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

stood by I have e in ins of which zox, and ook," at Pith bin], .w Cook irectione th seal- on a bog of aper outsid w past 11 that do-. a und the. e on his- were in. gave it. axy, and: no to fia, I told! as Cook ter I did. mortem rue " svo ilouso is -I am it I am n Nov., 'bat was by him of Ann 3,0001. lin pay -101., and )btained maining applied 'tate for n accep- ier. Oa s that I L myself. re as fol. rawn by and 1,0001, 355, for 855, for Palmer , r three or three or three Id one, Br date.. drawn. Palmer, ndoved. 1.2,500/. due io 20th of another' as Was Lng the , Walter Prince policy. bad fre ies bad. ire pro. of the rter his coroner werdua Walter eply to by his me and on due. 'ore the le priu- be jury nce, al mating in and of th 4 for it; roctor: rs, WO to t&1 lettei brother pressed ,cessity Waiter rite for them le 6th: written 10th. aa de. )ff the ime t) gthley! its of neenV , D l Ong cl • paid i •tipoll ter the Bd. Lair t e 23d th of ,I par arl a re f a rY IOD te9 at ha on. g. 11( at. h e Was indebted to my s bro ther 10,4001. We had a bill of sale on his property ;it was dated May 5, 1855. It wee for 6,5001., and coi saprise.l bills of Exchange draw n by Palmer, and pi irp ,rting to be accepted by Sarah Palmer. The sum of 1,3001. was further advanced, for which all his personal pi •opeity, race-horses, and also a policy for 5,0001. on his I ife was - taken as further se curity. .The bill of sale was subject to redemption. The whole sum advanced amounted to 10,4001. During the early part of Nov. I was pre easing Palmer for payment. The money was considered t o be due on the fi rs t or se cond week in Nov., but befo re the 22d of the month we were urging for payment. ' the bill of sale was put in force after the verdict had bsen returned. I neither took nor found any of his pap. sm. Cross-examined by Sergear ti Shee--A good deal of property was taken. I don't 'think if the interest had been forthcoming I should ha ire objected to put off the seizure. By the Attorney-General- -The bills were discounted at 60 per cent, per annum- :-(sensation)—and the hills Would not have been renew , sd under that amount. Mr. Strawbridge proved that the acceptances to the whole of these hills wer e not in the handwriting of arah Palmer. Cross examined by Se .jeant Shee—l have none of the handwriting of Mrs. : Palmer with me. The imita tions were very faint one 8, and I should not pay such if they were presented at t• he bank. A conversation here 'arose about a witness whose name was upon the bac' k of the bill of indictment, whom the Attorney -General E aid Sergeant Shee could examine If he wished. • Mr. Weatherby 'wart recalled, but he not being pre 'lent, the Attorney.Ge: sera! said that the question which he proposed to ask cc be put in the morning before the learned sergeant • Somme:iced his address to the jury. This having closed the case for the prosecution, Cie ,veurt adjourned unt it a quarter to 10 tc-morrow morn ing. IVIONE 7 MARKET COrdivITLI LOIAL INTELLIGENCE. CITY, Two O'CLOCK. • • Liverp , Cotton Market yesterday closed Y L lth increased d u ll ness . Th e sa l es were es ti ma t e d k t 6 ,000 bales, comprising 400 Pernam and a iaranham, 6 Ad. to ; 200 Bahia, 61(1. to 6id.; 4 600 - Egyptian 60. to Bd. ;, and 700 Surat, 40. bed. per 1' b. The Railway Share Market opened pietly, and I subsequently to the announcement that the Go fernment terms had been accepted for t he New I Joa n it improved, and closed with a b uoyant asi rect. The foli o lying are the particulars of the specie on board the Toninsular and Oriental Steam Corn ves-.Jel a, Per which leaves Southampton to , ay for India, China, A'iexandria (gold) P•om'my (silver) lieylon,(silver) Do. (,old) Madras (gold) Do. ('ilver) Calcutta (silver). £5,755 276,877 194 ,766 400 730 1,520 Total tOne allotments of the New Loan were niade to he divided subscribers yesterday, and they appeared to ti.ivided into three classes—viz., a fifth, and a t h l3lll , and a twentieth of the amounts asked for ; ;, aggregate amount of the deposits being 4 ' 0,0001., representing nearly 4,000,0001. Only It emY small portion could be given to d e e applicants individually. The surplus 411 P)sits are now being returned, and thus a large tl i trt of money, locked up during the last two or th t " 9 days, w ill b e re l ease d. The Money Market, he r 'tore, will p ro b a bly b ecome rather easier. <lie Chancellor of the Exchequer's financial a tit t i trent being generally considered favourable, ti e , tile prospects of the Discount Market being p ul l :a, 'NI encouraging, there is a buoyant market for Securities, and a further slight improve ha 11 ` in prices has occurred. For money Consols a n d n h een 94 and 941 I, and for account 944 t ath u 4 o I, but the market at, the present moment is /Or flatt er . Th e N ew S cr ip i s 11. to 21. 4 0v , 3 per Cents. are 931 and the a re '. 93 t o 93, Bank Stock is 1 per are '. bonier, being 213 to 215. Exchequer Bills 4141P1111.e1r, those of March being at par, and the / cliti,o 6 3 . t o 2 s . di scoun t. Boni e of the favourite Foreign Securities a %nit' buoiness has been done. Turkish 6 per k id ts • flame risen 1 per cent., viz., to 981 and 991. t 101 the . 4 p er C ents . are higher, viz., 1021- 6 h • Sopanish New Deferred are 25 8. Sardinian Gre nada Cants. 951, Mexican 3 per Cents. 23 # , b l cil lac ia Deferred 7# and Buenos Ayres 77. Fonds are nominal. following are the nominal prices of foreign can Deferred Bonds, 617± ; Mexi sk 'ot. ; Peruvian, 77 9 ; Ditto 3 per Cents., te; Portuguese 4 per Cents., 50 52 ; Russian 5 ? Cents., 104 6 . ; Ditto 41 per Cents., 94 96 ; Janisit 3 per Cents., ,;?25t ; Ditto Certificates, 51; 44i 45} ; Ditto Deferred, Ditto Passive, 7 ,_,The Railway Sh are M ar k et is b uoyant, an d t h e i l !anee i n p r i ces i s generally ss. to 10s. There is ,!; how ever , muc h business doing. The Foreign I tt Colonial lines are firm. , '44 nking , Shares are in request at rather fuller ltlotation3 ktp r , -4 LBII FUNDS THIS DAY.—CLOSING PRICES. f From at Offiaial List. 1 St° k c .. .eOOll 213 a p er ,„ ( lent. Roth-iced Annuities..... NC; Pett Consols AnnEities 94+ i g N eal Der Cent. Annilii''' ••" 1 .01; 4 i P4r Cent. Annuities 7B b! A nautties, expire 50 Jan. 1860..... htd: ltL „°. 31 1 Years, expire sth April, 1880 l7 1-16 i t,,:otock 231 30 to kl ik) ? 1 " 4, r Account ttot Scrip l 7i 2i 1. 2 i P ( ' h equer Bills, 'Lid. March. J tine Clooo par 62 5 d z 560 ....... 6 2 d Nall ........ 11..5, 1 t 1 0E . S OF FOREIGN FUNDS THIS DAY. bi t " La n Bonds, 5 per Cent. t tt % Ilan 99 1) I . 1 , 4 A7res Bonds, 6 per Cent. 77 bki!`te Account 79 6 S k i 1811tonds 3 per Cent., 1825 B3i (1:1440r lion& .4 14 d bi t , a 'lca , Active, 14 per Cent. —l kzi c , °l3 eferr e d 7+ ttiir 3 Per Cent 23?, hl la j:t l Account hit lionds, 1522, £ St., 5 per Cent 4 : 3 - 5 . k m , Sziall 4104,111;an Bowls s„per Cont. 1 ) . 'Bi- Bowls :iper Cent ziltttoto Account 45 bi t ._ New Deferred, 3 per Cent. Tt i1 ,.. ,, •A cconnt it'll I - loads ti per cent — h!tto Account '9) 81, 9 i 8 3 —itt bt..? Guaranteed 4 per Cent. — V i "' ) ccount ' elle.— A 103 2i " ‘o 1) 4 '4, ela Bonds, 41 per Cent — Accou n t pivzilends on the above • ~) aa P 1,00/AOl3 for l‘foney i . }.RV ' d O ' CL 0 CH . 94 t uitto Account (Juno 4) 94s i IVVIRKET NEWS.—(This Day.) atNtIT HAY MARKETS. N °MD.—Mead° w hay, 3110 s to 5/ 155 ; clover do. 4'N d .to . 6/ 10.3 ; and straw, 11 6s to 11 its per load. Steady. I. S :3IERLAND.—Meadow hay, 3l 155 to 5l 15a ; clover do., to 6 103; and straw, 11 Cs to 1/ 12s per load. demand. kPEL —Meadow by, 3/ 12s to 5/ 15s; clover lit;4":31 rea'tlite9r' 6d1u111.:23; and straw, 1/ 53 to 11 lls per load. Tt, COLONIAL. ht e re is not much doing in this article Ili e icolltraet ; the trade deferring their pure:lasesuntil .., I gc Public sales on Wednesday. k ilubOi lt ." - -A fair business has been done at b fu a ll e r e a d te b s ot i b n for C a l and foreign, the demand having .n been t i tibli: le c onsumption and ex i ir r t i a e t e m s are e A xp the g coming expected 'to goo eler pales during the w 4 , Q0),.,„'11e consumption being °e on the increase. :Luitilat:e;Q.---Full rates' have been demanded for all descrip ough but little business . has beendone. privately in Ai R t, .----Thore is very little business doing theweek. „ iliki.'4‘%. Large sales are announced during Itiotai...The market still continues inactive, at previous ~4 k1,1 0,1 5. 4rtieler°/v — There has been little business d t o . inc , in this °II the "le markets having ruled extremely q lie". Y.Y.C. - spot 465, last three months 45s 6:1 per cis v. Ile,, i ts eet i l g lti tiens confirming those adopted at the recent lte t i• o f the English shareholders of been the Royal 4, 4 il r l t i lilway are understood to have b . passed - atll tl e t n u , -( • 4 3 , at a general meeting of the committee at orris ',Uri?. t e Ord: TALBOT CASE.—The decision of the House of "olnii, °ll the divorce bill of Mr. Talbot is postponed Q "e 20th till Thursday, the 221. Tilt.°ll444CIAL PHIL INTEIR“PIO INSTITUTION. . —On hi,,-‘,N43' evertin,, last, the 35th anniver , ary dinner of l'ave`tnPertsait 0 7ariti took place at the Prince of Wales tesp rent' k ta nnerl.st . reet, St. Luke's, when a highly ttt lter e ;; le party of gentlemen tat down to a prst-rate Il'ert-113:lent, served up in good style, and whic . h gave ttiv eh te:rsieru,,tiu_o g a alietr,!2il sep J h o j h a n y, Parson, Esq., presided as E-q., vice-ahairm w an it ; h a t n h d e flei_kuPP?rted by several gentlemen connected . tl d awn q g raca . parishes. The cloth being Iv Elieh s aid, the chairman gave the usual loyalw withdrawn, hi were receive ] with great respect ; after which the d th e iri tn E ti:' r il l a very feeling speech, spoke of the good toe 11 I°ll had done, and proposed its prosperity, tt last a wa s drank with great enthusiasm. Other suitable ave pin g, are severally proposed in the course o f t h e were well m n r ece i ve d . Th e grea t es t hany pa d good '''A feeling prevailed until a l a t o hcx ~ , , , Lon th•• Ilit y ." o ;ti up, . vidently looging for another onpor,u -1)14e:441)114r eojoymet:t. The soeit ty, although "'`'' 4 %04 '' t he Parish of St. Luke's, extends its Oenevulent to he beyond it. SHARE MARKETS. (THIS DA Y.) RMLWAYS. Closing Prices this day 25i - 26 5 si 9 17 - 18 15 16 12 13 Badness done st , this day. $t 26} 2b RArLw.tss. sit. I 9 tmbg. Noting. 'Boat. And Fle,Ftu. Janet... 0 qll ; dam , . Wolverb Valicy TAI a 22 I 1 '6 I a 1.0 16! t. l , 20 20 U 10 al 10 I 1 50 al St. 110 ,111 - le•abiro Junct... 0. Ckeah. Blik. • zrd) mad .425 Do., t - ,-4 zzi,'ryrio ‘2s.fisgt - 1. Et , ;vistol and Aset.o,,.. ...... ,at Ca; dign 1 . 'heater i Holyhoh. !_•rk and Phndor, 1! :Icrrk, Bis,A, Pm 18 all Do. A 8 1)o. B .at action - ,,biTlexttelfttst‘htpc 6 1 1 4rin. P. ez Jnc ) 1 3 Iltst ;.!:ast6l.li Counties. !Ilion, A. St} B. Do., N.nri A .... 25 10 'Cast Kent 3t. 100 '::tst Etumshire t. 100 :::tliuturgb 4 (nano -, 10 all Mints. and Peoble3. St. 100 Y.:din.Prth .4Dunil, • [0 0 l'orth & Clyde Ain,. 50 ali Furness 20 all Do. Extension St. 100 Glas7ow&S• 10 all Great N. of Seothal A. 100 Great Northern... it. 100 Do., A. 5t0ck...... St 1 00 Do., B. Stock St. IJO It. Sth.3:West.flre. St. 100 :)x cat Western it 100 Do. Stcur Val. R& Gm. Stk.... 12 11 irish South-Fasterp 11 tianeaster. k CarllBl , 4 iIY6., Thirds • ' 8' }Da. New Thirds O i.Ance.sh.andYorksh i . i..)0., Wet, 2,i cling Uri .11 - !Av. ers'ay. &Soutlut (x) U fJoudon & filaekwall O Load. Bright, k,S.Cst. O Lond. awl N. Westl. .6 80. Fifths 5:3 Do.lol.Sh.,hf&B , C 2A. oc. Eighths,....... . London andS. Westr al Do., £5O .all Do., £4O All ",afindrryta Clolcrain• In I indridrir. & Ennlsk.. l' ' Auncb.Shef. Az Linel , 2s. `k,., Van. fz Lin. lin 1 Metropolitan X.) • tildlanti ... )0 i to. flirrang. &Dee. ill Midi& 0. West. (Ire ill Do. Half Shares . al Newcastle & Owlish,. 611 Nwpt.Aborg. tzllrfr) S,!„ ` Jewry Sz Baniskillw 11 Newry Warrenpoin , and Rostrevor ..... ~ 0 Norfolk ....- ....... . 3,3 Northn.Connties MI c North British.:... Nth Onvon Rail. & 0 Dock Stock 10 I so., A Stock .1] ''o., B Stock .11 Do., i B bluartkiitc , N. Flastern—Berwi f i )c. do. Exteasion 5 1:)';,.do. (/.N.•g. 'ism,' 8G I 1( 20 I Al at. 11 201 U St. 42 9t. 3t, 11( 00 ti Z" kt. IL St. 10 St. .1.0 s I.] it. Ili IDo. Lee-di York 1001 North St. ll Nstrn.,ll.3.m . stakkil. =II City Jr • Nr. , r±,l6 SW - Forth :hit- 'Corti) Wester: n.—. 611 4. S. Westru.Junc: Nunsaton, Muck's , )od Lotooater.. 4 • (17., Wore., Fors .1 'r , ficottish r Scottish idia>;d,,, '='oropshire !In ~. South Dovou ...,:„ South &stem 60 South Wslos .. Yrksh. Riv. Dux: Do io aj r3t. k a: St. 1O 1 6 St.gines,Wck...tWo'k. a:7 Stockton k Darll - & linreep , I , IC Tlff Vale 251 'Z )(' Do. Pref., No. 1 , ITi-araes Hay. D.& R Ulverstono & Lana 11 Vale cif Neath Watsrfd. & Kilkenny WaterforadtLimer , el: ill West Cornwa ll..., fl West End of London and Crystal r5.11(10 all Do. A 50 20 a] 10 al 5 5 10 3 Do. B all West London. all 1 Wimbledn &Croydon' kntwerpaltott- rd-n 3 Do. 5 p.c. Oblgs. con. in Sh. at par till '64 0 Ardennes {eigian E.;asitn. June 14 ileziers to Oral ssf , ses. Bombay, 13aroda, an Central India.Scri ►ll Do. 01 Demerara .. Dutch Rhenish al Fastens of France Jo. ' , Tow jl ge.9t g. sp. 5 ' , le, .11 D0.4;1p.c.Th0d5.,' 57 1 ,?,;..10. do.. d • . .6 Gee ong Melhou7ne guar. 5 per c nt. . fl Do., Lon. allot., do. 26 Gd. of Car.,,,lait , 1 Do. 00. Cert. cf con. Into Stk. li Do. Comp. 6p. c., do 4 Gt. Ce Ltral of lz'rsn 111 Gt. Indian Penitsri , ' 4 Great .Luxemborr.: Oonstltuted Alvaro Do, OblivationB:._.. .1 De. re-is. , orftd. Sh.i 1 1 Ot.W. , Aern of Ynn, N Do. New...... D , -.13111., pAyableql l7 , with option till At Do. do., '6l, p. :1 , Do. do., '76, p. sit De, do.. '73, *.thf-lio option-- iiatailton Mc Torr , A 411 '3 per a ant. 7 fr:tc. , ConNt. 11 ,Lie re and Ttirchout , t .Lucca Pist. p. c.p ILyous .4 1 !,..y01ui , Taartp,gua-. 4 • p.c LO no. Now 0., sp. c 0 f . !o. 44 p. c. Exton 611 Karig, Antonia 11 Do. do. Now Ilarior a 1.1e.7.F. , uteTest) Do. fox hitorest),... ,13 Yorthero of P'ranre 611 Do.2ol.Shs 30. LO?. 3 17. 0 Bap (fm.y. TI. 4, Am s. 11 7710z-welanTrun.llPre 11 Paris and Lyon H 11 Ditto Bonds 11 Pgritt end 5 Romo and Frascati.. i , oyal Danis!' 11 RoyalSwelisll 11 Do. 07t1i , ations Sal ambre end Meuse... Li) Do. 5 p. cont. Prof. 5 Fleind , , guar. sp. c. 0.1 Do ,II Southern of Franco- St. Andrew's wil. Qnebet. ii West .FlarAors LI3 1)o .ri ; oAr c. IS w. &N. W. of VTRIStO, 13 West, of Switzerland, Lll Wiesbaden .„ dl Zftland 10 I i 18 I 4, 18 ai i 7 r al 10 1: 20 al 20 LOU a 20 , ii 25 00 9, 00 I Al lOU EOO 4! t.t`f) T 11 10 1. 20 ti 20 II 31 , al :1() 4.1 ic 20 *.] 4 a] 20 Al a] 20 q.I 20 I ti 10 20 'I 6 al 10U WO 100 20 1 50 2( 10( 5( 50 II 100 11 LOC 21 LOO 3! 2ti 11 20 1 1 10! ?: 100 1 3 •• • ""' .., ... - ...a 16i - 17 10 10, 33 35 23 - 25 76 - 78 59 - 61 so ii ••• ''.... 88 - 92 7i - f 3 95 - 96 79 - 81 126 - 128 103 -- 105 611 61 57 59 70 75 13A 5i 6i 901 - 91 ••• .... 61 102 103 101 —102 i d 954 96. ... ... ...d, 4. "". !;.91 29 1 - 44 77 - 77 46 - 48 ... • •• ... •••• 13 - 15 55 57 3? - 35 36 80 • 81 5.} 5 3t 2ild. 56i 571 85 90 I 5~ - 11 27 - 28 103 105 75 77 45 47 ;4 15 71 72 71 73 4 2 id , 7 '36 - 37 ••• "." 000 ''.". 19 - 20 4i - 5 61 7a 6 8 2 3 5 bap 8i - Si par 2 p 2 24 , 5 1 2 - P 1 39 -40 23} - 24 23 - 23?, 221 22i 10 ' 9d 16 70 7 5 80 85 SA 9 p 22s— 2 3 5/ 6 • 3i 211,,, .P 1 3,1 - 3ti 99 10.1 127 132 toc'j I.l:'i 12 - 12, 20 -20 i lJ - 2} iP 7i - 7i 6} - 61 46 - 466 12i- 3 .. .. 8 - 584 - li - 59 ii 7= id 12 - 123 9.1 21 - 2i - piT ... ..... ". 4i - 4i ii : 39 CIL BAITEB. II 5 'Bank of Egypt 50 Bank of Lonrlon ri. Col. t-sk.& In. 0. ritisl N. Arocricar. clliartd. Bank of A.siA 4 'Thrtd. 131 k. of India, A ustraiia, & China 50 d 'City . ..... 35 C9lonittl Comfacreial of Load , C",.lllft. Bk. o! A.netrAliu ............. 5 ►itto New ...........•• T,endon Conn fie L,na.,Qz E. Bnk g. Corp. ht,nilon !Ant StoA. .0 London and Paris.. & ;t s:Tational I'ro.of Eng Do. New 21 Ns.tlona/ of irehud ll !iow South Ws. leg , II Orient:ill Bank 3f 0 lOttoman itoyed Bait: h Azri” ( 47 Westerz la of • Lon( 95 -7 * 3 63 - 65 ••. ... - .. i - 1 . P 63 - • 0 -- • 11.• 16 - 1C 18 - 19 2 -- lt ••• ••• .par --2 p 4 2 (11 ~, . 0 * **AI •e, ''''''' . • 43 - 43 40 - 42 1 1 iipj 9 71 8 9 5 "e 4 174 17 10 * 303 f 127 7 St, 105 St 61i f l St. put I 91 901 1021 4 1021 4 2 293 / 7 7 6 if 6 47 i 6# 351 i 81 80 t 16, 16 16,4 7 40 391 221 i it 131 101 $ i B .',Aff3) 'P ?IXR PERIAL PARLIAMENT, nutted 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. During the last financial year the sum received on account of that loan was 3A millions, and during the present financial year 1A million, making together the 5,000,0001. In addition to that cperation I received the assent of Parliament for funding a sum of 3,000,030 L 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 2,230,0301. ; the money paid in lieu of bills was 769,030/. 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, anti at the March exchange the operation was effected without difficulty, although Exchequer bills had pre viously been at a discount. This is a short statement of these two operations, which the committee and Par liament are already acquainted with. Since that time the balance-sheet for the financial year 1855-6 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 not think it my duty to trouble them with any recapitulation of the results of that balance-sheekbeyond a short statement, which, perhaps, may assist hon. members in understanding the compara tive statement which has been made. The expenditure for the year was 88,428,000/. ; the revenue derived from taxation was 65, 704,000'. ; leaving an excess of expendi ture over revenue derived from taxation of 22,723,0001. This sum the committee will observe is exclusive of an additional sum of 1,030,0001. advanced on account of the loan to Sardinia, and also of the sum applied to the re demption of the hereditary pensions, which amounted to 213,0001. ; these sums did not properly fall into the ordinary expenditure of the year, and therefore not en tered in the first part of the balance-sheet, but as these payments had to be met out of the ways and means of the year they are, added at the bottom to the sum of 22,723,0001., and show a total excess of payments over revenue derived from taxation of 23,936,009'. In order to cover this excess of payments the following sums were raised by borrowing ; by loans on Consols 19,501,000/. ; by Exchequer Bonds, 977,7501. ; and by Exchequer Bills, 6,000,0001. ; making a total of 26,478,7501. The committee will observe that 'the money borrowed was greater than the excess of payments by 2,542,900/. ; it is therefore my duty to Recount for this sum of 2,542,0001., in order to show that the Exchequer has benefitted by the difference. Now, sir, the explanation is simple.; if any hon. gentle man will compare the accounts presented, he will find the result shown in the difference in the balances in the Ex chequer. The balance in the Exchequer on the 31st of March, 1856, was 5,600,000/. ; on the 31st of March, 1855, the balance was 3,949,0001. ; bat it must be observed, howeier, that this balance was subject in effect to a deduc tion of 1,000,0001. on account of outstanding ways and means bills, advanced in anticipation of the revenue of the succeeding year, which were paid off in 185546 it is therefore necessary, in order to make this COFII1• parison fair, to deduct that sum of 1,030,0901. from the balance on the 31st of March, 1855, which leaves a sum of 2,949,000/. as the real balance on that day ; and if we compare that balance with the balance on the 31st of March, 1856, we shall find the increase in the balance on the latter day is 2,651,0001. The sum I had to account for was 2,542,0001., so that the committee will observe there is a balance iu favour of the Exchequer of 100,0001. beyond the sum which had to account for out of the money received on account of the funded and unfunded debt. Now, sir, the expenditure of the year which has just elapsed may be mainly characterised—as I need scarcely remind the houso—.ns a war expenditure. The expenditure on account of the charge for the debt has been slightly in creased, and thecivil expenditure has undergonesome slight augmentation, but the main increase on the expenditure has been for purposes connected with the war. I have, therefore, prepared a statement which will exhibit as fairly and distinctly as possible the exact expenditure Tor war purposes in the past and previous years. On a former oc casion in this session I stated the expenditure for purposes of war, taking the measure of it by the amount of the army and navy estimates ; but it was objected that those esti mates did net show the exact state of the subject. They did show the increased charge of the establishments for military purposes, and not the increase of the charge for the debt, and were, therefore, not a perfectly fair statement of the additional expenditure. I have, therefore, on this occasion, adopted a different mode of calculation, which must include every additional expense. The total expendi ture in the .two years, 1854 . 55 and 1855.56, deductin g 1,000;000/. adv ance d on loan to Sardinia, was 155,121,000 e, the total expenditure for all public purposes whatever. In two years of peace immediately preceding, 1852-53, and 1853-54, the total expenditure was 102,033,0001. ; if, there fore, we deduct the expenditure for two years of peace from that for the two years of war we will find the excess to be 53,085 ; 000/. ; by adopting this mode of computation every additional expense that can be attributed to the war will be iucluded. In the two years of war the revenue derived from taxation amounted to 125,200,000/. ; in the two years of peace it was 104,618,000/.; the increase, therefore, in the revenue derived from taxation in the two years of war has been 17,182,0001.; the money raised by addition to the funded and unfunded debt during the same two years was 33,604,0001.; and therefore the total sum raised in these two years from increased revenue and money borrowed was 50,786,0001.; but to this sum we must add the surplus of income over expenditure to the two years of peace, amount ing to 5,916,0001., which will make the total expenses of the war expenditure up to the present title" 56,702,60 - 1. If we make a similar calculation with respect to the esti mated expenditure for the present year, and compare it with the expenditure in the years of peace preceding the war, we shall find an excess of 24,500,0001., which, added to the expense incurred in the last two years, will show the whole expenditure that can fairly be attributed to the war for the two years to be 77,583,000/. Now, sir, before I proceed to the detailed estimate of the expenditure for the year, I would beg leave to call the attention of the committee to the peculiar character of the contest in which we have been engaged. Modern inven tions, and the improved means of locomotion which modern skill and science furnish, have enabled us to crowd into a small space of time operations which in former years would have been spread over a period of much longer duration. The American war lasted six years, and added 124 millions to the national debt; the actual hostilities of the late war lasted for two years, and added 42,600,0001. to the national debt, funded and unfunded. By the measures adopted dur ing this war, we have avoided those strains on the indus try and trade of the country caused by the course pursued in former years ; we avoided all disputes with neutrals about the search of ships ; we have involved ourselves in no dispute arising from that obnoxious right; and we have wisely waived the extreme rights of a belligerent in mari time warfare. I trust the convention lately concluded at Paris will set the seal on the concession so wisely made during the late war. The slight cloud which has arisen be tween this country and America, caused by the efforts made to obtain an addition to our army in the territories of the United States will, I trust, be speedily dispelled by the genial influence of peace. There is another point which wo ought not to leave out of our consideration, with regard to the great expenditure in the late war for military and naval purposes. The late war found us, to a great extent, unprepared for the struggle, and we have devoted a very large sum during these years to the improvement of our military and naval preparations. Oar military arsenals are now much fuller, our guns are more perfect, our troops are armed with a weapon far more perfect than was the case at the commencement of the war; our navy is more numerous, better appointed, more efficient for all the pur poses of a navy than at the beginning of belligerent opera tions. It must - be remembered that we are now in possession of a greater amount of materials of all kinds for naval and military purposes than we possessed at the beginning of the war ; and therefore the amount which has been expended has not been entirely for temporary purposes. I will now proceed to state to the house the estimate of the expendi ture and revenue for the ensuing year 1896-57. Although peace has been happily concluded, and although we are not now in a state of war, yet the present year must for all practical purposes be considered to a great extent to be a year of war. Extensive preparations were made during the winter for the campaign by sea and land, and at the com mencement of the present year NVO were in a position to have carried on a most effective campaign with our land forces and our sea force. The expenditure, I rejoice to say, is now unnecessary, as we have not been called on to commence a third campaign; but an expenditure has been incurred, a large portion of which will become payable during the pre sent year. We shall have to provide for the transport of our troops from the Crimea; and the expenses necessarily incurred in paying off troops and all 'the costs incurred in the dispersion of the army and navy will have to be de frayed in the present year. There is also another expense which we will have to provide for, as we have undertaken to convey the Sardinian troops from the Crimea, for which we shall have to provide ships. Notwithstanding all these sources of expenditure which it will be necessary to provide for during the present year, I rejoice to say that it has been in the power of her Majesty's Government to pre sent a very reduced estimate for the military and naval ser vices. The original estimate for the army was 34,998,000/. ; the revised estimate presented a short time since is 20,747,0)91., showing a reduction of 14,251,0001. The ori ginal estimate for the navy was 19,876,000'. ; the revised is 16,568,003/. ; showing a difference of 3,308,000'. The total of the original estimate for the two services was 54,874,0001. The revised estimate onlyamounts to 37,315,0001.; showing a reduction on the two services of 17,559,0001. Besides the additional expenditure for the coming year to which I have already adverted, there is another expense to which I will now call the attention of the committee, which arises from our convention with Sardinia entered into in the beginning of last year. The first article of the convention which was made on the 26th of January, 1855, is as follows : Article I.—Her Majesty the Queen of the United Kingdom of Great Britain and Ireland undertakes to recommend . to her Parliament to' enable her to advance by way of loan to his Majesty the King of Sardinia the sum of 1,010,0001. ; of which sum 500,000'. sterling shall be paid by her Majesty as soon as possible after the assent of her parliament shall have been given, and the remaining 503,000/. at the expiration of six months after payment of the first sum ; and her Britan nic Majesty engages further to recommend to her parliament to enable her—if the war should not have been brought to a close at the expiration of 12 months after payment of the first instalment of the abovementioned loan—to advance to his Majesty the King of Sardinia, in the same proportions, a like sum of 1,000,0'01. sterling. Now, sir, the act -by' which that convention was carried into effect received the royal assent on the 26th of April, 1865. Some delay in the exchange of ratifications had prevented her Majesty's Government from introducing the bill at an earlier period. That delay, however, was not in any way to be attributed to the Sardinian Government, but arose from circumstances over which they had no control. The first payment was made on the sth of May, 1855, a few days after the act received the royal assent, and the -second payment on the 3d of November last ; and bills for the third instalment of half a million were drawn on the Treasury, dated at Turin on the sth of October last, which were ac cepted by her Majesty's Government on the 201 h, when they were under the impression that the war wou l di 1111 co tinue as they had no anticipation that peace would a e signed so soon. I now wish to call the attention of the committee to a singular coincidence of dates. The treaty of Paris was signed on the 30th of March, but the ratifica tions were not exchanged a the 27th of April. The act of Parliament received the royal assent on the 26th of April on the previous day ; and by the convention her Majesty had engaged, if the war was not terminated within 12 months. to recommend Parliament to advance to the King of Sardinia a second sum of one million. Th e exchange of the ratifications of the treaty did not take Plaex gntil'alear and ti clap atter the - act 'firer rezeived the royal assert. 'The first payment was made two or three days after that, but application for the money was in IPaW.I klLmvalse. Leasin Compans rtioft , this day. Isinec this day. HOTJSE LORDS—(YEsTompAy). a/I Redford ant 11letzbley 100 Bncl►ghamsh 'lOO Clydesdale 3 c all Col. Stour Vy, rhe: Zorn CHANCuton, took his seat on the woolsack , at fiv e o'clocK. ECCLESIASTICAL COURTS IN IRELAND. Toe LORD CHANCELLOR, in answer to a .ques tion frac a Lord Donoughtnoro, said it was his intention to leave the ecclesiastical courts in Ireland untouched, but to e Qtablish a court of divorce there similar to the one proyosed 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 tha appointment of a select committea to inquire into the operation of the act substituting penal service for traaniportation. Sad, and lon E. Lin. e'.6 pc all E. Un. H. Sh. 100 Dias. Barr. & Neils. Direct 100 Do. New...... all Glistr.ds Dn. Fr all Hrtlpl. Dk & Railway..... all Hull & Selby all Do. Sham, all Do. d Shares. all Lon.&Greonv. all Do. Proference 100 Lon., Tu., kg. 100 Lowestoft gr, per cent LOU Do. 6 ror et. all Manch. Bata and Ylatio4. all Middlesbro' MARITIME LAW. Lord COLCHESTER gave notice of a motion for Thurada y, on the subject of the declaration signed by the Parlis conference in reference to maritime law. COS CA RICA. Thsi Earl of ELGIN asked if there were any truth in the stanement which bad appeared in the papers re specting a promise of a supply of arms being made by the government of this country to the government of Costa .11.ica ? Red car. 100 Midld.Bmdfd 54 Newmarket Bury E. G.spc all N.& Est.sp.e. all Do. 6 per et. all Do. Fixeds p c all Prest. R, ti y. , • all Do. 6 Slim A 0 Roystn.& Mt. ;8$ Shef.Roth an Gooleg.s p. c. all Shrews. &Her 1O S. Staflordmh, all Wear Valley gr 6 per cent_ all Do The :Earl of CLARENDON said the letter of Mr. Haturnand 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 asszshance, but all these applications had been re fused, and the Government had expressed their determi nation net 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. Walierstein 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. Wilerstein was dead, and nothing had been dome, He (the Earl of Clarendon) had since com municated with the Uuited States Goveiument on the subject, and Mr. Crampton, reported, a conversation with. Mr. Alarm - , - on the 15tliMareh, to the effect that the United States Government entirely disapproved of the proceedings. In answer to that, he had suggested that there could be no better plan than for the English and United States Governments to unite for the protec 4ion of their respective subjects. ([Tear, hear.) CIRCASSIA. 1100 IWiltse•omrst In answer to the Earl of MALMESBUBT, The Earl of CLARENDON said it was true that a deputaticn from the Circassiana had come to the Porte, headed by Sefer 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. TUE Sr Eq . LONDO t , TUESDAY EVENINGS MAY 20, 185 6. London &j N. Wert. L. &N. W. & E. C FL Count Caldonian Gt. West/ ra. New. & Berw. Y. &NM . S. Baste, Do Peto & Co, Morfaik I...isL N. W. & Midid. Stekton & Darlingt. • En. Conn. E. Count. D 0... L. &N.W. IGt Northn Laticash& Yorkth. T. Brassey M.MClean Stockt. & Darlingt Do ItWestn. IDo PREFER .1 100 Aberdeen • 1 00 Do. N 0.2, 7p. c 100 Do. Debentures all Myth and Tyne lOpei a. pref. (issd..atsol, 'OO Brie. & Ez. 4p.c. SL 5 Do. 4p. c. Shares (00 Caledonian £lO alt clhes. &ffo. Gu. 5i pc all Do. do. Pref. No. 2 al Do. do. Pref. No. 2 ali Cork titßandonsip.c 41 Dun.Prth .&Abor.J 2 Anglian Cis. A Sh. 1.00 Do. do. Cls. B6p. c. 100 Do. do Cls. C7p. c. all Elas.Co.Ey,SpcNo. all Do. No. 2. all Do. New 6 r . o. all Kast Um., G. 6p. c all Do. 51., 10 per cent all Do. 101.Debontr.Sh, all Do. do. 4 per cent._ 100 Plait Lanc aal.. 6p. eta all Fl.t.W. York. J. sth: 1 Edin. & Gl. 5 p.c. sh. 100 Md, Prth.&Dun.4p.c, all Furness 10) Glas. &5.W.G.5 p.c 100 Great Northn. sp. 100 Do. sp. c. Redeem at 10 p. c. prem. 100 Do. 4i p. c 7 Do. 5 p.c. Scrip, Red at 5 p. c. 10 St. St. all Gt. N. of Scot. 1 dt, Pre 100 Gt. S. esW. (Ireland) 11 Do. 4 per 0. Prof. 3 6 It. W.(B. cll.Easpo 100 Do. con. red. 4 y p.c. 100 pg. con. red. 4p. c. 100 Do. irred. 4p. c. 100 Do. sp. c. red. pref all Do. do. do. all Do. Birm. Pref.lll... all Do. Chester Bp. all Do. do. 5 p. c. do , 100 Do. Birm. Gua. Stk all Do. Ches. Gus. Sh.. all Do. do. do al Do. do. d 0........ 6 Lan. &York. F. RI 100 Do. 6p. c. Stock 100 Lon. &Srigh. G. 5 p.c. 100 Do. Pref., 5 p. c. St. 100 Do. New Gnar.6 p. c 100 Do. do. 5 per cent . Lon.&N. W., Coy. .6 Nuneaton 5 p. ct_ ..on.& S.W. 7 per ct & Colec. Sh. %11 Lonely. & Ennis. AS I 1. 0 1 L.,N0w,10/ 4e Do. t 6 all Ilarypt.& Carl. 4 p o all &)o. 4 per cent .. 104 Do 100 j Nlid. Congol.6 t •. 100 I Do. Con.l3r.Rir. 6pc 100 Po. 4i p. c. Pref. S 3; all (Do. Pref. 4i per cen 5 , all ID°. 5/. Pref. 4 p t c.. 100 Ditto L.& an }New Absr dm pr . ... New. , • , ~ . a p. c. red. 5 p.c. pm .0 all Norfolk Debenture It. 100 o.Prof. sp. o. St: a 100 Do. sp. o. Ext 100 Do. 5i per et. pref.- 100 Do.Way.Val. 5 p. a. 100 North British 100 N. E. Berw, 4 p.c. P. 7 Do. do. do 13 Do Leeds 6 p.c ...10.1 '9 Do. do. Quarters ... 1.0 Do.YorkTl.& S. Par all North Staffordshire.. 100 Ox,Wo, *W.1516 pc si Do R. Pref. 10/. Sh. all Soot. Cent. ,New Prmi all South Devon 14 Do. fixed,4i per cent all S. Eastern (Reading Ann.) of £1 Os. 6d. 100 Do. 4?; per cant 100 Do. Fixed 4i p c esit 100 S Wales Gna. 4pe c all D,. do. 4l p. c all S.Yorksh.4p.c.Guar all Stock. & Dar., sp. c 15 Do. do. do, all Stock. & Hartl. g. E r. c. till July 1, '56 5 14i iWatertd.& Kilk.6pc 20 25 25 L 26 19i 130 95 - 97 94 - 98 11 - 13 133 -- 135 4i ... 41 ••• 1;i los ••• - ••• 12i -13 115 r ~>>~ _K 2~ 93 - 95 56 ai z 47 133 - 135 7i - 8 31i - 324 'CE SHARES. 118 - 117 90 9►4 -96 97 - 99 16 -17 000 '''. ON 51 -6, 107 -- 112 97 - 102 - 32i - - 13 ... ''''. ... 69 - 71 119 108 - 110 103 - 105 * - • so ••••• 6 - n; 95 - 97 88 - 90 89 - 91 98 100 94 10 16 17/ - 76 - 201 -10 A - 151. - $(1 - 138 ••• ..... ••• § - IP 135 - 137 95 - 97 87 - 89 1 ••• - ••• !10 - 1. —lO3 52 —94 la ld ..• 1 id 99 101 14t : iii 231 -23 t 98 - 100 - 10 ••• .... 4. if 1 iipl ..• = ••• 21 Bl,l MINES. all (i 47 oria all J Anglo Austria. Golf", ill ~Auglo Californian 7 Australian all Australian Cordillera' all A.vo p 4 l) 3adeu (Gl.Duchy of all Blvnar. Iron & eoa 14 British Iron 26i Rra:tilianliap.(issue. at 4'5 pm.) all Do. Cacaos & Cnia.b 15 Do. St. John Del Re , 4 - ilarendon Cons. Mm Co. of Jamaica all Oobre Copper ...... 1 Colonial Gold all Copper Min. of te ,c -all Do. Pref. 7 p. ear le ..„, 13 rtun:,, all 'lea( all GLlCuggetVcialtug all Great Poi :oath all Gt Wheal Vor United ail Liberty all Linares.. 1/ Lusitanian all Ffariquitr. all New Granada all Nouveat Monde all 'Port Philip Rock all Rhymney Iron all ; - )0. New 13 k4antiaw de Cuba.. 6s: Sort. Cons. Min. Co. :ionth Australian all Do. Scrip I Do. 10 per cent Prof 4A Tam. S. &L. Min. Co. Ein Croft... all United Mexican all Araller all West lqariposa 128. Worthing Mining of ustr:lia all 4 nhz.... ... . 1 14 21 31 21 2i 21 - 26 ip 63 - 65 30 •-» 35 25 . - 27 17 - 19 A - 1.1 - 16 1 - - i - i - 12 2 7 2 - 24 6 - 8 3.4 - 2i - 3 4 4 - 3i - MISULLLANEOM. 19 Australian A gricult. .11 A ns:,-raln. Royal Mail all Berlin Water Works ./C 43rit. American Land 32 Canada n. Go. e. am SL•7 100 Do. 6 p.c. Feb & Aug 100 Do. 6p. c. Mar & Sept i liryetal Fame all Do. Preference ail Crystal Pal. of France 4 Poston 'lron Ore 13 Eastern Steam all En.daus Cop Sm Co 100 lillectric Telegraph all Tlectri c Teleu. of Ir all Gen. Iron Sc Collier 14 lien. Steam Navigat. all General Screw Steam all Lond. Gen. Omnibus 10 Magdalena St. Navig all Viediteran. Elec. Tel. 9 Ifexican&,S.Arnericn. all Nat. Pat. Steam Fuel 5 Netherlands La ud..., I all Do. Do. 2 Do.BpcPissatldl 80 New B. dr N. S. Land all N. B. Australasian_ 15 Nrth. of European= all Oriental Gas 2s. Do. " New Shares" all Peel Rr. La. & Mint). all Peninsular& Oriental 10 Do. New 60 Royal Mail Steam all Scot. Austral. Invest Ditto New .... i all 1,7 1 4.-1 3 s t m .7. ft ra 11 , buc:.., Tel Li) • , !e.r, .1 \ 4 *4 Monatm'a Land 71(3°,6P.C.thajillir 29 - 31 5} - 6i 135 -137 111 -111 k •.• - ••• 5f - 5i .•• 11 2 95 - 97 3 7 is iO 5 1 -- 5i - lf - 2h R - ID i 18 - 22 - i 14- 14 - - 3k 65 67 3i - 4ip 72 - 74 lf - - fn :16 - 38 -- 1 1 14 16 ow 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 soma 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 Ellenborough, was negatived a 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. The 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 Whibh 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 bill he hoped, however, would go far to rem e dy th e ev il, w h ile i t wou ld disturbl 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 be desire that it should be allowed to invade that of England, but ought N to ew l:e i d e on h e ie to ep co ie r i re en ct the ie thoughtevils of tthhaet border this bill was highly calculated to reduce the evil com something system. 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 BROUGHAM, 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 comtnitted. Their lordships then adjourned at a quarter to seven o'clock. HOUSE OF COMMONS.—gEsTERDAT.) The SPEAKER took the chair at the usual hour. The following bills were read a third time and passed : —Antrim and Coleraine Roads ; Banbridge Junction Railway ; Dewsbury, Bat!ey, and Ileckmondwicke Water ; Eastern Union Railway ; Glasgow Court Houses and Offices, and the Glasgow Paving. SLIGO ELECTION COMMITTEE. The members elected to serve 6n 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 dvcontinue the playing of the bands in the parks on Sunday, and that was all he know of it. Lord PALMERSTON said he received last week a letter from the Archbishop of Canterbury, containing reasons why it was 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 would compensate for the evil of running 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 he 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 conies of the correspondence alluded to. THE DEFENCE OF KARS. In reply to a question from Mr. OLivkinA, Lord PALMERSTON said that, with regard to granting pensions to those officers who defended Kars with General Williams, there was no precedent for ex tending such marks of distinctionito them. ASSAULT ON MISS ARCHER. In reply to a question from 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 division, Sir G. GREY said that every inquiry had been made, and every facility given to Miss 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 bim 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 hands in the parks on Sundays. THE FIREWORKS. In answer to a question from Mr. LlNDslex, 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 the committee witha repetition of the statement I then made ; and I w ill 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 previoLs session, ani that the result, on C o m p ar i ng that excess and that defieiency, was that there would . be- an dch" - cienay for- the 'service of last year 3 it -100 , 0 00R. In order to °Ryer that kietciency, sub. 126 St. 25 Inn pm 13 70 i 102 91 102 1J i 64 3i 3 a I Int I I 131 11 Pm rik ale.M.ll. point of fact made some days beforo 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 be paid to Sardinia ; they felt that when it was a mere question of one 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 cumstances 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 expenses have considerably exceeded in point of fact the amount of the paymen'a 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 gallant manner in which the Sardinian troops have per formed their duty. I. will now proceed to state the esti mated expenditure for the year 1856-7. It is as fol lows : Gross. Expenditure. Funded. Debt, including New Loan .... Unfunded De'it . . . • Permanent charges on Consolidated Fun Army ........ . •......X28,717.000 Navy • • • • • 16,568,001 Civic........ •• • 6,,,00,C00 Charges of collecting the Revenue..." Vote of Credit • •• • • • • .... • • • Loan to Sardinia ......... .. • • . Total expenditure ..... 27,635,C0') 1,025,000 1,7)0,000 44,115,000 4,588,000 2,000,000 1,030.000 £•32,113,09G Net. 27,635,000 1,023,001 1,750,0iA1 44,115,000 2,000,030 1,000,000 £77,525,000 I will now state the charge of collecting the revenue, in order to obviate any objection which my hon. friend the member for Lambeth may raise. The charge for collecting the revenue is 4,558,0001. Leaving this out of the question, including the amouni; of expenditure to be provid e d f or , the one million for the loan to Sardinia, is 75,525,000/. That sum will cover the entire estimated service for the ceming year; but, as may easily be conceived, it is diffi cult, if not impossible, to make a correct estimate of the cost that will be incurred in transporting our army from the East, and defraying various demands which may arise 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 to make appliceeien—not because I have any reason to anticipate that the estimate will be exceeded, but simply as a measure of precaution—to the house to pass a vote of credit to the extent of 2,000,0001. That will make a total estimated expenditure, including the two millions as a c eatingeney, of 77,525,000'. I will now state the estimated revenue for the current year, and it will not be necessary for me to trouble the committee in detail with the estimates of all the different branches of taxation. I will confine myself simply to those taxes of which the rates have been altered during the war, those being. I apprehend, the taxes to which the principal atten tion of the committee will be directed. I will begin with the income tax. The income tax is continued for this year and for another year. (" Oh," and laughter.) It is conti nued for the present year during the existing law, and in dealing with the revenue I propose to confine myself entirely to the year ending lst of April next. The income tax is continued till that time at ls. 4d. iu the pound. The pre cise words of the act are, " During the prese n t y ear an d until the 6th day of April which call first happen after the expiration of one year from the ratification of the treaty of peace, and no longer." I therefore estimate from the in come tax for the ensuing year a gross sum of 16,355,0001., and a net sum of 16,030,0)01. I will now pass to the war duties on tea, sugar, and coffee. Those duties stand on a different footing from the income tax. They were to con tinue till the sth f April-12 months from the date of the definitive treaty of peace. The date of the definitive treaty of peace was the 30th of Starch, and therefore those duties will continue for ono year feom the 30th of March last, and until the following sth of April, that is to say for another ' year. The date of the treaty of peace makes the duration of those duties as short as it is possible. The duty on tea, ' which will continue under that act till the sth April next, is ls. 9d. per 15.; under the present law the duty will be, from April, 1857, to April, 1853, is. 31. per lb.; and after April, 1858, it will be fixed at Is. per lb. With regard to sugar the regulations are somewhat different. Common brown Muscovado is subject to a duty of 13s. 91. per cwt. till April, 1857. then the duty till April, 1858, is lls. Bd., and after that period it is 93. GI Coffee is subject to a duty of 41. per lb. afterwards. Now, with reference to the continuance of those duties at their present amount during this year, I will take the liberty of calling the attention of the committee to a statement which appears to me satisfactory, both in a fiscal point of view and also as regards the habits of the population of this country. In 1835 the quantity of tea taken for home consumption was 36,574,0001b5. In 1835 the quantity had risen—perhaps it will be sufficient if I read the millions—it had risen to 14,001,0001b5. ; iu 1852, to 51,030,0001b5, ; in 1853, to 53,000,0001b5. ; in 1354, to 61,000,0001b5. ; and in 1855, to 63,090,0001b5. (Hear, hear.) Therefore the committee will observe that, notwithstanding the increase of duty in the last year, and notwithstanding the various circum stances which might have led to a diminished consumption —*such as the increased price of food and higher taxation luring the war—the consumption of tea has continued to increase. Of coffee the number of lbs. taken for consump tion in 1835 was 23,030,000 ; in 1845, 34,000,000; in 1853, 33,000,900; and in 1855, it had fallen to 35,000,000; but still it is much in excess of the consumption in 1835. I wi:l now state the amount of sugar consumed, indicating, to a great extent, the same habits. Taking refined and un - refined sugar together, the amount taken for consumption in 1835 was 4,800,000 cwt. ; in 1852 it was 7,172,000 ; in 1853 it was 7,487,000; in 1851 it was 8,332,000; and last year it was 7,547,000. With regard to molasses, the quail, tits taken for consumption in 1835 was 763,000 cwt. ; and in 1855, 020,000 cwt. Therefore with regard to those arti cles of tea, coffee, and sugar, notwithstanding the increase of duties imposed during the war, the consumption on the whole has been in a satisfactory state, and indicates the advance of temperate habits. I now come to the articlo of spirits, upon which an increase' of duty has taken place during the last year. The duty on spirits in England and Scotland is Bs. a gallon ;in Ireland it is Gs. 2d. The spirit duties I believe were never in a sounder state than they are at present with regard to the relations between the three kingdoms, with regard to the drawback, and also as to the question of malt distillation. That is a subject which has always caused great embarrassment in the re gulation of the spirit duties. The committee will, I think, concur with me in thinking that we are justified in the present state of the revenue in obtaining from spirits as large an amount of revenue as they will yield, provided we do not incur the danger arising from illicit distillation. Perhaps the committee will allow me to read the opinion of a writer on that subject, in whose school of finance I con fess I am not a disciple, and whose evidence therefore I am the more ready to avail myself of. I mean Sir Archibald Alison, the well-known historian. He has filled a judicial office in Glasgow, and has had an opportunity of observ ing the operation of the spirit duty. lie says— " To assert that the increased consumption of spirits by the working classes is favourable to their morality is so strange a doctrine, and so contrary to universal experience, that it ap pears almost inconceivable it could have been hazarded in any intelligent assembly. Since the duties on spirits have been reduced a half, the consumption of them has been increased above 200 per cent., and the proportion consumed per head advanced in the same proportion—facts which go far to ex plain the contemporaneous duplication of crime during the same period. As to the cessation of demoralisation by illicit distilla tion and smuggling, it is areal benefit, but it is dearly purchased by the wholesale demoralisation of so large a part of the working classes by the facility of obtaining ardent spirits. There is more crime, domestic unhappiness, family feuds and social demoralisation produced in Glasgow by cheap whisky in one month than ever was by smuggling over all Scotland in 10 years. There is no person practically versant with the details of both, as the author has been for 20 years, who will maintain a contrary opinion. There is no such fit object of tax- :Won, in an indirect form, as ardent spirits, because the ad dition which the increased duty makes to the price of the article, when taken in moderation, is so small as to be trifling even to the humblest consumer, while the addition to the public revenue is immense, from the vast numbers who par take of the comfort. It is on the drunkards alone it falls as a serious burden." Hear.) Such aro tho opinions of a man who, havins . paid much attention to the ;abject, deliberately gives hissuf frago in favour of a moderately high duty on spirits. I will now refer to a similar comparison to that which I in stituted in respect to tea, sugar, and coffee, and it will be seen that when appli , :d to spirits and beer it produces a different result. That result is not so favourable in a financial point of view ; but I am sure that it will be heard with unmixed satisfaction by those who consider the moral habits of the population. In 1335 the quantity of British spirits consumed was 24,710,203 gallons, in 1845 it was '23,122,538 gallons, in 1852 it was 25,200,879 gallons, in 13 3 it was 25, 021,317 gallons, in 1854 it was 25,883,534 gallons, and in 1855 it was 21,957,275 gallons. Now, lest the committee should think that that diminution is owing exclusively to the duty and not also to the improved habit': of the people, I would call their attention to a similar comparison with respect to beer. In 1835 the total quan tity of beer consumed was 16,330,010 barrels, in 1845 it was 14,925,113 barrels, in 1852 it was 16,766,285 barrels, in 1853 it was 17.181,033 barrels, in 1854 it was 16,136,893 barrels, and in 1855 it was 15, 181,5; - 0 barrels. The con sumption of boor, therefore, has remained very nearly stationary since the year 1835. There is another cause of an accidental nature which produced some effect on the produce of the spirit ditties in the year which has just passed, and which may continuo to operate in the pre sent year, which diminishes the duty; but which is never theless, an advantage to the spirit trade, and which in creases also the demand for articles from which .Briti. , 3ll snirits are made. I allude to the failure of the wine crop abroqd for several years, and to the consequent diminution in the quantity of brandy produced on the continent. That diMinutioia has led to a large increase in the export of British spirits to the:continent; and that export, of course, raises the price of spirits in onr market, although it pro duces no benefit to the revenue, inustrittch as spirits expor ted to the continent are either exported out of bond with out duty or entitled to a drawback. In 1353 the total quantity of spirits exported from the united kingdom to foreign parts was 931,210 gallons ; in 1851 that quan t i t y had risen to 749,959 gallons ; and last year the quantity had increased to no less than 4,26'4,697 gallons. That large quantity exported 'must have produced a consider able effect on the home trade on spirits. I now come to the article of malt. Tho war duty on malt differs both from the income tax and from the duty on colonial produce. It was continued during the present war and until the f.ith of July next after the ratification of a definitive treaty o f peace, and no longer. That duty, therefore, will cease nearly at the earliest period at which it was possible that it should terminate, inasmuch as the ratifications of the treaty of peace were exchanged in the present quarter, and the July first ensuing falls at the end of this quartet. The war duty is 4s. a bushel, and it will fall on the let of July n ex t under the present law to 2s. Bd. a bushel. This, however, does not measure the entire loss which the revenue will suffer in consequence of the reduction ; for it will be ne cessary, in accordance not only with former precedents but a l so w ith equity, to allow a drawback on all stocks in hand ; and that drawback is estimated by the most ex peri.mcelt officets as likely to amount to a sum not very far Biwa of 1,030,000/. That repayment will have to be made during the present year ; and we shall, there fore, lose not only the increased war duty on malt from the lit of July next, but we shall also lose pro bably not much less than 1,003,000/. in the repayment of duty upon stock in hand. With regard to the malt duty, it must be admitted that the falling off in the oonsumption appears to indicate that the pressure of the duty has to a considerable extent affected the consumption of the article. Some effect, no doubt, is to be attributed to the price of barley during the last year ; but I think that the figures which I am about to read to the committee will show that, perhaps, the diminution of duty which will take place, un less it ph , uld be arrested, will net very materially increase the consumption. In 1835 the quantity of malt brought jute charge in this country was 45,8j2,051 bushels; in 1845 that quantity had fallen to 36.545.990 bushels; in 18 - i2 it was 41,071,633 bushels; in 1853 it was 41,9',32,178 bushels; in Mi it NM 3L>,512,727 burjiolsi and 411655 it WM 33,579,381, bushels. Now, although it is tree that the duty on malt has an 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 law, as nothing more than a beer duty 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, 18'!8, and 1829, was 7,192,1741. The beer cluty alone produced in 18273,200,9021.; i n 1828, 3,294,6971. ; and in 1829, 2,989,661/. That duty was repealed in 1329, an d it has not since been reimposed. In 1831, i 832, and 18f;:3 the average produce of the malt and hop duties, which were the only two duties which then fell upon beer, was 5,01 1,911/.,as compared with 7,192,474/. in the three preceding ' ' years. Du r i ng th e last three years the average produce of the two duties of malt and hops has been 6,530,8861. a-vear... 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 7,193,4741., whereas in ehe last three years it has only. been 6,530,886/. Including the warduty therefore on malt, beer has been in the last two years a more lightly taxed article than it was in 1827, 1328, and 1829. There is another pAnt of view in which the duties on beer and on spirits may be compared, whh:h certainly favours the assumption that the duty on malt is not excessive. Unquestionably, if the duty on , pitits can be considered reasonable, the pre sent duty on beer must be regarded as altogether insignifi cant. The price of abarxel of beer may be taken at about 335. The quantity of nanit used in making that beer pays a duty of about 6s. 4d., and the hops pay about 4d. The duty, therefore, upon a let rrel of beer may be taken at 6a. 81., the proportion of the duty to the price being about 25 per cent. Now, the price 'of a gallon of plain spirits is about 10s, Bd. The duty thereon is Bs. ; so that the proportion of duty to price in the cane of spirits is not less than 300 per cent. This comparison certainly shows that, as con trasted with spirits, beer is subjected to an extremely mo derate tax. I will now revel 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 : Gross Estimate. Nat Estimate: Customs . £23,850,000 £22,524,000 Excise .. ..... 17,170,000 16,348,0(0 Stamps Lands and assessed taxes..... 3,110,000 2,950,000 Property and income tax..., 16,3.55,000 16,000,000 Post-office .. Crown lands . ..... 260,000 260,000 Miscellaneous ~. 1,000,000 1,000,000 Total £71,740,000 £67,152,000 Then, deducting the total es 4 imated revenue from the total estimated expenditure—incl u ding the margin of 2,000,0001. which I stated that I should usquest 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 r •eceived in the present year as the produce of the loan of 5,,000,0001., which was effected a short time before Easter ; anti that makes the estimated deficieneyB,B73,ooo/.; or,om itting the margin of 2,00 J,OOO/„, it leaves the real estimated, deficiency at 6,873,000/. ; or, adding the 2,000,C.03/., whi‘th wepropose as a vote of credit, the estimated deficiency wi l/ be 8,873,0001. 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 public in• come 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, as 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, determined to propose no change in the present taxation of 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. Th e 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 Console. The reserve price fixed by the Government was some what less being 1071. 10s. 7d., or equal to Con sols 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• dance is deservedly placed by a large portion of the com munity. Baron Lionel do Rothschild informed me this morning that the deposits in his hands, sent by persons desirous of obtaining a share in this loan, amounted to ts, sum of not less than 4,000,0001., th e whole of which was transmitted either in Bank of England notes or in gold. The amount thus subscribed in actual money, being dee posits of 10 per cent. on the loan, represented a capital of 40,000,000/. (Hear, hear.) This fact .1: state on the authority, and with the permission, of Baron Reths• child • and I believe that th e committee, on an examine tiou 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 bad 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 ne gotiating a loan on the terms and in the manner which I have described. (Hear, hear.) But this loan will no t cover the entire estimate:l deficiency of the year. Omit ting for the present the margin of 2,000,0001. for contin gent expenses, the estimated deficien c y f or th e year i s 6,873,0001.; thus leaving, beyond the loan of 5,000,0004, an estimated deficit of 1,873,0001. This sum I reckon in round numbers at 2,000,0001., 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 2,000,0001. 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 200,0001., 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 advantageous to the holders. The great increase in the amount of 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 20,124,0101. ; 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 bands 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 15,121,00 N. 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 resume the 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 erewed— the increase being allowed to remain, while little has been done in suli4equent years towards its diminution either by the operation of a sinking fund or otherwise. However, we cannot but observe with satisfaction that out present position, as compared with the state of our debt at the end of the last war, is not a disadvantageous one. I will trouble the committee, as the subject 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/. ; on the sth of January, 1856 , it was showing a decrease of 49,533,310/. Th a t de crease 7 66J78 1; 11 5 5 99 taken 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 diminution 43, 939 , 708/. ; on the sth J an. l ast it was 26,614,200/ , show of unfundedt i h n e the t,ond ed a . debt t the IDrg,3t7s,dse9cBrle.aseThinthe capital The total unfunded debt since the end of the last war is 66,858,848'e LA us now see what h c ange has taken place in the charge of the debt. On the sth Jan., 1816, the charge of the funded debt was 30,4)8,204/. ; on the sth of January, 1856, it was 27,275,763/.—showino• a diminution of 3,182,436/. With regard to the unfunded debt, the chalgo on Jan. 5, 1816, was 2 ,323961/. ; on Jan. 5, 1856, it was no more than 99 3.7691., 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 4,514,6311. 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 fellowing years, and which will have to be met out of the revenue of the country. Next year-1857 —there will fall due Exchequer bonds to the amount of 2,000,0001. In 1853 there will fall duo Exchequer bonds to the same amount., end a sinking fund for war loans to the amount of 1,500,0001., making a total of 3,500,0001. The accruing liabilities will be the same in 1859; but in the following year —lB6O —the Exchequer-bonds falling due will be 1,000,0001., and the sinking fund 1,500,0001., making the total amount 2,500,0001. From 1861 to 1873 there will be au annual payment of 1,500,000 1 . 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 much are our accruing liabilities, there is one topic of con solation which I am happy to be able to put before the committee. In 1860 annuities will 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 iu our pesition7yiL., to raiiit a aupila mow) by taxaticw, ►7a ey. Fbill i the horo nevi ? ;her n es• se• And leer 20 I 1 to I t ?,0 I& 3] ac 1: tO; I ,V /0 I 1 to I ai 40 al 11) AI tO %1 FOR :GN. 96 1 724 72 2 2t 238 I 22i i 12R I 12i f 71 I 16i 19 811 i 34 , 32 42i i 111 i 61 e 18 4 20 10 LOO 1 1 25 1