The Sun. — London, England, 1850-03-16 00:00:00

THE SUIT of all taxes the most obnoxious was the tax on marine insurances. It was a tax which, though not of large amount, pressed on every It hipownir, and might, he thought, without nny serious loss to the revenue, have been repealed.— (Ikar.) Ile had no wish to yrotraei the present dicustien. He accepted the admission made by the Right Hon. Get tleman as to the agricul tural distress, but he should regret if the Government were led to believe that the two remissions of I axatitn proposed would be acct pted as a satisfactory settlement of the question which now agitated the country, and which would continue to agitate the country, till the policy which he was willing to imagine the Right Hon. Gentleman was not averse to was adoptcd.—(Hear.) He thought he might assume that the Right Honourable Gentleman was not averse to do justice to the agricul tural interest, for he had several times IN peated Li N ov nil benefit could arise to them as long as the 11,, 0 t' system o f conveyanc i ng con ti nue d. His Right tit)QB Friend said that if they voted these large redue le 0 1 , 8110 1 as the tsa duty and the window tax, they sr i, ;-t rivet the property tax for ever.—(hear, hear.) th at rePerty-tax was rivetted for ever, and be rejoiced th st i" "was so. In conclusion, he rep, ated his hope that "At, rtaxes would not be reflect e 1 to rem ann on the w n'llook after a peace of ty-five yeare, aid that Vin e e °tl . 4l put their system of taxation on some intelli k Isla—Meer, hear.) the o r i t: TO would not have risen, had it not been for se s k s ",aervation male by the lion. Member for War terstere, that the free-trade policy of late years had hie a to the degradation of the working classes. He Plasm hiss acquaintance with those classes, and had he st\ t he greater part of his life among there.—(Hear, to ts ) He felt that the debt of gratitude which ens due tto,1": Gevernment for the che 1p supply of food which II ? tr ead obtained for the people would be appreciated it,443:118r0 generations, which at the present mom' nt hey s , ee aaed to forget. Ile thanked the Government tocerely for the renaiseion of the brick duty.—(lro asi _cheers and laughter.) There was a time when he rt interested party in this question, but at the pre- Il so r was non—(flean hear.) He could assure Hon. the, w e raell that he telt that remission only as it affected el sty eh-bei ng of the working classes. Ile knew of no Pes s ° , f s srnall amount which could tend so much to im ths es ,'ee dwellings of the lower orders. He hoped that slit Government would follow in the same track by sub kelt u g a house duty for the window tax—one of the hie sd ti e nPoPular taxes through the wnole length and s is ta sf the land. )11.0r. DRUMMOND was Nary thankful to the Right his tl , r aMe Chancellor of the Exchequer for what he tn o ren them. He had no cause to complain of him % h et', and only wished the Right Honourable he q i nast had used the same arguments last year, when . r . Drummond) brought forward his motion, for In n h 'Oat Honourable Gentleman had in fact adopted o k Zone of the recommendations which he made on that htt na l°ll . No doubt his ideas were put in much better stl',3 age, but still in the speech of the Right Honour es, the Chancellor of the Exchequer he saw, as it It s. ',his own image reflected.—(Hear and laughter.) St ar k 'auning once said that nothing was so false as 're ti e s excep t f aces . Honourable Gentlemen were ever s,4,4lgl9 referring to Mr. Ilu , kisson and Adam Smith. w il if there was aly one point on which Adam Smith ths , b i mole strongly than on another, it was this — of 01 6 V4lllO of the home market was far beyond that An t C foreign market.—(Hear, hear.) This was the hs hitrae, since he had had a seat in that llouse, that lee o s4 heard a recognition of its ealue. It might have N o . 14 pato, but out of the mouth never did it tliir.(ilear and laughter.) His motion last 3 ear had ,8 object to remove taxes from the poor to the rich. Or o ßight Honourable Friend had deseaoted on the evil es t , it ur , system, which tended towards the creation of 1% 4 11 at the expense of the comforts of the labourer. Ye s , Was the very point which he had maintained last la ki , and for maintaining which his Right lion. Friend hiti e l l ' el d him he was verging on Socialism. — (Hear, and itte„' le r•) He was told that under the system which he te .l l /( t ) tted they would gradually arrive at a point where see i l e ° ll would absorb capital ; and when he urged that Ilst t 'rting should be done t )wards reducing the national hi s ,2°Y corning into the market and purchasing up stock, tei o llonesition was treated as too trivial to be enter hared " Of what use," it was said, "is it to save a few li kk r eds of thousands?" His Bight Hon. Friend had to t• he of the income tax as being rather an advantage labouring classes. Why then did he lay it down hs t tempo rary tax ?—(Elear, hear.) The Right Hon. eoet, th e M em b er f o r Tacuworth, had always been 4teased of a little dishonesty in proposing it as tempo , for h e k new f u ll we ll from his inmost soul that it hareswould be repealed. He knew they would always en s : to pay it and he (Mr. Drummond) was, so far from te e ,,rding from him, desirous if he could to put an end ie tt "te excise on malt and substitute a property tax ;,a 1 - Oh, ob," from Mr. Brotherton.) It was de,, e ,rY well for the Honourable Member there who he geed say, hardly knew the taste of it.—(Laus,hter.) Ile ti lt 'et' to shift the tax from the beer-drinker to the tn t aPagne-drinker.—(llear, hear.) Ile wanted to let tr ee W hich was a necessary of life to the labourer be as o e as corn. Oh, yes, it was very easy for men to rle twaddling out of the Committee-roems and talk e t t "rePsrance.—(Loud laughter.) When Major E i bdess went down to his own native country his friends lained how pale and worn he looked. " Oh," said "some good Shropshire ale will soon set me up an t e" That was the thing to which he trusted, and s t t o any temperance society.—(Laughter.) Ask the th ele ultural labourers themselves what they thought of Matter. Ile did not deny that the removal of the h she matter. on bricks was important, but still it went a very ttle (14, este'. The case of the agriculturist was much more so 4 lvantag e ous than that, of the manufacturers. He asked thY Manufacturer of cotton whether he would consider th e he bad true free trade in that article, if there was s4 ' e Prohibition of a very heavy duty on it And yet e ls r was the case of the agriculturist, as long as they C i ntained the malt tax.—(Hear.) The farmer was et Ilt e par with the manufacturer. For instance, sph farm er could not mix peas and beans with his e se t at) but the miller could and did.—(Hear, hear.) He e h 'el not mix bone-dust with his flour to make bread, ti t !' the baker did.—(Laughter.) There were a thousand bo at of this sort. He could not mix cotton with wool, l td not stocking-maker and flannel-maker could. He btt i IQ not sell oak hark for jesuits' bark to hospitals, but e druggist did. He could not sell quassia for hops, put honey into his tie instead of malt, as the ta wers did in Scotland.—(Renewed laughter.) In no o e of these instances could the two classes be said to be h par. He did not mean to say that the agriculturist th l !" a bit more honest, or that he would not do the same i ns if he could; but he could not, and therefore was ket l eg 0 , 11 a par with the rest of the co mmunit y .—(Loud s o ngnter.) For this reason he was e n t itled to more th a siderations than other persons. The manufacturer, e Momsnt the raw material came into his hands, had hettogether in his power. It was not the same with the t Mer• From the moment he put the corn i n to the k ro end until he sold it, it was liable to every vicissitude t h .elimate, animals, vermin, birds, and all sorts of ill g 9 , over which he had no control whatever. He s! l4 very glad they bad got what they had, and only I:hed they had got more; but he supposed they must content.—(Hear and laughter.) Mr. FRENCHcomplained that Ireland would derive n bs'lY little benefit from the proposed reductions. He had e e ° P s ed to see some of the surplus applied to the promo b of emigration in those districts where there was a se ll geetion of the population, and checking the emigra tion from other places of the bone and sinew—cf the 1 3 : 4 1)ital and industry of the country. Ile should also tha t been gratified to have seen some such measure as s e t t proposed by the late lamented Noble Lord the ember fir Lynn, for the promotion of railways in Ire- Is nd. A more unfortunate selection could not have been de, as far as that country was concerned. Lord J. MANNERS— "'Tis when we suffer, gentlest thoughts Within our bosoms spring. And who shall say that pain is not A most enlightening thing?" certainly deeply regretted the cause which had so 5 5 ,4 kept the Right Hon. Chanc ell o r of the Exche q uer 1,:al them, but he could not help thinking that, had he h NI present at the debates whic h had taken p lace, and 'tern th e controversy which had been carried on, they afield not have bad a speech so remarkable far calm — jalour as that which they ha d listened to that i'Zght, and, as had been already obse rved, it was 1 1; ( ' first speech delivered by any Member of ir Goverment in which a full and fra nk admission had f's, a made of the existence of agricu ltural distress.— h y'entr, hear.) Nor was there any attemp t, as far as he i n e etembered, on the part of the Right Hon. Gentleman di Tidily that distress. The only point on which he 'ffered from him was on his unlucky recurrence to that / i t alortunete system of prophecy which lie thought the 'gift Hon. Baronet the Member for Ripon had for ever „ fi slPelle I. But the Right Hon. Chancellor of the Exche een not having beard the speech of the Rig ht Hon. Zaronet last night, had endeavoured to cheer the de• pressed spirits of the agriculturist s by te llin g them, as s la had often told them before , that t he p ressure was onl y 34porary, and though he was obl i g ed to admit that all ih4 previous prophecies had been falsified, he still invited Vern to expect bettor prices in time t o come. His Hon. . 4 tend the Member for Warwickshire had, however, sh own most satisfactorily that t h e data on which he r ested his conclusions were entirely erroneous. If any It tlditional arguments were wanted, they would ;be fo und 'a th e last circular which cane from Egypt. He had seen o de the other day from Alexandria, dated the Bth of last "inth, which gave the price of wheat at that moment il l tho freight to London being es. 5 d. , and to tverpool at 73. quarter, and win at might at '''' t hat time be shipped from Alexandria and be laid down t a profit in the port of London at 281. a quarter. Look at American prices in the various ports of the United 'Ames, Within his own knowledge during the last t hree months wheat flour had Leon shipped fr om New York to Liverpool at a price , not of es. but of 13 d. a ? asst. Under these circumstances what re.ison could t he Right Hon. Gentleman assign for telling the agri culturists of this kingdom that they might expect a per teenent rise in the price of corn ? Ho believed, how ever, that portion of the Right lion. Gentleman's speech Would not have the least effect upon the minds of the Pt ople, end he heartily hoped it might not, and that they I veuld not be deluded into any extravagant experiments, er induced to invest their capital on the soil on the faith of the statement of the Chancellor cf the Exchequer. The Noble Lord the Member for Middlesex had drawn la true picture of the result of extravagant import duties in stimulating the smuggler. But why e as it necessary to keep up these extras aeant duties on tobacco and tea? "imply because of the system which depressed the agri cultural interest, and would, if permitted, ruin every Meat industrial interest in the country. The Chan. ( teller of the Exchequer could not reduce the duty e ° ll tea and tobacco, because he declined to acce p t an y oei American flour aad Holstein heifers. He could Dot think his Right Hon. Friend east serious when he Invit,d the agricultural interest to accept his two boons a 5, a satisfactory settlement of the p endin g q uestion.— Itieer.) Ile would remind him of t he ar g ument which 'e applied to the greater proposition of his Hon. Friend t he Member for Bucks—namely, that t he p ro p osed re auction would benefit the towns in the proportion of eleven to nine as comoartd with the agricultural interest. -- --(Eleer, hear.) Ile hoped, however , whe n the p ro p osi l lon was submitted to the Howe in a practica l f o rm, his Hon. Friend would submit to them an analysis of t he respective shares of the agricultural and urban po tulation in the abolition of the duty. — (l lear, hear. ) Vith reference to the statements as to the general pros kritr, hie Right Hon. Fr . end expressel no inconsider able amount of surprise at the anxie'y manifested on a r ecent occasion, on the part of the shipping interest, for fl reduction of the duty on timber. The fact was, how "et* it might be disguised, that the shipping interest was I nq in so prosperous a condition as had been represeated. "Mall as that boon was, the shipping interest pressed for It bad been pretty generally admitted last session that conviction of the great importance of raising in our ow❑ country the bulk of food necessary for the people. — (Hear.) Ile could, however, assure the Right Hon. Gentleman that the agricultural interest would never be satisfied with the propositions he had made.—(lT ar.) Mr. MUNTZ congratulatel the House and the Chan. cellor of the Exchequer himself on his re-appearance among them, but he could not congratulate him on the subject of his budget. Ile was at a loss to know the amount of the surplus, and how it was to be ob tained. The Right Hon. Baronet had made a comp rison with one of the very worst years, and he thought it doubtful whether the Right Hon. Gentleman would really obtain any surplus from incr eased revenue. In tact, the surplus seemed to arise almost wholly from the refusal of that House to grant the supplies asked for in the first instance by the Government.—(Hear, hear.) The Right Hon. Baronet would have acted more wisely —when there was so much doubt about a surplus—if he had not proposed the remission of any tax.—(Hear.) He perfectly agreed with the hint thrown out by the Noble Lord the Member for Middlesex as to the tuxes _ city of revising our mode of taxation. If something were not done in this respect, instead of the boasted surplus, there would be a lamentable deficiency.— (ilear.) When the Right Hon. Baronet the Member for Tau worth proposed the repeal of the corn-laws in 1846, he warned him that if he did so, with the present !Ilona try system, he would be obliged to impose a pro pert)-tax of at least 25 per cent., if he wished the into rest on the public debt to be paid.—(Hear, ht te.) He did not object to a bona fide property-tax. At pre sent they were casting about for means to make both ends meet. Some proposed to abandon the colo nies. Hon. Members conversant with ancient his tory needed not to be reminded that both Greece and Rome first began to withdraw support from their distant possessions, when affairs at home were unprosperous, and their greatness commenced to decline.—(Hear, hear.) Was this country about to adopt a similar policy?— (Hear, hear.) Ile admitted that the colonies, under the present system, were not worth a farthing, and that the sooner they went perhaps the better; but we could not well desert them.—(Hear, hear.) Hon. Gentlemen were fond of talking about unbearable taxation. Now he re collected a time when the taxation was double what it is, yet every man was then able to get a good livelihood, and looked with horror at the workhouse.—(Hear, hear.) It seemed to be quite true what was said the other day, that the rich were getting richer and the poor poorer.— (Hear, hear.) They had heard talk of a saving of 90,000,0001. All he could say was, that on the present principle every reduction in prices was an additional pressure on the industry of the country.—(Hear, hear.) It had been said that the pressure would be removed by an alteration cf prices; but if prices were to advance, of what use would the repeal of the core.-laws be?— (Hear, hear.) He had voted for the repeal of the corn laws in order to reduce prices, and almost with the knowl, dge that it would do so. His present convic tion was, that there could be no improvement in prices, but, on the contrary, a further reduction.—(Hear, hear.) The present prices were, indeed, the average prices of 99 years of the last century. It was said by some that they were only temporary. He bad this week met with one of the partners of one of the first mercantile houses in Copenhagen. In conversation this gentleman had in formed him that in consequence of the throwing open the ports of this country, hand in Denmark, which had been hitherto uncultivated, was now brought into culti vation, and that the people were improving their land with the view if raising grain for the English market.— (Hear, hear.) His informant further stated that they could supply 2,000,000 quarters of corn for this country at the present moment, and in a short time 3,000,000 quarters.—(Hear, hear.) The present price of wheat in Denmark was 26e. a quarter, and oats 10s. It seemed 265. did not pay them, but they would be satisfied with 280.—( Hear, hear.) This same party had chartered two vele4els at Leith to bring over corn from Copenhagen at 2s. 6d. a quarter, and suppose other charges amounted to 6,1. a quarter, 293. a quarter would be the cost of such corn in this country.—(dear, hear.) Ile told them these facts exactly as he had heard them. Upon what prin ciple was it then that they expected prices to ho higher? In his opinion, if they wished to be able to carry on the Government, and to pay the interest of the debt, they must revise their mode of taxation, and make property, instead of industry, bear the bur& n.—(Hear ) Mr. SANDARS would not nave troubled the Commit tee with any remarks but for what had fallen from the Hon. Member for North Warwickshire. He thought the Hon. Gentleman had rather understated than overstated the cost of freight from Dantzic. With respect to this subject he was never more surprised than when ho heard the remarks of the lion. Member for Westbury the other night. Since then he had received letters from various parts, expressive of astonishment at the statements made by the Hon. Gentleman.—(llear.) The Hon. Gentleman had stated that the price of bringing corn from Dantzie to this country was 6s. a quarter. He did not dispute that from _Dantz;c to London the cost might be 3s. 9d., but then it ought to be recollected that there was also some expense in carrying corn from the different parts of this country to the London market.—(Hear.) At the present moment corn could be brought from Denmark or Ham burgh to London for 2s. a quarter; but the cost of car riage from Boston and other pot is of this country to London was of similar amount. The Hon. Gentleman, when he alluded to the prices of the last ten years in the foreign markets, ought to have recollected that during that time protection existed in this country, and that no conclusion could be drawn there from as to the prices for the next ten years.—(Hear.) The Hon. Gentleman had also stated that the price of wheat at the present time at Odessa, put on board, was 325. a quarter. He had letters from Odessa, and it was quite true that the price was 325.—(. Hear, hear," from Mr. Wilson)—but that was regarded as temporary, and the lion. Gentleman ought to have stated that con tracts were entered into for the finest wheat at Odessa at 265. a quarter.--(Hear, hear.) He had stated over and over again that, under the system of free trade, wheat could be grown in this country for 355. a quarter. He was not surprised at the price of wheat. Only this week the house to which he belonged had male contracts for the finest Pomeranian wheat, to be shipped at Ros tock and Stettin, and to be laid down in this country at 335. a quarter. He had been assured by all the foreign merchants he had corresponded with on the subject that they would be able to supply any quantity of wheat if prices in this country remained somewhere about 355. a quarter. The fact was these merchants had no other market, and whether they could afford it or not, their supplies would come to this market. He was greatly surprised to hear so great an authority us the Right Hon. Baronet the Member for Tamworth allude some time ago to the increase of corn imported in 1849 to the extent r. f some 5,000,000 quarters, and expatiate on the increte e 1 comforts thereby given to the poor. He thought the Right lion. Baronet mutt have overlooked the very deficient harvest of 1848. Nut loss than 3,000,000 quarters were required to make good that deficiency. In that year 700,000 quarters were exported from this country to Ireland, instead of Ireland sending to Eng e: it usually did, about 1,000,000 quarters. S) that these 4,700,000 quarters must be deducted from the es timate made by the Hight Hon. Baronet of the increased consumption of corn in 1819.—(Hear.) li© regretted —and he stated his regret in his place in that house-- that they had not imposed a moderate fixed duty on foreign corn.—(Hear.) The Hon. Member for the West Riding hail taken hiM to task fir what he had said last car on the subject. He was not now recommending a fixed duty of 55., but ho maintained that such a duty, for the purpose of rer entre, would not enhance the price of corn to the consumers of this country; and as the time might come when it would be desirable to impose such a duty, he had only to say, that he should if ever proposed, cordially support it.—(Hear, hear.) Mr. J. WILSON saitt, that he had on a former even ing estimated at 16s. a quarter the cost of transporting corn from the interior of Prussia to the markets of this country; but he had not said that that would be the cost of carrying it from the port of I)antzic. The Hoe. Gentleman who had last addressed the House had said that the price of corn on the Continent during the last ten years could not be taken as a criterion of its proba ble price during the next ten years, because prices would be depressed on the Continent in consequence of the re peal of the English corn-laws. But it appeared to him (Mr. Wilson) that the opening of a new and a large mar ket must in that case, as in every one of the same cha racter, have the efiect of raising instead of diminishing prices. The lion. Gentleman had also said tha t the imposition of a fixed duty on foreign corn would not have the effect of raising the price in this country. Now, if that was so, what benefit, he (Mr. Wilson) would ask, could such a measure confer on the agricultu rists?—(Hear, hear.) Mr. G. BANKES said that the Hon. Member for Westbury (Mr. Wilson) seemed to forget that the repeal of the English corn-laws might depress the prices in the Continent by encouraging the agriculturists there to grow corn on a greater breadth of land than before. It appeared that in Denmark lands were being broken up for the purpose of growing corn for our mar kets—(Hear, hear) —and such a fact would naturally contribute to the diminution of the price in that country. Tice 1-tight Hon. Gentleman the Secretary-at-War had told them the other evening that the agriculturists were at present enabled to obtain their seed and their labour cheap; but that was the very fact of which they most complained. The Right Hon. Gentleman bad alluded in terms of jecularity to the distress in the agricultural districts. Bat he (Mr. G. Bankes) could assure the Right Hon. Gentleman that that distress was a serious matter; and although he and his Hon. Friends had felt compelled by a sense of duty to grant the sums neces sary for the national establishments, it was not without pain and hesitation th .t they had Leea induced to vote large sums which should be raised from the people. They were determined, however, that retrenchment in some quarter or another should take place, and that be fore the end of the session. —(Hear, hear.) They would no longer continuo to enjoy the confidence of those whom they represented if they (lid not show that they were sincerely impressed with the dangerous condition of the country resulting from the distress of the agticul turists. Mr. MACGREGOR said he was astonished to find that lion. Gentlemen opposite were not satisfied with the proposal of the Right lion. Gentleman the Chancel lor of the Exchequer, because that proposal had mani festly been framed for their especial benefit, lb had LONDON, SATURDAY EVENING-, MARCH 16, 1850 THE UNITED GUARANTEE AND LIFE ASSURANCE COMPANY. The first minuet general meeting of the Shareholders in the United Guarantee and Life Assurance Company was held yesterday at the offices in the Old Jewry; the Right Hoe. Lord Erskine, chairman of the board of directors, in the chair. There was a very full a tend• ante of proprietors. The advertisement convening the meeting having been read by the Secretary, JAMES KNIGHT, Esq., the com mon seal of the company was affixed to the register of shareholders. The CHAIRMAN then addressed the meeting t o the following effect:—Gentlemen, the duty devolves upon me of offering to you a few Ten:miles upon the pro gress and the actual position of the affiiirs of this exce'- lent company. The report which will be shortly sub mitted to you gees so fully into the position of the com pany, that it is almost superfluous for me to detain you with any observations of my own; but I have not myself had any share in the preparation of that document, and I can, therefore, the more readily bear my testimony to the care and ability with which it has been drawn up.—(Hear, hear.) It is short, clear, .and succinct; but still I am bound to confess that, clear and short as it is, it only gives you a glimpse of the very pros perous condition of the company.—(Hear, hear.) Gen tlemen, there is, then, only one remark that I feel called upon to address to you, and that is with respect to the state cf our policy bueiness.—(Bear, hear.) All who have applied have not been accepted, but it was not to be expected that they should, for, considering the very short time that our society has been in operation, it is really remarkable that we have had se many effets made to us.—(Hear, hear.) The policies applied for have amounted in money value to no less than 171,6191., of which we have accepted 105,0471. — (Hear, hear.) It may be said that the business of the company has been conducted with extreme caution, but I certainly think that too much caution cannot be practised.—(Hear, hear.) It is difficult some times to estimate where safety exists, and I make that remark without being at all invidious, or in the least questioning the credit of the parties who have been rejected. It was not on account of their re putations that their offers were refused, but because we felt that they were entering upon employments which were more or less of a dangerous and tempting character, and we therefore did not choose to run the risk of deal ing with them.—(Hear, hear.) There was a time when I might have been sanguine enough to consider this extreme caution quite unnecessary, but I have now arrived at an age when I feel and belies e that in the management of a society like this the utmost caution ought always to be exercised.—(Hear, limn) I have attended every board meeting but one, and 1 can bear testimony t ) the zeal and attention which the directors have paid to your affairs.—(Hear, hear.) The result of that attention is seen in the report, and although at first our business was net very extensive, yet in the last month the offers and acceptances have nearly doubled what they were before.—(Hear, hear.) We have, therefore, every right to congratulate ourselves upon the prosperity of our youthful society.—(Hear.) I do not know that it is necessary for me to detain you with one single observation more, but I cannot allow this opportunity to pass without directing your attention to the zsal and ability which my ex csllent friend, and our most highly useful secretary, has employed in your behalf.— (Lie ir.) lie it was who prepared our report—he it was who drew up our pro spectus, and, above all, he it was who wrote a pamphlet in support of our institution ; and, notwithstanding that, he sits next to me, and is present here to-day. 1 feel 1 should be wanting i n m y duty to you if I allowed any false delicacy to prevent me from paying him that tribute of respect and esteem which his industry, zeal, and talents entitle him to at my hands.—(Cheers.) Nor can I permit this meeting to pass by without saying oue word in behalf of the medical gentlemen who have assisted the board in the discharge of its functions.—(Hear, hear.) Those gentlemen require little or no commendations from me—their ability and reputations are too well known to need it, and it is nothing more than an act of courtesy for me no w to acknowledge the zeal and ability which they I ave exercised in cur ser vice. —(Hear, hear.) Congratulating you, again, upon the prosperous state of your affairs, and hoping that this prosperity will go on increasing, I beg I: ace to coneludo by calling upon the secretary to read to you the report which the directors have prepared for this,occasion. Mr. KNIGHT here read the following repot t : " The directors have much pleasure in meeting the shareholders on the first occasion prescribed by the deed f settlement, and beg to submit the balance-sheet of the affairs of the company, made up in accorditace with the deed to the 31st of December, 1849. " The company was completely registered under the Act 7th and Bth Victoria (cap. 110), on the 17th of April, 1849, and the operatious of the company can therefore only he exhibited in the balance-sheet from that period to the end of the year. At the same time the directors think it right to communicate to the share holders the progress of the company to the most recent date, viz., the end of the past month. " The attention of the directors has necessarily been hitherto chiefly engaged in completing the establishment of the company, but, notwithstanding this, it will be observed that the business has largely and progressively increased, as the following statement will show : Amelia of Policies Policies Premiums applied for. Issued. Received. May, 1849 £14,024 £2,950 £46 2 6 June l7 800 8,425 140 9 8 July August 24,450 20,850 120 9 9 September October 6,050 3,950 58 17 7 November December 14,670 8,539 115 6 7 January, 1850 24,050 19,345 313 4 10 February .. 26,160 16,314 183 9 11 Total from May 1849 £171,619 £105,047 £1,200 7 1 to Feb. 1850 --- .-...--. "The policies hitherto issued have been accepted by several of the leading private and joint-stock banks, railway companies, and other large establishments; and it is confidently anticipated from negotiations now in progress with other influential banking, railway, and im portant mercantile interests in the kingdom, that, at the termination of the current year, results still more de monstrative of the success of the company will be sub mitted to the proprietors. " With respect to the agency department, the directors IY and character, to give to the engaged i n th e se l ec ti o n of parti es have capab b le e , en fro aiu position m nxos pe culiar and valuable objects contemplated by this com pany that prominence which is required for their full development. When the arrangements now in progress are complete, a proportionate increase in the business and profits of the company must ensue. " The directors beg to suggest to the proprietors and policy holders the great importance) of exerting their personal influence to promote the prosperity of this com pany, which embraces so many philanthropic and eco nomical advantages, affecting as well the interests of the employers as the employed. These have been generally recognized by the public press, and only need the zealous co-operation now urged to make them more extensively known and appreciated. "Since 31st December the share list has been strengthened by the accession of several valuable share holders; and the directors have the satisfaction to re port, that there are now above 4,000 shares taken up oat of the 5,000 of which the capital is composed. " Under the deed the proprietors are entitled to inte rest upon the share capital to the end of the year, at the rate of 4 per cent. per annum, which it is proposed to p a y after the 21st Afarch iustant. " Under the deed of settlement Mr. Podmore, Mr. Shears, and Mr. Winksvotth, directors elected by the Court to fill three vacancies since the complete registra tion of the company, go out of office, but are eligible for re-election, and the Coutt of Directors recommend the re-election of those gentlemen." The general balance -sheet made up to the 31st De cember, 1849, represented the receipts to amount to 4,125/. 19s. 11d., of which 3,420/. 10s. was for the de posit and first call upon the shares issued in December, 1849, and 703/ 12s. 3d. for premiums received in new policies, and the expenditure for preliminary expenses to 1,773!. 19s. 5d., and for current expenses to 1,1171. 17s. 2d. The cash at the bankers and in hand amounted to 6981. 13s. 4d. Calls remaining due from sundry share holders amounted to 266/. 10s. ; the cancelled shares to 69/., and the amount on loan to 2001. Mr. CAUSTON said he had much pleasure in seconding the resolution. He could not but look on the society with great respect and admiration, because it was cal culated to do a vast deal of good to the rising genera tion. It would afford protection and assistance to the orphan. This was to be seen in the fact that many men were rising into life who would be unable to command the support or patronage e f relations or friende, and thus, though they might have opportunities of getting suitable and profitable situations, would be rendered in capable of taking them, becate e no one would undertake to give security for their good behaviour and honesty. The guarantee and assurance principle were waited in this society, and enabled it to give much greater advan taees than any other institution of the kind. Ho would, therefore, strongly recommend it to his friends, and trusted that every other proprietor would co-operate with him in bringing as much business as possible to the office. In other guarantee societies the person paid his money without the slightest prospect of getting any of it back, or of obtaining any ulterior advantages; but here a widow of a member would receive the benefit of a life policy. The society was gradually progressing, and he hoped next year the income would be 4,000/. or 5,0001, instead of, as at present, 1,200/. It was gratifying to find that it had been patronised by railway companies, joint-stock banks, and other large establishments. When the different agencies were formed, they might anticipate a very handsome income from the provinces; and he thought this was a subject to :which the attention of the directors should be called, for if they only got one policy from each large town, the business would be very considerable. The 1 company's deed was most influentially and respectably signed, which fact showed that the undertaking was no bubble, but was legitimately got up for the general weal; and it also gave a guarantee to the persons with whom they O:l'el business that they were in a position to meet their engagements.—(Cheers.) He concluded by se conding the motion of the Noble Chairman. Mr. CORNELIUS NICHOLSON—My Lord, before that resolut'oa is put I wish to address to you one or two observations upon the principles and objects. as well as the origin and paternity e f this company.—(llcar, hear.) The last speaker has alluded very nicely to the advan tages of this company, advantages which secure to the policy holder as well as to the public far greater bene fits than that of other guarantee societies.—(Hear, hear.) Notwithstanding that, one or two observations may not be out of place to illustrate still further the principles of the company, which are essentially new and essentially peculiar, and I believe they require only to be well known in order to be fully and thoroughly appreciate I.—(Hear, My Lord, the institution of assurance companies ,is of many, many 3 , ars standing, and I believe that no joint-stock companies whatever Lava b:en so successful iu a pecuniary point of view as 1 f, assurance companies, nor have any been mere beneficial in a political, moral, or economical point of view, to the community at large. Life aisurz.nce compa nies have tended, perhaps, more than any other joint-stock companies to soften and alleviate the sufferings and sor• rows of that most important and influential class of the community, the middle clasP, who are the real palladium of British society and the British constitution.—(Hear.) Life assurance is no longer a science, but sn art; the actuary, taking the bills of mortality, is Enabled by these hills of mortality to form a basis for his rules and regu lations as certain as anything can be certain that is or is not.—(" 'bar, hear," and a laugh.) It requires only a proper scale of rates, and the exercise of pru dence in the management, to ensure the successful result of any life assurance company.— (Hear, hear.) So much, then, for life assurance companies simply. Now gua rantee societies are of more recent date. They cannot boast of longer than ten years' standing, and although they can hardly give place to the others in point of utility, I think they stand almost upon as high ground as life assurance companies in the advantages they afford to the community.—(llear, hear.) But yet the success ful results and the successful working of guarantee so- cieties is somewhat more problematic — al than life a3sur ance companies, inasmuch as you have not the data to go upon in the one case as in the other. A guarantee sc- ciety is still a science; it is an experiment without rules ar.d regu'atior.s to govern them founded upon actual expe rience—there are no bills of morality that you can take up for your guidance like bills of mortality, and found a basis to work upon.—(llear, hear.) It is no reflection, however, upon a simple guarantee society to say that they have less certainty in their profits than life assurance companies.—(Hear, hear.) You may have been told, my Lord, that simple guarantee societies have been in the habit of charging somewhat too little for their premiums, but that should be for- givers, because they have no data to go upon.—(Hear, hear.) That may or may not be so; it is not our busi ness to inquire, it is enough, my Lord, for us to know that the necessity had long been felt, and it had long been desired that some one should discover a method by which the principle of life assurance and the principle of guarantee assurance should be happily combined, in order to give protection to the policy holder and a suc cessful permanency to the company itself.—(Hear, hear.) Now, my Lord, you yourself have said that the merit is due to Mr. Knight of having discovered this blend ing of guarantee with. life assurance.—(Bear, hear.) Mr. Knight has established the prac ticability of a union between the two, and to him, and to him alone, belongs the merit of the discovery.—(Hear, hear.) Future ages, my Lord, will acknowledge that it is a great discovery.—(Hear, hear.) The mutual defence and protection which this unity of principle gives to both parties is greater than any person would imagine who had not had his attention called to it. Mr. Knight, therefore, published the principle of the system, and explained the basis of the system in a pam phlet which your Lordship has referred to, and which as your Lordship knows was complimented by the Times newspaper, and by almost all the daily and respectable weekly papers of the metropolis, and it now only re qaires a little time, and some still further efforts on the part of the policy holders and the proprietors themselves in promulgating those principles, to insure their being fully known and their advantages fully appreciated.— Elear.) The principle of the union is the salient point of this company. Atmospheric air, which supports all life, is composed of two gases, and I believe the union of those for life is not less essential than the two princi ples of guarantee and life assurance are, not only to the well-being, but the stability of this society iuelf.— (Hear, hear.) I will give you an illustration of the advantages of the union. I take a person who is thirty years cf age, and who wants a life and guarantee policy for 1,0001.; he goes to y simple guarantee society any' he pays 20s. per cent., or 101. fur his guarantee policy; he then goes to a life office, and he pays somewhere about 251. per annum for his life. policy, and thus to these two companies, whom he has to deal with sepa rately, he has to pay 351.—(Hear, hear.) Now, by the union of the two principles we can do his business for 301., thus saving him 51. per annum.—(Hear, hear.) Nuw, how is it that we can of erd to abate 51, since you have to depend upon the same contlngcncies of life and honesty as the other two companies? I will tell you, if the man assuring commits a fraud or malversation in his lifetime, his life policy, as well as his guarantee policy, is forfeited ; thus, if the man commits an act ef fraud in his 1 fetime we pocket his He premium ; while, if he dies without committing any such act, we have had the benefit of his guarantee premiums, and it is uron that principle that we can do the business of the policy holder with more advantage to himself and with equal safety to ourselves. Now my Lord, I will make one single observation with re ference to the statements in the report. Potters it may appear to some that we have not done quite so much business during the ten months of our existence as we ought; but it must be remembered that no extraordi nary efforts were made to produce effect. No exer tions were made t 3 induce parties to come forward and take up policies, in order that we might come before you with a highly-coloured statement, and make an unusual impression.—(Hear, hear.) lam aware, my Lord, that there are some people who consider that if they work well to produce a good beginning, the thing it more than half Ilene, and 1 know that many young companies make spasmodic efforts—(A laugh)—for the purpose of producing a grand demonstration at their first meeting. —(Wear, hear.) I, however, do not consider that bust nees well done which is done in that way.—(Beer.) I prefer doing a quiet business which can be conducted in a careful manner, and will secure a lasting interest in prererence to making an impression at this meeting.— (Hear, hear.) But we have not even yet appointed local agents, and, therefore, the business of the company can hardly be said to be initiated. (Hear, hear.) Stijl there is no reason to complain, for whilst the premiums for the past year are only 7031., I find that those of January and February in the present year amount to 5001., so that the two put together would make 1,200/. instead of 700/.—(Hear, hear.) Then, again, on the other side of the account, the shareholders will see that the cash in the hands of the bankers amounts to only 691/.; but if we had taken the cash in hand at the end of February, it would have been 1,2001. instead of 6911.—(ilear, hear.) These, my Lord, ate results which will induce the shareholders to juin with U 3 in congratulations on the general result of our operations, and the present position and future prospects of the company.—(Cheers.) Mr. FIELD, in suggesting that the accounts should be received and adopted as well as the report, observed that it was originally expected that the shareholders would have to pay up a call of 21.; but the directors found that this sum would not be required for the business of the company, and consequently they only gale notice for the payment of a 11. call. It might have beea supposed that something had occurred in their affairs, such as lack of business, which rendered a smaller sum necessary, but that was not the case. The calculation of their able actuary was I errectly correct. The object of the directors Was to have ample resources at their command, in order that the public might know they were ready to meet any claims which might be male upon them. From the expe rience they had derived from the working of other assu rance offices, they thought the society would be self eupporting, and that no outlay beyond that required for preliminary expenses, would be necessary, and during the short period the society had been in existence this had turned out to be correct.—(Cheers.) Oa the motion of Mr. R. POUNSETT, seconded by Mr. PARKER, it was declared that a dividend at the rate f 41. per cent. should be payable on and after the 21st of March next. The retiring directors, Messrs. Podmore, Shears, and Winkworth were re-elected. Messrs. Reynolds, Withers, and Parker were re-elected auditors cf the company. Oa the motion of Mr. GIBBONS, seconded by Mr. WILLOUGHBY, a vote of thanks was passed to the direc tors, for the seal and caution exercised by them in the administration of the company's affairs. The CHAIRMAN, in returning thanks, said be had at tended all the board meetings except one, and could, therefore, bear testimony not only to the zeal of the di rectors but also to the caution and care which they had exercised in the discharge of their duties: Mr. WINKWORTII said he had to discharge the ve ry agreeable duty of proposing a vote of thanks to the Noble Lord for his able and courteous conduct in the chair. His Lordship bore a name which occupied an important place in the historic annals of our country, and was held as sacred to the cause of constitutional liberty.— (Cheers.) It was well known to all those who Lad read—and it was impossible to suppose that there were any who bad not —the history of the close of the last half century, at which time efforts were made of a character not at all calculated to promote the welfare of society, which the celebrated Lord Erskine, by his eloqueece at the bar and in the senate, and by the wielding of his elegant pen, did much to thwart and successfully oppose. His imme diate successor had done them the honour of presiding on that interesting occasion. He had been selected by different sovereigns for the honourable and distinguished duty of carrying on diplomatic relations in one or two countries. He appeared as minister and um bassador in the - United States and at the Court of Bavaria. Ile was now devoting the eeeaing of a well spent life to the service, he might say, of humanity.—(Cheers.) And when a gentleman occupying his Lordship's eminent position was pleased to assist them in promoting those moral and social benefits, which bad been so eloquently dilated upon by Mr. Nicholson, he thought they owed him a deep debt of gratitude, es pecially when his services had been given so assiduously, and with so much effect.—(Cheers.) The vote was unanimously passed. The CHAIRMAN returned thanks. Without recurring to the observations which Mr. Winkworth had been pleased to make, he would simply assure them that he had great pleasure in following, at a very humble distance, the example of his ancestor. Having seen the pamphlet of Mr. Knight, ho was so satisfied of the truths of hich it contained, that he deemed it of the highest import ance to give his encouragement to the society, the ad vantage of which was made apparent by a circumstance which very nearly concerned himself. A young man had the offer of a post in Chancery, at 8001. a year ; a l.irge guarantee was required, but he was t )(3 modest and diffident to apply to powerful relations on the subject, and the cons«iaence was that he nearly lost the appoint ment. His relation;, however, t eying heard of the cir cumstance, took the matter up and gave the necessary security. There were cases without end, although, per haps, much less prominent than that, in which the most worthy and able men were unable to take situations owing to their being unable to give security. This society then came to their assistance, and independently of the service it would afford to the party guaranteed, private friends and relations would be relieved of a responsibility at all times alarming and serious. —(Hear.) He was delighted in seeing a chance of the society being still farther extended, because of its usefulness, and he hoped his expectations would not be disappointed.--(Cheers.) every reason to I elieve that it would be impossible to sell foreign win at in our markets, at a profit, unless tl e price in this country averaged from 40s. to 46 , . a quarter. He very much rep., tied to find that the Right Hon. Gentleman the Chaccellor of the Exchequer did not propose to deal with the stamps on marine insurances, because they contributed very materially to diminish the prac ice of such insurance in this country. Colonel DUNNE said he regretted to find that the state of Deland had been so carefully avoided by her Nlajesty's Government since the commencement of the session.—(Laughter.) It was manifest that the repeal of the corn-laws, whatever might have been its effect in this country, must have materially injured Ireland.— (I fear, hear.) He bad reason to think that that country could not have lost less by the change than 6,500,0001. luring the years 1847 and 1843. Her Majesty's Minis ters proposed to advance 1c aes for the improvement of laud in Leland; but he could tell them that the gentry in that country were becoming indisposed to borrow money for such a purpose, because they found that the land did not repay the sums laid out in its improve ment. —(llsen hear.) Mr. SANDARS wished to observe, in reply to a statement of the llon. Member for Westbury (Mr. Wil son), that what he (Mr. Sanders) contended was, that in ordinary years a fixed duty on corn would not raise the price in this country, although in 3 cars of very low prices like the present it would act as a protection to the agriculturist. Mr. CAREW said he feared that in the present de pressed condition of agriculture in this country, the good old system of leasing on a term of years would be dis continued, because agriculturists would be unwilling to bind themselves to the cultivation of the land for any lengthened perior!. He should also observe that ho thought landowners would not be much disposed to avail themselves of the measure of the Right Hon. Gentleman , he Chancellor of the Exchequer, or to charge their es • Cates with fixed payments. He would suggest that buildings should be included in the works to which the proposal was to apply. He believed that would materially improve its working. Mr. SLANEY believed the abolition of the brick duty would be advantageous not only to the landed in terest, but to the humbler classes of soeiety.—(Scar, hear.) Many Honourable Gentlemen imagined that the only mode of lightening the pressure of taxation was by the reduction of taxer. But he thought the tame effect might be produced by stimulating the industry, en terprise, and spirit of those persons by whom ca pital was created, for every million created dimi nished the amount of taxation paid by the remainder. Ile asked the Government to give fair play to the humbler classes, who had not hitherto sufficient oppor tunities of beneficially investing their small savings. If they desired to purchase a small portion of land, the txpense of the transfer had been most enormous, and the same remark applied to investment by way of mort gage. He thanked the Government for what they had done, and believed that the remission of the tax on the conveyance of land would have a most beneficial effect. Captain HARRIS said his remarks on a former oc casion had been somewhat misunderstood. What he said on the motion of the Hon. Member for Surrey was this—that he looked upon the motion as one to compel the Government to a revision of taxation. By that re vision of taxation he meant a re-distribution more equal and fair to the agricultural interest, which was acknow ledged by all parties to be in a state of great distress. — (Hear, hear.) By re-distribution he contemplated a revenue tariff such as that proposed in 1842, and a re distribution of local taxation upon a fair basis, and in that case he should be satisfied with a ss. duty upon corn.—(Hear, hear.) He regretted to find that the Customs revenue had considerably fallen off within the last few 3 ears, for, whilst the amount: in 1844 was 24,000,0001., it was now under 20,000,0001., and that not withstanding the immense extension of capital and enterprise. He did not believe that any material reduc tion could be made in the expenditure without a com plete revision of taxation. Mr. HEY WORTH considered the present mode of taxation exceedingly unjust to the working classes; for whilst capital had increased, the demand for labour had l'ecre w ed. He was satisfied that, sooner or later, direct taxation must be substituted for indirect.— (Hear.) Mr. MACKENZIE understood that the grant for drainage was to he a conjoint grant for England and Scotland. Now he was told, with respect to the last grant, that because Scotland had shown such prudence and foresight—(Laughter)—as to obtain tat ea-fourths of the grant, that country was now to be limiter tin her com petition with England. He considered this. a poor re turn to Scotland tor showing such a high appreciation of the former boon.—(Laughter.) 'rile people of Scot laud would consider themselves hardly treated in being excluded from a fair competition with En gland; whilst England, not being inclined to take the in Duey by fair means, was to be compelled to do so by &ct of l'arlia ment.—(Hear, hear, and laughter.) Mr. GOULBURN paid a high complimen t to the ser vices of Mr. Brooksbauk, whose death had be , en adverted to by the Chancellor of the Exchequer. Brooks bank, for the last forty years, had been most unremit ting in his attention to Ids public duties; find he (Mr. Goulburn) and those gentlemen upon whont similar du ties had devolved had been greatly indebted to that gen tleman for his invaluable services.—(llear.) Colonel SIBTHORP said they had a Meta ment of the financial affairs of the country, but there webs no balance sheet. There was, it was said, a million and a half sur plus—but in his opinion there was no surplu s at all, but they were rather in debt—as they had not yet repaid,the loan to Ireland. All the speech of the Chancellor of the Exchequer was hopes, and promises, and vvither, but no performances. He had never relied on a. Chancellor of the Exchequer in his life, and never would do so.—(A. laugh.) There was not a word about reds Icing the sala ries on the Treasury bench.—(Hear, hear..) Mr. HEALD said he would strictly con tine his obser vations to the topics of the Chancellor of t: re Exchequer. He first expressed his belief that the prospt tray of the in dustrial classes had not kept pace with the increase of capital in the country. That was his own conviction, and he had thought so for many years. His conviction was that the shopkeepers were amongst the in oat suffering portions c f the community.—(Hear, hear.> He regretted that the distance between the industrial classes and the capitalists appeared to be every day increasing. He did not presume to state the reasons of this, 'but it was the fact. He approved of the reducing of the .Excise duties, and the roped of the duty on bricks. Mr. HENLEY said he had heard that the remission of these duties was a decided boon to the agriculturists; but he thought no such thing.—(Hear.) 'Three parts of the brick duty was paid by the people in towns. With regard to the subject of the loan, lie could understand now what bad been said about the price of corn. Its object was to keep the agriculturists emplo 'red, and then the Chancellor of the Exchequer would co inc down and ray, see how successful this free-trade has been. He did not consider that the agriculturists had - .received any special inter est. The vote e as then agreed to. The CHAIRMAN reported the resola,on, and the House resumed. ARMY ESTIMATES. The House then resolved itself into a Committee of Supply, Mr. BERNAL in the Chair. Mr. F. MSULE moved the following 'votes on ac count of the several itdms in the army es tiimates:- 80,000/, to defray the expense; of Ltaff-, rificers serving at home and abroad. Mr. HUME said when the report of the Committee above stairs upon the army estimates %was made, the amount would be reduced one-half. After a few words from several Hon. A [embers, the vote was agreed to. The following votes were then also agre?e d to on ac count:- 46,000/. on account cf allowances to the 'principal offi cers of the several public departments. 8,0001. on account of the Royal Alilitat 7 College. 9,000/. on account of the Royal Militai 7 Asylum. 40,000/. on account of the volunteer co rps. 7,0001. on account of distinguished sere ices. 29,000/. on account of general officers teeing colonels of regiments. 27,000/. en account of full pay for redu 'mi and retired officers. 190,000/. on account of half-pay and m ilitary allow ances to reduced and retired officers. 21,000/. on account cf half-pay and reds se ed allowance to officers of disbanded forei g n corps.. pensions to wounded officers, and widows and childr( r.a cf deceased foreign officers. G 3,000/. on account of pensions to wid etws of officers of the land forces. 45,000/. on account of allowances on the .compassionate list. 17,0001. on account cf in-pensioners of Chelsea and Kilinainham Hospitals. 600,C00/. on account of out-pensioners. 20,0001. on account of allowances, corn pe nsations, and emoluments, for superancuaticn and retired allowances to persons formerly belonging to public dt iF artments. NAVY ESTIMATES. Sir F. BARING then !said he propose d to take two votAt on the navy estimates. A sum of 1,322,9391. was proposel for the wages of seamen and marines for the year cu ling the 31st of March, 1851. Captain BOLDER() said, as he under stood the Right Hon. Baronet did not intend taking mot 'e than two votes on that occasion, ho would not interfere w ith the public business to bring forward the important subject of which he had given notice—namely, that of c: it Rig the atten tien of the House to the condition of t b e assistant sur geons of the navy on the motion for goi , r.g into Commit tee of Supply en the navy estimates. :He would, how ever, take the earliest opportunity of do; mg so on a futare occ anion. Sir F. T. BARING expressed his re nue of obligation to the Hon. and Gallant Member for the consideration which prompted him not to interfere wilth. the progress of public business on that occasion. Mr. lIUME said that tho.e who had 'been educated as gentlemen should he treated as gentle wen in the naval and military services, and thought the lion. and Gallant Member was entitled to much credit for his notice, which he hoped he would Persevere Captain BOLDER() said the motion before the House that evening was that the House shot Cd go into Com• mittee upon the army estimates, and t's vest fore he did not think he could do otherwise than he hi k 3 done.—(Hear.) A vote of 521,179/. for victuals for • the marines and soamen was then agreed to, after wh inch the CHAIR MAN reported progress, and (Ate bled leave to sit again. ESTATES LEASING (IREL. 4 s:ND) BILL. The House then went into . Committ to 3 upon the above Bill. Colonel DUNNE objected to going. •on with the B; at that late hour, but subsequently did' not press his ob jection. A long conversation took place on 11 a proposition of some clauses proposed by Sir R. FER USON and other lion. Members. The other orders of the day were thet disposed of, and the House adjourned at half past (,hie q 'deck. Votes of thanks were then proposed to the eecretarv, the actuary, the solicitor, and medical officers, for their exertions in promoting the interests of the society. The CHAIRMAN observed that the secretary was en titled to their very best thanks, as he could bear testi mony to the discretion, care, and activity with which he discharged his duties. With reference to the solicitor, he said he knew the advantsge of a good professional adviser, for he (the Chairman) bad not only been bred to the law, but the law had been bread for hm, and be could assure them that the solicitor to the society had discharged his duties with great care and assiduity. Upon the other officers included in the vote he past ei equally flittering culogiums. Mr. FIELD said, the zeal of the secretary had been anthill?, the discretion of the actuary was notorious, the skill of the medical officers was not only well known to this, but to many other societies, and caution had been peculiarly exemplified in their solicitor. It was seldom any company had those excellent qualities so embodied in its officers, and he therefore cordially concurred in the vote. The motion was then put, and carried unanimously. The different officers having severally returned thank , the meeting separated. THE BUDGET. FROM TUE MORNING PAPERS OF 'IRIS DAY. CHRONICLE.—The grand financial secret of the year is out. The budget of 1850 has passed from the domain of speculation into that of criticism. Whatever of anxious hope or interesting mystery hung over the disclosure of the Ministerial programme twenty-four hours ago, has now been dissipated, and the longing suitors and importunate deputa tions, who have for many weeks past besieged Downing street with petitions for relief, have got their answer. The surplus, which has been the object of so much envy and contention, has been declared and appropriated. The doors of the Exchequer are now closed, and no further applications can be entertained for another year. The essence of Sir Charles Wood's somewhat diffuse statement may be com prised in a small compass. As the current financial year wants yet some weeks to its completion, the exact difference between the income and expenditure of 1849.50 cannot be accurately pronounced, but the balance in favour of revenue will probably be found to amount to somewhat less than two millions. There are reasons for anticipating a some what smaller income for the year ensuing. The further reduction in the sugar duties which is to take effect next July is computed to produce a loss of about 300,0001. The great increase in the past year from the duty on brandy (433,0001.), which is ascribed mainly to the prevalence of the cholera, can hardly be reckoned on for the future; nor is it likely that the importa tions of corn, which during the last twelve months have yielded such unexpected profits to the Exchequer, will maintain henceforth the same extraordinary proportion. If the Customs should yield 20,250,000 L. including the corn duties, Sir Charles Wood will think it no bad result. As- suming the other heads of revenue to produce about the same sums in the ensuing as in the current year, the net re venue for 1850-1 will be 52,285,000/. The expenditure, ac cording to the Estimates as already made public or in pre paration, would be 50,613,532/. ; but there are some special disbursements, not included in the ordinary charges of the year, which are contemplated by the Government—such as votes for the new Houses of Parliament, for the Arctic expedition, and for the long-postponed Public Record office—which may add from 150,00C1. to 200,0001. to the outlay. In round numbers, the prospective surplus on the sth April, 1851, may be stated at 1,5C0,003/. The interesting question then arises, what is to bo done with it ? Given a disposable balance of a million and a half—in what manner can that sum be most profitably employed for the benefit of the community? The Chancellor of the Exche quer, in the course cf his speech, passed in review the claims of several pressing and meritorious applicants for remission of taxation. The abstract expediency of reducing the exor bitant tea duty was fully conceded, but the consequences to the revenue were described as too serious for such an experi ment. The grievances attaching to the window-tax, the paper Cuties, the advertisement duties, the solicitors' tax, and some other imposts, were not denied, although circumstances would not admit of a more effectual consolation to the several parties than a respectful mention cf their claims. The case of the agriculturists underwent a more detailed and elaborate consideration. Having more solid comfort in store for this party, Sir Charles Wo , Al seems to have had the less compunc tion in reading them a rather severe lecture upon their con duct and tactics. He exposed forcibly, but not too severely, the sheer selfishness of the attempt lately made to turn back the current of fiscal legislation, by throwing off the burdens of property, and saddling them upon labour, while, in spite of all that legislation has done, or can do, the progress of society incessantly tends to increase the wealth of the rich in a far greater ratio than to improve the condition of the poor. But while he arraigned the impolicy and injustice in volved in the late movement of the Country Party," Sir Charles Wood fully admitted the pressure to which agricul ture is at this juncture exposed, and the expediency of se conding the efforts of these who are struggling to meet the difficulties of the times. One other party remained, whose title to a share of the anticipated surplus was empha tically stated and unhesitatingly allowed—the public creditor. The duty and necessity of making some provision for redeem iimg the debt—that debt which has gone on increasing in time of peace—which is always augmented when there is a deficit, but seldom or never diminished when there is a sur plus—were put in a clear light, and enforced by all the perti nent though familiar axioms of financial amorality. At length, having held the House a sufficiently long time in suspence to enhance the interest of his disclosures, the Chan cellor of the Exchequer announced the practical conclusion. The surplus of a million and a half he proposed to divide into two equal parts. One moiety is to go in relief of taxation— the other in reduction of debt. Among the "burdens on land, " two are selected, the exemption from which is expected to afford important facilities and relief, more especially to the smaller class of pro prietors. The stamp duties on the transfer of land by way of sale or mortgage are to be revised. The amount upon those of smaller value is to be reduced, and instead of a di minishing per centage as the scale ascends, according to the existing law, the duty is to regulated by an equal progression ad valorem. In the-case of leases also, a remission of stamp duty is to be made. Another boon is granted, which it is hoped may conduce not only to the interests of the land owner and the farmer, but to the comfort and wellbeing of the labourer. The duty on bricks, yielding at present some what above 400,0001. to the Bxcise, is to be remitted in toto, and Sit C. Wood anticipates that the effect of so doing will be to give an impulse to the extension of farm buildings and farming operations, as wall as to promote that improve ment in the dwellings of the poor which, both for moral and sanitary reasons, is so earnestly to be desired. To these measures of direct financial relief must be added another proposition, designed with the same object of aiding and encouraging the cultivation of the soil, and which, though not actually a money gift, is in effect tanta mount thereto. It is intended to assist the landowners with the credit of Government by further advances from the Echequer, for the purposes of drainage and improvements. Two millions are to be appropriated in this manner for the benefit of England and Scotland, and one million—a part of which will serve to complete the system of arterial drainage —for Ireland. Such is in effect the budget announced last night to the House of Commons. We cannot now stop to criticise in detail either the plans or the speech of its author, on which we must reserve some observations for another day. It will be obvious, however, on the surface, that it is one which affords to the agricultural party at least no pre text for complaining that their interests have been over looked or postponed. They cannot stigmatise it with the term most expressive of their abhorrence, as a Free-trade Budget. It leaves the tariff perfectly untouched. It gives no semblance of benefit to the foreigner. It tends, in more ways than one, to produce that great desideratum of their admired leader and financier—" Cheap capital." The direct remission of taxation which it affords will be found, if not superior, at least eqnal to any which the soil, as such, could have derived from the actual realisation of his recently-pro posed scheme. The Protectionists, therefore , it is clear, have lost nothing by their importunity. Whether other classes and interests of the community may have equal reason to be satisfied with the present budget, we will not at present un dertake to determine. HERALD.—The Chancellor of the Exchequer last night, like Sir George Grey on Thursday night, seemed fond of the idea of a compromise. He has got a trifling balance of about 1,500,0001. This, which might afford some comfortable relief from taxation if conceded, or might work some bene ficial reduction of the debt if kept, he proposes to divide. So we are to have 750,0001. for reduction of debt, and 750,0001. for remission of taxes. The result of which will be that neither of the two will be felt, and thus the surplus will be frittered away, and the opportunity of doing any good will be lost. This is poor work, and we have a presentiment that it will not succeed. The budget will disappoint almost every one, and the clamour for remission of taxes will become louder. We are unwilling to blame such a selection as that of the tax on bricks for reduction. But whileye admit the tax to be a vile one, and one most proper to be repealed, we fear that the Chancellor has made the proposal in a bungling manner, and in a way likely to damage a purpose essen tially good. Forming a part of a large plan, the abolition of the duty on bricks would have been applauded. But,taken alone, or nearly alone, the preference shown to it will awaken envy: Few requests have been addressed to Govern ment for its remission. Other unpopular duties have sent up their swarming deputations, to fill the reception-room in Downing-street, with cries for the abolition of tea duties, timber duty, advertisement duty, All these are neg lected and contemned, and the poor little excise en bricks is selected for special grace by the Finance Minister. As we have already said, we fear that the very envy and jealousy which will be excited will hazard the success of an other wise laudable proposal. As for Sir Charles Wood, we begin to doubt the possibility of his retaining his present post. The financial statement for 1850 is likely to give as little sa tisfaction as either ( f his former performances. It is weak, paltering, and unsatisfactory. And people were expecting something better. One set of persons were sure that the Chancellor had a surplus of two or three millions, and with it some great operation on the national debt was to be at least commenced. Another set were sure of repealing the window tax, or the malt duty, or the duty on tea. All these are im partially put aside, and the Chancellor will neither remit any considerable tax, nor yet attempt any considerable operation in the funds. The disappointed will exceed the gratified by more than twenty to one. We shall be surprised if they do not make themselves felt and heard, long before the close of the present session. LAW INTELLIGENCE. BAAKRUPTCy COURT, Alarch 15. (Before Mr. Cummiss.ion HOLROYD.) IN RE WM. JERDAN. The bankrupt was the proprietor of the Literary Gazette. This was the certificate meeting. Mr. .Sturgeon supported; Mr. Cooke opposed on be half of the assignee. The balance-sheet shows eebts to the amount cf 5,7001. to unsecured creditors, and 5,378/. to creditors holding securities. The property held by the secured creditors is valued at 3,0601., and consists of policies of insurance , for 1,060/, and the c o py ri g ht of the Literary G azette, subject to three mortgages of 3,300/. Among the un secured creditors are M r. W. Harrison Ainsworth, 50/.; Messrs. ,Batho and Breach, London Tavern, 571.; the L or d Chief Earon, 3001 .; Mr. W. Chambers, tailor, 1121.; Dickinson and Co., stationers, Old Bailey, 1811.; F. Heath, wine-merchant, 651.; ',Longman and Co., pub blishers, 2661.; the Union Bank, 1971.; Mr. Roby, banker, Rochdale, 1,0001.; Saville and Edwards, printers, 1191; G. Smith, undertaker, John-street, Oxford-street, 360/. (bills discounted); IL Silverlock, printer, 4701.; Rev, D. Warnford, 5001.; Balfour and Co., wine-mer chants, 146/. There are no other assets, but a few debts put down at 3511. Mr. COOKE submitted that the bankrupt ought not to have come to that court. In March, 1847, he had as signed his property in the Literary Gazette to his son for 1,0001., and had applied the proceeds to the payment of debts in respect to which it was alleged that he was not pressed for payment. The bankrupt had also allowed a broker named Richards to get possession of bis house , held furniture, valued at 2001. Mr. STURGEON, for the bankrupt, contended that his 'client had bt en justified in coming to that court. He bed been arrested at Worcester, and threatened with arrest at Chester. As regarded the bankrupt's not hav ing kept proper books, and his expenditure having been considerable, that Court would not regard the cases of a literary and scientific man and retail traders as being the same. The former aas necessarily led, from his position, to incur expenses; and, looking to the fact that the bankrupt bad a wile and ten children, the expendi ture of 9411. for one year and eght months could net be considered very excessive. The COMMISSIONER remarked that he had heard nothing from the bankrupt respecting any proposal to pay his debts. - Mr. STURGEON said that it would be of no use for the bankrupt to make a proposal, as it would be totally out of his pou er to carry it out. The case was a most la mentable one. Cases were heard of in fiction, but those of fact were sometimes worse. 1119 HONOUR said that, acting in a court of justice, it must be considered that the calamity was not all on one side. It was very lamentable to see the position in which the bankrupt was placed, but it must be consi dered that he had brought it on himself. It would be found that the debts, including the balance of those stated to be secured, amounted to 8,0004 It was urged that being a literary man, he was led to incur expenses. Then as to not keeping books and accoucts in the ordi nary manner of a trader, incurring a large amount of debts—Ras such a person entitled to come to the Court of Bankruptcy, which was only intended to benefit the unfortunate trader? He had struggledno for twenty years with old debts upon him. It must be remembered that thero were two courts of justice—the Insolvent Debtors' Court and the Court of Bankruptcy—and while those two courts were in existence, they ou fi lit to be kept distinct. Where a man had expended more than his means would allow, and parted with all his property to pay debts for which he was not pressed, that was a case for the Insolvent Debtors' Court, to which power was given of remanding a man to custody. If a man got into diffi culties, which some literary men did, the creditors ought to be called together to ascertain what there was, in the Literary Gazette, or other things ; but that was not done in this case. In order to get rid of his debts the bankrupt had made away with all his property, and then came to this court for the purpose of preventing a person from doing what he was allowed by law to do. It could not be held that a gentleman was to struggle on for several years, and when somebody went against him that he was to come to this court, ask for a certifieate, get it granted, and be released from all his liabilities. It was making a mockery of a court of justice. It had been said that he had had the misfortune of being obliged to support a broker's man in possession. The misfortune was, that the bankrupt was living in a house well furnished, with a representa tion given to the world that it belonged to him ; but if any creditor attempted to take possession, they would be told that the property belonged to another party. It was stated by the bankrupt that he had been in difficul ties for many years, but only three or four months be fore the bankruptcy he assigned the Literary Gazette to his son, and the excuse for that was, that the mortgagee was pressing. Taking all there circumstances into con sideration, more pat ticularly that there were two courts of justice—one for the real trader who had been unfor tunate, and one for the person who had traded in insol vency—the Court could not, in justice to the public, grant this gentleman a certificate. It must be wholly refused. Mr. STURGEON applied to the Court to grant protec• Lion, in order to afford the bankrupt the opportunity of appcaling to the Vice-Chancellor in Bankruptcy against his ilonour'a decision. _ _ his IloNourt granted protection for twenty-one days, to give the bankrupt this opportunity. NAVAL INTELLIGENCE. WOOLWICH, MARCH 15.—8 y an error yest9rday in adding the weight of the ballast, &c., on board the Magicienne steam-sloop, the total was stated to be 2,093 tons, when the actual quantity was marly 1,300 tons. The Lords of the Admiralty have, at the request of Cepaiin Austin, C. 8., ordered six vulcanized indic rubt.er sheets for tho several vessels about to proved on the Artie expedition. The sheets are for the pur pose of temporarily closing holes should they occur in any of the ships' bottoms under water, or for effecting slight repairs in the sea cocks of marine steam-engines ithout the necessity of placing the vessel in a dry dock or laying her on the shore. The use of these sl.eata was suggested by Mr. Cow, late master boat-builder at this dockyard, and have been used most effvetaally in keeping the water out whilst the sea cocks have been repaired. They have been supplied to several of the steam-vessels on foreign stations and to many of her Majesty's ships. SPORTING INTELLIGENCE. DONCASTER SPRING MEETING.—TuuRsDAY. (CONCLUDED). The Sheffield and Ifotherham Stakes of 6 sons. each, h ft, and 40 added. One mile. (12 Subs.) Mr. B. Eddison's Eliza Middleton, 3 yrs, 6st 21b ... 1 Mr. B. Green's Osbaldeston, 3 yrP, Est Illb (Basham) 2 The following also started, but were not placed :—Mr. J. Taylor's Luxor, 6 yrs, Sat 41b (Jenkinson)—Mr. G. Bartin's Didsbury, 4 yrs, Bst (W. Oates)—Mr. Cowell's Patrick, 4 yrs, 7st 131 b (Hughes)—Mr. Styan's Ellen, 5 yrs, 7st (B. Smith)—Mr. Barker's Young Bamboo, 3 yrs, Est 121 b (Wakefield, jun.)—Mr. J. Shepherd's Kill or Cure, 3 yrs, Est 61b (Charlton)—and Mr. Rickaby's f by Touchstone, out of Lady Emily, 3 yrs, sst 121 b (o.borne). , Betting-3 to 1 ag st Didsbury-3 to 1 agst OsLaldcs ton-4 0 1 agst Kil l or Cure-5 to 1 agst Eliza Middle ton. Won very cleverly by a length; the same between second and third. FRIDAY. The Optional Selling Stakes of 3 goys. each, and 20 added, for 3 yrs old and upwards. One mile. (11 Subs.) Mr. Blacker's Theory, 4 yrs (Cartwright) 1 Mr. Barker's Young Bamboo, 3 yrs (Wakefield, jun.) 2 Mr. Wilkins's Magic Wand, 3 yrs (Charlton) 3 Jane Eyre, 4 yrs (Burke)—Present, 4 yrs (Bashatn) —Sir Philip, 3 yrs (G. Oates)—California, 3 yrs (Wil berforce)—ch c by William le Gros, d by Valparaiso, 3 vrs (Slundess)—br f by Touchstone, out of Lady Emily, 3 yrs (Osborn)—The Monk, 6:yrs (Elkington)— and Pioneer, aged (G. Muirhouse), also started, but were not placed. Betting-3 to 1 agst Theory-4 to 1 agst Lady Emily filly-5 to 1 agst Magic Wand, and sto 1 agst The Monk. Won by three lengths. The Northern Steeplechase Stakes of 3 sons. each, and 25 added, the second to save his stake. About three miles and a half. (13 Subs.) Mr. Lister's Wharfdale Maid, aged (H. Bradley) 1 Mr. H. Carew's bg by Laurel, aged (Butler) 2 Mr. J. Walker's Cadeby, aged (Moorhouse) 3 The following also ran :—lvanhoe, aged (Lamplugh) —Mary Barton, aged (Witty)—Gameday, aged (Swarth) —Billy from Brig, 6 yrs (Frisby)—Pigskin, aged (Bost man)—The Forester, aged (Humble)—Vitula, aged (J. Smith) —and Jeannette, aged (G. Smith). Betting-5 to 2 agst Whartdale Maid-4 to 1 sgst Laurel gelding-4 to 1 agst Pigskin—and Bto 1 agst Cadeby. The Maid lay in front all the way, and won easily by four lengths. The Doncaster Handicap, 10 sous. each, h ft, and three only if declared, with 100 added, the second to save his stake. St. Leger Course. (18 Subs., sof whom declared.) Mr. H. Listet's King Hall, 6 yrs, 7st Lib ...(Mason) 1 Mr. Iltsseltine's Timothy, 3 yrs, 53t 81b Mr. Dawson nd Priestess, 4 yrs, Bst 21b The following also started, but were not placed:—Mr. Pedley's Foreclosure, 6 yrs, Bst 71b (Temp!eman)—Mr. R. Hesseltinc's Andalusian, 4 yrs, Bst llb (Longstaff)— Mr. Jsqucs's Lady I-am-jf, 5 yrs, 7st 31b (Basbam)— Mr. J. E. Scott's Good Girl, 5 yrs, 7st llb (J. Arnold) —Mr. G. Barton's Didsbury, 4 3rr, 7st llb (G. o.t:s) —Mr. T. Carter's Dulcamara, 5 yrs, 7st llb (Dean) —raid Mr. Robson's Laura, 3 yrs, sst 121 b (Charlton). Butting-5 to 2 cgst Priestess-5 to 2 agst Didsbury —3 ti 1 egst Foreclosure—and 5 to 1 each apt Timothy and Andalusian. Won cleverly by a length. The Innkeepers' Parte of 10 save', added to a Sweep stakes of 1 suy. each; for 3 yrs old and upwardr. One mile. Mr. Mason's Horace, aged, 10st 111 b (J. Smith) 1 Mr. T. Webster's littiman, 5 yrs, 10,t 41b (J. Etches) 2 Mr. Winterbottorm's Binda, aged, I Ist I Ilb (Owner) 3 Miss Kitty, 4 yrs, Bst 131b—Emmr, 3 yrs, "st 11b— rtncock, 5 yrs, 9,t 81b—Gilbert, aged, -10 st lib—Get away, aged, lOst 11b—Gay Lad, aged, lOst lib, also stetted. Betting-6 to 4 agst Emma-2 to 1 ogst Hinda-4 to 1 apt Gilbert--and any odds sgst Horace. Won easy by several lengths; ilinda beaten a neck only for .cond. Ran in 1 min. 52 sacs. The Scurry Stakes (Handicap) of 3 sovs. each, aad 20 added; the second horse to save his (take. Itt d House in. (10 Subs.) Mr. B. Green's Osbaldeston, 3 yrs, 6st 131 b (Basham) 1 4 yrs, Bst 61b (F. Marson) 2 Mr. Litter's Peasant Girl , Mr. Shepherd's Kill or Cure, 3 yrs, Est ...(Charlton) 3 The following also started, but were not placed :—Mr. Pedley's Birdkiller, 6 yrs, Bst 71b (Templeman)—Mr. Armstrong's Hurlestone, 4 yrs, Bst 21b (Longstaff ) Mr. Foster's Fanny, aged, Est (J. Arnold)—Mr. Sty au's Eden, 5 yrs, Bst 9lb (Metcalfe)—Mr. Barker's Torde sins% 3 yrs, 7st 21b (Wakefield)—aud Mr. G. Barton's Leonidas, 3 yrs, sst 10Ib (Osborne). Betting-3 to 1 agst Osbaldeston, who made his ovt n running, and won eeverly by half a length. WARWICK AND LEAMINGTON SPRING MEETING, 1850. Acceptances far the Grand Handicap Steeplechase. Age st. lb. Age st. lb. Peter Simple Rat-trap .... all 3 Tipperary Boy Abd-el-Fader a 10 12 Tom Jolly The Chandler a 10 10 The Thrush Proceed Vain Hope ... 5 10 8 Treasurer . Lucy Neal .... .... alO 6 Wolverhampton Meath Liverpool 6 10 3 Venture Rory -be-aisy Sir Pater Laurie 6 10 2 Vengeance The Screw ......... a 1 0 2 V o l a tile . Rainbow Maria Day Ace of Trump s No betting. alo o Little Fanny ..., aB 12 MANCHESTER — Duzur. ..........---.. ROYAL BIOGRAPHY.—A very interesting piece of biography is announced for immediate publication, by that popular writer, Rev. Erskine Neale, whose " Life-Book of a Labourer"and " Closing Scenes" will be in the recollection of most readers. It is no less than a Life of the Duke of Kent. The moment the announcement appeared it seemed surpris ing that a life of such extraordinary interest had not hitherto been published. This work i cannot fail to be tmiyersally welcome.