the depots of the following regiments at tho seat of war will embark early in the ensuing month to join the service companies, viz. ; -I st Royal Regiment, from Winchester ( 14 t battalion) ; 2d battalion ditto will proceed from Cephalonia to the Crimea, and be augmented by a detachment from Athlone; 3d Buffs, from Newry ; 7th Royal Fusiliers, from Winchester; 21st Royal North British Fusiliers, from Birr ; 23d Royal Welsh ditto, from Winchester; 68th Durham Light Infantry, from Fermoy ; 71st Highland ditto (2d battalion), from Chat ham ; and 90th Perthshire Light Infantry Lora Dublin. The following regiments will proceed to the seat of war on their reliefs arriving from England : 7 -31st Foot, from Corfu ; 48th ditto, from Cephalonia ' • 66th and 92d ditto from Gibraltar. R e inforcements for the let and 2d battalions of the Rifle. Bri. gade will embark at Portsmouth, and it is expected that the newly levied 3d battalions of the 60th Royal Rifle Regiment and the Rifle Brigade will be so far disciplined as to embark i early in June. IMPERIAL PARLIAMENT. HOUSE OF LORDS-(YESTERDAY.) The LORD CHANCELLOR took his seat on the wool sack at five o'clock. The Earl of HARRINGTON presented several peti tions, some praying for the closing of public houses on Sundays, and others praying for the introduction of the Maine Liquor Law into this country. Lord LONDESBOROUGH presented a petition from the guardians of the poor of the Beverley 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 lordships 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 he 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 Institutional Belfast and County Down Railway ; Colchefiter, Stair Valley, Sud bury, and Halstead Railway ; Grand Juflction 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 ways ; 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 Company and Trustees of the River Lee ; Southampton Paving 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. GIBSOIT, 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. GLIDSTONR, from Oxford, iu favour of No. 1 bill, relating to Stamp Daties. FRENCH INDEMNITY FUND. Mr. BOWER asked the Secretary to the Treasury whether the sum of 23,707/. 10s. 10d., which, by cer tain Parliamentary returns, was stated to have been paid to Monsieur Ladebat, a French subject, out of the " French Indemnity Fun d," ha 4 ever, and when, bee returned to that fund ; and, if so, whether her Majesty's Government bad any objection to lay upon theena ble of the house a return showing the application the Mr. WILSON said the sum alluded to was never re paid. FOREIGN HOPS. Mr. FULLER asked the Chancellor of the Exchequer whether bis attention hadac been fore called ign to a great imgliposi sh tion now going on in pking hops in En pockets ; whether the Commissioners of the Inland Re venue had had their attention called to it ; and whether s,ny proceedings were to 5e 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. Baum; 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 Govertunentbad directed any departure to be ,plade fronl the spite% of religious equality which had hitherto been eseabiished in the co lonies of Austrqlia : And whether the Royal assent had been withheld from a bill which passed the Legislative Council of Victoria in November last, ntitled "An act to enable the Bishops, Clergy, and Laity of the United Church of England and Ireland, in Victoria, to provide f'r the regulation of the affairs of the said Miura l" The hon. member then proceeded to enter into a state ment 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 putting the question now. Mr. BALL said he wits not aware that any such de parture ha 1 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 PALIVIERSTON said that a plan bad been submitted to the Government for shortening the time of attacks on fortresses ; professional men had givea it as their opinion that great difficulties lay in the way of carrying out that plan, but at present he could not enter into the details. THE BUDGET. Tho house having resolved itself into a comm ittee 0, ways and means, make The CHANCELLOR of the EXCHEQUER rose to his general financial statement for the year. The right hon. gentleman said -- I feel that some a p ology or 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 to be; but they are apprehensive that if made shortly after the f o rmation of a ne w Administration, and immediately a ftei 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 advan ta g e in waitin g till the financial year had ex pired, which would have e na bled them to lay the annual accounts before the country in a more perfect form. At the same time the Conferences at Vienna ha in g lately com menced, her Maj est y' s Government though that wouldtbe 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 Powers, 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.) H er 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 now my duty to perform, I feel that I have need of the indulgence of the house. 1 will try to simplify the statement I shall hair() to lay before them as much as I am able, and I will endeavour to render it as . friend my prx e- complete in itself , a nd satisfactory as possible, to the ex. tent of my power. I will begin by referring to the esti mates made, for the revenue and h expenes of the year which has jouffistceel,apthseed,mbeymbmeyr r f i o g rt t h h e o u n s University of O ford. The estima te he made for the revenue of the year, which expired on the 31st of March last, was as foll ows :- dee ss o 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 lie estimated ear at 10,157,600/. d the new ; an taxes he received wit hin the y he calculated at 6,147,000/. So he estimated the produce of the taxation within the year at 59,496,0001. Now, I must certainly congratulate the right hon. gentleman on having exercised, in this in stance, a species of financiarsecond sight, for whereas his estimated produce of the year was 5 9,496,0001., the amount actually received was 59,496,1541. (Hear, hear.) Gentle men will see that in that very large amount there was no greater difference between the estimated sum and the sum received than 1541 (Loud cheers.) In the ways and m eans of last year, the ri g ht hon. g entleman took a power to issue 1,750,C 001 . Exc he q uer-bills, which were- real ised ; and he also estimated 6,000,0001. Exchequer-bills, which produced 5,375,513 1 ., making the unfunded debt 7,125.513 1 Therefore, the taxation of the year being 59,496,1541., and the unfunded debt 7,125,5131., the total rev enue of the year was 66,601 , 6611 . The expenditure of last year having been 65 , 612 , 9621 ., there was thus left an excess of receipts over expenditure of 958,7051. I have already stated that the excess of receipts over expenditure was produced by the issue of certain securities. The re venue for taxation having been during last year 59,496,1541. and the expenditure 65,642,000 1 ., it follows that the an actual deficit of revenue to the amount of ewas 6,145,8461. The entire amount of the new taxes imposed by my right hen. friend last year was not received, and there ght remains uncollected of the taxes which were imposed last year but which have not been collected id the year • ending the Ist of April last, according to the best estimate, 5,020,0001. Adding that sum to the revenue a sum of produced from the taxation of last year, the sum is 64 516 , ,0001. The whole revenue estimated for the year, with the new tax es includ ing the portion uncollected, wasestimatedtob e .63 ,506,000/., and assuming that the uncollected portion should produce what it is now estimated it will produce, there will be on the estimate of revenue made by my right hon. friend a gain of 1,010,0001. (Hear, hear.) On the estimates now before us of the revenue of the Ist "Tear, ineincltus lected taxes, there is above one million over the sum esti mated. This result has, taken place, though, in conse quence of the alteration in the quarters of the year, the present year contains 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 industty and manu factures which a state of war must necessarily produce, the revenue that has been received, and that will, on a safe estimate, be received, including the new taxes imposed in the last year, exceeds the estimated amount by more than a million. (Hear, hear.) I shall now proceed to estimate the expenditure for the ensuing year. (Hear, hear.) The expenditure for the financial fear, ending on the Ist of April, 1851, 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 65,692,9621. 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, amouutiug to '27,974,0001 a in which a saving has been pro duced this rear 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 16,214,4771. ; the charge for the navy, which has been also voted amounts to 16,653,0421., and the charge for the Ordnance amounts to 7,808,0001. ; 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 6,500,0001., which makes a total for supply service of 50,175,561/. I further include an estimate for two instal ments of the Sardinian loan, one of which is now in pro gress of payment, and another may 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 19,474,000/. This great expenditure, as the committee will naturally conceive, has been owing almost excursively 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 16.487,0001. The similar expenses for the last year amounted 30,121,0001., and the sum estimated for the corresponding expenditure of this year amounts to 43,615,000/. 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 includes the expenses of the civil service, amounted to 4,650,0001. ; in the quarter end ing April, 1851, they amounted to 5,610,000/. ; in the quarter ending July, 1854, they amounted to 7,445,000/. ; in the quarter ending the 10th of October last they amounted to 8,500,0001. ; in the quarter ending the sth of January last they amounted to 8,600,0001. ; and in the quarter ending the 31st of March last they amounted to 11,664,0001. (Hear, hear.) I shall now proceed to state the estimated, income of the next year, upon which we may rely to meet the estimated expenditure whict I have laid before the committee. It is estimated that the Cus toms for the present year will produce 20;500,000/.. 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 , 0001 . ; property tax, 13,535,00/. ; Post-office, 1,150,0001., to which I add 288,0001. for newspapers; Crown lands, 260,0001.: 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 Nati onal Debt 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 an unappropriated margin of surplus revenue for that amount. This will make a total estimated expenditurefor nextyear of 80,339;00J/. I have already stated that the esti mated revenue arising from the existing taxes amounts to 63,339,0001., and we have therefore to provide in the ser vice of the ensuing year for a deficit amounting to the diffe rence between 86,339,0001. 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 I 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 d reading a single passage from the celebrated essay of Mr. Hume on public credit, in which ho 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 debt7wi will almost infallibly be - abased by every Government. It would scarcely be more imprudent to give a prodigal son a credit in every banker's shop in London than o empower a statesman to draw bills iu 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. (E-lean) 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 whiSle 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 in 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 place 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.) Our 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 Majesty's Government therefore de termined to take steps for negotiating a loan for a portion of the deficieacy of the year, and ia so doing they felt that they were fortified by extensive experience, and by the con stant example of their predecessor,. 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 Governnient has now em barked. (Hear.) 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 up 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 1800 it amounted to 491,000,0001., and in the month of ' February, 1816, it had reached 816,000,0001. It had since undergone somereduction. 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 latestposterity, 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 and 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. (Hear, 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 annuitiei, the capital of which he can al ways realise by going into the market, and at the same time he is protected by its perpetuity from the dangers of redemption, which so greatly influences the valueof public stocks—those stocks which are least exposed to the danger of being redeemed being those that command the highest prices in the market. (Hear, hear.) I will take the liberty of mentioning that an actuary of one of the insurance offices, Mr. Newmarch, has examined the question of ew h s loans ffected during the last war, and he successfully that those loans wereobtained upon terms much m ore e. d Our tageous to the public than a person would supphoes predecessors, while thus creating this. enormousa,in- debt in successive years, were n otwith t osterity, and they scions of the evils they entailed pp P fui r ly den con of . took at different times means efficacious for p r eventing t nt ~homes w ere p ro o p_o e d n f From an early period diff heti they believed the learned for the extinct.ion fth ;Continuance of that e evi or the creation of a sinkning _ tigh t, to be of great maintained a wa in s tional debt, and a ri bought devised by Mr. Pie r ' during the who e d in the efficacy of lanofmthe late war. one form or doubt carried in 178 6, There 13 fund for the extinction el o i f e t v le debt, while it was the kin ain* no g doubt that Mr.rittb itself created by borrowing, and the conclusion he came to ; posed to be effected. In the first place we propose an ad was, that by some contrivance of keeping up a nominal dition to the present duties on sugar of 3s. a cwt., to be sinking fund supported - by a loan, and by some machinery varied accordingto the quality. That additional duty, we for the collection of _compound interest, it would be.pos- estimateovill produce the sum of 1,300,1001. The crop of sible at no disiant time to extinguish the whole of the na- I sugar, at the conclusion of the' last harvest, was 51,899 tional debt. The idea' was fondly cherished by Mr.PitV— I cwte.; at the same time last year the stock was only 42,120 he died, as he lived, in the belief of its efficacy, and did owls. In consequence of the last year's importation the not think that he had left the means of entailing burdens short price, or price of sugar without the duty, was lower upon posterity, the end of which it is scarcely possible for from 3s. to 4s. a cwt. than it was a year ago. I will now us to foresee. There is another class of cases in which Par- state the prices of sugar in two years since 1844, by which liament has recognised the inexpediency of perpetual loan, the committee will see that, notwithstanding the addition, namely, in a ll th ose cases in which money is borrowed' for now to be p ro p os ed to the duty , the price to the consumer' subordinate pu r p os es. I may refer, for example, to cases in is at present considerably lower than it was at that period. which money is advanced to boards- of guardians, to the In 1841 the importation amounted to 4,129,000-cwts ; the justices of the peac e , A nd to other subordinate authorities , pr ice in bond was 335 . B d ., and the duty 25 5. 2d., making duty 14e., . who are entitled to charge theratesof their districts with the t he full p rice 585.10,1. In 1846, after the alteration of the the importation was 5,220,000 and oe the i a bond nd payment of loans f or cer tain purposes. I may state, for in- duty had taken p lace, : stance, to the committee that the expenses for repairing cwts.; the p rice in bondw t a o s ., 34 ; s. the 3d. p , ri county bridges, prisons, town-halls, must be paid off ac- making the full price 435.. 3d. I n 1854 the consumption cording to ant of Parliament within 40 years. (Hear.) had risen to 8,090,000 w There is a very long series of acts of Parliament in which only 255., the duty was 125., making the full powers are given to subordinate bodies to raise loans upon price to the consumer 37:5. Under the ne t w o d t u i t o y to at oo,is. present - the security of taxes under their charge, and in every case the price in b ond is only 235., the new d u t y i s 15s.y, and tho creation of an annual sinking fund is made compel:- the price to the consumer is only 3 85., b sory upon them. (Hear.) It is required of them to ex- more than the price of last year, 10s. less than the price tinguish the debt within a limited number of years, and of 1816 , and -20s . less than the price of 1814. (Hea r , hear.) that practice' sanctions the principle of not permitting the We further propose an addition of Id. per lb. to the duty existence of a perpetual-debt where the body raising the on coffee,, which is at present 3 d. pe r l b. That is an ex loan is under the control of Parliament. (Hear.) With tremely moderate duty ; we propose to increase it to 4d., regard to railway companies , the rai 1 ;vs y clauses for con - and we estimate that t his will y ield an additional revenue solidating acts provide that unless a time should b e s pe e i. o f 150,0001. I h ave alleady stated that the reduction of fled for the repayment of the money lent on mortgage it is the duty on tea which would have taken place this year to be payable after 6 months' notice shall be given by the was stayed by the act passed at the beginning of the year. parties—thus , distinctly preventing the possibility of the I propose also to make settle addition to the duty on tea. ~ . debt being perpetual. (Hear, hear.) Another means of (Ironical cheers.) In 1853 the duty on tea stood at 2s. 24d. preventing the existence of a perpetual national debt is per lb. ; it was reduced in the first year to ls. 10d., and to effect a loan by raising the money for Government on next year to is. 6d., at which rate it now stands. I propose terminable annuities. This plan has been recommended to raise it to ls. ;;d., which will be Id. less t han the rate by many persons, and unquestionably offers gre a t advan - at which it stood i n the first year of the reduction. That Cages with respect to the inoile of creating debt. Th e addition to the duty on tea is estimated to produce committee 'are doubtless aware of the nature of terrain- 703,0001. This will make a total addition to the revenue able annuities. ( Hear, hear.) An annuity is granted by derived from Customs duties of 2,100,0001. With respect Government fur a limited number o f y ea rs, a nd it pays to to the stamp duties ' they have undergone recently a sys the annuitant annually not only a e lan calculated as in• tematic r ev i s i on, an d it is my nointention to propose any e terest, but also a certain portion of the principal, so that alteration in them, with one ' xcep ' tion that of the exemp at the end of the term, whatever it may be, the entire debt , tion a pp l ying to cheques drawn upon bankers. These are both principal and interest, is dischareed. (Hear.) The now exempt from all duty in the case of persons drawing a advantage of terminable annuities, so far as G overnmen t is cheque payabl e w ithi n f i fteen miles from t h e i r p l ace o f co ncerned, for securing the extinction of debt, is this—that abode. This exemption is the means of diminishing the the repayment of the principal is made the matter of spe- duty on receipts, inasmuch as Unstamped cheques in that cific contract between the Government and the person en- manner frequently perform the duty of stamped receipts. titled to the annuity ; and without breach of faith the Go- I propose to withdraw that exemption, and it is estimated vernine nt cannot omit to pay every ye ar a p ortion of the that this dut y will produce about 200,0001.' I come now ,principal. But altho u g h Government finds its hands as to the head of Excise. The only duty of Excise upon it were tied up, and are bound to extinguish a certain por- which I shall prop ose any augmentation to the committee tion of the debt, unless they were g uilt y i of a breach of s the duty •on spirit s . M y proposal is to assimilate th faith, it is found in practi ce that a terminable annuity is duty on Scottish spirits to that u p on English. (Hear.) to little extent a marketable commodity that a person The duty on English spirits is now 7s. lOd. ah tigallon ; the will not desire to hold it, because by receiving annually a duty on Scottish spirits is 6s. a gallon, sp l ir d i o fsroi n ols7p.roa part of the principal he is thereby diminishing his capital, equalise them. o .The present duty . o ( n u l e r o i x s . h ) unless he reinvests it in small portions as he receives it. gallon. I circumstances t of propise to raise it on account of (Hear.) - The objection to it I therefore find is great. and the . Ireland—(loud laughter from the general, and at no time in this country has it been possible Opposition). onaccountear, of the circumstances of Ire for the Government to effect a loan on terminable annuities land regarding illicit t distillation. o only. There is oo example of an entire loan having been pose to equalise the rates them.- duty on Irish spirits to Eng effected on that species of security ; and the terminable lish,. but I propose to raise (lronical cheers from Irish annuities, which now amount to a considerable sum, have members.) The additions which have recently been made in every instance been combined with a loan for a perpetual to the spirit duty both in Scotland and . Ireland have not annuity, and are formed of the aggregate amount arising produced any increase of illicit distillation, nor have they from the different loans that have taken place. They dithinished consumption, I will state to the committee are formed of the aggregate of loans on terminable ennui- the consumption of English, Scottish, and Irish spi r it s ties similar to that which the Government has this day during'the last two years. In 1854 the consumption i n effected. (Hear, hear.) Therefore , how ever much the En g land was 10,350,000 gallons ; in 1855 it was 10,=;000 Government may have desired to effect the loan that is gallons. In Scotland the consumption of 1854 was necessary for them on terminable annuities, they have no 6,531,000 gallons • that of 1855 was 6 , 553,000 g allons ; option in the matter. It was impo ssible for them to ob- thus showing a slight increase of consumption, notwith. tain such a sum as they required for the service of the standing the addition to the duty. In Ireland the con year on terminable annuities without giving a price which sumption of 1854 was 8,136,000 gallons ;in 1855 it had would be justly considered as exorbitant and unjustifiable. risen to 8,443,000 gallons. It can hardly be disputed that It seems to be supposed by many persons that terminable if an increased duty, producing a considerable sum, can annuities—as was at one time thought—are to be con- be obtained from spirits without increasing illicit dis sidered as a sinking fund, acting by some mechanical and tillation ' smuggling, and all the evils which go in their stupendous process for the extinction of our debt. It was train, it is as legitimate an object of taxation, during the considered that the nation thus obtained value without heavy expenditure of a war, as can be conceived. (Hear). equivalent or security, and effected a reduction of their I estimate, not on a sanguine conjecture, the produce of debt without an expenditure of taxation ; and by some this increased duty on Scottish and Irish spirits at mysterious and occult process, which certainly no one has 1,000,000/. sterling. The additions I have already stated been ever able to describe, the national debt might be to the Customs, Stamps, and Excise duties will amount to reduced and ultimately extinguished, without any bur- 3,300,0 . 001. In order to raise a sum sufficient for the ser den being impoied upon the people. (Hear, hear.) Unfor- vice of the year, it is still further necessary that we should tunately, nothing can be less well-founded than this state- propose some addition to the direct taxes. (Murmurs.) Last ment which is wholly chimerical and baseless. Terminable year the additions made to the direct and indirect taxes annuities consist of the repayment of principal as well as were in this proportion. The indirect taxes were calculated of interest, and although at - the end of the time the debtis to produce 2,600,000/. ; the direct taxes, 6,557,0001., there extinguished, it has been extinguished by avoluntary mode fore the great increase was on the direct taxes, being more of repa.yment of principal and interest, and those repay- than double that on the indirect. In the plan which I meats have been provided for out of the annual produce of have now the honour of submitting to the house it has the taxation of this country. Under the circumstances I been thought desirable to throw the excess on the other have stated the Government find it was necessary that ' a side of the scale, and to levy the larger sum by indirect part of the loan they were called upon to contract should taxation, and a less sum by direct taxation. (Hear, be effected with some perpetual stock. That is to say, the hear.) We, therefore, propose to raise 3,300,0001. from only means by which they could have avoided the creation the indirect taxes, leaving '2,000,0001. to be raised of a perp:itual stock would have been by borrowing the by direct taxes. Now, the number of direct taxes to which whole amount on stock of a terminable nature, and thus it is possible to have recourse is not great. It is well known leaving the whole amount borrowed to be repaid at the end that the land tax in this country is an impost which is fixed of a fixed time. For instance, if the Government had de- at varying rates in different localities, and which is subject termined to make a loan on stock terminable at the end of to partial exemptions, so that any increase can only take thirty years, when that period arrived it would be neces• place to a limited extent, and under conditions with which sary for the Chancellor of the Exchequer of that year to it is not necessary to detain the house. The only direct provide a surplus Of sixteen millions for the extinction of taxes of arty magnitude besides the income tax to which our that debt, aria we all know from experience that nothing attention can be directed are the house and assessed taxes. is more improbable than that a provision made by a pre- With respect to the house tax, its produce is not very con. vious Parliament for the payment of a sum of 16 millions siderable ; it is' between 700,0001. and 800,0001. a year, for the extinction of that debt would be carried into and even if the tax were doubled, and some extension effect when the time should arrive. (Hear.) If such a given to its area, it still would not produce above mode of creating terminable stock was resorted to, it would 1,000,000 1 . of additional taxation. The house tax is, infallibly, at the conclusion of the period, end in disap- after all, only a species' of indirect tax, and the same poiutment, and the nation should resort to some method may be said of the assessed taxes which fall upon a of re-borrowing like that adopted by railway 'companies, narrower class of persons than the income tax, and are who, having barrowed on debentures payable in five or subject to the same objection of being partial in their in seven years, simply Continue them when they expire, and cidence as well as not yielding the increased return within scarcely ever extinguish the debt. (Hear, hear.) The so short a period. liar Majesty's Government, there- Government thought that any plan that created terini- fore, after consideration, have come to the conclusion that noble stock, the whole of which would become payable at the best form of direct tax which now exists is the income the end of a certain term, would be an ineffeetand mode tax. It reaches on the whole the largest number of per of obtaining the object they had in view ; and I, there- sons, and its operation falls with fairness on different fore, propose as a means—to far as lies in our power— classes of incomes, whilst an additional sum can be col of preventing the creation of a perpetual burden, to lezted through the existing machinery, thus obviating the insert in the loan act a clause which will ren der it necessit y of imposing any new tax, of creating a new iii incumbent upon the Government for the time being npection, or of extending the machinery to meet an expeu at the end of the year following the signature of a dltora which I hope wil 1 not be of long duration. treaty of peade, to set aside, one milli . on sterling annually Qn the whole, thee, we propose that the additional until the whole of the perpetual portion of the debt which suns of 2,000,00/. shah he raised by au augmentation of they propose to contract shall be extinguished. (Hear.) the income tax, by simply adding one per cent., or 2d. in In that manner a legal obligation will be imposed upon the the pound, to its present amount. (Hear.) With this en- Government of the day to provide one million sterling an- !lanced rate of income tax I calculate that au addition of nuallv for the reduction of, the debt now about to be in- 2,000,09 N. will be secured for the service of the next year, curred. (Hear.) lam aware that any act of Parliament 1,00),010/. of which will be received wi thin the presen tyear. we now pass may be repealed. (Hear.) All similar acts, The addition to the income tax, therelore, conjoined with I must be allowed to say, have been violated, and it is im- the additions to the other taxes already specified, will pro possible to make any law which our successors can be pre- duce a stun of 5, -t00,090/., which, together with the loan, vented from altering; there is no irrevocable act of Parlia- and the still] of 3,000,0001. in Exchequer-bills, for the issue ment. But we cho pass an act which will produce time of which we propose to take a power equivalent to that of only effect it is in our power to accomplish, namely, to a vote of credit as taken ir, former years, will yield the render it incumbent on the Government for the time be- sum necessary fertile service of the year. (Hear.) With the ing to provide funds for the extinction of the debt, and permission of the house, I will now state precisely the ways to render it obligatory on the Chancellor of the Excise- and means by which we propose to meet the estimated ex quer for each successive year to include that amount in his penditure of the ensuing year. That expenditure, I have estimate of expenditure, and to provide the funds necessary already stated to the house at 86,839,0001. ; the estimated for the extinction of the debt, unless Parliament should revenue from existing taxes I have given at 63,399,0001. ; deem it otherwise expedient. Sir, it appears to me that the the loan will furnish 16,000,0001., and the new taxes re only effectual mode of discharging debt is that Parliament ceivable, in the year 1855-56 will be 4,000,000/.. I say should agree, upon the return of peace, to create a special 4,000,0001., leaving out 1,000,0001. of income tax, which revenue by taxation, and -to set aside annually a certain, will not be receivable within the year, and, in order to portion of revenue for the reduction of taxation. If Par- avoid the appearance of over-sanguine calculation, I have lia,mentlwould again return to the policy which it pursued also omitted 300,0001. of indirect taxes. The issue of Ex after the peace, but which unfortunately was soon after- chequer-bills, for which I propose to ask power to the wards abrogated, of erecting a sinking fund of 5,000,0001. extent of 3,000,0001. will not,. under any circumstances, annually, and applying those five millions to the redemption take place until the last instalment of the loan, payable in of debt during times of peace, then we should be making December next, shall have been paid up. All these undoubtedly slow but steady progress towards the extinc- means will produce a sum available for the service of tion of the debt. If, unhappily, another war should arise, the year of 86,839,000/. To enable the country to bear or any other circumstance to create an extraordinary the increased charge, the items of which I have now demand on the Exchequer, it would then be in the submitted to the house, all that is necessary is, that its power of Parliament to release the .government from the resources should remain unimpaired, and that the vast obligation of the extinction of debt, and to apply that creation of wealth which has been going on without inter margin of surplus revenue to defray the extraordinary ruction for some years past should not suffer any diminu expenditure for the year, thus rendering the imposition tion in consequence of the vicissitudes of the war. ' Now, of new taxes unnecessary, and affording a reliable sur- sir, there is one cause of favourable anticipation, to which plus to fall back upon. (Hear, hear.) When those ex- I think hardly sufficient attention has been paid in this traordinary demands shall have been met, the way house, and to which, as it seems to me, scarcely sufficient would then be prepared for the extinction of debt by the was given by the Government which prceded that of my only sure means by which it can be extinguished, namely, noble friend near me. It is well known that during the by the creation of a surplus of taxation, and not by any late war a large portion of the disturbance of trade and imaginary expedient of a sinking fund. In the "Essay on interruption of manufactures was" owing - to the unwise Public Credit," from which I have taken the liberty of retaliatory measures adopted by this country against the reading an extract, Mr. Hume remarks that either the na- Berlin decrees. This measure led to great disturbance of tiou must destroy public credit, of public credit will destroy the trade with neutral nations, and created an amount of the nation. Now, sir, I beg leave, with great submission loss and disturbauce.of commerce and industry, which it to so high an authority on questions of this sort, to dispute would, perhaps, be no exaggeration to say was equal to both branches of this bypothesis. We see, by long expe- the entire detriment and suffering created by the increased rience, that the nation has not destroyed public credit, for taxes. From that form of national loss the country has dui-ing the exigencies of the most disastrous wars—during been fortunately saved by the course which the present that period of great depression which followed the Ameii- contest has taken. In consequence of the measures adopted can war—during the Irish rebellion, and other occurrences in former years by the legislature, as wellasof the measures tending to shake the stability of our institutions in the taken for the protection of our commerce since the war, course of the French revolutionary war, the sacredness of hitherto with success, it appears that a vast increase has our public credit was never for a moment shaken. (Hear, taken place ist the amount of our foreign trade. As a pioof hear.) . On the other hand, I may equally venture to of the present power of the country to bear increased-taxa question the other dictum, that public credit will destroy tion, I will beg to draw the attention of the committee to the' nation. Notwithstanding the rapid increase and a comparison of our imports and exports in the year in vast amount of the national debt, the magnitude of which the French war broke out, in the year When peace which I have laid before the house, there has been a was concluded, and the present year. In 1793 the imports perpetual growth of prosperity since the conclusion of the into the United Kingdom were valued at 17,350,0001., in last peace and the proportion which the wealth of the 1.815 they were valued at 33,187,0001., in 1853 they had country bears to its means of paying taxes and affording a risen to 123,099,0001. Theexports in 1793 were 18,486,000 1 ., revenue to the Government has been perpetually augment- iu 1816 they were 58,659,0001., and in 1853 they were ' ing. Moreover, annual means have been found, in con- 212,373,000 1 • (Hear, hear.) These measures, sir, present sequence of this prosperity, of lessening the interest of the incontestable proofs of the enormous increase t of th national debt, and thus making the debt a smaller annual trade of this countr y since the beginning of he French tat charge ou the country. In the year 1 8 16 , the charge of war :,and since the last peace ; and they Pro" the national debt was 30,458,000/. ; in the year 1854 the au enor mous mass of wealth exists in the country, charge was 26,521,0001., being a decrease of 3,937,0001. in from which an additional amount -of taxation can c o s: the actual charge of the debt. (Hear, hear.) The in- be raised to defray the extraordinary come tax in the last year of the war, which then stood at country. (Hear.) I fear that it has .bdeeeeruxenpieeencleesesgartyh,fobra nitit 10 per cent., produced 14,880,000/. ; the income tax of 6 to detain the committee at very . con t s e i b per cent. in the last year produced nearly 14,000,0001., preferred running the risk of being withheld illmi llseir showing how great has been the increase in the income of jecting myself to the charge of h information necessarf r, n fo otice is the country since the peace, and how, far, therefore, the knowledge of the committeei have introduced to their interests ability of the country to bear taxation has been aug- guidance. The pla t n I of fairness to all the h o e vaa w r it e h the confi mented. I see nothing in the present state of our na- proposed in a spin the --e si s deration. I will tional debt, with all the burdens it entails on us, -concerned, en ,a d i s i v lereceive impartial st ec:the ways and means j tt u i d et a e hw m aht en oolf t i o t t h .. to cause any well-ginunded feeling of despondency deuce that i e t in of ediyear, and meeting th at our future prospects ; but I see ample ground for only observ e iitsieieteitaoasePcowmviillblaigtniaoekudes it will not single out plan parti xieencies confidence with a good management of our finances. (Hear, for defraying hear.) Having stated the grounds on which her Majesty's exigencies ' t ° onsideration a t once that some practical of stttt e l Ihhh' e eeelY e a tt r eil e l ns l[ tueirs c ns o it n h conclude expenditu re s the Government have determined to effect a loan of sixteen , by bewGovernment, keeping millionsobserve t f h o e r t t the h service ey ne negotiated scheme proP° s°- -t e nge any part of the ia they in -g b t e qually objectionable m alternative, nnow proposed, e look ~ to some otoiaftetdhesuperhesernetrtyieoahr, ofl w i i t ll a m s etrheelyy Inelearedetails of it, t b o ut species of security, recognising the value of the onion 0 thought they could obtain in terminable annuities riinnctihpaiet that the nation should bind itself to discharge :_l a P swellas it. r lap ! -perrticulars with respect to debt of stock house would wish for the loan by the annual repayment of .princip I oartion, of the somteeliethis morning. The the loan which was con. interest. With respect to the remaining ip n a perpetual tin i.° proosing for the loan occurred during the late war, Governmentshould required that the loan, they think it necessary to borrow for e very 1001. stock created • give 100/. in money stock ; but, at the same time, they p ae rop h year, after the 0 of things which sometimes ,in order to avoid that state obligation to repay wholel,ooo,ol.4.iLepaja off. , As, onoth6 onedefray of a large elusion of peace, until theth e lan of attempting to taxa- vernment received • being created, for which the Go. mane for every 1001. of stock created. I willjust eansofr constantlyelathning ha.nd,Government rejected the p a nnual defray. which has been an imperfect equivalent. By the mode the whole expenditure of y d, they rejected the plan of money, 100/. in me [adopted the Government will receive tion, so, on the other han ' strace - f that e xpel] i /be exam Pie or former what was ing the whole o . dent to follow of the war were In 170 done during the late war in this respect. and they j ridged it pru ex eases 8 a loan of '"' in which the extraordinaryl t es of the year as ear out of ° 34 0 --i , 00 0,P001. was contracted for, to meet well as which 0 (1 ,000/. of years ,n to tme ax .stock was created ; in 1801 there was defrayed by on addition the permission of the house I a loan of -() by an a nnual lo'an• 1 '•has been made by tax- loan progress which d'ture out of borrowed 28, 00,0001., with 39,200,0001. stock ; in 1813 a of 37,000 000/ • , with .45,000,000/. stock ; and in 1815 will briefly state the ' With the system then adopted, a loan ' • • the late 'var. of 36,000,000 a, with 62,210,000 a stock. By adopt. ation during founded upon the defrayment of the ex- ing although it WM . part by loaa—the loan having been the course we have this day followed, we at least secure e of each year in . to the public 1001. for every 1001. of stock issued. That por- P uses al though sometimes even two loans were contracted Anna , tion of the price of the loan necessary to make up year—it was, notwithstanding, in one ye . found the price of Consols for the day, is contracted in a ter to make a considerable addition to the annual nec essaryminable annuity of 14s. 6d. which will necessarily expire by taxation. In 1793 the sum raised by taxation wasWe have every 17,656,000/. ; in 1801 it was 35,329.0031. ; in 1808 it the end of 30years. annual paymerits at hat loan are fair be• an d that-the e public . was I reason to believe that the terms of t the great addition which was made to the annual taxation has reason to be sat 58,390,000 a ; in 1815 it was 69,684 000/. • , thereby showing 1 tweet the contractors and the publics • fied with the rate at which it has of the country during the war, not •th which the loan will be taken sums raised by borrowing. We tat standing the large 1e in taken. The manner in propose, therefore, , sir, to is this :—.A. provisiona • • I contract is entered .into between make an addition to the public t • a ' Then. ite Government taxation this ear of a sum the Government and the len ers. amounting, according to the estimate,of the loan before Parliament, and asks murs.) I will now, with th to 5,300,0001. (Mur- lays the terms lt will oe lIIT ellt • state to them tho my% • e permission . of the house, 1 them to agree to the loan. y immediately wo , and ask 9aein o agroo o a rosols. . tutor in which this addition is pro. Ito submit to the ho - - -- - tsebeto"dertake auf poi:hilt:dr tPheiart ai:P