The Sun. — London, England, 1842-03-12 00:00:00

oh emical operations. Salt now enters into a variety of manufactures, the importance then of giving salt to the working classes at as cheap a rate as possible, is quite apparent ; and, therefore, my opinion is, that it would be unwise in you to revive theduty upon salt on account of its extensive use in manufactures, almost of every description. If you re vive the duty upon salt it would interfere materially with the progress of those manufactures--it would afford opportunities ofcommitting frauds,and it would materially check the 'increase of the revenue in other respects. I do not think that I need argue much against a revival' of the duties upon salt, and leather, and wool.—(Hear, hear.) , Well, shall I then resort to a tax upon locomo tion'?-(Hear, hear, and laughter.) Shall I increase the tax upon railways ?—(Hear, hear, and laughter.) I confess that nothing but hard necessity would in duce me to derive a revenue from these sources. --(Hear, hear.) - In the , present state of this emu :try, it is of great importance to facilitate communi cation, and the transfer not only of commodities but of labour.—(Hear, hear.) Seeing that immense social adVantages result from the freedom of communication afforded by . railways, which advantages are not the iless impoetant, because they are not immediately ob servable—(H'ear, hear)—l should with great reluctance and regret see any proposition brought forward for an itiereased taxation upon Ws mode ofconveyance.—(Hear.) shall I then propose a tax upon gas, ?—(Laughter.) I should he equally unwilling to impose a tax uponthis product of industry, which is as important nearly as the other ; and I shall therefore place gas in the same cate cry with railways, with salt, leather, _and wool ; Awl I freely own, that seeing the difficulties which I have to supply, I should be very unwilling to raise the necessary amount of revenue from any of those sources.(Hear, hear.) Well, Sir, shall I look for any portion of this revenue to those miserable, dribbling measures of taxation, which occupied idle attention • of provincial Chancellors of Exchequer ? or shall I resort to those subjects which afford occupation and amusement to ' persons in small communities, who, having found that pianofortes and umbrellas were untaxed, fancied that they had made a discovery equal to that of Archimedes—communicate their Eureka to the Chancellor of the Exchequer, and expect a per centage fur their services. —(Hear and laughter.) Sir, shall I take this opportunity of discouraging all those financiers, and endeavour to show them that those who devote eight or ten hours of study daily to finance, must xnow as much of it as they? There is another:ex pedient which was brought forward by my predecessor, and to which I think it is- my duty to refer. Shall I hope for an increase of revenue from diminished taxation ? But let me entreat you to remember the extent of the deficiency, and the proof which I have offered that it is not an occasional or casual difficulty for which you have to provide. Sir, no man has greater confidence than I have in the ultimate tendency of the reduction of taxation on great articles of consumption, but after having given to this subject the fullest consideration, I am come to the conviction that it would be mere delusion to hope to supply the de ficiency by diminished taxation on articles of consumption. lthave a firm confidence that there is such buoyancy in the consumptive powers of this country that we may hope ultimately to realist, perhaps, an increase of revenue from diminished taxation, but it requires a long process before that end can be accomplished, and as I said before, I hays the firmest belief that the adoption of any such plan as that which was proposed by the lite Government, or the adoption of any other plan for raising the revenue by dimin'shing taxation will not afford any imme diate relief, or any resource upon which you can count for the purpose of supplying your deficiency. Sir, I have paid very considerable attention to the etlect which has been produced by the remission of taxation on articles of great eonsumption. Ido find, in many cases, that elasticity which gives yon, after a lapse of Lime, an increased revenue, but I find in almost every case, whhaui exception, that tlte interval of time which elap.ics before the same amount:of revenue is received, is very considerable.—(Hear, bear.) Take the ease of wins. In - 1523, the revenue derived from wine was 2,1. - J3.000/.. Yoa tethieed the duty from ss. 9d. to 4s. • the gallon.. In the next year there was a fall ing. elf of the revenue from 2,150,000/. to 1,400,0001; in the next year the revenue was . 1,609,0001, it wa 3 then 1,703,0001., and the following year 1,500,030!., It has never recovered. Of course, I know that this may have been affected by other causes. All I wish to show is, that the decreased taxation did act lead to increase] revenue. Take the case of tobacco. Previous to the reduction there was a revenue of 3,373.0301. The duty was reduc-ed from 4s. to 33. In the tollowiug year the revenue f; 1 1 to 2,600,00 q. Li the ne. , :t year it was 2,800,00 CL, it was then 2,330,009/., then 2,330,001 1., then 2,700,0001., and again 'fake the case of coffLe, and I am quite wil ling t admit it presents the most faunal-able case to prove that dinsinished taxed-on nil!. tend to in !reused ra venue. Yoa tlimisliecl the duty upon coffee from Is. to 6]. in the pound. You had then, in 1394, a revenue of .4g5,03c/.; i.a th'4 next yea. - it was 396,00C1; it was then and in the saeoud year late: that the full amount of revenue was realise], and it hue increased ever since. Colfee, wilieh is the must favourahle of the instances that can be ad , lased, teolc three years before it could realise tlae former amount of revenue. Hemp you reduced froM 93. 91. to 4s. SI. The consequence is, that hemp has never 13aid one halt the amount of duty which it did at the former rate of taxation. ll'a:n you reduced from 12,3.7 d. to Bs. 6d. ; hut the. case of ruin is a some what favourable instance, as upon it there was an increase. reclawd from 275. to 24 revenue from fell to 4,600,0031., then to 4,40),000!.. ; it was after wards 4,500,000/. ; but has never since paid the same amount as formerly. During six years after the reduc tion it did not recover. But I need not go through the whole of these articl?s in detail. Tobacco, hemp, sugar, glass, malt, soap, paper, and above all newspaper duties, aad the duties on advertisements— in all these cases there has been a considerable reduction of duty. Coffee and num, on which there had been an increase, did not, within a period of five or six years, recover the full amount of duty. Therefore, Sir, I say that upon that ground I am justified in coming to the conclusion that in the case of the present deficiency, wins whiCh we have to deal, and which it is necessary to supply, you cannot look for that supply to the mere adoption of duty upon articles of consumption ; that if you resort to that, as a means of supply, you must make up your minds to continue that system which I thought you were desirous to avoid, viz., loans and other devices 115 r the purpose of supplying the revenue. Sir, I trust —I don't say that I have convinced you that none of these measures ought to be resorted to but I explain the ground upon which they could not be brought to bear for the purposes of the revenue. Sir, I will now state what is the measure which I shall pro pose—which I shall propose under a sense of public duty, ,and a deep conviction that it is necessary for the public welfare— a deep conviction that the present sacrifices which I call upon you to make, will be amply com pensated, not- only in a pecuniary point of view, but much more by the effect which they will have in maintaining public credit, and the ancient character of this nation.— (Hear, hear.) Sir, it is my duty to propose, instead o f l oo ki ng for taxation of articles of consumption —instead of revising the taxes upon salt and sugar—it is my duty to make an earnest appeal to the possessors of property---(Hear, hear, from the Opposition benches) —for the purpose of repairing the deficit in the revenue, which we have now to remedy. I propose for a time—l make the proposition, as I have said, because I have never had occasion to make a propo- ' sition with a more thorough conviction that it was for the best interests ef the people of this country—(Hear, hear)—l propose that for a time to be limited, he in comes of this country shall be called upon to contribute a certain sum for the purpose of reme dying this mighty and crying evil.—(Hear, hear.) I propose that the INCOMES OF THIS COUNTRY SHALL DEAR A CHARGE NOT EXCEEDING SEVENPENCE IN THE POUND—NOT AMOUNTING TO THREE PER CENT. —being a charge of Two POUNDS EIGHTEEN SHIL LINGS AND FOURPENCE, for the purpose not only of supplying the deficiency of the revenue, but also for the purpose of enabling - me, with confidence and satisfaction, to propose those great commercial reforms—(Cheers from the Opposition, met by renewed cheers from the Conservatives)-- ith regard to the condition and changes of this country, which afford the hope of reviving com agerce, and of effecting those improvements in our wanufacturing interests which will react on every other initesrest of the community, even in a narrow and .pmebniary point of view, by the diminished :tikes of articles of consumption; will be a direct teempeusation for the pecuniary charge imposed pu every individual, but which also, by relieving them from the necessity of contemplating and considering -these mighty evils to which I have alluded, will afford more than ample compensation.—(Hear, hear, and cheers, during which some interruption took place from an Lion. Member.) I do hope the Hon. Gentleman will give me his patience.—(Hear, hear, and cheers.) Looking tq, former taxes on income, I find that in the year 1798, when the prospects of this country were most gloomy, the Minister had the courage to propose, and the public , had the fortitude to adopt, an meome tax amounting to 10 per cent. In 1803, that income tax continued, and until the close of the war. After the peace of Amiens there was an income tax of 5 per cent. ; it was raised in 1805 to 6+ per cent. ; in 1806 it was raised to 10 per cent., and so it remained until the end of the war. Now, Sir, I propose that the duty to be imposed on property shall not exceed three per cent. I propose that the tax should amount to 7d. in the pound, which is about the sum I have stated. On former occa sions incomes of 601. a year were exempt from any tax ; and incomes of from 601. to 150/. were subject to a reduced rate. I shall propose that any i ncome under 150/. a year s h a ll he exempt from the tax.—(Loud cries of "Hear, hear.") In former income taxes, in respect to that portion ' of the charge which was derived from the oc cupying tenant, the occupation of land in Great Britain, I Was estimated at three-fourths of the rent. It was a dmitted, I believe, that that estimate was too high — (Hear, hear) —and that the raising of the profit to three-fourths of the rent was an unreasonable increase. therefore, that in r es I propose,respect to tee occupying tenant the occupation of land shall be estimated at one half, instead of three-fourth s, of th e ;rent. 1 believe that reduction to be perfectly jest--it is th e re d uct i on which was contempla ted in the year 1816, when Lord Bexley proposed a renewal of the property t ax . I b elieve that was the proposal which Lard Bexley i n t en d e d to carry forward. I believe the reduction to be perfectly fair; and that rent has increased in respect to the value ofland, in the ratio which would renderiiihe reduction just. I propose, and I see no grounds Tor taking a contrary course, that all funded property, whether held by ew e _ chants of this country or by foreigners, should . be si anilarly charged to the extent—(l-lear)—l propose in - .respect to other ,property. Such is the nature of the . proposal which it is my intention to bring forward, with Ale full and unaeimous concurrence of my Colleagues, Out with the deepest conviction, on their part 3, that the measure is wise and necessary. These are among the different conclusions to which I have come upon the subject, after the best consideration which I could give to its various details. lam sure that every Gentleman must feel the impossibility of my affording any estimate for drawing any safe or unerring conclusions upon the matter. But I feel it my duty to give to the House the best estimates I can form, and to state the grounds upon which I have come to the conclusion at which I have arrived. In 1814, which is the last year in which we have had income assessed in Great Britain, the amount of property so as sessed was ab0ut,173,000,0001. The property taxed was comprised, in five different divisions or schedules. The Schedule, which was entitled Schedule A, contained the Property Tax, which was derived from land, and was divided into three classes—the rent of land, the' rent of houses, and the rent derived from tithes, Imines, qnarries, canals, and other sources. Assessed property:in respect to the rent of land was 39,400,000/. ; the rent of houses 12,260,000/. ; profits, tithes, mines, and coals, 4,470,0001., making a total of the property derived from land 60,135,0001. Schedule B contained the rent of land in respect of what was held by . the occupying tenantry. fihe amount of income in respect of this assessment was 38,596,000/. Schedule C contained an income de rived from the public funds and -similar sources amounting to 30,000,000/. Schedule D contained an income derived from the profits of trade &c., amount ng to 38,310,0001.. Schedule E contained an income from public offices amounting to 11,744,0001. Coming to schedule A, the assessment on the rent of :land was 39,400,0001., but I cannot doubt that the assessment at war prices must have had considerable effect in reducing the price of land.—(Hear.) If to that be added the effect produced by the restoration of the currency in respect to which opinions greatly varied, I have no doubt that it , considerably increased the rental of land.—(Hear, hear.) But when I look to the progress of agricultural improve- ments—(Hear, hear, from the Opposition benches) — the effects of the application of science to land, I cannot but entertain the opinion that the present rental of the land must be equal to what it was in 1814 ; and, upon the whole, it being difficult to form any esti mate, resting on a perfectly satisfactory basis, I will as sume the rental of land at present to be equal in amount to the rental in 1814, viz., 39,400,0001. I do not know that I am acting in concur rence with the feelings of , the House—(Cries of " Hear, hear ")—in entering into these details, and giving calculations with respect to the proposal I intend to make.—(Hear, hear.) The rent on houses in 1814 was 16,260,000/. The estimate of property in respect to the rent of houses in 1814, was, as is stated in schedule B, 16,260,000/. In order to calculate the revenue which I can derive from three per cent. on the rent of houses, I find that, in 1814, the number of houses was 2,231,000. In the present year I found the number of houses had increased from the number in 1814, 3,460,000, and if the value of the increase of rental, has been in proportion to the increase in number, I shall be justified in esti mating the amount of the income from the rental of houses at 25,000;000/. I can take the proportion of the rental that was valued to the house-tax in 1814, and compare it with the valuation made for the purpose of the pro perty-tax in the same year, and I' find that a calculation made on that proportion will give nearly the same result. A calculation founded on the relation which the charge to the house-tax will bear to the property tax, will ' give the present amount of rental 25,000,000 L Taking., therefore, one • estimate or the other, I think I shall not far err in making the calcula tion of the present amount of rental from houses at 9 5,000,000/. It is, I think, the best estimate I can take. Now, with respect to the increase from tithes, there can be no doubt whatever, as fin- as I can form a calculation from the information of the Tithe Commissioners, that the annual amount of tithes is 3,500,000/. I find that the dividends from Railroad Companies, from canals, and other sources of income of a similar kind, amount to about 3,429,000/. I do not think that the annual profit arising from mines and iron works, &c., amounts to more than a total of 1,500,000/. I will then recapitulate the amount esti mated in schedule A. First, The rental of laud, 39,400,000/. ; the rental of houses, 25,000,000/. ; tithes, shares in raiways, mines, and other sources, 8,400,000/. ; and thi • will give a grand total of income, in respect of which the tax is to be assessed, subject to the reduction I have referred to, of 12,800,0001. But then I propose to exempt ail incomes under 15C/. a-year—(hear, hear) — that will make an immense difference. And I must dedua on that account nit less than one-fourth of the total of the assessment, deducting that one-fourth from the produce of the tax which I have calculated on, from the gross income of SAedule A. I find it will amount to 1,600,000/.----(llear, hear.) I deduct one-fourth in respect of incomes of 15cL, and I estimate the total at 1,600,0001. Schedule Bis the rent of land in respect of occupation. The sum assessed in that respect in 1814 was 38,396,000/. In that year the value of the tenants' occupation was assumed to be three-fourths of rent, and I take it now at one-half. • I assume, therefore, th e rent of land that I can touch by my assessment to be reduced to 26,000,0001., on account of the reduc tion of from three-fourths to one-half. Then, I may apply, as cases of entire exemption, the income of all ten Ants who derive profits of less than 150/. a year, and on that account I must make a further reduction, sr) that upon the whole 'cannot calculate upona greater amount of duty than 150,0001. from the occupying tenants. Now see what the effect of this will be. As I calculate the profit gyni_xilalf the reilt z Lain sure that ever tenant year is 'exempt altogether, unless he has other resources. I now come to Schedule C. Schedule C comprises the income from public funds and securities. The capital assessed in 1814 was 30,000,000/. The pay ment of interest and dividends in 1841 amounted to 29,400,0001. Now I think there cannot be a question that I ought to deduct the whole amount of pay ments on account of Savings' Banks. I must, therefore, on that account, make a deduction of one million, which gives me a net income, assessible to the property-tax in the public funds, of 28,400,0001. To that I must add for the dividends on Bank Stock, and Indian Stock, and Foreign Stock, the dividends of which are payable in this country, the amotuit of 1,500,0001., making the total amount for the year 30,000,0001., the amount in 1814. But again I must apply a deduction on account of all incomes being less than 150/. I deduct one-fourth on that account, and the amount which I esti mate as the produce of my tax upon the public funds will be ' 646,000/. Schedule D, in the year 1814, contained the incomes arising from the profits derived from trades and professions ; and here I must confess that it will be a most difficult thing for me to form any estimate under this head * which shall at all approach to the truth; but I find that the total amount of exports and imports in the year 1814, as compared with the total amount of imports and exports in the year 1842, is as 86 is to 138, and I find that the declared value of the exports in 1814 as compared to 1841, bears against the ratio of 45 to 51; but on the other hand, of British shipping in the year 1814, there were employed only 1,990,000 tons, while in 1841 the amount was 3,292,000. I must form some es thnate, although I admit that I have not sufficient data, but I do not , think that the income de rived from the profit of trades and professions during the present year will bo found to fall short of 6,000,000/. Here again I must deduct one-fourth on account of the exemption of all incomes under 150/. a year, which will give me a net amount of 1,225,000 L as the produce to be derived from the proposed tax on the profits of trades and professions. Schedule E includes the incomes of all public officers. In 1814 the income of all the public officers amounted to 11,744,0001. On account of the great reduc tions in our establishments which have since taken place, a g reat reduction must be made from the income of public officers. I do not think Iran safely estimate the amount of income derived from public officers at more than 7,000,0001. in the present year, instead of 11,744,0001., which it was in 1814. Now, if from that 7,000,0001., I deduct one-fourth on account of the exemption far incomes under 150 Z a-year, I shall have available for the purposes of taxa tion a stun of 5,250,000/. This will give a tax of 155,0001. a year. I will now recapitulate the total amounts of my estimates, to explain to the House what I expect to de rive from my proposed duty on incomes. From schedule A I estimate the amount of my receipts .at 1,600,000/. From schedule B I estimate the amount of my receipts at 150,000/. From schedule Cat 646,0001. From schedule I) at 1,220,0001. And from schedule E at 155,0001., making a total aggregate estimated receipt of 3,771,0001.—(Che0r5.) I will 'now state what aro the views of her Majesty's Government with respect to the duration of this impost, if it should meet with the sanc tion of the House.—(Cheers.) I trust that Parliament will confirm this measure. In order to give the oppor tunity of a full experiment, I trust that Parliament would not be unwilling, in case of necessity, to continue the duration for a period of five years.—(Hear.) But there may be, as there have been before, and of which I do not despair, those revivals of commercial property--(Hear)—which, coupled with the measures I am about to propose, may make Parliament naturally anxious to reconsider this subject at an earlier ' period than I have mentioned ; they may wish to have an opportunity of ' fixing the duration at an earlier period than five years. And though I nayaelf trust, in case the 'experiment should not succeed, that Parliament would not hesitate to prolong the duration, I think it just, in the first instance, to limit its to three years—(Hear, hear)—that is, to give Parliament the oppo7tunity of sanctioning it at the expiration of three years.—(hear, hear.) The sth of October will be the first half year. Sir, I come now to consider a matter, intimately connected with this, of great importance, the position of Ireland in connection with finance. Sir, in my opinion, if war shall arise, if there should be some great contest which should call this country to come forth and protect her own, I should not hesitate to ex press my opinion that Ireland ought to contribute, and, I believe, would be desirous to contribute her full share on the occasion. —(Hear.) But, when lam proposing a tax, confined in the first instance to the period of three years, when the amount of that tax does not exceed three per cent, I must of course consider with reference to the public interest, whether it be desirable to apply that tax to Ireland. I must bear in mind that it is a tax to which Ireland has not been hitherto subject ; that it is a tax in respect to which, for the levy of it, no machinery whatever exists in Ireland--that one advan tage here is, that I could raise it with less trouble than any other, the machinery being complete. With respect to Ireland, there being no assessed taxes, that machinery. is defective : I should have to broach it for the first time and I should have" to apply a totally new machinery I should h ave to apply to Ireland these taxes if the public necessities should require it ; but there is in the present state of society in Ireland something so peculiar that makes the devising of the machinery for that country a matter of great and serious considera tion. At the same time, as no part of the empire will be more benefited by the measure- which , I am about to propose, than Ireland—as Ireland is united THE SUN, LONDON, SATURDAY EVENING-, MARCH 12, 184 2 . with this country, I think Ireland ought to bear a fair proportion of that impost which I am about to levy on this country.—(Hear, hear.) But if I find the means of raising from Ireland anything of an equivalent to the amount of that which Ireland. might be expected to contribute under the property tax, I should certainly not be reluctant to raise that tax by other means. Now I think I can suggest a mode by which Ireland can con tribute towards this impost, without any serious injury. —(Laughter, and confusion at the Bar.) I can assure Hon. Gentlemen that I still have a very extensive field to travel over, and if they will permit me to pro ceed with as little interruption as possible, I shall tres pass upon the House for a much shorter period.—(Hear, hear.) I can, as I already stated, raise a fund in Ireland very nearly equivalent to the property tax, perfectly consistent with her interest, and without imposing any serious burthen upon that country. What I pro pose to do is this :—I propose to levy a duty of ls. a gallon upon spirits in Ireland ; and I do affirm, that to the Irish people, and to Ireland itself, that will be of great advantage, and that a considerable revenue may . be derived by that means, not only with out inflicting the slightest injury upon Ireland, but that it will be a positive advantage. I must first shoitly call the attention of the House to the state of Ireland as compared with England and Scotland. In England there is a deity of 75.-10 d. a gallon upon spirits ; in Scotland there is a duty of 3s. 10d. a gallon upon spirits ; in Ireland the .duty is only 2s. Bd. a gallon. Now if it was possible to equalise the spirit duties in the three countries a great advantage would be derived, particularly with respect to Ireland. It would be of the utmost advantage to place all articles of produce, of the three countries, which are the constituent branches of this great empire upon pre cisely the same footing, and to do away with all the system of duty , and drawbacks which are so prejudicial to immense establishments, and great frauds in the three kingdoms ; and so far from Ireland suffering any disadvantage from increasing the duty upon spirits there, as I propose to do, the di minished rate of duty upon that article in Ireland, as com pared with England and Scotland,is %decided disadvantage. Sir, as I said before, the duty on spirits in Ire land is 2s Bd. per gallon. In Scotland it is 3s: Bd. Now what is the consequence ? The Scotch distiller, who exports spirits into Ireland in bond, pays 9s. Bd. duty when he chooses to take it out. The Irish distiller has no such advantage, and the practical result has been that Ireland receives a large supply of spirits from Scotland, and sends no quantity whatever to that country.—(Hear, hear.) Sir, I could give - no stronger proof of the evil that arises from having different rates of duty in the three countries. Ireland seems . upon a superficial view, of the matter to have an advantage from the drawback upon malt. But it is no such thing. The Scotch distiller has no drawback upon* malt in England. But when he sends to Ireland,he has a drawback of Bd. in the gallon. That again tells injuriously upon Irish distillers, and he would himself derive a positive advantage from the equalisation of the duty between Ireland and Scotland. It is important, however, to ascertain how much revenue we can expect to obtain from this increase ? No one will deny that the consumption of spirits is a fair subject for taxation, and that a duty on spirits will encourage the consumption of other articles of Excise taxation. The consumption of Irish spirits last year was 6,500,000 gallons. The consumption of spirits in that country had decreased exceedingly from the sth of July, 1839, to the sth of July, 1840, and the people, with a sur prising and extraordinary constancy, continued to ab stain according to their pledge.—(Hear, hear, and cheers.) But Sir, I am sorry to say, it appears that the observance of the temperance pledge is in some districts relaxing ; far from that or from some (aier cause there has been an increase in the consump tion of spirits from the sth of July, 1841, to the present time. I have inquired minutely as to the probable effect of one shilling additional, and I am convinced that it did not encourage illicit distillation, nor dis tress the Irish distiller, as it would only help to bring him on a level with the Scotch The other source, from which I wish to derive some income from Ireland, leaking, with the former, an equivalent fur that which I might hope to raise_ from a property Lai, is a source perfectly legitimate, and in its operation will, to a certain extent, fall upon property. I propose, in respect to the great mass of articles, particularly in re spect to all those which are connected with property, to equalise the stamp duties in Ireland with the stamp duties in this country. At present they are the same in each-counew up:et newspapers, upon marine insurances, upon protests, and upon foreign bills of exchange.. I pro pose, however, not in all cases to increaso •the stamp duties.—(Hear.) I propose to make no addition to the rate of duty in Ireland upon advertisements, or upon leaSes which are just falling in. I propose to reduce the duty upon charter parties in every part of the United Kingdom from 355. to ss. I propose to reduce the du ties upon bills of lading in Great Britain and Ireland from 3s. to Gd. I propose to increase in Ireland to the English level those stamp duties which affect property, and which may be considered a contribution from Ireland equivalent to a contribution on account of property. I . _ calculate the produce in Ireland on account Of the equali sation of the stamp duties, at 160,0001. Adding 160,0001. for the stamp duties to 250,0001. to be derived from spirits, you have the increased revenue from Ireland amounting to 410,000/. ; and I have the firmest convic tiun that I shall thus be imposing a wiser and better im post under present circumstances, than if I attempted to devise a new duty, or to impose a property tax. At the same time with respect to absentees from Ire- T -the-property VAX payable in Englanu. vv Mist living in their native country, these persons may avail themselves of the state of the law in this respect in that country ; but whilst residing in this country without any call of public duty, I think their income ought to be subject to the tax levied in this country. Sir, there is one other duty which I mean to impose. At present there is a duty imposed by the law of 4s. per ton upon coal exported in foreign ships. At the time that duty was imposed the policy of the law was, of course, to obtain revenue. But there is no duty imposed on coal exported in British ships. Now the operation of the reciprocity treaty has been to exempt foreign ships from payment of duties which it was originally contemplated should be paid on the export of coal. I must say ,I cannot conceive there is any more legitimate article on which to impose a duty than upon coal exported from this country— (I speak of a reasonabie and just tax)—on an article produced in this country—an article which is a necessary element ofmanu factures, contributing by its export to increase the competition with our own manufactures ; on such an article I think it is just to raise a reasonable amount of duty. It is important to consider the rapid in crease in the quantity of coal exported from this country. In the year 1831, the quantity of coal ex ported amounted to 356,000 tons, and the duty received was 50,0001 In 1833 the quantity exported was 448,000 tons ; the duty received was 64,710/. In 1839, the quantity of coal exported amounted to no less than 1,192,000 tots. In 1840, the quantity was 1,307,000 tons, but instead of realising an income of 64,0001 from the tax, as in the year 1833, the total amount received was only 6,9001. I don't propose to increase the duty. I will not attempt to prohibit the export of coal, but I propose that the duty which it was intended to levy on foreign ships, shall be really levied—that the duty of 4s. per ton, the original amount of duty shall be levied on coal exported from this country, whether in British or foreign ships. If the duty shall be paid on the same number of tons, I shall have an income from this, I think, perfectly legi timate source, of 200,000/.—(Hear, hear)—not an incon siderable increase or revenue, and operating, too, as very few taxes do, as an encouragement to native industry and domestic comforts.--(Hear.) Now here, Sir, having stated to the House all the new taxes I mean to impose, it may be convenient that I should re" iew the aggregate amount.—(Hear, hear.) Of course lam speaking of what I propose for the year ending the sth of April, 1843, for I propose the new taxes shall operate from the sth of April, 1842. I calculate (but there is one exemp tion which I must make, and to which it is necessary that the House should give its sanction at the earliest possible period in a Committee of Ways and Means), I cal culate that I shall have from the income tax 3,700,0001. am dealing only with aggregates— from the stamp duties in Ireland 160,0004 ; from spirits in Ireland 250,000/. ; from the duty on the exports of coal 200.0001.—making on the whole an amount of revenue, receivable from new im posts, of 4,380,0001. From this increase of revenue, from this aggregate of 4,380,000/. I have to deduct the estimated deficiency of expenditure for which I must provide by actual vote in the House, and which amount is 2,570,000/., leaving a surplus, in round numbers, of about 1,800,0001. But the House will bear in mind that this deficiency arises in the vote for the year, and that I have to add to it an excess of expenditure on account of the expedition to China, and which cannot bo less than 800,0001. Whatever addition the position of affairs in India may require us to adopt during the present year will also operate as a deduction from that estimate ; but for the present, w ith th ese reservations anti snbject to these deductions, I think I can calcu late upon a surplus of 1,800,0001., after allowing for the excess of expens e on account of the actual votes. But having that excess, in wh a t manner do i wo propose to apply t ? I propose t o a p p l y i t — or at least a considerable portion of it—in the manner which I conceive would be most conducive to the general inter est of the country, and most consistent with the public feeling and opinion, by making a great im provement - in the commercial regulation of the cowl- try.—,(Hear, hear.) I propose, in addition to that im provement in our commercial regulations, to make an abatement of the duty on some of the great articles of consumption. Sir, I look at the tariff, and I find that it comprises not less than one thousand two hundred different articles subject to a vary ing rate of duty. Sir, during that interval which I have required for inquiring into the condition of the country, I can say that each individual article of the national tariff has been the subject of careful conside ration. In the case of each article we have attempted as well as we could to determine what is the proportion of the duty in each case to the average price of the ar • tide, for the purpose of ascertaining to what extent it might be desirable to make reduction in any par ticular duty. Sir, the measure which we shall propose will include, in its general principle, a complete review of those various articles, and a general alteration in the duty on them. The measure will proceed upon two principles--observe, I am speaking now of general results, and no t o f p ar ti cu l ar details—the measure will proceed in its general principle, upon the ground, first of altering prohibition in every case, and relaxing all duties of a prohibitory nature—(hear, hear.) — and secondly, upon the ground of reducing the duty upon the raw material to a very considerable ex tent. In some cases, I shall propose to retain a merely nomin a l duty, for the purpose of statistical information rather than with any view to revenue. In no case, or scarcely in an y case, shall I propose to maintain a duty upon the raw ma- terial of manufactures that shall exceed 5 per cent. That in many cases is merely no m inal. In respect to the duty on articles partially manufactured I shall propose a considerable reduction.—(Hear, hear.) generally, and not with regard to indi vidualropose that the duty on articles partially manufactured shall not exceed 12 per cent. Speaking With respect to the duty on manufactured articles, speak ing generally, I propose that the maximum duty shall not be more than twenty per cent. I do not mean that this is to be applied to all. I am only speaking now of the general principle, for there are particular articles to which I shall call the attention of the House at another time, and which may not be included in this maximum duty. The course we have pursued is this. We have arranged the whole of the tariff under 20 heads. For instance, under the first head we have included live animals and provision of all kinds. In the second, we have included all articles that be raised under the name of spices. In the third class are included all sorts of seeds. Under the 4th head, all sorts of timber and wood for fire. Under the sth, all ores, minerals, metals, and all those articles whieh enter into manufactures. But in order to relieve my self from the necessity of going through all the immense details, I propose to lay before the House the amended scale of the tariff.—(Hear, hem%) It is all prepared. It is arranged as clearly as possible under twenty different heads, classed as nearly as could be done under articles of the same kind.—(Hear, hear.) The schedule will contain five columns, the first having the name ; the second, the present rate ; the third, the amount of duty actually received during 1840, as contained in the Report of the Import Duties Committee ; the fourth, the proposed rats of duties to be levied on articles imported from foreign countries ; the fifth, the proposed rate of duties on those imported from the British colonies. It appears to me that I cannot lay before the Hoase in any clearer or more comprehensive way what we intend to propose.—(Hear.) I cannot now attempt to go through the whole in detail --(Hear, hear.)—after the great labour which the dis charge of my duty_ this night requ i re d, a nd the fatigue of the House—(Hear, hear.)—but here is the paper arranged, here is the whole of the tariff arranged, under twenty different heads ; and on Monday morning all engaged in commerce and manufactures will have an opportunity of seeing what is the amount of the new duties which her Majesty's Government have to propose. Speaking generally, I may say that on 1,200 articles it is proposed to reduce thu duty on 750—upon all those which enter into manufactured articles as their chief constituents. There are 450 articles in respect of which, on comparing the present rate of duty with the cost of the article it does not appear necessary for the interests of commerce, and the interests of the consumer, to make any difference ; but of 1,200 arti cles, on 450 it is proposed to make a reduction of duty, and in many cases, a very material one. Now there are some very material articles in respect of which we do not propose to make any change, partly from considerations of revenue exclusively, and partly from this motive ; we found on entering o ffi ce, that there were neg otiations pending with many States respecting the formation of commercial treaties. We have done all in our power to continue those negotiations which we found on foot, and we have entered into negotiations and communications in respect to them, with many of those States. We have at this moment a Treaty pending ; commenced under the auspices of the Noble Lord opposite, with Portugal, and had it not been for recent events that have disturbed the re- pose of that country, it would by this time have been rati fied. We have pending communications with Spain, for the purpose of forming a commercial treaty with that country, and strongly urging on Spain the policy of an increased international com merce. I cannot say more than that the proposition has been favourably received. We have negotiations also pending with Sardinia, and with Naples, and nego tiations for a commercial treaty are also pending with some of the South American States. We have intimated to France our earnest desire to resume negotiations for the conclusion of a commercial treaty with that .country, founded on terms which I believe would be reciprocally most beneficial, and would have a ten dency to strengthen our amicable relations. That treaty was nearly concluded by the Noble Lord opposite, and I wish it had been carried into effect at that time, for I do believe that France, 13:,th morally as well as commer cially, would have derived great benefit from it. — (Loud cheers.) There is. all prejudices apart, an opportunity to each country of benefiting their industry by relaxation of the present system of commercial in tercourse. I know not which country would gain the most, but this I am quite sure,' that they would gain a benefit ; I do not attempt to estimate what each country would receive, but I am convinced that the benefit one country would gain will re-act on the other to an extent which will prove the value of just and sound legislation. I say nothing with respect to any probable period at which the treaty with France may be carried into effect, but my conviction is that considerable benefit will be de rived from it, and I hope that the public mind will support the Government in endeavouring to obtain such a treaty. While th - )se treaties are pending, there are several articles which „would enter into the discussion connected with them, in respect to which. I advise the House not at present to make any alteration. With respect to brandy and wino—take the case of brandy and wine—l won't discuss the question whether it would be wise or not to make a remission of duty without reference to respective benefits ; but when we make a remission of duty, we ought to do our utmost to procure from that country a remission, causing a ca;Lezponcling advantage. It rffl 111,U VO thc it Of a satisfactory negotiation, by refusing a remission of du .ties on certain articles. I do not propose any reduction on the amount of duty on brandy and wine, cherish ing the hope that that duty may be relaxed on these articles, when a corresponding relaxation of duty is made on our manufactures by foreign Countries. So, again, with respect to various Fruits which formed the subject of negotiation with foreign Powers, I propose to retain the duty upon. them, not with reference to the revenue, but for the purpose of facilitating negotiations profitable to British Commerce. I don't think that it is necessary to specify the articles on which we propose to retain the duty, because those different articles appear in the schedule. These various reductions--the removal of pro= - hibition—the relaxation of prohibitory duties—the reduction of duties on articles such as ores, having a tendency .to remove the burdens upon commerce, and to increase the buoyancy of trade. These various reductions may, in my opinion, be made, conferring great and far more than pro portionate advantages in the manntactures of this country, without increasing the risk of a greater loss to the revenue than about 270,0001. Sir, I have been now speaking of the reduction of duties on articles which enter largely into our manufactures. I now address myself to the question of the reduction of duties on the great articles of consumption. Sir, the chief articles of consumption to which those du ties apply are the articles of sugar, coffee, and timber. (Cheers from the opposition.) With respect to the article of sugar, I wish it were i n m y power, consistently with truth to state to the House that her Majesty's Government could recommend an . alteration in those duties. Sir, I will not deny that if we were not embarrassed with these questions, it might be of great advantage to propose a reduction in these duties—(Cheers from the Opposition)—not a measure like thot proposed by the Right Honourable Gentleman last year, but to bring forward a mea sure for the reduction of the duty on sugar, the produce of British possessions, and a reduction also in a corresponding proportion on sugar, the pro duce of foreign possessions. If you did reduce the duty on sugar, I trust you would endeavour to make that reduction in such a manner as should lead to the considerable ultimate increase of the consumption, with a considerable diminution of the charge to the con sumer. I believe that when you do reduce duties on articles of general consumption such as sugar, you should • do so in such a manner as to give the profit and be nefit of that reduction—not to the retail dealer— but to the consumer.—(Cheers.) But I cannot consent nor can those with whom I act consent, to permit the importation into this country of sugar, the produce of Brazil and Cuba, without making some stipulations with respect to the state of slavery in those countries. I am bound to say that I still retain the opinion which I expressed last year, that it would not be for the honour or character of this country, considering the peculiar nature of the cultivation of those countries, considering the peculiar con dition of slavery in sugar producing countries, more especially in Cuba---(Cheers.) I do not think it would be for the honour and character of this country to admit a competition :of slave produced sugar with other sugar . the propuce of the British' possessions. Again, I would ask, is it politic to admit a reduction of the duty on sugar, the produce of British possessions, without admitting foreign sugar into competition with it? I greatly doubt the policy of such measure.—(Hear.) If the competition were free, then I think it would be greatly to the advantage of the West India Proprietor to encourage the consumption of sugar by a conderable reduction of duty.—(Hear, hear.) But while the supply of sugar, whether from the East Indies or the West Indies, does partake in any degree of the character of monopoly, I am afraid of the conse quences of reducing the duty on British sugar. Iheraemwoconte d. afraiduld not thatbea pr ly i i v c e e re to thellimited sumer—(Hear)—but merely a compensatory bonus to the West India producer. I therefore do not in the slightest degretperceive the advantage of reducing the duty on sugar, but after having _given every consideration to the reductionif the o s f n c ia e p s subject, lam not able to communicate views differing generally from those I expressed last year. There are some circumstances from which I find con solation in the adherence to these rules. I. find that in the year 1841 there had been a material increase in the consumption of sugar from British possessions ; the supply has been much greater then that which was calculated consump tion in the year 1840 —ending s t h of January , 1841 — upon. The amount of sugartaken fo r home which I call the year 1840, was 4,035,000 cwt. ; the amount of sugar taken for home consumption in 1842 was 4,888,000 cwt. The quantity of sugar which had been calculated on for home consumption was, during the year 1840, 3,594,000 cwt., the amount calculated for home coasumption during the year 1841 was 4,058,000 cwt. The gross amount of duty re ceived of sugar, in 1840, was 4,465,0001. The gross amount of duty received in 1841 was 5,120,0001., so that without the admission of foreign sugar, the increase of duty has nearly corresponded with that which was calculated on by the Right Hon. Gentleman. Them has been a considerable increase of consumption. I think I may say that the consumption of last year was greater than that of any preceding year. Mr. HAWES—Not calculating increase of populatiOn, Sir R. PEEL.—No, not calculating that: but caloulat inc,' the entire amount of sugar for British con sum pti on in the total it exceeds the consumption of any preceding year. Sir, of course it is important to form the best estimate we can of the probable supply of sugar for the future ; aad in this respect, too, I would say that the prospect of our success is great. I find by the returns that there was in London on the sth of March, of British Plantation and Mauritius sugars in warehouse, 410,000 cwt., and I find there was, in the outports, 48,000' cwt. of sugar, being a total of 890,000 cvt't., the expected import of sugar in the year ending April, 1842, has been estimated by those, on whose judgment I am disposed to rely, they are 2,400,000 cwt. ; 800,000 cwt. from the Mauritius ; 700,000 cwt. from the East Indies • add to that the. 590,000 cwt. that were in the warehouses, which make a total for consumption for 1843 of 5,490,000 cwt. Now the quan tity of sugar taken out was 440,000 cwt., and that would leave a large surplus above the largest consump tion. I do not say that that is in itself a conclusive argument against the competition with foreign sugar ; but, at any rate, it appears to me that it is fit for her Majesty's Government to retain the opinion which I had expressed last year, and by anticipating that, by a reduction of prices, an increase of the reve nue would be the result, without resorting to fur ther duties. These were the grounds on which I brought forward this measure. There have been questions raised in respect to the application of the measure which I propose. Efforts were made to lay the foundation for the gradual abolition of slavery, on the success of which the Noble Lord opposite calculated, but unhappily has been disappointed. There have been im putations, then, upon the humanity and good faith of England, and the continued efforts which she made for the abolition of slavery. With a view there fore to thoseobjects—by the admission of foreign sugar, I must say that I am unwilling, to en courage cultivation or encouragement of slave labour. These are the grounds upon which I adhere to the opi nion which I expressed last year. Unwilling to reduce the duty, her Majesty's Government propose not to dis turb the existing rates. With respect to two other articles of great consumption, coffee, and timber, he thought that reductions in those would not be more aeceptable than those which he had laid down. He was sorry to say, that in the consumption of coffee there had been a a great decrease. Tne quantity of coffee en tered for home consumption. in the year 1840, was 28,780,000 lbs. In 1841, it was but 28,421,000 lbs. In 1840 the amount of duty paid was 920,0001. In 1841 it was 808,0001. It is scarcely necessary to remind the House that the duty upon coffee directly imported from foreign ports is ls. 3d.. per pound, imported direct from British possessions; it was said 6d. per pound; imported from British possessions, within the limits of the East India Company's Charter, it is 9d. ; the effect of this is that a considerable quan tity of foreign coffee is exempted from the duty, as it is sent from Brazil and Hayti to the East Indies, from whence it is imported to this country as East Indian, and subject to a duty only of 9d. Now, Sir, I think that if we make a reduction of the duty upon this article, instead of spreading the reduction over three different classes, we should place it on a simple and intelligent basis, and make the reduction such as to benefit the consumer ; it is my intention, therefore, to propose . that there shall be but two duties, I propose to reduce the duty on coffee, the produce of British possessions, to 4d. per pound, and the duty upon the produce of all foreign countries to Bd. per pound. Now I proceed to calculate the probable amount of loss of revenue on acccount of that reduction. The revenue received in 1841 from coffee, the produce of British possessions, at sixpence in the pound, was 463,0001., vary in.' duties of one shining and two• pence, 427,000/., making a total amount of revenue of 891,000/. I think it hardly necessary for me to go through all the calculations.—(Hear, hear.) Assum ing, however, that the loss of revenue would_in the first instance be 237,000/., but that there would be an increase of consumption to the amount of ten per cent. The probable loss of revenue upon coffee will in fact be 171,000/. Now I come to another article, the article of timber. I am now considering in what way, with the greatest advantage to commerce and to manu factures, I can apply the amount of surplus re venue to timber. Sir, in determining what shall be the duty on timber, we are embarrassed with the consi deration of the protection and interests of our Canadian possessions.—(Hear, hear.) The present rate of duty on foreign timber is 555. per load, Bat the duty upon timber at present is levied in a very complicated and unfair mode. If . you look to the average amount of duty upon foreign timber,. uniting the duty upon deals, staves, and lath-wood, I apprehend the aggregate amount of duty, upon the average, would not exceed 41s. per load. —(Hear, hear.) The duty on Colonial timber is 10s. a load, the average duty might perhaps be calculated at Bs. or 9s. per load. Now it ap pears to me to be of the utmost importance first, that if you do make a reduction of the duty on timber, it shall be such a reduc tion that the consumer shall be certain to derive benefit from it ; and, secondly, that you should make your reduction in such a way that in the peculiar posi tion of the Canadas, knowing the importance which at tached in the Canadas to the timber trade, you should not suddenly, or indeed at all, affect their interests. I think if the House would consent to it, a mode can be devised of affecting that object ; but if I am correct in supposing that the aggregate amount of duty on foreign timber does not exceed 41s. per load, the scope in which we will have to act is limited. Various measures have been proposed to effect the object which I have in view • but of these measures none were likely to o.tford the sllhtest success but the one proposed by her Majesty's Government last year, namely, the nin reduction of duty on foreign tiel the in crease of the duty on Canadian timber. Now I am going to propose a plan totally different, and in stating this case let ma be allowed to say that I am not influenced by party bias ; that I am desirous of avoiding as far as I can, such a paltry object as recrimination, which must sink as nothing compared with the immense importance of the subject, of which lam treating. I do not think that the mea sure proposed by her Majesty's Government last year, would have been attended with benefit to the consumer. Having the surplus to deal with, and wishing to deal with it in the best possible manner for the general ad vantage of the consumer, I have considered in what way, without injuring the Canadian interests, that advantage could be accomplished. This is not so plausible as it might be. It may be repre sented to the working classes that there is a great reduction made in the tariff, from which no benefit shall be derived to them, But surely benefit must un questionably accrue to the working classes by re moving the burdens which press on the manufacturing interests. Now, Sir, as I believe the aggregate average of duty on foreign timber does not exceed 41s. per load, I propose that a reduction shall be carried to a sufficient extent to benefit the consumer I propose that the present duty on foreign timber, as distinguished from deal, shall be reduced to 30s. per load. For the present year, that is the year ending the sth April, 1843, I shall propose that the duty on deal shall be reduced to 355. But I shall propose a total change in the mode of collecting the duties so as to place all the shores of the Baltic upon the same footing. I believe the mode of taking the cubical contents will be much better than the present system. But so far am I from intending to injure Canada, that I propose to confer a great and permanent benefit on her. The Committee of 1835 recommended that no immediate interference with the produce of Canada; and I believe Lord Sydenham held out this expectation. I said last year we ought to wait and see how the ener gies and resources of Canada would develope them selves under new circumstances, and I still think that we should use the utmost caution, and beware of any measure that would suddenly interfere with the interests of Canada. Now what I propose, far from having any injurious tendency, will confer a positive and lasting benefit on'the Canadian, and will also be of great and immediate benefit to the consumer here. With this view, I propose that in the year beginning the sth of April, 1843, the - duty on foreign timber shall be reduced to 255. ; that on deals, from the present duty to 30s. ; that on lath to 20s.—(Here the Right Hon. Baronet was so much exhausted that there was much difficulty in catching his emphatic words in the gallery, but these were the periods we understood him to name.)—This proposition will have the effect of greatly encouraging commercial enterprise, while it ac knowledges a due regard to our present relations with Ca nada. Now, I must say that with respect to this article of timber, and considering our peculiar position in regard to a country with which I trust the most friendly inter course and communications on our part will be long maintained, Ido think it is desirable to act upon the principle so far as you can safely apply it with reference to the general interest, to trust Canada in respect to timber, as if she were an integral portion of your own empire. —(Hear, hear.) The distance at which she is placed, and the cost of bringing her timber here, necessarily subject timber to some disadvantage ; and if the duty upon foreign timber' is to be reduced to 255., and the duty upon foreign deals 305., it appears to me that you have no talternative but to export timber from Canada at an almost nominal duty.—(Hear, hear.) You would otherwise be subjecting Canada to a ruinous competition ; if you inquire into the condition of Ca nada, as compared with other countries, and if you apply that principle of a re d uc ti on o f the duty upon foreign timber which I propose, justice to Canada will require that the duty you may levy upon Canadian timber should be almost merely nominal. I propose, therefore, that the duty upon Colonial timber shall be reduced to ls., the duty upon deals andlath-wood: to 2s. Of course this great measure cannot be adopted without incurring a risk of loss. I say at once that the adoption of this measure will produce a loss, but with my views, having made a reduction on other articles which enter into the elements of manufacture, I cannot conceive a more beneficial reduction, than the reduction on foreign timber.---(Hear, hear.) And I estimate the total loss incurred by the reduction on timber will be 600,0001. If it be the wish of the House, I will go through the calculation—(Cries of " No, no")—but if it be not I should be glad to be spared the trouble.(Hear, hear.) Sir, there are two—only two other considerable reduc tions to which I wish to call the attention of the House,but I cannot help thinking that with respect to both I shall have the unanimous consent of all. There are at present cer tain duties levied on the exportation of British manufactures, contrary, as I think, to sound prin ciples, which amount to a sum of 108,000/. Thes duties are imposed on exports of woollen goods and yarn which are sent to the places with which we have no treaty of reciprocity. The duty on woollen amounts to 30,0001., on linen yarn to 4000/., on silk manufactured goods to 4,800/., and on manufactured Iron to 24,0001. On other articles, such as earthenware and glass, the duty was 8,5001. ; on provisions, 2,8001. amounting in the entire to 81,900/. There are other articles of minor importance which amountto about 20,0001., making on the whole a total of more than 100,000/. ; I propose to remit altogether the duty upon the export of British mannfactures.—(Loud opposition cheers.) There was then a loss amounting to that sum. There are other different classes of duties, which I think are ~~:~ imposed unjustly, and to the removal of which a portion of the surplus is to be applied. ci At present I think that, considering the very itncult competition in which stage-coaches are engaged with railways, it is not for us to make that competition still More difficult, by subjecting them to an unjust and par tial taxation. Now, as I said before, I am un willing to impose any new rate of tax on locomotive carriages, but I propose a remission of those on stage coaches, and on grounds which I think are just and fair. At present railways pay one-eighth of a penny per mile for every passenger; and s_peaking of the present year, without flattering myself for the future, I propose no addition to that amount. But if we com pare this with the amount paid by stage coaches, Ido not say that the railway duty is too low, but that the rate on the stage. coaches bears a great disproportion to it. For instance, a stage coach, if licensed to carry more than six persons, pays a penny a mile, if more than ten, 2d., if more than sixteen, 3d. Then in addition to that, there is the licence duty of ss. ; still there was no such corresponding duty on railway car riages. I propose, with respect to stage coaches, %I uniform mileage of 3d. per mile, and I propose that the licence duty in cases of coaches licenced for more than six passengers be reduced to 35., while I propose to take off altogether the assessed taxes on the coalh men. This, if assseuted to by the House, will lead to a loss in the revenue of 61,0001., but a loss which I believe can be vindicated on principles of strict justice. Then I pro pose, in addition to this reduction, to take off the pro gressive duty lately imposed on job carriages, of which grievous complaints are made, and that will lead to a loss of 9,00(1. making a total loss on account of these coasches 0f70,0001. I will now again shortly review the whole finan cial arrangements I have brought to the attention of the House. The estimated deficiency in the present in come of the year ending the sth of April, 1843, will be 2,570,000/. The reduction of the various articles of the tariff is the 750 articles I have alluded to will not entail a greater loss than 270,0001. The loss to the revenue from the reduction of duty on cotton will be 170,0001. From the reduction of duty on timber it will be 600,000/. The loss from the repeal of the export duties' on articles of British manufacture will be 100,000/. The loss for the revision of duties on, stage coaches will be 70,0001., making the total charge of 3,780,000 against that. I have to set the estimated revenue which will be derived from new taxes, which I cal culate at 4,300,0001., and which will leave a surplus of 520,000/. to meet the increased estimates which I may have to propose on account of the year, to meet the charge with respect to China, and to meet any increased reduction of duty which it may be necessary to propose on account of the comple tion of commercial treaties with other countries. Sir, I believe I have now concluded the task which I have undertaken. (Loud cheers.) If I have been enabled clearly--and I aimed at no more— if I have been enabled clearly and fully to develope the view of her Majesty's Government, I am greatly in debted for my success in so doing to the kind and patient manner in which the House has listened to long, and, I am afraid in some respects, tedious details. I have laid before you without reserve the whole of the plans of her Majesty's Government.—(Cheers.) I have given you a full and explicit account an un reserved, but I hope at the same time an unexag gerated statement, of the financial embarrassments in which we are placed. There are occasions which I can well conceive, in which a Minister of the Crown may consider it consistent with firm and with good policy to pause before he proposes to the Legislature the adoption of measures which he may be lieve to be abstractedly good. He may have to encounter a difference of opinion with colleagues whom he may esteem and respect. He may believe conscien tiously that it is for the public interest that the Govern ment of which he is a member should retain power; he may not choose to hazard its existence by proposing measures which he may not ultimately have the power of carry ing. He may not choese to hazard the agitation of the country by the discussion of measures which may not ultimately succeed—(Hear, and cheers)—and he did think it better to 'abstain from proposing measures, abstractedly good, than to increase the evil of further agitation for what, although he may deem it right in principle, it is impossible to carry. But there are occasions—and this is one of them— on which a Government can make no compromise. There are occasions, and this one on which it is its bounden duty to give that counsel to the Legislature which it believes right to undertake—the duty of pro posing the measure which it believes for the public advantage, and to devolve upon the Legislature the responsibility of accepting or rejecting those measures. I have performed on the part of the Government my duty.—(Hear, hear.) I have performed with the full weight and authority of the Government, that which I believe to be conducive to the public welfare' ; I now de volve upon you that duty which properly devolves aon you of maturely considering, and of finally deciding on the adoption or rejection of that measure.—(Hear.) Sir, we live in an important era in the annals of human legisla tion ; there may be a natural tendency to lessen the magnitude of the crisis in which we live, and those par ticular events with which we are encompassed; but I think it impossible to deny that that period in which our lot and the lot ofour fathers has been cast, that period which is identified with the first outbreak of the French revo lution, has been one of the most memorable periods that the history of the world ever saw. The course we have pursued since that period will attract for ages to come the contemplation, and, I trust, the admiration of posterity.—(Hear, hear.) The period may be divided into two of almost equal duration-25 years of a conti lii.od contest, the most momentous that ever engaged the energies of nations, and twenty-five years of profoues l European Dca ,, h Sis , sh Inn ' rewarded.—(Hear, hear, hear.) I Sir, there will be a time when those countless millions who will spring fronitur loins, and who will raise new nations in now un peopled lands—living under the same laws and institutions which we enjoy—speaking the same language in which we convey our thoughts—l say the time will come when those countless millions will view with pride and admiration the example which this country has set of constancy and firmness.—(Cheers.) They will view with pride and admiration our glorious successes by sea and land, and our determination to uphold our liberties and in dependence—(Cheers)—by which we have been enabled to ensure the deliverance of Europe. Now at the con clusion of those five-and-twenty years of peace I am now addressing you, and laying before you those finan cial embarrassments ; and I may confidently believe that you will look to the example which has been set you in the previous period of vital struggles—that you will look those difficulties boldly in the face, and that you will be prepared to make the like sacrifices for the purpose of maintaining the independence, of increa s ing the strength, and perfecting the institutions, of this free country. You will bear in mind that thi s i s no casual or occasional difficulty. You will also bear in mind that there are indications among all the other classes of society of increased comfort and enjoyment, indica tions of increased prosperity and wealth ; and concurrently with these indications exists a mighty evil, which has been growing for the last twenty-five years, and from which you are called upon now to extricate the country. If you have, as I believe you have, that fortitude and constancy, of which you have set an example, you will not consent, with folded arms, to view the an nual growth of this mighty evil. You will not reconcile it to your consci ences to h ope for relief from diminished taxation you will not adopt the miserable expedient of adding during peace, and in the midst of these indications of wealth and in creasing prosperity, to the burdens which posterity will endure—you will not permit this e v il t o ga i n such gi gantic strength, that it shall be far beyond your power to apply a remedy. If you do permit this evil to con tinue—you must expect the severe, but just judgment of a reflecting and retrospective posterity. Your conduct will be contrasted with the conduct of your fathers, under difficulties infinitely more pressing than these. They will turn to the mutiny of the Nore, to the re bellion in Ireland, and foreign disasters, and admire the bouyant vigour that could submit with cheerfulness and confidence to the imposition of necessary burdens, whilst an income tax of three per cent. was hailed with murmurs by the present generation. But I will not be lieve that you will subject yourselves to this contrast. My firm belief b is that you will feel th e necess i ty o f pre servine, inviolate the honour of the co un t r y ; th a t you will not throw away the means of reducing, in the most legitimate manner, the burden of the public debt, by re ducing the interest upon the debt. My confident hope and belief is, that now when I devolve this responsibi lity upon you, you will prove yourselves wor thy o f th e mission with which you have been entrusted as the representatives of a mighty and use ful population—(Hear, hear)—th a t you w ill not tarnish that honour which it is your duty to cherish, as the most glorious inheritance ; that you will not impair that reputation and character which, in proportion as the empire of opinion supersedes and predominates over the empire of physical force, constitutes for every people, but above all for the people of England, the main in struments by which a powerful people can repel hostile aggression, and maintain extended empire. The Right Hon. Baronet resumed his seat amid loud cheers.) Lord JOHN RUSSELL said, whatever may be the opinion which the House may ultimately entertain on the plans brought forward byher Majesty's Ministers, no one in this House can entertain any doubt either as to the importance of those plans, or as to the ability with which the Right Hon. Baronet has brought them under the consideration of the House.—(Hear, hear.) Sir, I should not think I were doing my duty—indeed I would hardly think it would be consistent with the expectation of the Right Hon. Gentleman and the Mi nisters of the Crown, in bringing forward plans so important its these are now for ythoepinifiornstastitmoe the I should refrain from giving in course now proposed to be adopted. I shall, however, make but two or three observations upon the nature of themeasures which the Right Hon. Baronet proposes. The Right Hon. Gentleman has referred to the plans of the late Government, and places them in a light which, without any intentional misrepresentation on hi s part, conveys hardly a correct view of the prin ciples upon which we acted in the reduction of the duties adverted to, for the measures of former years are hardly similar to the measures proposed last year. On that topic I only mean to say that I may hereafter wish to make a few observa tions. The nature of the measure now proposed by the Right Hon. Gentleman is to call upon the country to make great exertions by direct taxation, in o rder to make 1 the revenue equa l to the expenditure. Now, the late Government did not think it advisable, upon a view of the whole situation of the country, to call upon it for gr ea t er exertions . The Right Honourable Baronet, in the latter part or his speech, has, I think, somewhat exaggerated the nature of the occasion which we are now called on to meet. We did not consider last year that the occasion was at all similar to any of those occasions of 1798, or still less to the late period, on which occasions the country was justly and fairly called on by Government to make _great sacrifices, and un d ergo great exer tions. The Right - Hon. Gentleman has told us his own opinions , th at , l o li f the course of six years there will be a debt i ncurred 10,000,0001. Why, in 1814, the account of the C°, lll , th ir e sary-General alone w as 10,000,0001. ; and in 18 .; nt subsidies grant e d t o th e G erman P o wers, intlepe rm ol, the expenses inc urre d f or our own t ro ops, was 10,000 v:to Lord Bexley, in asking at that time for a properlolit for a few years more, said that the addition to the debt in the course of four years was 160,000,00uf t he refer to this fact as a justification of our viel lit ' s t ° state of the co un t r y l as t year .—(H ea r, hear.) ` . er n' sidering that- it i s a very different thing for a .Tfrotil ment to come f orwar d and state that it re frain calling on the country for great exertions and sae r jor in the way of taxation, and for independent 100 bers of Parliament when called on f or gear exertions to be parti es t o a re p e al of thew o. k ti „, t l bear, and cheers —I do not say this as indicatirilatbay must necessarily acquiesce at once in the pla n t t bat been this night developed to us—but I only Inea! l , lot strongly feel the differenc e b e t we en our situ`sbali year, and the gravity of the questions which - o: r e,, roie t now have to consider.—(Hear.) The Right Hon. !,),;`,ooel, proposes an income-tax which shall amount to 3,70r0f Ire and on the whole taxation o f the country an mother land he calculates to raise 4,381,0001. Then in oo te part of his statement, he explains how he wi ll f the part of the surplus to imp r o veme nts in the tw 'in f ess ive country, and to taking off some of t°P h e most P . - to se : of the public imposts. Sir, I am most haPP a ii be able knowledge, and with less 'reserve than I 51 (into The o approach other parts of his plan, the I,, is Th e soundness of the views he has here laid dow.„, it ioos principle that it is desirable to get rid of prohribiory and to diminish duties that have a Prs:sp,fairy effect, that principle we all on this si 5 0 and cordially agree with—(Loud cheers)---sti,„ can assure him that the more these principles a_.ofale plied, the better it will be for the future situatinatio of country.—(Cheers.) With respect to the apPlilb e 75 0 those principles, I cannot speak at present as t° or 760 articles on which the duties are to be in 3 P °se i . 5 10, we can only have the details on Mond* j3a roliel e merely remind the House that the Right lion' t he 0 0 is, in this respect, in uniso n w ith the sentimen ts 01 the Government advised her M a je s ty to rna k , e ,, sth of August last.—(Cries of " Hear, hear. /leo he I recognise the sound ness o f the princiP rbe ,t down by the Right Hon. Baronet, I almost regr et , to t he has not more extensively applied them, I n ett 10, 1 ; most important articl e o f sugar .—(H e ar, r esr the Right Hon. Gentleman was prepared "r . sser i ; to the two articles o f sugar an d t i m b er to oral' betty five of 600,0001. of revenue, it would, I think, iind ,t to make the sacrifice on sugar than on tinihe. my opinion he would lose nothing more by t, Right Honourable Gentlem an then ad'veled teepee; the opinions he expressed last year' „,, a r ing slavery, and . observed that every befe`;,; creating a monopoly in sugar that did not o , l o t 10"' ; The object was in former days to support mai , . t/', colonies. Have the West India colonies fern" Geet' 4 `, large quantity of sugar to which the Right / 0 %401 2 , man had referred to-night ? By no means. T ll . , e „ r aig tion of sugar from the West India colonies , " n ", t iti,,,l last year, was, I believe, inferior , in c i n ti there the importation of the • ear before. „ e a i r k t been the increase then ? Th e i ncrea se had J O lO the East Indies, which a ew y ea r s before as' , p9t o it an equalization of duty with the "West Indie . ., s ' th those principles of free trade w hi c h they nvtn:,ry }the their interest to opp o s e .—(H e i r , hear.) -P.- uf r that you go on refusing to foreign i „. v iiis h a entrance into the British ma rket, do 4 " r prohibitory duty on foreign sugar, y oll o f encourage the growth of this monopoly . i . e at„,,,wo in the East Indies, and thereby interpose 5- Ip, Yg culty in the way of a regular and sufficient suPP ef ai• ef may say to us in the course of two or thre e , 3a tl l e i you pass such a measure as that proeeproilsoj may say that " this great article o iat iood l o : has grown under the protection of your logi s 7,.h it l' j a 3rou are obliged now to take our sugar, the aroot, be dearer, because you yourselves have forced hisrpel of that sugar by your legislation." Upon „ t ioft,. t h therefore, I very much regret the deter j which the Right Hon. Gentleman has e et ly respect to the whole of these plans, I have alive to that they are far too important—(Hear, hear) t to t he Ml. me to give. any decided opini on with resPe, e , 0 I am glad to find that th e Ri g ht }lon. r " did or'? although he has not taken the views which we. this subject—l am glad to find that be ~1 5i e s 011 ;i; to pay so great a homage to sound prineleefore the question. lam glad also to find that his, m et bed one of such great importance that it must eit it is 'r e' cepted or rejected as a great change, and that n the , P ,c one of paltry detail.—(Hear, hear.) I think, in i ce iv sent situation of the country, whatever view h ag S e e , take upon the subject, that the Government ia worthily as the Govern men t o f a gr eat countrYbee. posing its measures upon the principle it Int s t b o at 6 1 , I can only assure Hon. G en tl emen , that w i t . w hiCi e reference to the cond uc t o f th a t Ministry ° this ytsv formed a part, we shall endeavour, on ta 1 0 , 131 , of the House, to the best of our ability, tbi that judgment upon -the subject which we sT we sko most useful to the country—(Hear, hear)—anl, to t 4 ;ir support whatever measure we may think liß e ci l to lo g ; i 4 the most contentment to the people at large, h I ° l ir w tain that high character for this nation, al e t o o every Member of this House is equally anxiou s o r ul tain, whether he sit upon thi s side of the nou s° v inig the other.—(Cheers.) Mr. O'CONNELL said that he could not li e , ll/ n i .` ) ; that in much of wh a t h a d f a llen from the IN 4 I , - Gentleman upon that part of the subject in ssittc,e ap pri io most imme,liately interested, he had his lunnb i v i t a bation.—(gear, hear.) He agreed entirely ~:„,,6 Grentlernan in thinkin that there co be a more legitimate source oft axation th i tt „ r oPa spirits ; and if the Right Hon. Gentleman hal'Aibitlie a taxation which would amount to a practical 1 1 ' 09 , he should have gone the entire length with th rre o . would recollect at the same time that there wer e ° S e ; of the Chancellor of the Exchequer called s ra o ti ili s,.o The great danger wa s , th a t b y increasing ttl ; e ci Ireland, they gave a s ti mu l us to smuggh u g• t a 0 1 / distillation, and there was no vice connected i s : lla tiot!,; 1 1 gling that was not exaggerated b private dis t ,'" ‘ „re',' h i e Were they going to in that additional !„, of mischief into Ireland ? He was anticipat l log lvl i p present session would pass over without anY t me tiob er f rious to Ireland, and he thought there waS i s° , : d it f o o , the state of the Irish Government that renu er wa sC t O undesirable to introduce such distillation. Ther e f the e ,' siderable smuggling at the time of the redact ion _di . re( 10, 0 , on spirits ; and if the Right Hon. Gentleman be'd the amount, instead of raising it to the amou nt an intended, illicit distillation would be u tterlY P t be sp o of to. The Right' Hon. Gentleman alluded t ° e ll) t he tion of the Irish di s till ers. H e (Mr. OCono,ll,erecl ids glad the Right H on . G ent l eman at l a st di sc wrongs inflicted on th e I r i s h di st ill er s—an ci, aan . e ";e' say, inexcusabl e wrongs—for he never bo l l t llca ire given for the i ncrease d difficulties thrown iii ai clo —(Hear, hear.) Th e S cotc h di st ill ers sent sl u a° t at land in bond, and th e I r i s h di s tillers c olt poi the the same in return. He was bound W e fros l at e t entire amount of th e d u t y on sp i r i ts a s it c am as , e for o still, and send it t o th e ware h ouse —that but b fjer; the entire quantity that the cask containeaoat.lie the spirit entered into consumption there ws 9 o , - 05 able diminution ; and notwithstanding , ' h... to pay for the entire quantity, even for tli,g y not in existence.—(Hear, hear.) The Ifieo., o lo' Scotch distillers were free from that imP °s olo,Yritet what were they going to do with Ireland ?ear,) „us% hit her some wa y or ot h er . --(Hear, n ine oP; must find som e thi ng t o tax . Their t oi l4 'ol' inlre t l e a n n a d n w t would b a e p a ro t fi o t t , a t l h failure ;, and as tt i t oit, ll -ig Irish would p i rcleri be like taxing moon-shine.—(Laughtor.) gh thst.3ooll they were right in placing taxes on Ire taQ at p th u e t — lirtey a l n a d innd t „... h the . e boo o fili, b %y o,ne w dre, er o e trh m ey a w d hr e aig t t h h i , s ai e sn ape-goat for all ntire ?, th ,o 1 (Hear, hear.) Distill a ti on wtotaasx,bienugnhapP,' . I bo t 1 0 0 4 ' source of productive revenue in Irelant i l, falling, and he h o p e d t h a t it wou l " °u ° u As it was, in addition to their capital 3 " dot/ lijer; their plan they charged them an additional. b an ti that. This was not acting justly by the the slu tt alg, they were ,not to answer for tu we e t io 0 ; the rest of' the Irish people, yet they e fiolt o ,o o them do so. He hoped that before th ,he 641,; do; were passed, some a tt en ti on wou ld be paid to situation of the Irish distiller. The 'English 9 '2 Iris h 1:0 tillers pay nothing more than they did before ; i": o9p eet! c i e were selected to pay an additional duty, and a P ot arts j i g too, on the quantity they manufactured. Th t e he n s h ts i r re P so e: e r ce Do i Right Hon. Gentleman had mentioned was He was exceedingly sorry that this had htfl e 'eSf a ti it Q There was a habit in Ireland of saving inlineuf ne e,l o o tr o f abstaining from using animps and using . plain t he f t to encourage the pr House to increase aasre f duty. Besides, the House was no. - I,li- h i importance of this consideration, that r e a d in - , e c ti most hideous outrages that had been coninuil eeo C some of the most atrocious assassinations had v t he ~.°4 ° , oo' the landlord availing himself of the fact, that o'froo between him or his family and the tenant ba. b erme l unstamped paper. The murder of the Shell s . a taterilli e , n o. - sti 'lO transaction of this kind. A contract was un fit A I landlords took advantage of it, put in other te . , 1 1 s oe ls were assassinated by the outgoing tenants. ° f °j I ,e portant beyond its mere fiscal point oi vi t he . 0 t . ,y it was one of the compensations for du ty t e e , that the difference between the stamp o f th 9 , 0 001 the ( "))0 two countries was always calculated as one par t t he between them. He had heard loud cheers fr? they men opposite, echoed by some on this side!rZre something about making Ireland pay her l e , ta llie ° o . lish burdens ; they cheered that, but svhe.. re 1 41 ,;i 0t ch,e ed Or r , claiming equal rights with England they in? e atit' totally forgot the financial robbery that was t H o e a t f h a o ir ug s h h t ar t e ha o t f a the fai r r ig sh h a ts rin w g ith of E t o h g e hui b d u . ro o e F4 tt o e r no s o i o rf , :, l land by the Union. At the time the Unr"' llie cn' uto l. e , 46.000,0001., and Ireland only 1,00 0 09„" c o/. Ir 4 England, on account of her debt, was 17,w`,.... 0a qh 04 1 ;,, and it was one of the declarations of Lord Castit: rd ie deLeo land should hear none of the proportion of trail . 1- _"_... oe redr o - h oo, l ought she. Those were the terms dictated to acr-Q cia o, be J i y It was a part of the terms of the Union that tli!. ro e bear seventeen millions of separate . taxation. „ ha d 7 00 for some years after the Union, but latterly e so lso p millions only, and of this the difference in tb an iCO V e t a part. To be sure there was an 10 00 m e g glitadj. I ,' three millions and a • half to be imposed upon__ ht to be ta lle•lt she bore eight millions short of what she "F en the y . would, therefore, request Hon. Gentlemen, on , to thint_tii‘i Ireland bearing her fair proportion of taxation _n fraud which had been constantly committed tr awl vl i r t 11 0 ,P o think of that violation of the terms of the Rig a ,. been so constantly perpetrated. lie hoped 00' i]ere Gentleman would consider the difficulties uncle ish p distillers laboured, and in the tame of the I r ate stafoed protested agai ns t the plan. The increase of d th e lf s o j would add to th e b ur d ens o f t h e com merce O re t he l e e re e '! r g terest of Irel an d a t th e very t i me w h en they , to bear the burdens. It was proposed to tax th oo f nib ea r income of Ireland at the very time that theyY i v i re pol sp eO ei e the income of the landed proprietors of . 0-1„, measure for the introduction of foreignproT l 'i n ° i9b wise in itself, but one calculated at first to dito e ,,, o f of the landed pr, prietors of Ireland. On b ti, U 0 t z bi ( 111( lid, t te Itat, i ttp , benc ttit • I (8,(