The Sun. — London, England, 1856-05-20 00:00:00

~. Jury ;e, a 4 ag it.: C to9•'• W ° o ett Cr, .otl iLEr es. ced E s itf Tal tor its for th 001 6 the rit tea 11 Ith. 1 , 1 de ff the, U le tO g s • If IC' :9 of n )ntd. n , "Aug -)skia 1 :pot sr the n~•i 3004 1: bill. :nen )1t had Aed Lts• yoS o not r pr.! to r esar 'a 11.110. ; bins tt bad wing 3 e 23d Ith of par wri, ea I are' if a of mot ,el bat he spe A It: 7 1 3 . um o Sit ;0 ent. pto Dri e ,9 L k ' 10 1 1 0 us tc l3, a ly tCes ten ce' >an YOF Inv iAB sti ) 015 ` ent 11i )ITJ Cg' aria 0 4 Neill eSt md. CPO ions 11, ,ofo re, s 0) CI tea ir the C ne id one j,32 4 i bit • fitO to [6 so il ! ace ecoo" 7 P t.r 11 if tg that 60 14 be ATI , 11t f ° pt We CP ' erd VP ; , e14 4 at y• ~~..._._ BATH RACES—(This Day) (BY ELECTRIC TELEGRAPH.) LAN SD 0W NE STAKES. Curious Seven ran. MONEY YAM -11 AND COIAZdEROTAL CITY, Two o'CLocx The Liverpool Cotton Market yesterday closed pith increased dullaess. The sales were estimated at : Iv 6 )000 bales, comprising. 400 .Pernam and 4uuganham 60. to ; 200 Bahia, 61d. to 60.; Egyptian, 61d. to Bd. ; and 700 Surat, 40. 541. pe r lb. The Railway Share Market opened hat ,and subsequently to the announcement the Government terms had been accepted for . 1 1 „ 6 Nevi . Loan it improved, and closed with a moYant aspect. board following are the particulars of the specie on uoard the Peninsular and Oriental Steam Com :Paany's vessel Per; which leaves Southampton te l`lay for India, China, Arc. : Alexandria (gold) Bombay (silver) Ceylon (silver) Do. (gold) Madras (gold) Do. (silver) Calcutta (silver)... £5,755 276,877 194 1,766 400 24,730 229,520 Total £530,242 t he all o t men t s o f the New Loan were made to b e e allbscribers yesterday, and they appeare d to te uivided into three classes—viz., a fifth, and a tO t h) and a twentieth of the amounts aiked for 4„ aggregate amount of the deposits being v°looo/., representing nearly 4,000,000/. Only th very small portion could be given to e applicants individually. The surplus d e anal are now being returned, and thus large th ree of money, locked up during the last two or days, will be released. The Money Market, ti uerefore, will probably become rather easier. Thee Chancellor of the Exchequ er ' s financial st atement being generally considered favourable, a ad the prospects of the Discount Mar ket bein g de e h oled encouraging, there is a buoyant market for Securities; and a further slight improve erit in rices has occurred. For money C onsols 4 been 94i and 94114, and for account 944 4 4 ' ha 1, but the market at the present moment is littler flatter. The New Scrip is 1i to 2k. 50 Reduced New 3 per Cents. are 94 and the 7atteed 93 to 93k. Bank Stock is 1 per : 4 , 4 2 4 : 11 t. better, being 2131 to 215. Exchequer Bills ;A' . j- e firmer, those of March being at par, and the iT 2s U ...ne ditto Gs. to 2s. discount. 10 some of the favourite Foreign Secur ities a gt • e°d business has been done. Turkish 6 per ;t. C ents. hav e r isen I per cent., viz., to 98 1 and 99 k , g a nd the 4 per Cents. are k higher, viz., 102/ .00 5 103 . Spanish New Deferred are 23k. Sardinian ?..t Per Cents., W, Mexican 3 per Cents. 23a, 30 h atch Deferred 74 4, and Buenos Ayres 77. 1 , 1 „,t0h Bonds are nominal. at 4 : 11 e following are the nominal prices of foreign so ej , ° „ e ks :—Grenada Deferred Bonds, 61 7± ; Mexi- it. 6i"p, 23 1 ; Peruvian, 77 9 ; Ditto 3 per Cents., 6' Portuguese 4 per Cents., 50 52 ; Russian St. Aer Cents., 104 6 ; Ditto 44 per Cents., 94 96 ; Sfip t. 2 1 „ all ,j B h '3 per Cents., 4 4 1 45 4 ; D itto Deferred, 1 ; .Ditto Certificates, 52 5 ; Ditto Passive, 7 ;t, 4( 17 6 Railway Share Market is buoyant, and the 21,; no t* in prices is generally ss. to 10s. There is s ' t. andhowever, much business doing. The Foreign st. ~,c1 Colonial lines are firm. kiauking Shares are in request at rather fuller (Notations. 0 kt4.cutirny., lf FUNDS THIS DAY AT ONE tYCLO , !.K. • t From the 0156(11 List. k.... -:r:. r. , done. r P k * Steek , 2131 15 a er cent. Reducel Annuities... - . ..... . 93 f WZOellt. Consols Annuities X," . 3 Per Cent. Annuities 1 _ 1 ' 1 24, per Cent. Annuities 7B ng Annuities, expire sth Jan. 1860. . -- Ditto oo,. _ , 30 Years, expire sth April, 1885 E 1-16 i ,_ i.els for Account ....................... . Marchu - - '9llaQ Scrip l4 P Zxcliegner Sills, 24d. .- June. elOOO ' .. .. 6 2 d 400 ............. . 6 2 d CE OF .......... —. g u — l-CE OF FOREIGN FUNDS AT ONE O'CLOi 1 "mos Ayres Bonds, 6 per Cent. 77 Grenada New Active, 14 per Cent. — , b at° Deferred 7.1 a lexican 3 per Cent 23a Ditto Account tassian Bonds, 1822, £ St., 5 per Cent — Ditto Small . llsi taardinian Bonds, 5 per Cent. .. fipailisi Bonds,, :3 per Cent — Ditto ,rew Deferred, 3 per Cent.' Ditto Account 251 5 I Itn4,. .. , Nb " no ds , . per cent --- Ditto. Account 99 81 9i - 8 i Ditto . Guaranteed, 4 per Cent. Ditto Account lO3 2t Dividends on the above Male In 1411(1 "' TWO O'CLOCK. Consols for Money 941 4 Ditto Account 944 bitt• Scrip li 2 p MARKLT N... l :6S.—(rins Day.) l is 1? HAY 111A.RKETS. istß Us to hay, 31 lOs to 5 / 15s ; clover do. "i to 61 lOs; and straw, 11 6s to 11 Ils per load. l 'ade steady. t l ecrUßEßLAND.—Meadow hay, 3/ 15s to 5/ 15s ; clover do., 15s to 6 , 10 s ; and straw, 1/ 6s to 1/ 12s per load. fair demand. d WRITECHAPEL.—Meadow hay, 31 12s to 5/ 15s ; clover es to 6/ 12s ; and straw, 11 5 s to 1/ lls per load. r ads rather dull. COLONIAL. TEA.--There is not much doing in this article by pri th,con tract ; the trade deferring their pure cases until larg e public sales on Wednesday. 0 .,j 1J G.a. 3 1.—A fair business has bee n done at full rates in „,°_ 14 41 and foreign, the demand h avin g beeu g ood both 1 b ;:dotee consumption and exportatio n. At the coming higher the sales during the week pr i ce s are ex p ected to go Igher the consumption being on the increase. CoFFEE.—FuII rates have been demanded for all devrip '°.g,, although but little business has bceu done. th'!'lCE.—There is very little b usiness doing privately in l a article. Large sales are announ ced durin g the week. RAIL—The market still continues inactive, at previous c l t totations. 7 1 4...L055 , —There has been little busine ss doin g in this „ 0 ," 4 " 0 , the markets having rul ed extremel y quiet. P.Y.C. tlit) spot 465, last three months 45s 6d per cwt. TALBOT CASE.—The decision of the House of : 7 , 40 on the divorce bill of Mr. Talbot is postponed 'ruin the 20th till Thursday, the 22d. Resolutions confirming thoo3 adopted at the recent ;nesting of the English shareh olders of the Royal wedish Railway are understood to h ave been p assed ,s • Saturday at a general meeting of the committee at , -Intheeiburg- TEIE TRINITY CORPORATION. —Ye , terd ay being Trinity tu•ond • se, a t which his Royal Highness Prince Albert was unanimously re-elected Master, and Cap t. John Shep herdg D e puty-Master, of that ancient corporation for the • suioc; year. The court then proceeded to the parish Church • of St. Olave, in Hart•street, where divine service V? „" performed, and an approp riate sermon p reached by `se :Rev. Arthur P. Stanley, M.A. e () UBI OF COMMON COUNCIL.—PRESENTATION OF THE "ED( )1I OF THE CITY TO ADMIRAL LYONS.—Yesterd A y gener al court was held for tho purpose of presenting the freodom of the city to Admiral Sir Edmund Lyons, G.C.8., agreeably to the resolution unanimously passed in the court on the 2Sth February last. The fr CO AL had a remarkably brillian t a pp earance, being graced with the presence .of a large number of ladies. I llungst the visitors we observe d Lord and Lady C. P aget, INlajor-General Lord Henr y and Lad y Bentinck, Lord B. Howard, Lord C. Russell, Admiral Lord and ! 44 ` 4 3' idstock, &c., &c. Sir Edmund Lyons wa s intro need) and was received with hearty cheers. The Lord Mayor liaving intimated to th e court that the Queen had been pleased to return a gracious answer to the ad t-'OBB of the corporation on the rat ification of the peace, sPeci al business of the day commenced. Sir John r 9 (the, Chamberlain), in making the presentation, re ferred to the many and various claims which the gallant adaniral had upon the regards of his countrymen, and s ?suludeil by passing a high eulogium upon his services. Edmrand, in acknowledging the honour conferred on h 43 , exp reseed his deep sense of pride in becoming a lzen o f London, and his gratitude for th e handsome masher in which he had been received. The whole Courtr o se and cheered the gallant admiral at the con lusinn of his address, an'l the Lord Mayor intimated that tho; proceedings were at an end. 11 COILMERCIAL PHILANTHRoPIC INSTITUTION. —On p e!ursd evening last, the 35th anniversary dinner of 11 i I R irti po rtant charity took place at the Prince of Wales ' Tavern n Banner-street, St. Luke's , when a hi g hl y r„ Pectable party of gentlemen sat down to a first - rate en tertainment, served up in good style, and which gave every satisfaction. John Parson, Esq., presided as • al r aan , and Joseph Jay, Esq., vice-chairman ; and were supported by several gentlemen connected with the h • Flibouring parishes. The cloth being withdraw!), r, a grace said, the chairman gave the usual loyal toasts, I w11 f: 1 1 were received with great respec t ; a fter which the Chairman, in a vet/ feeling speech, spoke o f t he g ood • e i nstitution had done, and proposed its prosperity, •wavah,:iincihnvg:as drank with great enthusiasm. Other suitable toastse. were severally proposed in the course of the litihgeoalV and were well received. The greatest har;.nony feeling prevailed until a to hJur, party broke up, evidently longing for aoet b*f ce,por ,nity similar enjeyment. To* society, :Attoougn e te,- t i o n p th la e c p es ar b is e h yo o n f d St i . t. Luke's, extends its benevolent I ; effects S ARE MARKET B. (THIS DAY.) EA.ILWAYS. Closing Prices yesterday Shr. IPald.l RA.mwers. 9i 11.mbg. Nottng. Boat. and Bastn. Janet... all cit-;fast !,.1 . Ballymena. all iiirralug. Wolvorh ii Stour Valley ..... . '',itt.e.ihd. Lam4L. I - !"t - !eslUre Junct...... all '.40. Chozh. I Birk. 47 4 1 and £2,5 Con l" Do., .-Eio all 1....y•t1a &Ty7ll,origina iis (lend. at £4,:- 100 dristol tad Exeter... iOO Caiodonian. ' . . I• 1 61s, (lam. and Cardigan all lhester iii. Holyitea , t.. all Cork, and Bandon .. all Cork, Black, do Pao , . 18 Cornwall ............... all Do. A ............. .. 8 Do. B - ............... 14, (vie ,Innetiou 4 Dub tin &13e1fa.9tjEllii,.. all Dun. P. ea Abr' ,. . Jnc. 100 ?art Anglian all Eastern Counties ,100 Izlast. )Trion, A. stl to Dr., 8., Stc-et.„ B.' Do., Now A . 10 East Kent 14)0 7, latit lAncashire 100 Edinburgh& Glasso all Edinb. and Peebles 100 Edin.Prth & Dutvi. 9 c.Nprth & Clyde Jan t. all Furness all Do. Extension 100 Glasgow &S. West, all Great N. of Scotlnd, 100 Groat Northern 100 'Do., A. Stock . oo 100 Do., B. Stock 1)0 Gt. Sit. kV,Test.(lre. ) 100 Great Western - 1100 Do. Stour Val, Rail Gees. Stk ......... , all Irish fionth-Eastern I all tnncastor & Carlisle 141 0., Thirds 8 o. New Thirds ......' 100 Ithncash.andYorksh. i Do. Wat.liidingUn.l all .Liv:Crshy.licSouthpt all . London & Blackwall 100 tond.Bright & S.Cet. 100 Lond. and N. Weetn. 16 Do. Fifths 5i D0.101.19a., - al&B C. 2 Do. Biglatho , . 1 London andS. W.estn., all Do., £6O all Do., £4O all tinduclrryeiColeraint all Ludndmr. & Ennisk, 100 rianch.ShetirLinch; 'i2e. Do., Man. Sr Lin. Un. : . 1 Metropolitan ....... 100 Midland . 1.00 Do. filming. ttDerhit all ffidld. G. West. (Ire; all Do. Half Shares all 'Newcastle& Carlisle, all Nwpt.AbeVg. Stllrf I S Newry SzEnniskillet all Newry Warrenpoinl and Roetrovor 100 Norfolk 3i N . orthn.Counties En 100 North British Nth Povon Rail & 100 Dock Stock ••• 100 1 , 0,, A 5t0ck........ All : 40., Ba Stock ....... all Do., i B Guam-Ace 10' N. Eastern—Berwio li 00. do. Extension ;5 Dr.,..do.G.N.E.?nrch aA Do Leeds . 1;111 Do. York. 100 North, London ...... 3.: q . N.StS.Wstrn.,iiran. . s tead, and City Jii , . North StaTordshir .. al' North West3rn ~ all N. St S. Westrn.Juno. l ' Nuneaton, ElincicloY, ar.d L&cester 1 "t, Or., Wore.. At Wolv 11 Yorvinionth „. k ti , Scottish Central . 10k' Scottish Midland 100 Shropshiro Uri= ... a '; South Devon lA'. anatia Eastern 1,00 .outh Wales 1. 1 Yrkah. dr Bic. Dnr 161 10 33 23 ii SDo .••• 0 16 Sta. - Ines, Wok. Wok 5 a 1 Stockton & Darn 16f, sto.,:kten & lilartlepl. t. 100 Taff Vale .. t. 100 Do. Pref., No. 1 ; 5 22 Thames Hay. D.& F. ~ 0 ... ITlverstone & Lanes . 0 .0 1.11 Vale of Neath aa all Watorfd. & Kilkenny 50 all Waterford&Limeriek 21 all West Cornwall 10 all West End of London and Crystal Palace 5 all Do. A ....... 5 3 I Do. 8..... :,;) all West Londcn. 10 all i Wimbledn & Croydon 25 26} 41 - 5 ... - 8a 9 17 - 15 16 12 1:3 - 89 16i • •• ..... ...d Business done 1 st , two day. $t 20 5 30 18 76 - 78 59 - 61 29i -30 i 88 - 92 7i - 8 95 -- 96 79 - 81 121 128 103 105 61 61 - 72 I 54 Gip 5 61; 901 - 91 P IA 102 - 103 10: —102 i d Pi 8 - 954 - 96 ••• ."'' .... ••• ••• 77 - 771 46 - 48 .. - 13 - 15 54 - 56 34 3v 35 ~. 36 80 • 91 5} - 5 3i -21 d, 16 • ' 6 4 56i 5Th 85 90 27 - 28 03 75 - 45 -- )4 7l 71 - 37 •es ""' r• 19 - 4i - - 7i 6 2 - 5 - FOREIGN. sell .rdem 40 Do. sp.c. Oblgs.con. in Sh. Apar 10 Ardennes ....... •• all :iclgian 17as,tn. June 14 Bazi,ers to Grai&SCrlea . .i 4A Boinbay, Baroda, an ' Central India„Scrit all Do. all Demerara 11 Dutch Rhenish all Eastern of France 19 Do. Now all East Indian, g. sp. 15 1r) o. 1 - L'Y Lerifiloll .. all D 0.4. p.c.Bncl.s.,'si ad Pch do. do.. '59, d , -.. 16 Gee'ong '1; Melbourne guar. 5 per c nt. . all Do., Lon. allot., do. • 22. rid. IT. of Car:ad v,,A. is ; •1 Do. ..................... ) 93 Do. Cert. of Dcben. con. into Stk. till'6 , ) all Do. Comp. 6 p .c. , do. • 14 Gt. Central of France all Cit. Indian PerinsnL, 3 i 4 Groat Luseraboup Constituted Sharo,,‘, I all Do. Obligation"... 11 Do. re-is. forftd. Sh. ill -Ai Gt.WesternofCnm .4.la ° , hares ... .. ........ 0t 51, Do. New......... I 1, .i I D. Dds. ; payable's7, with option till '55.. , 0 , Q ' Do. do., '6FI, p. '56... V 0.1 Do. do., '76, p. '‘.+ ill D. do., '73, without option 101 all Hamilton & Toronti) )0 ill no, 6 per cent. .....11 1 111 17 Lal.T.t• Cone , . P,,'ilast ZO all Liorro and Turnhout 5 :11 Lucca, , Pist. sp. c.p /XI 16 Lyons and (.-4,novt , !,0 L 4 'Lyons bi virmiitprm.:. 6 all Wadravt, gua , .. 4 •p.c 0 10 Do. Neal 0., sp. c. !O 0 Pb. 4 p.c. Exton tt all Karin Antonia r! F.ll Do. do. New 3J all N,,,mur 4; Ltege(witt , ti tare st) Dc. (oi interest) N'orthern of France Do„20/.Shs. Do. 20/. 11 p. c Bds iffiny.B.& Ams. ?he )'i 'NorwegianTrunkPro` Paris and Lyons Ditto Bonds ... ,Paris and Orleans._ Rome and Frascati.. iiT.Oyal Danish ...... ... Royal Swedish ...... Do. o'.lintions .... Sautbr6 and Meuso,.. Do. 5 ) 4 p. cont. Prof. Scir,d ,, , guar. 5 p. c, A.ll ; tl ►li 20 &11 .0 311 0,0 all sli ZO 10 5 go ali -7 %., all 4 all 20 1,11 lt► all 20 5 20 qll ZO all 20 16 D 0... .................. 'Southern of France St. Andrew's and Quebec (A). ....... . West Flanders D 0 54: nor c. Prof_ tv, .1 z N. W. of France West. of Switzerland Wiesbaden .. Tcaland 3 ?.11 to exll 20 18 20 ell 6 all 20 %11 a ell 15 5 LOO 50 E 0 411 oall 15 5 8 3 / 4 - 81 par -- 2 p 7ip 2 --2 i . 6 li - ... -- 1$ - 39A - 23i - 23 - 26i 27 3t - 3i 1' 99 101 1.32 109 111 20} 27 127 -• 132 _...., „..-3 rot. , 12 13 20 - 20;1 - 2 M 7, - 71 - 71 61 - 61 464 - 47 12 i 13 8 - 9 58i - 59, i")i - 59 19 - 20 9 * 2* - 2i ... Pin . 4 - ai 39 OINT-STOCK BANIe. ~....., L (Bank of Egypt Bank of Loudon firi. Col. lik.SLLn. O. British N. American Chartd. Bank of Asia Chrtd. Bak. of India, Australia, & China City Colonial Commercial of Lond F . lng.9cci&A.llP.Cht. Lond. Chart. Bk. of Australis Ditto Now trAdon and Conn bna.&E.Bulig. Corp. London Joint Stook. London and Paris.... L ou d. & Westunnsto, National Pro.of Eng Do. Now ........... Nationale of kelaud.. [ Now South Waleg.... 1 Oriental Bank )1 o,orporation ) Ottoman Bank ) , 63 - 65 i - 1 1) 63 --. 65 •e ••• ra -•• ZG~ 18 - 19 2 - ••• ••• [ par 2p 4 -- 2 ~, -- . a 41 = 43 41 - 43 1 i 141) . 6 1T rr..; 11 ' 1 - Lond Wo6torD B 1 of Lon 5 80 1277 611 / I Si 91 90/ I I 2, 102 F 10214 2 St 96 I 20 77 7 i i Is, 4 21 si 81 80 168 16 16i 57 27i I RI S' 72i I 8 ' 721 2 105 77 47 15 40 39i 22i i 1?, p! 40 THE SUM LON DON, TUESDAY EVENING, MAY 201_1856. ITAPERI.A. 'AMEN T. Lassia Comaans. C ostnu Prins yesterday. Rneinersa this daY. HOUSE OF LORDS-(YESTERDAY). London & N. West. L.&N.W. Calodon... E. Un. & E. C..... The LORD CHANCELLOR took his seat on the woolsack at five o'clock. ECCLESIASTICAL COURTS IN IRELAND. ii : 97 94 - 98 The LORD CHANCELLOR, in answer toga ques tion from Lord Donoughmore, said it was his intention to leave the ecclesiastical courts in Ireland untouched, but to establish a court of divorce there similar to the one proposed by the new bill for this country. NATIONAL GALLERY BILL. This bill was read a first time. SECONDARY PUNISHMENTS. Earl STANHOPE gave notice to move, on Friday, for the appointment of a select committee to inquire into the operation of the act substituting penal service for transportation. MARITIME LAW. Lord COLCHESTER, gave notice of a motion for Thursday, on the subject of the declaration signed by the Paris conference in reference to maritime law. 11 - 13 133 - 135 4i ... 4:t C4t.Nrtho. :E. Count. Do Gt. Wes cn Yk. New. l] & Beni. Y. &N At , Do Do S. aster bo ..... Peto & Co. Do L.& N. W St Midld Stekton Dar Huge,. Midland COSTA RICA. The Earl of ELGIN asked if there were'any truth in the statement which had appeared in . the papers re specting a promise of a supply of arms being made by the government of this country to the goiernment of Costa Rica ? The Earl of CLARENDON said the letter of Mr. Hammond was a genuine letter, and it arose from this circumstance :—Since the attack of Walker on that country they had several times applied to this country for assistance, but all these applications had been re fused, and the Government had expressedtheir determi nation not to interfere in the affairs of Central America, in fact, to do nothing more than send such a force to the coast of South America as might suffice for the pro tection of British subjects and property. It was repre sented by Mr; Wal►erstein that a slight force would suffice for the protection of British subjects, and also repel the aggression of Walker, and he asked if the War Department of this country would supply them with arms. The answer referred to was sent ; but since that time Mr. Waderstein was dead, and nothing had been done. He (the Earl of Clarendon) had since com municated with the United States Government on the subject, and Mr. Crampton reported a conversation wits Mr. Marcy, on the 15th March, to the effect that the *MIKA States Government entirely disapproved of the proceedings, In answer to that, he bad suggested that there could be no better plan thau.for-the English and United States Governments to unite for the protec tion of their respective subjects. (Hear, hear.) CI fiCASSIA. En. Conn. E. Count. D 0... Do L. &N.W Do GtNorthn Lancash& Yorksh. T. Brassey 11.31 Clean %mkt. & Darlingt Do GtWestn In answer to the Earl of MALDIESBUBT, The Earl of CLARENDON said it was true that a deputation from the Circassians bad come to the Porte, headed by Safer Pacha, not a Circassian himself, and who was anything hut friendly to the allies. He did not think that they had any particular claim on the allied Governments, and no answer had been sent to the representation addressed to this Government. There was no objection to lay before the house the notes pre sented to the Paris Conference by the Sardinian Govern ment. . point of fact made some days before the anniversary of the ratification of the treaty of peace. Under these circum stances, the Government did. not feel justified in making the advance without, the authority of Parliament ; they left that, practically, the second - year of - the war had com menced, and that the spirit of the treaty. required that the second million should he p , .id to Sardinia ; they felt that when it was a mere question of ono or two days, it was not just or equitable to offer any difficulty to the payment of the second million ; and they trust that under these cir :umstances the house will authorise them to carry into effect the spirit of the treaty, and advance the second mil lion to defray the expenses of the Sardinian army, which •: , xpenses have considerably exceeded iu point of fact the amount of the paymen t is made to the Sardinian Exchequer. This is an obligation which regard for the good faith of this country requires us to discharge, especially after the gallaut manner in which the Sardinian troops have per formed their duty. I will now proceed to state the esti mate d expenditure for the year 1356-7. It is as fol lows : bus'lels, Now, although it is true that the duty on malt hag J:n effect upon the consumption, it is right that I should point out that on the whole—taking the malt duty, as it is at present under the distillery hew, as nothing more than a beer datv in another form—the' article of beer is lightly taxed at this time when compared with the burdens which it has borne at comparatively recent periods. From the peace up to the year 1829 there was a beer duty as well as malt duty and a hop duty. The average produce of those three duties for the years, 1827, 1828, and 1829, was 7,192,474.1. The beer duty alone produced in 1827 3,200,9021.; in 1828, 3,224,6971. ; and in 1829, 2,989,5611. That duty was repealed in 1829, and it has not since been reimposed. In 1831, 1832, and 1.833 the average produce of the malt and hop duties, which were the only two duties which then fell upon beer, was 5,011,9111.,as compared with 7,19 ?,474/., in the three preceding years. During the last threo years the average produce of the two duties of malt and hops has been 6,530.886/. a-year. Therefore, if we take the produce of the war malt duty and compare it with the average tax on beer in the years 1827, 1828, and 1829, it will be seen that in those three years the average duty was 7,192,4741., whereas in the last three years it has only been 6,530,8861. Including the war duty therefore on malt, beer has been in the last two years a more lightly taxed article than it was in 1827, 1828, and 1829. There is another point of view in w hich the duties on beer and on spirits may be compared, which certaiulyfavours the assumption that the duty on malt is not excessive. Unquestionably, if the duty on f , pii its can be considered reasonable, th? pre sent duty on beer must be regarded as altogether insignifi cant. The price ot a barrel of beer may be taken at about 335. The quantity of malt used in making that beer pays a duty of about 6s. 4d., and the hops pay about ld. The duty, therefore, upon a barrel of beer may be taken at 6s. 83., the proportion of the duty to the price being about 25 per cent. Now, the price of a gallon of plain spiritsls about 10s. Bd. The duty thereon is Bs. ; so that the proportion of duty to price in the case of spirits is not less than 303 per cent. Lois comparison certainly shows that, as con trasted with spirits, beer is subjected to an extremely mo derate tax. I will now read certain figures to which I have before referred, showing the gross and net amounts which we estimate to receive from the different branches of re. venue:— mitted to the house the resolutions for a loan in Consols to the extent of 5,000,0001. Since that statement the instal ments of that loan have been completely paid up. Daring the last financial year the suns received on account of that loan was 3e millions, and during the present financial year 13 million, making together the 5,000,00)1. Ia addition to that operation I received the assent of Parliament for funding a sum of 3,000,0001. of Exchequer bills, which operation has subsequently taken effect, and been effectual for the purpose for which it was proposed. The amount of bills subscribed for was 2,230,00e1. ; the money paid in lieu of bills was 769,0001. The Exchequer bills, which were at a discount of 7s. and 3s. in February, before the announcement of that plan, rose to par, or about par, and at the March exchange the operation was effected without difficulty, although :Exchequer bilis had pre viously, been at a discount. This is a short statement , of these two operations, which the committee and Par liament are already acquaints 1 with. Since that time the balance-sheet for the financial year 1855-e has been laid before Parliament, and the house has had an oppor tunity of seeing the exact result in print of the receipts and expenditure of last year. I shall net think it my duty to trouble them with any recapitulation cf the results of that bs.lanceeilieet beyond a short statement, which, perhaps, •6 may assist hon. members in understanding the compara tive ••• statement which has been made. The exPer eiture sof co' for the year was 88,428,0001. ; the revenue derived from ,f erect to Se taxation was 65,701,000'. ; leaving an excess of expendi ture over revenue derived from taxation of 22,723,000/. This sum the committee will observe is exclusive of an . additional sum of 1,000,0001. advanced on account of the I will now state the charge of collecting the revenue, in loan to Sardinia, and also of the sum applied to the re- order to obviate any objection which my ho n . friend t he member for Lambeth may " raise. The cha t for collecting demption of the hereditary pensions , which amounted the revenue is 4,583,0007. Leaving this ou'Cof the question, to 213,000/. ; these sums did not properly fall into the the amount of expenditure to be provided for, including ordinary expenditure of the year, and therefore not Cr- the one million for the loan to Sardinia, is 75,525,0001. tered in the first part of the balance - sheet , bat as these That sum will cover the entire estimated service for the coming year • but, as may easily be conceived, it is diffi payments had to be met out of the ways and me ans et: if not 'impossible,' to make a correct estimate of the of the year they are added at the bottom to the sum of cos t that will be incurred in transporting our army from 22,723,0001., and show a total excess of payments over the East, and defraying various demands which may arise revenue derived from taxation of 23,936,000/. In order to in the change from a state of war to a state of peace. I shall therefore be prepared at a later period of the session cover this excess of payments the following sums were to make application—not because I have any reason to raised by borrowing ;by loans on Consols 19,501,0007. ; anticipate that the estimate will be exceeded, but by Exchequer Bonds, 977,750/. ; and by Exchequer Bills, simply as a measure of precaution —to the house to 6,0e0,00e1. ; making a total of 26, 4 7 8 ,7 50 /. The committee flees a vote of credit to the extent of 2,000,000/. That will make a total e‘ timated expenditure, including will observe that the money borrowed was greater than the two millions as a centiugeney, of 77,525,000'. I will the excess of payments by 2,512,0331. ; it is therefore my to now state the estimated revenue for the current y ear, and duty to account for this sum of 2 , 542 , 0007 . , in order it will not be necessary for me to trouble the committee in show that the Exchequer has benefitte.d by the difference. detail with the estimates of all the different branches of Now, sir, the explanation is simple; if any hon. gentle- taxation. I will confine myself simply to those taxes of which the rates have been altered during the war, those man will compare the accounts presented, he will find the being, I apprehend, the taxes to which the principal atten result shown in the difference in the balances in the Ex- Mon of the committee will be directed. I will begin with chequer. The balance in the Exchequer on the 31st of the income tax. The income tax is continued for this year March, 1556, was 5,600,000/. ;on the 31st of March, 1855, and for another year. (" Oh , " a nd lau g hter.) It is conti the balance was 3,9 49 ,0 001 . ; but it must be observed, nued for the present year during the existing law, and in however, that this balance was subject in effect to a dednc. dealing with the revenue I propose to confine myself entirely tion of 1,000,0001. on account of outstanding ways and to the year ending Ist of April next. The income tax is means bills, advanced in anticipation of the revenue of continued till that time at is. 41. in the pound. The pre the succeeding year, which were paid off in 1855-56 : rise words of the act are, " During the present year and it is therefore necessary, in order to make this CC/LW until the 6th day of April which shell first happen after the parison fair to deduct that sum of 1,000,0301, from expira tion of one y ear from the ratification of the treaty of the balance on the 31st of March, 1855, which leaves a sum peace, and no longer." I therefore estimate from the in of 2,949,0001. as the real balance on that day • and if we come tax for the ensuing year a gross sum of 16,355,0001., compare that balance with the balance on 'the 3' st of and a net sum of 16,000.0)01. I will now pass to the war March, 1856, we shall find the increase in the balance on duties on tea, sugar, and coffee. Those duties stand on a the latter day is 2,651,000/. The sum I had to account different footing from the income tax. Th e y were to cou for was 2,542,0007., se that the committee will observe tinue till the sth of April-12 mouths from the date of the there is a balance iu favour of the Exchequer of 100,000/. definitive treaty of peace. The date of the definitive treaty beyond the sum which I hail to account for out of the of peace was the 30th of March, and therefore those duties money received on account of the funded and unfunded will c ontinue for one year from the 30th of March last, and debt. Now, sir, the expenditure of the year which has until the following sth of April, that is to say the duration remind the house--as a war expenditure. The expenditure of t hose duties es short as it is possible. The duty on tea, on account of the charge for the debt has been slightly in- which will continue under that act till the sth April next, creased, and the - civil expenditure has uneergone some sliget is ls. 9d. per lb.; under the present law the duty will be, augmentation, but the main increase on the expenditure from April, 1857, to April, 1553, ls. 3d. per lb.; and after has been for purposes connected with the war. I have, April, 1858, it will be fixed at is. per lb. With regard to therefore, prepared a statement which will exhibit as fairly suga r the re g ulations are somewhat different. Common i and dietinctly as possible the exact expenditure for war brown Muscovado is subject to a duty of 13s. 9d. per cwt. purposes in the past and previous years. On a former oc- till April, 1857, then the duty till April, 1858, is Us. Bd., ca.eion in this session I Mated the expenditure for purposes and after that period it is 9s. GI Coffee is subject to a of war, taking the measure of it by the amount of the army duty of 44. per lb. afterwards. Now, with reference to and navy estimates ; but it was objected that th ose es ti. the continuance of those duties at their present amount mates did not shoW the exact state of the subject. Th e y diming this year, I will Make the liberty of calling the did show the increased charge of the establishments for attention of the committee to a statement which appears military purposes, and not the increase of the charge for to me satisfactory, both in a fiscal point of view and also the debt, and were, therefore, not a perfectly fair statement as regards the habits of the population of this country. In of the additional expenditure. I have, therefore, on this 1835 the quantity of tea taken for home consumption was 'occasion, adopted a different mode of calculation, which 36,574,0001b5. In 1835 the quantity had risen—perhaps must include every additional expense. The total expendi- it will be sufficient if I read the millions—it had risen to Mare in the two years, 1854.55 and 1a55-56, deducting 14,000,0001b5. ; in 1852, to 51,000,0001b5, ; in 1853, tc 1,000,000/. advanced on loan to Sardinia, was 155,111,0007., 53,000,0001b5. ;in 1854, to 61,00e,0031b5. ; and in 1855, to the total expenditure for all public purposes whatever. In 63,000,0001b5. (Hear, hear.) Therefore the committee two years of peace immediately preceding, 1852-53, and will observe that, notwithstanding the increase of duty in 1853-54, the total expenditure was 102,033,0001. ; if, there- the last ye ar, and notwithstanding the various circum fore, we deduct the expenditure for two years of peace from stances which might have led to a diminished consumption that for the two years of war we will find the gxcess to be —such as the increased price of food and higher taxation 53,033,000 e; by adopting this mode of computation every during the war—the consumption of tea has continued to additional expense that can be attributed to the war will be increase. Of coffee the number of lbs. taken for censures). included. In the two years of war the revenue dived tion in 1835 was 23,0 00 , 000 ;in 1845, 34,000,000 ; in 1853, nte from taxation amounted to 125,200,000/. ;in the t wo er years 3500,000 ; and in 1855, it had fallen to 35,030,000 ; but of peace it was 103,618,0007.; the increase, therefore, in the still it is much in excess of the consumption in 1835. I revenue derived from taxation in the two years of war has will now state the amount, of sugar consumed, indicating, been 17,182,0007.; the money . raised by addition to the to a great extent, the same habits. Taking refined and un - funded' and unfunded debt during the same two years was refined su g ar together, the amount taken for consumption 33,604,0007.; and therefore the total sum raised in these in 1835 was 4,800,000 cwt. ; in 1852 it was 7,172,000 ;in two years from increased revenue and money borrowed was 1853 it was 7,487,000; in 1854 it was 8,332,000; and last 50,786,0001.; but to this sum we must add the surplus o f year it was 7,547,000. With regard to molasses, the quan income over expenditure to the two years of peace, amount- tity taken for consumption in 1835 was 763,000 cwt. ; and in 7to 5,916,0001., which will make the total expenses of in 1855, 920,000 cwt. Therefore with regard to those arti the war expenditure up to the present time 56,702,00''7. cles of tea, coffee, and sugar, notwithstanding the increase If we make a similar calculation with respect to the esti- of duties imposed during the war, the consumption on the mated expenditure for the present year, and compare it whole has been in a satisfactory state, and indicates the with the expenditure in the years of peace preceding the advance of temperate habits. I now come to the article of war, we shall find an excess of 24,500,0007., which, added spirits, upon which an increase of duty has taken place to the expense incurred in the last two years, will show during th e last y ear. The duty on spirits in England and the whole expenditure that can fairly be attributed to the Scotland is Bs. a gallon ;in Ireland it is 6s. 2d. The spirit war for the two yews to be 77,583,0007. Now, sir, before duties I believe were never in a sounder state than they I proceed to the detailed estimate of the expenditure are at present with regard to the relations between the for the year, I would beg leave to call the attention three kingdoms, with regard to the drawback, and also as ' of the committee to the peculiar character o f th e to the question of malt distillation. That is a subject ' contest in which we have been engaged. Modern inven- which has always caused great embarrassment in the re tions, and the improved means of locomotion which modern gulation of the spirit duties. The committee will, I think, skill and science furnish, have enabled us to crowd into a concur with me in thinking that we are justified in the small space of time operations which in former years would present state of the revenue in obtaining from spirits as have been spread over a period of much longer duration, large an amount of revenue as they will yield, provided we The American war lasted six years, and added 124 millions do not incur the danger arising from illicit distillation. to the national debt; the actual hostilities of the late war Perhaps the committee will allow me to read the opinion of lasted for two years, and added 42,000,0007. to the national a writer on that subject, in whose school of finance I con debt, funded and unfunded. By the measures adopted dur- fess lam not a disciple, and whose evidence therefore lam ing this war, we have avoided those strains on the Indus - the more ready to avail myself of. I mean Sir Archibald try and trade of the Country caused by the course pursued Alison, the well-known historian. He has filled a judicial in former years.; we avoided all disputes with neutrals office in Glasgow, ant has had an opportunity of obserY about the search of ships ;we have involved ourselves in no ing the operation of the spirit duty. He says dispute arising from that obnoxious right ; and we have "To assert that the increased consumption of spirits by the wisely waived the extreme rights of a belligerent in mare- working classes is favourable to their morality is so strange a time warfare. I trust the convention lately concluded at doctrine, and so contrary to universal experience, that it ap- Paris will set the, seal on the concession so wisely made pears almost inconceivable it could have been hazarded in any during the late war. The slight cloud which has arisen be- intelligent assembly. Since the duties on spirits have been tween this country and America, caused by the efforts made reduced a half, the consumption of them has been increased to obtain an addition to our army in the territories of the above 200 per cent., and the proportion consumed per head United States will, I trust, be speedily dispelled by the advanced in the same proportion—facts which go far to ex genial influence of peace. There is another point which plain the contemporaneous duplication of crime during the same we ought not to leave out of our consideration, with regard period. As to the cessation of demoralisation by illicit distilia to the great expenditure in the late war for military and tion and smuggling, it is a real benefit, but it is dearly purchased naval purposes. The late war found us, to a great extent, by the wholesale demoralisation of so large a part of the unprepared for the struggle, and we have devoted a very working classes by the facility of obtaining ardent spirits. large sum during these years to the improvement of our There is more crime, domestic unhappiness, family feuds, and military and naval preparations. Our military arsenals social demoralisation produced iu Glasgow by cheap whisky are now much fuller, our guns are more perfect, our troops in one month than ever was by smuggling over all Scotland aro armed with a weapon far more perfect than was the in 10 years. There is uo person practically 'versant with the case at the commencement of the war ; our navy is more details 'of both, as the author has been for 20 years, who will numerous, better appointed, more efficient for all the par- maintain a contrary opinion. There is no such fit object of tax poses of a navy than at the beginning of belligerent opera- ration, in an indirect form, as ardent spirits, because the ad tions. It must be remembered that we are now in possession dition which th e increased duty makes to the price of the of a greater amount of materials of all kinds for naval and article, when taken in moderation, is so small as to be trifling military purposes than we possessed at the beginning of the even to the humblest consumer, while the addition to the war ; and therefore the amount which has been expended public revenue is immense, from the vast numbers who par has not been entirely for temporary purposes. I will now take of the comfort. It is on the drunkards alone it falls as a proceed to state to the house the estimate of the expendi- serious burden." ture and revenue for the ensuing year 1856-57. Although (Hear.) Such are the opinions of a man who, having paid peace has been happily concluded, and although we not eaattention to the subject, deliberately gives his saf era Mt, now in a state of war, yet the present year must for all frage in favour of a moderately high duty on spirits. I practical purposes be considered to a great extent to be a will now refer to a similar comparison to that which I in year of war. Extensivepreparations were made dering the stituted in respect to tea, sugar, and coffee, and it will be winter for the campaign by sea and land, and at the corn- seen that when applied to spirits and beer it produces a mencement of the present year we were in aposition to have different result. That result is not so favourable in a carried on a most effective campaign with our land forces financial point of view ; but lam sure that it will be heard and. our sea force. The expenditure, I rejoice to say, is now with unmixed satisfaction by those who consider the moral unnecessary, as we have not been called on to commence a habits of the population. In 1835 the quantity of British third campaign; but au expenditure has been incurred, a spirits consu med was 24,710,238 gallons, in 1845 it was large portion of which will become payable during the pre- 23,122,538 gallons, in 185 e it was 25,200,879 gallons, in sent year. We shall have to provide for the transport of 18e3 it was 25,021,317 g allons, in 1854 it was 25,883,584 our troops from the Crimea ; and the expenses necessarily ga llons, and in 185 5 it was 21,957,275 g allons. Now, lest incurred in paying off troops and all the costs incurred in the committee should think that that diminution is owing the dispersion of the army and navy will have to be de- exclusively to the duty and not also to the improved habits frayed in the present year. There is also another expense of the people, I would call their attention to a similar which we will have to provide for, as we have undertaken comparison with respect to beer. In 1835 the total quan to convey the Sardinian troops from the Crimea, for tity of beer consumed was 16,330,010 barrels, in 1815 it which we shall have to provide ships. Notwithstanding all was 14,925,113 barrels, in 1852 it was 16,75 6 , 285 barrels , these sources of expenditure which it will be necessary to in 1853 it was 17.184,033 barrels, in 1854 it was 16,136,893 provide for during the present year, I rejoice to say that it barrels, and in 1855 it was 15, 184,559 barrels. The con has been in the power of her Majesty's Government to presumption of beer, therefore, has remained very nearly sent a very reduced estimate for the military and naval ser- stationary since the year 1835. There is another cause of vices. The original estimate for the army was 34,998,000/. ; an accidental nature which produced some effect on the the revised estimate presented a short time since is produce of the spirit duties in the year which has 20,747,030/ , showing a reduction of 14, e 51,0001. The ori- just passed , and which ma y continue to operate in the pre ginal estimate for the navy was 19,876,000'. ; the revised is sent year, which diminishes the duty ; but which is, never -16,568,000/. ; showing a difference of 3,303,033'. The total theless, an advantage to the spirit, trade, and which in of the original estimate for the two services was 54,874,0001. creases also the demand for articles from which British The revised estimate onlyamounts to 37,315,0)01.; showing spirits are made. I allude to the failure of the wine crop a reduction on the two services of 17,559,000 7 . Besides the abroad for several years, and to the consequent diminution additional expenditure for the coming year to which I have in the q uantity of brandy produced on the continent. already adverted, there is another expense to which I will That diminution has led to a large increase in the export of now call the attention of the committee, which arises from British spirits to thetcontinent; and that export, of course, our convention with Sardinia entered into in the beginning raises the price of spirits in our market, although it pro cf last year. The firstarticle of the convention which was ducee no benefit to the revenue, inasmuch as spirits expor made on the 26th of January, 1855, is as follows : . ted to the continent are either exported out of bond with -1 Article I.—Her Majesty the Queen of the United Kingdom I out duty or entitled to a drawback. In 1853 the tot t a of Great Britain and Ireland undertakes to recotnmend to quantity of spirits exported from the united kingdonnt•to her Parliament to enable her to advance by way of loan to his foreign parts was 931,210 gallons ;in 1851 tat quantityuae Y Majesty the King of Sardinia the sum of 1,000,0007. ; Of had risen to 749,959 gallons ; and last year tae id That which sum 500,000'. sterling shall be paid by her Majesty as had increased to no less than 4,263,697 ga e .. duced a consider soon as possible after the assent of her parliament shall have large quantity exported must have . been given, and the remaining 500,000/. at the expiration of able - effect on the home trade on differs both from six months after payment of the first sem; and her Britan- article of malt. The war duty on r fi e n f o i de finitive willtra treaty a o s e f colonin:ial produce. It nic Majesty engages further to recommend to her parliament the income tax and from the dutyo t war and until the n th of spiri p ts. ro I now come to the to enable her-if the war should not have been brought tea was continued during theft ee close at the expiration of 12 months after payment of the first July next after the reta_ a th d e e instalment of the abeveneentioned loan—to advance to his peace, and no lonr. e the ratifications of the treaty - should terminate, inasmuch a Majesty the King of Sardinia, in the same proportions, a like nearly at the earliest period at which it was possible that it sum of 1,000,0' 07. sterling. .I.hraaett i o d n n u t o: , Now, sir, the act by which that convention was carried of peace were exchanged in the present quarter, and the g falls at the end of this quartet. ' The ansbfehel, and it will fall on the Ist of July neat into effect. ' eceived the royal assent on the 26th of April, July first e 1865. Some delay in the exchange of ratifications had duty te prevented her Majesty's GoVernment from introducing, however, the bill. at an earlier period. That delay, however, does not h measure present the la w entireto 2s. 8 losso. a N b vh u i s . will suffer in consequence of the 'reduction ; for it will be no was not in any way to be attributed to the Sardinian under in accordance not only with former precedents but Goverrithent, but arose from circumstances over which e ! alsoerYitli equity, to allow a drawback they had no control. The first payment was made hand w • and that drawback is on all stocks in on the sth of May, 1855, a few days after the act . estimated. by the most ex aimed officers as likely to amount to a sum not very received the royal assent, and the second payment on farerishort of 1,000 000 the 3d of November last ; and bills for the third instalment of half a million were drawn on the Treasury, be made during the present year l ; and we shall, there dated at Turin on the sth of October last, which were ac- fore, lose not only the increased war duty on malt ce ted by her Majesty's Government on the 20th, when from the Ist of July next, but we shall also lose pro- P they were under the impression that the war would bably not much less than 1,00e,000/. in the repayment of continue, as they had no anticipation that peace would be duty upon stock in hand. With regard to the malt duty, it signed so soon. I now wish to call the attention of the must be admitted that the falling off in the c onsumption committee to a singular coincidence of dates. The treaty appears to indicate that the pressure of the duty has to a 1 of Paris was signed on the 30th ef March, but the eatiffca- considerable extent affected the consumption of the article. tions were not exchanged till the 27th of April. The act Some effect, no doubt, is to be attributed to the price of of Parliament received the royal assent ou the 26th of barle during the last year ; but I think that the figures • day • and b the convention \ which April on the previous y , y her lam about to read to the committee will show that, April had engaged, if will take ' the war was not terminated perhaps, the diminution of duty which within 12 months, to recommend Parliamene to advence , less it ehould be arrested, will not very materially increase to the Ring of Sardinia a Second sum of one rnillien, The i the consumption. In 1835 the quantity of malt brought exchenee cf the ratifications of actety did not take 1 into charge in this country was 42,892,051 bushels ;in 1845 I lace until a year and a day after the hed received the , that quantity had fallen . to 36_,. t , 615 990 bushels •in 185 9 ie P . 41 ' .'' ' 992 178 bushels • in royal assent. The first payment was made two or three i was 41,071,636 bushels; m 18531 was , , days after that, but application for the yii Expenditure. Gros:z•. Furded Debt, Including New Loaa I'nfnnded Debt . . • Permauent charg - cs on Cons, , lidated Fun flity .•. • • £20,747,000 Navy ..... • • • • • • • 16,568,00) Ci`•i' - - 6,sCO3COO het. Charges of collect n; the Revenue. Vote of Credit.• .... • • ••• • • •• • Loan to Sardinia Total expenditure • • . £, , 2,113,000 27,635,000 1 ; 02500 1,753,000 44,115,030 2,000,0)0 1,000,000 £77,525,000 Gross Estimate. Net Estimate Customs Excise 17,170,000 16,348,000 Stamps Lands and assessed taxes 3,110,000 2,950,000 Property and income tax 16,355,000 16,000,000 Post-office Crown lands Miscellaneous 1,000,000 1,000,000 Total £71,740,000 £67,152,000 Then, deducting the total estimated revenue from the total estimated expeuditure—including the margin of 2,000,0001. which I stated that should request the committee to assent to in order to guard against contingencies—the deficiency will be 10,373,0001. From that sum must be deducted 1,500,0001. which has been received in the present year as the pro luce of the loan of 5,000,0001., which was effected* short time before Easter ; and that makes the estimated deficiencyB,B73,ooo/. ; or,omitting the margin of 2,00e,0001., it leaves the real estimated deficiency at 6,873,0001. ; or, adding the 2,000,C031., which we propose as a vote of credit, the estimate? deficiency will be 8,873,00 W. In this state of the public revenue and expenditure, her Majesty's Go vernment do not think that, in the present circumstances of the country, looking to the probability of the publie in. came at any early period becoming adequate to meet all the demands upon it, and also having regard to the expec tations naturally excited by a return from war to peace, Si well as to the difficulty of imposing any new taxes, they would be justified in proposing any additional taxation to this house. On the other hand, with the estimated defi ciency in the expenditure of the year to which I have ad verted, we do not feel it consistent with our duty to recom mend any diminution from any source of revenue which the existing law supplies. We have, therefore, deterrained to propose no change in the present taxation f the country. If the common phrase, " state of transition," is ever appli. cable, it is especially so in regard to the present year, when we are passing from a state of war to one of peace, and when the country is placed in circumstances of so peculiar, temporary, and exceptional a nature as to render any pro posals calculated to affect the future in any permanent manner wholly impolitic and undesirable. We have, there fore, arrived at the decision to maintain the public taxation on its existing basis ; and have resolved to resort to borrow ing to make up the deficiency. We propose, in the first in. stance, to have recourse to a loan of 5 , 000,0001 . The pro posals for that loan were made public a short time since. The offers were received this morning at the Treasury. The price originally offered was 1081. for 1001. in Consols. The reserve price fixed by the Government was some• what less being 1071. 10s. 7d., or equal to Con sole at 93. The terms fixed by the Government were accepted by the contractors, and the usual agreement was signed by both parties this morning. The arrangement will be submitted to the committee in the form of a resolution, which I shall move before I conclude. This transaction, illustrating as it does the great resources and ample available capital of this country at the close of the arduous contest in which we have for two years been engaged, may be regarded in that point of view as very satisfactory; and it is further gratifying as show ing the extensive monetary operations conducted by single individuals in this country, in whose honour great confi dence is deservedly placed by a large portion of the com munity. Baron Lionel de Rothschild informed me this morning that the deposits in his hands, sent by persons desirous of obtaining a share in this loan, amounted to a sum of not less than 4,000,0001., the whole of which was t ra nsmitted either in Bank of England notes or in gold. The amount thus subscribed in actual money, being de posits of 10 per cent. on the loan, represented a capital of 40,000,0001. (Hear, hear.) This fact I state on the authority, and with the permission, of Baron Roths. child ; and I believe that the committee, on an examina tion of the price of stocks, will be of opinion that the lean agreed to this morning was effected on terms perfectly fair as between the parties concerned ; that while, on the one hand, the price is as high as her Majesty's Govern ment had a right to expect, a reasonable rate of remune ration on the other is secured to those who come forward at such a Moment to advance their capital to the public. I therefore trust that the committee will allow that her Majesty's Government exercised a sound discretion in nee gotiating a loan on the terms and in the manner which I have described. (Hear, hear.) Bat this loan will not cover the entire estimated deficiency of the year. Omit ting for the present the margin of 2,000,0091. for contin gent expenses, the estimated deficiency for the y ear i s 6,873,0001.; thus leaving, beyond the loan of 5,000,0001., an estimated deficit of 1,873,000/. This sum I reckon in round numbers at 2,008,0001., and I propose, at a later period of the session to ask the house to agree to confer on the Government a power of bor rowing, when the necessity shall arise, an amount equal to that in Exchequer-bonds, with an alternative power of issuing Exchequer-bills, should the state of the money-market render such an operation advisable, to the extent of 2,000,000/. That sum, as the committee will have collected from my statement, will cover the whole of the estimated deficiency of the year. If the house should agree to a vote of credit of 200,001 W., to meet any accidental excess, I propose to take a similar power to cover that vote also,—a power which I trust there will be no difficulty in granting. I have stated that I propose probably to borrow that sum in Exchequer Bonds. The present state of the Exchequer Bill market may render it inexpedient to increase that portion of the unfunded debt. Many circumstances have occurred of late years calculated to diminish the quantity of Exchequer Bills which can be made to float upon terms advantag eous to the holders. The great increase in the amount o railway debentures has produced a security of a similar nature which comes into competition with Exchequer-bills. The placing of money at call with bankers is another circumstance which has abridged the demand for Exchequer-bills. There is not, therefore, an active call at present for so large an amount of these securities at a fair premium as was for merly the case. At the same time I believe that tempo rary causes have produced the fall in their value which has occurred during the last week or fortnight, and it would be rash to draw any decided inference from so brief an expe rience. With, the permission of the committee I shall state the precise quantity of Exchequer-bills now in the market. That quantity was diminished by the funding before Easter. The amount of Exchequer-bills outstand ing this day (19th May) is 20,124,0301.; but of that sum the Commissioners for the Reduction of the National Debt hold 5,000,0001. This 5,000,0001. may be regarded as vir tually in the hands of the Government, and is never likely to be brought into the market. The amount of these bills in the hands of the public is therefore no greater than 15.124,00 C/. There are many circumstances which render it probable that the depreciation inExchquer-bills for the last 10 or or 14 days is of a merely accidental nature, and that they will soon resumethe position they had before the fund ing was announced and continue a portion of the unfunded debt. At the end of the late contest, in which considerable additions have been made to our national debt, it is na tural that we should revert in retrospect to the progress and fate of that debt in previous wars. Unfortunately, among the most marked characteristics of the national debt of this country has been its immoveability, the very slow efforts made to reduce it, when once it has been in creased—the increase being allowed to remain, while little has been done in subsequent years towards its diminution either by the operation of a sinking fund or otherwise. However, we cannot but observe with satisfaction that oar present position, as compared with the state of our debt at the end of the last war, is not a disadvant'ageous one. I will Useable the committee, as the s ub j ect is of great im portance, with a simple comparison of the state of our funded and unfunded debt at the close of the last war and at the present time. On the sth of January, 1816, the capital of the funded debt of England was stated at 816,311,939/. ; o wing sth of January, 1856, it was 766,778,5 ; eha decrease of 49,533,3101. That de crease has taken place notwithstanding the addition made to the debt last year. I come now to the unfunded debt ; where the comparison is even more favourable. On the sth of January, 1816, the unfunded debt was stated at, 43,93 9,7081. ; 011 the sth Jan. last it was 26,614,2001. , show ing a decrease in the capital of the unfunded debt of 17,325,5081. The total diminution in the funded and the unfunded debt since the end of the last war is 66 858,818'. Let us now see what change has taken place in the charge of the debt. On the sthJan., 1816, the charge of the funded debt was 30,458,201/. ; on the sth of January, 1 856 , it was 27,275,7681.—5h0wing a diminution of 3,182,4361. With regard to the unfunded debt, the charge on Jan. 5, 1816, was 2,325,9611. ; on Jan. 5, 1856, it was no more than 89 3,769 i., showing a diminution of 1,332,1951. The total diminution in the charge of the funded and unfunded debt since the close of the last war is 4,514,631/. In connection with the question of the debt, it is right I should state to the committee what are those accruing liabilities in the nature of that debt which are to be anticipated in the immediately following years, and which will have to be met out of the revenue of the country. Next year-18 57 —there will fall due Exchequer bonds to the amount of 2,000,0001. In 1858 there will fall due Exchequer bonds to the same amount, and a sinking fund for war loans to the amount of 1,500,0001., making a total of 3,500,000/. The accruing liabilities will be the same in 1859; but ia the following year —lB6O —the Exchequer-bonds falling due will be 1,000,0001., and the sinking fund 1,600,0 ° 01 e , making the total amount 2,500,000 1 . From 1861 to 1873 there will be an annual payment of 1,500,000/. for the war sinking fund, and from 1874 to 1877 the payment will be 500,0001. per annum. The statement which I have now made goes up to April last, and does not include any bonds which may be issued in the present financial year. While such are our accruing liabili ties, there is one to p ic of con solation which I am happy, committee. In 186 0 annuities to be able to put before the ties cease to the amount of 2,150,0001., and in 1867 there, will be a cessation of the dead weight of naval and military pensions to the extent of 585,7401. Sir, the statement which I have made seems to me to exhibit the only manner in which the national debt can ever be really extinguished. It is a sanguine delusion to ex pect that any mysterious self-acting sinking fund can be formed by which the debt of a country can ever be dimi nished. Public debt, like private debt, can be extinguished only by the application of money. In the case of a nation that money can be raised only by taxation, There is only one resource to which an honest Legislature can resort in our to mll9 g surpltui roTorivi by texitiQui . IPutd.l RAIIMAINg all Bedford and 1 Blotchley [OO Buckghemsh, 100 Clydesdal..r , .. I all Col. Stour Vy. Sud. and Hal. 100 E. Liu.g.6 pc 1 all E. Un. H. Sh. 100 Glas. Barr. & 1 Neils. Direct 100 Do. N0w...... all Glatr.tit Dn. Fr all Flrtlpl. Dk. & Railway. all Hull & Selby all Do. Share;. all Do. 1"s Shares. all LonakGrecuw all Do. Preference 100 Lon., Til., &S. 100 Lowestoft gr. 4 per cent. WO Do. 6 per ct. all Manch. Bztn and Matlock all Middlcsbro' & Rodear. 100 Midld.Bradl 54 Newmarket Bury E. G.spc all N.& Est.s p.c. all Do. 6 per et. all Do. Fixeds p c all Prest. & all Do. 6 Shrs. A 1(10 Roystn.& Hit. 'Bi Shef.Roth an Goole g. 5 p. c. all Shrews.&Her, 10i S. Staffordsh. all Wear Valleygr 6 per rent... all I Do 100 Wilts,Vomrst ••• """" 134.1 100 %, 100 it. 1.00 '‘b all Aberdeen Do. N 0.2, 7 p. c. Do. Debentures Myth and Tyne 10 per et. prof. (issd. atsol) Brie. & Ex. 4 p. c. St Do. 4 p. c. Shares Caledonian £lO clhos. talo. Gu. 5 3 / 4 pe Do. do. Pref. No. 2 Do. do. Pref. No. 2 Cork &Bauclonsip.e Dun.Prth .&Aber.J PL Anglian Cls. ASh Do. do. Cls. B 6 p. c Do. do Cis. C 7p. c Pas. Co.Ex,spoNo. Do. No. 2 . Do. Now 6 p. c. St. East Un., G. 6 jp. C. Do. 5Z., 10 nor tent. Do. I.OL Debentr.Sh. Do. do. 4 per cont East Lancash.6 p.ets Pl.,t l g. York. J. sth Ellin. & Gl. 5 p.c. sh. Ed. Pith. &Dun.4p.e Furness Glos. &5.W.G. 5 p.c Great Northn. 5 p. Do. 5 p. c. Redeem. at 10 p. c. prem.., Do. 4i p. c D 0.5 p.c. Scrip, Red et 5 p. c. pm... Gt.N. of Scot. lst Pre Gt. S. &W. (Ireland) Do. 4per c. Prof. \•J Do. con. red. 4i p.c. Do. con. red. 4 p. c. Do. irred. 4p. c. Do. 5 p. c. red. prof Do. do. do. Do. Birm. Prof. "Sh... Do. Chester 8 p. e. Do. do. 5 p. c. d 0... Do. Birm. Qua. Stk Do. Ches. Qua. Sh.. Do. do. do Do. do. do ....... Lan. &York. F. £2O Do. 6 p. c. Stock Lon.&Brigh.G.sp.e. Do. Pref., 5 p. e. St. Do. New Guar.6 p. c• Do. do. 5 per cent Lon. UN. W., Coy. la "guueaton 5 p. ct... ..on.& S. W. 7 per ct Andy. & Color. Sh. Londy. &Ennis.iSh i.,5.,& L.,N0w,101 Do. £6 larypt.& Carl.4p 01 5 5 SI 6 11 all all LO 2 M. 100 Ss: al Y al .o al 6 all LO all it. all It. 100 5 all 10 1 it. 'lOO !.0 all It. 100 Lt. 100 100 M. 100 12i 74 0 all t. 100 11 O 6 It. 100 It. 100 Lt. 100 t. 100 0 all all 0 all O ell ;t 10U •; ; ;ii all L3ll all 20 al 16 • 6 10Cy St. 100 St. 100 1100 .100 it WO 2i all 411 It. 10' 6 4 all I al Do. 4s per cent Do IC 100 Mid. Consol.6 p.c.Fit It. 100 Do. Con.Br.Bir. 6pc St. 100 p o. 4i p. c. Pref. $ 1.6 i all Do. Pref. , lper con 5 all Do. si. Pre .4 p. c.. 3t. 100 Ditto L. &H. Pref. SI 10 111 } New., Aber., &c., pr. 5 p. c. red. 5 p.c. pm. 10 all 3 N :l orfolk Debenture .. St. 1 100 0.Pr0i.5 p.o.Elt: a Do. 5 p. o. Bat DA. 54 per ct.pref , Do. Way. Val. 5 p.c. North British N. E. Berw, 4 p.c. P. Do. de. do , Do Leeds 6 p.c Do. do. Quarters .., Do.Yorkil.& S. Pur. North Staffordshire. Ox,Viro,kVi r . ls / 6 pc Do R. Prof. 101. Sh, Scot. Cent. ,Now South Devon Do. fixed,4i per ceni S. Eastern (reading Ann.) of £1 Os. 6d. t. 1100 Do. 4i per cent t. 100 iDo. Fixed 4i p c ah• t. 100 Wales Gua. 4p. c. 10 all De. do. 4i p. c.... , tO All S.Yorksh.4p.e.Gnar. 15 all Stock. & Dar. ) sp. c. 15 15 IDo. do. do. L2i all Stock. & Hartl. g. 5 p. c. till July 1, '56 5 4i NlTatortd.B6Kilk.6pc 2g all 10 1i ..0.6 all 106 .64 13 112 - 1:15 sa 21 93 - 95 - IP 56 --L8 45 - 47 13~ : 135 - ••• 31 - 32 PREFERENCE SHARES. 115 - 118 115 - 117 84 90 ... .... ••• 64 - 96 97 - 99 16 -17 ••• """'"' .6 '6l -6/ 107 -- 112 97 -- 102 12! -- 33 ... '"' - 69 7-7 71 iii 119 108 110 103 - 105 - i 3 • =MR ••• 6 - 6A 95 - 97 88 - 90 89 - 91 98 - 100 9* - 10 -17 i 74 - 76 19i •-20 t 94. -10 A 14i - .15f - $( 1 36 138 "^" 1135 - 140 ... - ...p .•• -- ••• i - IP 135 - 137 95 - 97 87 - 89 ••• • ll•• loi —lO3 92 —94 id ..• 1 is 99 - 101 ••• ••• 141 15; 231 -23 i 98 - 100 9i - 10 ii : iipl ... 2i - _2Ol 70 i UINES. all Agua Fria ..., ........ all J Anglo Au!Aria. Gold all , Auglo Californian 7 'Australian ........ all Australian Cordillera all Ave Maria all Baden (Gd. Duchy of all Blamar. Iron & cm 14 British Iron 20 Brazilianirap.(issue: at 25 pm.) all Do. Comes Pr Cuiah 15 Do. St. Johr Del Re , i Clarendon Coos. Mill Co. of Jamaica all Cobro Copper 1 Colonial Gold all Copper Min. of Itzg all Do. Pref. 7i p. Ger , I C Copiapo . 1.4 2 Fortuna all Genc2al all Gt.NuggetVeinßeg all (:root Polgooth ..., all Gt Wheal Vor United all Liberty all Linares 11 Lusitanian all Nlariquita all New Granada all Nouveau Mende all Pontgi.Sil. & Le. Min 1 fort Philip all Quartz Rock all %hymn oy Iron all Do. New 13 Santiago de Cuba.. 6e, Sort. Cons. Min. Co all Smith Australian..„ all Do. Scrip Do. 10 per cent Prel 4i 4 Tam. S. &L. Min. Co 9 tin Cr0ft...... all United. Mexican all Waller all West Mariposa 12s. 'Worthing Mining o: Australia . adl \rub% 40 5 St. 25 10' 28i 'I 1 1 MISCELLANEOUS. Australian Agricalt• knstraln. Royal Mail Berlin Water Works Brit. American Land Canada C. Go. 6 p. e. Jan Moly 1. Do. 6 p.c. Feb & Aug Do. 6p. c. Mar & Sept Crystal Palace. Do. Preference Crystal Pal. of France Duston Iron Ore Eastern Steam En. &Aus Cop Sm Co Electric Telegraph Electric Teleg. of Ir. Gen. Iron Sc Collier Gun. Steam Navigat. General Screw Steam Loud. Gen. Omnibus Magdalena St. Navig tileditoran. Elec. Tel. 14e4lican kS.A.meri cn. Nat. Pat. Steam Fuel Netherlands Land.... Do. Do. Do. per iss atl d NOV B. & N. S. Land i. P. Australasian Nrth. of EuropeStsam Oriental Gas Do. " Now Shares" Peel Rr. Ld. & Minri. Peninsular& Oriental Do. New - Royal Mail Steam Scot. A.ustral. Invest. 9itto New ............. A ttatral.:Lawl g ftv. !`ru.Ettz 1,. Cn Can 7,0" en'r , • V. , V,Go.6p,c.Ja.u&July 29 - 31 ii 1 6 ••• 35 -13 7 11. -111 f ..• ..• 2i - 5a 5i - 2 • 95 - 97 • e• '''''' NO 3a 3i - a - 10 5 i - 5i - 21 3t - 41 18 - t 22 - it lk 21 - 3k 65 - 67 3k - 4kp 72 - 74 lf - 1 - : 6 - 38 t 1 - ••• '''. h 1 ••• ..".'.. ..4 - 24 -- 24 - k - 63 - 35 27 19 id 16 1 d - - - 12 - i - i INDIA. The Earl of ALBEMARLE moved for the appoint ment of a select committee to examine into the adminis tration of the Indian empire. The noble earl supported his motion by some prolonged comments upon the anomalous conditions and injurious results with which the existing government of India was now carried on. Earl GRANVILLE opposed the motion, which, after some further remarks from the Earl of Ellenborougb, was negatived v. ithout a division. MARRIAGE LAW AMENDING BILL. Lord BROUGHAM, in moving that their lordships go into committee on this bill, explained that he pro posed to strike out the two clauses relating to divorce and legitimacy. Tile one simple object, therefore, of the bill would be, not to alter the marriage law of Scotland at all, but to give protection to the marriage law in England, by preventing the gross and scandalous evasions of it which the conflict of the two laws occa sioned. According to returns that had been supplied to him, it appeared that last year no less than 747 border marriages took place, while he had seen a state ment signed by 19 reverend clergymen of various sects officiating at Berwick-on-Tweed, in which it was declared that the moral taint created there was such that it was impossible to credit the degree of bigamy, seduction, and bastardy that prevailed in these border towns. (Hear, hear.) This hill he hoped, however, would go far to remedy the evil, while it would disturb the law of neither country • and he trusted their lordships would experience no difficulty in passing it. (Cheers.) Lord CAMPBELL admitted that the system of border marriages was scandalously demoralising to society, but at the same time he very much doubted whether this bill would remedy the evil. It simply provided that before a marriage could be solemnised in Scotland there should be.the condition precedent of a three weeks' domicile. Now it was difficult enough under the existing law to establish the legality of a marriage, and this question of residence would only tend to increase the difficulty. Strictly speaking, none but a minister of the Established Church of Scotland could, according to ecclesiastical law, celebrate a mar riage, but the whole question of the marriage law of Scotland was involved in so much doubt and un certainty that he very much feared this bill would have the effect of increasing rather than modifying the evil it aimed at meeting. (Hear, hear.) The Earl of ABERDEEN had no - wish to see the marriage law of Scotland disturbed, nor did he desire that it should be allowed to invade that of England, but he thought that something ought to be done to correct the evils of the border system. Now, in his opinion, this bill was highly calculated to reduce the evil com plained ef, and in its amended form he should be quite ready to support it. With regard to what had just fallen from the noble and learned lord, it was wrong to sup pose that none but members of the Established Church of Scotland could solemnise marriages, because provided the banns were regularly published clergymen of any denomination could perform the marriage service with out being at all amenable to the ecclesiastical law. (Hear.) After a few words of reply from Lord BROUGHAU, the bill was passed through committee and reported to the house, with amendments. The Procedure Before Justice (Scotland) Bill and the Bankers Composition Bill were read a second time and ordered to be committed. Their lordships then aljourned at a quarter to seven o'clock. HOUSE OF COMMONS.—(YESTMDA Y. ) The SPEAKER took the chair at the usual hour. The following hills were read a third time and passed : —Antrim and Coleraine Roads; Banbridge Junction Railway ; Dewsbury, Batley, and Redmond wicke Water ; Eastern Union Railway ; Glasgow Court Houses and Offices, and the Glasgow Paving. SLIGO ELECTION COMMITTEE. The members elected to serve on the Sligo Election Committee were called to the table and sworn: MILITARY BANDS IN THE PARKS. In answer to a question from Mr. OTWAY, Sir B. HALL said that a few days since he received orders to discontinue the playing of the bands in the parks on Sunday, and that was all he knew of it. Lord PALMERSTON said he received last week a letter from the Archbishop of Canterbury, containing reasons why it Tlas desirable the playing of the bands in .the parks should cease. He replied that he concurred in the arrangements made for the playing of the bands in the parks, and that his opinion was, and is, that it afforded innocent recreation and amusement to the inhabitants of the metropolis—(hear)—but finding the opinion of the head of the Church and that of others was against it, he was led to ask himself whether the ad vantages to be derived from it wou ld com p ensate for the evil of6running contrary to the religious feelings of so large a number of the people of this country, and he was bound to believe it would not, and therefore be gave orders for the discontinuance of the bands playing on Sundays. (Hear.) Mr. OTWAY gave notice that on the first opportu nity on the house going into supply he should, move for copies of the correspondence alluded to. THE DEFENCE OF KARS. In reply to a question from Mr. OLIVEIRA, Lord PALMERSTON said that, with regard to granting pensions to those offizers who defended Kars with General Williams, there was no precedent for ex tending such marks of distinction to them. ASSAULT ON MISS ARCHER. In reply to a question fro* Mr. PEACOCKE, relative to the assault on Miss Archer, on the day of the pro clamation of the peace, by a policeman of the D Sir G. GREY said that every inquiry had been made, and every facility given to Mies Archer to identify the policeman, but she had not been able to do so. THE PARKS AND THE BANDS. Mr. ROEBUCK asked the Prime Minister if it was true that a deputation of the Scotch members had waited on him with reference to the discontinuance of the playing of the bands on Sundays ? (Hear, hear.) Lord PALMERSTON said that no such deputation had waited on him. (Hear, hear.) Major REED asked if the order for discontinuing the playing of the bands on Sundays would extend to garrison towns ? - Lord PALMERSTON said it related only to the playing of the bands in the parks on Sundays. THE FIREWORKS. In answer to a question from Mr. LINDSAY, Lord PALMERSTON said the fireworks would com mence as soon as the "light and darkness" would per mit—about 9 o'clock. With regard to the illumination that was only a private matter, resting entirely with in dividuals. WAYS AND MEANS. —THE BUDGET. The house having resolved itself into a Committee of Ways and Means, Mr. FITZROY in the chair, The CHANCELLOR of the EXCHEQUER rose and said—lt will be in the recollection of the committee that, in a previous statement which I made in a committee of ways and means towards the end of February last, I stated the difference that existed between the estimates of re venue and expenditure which I made last year and the amount as realised in actual receipt and actual expendi ture. It will not be necessary to trouble tho committee with a repetition of the statement I then made ; and I will content myself with stating to the committee that it appeared that the receipts Were something less than was anticipated, and that the expenditure was somewhat greater than the votes of the committee of supply in the pr,:viou , 4 so;:si , )n, tkna that the reAilt, on comparing that exo,..ss aul that defieichey, was that there would be an estimated deficiency for the service of last year of 3,560,000/. In order to [coyer that deficiency, I sub. - 15 19 LC Pll LO all i all 0:/ 15 1 all 1 2s. 5 sll i 0 10 )0 60 1 all :5 Pm Pm 13 108 91 3 1 i Mt 27,05,00) 1,025,000 1,750,e00 44,115,000 4,588,000 2,000,000 1,000,000 3 e r, 'R e (1. 001. pro the his onor rdne alter y to at.d dye. t pr 2 1,11 d 1.70 104 35 25 - 8 6 - 61 } 61 22i 22i 19 8 1 i ....~. ~~-