The Sun. — London, England, 1857-02-14 00:00:00

to come forward at the earliest opportunity to lay before the committee a statement of the finances of the year. I s hall begin by calling the attention of the committee to the expenditure and revenue of the current financial year, com mencing on the Ist April last and ending on the Ist April next. I shall do so for the purpose not merely of compari son and information, but also for the purpose of removing some important misapprehensions which, if I may judge from what I have observed in the house since the beginning of the session, appear to me to prevail with respect to the expenditure and taxation of the current year. In the state ment I made last session I estimated the revenue of the cur rent year, ending on the let of April next, at 71,740,0001. I ought, before I proceed further, to remind the com mittee that, as the financial year is still incomplete, I am obliged to estimate both the revenue and expenditure for the unexpired portion of the year—that is, for a portion of the month of February, and for the whole of the month of March. I believe, however, that the estimate I have made for that period will prove to be sufficiently accurate for the purpose for which it has been framed ; but at the same time I must ask the committee to remember, while following the figures I am about to read, that the revenue and expenditure for about six weeks rest upon estimate and not upon account. Last session I estimated the revenue of the current year at 71,740,000/., while the actual and esti mated receipts will, I believe, somewhat exceed that amount, and will probably be about 71,885,0004. Tho item which presents a diminution on my estimate of last year is the revenue derived from Customs. I estimated the re venue from that source at 23,850,600/., and it will pro bably not produce more than 23,600,0001. That deficiency appears to be principally attributable to the short stock of sugar, and in some degree to the check in the importation of tea. I will now read the details of the estimated revenue of 1856-7 and the sums actually received, together with the estimate of the further sums to be received up to the 31st of March next : Service. Estimate per Budget. Actual and Estimated Receipts to 31st March neat. Customs ' Excise .. • .... .. BUmpa ................ Tazei •• Property and Income tax Post-office ..... • ........ Crown lands . Miscellaneous •• .. • X 71,740,800 .£71,885,000 The expenditure for the year 1856-7, including the loan of 1,000,0001. to Sardinia, and a vote of credit for 2,000,0001., was estimated at 82,113,0001., showing, therefore, as com pared with the estimated revenue, a deficiency of 10,373,000/. That sum represents the estimated deficiency of the pre sent year, including the contingent margin which I allowed of 2,000,000/. ; but, deducting that margin of 2.000,0001., the deficiency for the year will be 8,373,0001. In order to cover that. deficiency certain loans were effected. In the first place we received 1,499,0001., being part of a loan of 5,000,0001. effected before Easter last year; a second loan of 5,000,043./. was effected after Easter, and there was an issue of 1,000,0001. of Exchequer-bills, making the total money borrowed during the current year 7,499,0001. The power conferred upon the executive Government of bor rowing by Exchequer-bills went to the extent of 4,000,0.'0'. but they have only exercised it to the extent of 1,000,0001, and the service of the year will not require any farther exercise of that power. (Hear.) The act of last session was intentionally drawn in such a manner that the power will expire on the let of April next, and I have therefore to announce that the Government will then surrender the power of borrowing 3,000,0001. for the service of the pre sent year. The total receipts from revenue and from moneys raised by loans and by Exchequer-bills for the year 1356-7 may be set down at 79,384,0001. The actual expen diture of the year, including the payment of the loan to Sardinia, will probably amount to nearly 78,000,0001., leaving a balance of 1,334,0001. to be carried to the service of next year. (Hear.) On the first night of the present ses sion the right hon. member for Buckinghamshire stated that we are now in the extraordinary positionof being subjected to war taxation during a time of peace. If that epigram. matic sentence has any very distinct meaning, I apprehend it must be understood to mean that we have war taxation during a year of peace expenditure; for if it has not that meaning it involves no objection to the course taker( by her Majesty's Government. But lam desirous of impressing upon the committee that this has not been a year of ordi nary peace expenditure, but that it has been a year of extraordinary expenditure, that extraordinary expendi ture having been directly caused by the war which termi nated only about a year ago. That this state of things was fully within the cognisance of the house —that they were aware, when they agreed to the financial plans of last ses sion, that this would not be a year of ordinary expenditure —must, I think, be admitted by every hon. gentleman ; but lest there should be any doubt upon is matter of such great importance I will, with the permission of the com mittee, read an extract from the statement I made last year at the time I proposed the plan of annual taxation. I most reluctantly refer to my own words. but Id() so to show what was the understanding on the subject, and to satisfy the house that, so far as I was able, I brought the state of the case clearly under their notice. On the 16th of last May, in addressing this house, I said— " Although peace has been happily concl tided and ratified, and although we are not now in a state of war, nevertheless the present year, for all practical purposes, must be looked upon to a great extent as a year of war expenditure. The preparations which have been made for acampaign, both by land and sea, during the winter and early part of thisyear, were such that, had the war continued, we were in a con dition to carry on this year's campaign most effectively, both with our land and sea f orces . Th a t expenditure, -I rejoice to say, has proved unnecessary ; wo have not been called upon to enter a third campaign ; but, nevertheless, the expenditure was incurred, it will become payableduring the present year, and we shall not reap the entire benefits of a return to a state of peace until another year. Theta will also be the expense of transporting our troops home from the Crimea; there will likewise be the expense of paying off the troops, and all the other expenditure con nected with (disbanding the army and navy, the whole of which will have to be defrayed during the present year. To these must be added the expense of the retransport of the Sardinian troops from the Crimea, which, though not necessarily part of our war expenditure, is yet connected with it, and is an expense which we ourselves undertook and will be effected by ou r s hi ps. " , I think these remarks distinctly brought under the notice of the house the fact that the current year would not be a year of ordinary Peace expenditure, and, as my statement was acquiesced in at the time, I assume that no doubt could be entertained as to the difference between the circum stances of the currant year and those of an ordinary year. In addition to the extraordinary payments to which Ibave adverted, a sum of 1,000,0001., which falls entirely upon the revenue of the current year, has been paid as the second instalment of the loan to Sardinia. A payment of 91,0001. has also been made, under the authority of an act passed last session for the redemption of an hereditary pension, but this may be regarded as the redemption of so much debt, and in the nature of an extraordinary payment, In addition to the extraordinary charges of the year, there has also been a loss in the war duty on malt, which W:l3 fixed to expire on the sth of July next after the ratification of a definitive treaty of peace. The definitive treaty of peace was ratified on the 27th of April, 1356, and the war duty on malt expired therefore at the beginning of the following quarter, which was the earliest period at which its expiration could take place. There is always a long credit given on m a l t, and the whole revenue is not lost, threfore, on the first year, so that the loss in the revenue on malt in the last year was only 220,0001, But what forma the • prin cipal defalcation in thi s b ranch of the re vee ment of a dra w b ac k upon the ate, k in hand wuheiclhe th b e e pay necessary, and thi s amounted to about 800003 sathat a tl i e l loss upon the arti c l e o f malt during the current' " year what exceeds 1,000,0001 . sterling. That is a reductonsoftruoem the revenue of the year which has already taken place in anticipation of a peace expenditure, and therefore it is not correct to say that no reduction of war taxation has beeia made in the present year. lam desirous of calling the attention of the committee to a few facts which I think irn portantasillustratino the elasticity of our national resources and the spring which the industry and trade of the country have taken immediately after the removal of the pressure of war. We know that even during the war the energy of this country showed itself undiminished, while that of our rival underwent a perceptible decay : "Gees gum cromato fortis ab Ilio Jactata Tnscis tequoribus, sacra Natosque matnrosque patres Pertnlit Ausonias ad urbes ; Dune ut ilex tones hip.nnibue Nigrae feraci frondis iu Algido, Per damns, per erodes, ab ipso Ducit open animumqum ferro. Non Hydra secto corpora firmior Vinci dolentem crevit in Herculeni." ese are facts which do not rest merely upon general as oTel°"—thoV admit of being reduced to numerical proof , - With the permission of the committee, I will briefly With the attention to some of the most remarkable results of thatevial t webir r''cenFlY laid upon our table. It is our trade as com 11.1 bear in mind the present state 4,1 cially as we are tPolirlo ha with its state in former years, espe t the pressure of war taxation has been so great upou the u r. ntry as sensibly to diminish its productive force and en e e e r les. I will first call the retention of the committee to the iii'er,frerse yhich has taken place in the value of our ex orte, declared t value of British exports in the yea,rles6 exceeded 00 a,of all previous years, ald reached the still of nearly ne, crease of 20,202,0901., or 21 per en,not.;:Worvt°ejl: ' th b o e s i e ng of an ;Bs i s " , and of 16,957,000/., or 17 per cola. so of 1853, the • ,di e t e ly preceding the War, ju • year Imam vhieh, moreover there was an unprecedented increase of exports. The de' dared value of the British and Irish exports for thesethree r was as follows 1355, 98,933,0001. ; :e i a 65 4 .3 , 000/ . ; 115,890,030/. If we take 5 01110 of the principal 1,1 auches of our manufactures we shall find the The exports of textile result equally eueoer +grog- e _ ears manu factures and yarns fer those ol 7 lB 6; i, wer e 5915,0 66;185.i, 52,299,000 e ; IS5i ; por . ts 1 0 8 f 5 m 5 et_ll fabrics ,o -1 ,17 the salllo way 1 - v;fit ' i.l si tl ' i l at 3 r ji li ° e - ex JO/ • 17 89-, all kinds wore :--1851. 19, ) 5 -0 0 ' 11 ' .•' • 1876, 23 ,538,0001. These Ivo may take as lair example of the general increase which will he found to pen, ado the whole commerce of the country. I shall only take one sr ticle of our imports —raw cotton and in this wo find the 112- crease to h ave b een as follows:— X lBss, 7 ;, 700, 0 )°; b. ; . 767,406,0001 b. ; 1856, 877,814,010 n, The goner.: 1C3111‘.. is that our experts buoy doubled in value since the year 1849, and if we compare this year with the year following the conclusion of the last great European war, ore shall fi n d that we commenc e thi n period of peace with exports three times greater than they were in 1816. The imports of grain were less in 1851 than i n 1 853, but greater than in 1653. The i nip ts of grain from Russia fell to less th.. 11 a half in 1831 aid were suspended altogethe r in 1855, h t reached 1,208,000 qrs. in 13. - .6, and were 1-1 per cent, of the total imports against 16 per can , . in 1853, showing the ra pidity with which a suspended branch of trade was re stored on the restoration of peace. I are sorry t o weiay 23,850,000 17,170,000 7,185,000 3,110,n00 16,355,000 2,810,000 260,000 1,000,000 increase in the number of men. It is there, it anywhere, that the dangerous designs of the Government must be discovered.' The number of men, exclusive of Queen's regiments in India, was 119,881 in 1853, but it will this year be isprincipal lyl26,746, owing to augment a ti ons o f th e being an increase of 6,915 men. Th a t increase artillery corps-(hear, hear)-and to the creation of two new corps-the Military Train, or Land Transport, and the Hospital Corps, which is a body of orderlies to at-, tend to the military patients of the hospitals. ThiS explanation ought, I think, to relieve the Government from the charge that they are anxious to introduce, our tra nmditliiotanryfreoymeterowa. wa r Thereto peace,i s a an n item of 225,0001. for warlike stores, which is ow i ng t o the entire dur Pg innovation the prevent i purchase of the new pattern musket and the fulfilment of contracts for gunpowder entered into during the war, and with regard to which the same remark as that which I have already made as to the contracts for timber applies. Gunpowder is an article which cannot be obtained in a moment. It is necessary that the manufacturers should have some notice before it is required. If the war had continued, and the Government had been found not to have made the necessary provisions for obtaining such an article as gunpowder, I have no doubt that they would have received the well-merited censure of this house. The war being fortunately at an end a loss must be sustained on that article. There is an increase of 240,0001. in the item with respect to artificers' wages on account of addi tions to the manufacturing departments. Under the head of works and buildings there is an inerease of 243,0001., which is owing to the increased barrack accommodation which has been provided for the army-(hear)-and to the great military hospital at Southampton and works of de fence in progress upon the coast. There is also another in crease in the educational vote of 67,0001. These are the principal items of increase in the army estimates. (Cheers.) I now come to the civil service estimates, in which like wise there is an increase. The amount of these estimates is 7,250,0001., which exhibits an increase of about half a million over the estimates for the current year. There are, as the miscellaneous estimates will inform the house, aug mentations under certain heads and diminutions under others which may be set off against each other, but the general result is an increase of about half a million, which is accounted for in the following manner :-There is an entirely new charge for the County Courts, now for the first time brought into the estimates, in consequence of an act passed daring the last session. That bill was received with great favour in this house, and there was manifested by many gentlemen a disposition still further to increase the charge, (Hear, hear.) This char g e f or th e C oun ty Courts, which was previously defrayed by fees, will amount to 180,0001. There is also a charge for county constabulary-no doubt a most useful expenditure, but one to which a similar observation applies-viz., that it was proposed in this house that the awn granted from the Exchequer for that purpose should be increased. The sum estimated for the county constabulary is 146,0001. There will be an increase in the amount of the vote for public education in England, arising from the extension of the operations of the Committee of Council, an extension which I hope will not be other than /Acceptable to a large majority of the members of this house, who appear to think that it is in this manner that assistance can best be given to voluntary efforts for the improvement and extension of education. (Hear, hear.) The addition to this vote will be 120,000/. (Hear, hear.) I shall also propose to take a vote for purchasing a site on whi c h t o b u ild cer t a i n publiii offices, a matter which has now become one of necessity; I shall ask for money sufficent for the purchase of land on which to build a new Foreign-office-an office for the War Department, which is now scattered under different roofs, and a new Colonial-office. The amount which I shall require will be 80,0001. These four items, taken together, make the sum of 535,000/., and therefore I have fully accounted for the increase of half a million in the civil service estimates, the chief part of which arises from two new charges which are now for the first time brought upon the votes of this house -viz., those for County Courts and county constabulary. There will also be an in crease in the charges for the collection of revenue amount ing to 111,0001. That is, I believe, principally owing to the increased facilities which have been given for the trans mission of letters and the consequent augmentation of the charge for the Post-office. Having thus called the atten tion of the committee to some items of the miscellaneous estimates, I must be permitted to refer with some feeling to a remark which was made by my right hon. friend the member for the University of Oxford (Mr. GladstonJ) on the first night of the session. He said that he had ob served both in the country and in this house a disposition to increase expenditure and to diminish taxation. Now, air, it was remarked, I think, by Dr. Johnson, that it rarely happens that more than one-half of an antithetical sentence is true ; but I can confirm to the very letter the exact truth of my right hon. friend's antithesis. 'I can from per sonal experience bear witness to the fact that there is at present a very great desire to increase expenditure-a de sire not less strong than that which appears to prevail for the reduction of taxation. Well, sir, we hear a good deal of complaints-made sometimes in this house, but more frequently at public meetings in the country and through the medium of the press-of the jobbing tendencies of Go vernments, of public men, and even of the members of this house; and it is affirmed that the great cause of the in crease of expenditure and of the demands made upon the national Exchequer is this tendency to corruption. It seems to me that the gentlemen who make these complaints take their opinions of the existing state of things from books such as "Horace Walpole's Memoirs," " Doddiug ton's Diary," or other well-known historical works of the last century, but fail to observe facts and events passing under their eyes. There is no real danger of the Exchequer suffering to any serious extent from jobbery or corruption. (A. blight laugh.) That is my firm belief. However I may suffer a loss of the good opinion of hon. gentlemen for my supposed innocence and simplicity-(renewed laughter)- I must nevertheless venture to reassert my opinion that, looking at the publicity which surrounds public men, look ing at the discussions which take place in this house, and at the vigilance of public opinion and of the press, the Ex chequer of this country is in no great danger from personal jobbing and corruption. (Hear, hear.) The real danger to the Exchequer comes from a totally different quarter. It arises from the useful projects and the ardent philan thropy of various persons, each intent up on rea li s i ng hi s own plan for the g oo d of the country. (Hear, hear.) I speak with some feeling upon this subject, inasmuch as it is my lot to receive a great variety of representations either from deputations or in writing, the larger proportion of which are prompted by the best motives and aim at the most useful objects, but all of which it would be impossible to satisfy if the taxes of this country amounted, not to 60,000,u00/„ but to 120,0j0,0001. a-year. No moderate amount of taxation would be sufficient to provide for all the useful objects which are suggested. It is not long since 1 an application was made to me for the advance of four millions to the Metropolitan Board of Works. (Laughter.) Hon. gentlemen may treat the matter with levity, but I can assure them that that is by no means the spirit in which it is regarded by the gentlemen who made the ap lication to me. They were extremely unwilling to receive the answer which I gave, that the matter should receive the consideration of the Government, and seemed to be surprised that 1 did not at once enter-I presume on behalf of Parliament--into an engagement to effect a loan to the extent of 4,000,0001. for the object which they have in view. I merely mention that as an object in which a very large portion of the population of this metropolis takes an interest, and which many persons consider to be a national object of no ordinary importance. There is also a plan which was recommended by a committee of last session for the concentration of all the public offices. That committee recommended that there should be a large purchase of land in Westminster,-intending, I presume, that public offices should, without loss of time, be erected upon it. I believe that the lowest estimate for the purchase of the land was about 1,500,0001., and I suppose that for the erection of buildings in accordance with the views of those who pro moted this plan a sum of not less than 6,000,000/. or 6,000,0001. sterling would be required. There are nu merous plans for museums, for collections of science and art,-all of them highly useful, and tending to the im provement of all classes of the community,-not confined to London, but proposed for Edinburgh and Dublin, and even for other large towns in the United Kingdom. There are plans for the laying out of parks in the metropolis and other large towns (I need not say that the purchase in the neighbourhood of London of a eapce sufficient for a public park implies a considerable outlay of money), and also a plan for the purchase of Hampsteads'aeath. There are numerous plans for widening the streets and improving the approaches and communications of the metropolis. There are plans connected with bridges in the metropolis and elsewhere. There are plans for electric telegraphs connecting the meet distant regions of the earth, passing, however, under thousands of miles of sea. There aro also numerous and undoubtedly most bene ficial plans for the extension of education, and for the erection of sch oo l s o f diff eren t sor t s and for different. classes. Furthermore, there are all those plans and pro posals, of which we used to hear so much last session, for the increase of half-pay and superannuation allowances and for allowances to widows and other persons who have suf fered from the consequences of the war. .I, dare say that the experience of hon. members would easily enable them to increase this list. But it is from proposals of this kind, and not from proposals for the benefit of individuals or for purposes of corruption, that the real difficulties of the Go vernment arise at the present time, inasmuch as it is ut terly impossible, however wealthy the country may be, however willing to submit to any reasonable load of taxa tion, for it to provide the funds required for all these dif ferent projects, and therefore the task of selecting those of them which are the most useful, the most urgent, and most deserving of the attention of the Government and of this house is anything but an easy one. Let me now call - the consideration of the committee to the debt which has been created by the war, and which has imposed obliee. 1 tions on the nation which it is now necessary to fulf i l. Th e 1 total addition made to the funded debt during the war w as , 30,266,0001., involving an increased annual °beige of 907,0001. There were also terminable annuities granted to the extent of 116,0001. Next, there were Exchequer-bonds issued to the extentof 7,000,000/. ; also Exchequer -bills to the extent of 5,041,000 e, bearing an annual interest of 191,0001, The annual charge on the Exchequer-bonds is 245,0001. The annual increase of charge upon the revenue on account of the debtcreated during the war, exclusive of certain items to which I shall presently refer, amounts therefore in round numbers to a million and a half sterling. I have now completed the explanation which I bade to olYer on the subject of the expenditure; but before I come to the plan of taxation for the ensuing year I must trouble the committee with some remarks upon expressions that fell from my right hon. friend the member for the University of Oxford on a former night. lam not quite sure that I fully collected the purport of his observations, bat I re member that he alluded to a compact entered into in the year 1853 between Parliament and the country with regard to the permanence of tlae financial arrangements of that session. Now, I can unelerst and an agreement such as that made at the union between. 'Scotland and England, or at the time of the union between. Ireland and England, and embe bodied in an act of Parliament, by which one of the can trecting parties may be tr.id to be extinguished; I can un derstand an arrangem out of that kind having the sacred nature of a contract,, which cannot be disturbed with out a manifest brew ch of public faith. But in• order to establish the d oct,rine that a financial arrange ment entered i n t o f 'or a pa r ti cu l ar year or ser i es of years has the qua il t i es is necessary, And, incident s o f a com p ac t, it it see a t t, to me, to show that the state of things which was assumed as the basis of that compact has not been varied by subsequent events, but still remains unchanged. In the first place, then, the plan of 1853 was framed on the sup) msition that peace would continue un broken. I need re at say that that part of the suppos" unfortunately die. not prove to be correct. W _ A ron actual expenditu re, as well as in its come' . ar, in its cause in the mat , - - s ciences, is un r st ag a magnitude r l ping and it is only ne' -air of tin a u ce of the happily hm the facts which I /',ave just re -*leery for me to refer to increase of anti tea', c h ar ,- '...rrated 'in regard to the large the recent hostVitie .0 on account of the debt, owing to nt ro of the arrang , ..4d, in ord er t o s h ow that the foundation, () T e t t' d be e e b n f v - .rent of 1853 h as, i ns the most importa.erturned. Yet not only has the annual charge meats it , been augmented, but there are also certain pay effect i . the nature of the redemption of debt which take Lew as the years included within the period of that settle " The settlement extended from 1853 to 1360. Nell, the committee with these details, but, after all that has been said, after the gloomy view which some persons have taken of our present prospects, and the extent to which war taxation has diminished the energies of the country, I think it is important that the committee should be put in possession of all the material facts bearing upon the p sition of the great branches of our trade and industry. If we turn now to the shipping of the country, taking the en tries and clearances together, we find that the tonnage of British vessels with cargoes in 1856 shows a considerable increase over all Rimer years. As compared with 1855 there is an increase of 1,760,000 tons, or 19 per cent., and of 1,906,000 tons in comparison with 1853. In order to comfort those gentlemen who some few years ago antici pated the ruin of the shipping of this country by the alte ration of the navigation laws, I will venture to read the figures for three years representing the tonnage of vessels with cargoes entered and cleared. They are as follows : British. Foreign. Total. Tons. Tons. Tons. 1853 ... 9,061,000 6,316,000 15,380,000 1855 ... 9,211,000 6,156,000 15,367,000 1856 ... 10,971,000 6,933,000 17,901,000 The committee will remark that though 1855 was a year of war, still it presents an increase, and also that the in crease in all the three years has been to a great extent on British shipping, and only very slight on foreign shipping. It is not a little remarkable that the large amount of ton nage taken up by the Government during the war, com prising an aggregate of about 200,000 tons, should have fallen back for employment upon the ordinary demands of trade without any perceptible embarrassment to the ship ping interest, and this is another proof of the elasticity of the demand and the rapidity with which the country has adapted itself to the change from war to peaoe. There is only one other point to which I wish to advert, and my object in doing so is to prove the demand for labour which now exists in this country, and which has not been dimi nished even by the disbanding of the troops and seamen after the war. The total number of emigrants from the United Kingdom in the yesr 1852 was 368,764, and in the last year 1856, it was 176,554, showing the great reduction which has taken place in the emigration of the country since 1852, notwithstanding the transition from war to peace. I shall now proceed to call attention to something which may. perhaps, appear of more pressing interest—l mean the esti mates, or accounts of the actual expenditure which has been caused by the war, and of the manner in which that expen diture has been or will be incurred. The expenditure of the three years of war, 1854-5, 1855-6, 1856-7, including the loan of 2,000,0001. to Sardinia, was 228,721,000/. ; while the net expenditure of the three years 1851-2, 1852-3, 1853-4, immediately preceding the war, was 152,323,0001. If you deduct th e expen dit ure o f the three years of peace from that of the three years of war, you must arrive at a pretty close approximation of the expenditure for the war. Ido not know a fairer way of coming at it. This gives us 76,398,0001. as the war expenditure in the three years 1851-5,1855.6, and 1856-7. The net revenue of the three years of war—that is to say the revenue arising from the or dinary branches of taxation, independent of loans, was 192,685,0001., and if you deduct from that the net peace expenditure in the three years 1851-2, 1852-3, 1653-4, which was 152,323,000/., there remains a surplus revenue applicable to war expenditure amounting to 40,362,0001. That represents the war revenue derived from war taxa tion. Then I add the money raised by additions to the funded and unfunded debt, amounting to 41,041,0001. Ad ding these two sums together, the total sum applicable to war expen liture over and above the sum applied to peace expenditure would be found to be 81,403,0001. But as the excess of war expenditure was not more than 76,398,0001., the difference between those sums exhibits the more flourishing state of the revenue at the end of the war as compared with its state at the beginning, and shows that a portion of the maney borrowed for the purpose of war ltill remains in the Exchequer. I now proceed to a more practi cal part of the subject—namely, the estimated expenditure for the ensuing year (1857-8). The interest of the fun led and unfunded debt will be 28,550,050 e, and the permanent chargeson the Consolid sted Fund will amount to 1,770,0001. The charge for the army, including 400,0001. for the militia (the estimate of which is not on the table, though that will be the probable amount), w ill b e 11,625,0001. ; the charge for the navy, including the Coastguard, 8,109,0001. The packet service will cost 965,0001., and the civil services 7,250,0001. The collection of the revenue, which is now brought into the annual charge, though it was formerly excluded from it, will amount to 4,215,0001. The superan nuation of revenue departments, removed from the gross revenue by the act of last session, and now brought into the annual statem en t f or th e firsetime, will be 475,0001. For the Government portion of the expense of the Persian expedition, which will accrue before the tat of April next year, I take 265,0001. That assail I propose to ask for that purpose, the sum being calculat e d accor di ng t o th e agree ment entered into with the East India Company, to the effect that the Exchequer should bear half the extraordi nary expenses of the war. The total of these supply charges will be 32,904,0001., which added to the charge for the debt, and to the charges on the Consolidated Fund, will make a total expenditure of 63,224,0001., independent of the repayment of debts. I now come to that portion of the burden for the year which is consequent on the late war— namely, the repayment of loans contracted during the war, and made chargeable on the revenue of an ensuing year. First of all there is the series of Exchequer-bonds issued in 1854, and payable on the Bth May, 1857. They amount to 2,000,000/., and I propose to move a formal resolution for the repayment of those bonds. There is also the sinking fund for the second loan of 5,000,0001. contracted last year, add made chargeable on the Consolidated Fund, which amounts to 250,0001. The amount of debt, therefore, repayable, partly by specific engagement under act of Parliament, and partly by distinct charge on the Consolidated Fund, whiCh therefore it is incumbent on the Government to make pro vision for, is 2,250,0001. The total outlay to be provided for in the ensuing year will be 65,474,0301. The committee, however, should bear in mind that the estimated expendi ture for the coming year includes an amount of neatly 5,000,0001. for the collection of the revenue, which was not included in the estimates of former years. Now, I will 143 before the committee as shortly as I can some explanatidn in reference to the charges of the ensuing year. I labsrnr under some dis a d van t age i n thi s respec t, inasmuch as the committee will probably expect to hear some explanation, however general, of the sums which I estimate for the charges of the army and navy ; and those estimates have not yet undergone any consideration before the house. I do not know that I could take a fairer view of the army and navy estimates than by comparing them with the amount of the same estimates before the war. As compared with the reduced estimates of last year, there is an abso lute diminution in the army and navy estimates of the pre sent year, amounting to about 17,000.0001. The committee must of course be aware that however desirqus the Go vernment may be to bring the war establishment to a peace standard, the change cannot be made by magic. It cannot be made in an instant, as if by the stroke of a wand, mid some time must necessarily be allowed to the departments to make those changes by which the transition can be effected. Therefore, in instituting a comparison with the three years of peace immediately before the war, I take a comparison which everybody must admit to be fair, and which in fact bears rather hardly against the executive, because it is not possible at once to bring the army and navy down to the condition in which it stood immediately before the war. (Hear.) These are the amounts for the army, navy, and packet service for three years before the war. In 1851 the estimate for the army was 8,951,0001. ; in 1852, 9,408, .00/. ; and in 1853, 10,113,0001. The esti mate for the army for the ensuing year is on the table, and will be found to be 11,625,0001. (Hear.) The esti mate for the navy in 1851 was 5,734,000/. • in 1852, 5,835,000/. ; and in 1853, 6,285,0001 For the ensuing year the estimate, exclusive a the Coastguird, which would disturb the comparison if taken into the calculation, inas much as the transfer of that item to the navy estimates was only made last year, is 7,623,0001. I think that the com mittee on comparing these estimates with the estimates voted for the three years immediately before the war will admit that no charge can be more unfounded than that made against the Government, that they wished to perpe tuate extravagant war establishments during a time of peace, to alter the old constitutional system of the coun try, and by an enormous augmentation of our military establishments to overawe the country and threaten the liberties of the people. To such an extent did some of the assertions go which were made on the first night of the session. (Hear, hear.) As the estimate for £he packet service enters into the navy estimates, the committee will see that not every charge in those estimates is needed for military or belligerent purposes. The estimate for the foreign packet service in 1851 was 809,0001., in 1852 it was 870,0001., and in 1853, 835,0001, 11 has increased this year to 965,000/. Now, the foreign packet service, though of great importance to the mercantile in ti rests of this country, has nothing to do with our military affairs. Whenever there is a question of the increase in the number of ships employed in that service, or of a Dam e fre quent and rapid delivery of letters, the Treasury is urged , by the strongest representations from various gentlemen engaged in foreign and domestic trade to increase the ex p.:raider° under that head, and is only restrained from going too far by a fear that the estimates will be objected to by this house. The estimates for the army and navy have not been considered in a committee of supply, an l it may therefore be convenient that I should, without under taking to anticipate the labours of my right hon. friend the First Lord of the Admiralty, or of my hon. friend the Under Secretary of State for the War Department, briefly mention some few of the causes which have led to an in crease in them for the ensuing year over those for the year itnusediately preceding the war. In the navy estimates there has been an increase in the marines and in the Coastguard force. The increase in the latter force was made in pursuaece of an act of Parliament, passed last ses sion, by w hi c h it was transferred from the department of the m ac o t s twCgaus,sitato o i m ia s to that of th e Ad m i ralty. The object of that createdo f e aornneseravne n op av in a i l on for u ce po . n theThosesnwb j h e o nt w ap ere . proved the creation of that force. Two gentlemen of great authority in this house, who have filled the office of First t rd of the Admiralty—viz., my right hon. friends the wasm, n moresbc e h r e s tu f t , eh i r a, Ca n, aerl assented s!e a regarded n oba ys tahe Portsmouth,legitimateopposite assented side to it, of ft huop 0 h a no n u d tsh i e t whole, an economical m eans of increaour navy in a and, time of ' peace. It, however, led to increased expenditure, and part, therefore, of th e i ncrease in the present navy ' estimates must be regarded as the result of the act of last ssssion. The increased price of 'revisions, as Compared with the years immediately preceding the war, leads to sonic increase both in the army and navy estimates. There is also an increase in the scientific vote for the navy, That surely cannot be regarded as likely to lead t o resu lt s den gerous to our liberties. Then there are contracts for tim ber, which were made during the war, which have not yet been fulfilled, but which will cause some additional ex pense dining the ensuing year. The committee must ba well aware that, as it was impossible to foresee the termi nation of the war, it was necessary that the Government should provide for its possible continuance; and, there fore, while the war was raging, the Government had to enter into contracts upon the assumption that it might last for some years. Peace being happily concluded, the Government must ether allow those contracts to be ful filled or pay a forfeit. Either of these courses will en tail seine expense. Thera is an increase in the item of steaw ruachinery for the screw fleet, and also in the item of coals, in consequence of the progressive introduction of ste.i n in the navy. That, I fear, must bo considered Tuaatten permanent charg e i u th e navy es ti ma tes, ines n as navi ga ti on b y steam is itself more expensive charge than naeoirtion by sails. There is also an increased f the erection of naval factories for the re pair of machinery u:aus . atgna a :i,,m ti e d efioor o fe f e: l arge steamers ; and like wise n:lca belereaiserftement of docks, basins, and slips to ladirthe amounting to 450,0001 hips. The result is, that in g the there are in the present oar y r go for manning and victualling ostimatee an incre, amounting to about 400;00n increased charge for stores 01., for works about 3(.0,0, 01., for miscellaneous 30,0001., making for dockyards 200,0001., which is the increase above t a h lt e og e et t h i la te s s t , im fo o r f 1 1 85 ,3d 2 0:000,Ind now with regard to ti e army estimates, about which hon. gen tlenfie n no. doubt, i th 4 designs 0 1 setertained the greatest appeeleensioee o th e Government. Leaving out th e militia, 14.6 mates for 185 34 amounted to 9,592,0 001. ; those for ensuing year amounted to 11,225,000 e, showing an increase of 1,611,000!. e Now, this is an expl ana ti on of the pr;- cipal seines) of the increase. In the first place there is en eacordieg to the obligation, fited by acts of Parliament, ; also a b le become in 185 payable l equale n l a B ll - 1 : 7 amount t a ikw haw in force, there are Exchequer•bonds to the extent of 2 a in f runn i. ao payable ' which in 1859 ; and a further sum of 1,000,0001. in 1860. In ad- j ol n e equalse dition to this there is a sinking fund for war loans, for which the charge on the Consolidated Fund in 1857 will amount to 250,000/. ; in 1858 to 1 ,500,000/. ; and in each of the two following years the sum will also be 1,500,0001.; making for the four years between 1e57 and 1860 the fol lowing total amounts :-2,250,000/. for 1857, 3,500,000/. for 1858, 3,500,0001. for 1859, and 2,500,0001. for 1860. Besides these repayments in the nature of a sinking fund, there is also, as I have said, an additional sum f-r interest of 1,460,0001. in 1857, 1,360,0001. in 1858, and 1,220,0001. in 1859. Now this series of obli gations in the shape of annual interest and repayments of the principal of the debt has, unfortunately, disturbed the settlement entered into in 1853—a settlement which had every prospect of a satisfactory issue if we had remained at peace, but the basis of which was altogether deranged by the stern reality of subsequent events. Since the year 1853 not only has a large additional charge in the way of interest :on debt and repayment of the principal been imposed on the resources of the country for the next four years, but during the same interval large remissions of taxation have been made, materially diminishing the public revenue. So that, while we have increased our expenditure, we have concurrently lost part of our income. In 1854 an alteration was made in the duty on bills of ex change, by which a reduction of 150,000/ was effected. In the same year there was a diminution of 200,0001. in the produce of the assessed taxes. In the following year an annual sum of 260,0001. was sacrificed by the abolition of the newspaper stamp duty, after making due allowance for the increased receipts derived by the Post-office in con sequence of that remission. In 1855 another remission which was much pressed on the Government, and had many advocates on both sides of the house, was made by the Go vernment in compliance with the general wish expressed on the subject. I allude to the reduction of the duty upon stage carriages, involving a loss of 60,000/, per annum to the revenue. The total amount, therefore , of the remis sions of taxation made since 185 3 is 760,0001. I conceive, then, that the hands of this house are perfectly free to deal with this question at the present time, and that Parliament cannot deem itself in any way tied up by an arrangement made on an assumption, which I wished as sincerely as any one had been supported by the result, but which was un happily falsified by the subsequent course of events: I now come, Sir, or rather I approach more closely(cheers) —to thb arrangements of taxation for the ensuing year, and I will trouble the house with some explanation oa the subject of direct or indirect taxation, upon which those arrange ments mainly tarn. I think there is an exaggerated ielea as to the amount of direct taxation which is now levied upon the country. The current of feeling runs strongly, as it seems to late against any form of direct taxes. (Opposi tion cheers.) Such a feeling appears to be expressed in many quarters. One mode of trying the justice of that feeling is to examine what are the relative amounts levied by direct and indirect taxation. I think this is an impor tant matter, bearing in a most direct and practical manner on the solution of the question which is about to engage the attention of the house. (Hear, hear.) The amount of those taxes which constructively bear the name of direct taxes is not large, if we put oat of view the war income tax. The war income tax is no doubt principally owing to the exigency of circumstances ; but, that being put out of consideration, and reverting to the income tax as it was originally imposed by Sir R. Peel, the house must, I think, be of opinion that the amount of direct taxes, strictly so called, is by no means considerable. I have divided the taxation of the country into three classes. I have.taken first those direct taxes which are paid at fixed periods—that class of taxes to which alone French finances give the nuns of direct taxes. They do not give the name of direct taxes to those taxes which seem to me to deserve the name, though they are not paid at stated and • as sessed taxes 2,000,000 e, the income tax 7,100,0 00 e , fixed periods. Th e l an d-t ax p ro duces 1,150,0)0/. the mak ing altogether 11,250,000/. That is the total amount of the direct taxation of this country where taxes are paid at fixed periods, assuming th e rate of income tax to be as it existed before the w a r. There is also another class of taxes, which, although direct taxes in point of incidence, are not complained of as being oppressive, inasmuch as they are not paid in the same compulsory manner, or at stated periods, but according to the wants of the taxpayer. There is no doubt, however, they are direct taxes, and fall in direct incidence on property. The whole revenue from stamps, probate, legacy, and succession duties is 7,450,000/. With regard to the succession duty, it seems to me, great misund ers t an di ng prevails. I have heard it stated that the succession duty is a heavy burden on landed property, that it tends teethe confiscation of the estates of landowners--(cheers from the Opposition)—that it forms a great and Material' increase to the direct tax ation of the country, and that it may be considered almost as another income tax. (Renewed Opposition cheers.) The present amount of the succession duty is about 500,0001. a-year. It is anticipated that, increasing by slow degrees, it will rise to maturity about 1863, and it is estimated that it will then produce 1,200,000/. a-year. Another tax un doubtedly direct in its incidence is postage. (Cries of "No !") Well ;it must be enumerated among direct taxes, but it is a tax for which every person gets an equi valent, and a very sufficient equivalent—(hear, hear)—and therefore I only enumerate it among this class of taxes for the sake of completeness. Postage produces 3,000,0001. The second class of direct taxes gives this result :—Stamps, probate, legacy, and succession duties. 7,450,0001.; postage, 3,010,000/.—making together, 10,450,000/. The total of these two classes of direct taxes is 20,700,0001. The total of the indirect taxes—namely, Customs and Excise, is 39,850,0001., and therefore the indirect taxes are about double the amount of the direct taxes, assuming the in come tax at its original amount, and allowing 3,000,0001. for postage. I regret to have to trouble the house with many of these statements, but I need scarcely say this is a material fact, bearing on the queition before us as to the relative magnitude of the direct and indirect taxes of the country. (Cheers.) There are some gentlemen who, not withstanding the general desire to diminish direct taxes, and especially to remove the war rate of the income tax, say that they would wish to keep up the income and other direct taxes to a considerable amount, for the purpose of reducing certain indirect taxes, pressing, as they think, with great severity on the trade and industry of the coun try. One of these is the paper duty, and I received, net many days aap, a deputation headed by the right hon. gen tleman the member for Manchester, who pressed on the consideration of the Government the reduction of that duty. The duty falls on three classes of paper namely, paper used for printing, paper used for writing, and paper used for packing—and being charged, not accordihg to value, but according' to weight, finan cially speaking the burden is by far the heaviest on the large quantity which is used for the purpose of packing. Instead of being more oppressive on that class of paper which leads my right hon. friend to denominate it a tax on knowledge, it falls more heavily on the two other de scriptions. But, with regard to packing and writing papers, I confess I do not see that those descriptions, in the present state of our revenue and expenditure, are not proper subjects of taxation. (Cheers from the Opposition.) With regard to paper used for the purpose of printing, we must consider not merely the demands of the manufac turer, but what will be the probable advantage to the consumer. I confess, having carefully considered the sub ject, I do not believe that the total abolition of the paper duty would produce to the ordinary purchaser of books and newspapers any appreciable advantage. (Cheers from the Opposition.) Therefore, Sir, without at all denying the claims of the paper duty being considered at a time when our expenditure may be less and our revenue ipay be greater, I cannot admit that at the present moment it is a proper subject fur reduction. (Hear, hear.) There is another article the duty on which some persons wish to see diminished. The hon. member for Pontefract (Mr. Oliveira) has given notice of a motion for a committee to inquire with a view to a reduction of the duty on wine, (Laughter.) I do not think it at present necessary to go into that subject. From accidental and natural causes the productie i of wine has undergo.ae a great diminution. The exports of spirits from this country have increased in con sequence. Instead of the continent being enabled to give us a redundant supply of, wine, we are exporting spirits to supply their demands. This would not, therefore be a happy moment for the trial of an exper i ment which I am sure my hon. friend himself must regard as somewhat perilous. (Cheers.) There is only one other duty to •which I will refer. It is one which interested many gentlemen last session, and which was brought forward for discussion in this House —I mean the duty on fire insurance. I have lately laid upon the table during euxrrieaitaat ooie t sfa h ef oa e dt roc r paar e rrre c roea e pifl vsuiesisl;dcgyoa,nanpftsdroioard property—that c6m—whnietrl judgment ftaa fi tsto n :oi d tei a report upon this subject. I have caused it to be care fullyffwi oaoilrsitm wish to a. etobt xecrfieo transferupr investigate) eo.teitTyhheauel pt materials oraetntas the question, which did not exist in an authentic and offieial question has been to convince me that it is a duty which i c s ir a oo d m ut e y ta w n h oe ic e h of ad th a e pt t s ax its p it ought to receive the support of those gentlemen who taxpayer, which withhiesihngteulhaeravfeileiectitviyhtemo the insurance is lightest, and lightest when the insurance is heaviest, and which has advanced in its contribution to the revenue with a steady progression for a great number of years. I confess I can see no ground whatever for ac ceding to the propositions which have been made for the reduction of that duty, and, so far as lam able to judge, I believe it to be one of the last duties which ought to be relinquished. (Murmurs from behind the Ministerial benches.) lam sorry to differ from hon. gentlemen upon this subject. but I must ask them to suspend their judg ment until they leeve had an opportunity of reading the reiaert to which I have referred, in which the matter is treated at great length, and with great candour and ability. At all events, if the conclusion at which I have arrived be distasteful to hon. members behind me, I assure them that I have only come to it after a careful consideration of the subject, and I think that they can hardly—at all events, for the present —press for the abolition of the duty on fire insurances. In dealing with the taxation of the coming year I shall propose, therefore, to confine myself to those taxes which were imposed during the war, and I shall not make any modifications of any other portion of our tax ation than that which-underwent revision during the war. In proposing the modifications which I am about to do I would bear in mind the dictum of a writer whose opinion I think s h ou ld command some authority in this house—a writer who is i n no d egree o b nox i ous t o th e charge of being a speculator or a theorist, but who is a practical man, conversant w ith var i ous b ranc h es o f economy, and particul ar l y with agricultural economy—l mean Arthur Youn g , w h ose travels in England, Ireland, and France are do u btl ess well known to the members of this house. Aft er pointing out what are in his opinion the principal attributes which a system of taxation ought to a lit g y oo in d the e y burden eteor possess, a n d d welling especially upon the importance of equality, h e makes the following observations i— " The mare a a r re . circ umstence of ta xes b e i ng very nuneerous, in order use a giv en sum, is a considerable step towards equa tfaaellaintigon it shouldollthePeopiebe etfhlawt of bearingastodefine lightly on an infinite number of heavily points,on non . In other words, that • simplicity tatation is t he greatest additional weight that can be given to taxes• and ought in every country to be most sedulously avoided." Now; sir, that opinion, though presentsee ms to contrary te titian that we hear at the a Most useful preepcal me to be full •of wisdom, and to be tern of taxation. guide in the ar r a ngement of a sys- I think it /lA , will now go through the taxes, to which In the to call theattOntion Of the tiotiimittee , ne - efls there is the duty on spirits, in which a esotalient increase was laid during the war, and which may be reckoned on e , pro d oc i n e g a permanent addition t the revenue of about 1,500,01:0/. a year. It was imposed as a permanent t ax, and it does not cease upon the termi nation of the war. I thick that the committee will agree with me that spirits are legitimate objects of taxation at a time when a large revenue is reqaired, subject to Vie mei ditiorr that the rate of duty does not lead to illicit distil lation: (Hear, hear.) Illicit dietillation is so great an s,eva, eind it so demoralises the couhtry in 'which it prevails, ley producing lawless habits, that any amount of revenue is dearly purchased at the cost of promoting illicit distilla tion. Hitherto, however, it has not been found that the present rate of duty either in Ireland or Scotland has led to illicit distillation. I can assure the committee that this is a subject to which I am quite alive, and so long as I TIIE SUN, LONDON, SATURDAY EVENING, FEBRUARY l4, 1857. have the honour to held my pfeeetit office, it is one which I • shall most carefully watch with a vie* to fiiscover any in• crease in its practice ; but while wattere remain in their present position see no reason for proposing any altefa tion in the spirit duties. The next duty which I must a Iv. rt, to is the duty upon malt. Last J'dar there w .8 a loss upon malt to the amount of 200,000/. The duty ceased upon the sth of July last, but on account of the long credit given a portion of the War duty became payable last year. In the ensuing year the entire effect of the remission of the war duty upon malt will be experienced, and it will occa sion a loss of about 2,000,000/. The additional war duty is now removed. I now come to the income tax-(cheers) -and I will first inform the committee of the present po sition of that tax. It was imposed for the purpose of re venue in 1842, at the rate of 7d. in the pound upon incomes above 150/. a-year, for three years. It was renewed in 1'45, and again in 1818, for the two triennial periods, at the same rate. It therefore continued for nine years, being renewed - at triennial periods, at the rate of 7d. in the pound on all incomes above 150/. a-year,-incomes below that amount being exempted. In 1851 a similar renewal at the same rate and for the same period was proposed by my right hon. friend the present First Lord of the Admi ralty, but it met with a good deal of opposition on the ground of the mode of assessment, and, in deference to the prevalent opinion of the house, it was renewed only for one year, and a select committee was appointed to inquire into the mode of assessment. I ought to state that my noble friend the member for the city of London, was then at the head of the Government, while he assented to the appointment of the committee, objected to so large a por tion of the revenue being made to depend upon an annual act. In 1852 the income tax was renewed at the same rate by the Government of Lord Derby, but it was renewed for only a year in consequence of the peculiar position of that Government, which did not allow them to propose any important renewal or change of taxation. I now come to 1853. In that year the income tax was fixed at 7d. in the pound for two years from the sth of April, 1853 • at 6d. in the pound for two years from the sth April, 1855; and at sd. for three years from the sth April, 1857; so that if the war had not intervened the tax now current would have been 6d. in the pound, and for three years from sth April, 1857, it would have been sd. in the pound. Therefore, what is called " the war:9d." is in fact the difference between the tax as it stood at the commencement of the war and the tax as it stands at present. By the same act of 1853 the income tax was extended to Ireland, and it was also extended to incomes above le 0/. and less than 150/. at sd. ,in the pound. The war now supervened, and the result was that the income tax did not fall from 7d. to 6d. ; on the con trary, in 1854 it was increased from 7d. to 14d. and from sd. to 10d. in the pound-that is to say, it was raised to 14d. on incomes above 150 t.; and tolod. on incomes between 150/. and 1001. At the same time it was continued at those rates till the 6th of April next after the ratification of a treaty of peace. But in 1855 the tax was increased to ltid. and 11441.-in other words, 2d. was added to the 14d. awl 10. to the 10d. It was continued during the war " and until"-these are the words upon which so many comments have been made-" the 6th of April which shall first hap pen after the expiration of one year from the ratification of a definitive treaty of peace." That, sir, is the present state of the income tax. For the present year it stands at is. 4d. in the pound upon incomes above 1501., and at lleal. upon incomes between 1501. and 100/. ' and it is continued, by the operation of th e wor d s w hi c h I have read, for ano ther year, commencing on the 7th of April next. It would fall for the following two years to sd. in the pound, and then altogether expire. That is the legal position of the income tax. It has been supposed that there was some design or reason on the part of the Government for making a distinction between the income tax and the duties on tea, sugar, and coffee. I can assure the committee that the dif ference in the wording of the acts was not at all the result of design; it was the result of a mere accident, and owes its existence to a singular coincidence of dates, which it was impossible for th e G overnmen t t o f oresee when the acts were passed. According to the act passed in 1854 the pre sent rates of the income tax were to continue until the 6th of April next after the ratification of pease. Consequently if the treaty had been ratified on the sth of April, the tax would have ceased a day after the ratification. The com mittee .nust be aware from the statement I have already Imade that war expenditure does not cease with active hostilities; but that it is necessary for the Govern ment to be provided with funds, or else to appeal to Par liament to meet that expenditure which, though not fall ing within the period of hostilities, fairly and properly be longs to the time of war; Therefore, in raising the in come tax the words which I have read were inserted inthe act. It was intended to levy the tax at the increased rates during the remainder of the financial year, whatever that remainder might be, in which the treaty of peace might be ratified, and for one clear year beyond that period. The word " ratification" of a treaty of peace occurred in a former income tax act, and was transferred to the act of 1854, but it did pot occur in the Customs and Excise Act. In that act the words used kvere that the duties on tea, sugar, and coffee should contintie during the war, " and until the sth of April inclusive Which shall first happen after the end of Li months from 'the date of a definitive treaty of peace with Russia." . Instead of using the word " ratification" as in the Income tax - Act, the word s " date" was inserted in the Customs and Excise Act. That diffe rence of expression arose from an inadvertence, not from design. It sohappened, however; that the treaty of peace was signed on' the 30th of March, but the ratifications were not exchanged till the 7th of April, and therefore the sth of April, the day mentioned in "the Customs and Excise Act, intervened between the signature and the ratification of the treaty-in event altogether impossible to foresee. I have endeavoured to ascertain what is the exact import of the phrase, " the date of a treaty," and have been informed that, properly sneaking, it means the date of the signature, and not the date of the ratification ; although the treaty takes effect only from the latter period. Owing, therefore, to this accidental difference in the language of the two acts, it was held that the additional duties en tea, sugar, and coffee would expire on the sth of April next, whereas the income tax would last for another year. Such is the simple explanation of a, subject which has occupied so much of the attention of the country. I *ill 'only add that although, in answer to a question put to me by the hon. and learned member for Wallingford, I !stated. what was the legal effect of the accidental and undersigned phraseology of the In come-tax Act, I never for a moment entertained the idea of asking the 'house to continue the tax longer than the ex igenciee of the public service would require it. (Rear, hear.) Well,, Sir, as the law stands at present the sum which the Exchequer would be entitled to receive from the income tax would be 16d. for the ensuing year, and sd. for each of the two following years; that is to say, it would be entitled to receive 26d , each of which may be taken as re presenting 1,000,000/. sterling. Consequently, the total sum payable' under the Income-tax Act is 26,000,0001. The proposal which I have to make to the Committee, looking to the increased charges upon the revenue for some years to come owing to the debts contracted during the war, and to the remission of taxation in the same period, is to fix the income tax as it was originally fixed by Sir Robert Peel, and 14 two subsequent periods, taking it for the next three years at 7d. in the pound. (This announce ment was received with some cheering, which was speedily converted into roars of laughter, when a large number of hon. members on both sides rose from their seats and left the house. The noise occasioned by their withdrawal hay• ing subsided, the right hon: gentleman, who had joined in the merriment, proceeded with his statement.) I am sorry, Sir, to have to continue My explanation to an audi ence so greatly reduced in numbers-(a leueb)-neverthe less, I must state to- those who remain what will be the effect of the proposed alteration. +The number of millions to which the Exchequer would be 'entitled under the exist ing law is 26, distributed over the next three years. The effect of the change which I. propose will be that:the Ex chequer will receive 21,000,000 e, being a diminution of 5,000,000/., spread over the satne.period. Another effect will be that more than a-half of the tax will be remitted in the ensuing year, for, whereas thepresent rate of the tax is 160. in the pound, I propose to reduce it to 70. 160. in the pound is equal to 6/.135. Id. per cent. ; 70. in the pound to 2/. 18s. 4d.; and bd to 2/. ls. Bd. The difference, therefore, between the rate at which I propose to, fix the tax and the rate at which it would stand for the next two years, if no alteration were made, is only 16s. Bd. per cent., 51. being equal to - 21. Is. lid. per cent. The committee will thus see that, while the relief vented in the ensuing year will be great and sensible, the additional charge in the two follow ing years will not be such as ,to be injuriously felt by the country. The relief will not be confined to the class of in• comes exceeding 150/. a-year. I propose to reduce the rate of income-tax levied upon incomes between 100/. and le 0/. a-year to the rate adopted in the original measure of my right bon. friend,-namely, 50. in the pound, which will amount to 2/. ls; Bd. per. cent. I believe the high war in come tan has pressed with great severity upon the class of small incomes, and I think I can, explain why that has been the case. My right hon. friend, in proposing this exten , sion of the tax, expressed an opinion that he wculd not, as he phrased it, " trench upon the territory of labour," for he thought that by limiting the tax to amounts exceeding 100/. it would not affect any considerable number of per. sons in receipt of weekly wages. I am unable to obtain an exact account of the number of persons receiving weekly wages who are contributors to the income tax; but I have reason to believe that it is not less than 20,000. Persons in receipt of 2/, a-week are liable to the tax, and the sum of 4/. 15s. 10d, per annum, payable half-yearly, must have been extremely burdensome to individuals in such a posi tion. (Rear.) The tax would become still more burden some if it fell into arrear, and if a person receiving only 2/. a-week was called upon to pay at once 4:. 15s. 10(14- more than double his weekly earnings. The effect of the change I propose will be that a person receiving 2/. a-week will only be liable to an income tax of 21.15. Bd. per annum, which is about 1/. half-yearly, and therefore the reduction will afford great relief to the possessors of small incomes, and must have the effect of, diminishing the objections felt in many "quarters to this part of, the tax. There is, how ever, another war tax with which I shall propose to deal, but with regard to which I cannot pursue the course I have suggested in the case of the income-tax-I allude to the duty upon tea and sugar. The duty upon tea is for the pre sent year Is. 90. per lb., and by the existing law it would fall to is. 21 on the Ist April next, and to Is. for the next and succeeding years. The duties 0 1 .1Dk sugar ara also arranged upon a similar plan of reduction. I t happeps that at this moment the stock of sugar is very low, and it cannot there fore be expected that a reduction in the price of that article consequent upon the dithinution of. t he duty would be at tended with any great increasid,of consumption. The same remark applies 'to tea, inasmuch as recent events at Canton have imposed obstacles' to future exportations. With re gard, therefore, to both these articles it cannot be expected that a considerable reduction of duty would be followed by any material increase of consumption in the course of the next year. The diminution I,propose in the rate of the income tax will lead to a great reduction of the revenue, not so much iri the present year as in the two succeeding years. The difference bet Ween a tax of 7d. in the pound and one of 16d:would involve adimination of revenue te the amount of 6,000,000/., which Would leave a deficieu income as aomparad with the probable expenditure of the country. I therefore intend to propose a new scale for the reduction of the duties upon tea and sugar, rendering the diminution somewhat slower than it would be under the existing law, and thus providing for a more gradual distil notion of the revenue, I will etato what are the duties I • I wopose to adopt a-The duty on tea now stands at is. 9.1. per lb, propose that for the next year, 1857.8, it shall be i s . 70. ; for 1858-9, lie sd. ; for 1859.60, ls. 3d., and that from that period it shall be 18, The present uty on re fined sugar is :20s. per cwt. I propose that next year it shall fall to 18s. 4d. ; in the following year to 16s. Bd. ; in 1859 to 15si, and in subsequent years to 13s, 4d. The duty on brown sugar is no* 13s. 9.1., and I propose that in 1857 it shall be 12s 80. ; in 1858, lls. Bd. ; in 1859-60, 108. 70., anal that after that pfriod it.shall be 9s fid. The duty on yellow sugar is at present 155.., anal I propose that it shall be 13s. 100. in 1857, 12s. 91. in 1858, Ils. 80. in 1859, and subsequently 10s. 6al. I willuow state to the committee the estimated 'revenue for the ensuing year. I estimate the Customs at 22,850,001., the Excise at 17,000,000/., the stamps at 7,450,0001.,. the land and assessed taxes et 3,150,000 e, and the income tax at 11,450,0004 . The cons eliqtee must recollect, however, that owing to' arrears whi c h are still due, a considerable amount of the high rate of income tile will be receivable in the present year, and the full ekes. -t t of , t es he reduction will not office twilit the ' It that the Post-oce yield Year ollsbing. t e ' r e :a l e nds 265,000/ and miscellaneous 3,000,000 e, the Crosse items 1,200,0'0!., making a total of 66,365,000/. The total expenditure and discharge of liabilities I estimate at ; 65,474,000/., and there will thus be a probable surplus of 891,000'„ which is not more than it will be prudent to Merit, for the contingent expenditure of VI , - year. The total amount, of taxation which I propose to taxe off in the present year will be found in the following table : " Malt tax, loss in 1857-8 (in addition to 200,0001. in 1856-1) 2,000,000/. ; income tax (to be reduced to 7d. and 5d.), 9,125,0001, ; tea (to be reduced from ls. 9d. to is. 7d. per lb.), 369,0001. ; coffee (to be reduced from 4d. to 3d. per lb.), 135,000/. ; sugar (to be reduced from an average o f 14s. 4d. to 13s. 4d.), 342,0001.; total reduction, 11,'+71,0001." Of this total of 11,971,000/., about 7,600,0001. will be a de duction from the Exchequer receipts for the ensuing year, 1857-8. If the committee should adopt the plan which I have proposed I believe that sufficient revenue will be provided to meet the liabilities of the Exchequer for the payment of the bonds due in the three years commencing from the Ist of April, for the extinction of the sinking fund, and also for the payment of the increase interest on the debt, leaving some margin for any slight increase in the army, navy, or civil service estimates, beyond the amount at which they now stand. If the liabilities created by the 40,000.000/. of debt contracted during the war should be discharge according to the plan which has been laid down by Parliament, and according to that which I am now proposing for the next three years, and if fur ther accruing liabilities should be met by a corresponding provision, I calculate that the entire debt created by the war will have been extinguished by the year 1877. More than half of the extraordinary expenditure of the war was defrayed from taxation, the remaining half by loans ; and this portion, as I have just said, if the arrangement I purpose is adopted, will be extinguished in about 20 years. It seems to me that such a state of things affords a favour able retrospect of the arrangements ma-le during this war. (Hear.) It show& the greater providence of the present generation, and if our ancestors had treated us as well as we are about to treat posterity we should not at the pre sent time be loaded with the burden of a debt of 800,030,010/. (Hear, hear.) Imu afraid I have detained the committee at an unreasonable length, but they must be aware that in the discharge of important duties such as that which I have just attempted to discharge it is important that every material fact bearing upon the questioc at issue should be laid before those with whom the decision rests, and I would rather incur the charge of tediousness and pro lixity than fail to submit to the consideration of the com mittee any matters which may be necessary or useful to guide their judgments. (Hear.) Ido not believe that I have troubled them with anything with is immaterial to the matters under consideration. With regard to the plan which I have proposed, being, as I know it is, dictated by public motives, and being intended to conduce to the gene ral welfare of the country, I do net doubt that it will re ceive a dispassionate and impartial consideration, and that hon. gentlemen will form their judgment upon it, not with any reference to the side of the house on which they sit, but with more enlarged views, and with a sense of the responsibility under which we labour in making a provision so important for the future happiness and prosperity of the community. (Hear, hear.) The right hon. gentleman (having spoken about two hours and three-quarters) con cluded by moving that a sum not exceeding 2,000,000% be granted to her Majesty to meet the payments due on ac count of Exchequer-bonds. The CHAIRMAN having put the qUestios, Mr. GLADSTONE said —I am aware that it is the usual practice to abstain from discussing in detail the various propo sitions of the budget on the night it is brought forward, and considering the comprehensive nature of the statement which my right hon. friend has made, and the gravity of much of the matter which it contains, I have never known an occasion on which it would be more inexpedient to depart from that rule. I have no intention, therefore, of making any remarks upon the important questions which arise out of my right hon. friend's speech. My only object in rising now is to ask him one or two questions as to matters of fact, and also to express a hope that, as the resolution which he has just moved seems to form a portion of the policy of the budget, he will not ask us to give a vote upon it to-night. It does not refer to the execution of any contract immediately pending; but it does form part of the policy which this house will have to decide upon, and, therefore, before taking any vote upon it, time ought to be given to allow-of a calm and impartial con sideration of his whole scheme. (Hear.) When my right hon. friend spoke of the sum of 150,0001. as being the loss consequent upon the change in the law respecting bills of exchange, I. presume that before charging that loss he took credit for the proceeds of the stamps on foreign bills of ex change. My right hon. friend spoke of the loss of 285,0001. upon assessed taxes in the -year 1854-5, as a loss which was to be reckoned in the light of an addition to the remissions since 1853. In answer to that I beg to assure my right hon. friend that that loss was distinctly included in the calcula tions of 1853, and was before the house when those proposals were made. I wish, also ; to ask my right hon. friend a question with respect to the table which he has given us of the proposed relief to consumers. He spoke of a loss of 2,000,0001. on the malt tax as included in his proposal, but, if I understand rightly the state of the law, that loss of 2,000,0001. does not depend upon any proposal of his, but is one of the consequences of the law as it now standi, and there fore does not form part of any loss which we are going to in flict upon the consumer. My right hon. friend also spoke of a loss upon tea, coffee, and sugar; but, if. I understand the state of the case rightly, as regards tea and sugar, he is not ping ' to lose money,but to gain it—that is, he is going to impose upon those articles a duty, lower certainly than that which is levia ' ble at the present moment, but higher than that which would be leviable after the sth of April next according to the present law, and therefore it is not a question of granting relief from taxation upon tea and sugar, but it is, as far as it goes, a ques tion of increasing the rates of duties payable upon those com modities. If that be so, I think it would be for cur convenience if my right hon. friend, having stated the ease one way—hav ing shown the loss which will be sustained in the reduction from the war rate of duties—would supply us with figures showing the gain he expects to realise from his new duties as compared with those which would take effect under the pre ' sent law. I confess I should like to knoW the calculations of my right hon. friend on these points, They comprise matters merely of fact ; all discussion upon the case I propose to re serve. It would be therefore cotiveagent, as well as; I think, in accordance with usage, not to take a vote upon the resolution • to-night, (Hear, hear.) Mr. ALCOCK hoped that the Chancellor of the Exchequer would not be induced, either by what he had heard in that house, or by what had occurred out of doors, to lower the in come tax beyond the amount he bad announced to-night, for he believed that if the question were to be decided by the working millions in this country, instead of by the holders of property in that house, it would be in favour of taxation of all incomes from beginning to end. Sir H. WILLOUGHBY said there was one point which he could not clearly understand. Did the. Chancellor of the Exchequer estimate that the whole expense of the Persian war would fall upon this part of the empire ? There was something like 265,0001., and somebody would have to pay it. He would like to know on what basis the calculation.was. made ? Mr. WARNER thought it would • be very desirable to have some information as to what was intended to be done with the income tax at the end of three years. The people were disposed to put up with it for two or three years tenger• at the rate at which it would now be levied, but if they were to understand that it would become an ordinarytax it would prove an endless source of dissatisfaction and ill will to the . -Government. Mr. WILLIAMS expressed his approiral of the clear and intelligible manner in which the Chiheellor of the Exchequer had laid his financial statement before tire house. The right hon. gentleman had made some Observations - upon the sug gestion of bringing within the tango of the income tax per sons who had less than 150/. a-year • but he could assure the house that the pressure which the- tax—already exerted upon those persons with that income was perfectly incredible, and he would feel it his duty to oppose any attempt which might be made to tax incomes less than 1501. • Sir F. BARING inquire d whether the lost'on the malt duty was 2,000,000/., without including the drawback, or nearly 3,000,0001. including it. The CHANCELLOR, of the EXCHEQUER said that 2,000,0001. was below the highest amount. Sir F. BARING expressed a hope that the right hon. gen tleman would state upon what day he proposed to take the resolutions, so that the house might know when the debate might come off. After a few words from Mr. BLACHBVILY, Mr. B. COCHRANE, and Mr. HADFIELD, Mr. ALEXANDER HASTIE said h• would have preferred, instead of the proposed varying duties on tea, that a uniform duty of Is. sd. in the pound for three years had been pro posed, and Ils. Bd. per cwt. on sugar for the same period. There would have been no loss, btit rather an advantage, to the revenue by this plan, , and it would have been more satis factory to the trade. Mr. MURROUGH observed that no Idinister could have re signed a tax more ungracefully than the Chancellor of the Exchequer. If they would act fairy* to the nation, abolish the income tax altogether. Mr. W. EWART supported the plan which had been sug gested by the Chancellor of the Exchequevwith regard to the tea and sugar duties. He thought that the income tax was condemned by the sense of the country, but that a certain amount of property tax ought to be retained. Mr. BLACK believed that the plan of the Chancellor of the Exchequer would give very general satisfaction.. Mi .DiBßoAt theELlasked w tlier . it r -was ess h t is he resteenluttiioensosf Chancellorthat. evening I • • xch eq h u e er to p Tho CHANCELLOR of the EXCHEQUER replied in the negative. Mr. DISRAELI said that, in consequence of that assurance, he should abstain at present from making any comments upon them. Mr. OLIVEIRA thought, upon :a review of the state of the trade, that the time had arrived when a reduction in the duties on foreign wines would be desirable; in other respects he approved of tho Chancellor of the Exchequer's arrange. ments. Mr. WILSON, with respect to the question of the tea and sugar duties, thought that all those hon. gentlemen who had differed from his right hon. friend the Chancellor of the Exchequer would find that the objections they entertained were rather applicable to their own plans. Any large reduc tion in the duty upon an article was always found by experi. ence to disturb very materially the trade in that article; in asmuch as, for a long time previous to the reduction, persons were in the habit of withdrawing from transactions, whereas, if the reduction was small, the motive for disturbance was not so great. He had the authority of Sir T. Fremantle for, the observation, that in dealing with sugar duties, exactly in proportion as the changes in the duty were gradual was the amount of inconvenience to trade less. As the law now stood, the duties would be remitted in two years—one half of the war duty would expire on the sth April next, the other half on the sth April following. By the proposed arrangement the change. would be less sudden. Mr. BARING id' ,hat the' .r. said he must make the observation tha.. speeches on the opposite sid e o f th e h on e () h a d been xuade as if the Government were according a favour to the country in, reducing their duties, whereas the dealers in tea and sugall had been, to a certain extent, deluded by Government, who had, in fact, imposed upon them additional taxes to pay. After a few words from Mr. WILSON iu exp lanation. - ' The CHANCELLOR of the EXCHEOER. said that the , arrangement with the Sardinian Government as to the loan; with respect to the payment of the interest at 31. per cent. and the formation of a sinking fund of It. per cent., had bee 4 duly performed, and the Government had every reason to be 4 lieve that it would continue to be so. With respect to our differences with Persia, negotiations were pending, as had been stated, with the Persian Minister at Paris, and her Ma. jesty's Government had reason to hope that those negot:a... tions would lead to a satisfactory arrangement of the Persian difficulty. (Hear; hear.) Under these circumstances th Government certainly-were not entitled to presume of course, on the exist ence of war in P u ersia throghout r exL the year, and all therefor e that he proposed to ask for 7lt : w r as 01l intte ld a ,ie t peuses, under the head of• Persia, subsisting between the G o '. vernment and the East India Company, become due before the Ist of Apri l next. He had no objectjon to lay before the house a table showing the liabilities of the country on account of the debts incurred for the late War. With reppeet to the malt duty, the full effect of the reduction that had been made wouLd be felt next year, and would then amount to about 2,000,000/. The right hon. gentleman concluded by thank ing the comm ittee for their attention and considcratio n that even ing, and said that he would, with their permission, re. 23,600,100 17,00,000 7,265,000 3,110,000 16,250,03 2,800,000 260,000 1,000,000 sume the discussloa spon the financial statement on Monday next. The CHAIRMAN then reporte I progress, and obtained leave to sit again on Monday. The house resumed. The lonian Subjects Commission Bill was read a second. WM. PASSING' TOLLS BILL On the order of the day for the second reading of this bill,. Mr. DEEDES presented a petition from Ramsgate against the bill. Mr. JAMES M'GREGOR also presented a petition to the same effect from the corporation of Sandwich. Mr. T, BARING said that he did not intend to oppose the bill, which he believed was generally approved of by the mercantile community. On the motion of Mr. DEEDES, seconded by Mr. CAYLEY, it was agreed that the bill be referred to a select committee. HUDSON'S BAY COMPANY. On-the motion of Mr. LABOUCHERE the following com mittee was appointed :—Mr. Laboucbere, Sir J. Pakington, Lord J. Russell, Mr. Gladstone, Lord Stanley, Mr. Roebuck, Mr. E. Ellice, Mr. Adderley, Mr. Lowe, Viscount Sandoo, Mr. Grogan, Mr. Kinnaird, Mr. Gregson, Mr. Blackburn, Mr. C. Fitzwilliam, Mr. Gordon, Mr. Gurney, Mr. P. Her bert, and Mr. Bell. STATUTE LAW COMMISSION. On the motion of Lord PALMERSTON the following mem bers were nominated' the select committee :—Mr. Baines, Sir J. Graham, Mr. Walpole, Mr. Attorney-General, 'Sir, F, Thesiger, Mr. Dunlop, Mr. Henley, Mr. Hughes, Sir W. Heathcote, Sir F. Kelly, Lord Stanley, Mr. L. King, Mr. Napier, Mr. E. Denison, and Mr. W. Ewart. The house adjourned at 20 minutes past 10 o'clock to Mon day next. Country Markets. LIVERPOOL-FEB. 13. There was more inclination to • purchase wheat at our corn exchange this morning than for several Market dayr k " and a fair business was transacted for consumption and for • holding over at the prices of Tuesday last. Floor was not so largely dealt in, but no alteration waa made in prices. Indian corn had a moderate sale at late rates ; supirior and fresh qualities are scarce and in good request for Ire land. Oats and oatmeal both dull of sale, and prices were easier. Barley, beans, and peas unaltered in value, and moved only in retail qualities. WAKEFIELD-FIB. 13. Fine clean wheat maintained its price, but other sorts were difficult of sale at lower rates. Fine barley was arm. Other sorts slow of sale. Beans steady. Oats and shell ing were rather cheaper. EXETER—FRB. 13. CORN.—Wheat, 78 to 7s 9d ; barley, 68 Od to be 6d; grinding do., 0? Od to Os Od. Oats, 3s Od t o 3s 20. Beans, Os Oto 0 Od. Peas, 008 Od to 008 Od. • 428 Od to 41s Od ; seconds, 40s Od to 422 Od per sack. CATTLE. —There was a small supply of bullocks. Best t beef, from 103 6d to lls per score ; inferior, 9s 6d to 10s per score ; fat calves, —d to 0.1 per lb • barrenners, Os Od to Os Od. per score ; cows and calves, 121. to 161. Us ; butchers' calves, Od to 7d per lb., rearing calves —8 to s each. sheep, ewes and WOO/. Os to 01. Os per couple; ewes, 61d to 7d; wethers, 7d 7id ; lambs, —to Od per lb. Pigs, • large size, —s to —s; second size, to —s ; slips, —s to —s ; suckers, —s to —s. Rough fat, 5d per lb. Pork • carcases from 9s 9d to 103 9d per score. , BRISTOL SUGAR-FEB. 13. On the spot, we have still not any erirnsactionii to repOrts for want of a supply; but to arrive, several Cargoes of Mcnritins and Havannas have been disposid of, at a:fur ther advance of fully Gd per cwt., the market closing*ith ' a very firm appearance, Refiners' produce continues to meet with a ready sale, and prices are again rather dearer. In rum there is no business doing. .• • . 00AL MARK Peon of Coal per ton at ET.—FEB. 13. the close of the nierket. e. d. Bates's West Hartley l3 0 Bell's Primrose l3 0 Howard's West Hartley Netherton •15 0 West Riding Hartley 13 9 North Percy Hartley _l3 0 Tanfield Moor l4 0 WaWend, &a. P • Eletton v 18 '6' South Hatton 18 3 Lambton 18 0 • Flarton - 3 Hetton Lyone ....16 , 6 Belmont ....., .17 3 Hasivell • ; 4.18_.:6' rensher Lumley .. - ..17 • 0 Russell's H0tt0n.........,17 'Tees ,18" 6, Steirait's' 4 I Sold 69 Wallsend, &c. Eden Main l7 Braddyll l7 6 Gosforth . l6 0 Thorp l7 6 Cassop 17. Ships at market... 0-1. COURSR OF MOH. ,msterdam ............ .11 15 j Gibraltar .. . • •••• •• • • ••• Ditto, three months,. 11 ) 814. Leghorn ... . 29 45 •.. Botterdam 11 1341 Genoa • 4... e.• • • Ati 715 Xntwerp ;............. 25 37 Yi • Brussels .............. 25 3741 Vez3100••,../i•• •••• •• - Bamburgh ............ 13 74 Naples,..... . ... .. :43W A.ltona Palermo .... :129% Pari5.......25 25 Messina .. • • ;....;1341` Ditto, three months .. 25 65 Lisbon Marseilles ..... 25 65 Oporto .51% . ANGE.--YESTEEDA.Y. Botirdeanz . •.• Frankfort-on-Maine .... 1194 Berlin •• •• •••• •• •• .• •• Rio Janeiro Buenos Ayres ..... • • -- New York,6o days' sight - • Vienna•••••••••••• •••• to 31 Philadelphia • ......... rrieSte•••• ,••••• •••• •• 10 33 Petersburg ...........• 37% Ntadrid .........., 49% 497,, ilarceloas •• • • •-• _ . Fawn Or BULLION, PIM OZ. Foreign Gold In BAN 43 17 9 Portugal Gold Coin •. 0 0 0 Mexican Dollarr.... 0 0 0, New Dollars ....,. 0 0 0 Sliver In bars ...... 0 5 1% LOCAL SHARE MAREBTa. LIVERPOOL, FEB. Dr '•, . . t l' . _ STOCK EXCHANGE. The . market . olintibues steady to. day, at a considerable advance upon yeaterdlifa rOtcli the , market closing at its best point. .331ackbrn, Sir Caledonian,. 32/—Eastern Counties, 'Pi' 1.', - .!= - i.,,,ricaibire and Yorkshire, 99/ "—Edinburgh and Gla'sg; 2r- Dutch DUteh Rhenish, - f - —Midlands, ' 83/ /-:-Lbndon std North Western, 107 . --Ditto (/ shares,.new); i 1---'Nor th Eastern, Berwick, 2l f—Ditto (Leech , capital stock),,-101 --Manchester, Sheffield, and Lincoln, 36—Grand Trunk of Canada, 121—South y f astern, 23 21—North British, 101 —G-reat Western of Canada; 1 new 2/ pni.—Bordagh Bank, 101. .. , BIRMINGHAM; FEB. •13 ' STOCK EXCHANGE. —This market was much brisker day, and prices improved. Manchester; 'Sheffield, ego Lincoln, 354 London and Nolth Western, 107i-7-great. Western, 68 i—Midl an d s , 83 3—Birmingha m Cana 93 3 --Birmin ham Bank, buyers at 34.1. tri - co - c4 I f:::11 MANCHESTER, FEB. 13. STOCK EXCHANGE.—There was a considerable businells mostly at rather improved prices, but the market clos slightly weaker. District Bank, Llpm—Dover, 21i — r Sheffield, 3511—Leeds, 991—London and North Western, 1071—East Lan cas hi re , 2,4—Midland , 831 —Great Western of Canada, 25 3-16—Blackburn, 8 15-16—Leeds qqatal Stock, IN—Lancaster and Carlisle, 70—Great 'Western, irred. 4 per cent., 84—Cheshire Junct., 63—Leeds F, # d. —Dutch Rhenish, pm. • The Vienna' Gazette announces the appointment of the Archduke Regnier to the dignity of President of the Council of the Empire. The intended Hungarian amnesty is confirmed, but it applies only to persons ac tually in confinement in Austrian prisons, and not to refupees or contumacious persons. [Aovrariszszsr.l--The difficulties and dangers of bringilair up Infants by hand or wet nurses have been entirely over come by Du Barry's delicious Revalenta Arabian, Food, whit* feeds, strengthens, and removes all those little pains and - intr . gularities infants are so subject to. The folloidig lettere speak volumes :=—" Grammar School, SteVenage, 113th Dec., 1850. Gentlemen,—l think it but commonjhatice to you to state that I have used Du Barry's Revalenta Arabica for the last four months, during which time 'our infant has never bad disordered bowels, from which it had suffered much dnria% the previous six months, whilst being nursed, though every care was taken to pielient'it. Had I known of your valuable Food sooner it would have saved my infant much pain, and nee also the heavy expense of a we t nurse. —l am ice., Rosaat AMBLER." Cure 2,704.—" I cons id er you ableas ing to waist"' at large. It is not to be told all , the benefit Du Barry'! Revalenta Arabica Food has been to me, my little boy cries for a saucer of it every morning. WALTER KEATING, 2, Manning-place, Five Oaks, Jersey. " 75, Queen's-road, Bayswater, London, Nov. 22, 1852. — Mr. Dampier will thank Messrs. Du Barry and Co. to nand him another canister of their Revalenta Ambles ' it agreed so well with his nirght." (This infant wall 10 days old when it commenced living on - the Revalenta.)- -- Supported by testimonials from the celebrated Professors of Chemistry Dr. Andrew Ure ; Dr. ShOrtand ; - Dr. Harvey ; Dr. Campbell ; Dr. Gattiker ; Dr. Wurzer; Dr. Ingram: Lord Stuart de Decies; the D owa ger Countess of Castle stuart ; Major-Gen. Thomas King, a nd many other respects* persons, whose health has been r estored by it, after all other f ad means this u o v e al ur e u ab l fo f oatolartureßarr/Vect in• advertisement in another part of t his p a p er : eolur readers For furartheerrepfarterniedu ;Di it BIRTHS. 07 ♦ 801. On the 12th inst., at 8, Grosvenor -place, L a dy Skip' worth. On the 11th inst.) at Mattersephill, Notts, Mis. get 24 Walker. OF A DA.IIGHTEL On the 12th inst., at 19, Cambridge -square, Hyde-park' the wife of J. R. Mowbray, Esq., M . P . On the 11th inst., at St. Andries, Lady Adana good. On the 13th inst., at Claphani.common, Mrs. B. Field. MARIRIED. On the 12th inst., at St. George's, Hanover-squarer Major-General Luard, C. 8., to Elizabeth Hill, the second daughter of the late Rc ar-Adwiral T. T. Tucker, C.B. On the 12th inst., at the Church of the Rede7tortst Fathers, Lord Killeen eldest son of the Earl of insallt to Elise Mary, eldest daughter of Mons. A. F. Rio, Chew her of the Legion of Honour. D.IIE D. - d • On the 12th inst., at Lordship-h6use, Tottenham, GO' Stacey, late of 300, Hol born, aged 71. On the 12th inst., Stephen Jarrett, Esq., of Jarrett 's.. place, Hackney-road, aged 74. On the 12th inst., at 12, Percy-attest, Bedford.sqnsres Richard Smith, Esq., late of Chertsey, Surrey, aged 79. On the 12th inst., Mr. William Willis, of 25, Tavistoek place, aged 57. On the 12th inst., at Notting-hill, John Timewell dame, Esq., of Cheltenham, aged 64. On the 11th inst., at 10, Blandford-square, Regen park, Charles Shadwell, Esq., of Gray's-inn, brother to the late Right Hon. Sir L. Shadwell, Vice-Chancellor of Eng' land, aged 75. On the 11th inst., at Backland, Hants, *in. Pellatt, son of the late Apsley Pollatt, Esq , of London. LONDON : Printed and Published by MIIRDO YOUNO , of No. 112, Strand, Printer, at 27te Sun Office, Na 112, Strand, in the Precinct of the Savoy, in the count/ of Middlesex, Saturday, February 14, 1857.