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 purpoq3 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 Ist of April next, at 71,740,0001. I ought, before I proceed further, to remind the corn_ 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 71,885,000/. The 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 23,850,000/., 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 cheek 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 : Estimate per Budget. Service. Customs Excise Stamps .. Taxes .... Property and Income tax Post-ofllce Crown lands . . Miscellaneous • • 23,850,000 17,170,000 7,185,008 ' 3,110,000 16,355,000 2 810,000 260,000 1,000,000 £71,740,100 Actual and Estimated Receipts to 31st March next. 23,600,600 17,600,000 7,263,000 3,1 10,000 16,250,000 2,800,000 260,000 1,000,000 £71,885,000 The expenditure for the year 18:56-7, 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 tho estimated deficiency of the pre sent year, including the contingent margin which I allowed. of 2,000,000/. ; but, deducting that margin of 2.000,000/., 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 5,000,0'87. was effected after Easter, and there was an issue of 1,000,0001. of Exchequer-bills, making the total money borrowed (luring 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 ,- o'. but they have only exercised it to the extent of 1,000,0001, and the service of the year will not require any further exercise of that power. (Hear.) The act of last session was intentionally drawn in such a manner that the power will expire on the lit 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 79,3 3 4,000/. The actual expen diture of the year, including the payment of the loan to Sardinia, will probably amount to nearly 78,000,000 e, leaving a balance of 1,334,000/. 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 position of 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 taken 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 a 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 prvposed the plan of annual taxation. I most reluctantly refer to my own words, but Ido 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 concluded 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 preparationswhich 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 ceinpaien most effectively, both with our land and sea forces. That expenditure, I rejoice to say, has proved unnecessary ; we have not been called upon to enter a third campaign ; but, nevertheless, the expenditure was incurred, it will beceme payableduring the present year, and we shall not reap the entire benefits of a return to a state of peace until another year. There 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 our 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 current year and those of an ordinary your. In addition to the extraordinary payments to which Ihave adverted, a sum of 1,090,000/., 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 91,000/. 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 extia , ordinarypeynient. In addition to the extraordinary charges of the year, there has also been a loss its the war duty on malt, which was 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, 1856, and the war duty on malt expired therefore at the beginning of the following quarter, which was theearliest period at which its expiration could take place. There is always a long credit given on malt, and tho whole revenue is not lost, therefore, on the first year, so that the loss in the revenue on malt in the last year was only 220,0001. But what forms the prin cipal defalcation in this branch of the revenue is the pay ment of a drawback upon the sto, kin hand which became necessary, and this amounted to about 800,00.1., so that the loss upon the article of malt during the current year some what exceeds 1 ,000,000/. sterling. That is a reduction from 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 been made in the present year. I am desirous of calling the attention of the committee to a few facts which I think im portant as illustrating the elasticity of our national resources and the spring which the industry an d t rade of the country . have taken immediately after the removal of the pressure of war. We know that even (luring the war the energy of this country showed itself undiminished, while that of um: rival underwent a perceptible decay : "Gene quee cremate fortis ab Ilio Jactata. Tuscia requoribus, sacra Natosquo maturosquo patres Pertulit Ausonias ad urbes ; Doris ut ilex tons a hip ansibue Nigrm feraci frondis in Algid°, Per damns, per =des, ab ipso Ducit opes animuniqum fel ro. Non Hydra recto corpora firmior Vinci dolentem crevit in Herculern." These are facts which do nob rest merely upon general as aertiens—they admit of being reduced to numerical eproofs. With the permission of th e c o mmittee, I will briefly call their attention to some of the most remarkable result s of th e tables recently laid upon our table. It is materidal t hat w e s h ou ld b ear i n mind the present state of onr trade as compar e d w ith it s state in former years, espe cially as _r,, , w , eare t o ld that the pressure of war taxation ha<i been s o productigve fort upon thei """" tr y a s sensibly to diminish, its o energies. I w ill fi rs t ca ll t h e attention of the committeet to the increase which has taken. place iu the value o thf our ex ort• The declar e d va l ue of British exports in e yearlBsl;:eier i cried that of all previous years, and reached the su ns of crease of 20,202,030/. .1 1 3 , 116,000,00 W., bei ng an in and of 16,957,000/., or 17 over those of 1853, , per "I,loL;er those of 1853, the y( ar immediately preceding th e en w t. e ‘ x ch po ic r i t i s , . The de there was an unpreeeaented increase i s n moreover, Glared value of the British and o years was as follows : 1853, e- jr,Fts for thesethree avae sshrllmfienclof thu 9 i,683,000/. 115 , 890 ,000/. we li: ) ° 01 . ; 1855, encouraging. The exports of textile the pi incipal branches of our manufactures result equally factures and yarns for . these three year s wore 1-nann -52,299,000/. 1850, 51,123,000/. ; 1856, 59,91 5,0 6 0 1 - 53 , the same way we tind that thc exports of metal e e b ri t in all kinds were :----1853, 19,563,000/. ; 1835, 17 ,892,0 C 0 N 0t c! 1876, .23,538,000/. These we may take as fair east:lloe,, f the general increase which will be found to p ervade th, whole commerce of the country. I shall only take one a t . tide of our imports—raw cotton., and in this we find the ia crease. to have heels-as follows e---1853, 7 4 6,709,0001 b.; 1855, ...767,406,0001b. ; 1856, 877,811,0001 b. The gen era l result is that our exports have.dou bled in value since tho year 1819, amid if we compare this year with the year following - the conclusion of the last great European war, we shall find that we commence this /scred of peace with exports - three tilies greater than they were in 1816. The imports of grain were leas in 1855 than in 1853, but greater than in 1855. The imports of grain from Russia fell to less thsli - a half in 1854 awl were suer ended altogether in 1855, but reached 1,208,0 00 qrs. in 18 'so, andwere 14 per cent. of the _total imports against 16 pea cent. in 1853, showing the ra pidity wills which a suspended branch of trade was m etered on the reetolation of peace. lam sorry to weary 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 former 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, corn 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 peace. 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 year 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, no t w ithstanding the transition f rom war t o peace. I s h a ll 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 2,000,0J0/. to Sardinia, was 228,721,0001. ' • while the net expendit ure o f th e t h ree years 1851.-2, 1852-3, 1855-4, immediately preceding the war, was 152,323,0001. If you deduct the expenditure of 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 185i-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,bee,000e, and if you deduct from that the net peace expenditure in the three years 1851-2, 1852-3, 1853.4, which was 152,323,0001., 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 expenditure 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 money borrowed for the purpose of war still 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 ied and unfunded debt will be 28,550,0e0e, and the permanent charges on the Consolid sted Fund will amount to 1,770,0001. The charge for the army, including 400,000/. for the militia (the estimate of which is not on the table, though that will be the probable amou n t), w ill b e 11,625,000/. ; 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 4,215,000/. The superan nuation of revenue departments, removed from the gross revenue by the act of last session, and now brought into the annual statement for the first time, will be 475,0001. For the Government portion of the expense of the Persian expedition, which will accrue before the Ist of April next year, I take 265,0001. That is all I propose to ask for that purpose, the awn being calculated according to the agree .ment entered into with the East India Company, to the effect that the Exchequer should boar half the extraordi nary expenses of the war. The total of these supply charges will be 32,904,000/. which added to the charge for th e 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 2,000,0001., 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, and 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 2,250,000/. The total outlay tee be provided for in the ensuing year will be 65,474,030 e The committee, however, should bear in mind that the estimated expendi ture for the coming year includes an amount of nearly 5, 300,000/. for the collection of the revenue, which was not included in the estimates of former years. Now, I will la) before the committee as shortly as I can some explanation in reference to the charges of the ensuing year. I lab Air under some disadvantage in this respect, inasmuch as the committee will probably expect to hear some explanati,n, 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 cf last year, there is an absc. lute diminution in the army and navy estimates of the pre sent year, amounting to about 17,000.000/. The committee must of course be aware that however desirous the Go vernment may be to bring the war establishment to a peace standard, the change cannot be made by magic. It cannot bo made in an instant, as if by the stroke of a wand, and 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 8,95 ~ 0001. ; in 1852, 9,403,.1001; ; 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 5,734,0001. • in 1852, 5,835,0001. ; and i n 1853 , 6,285 , 0001. F or the ensuing year the estimate, exclusive of the Coastguard, which would disturb the comparison if taken into the calculation, inas much as the transfe r o f th a t it em t o th e navy estimates was only made last year, is 7,623,0001. I think that the com mittee on comparing those 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 crl extent did some of the assertions go which were made on the first night of the session. (Hear, hear.) As the estimate for the packet service enters into the navy estimates, the committee will see that not every charge in those estimates is needed fur 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, 835,000/. It has increased this year to 965,000/. Now, the foreign packet service, though of great importance to the mercantile in terests 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 more 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 penditure 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, aret 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 immediately 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 ac ma t dew aui:uttoponulersrsetuaoatto that a a e tr o e, f sfe a tr n hvee act of Parliament, passed last ses sion, c n, by w hi c h i t was transferred from the department of Admiralty,naval force, . Those The object w who o o f were tlilt mast qualified to form an opinion upon the subject ap proved the creation of that force. Two gentlemen of great authority in this house, who have fill e d th e o ffi ce o f Fi rs t Lord o f the Admiralty — v i z , iz., was more tha n assented to b members f or C ar li s l e and — my right hon. friends the Portsmouth, assented to it, and it e d asy t a h e legitimate opposite o h n e u t s h e. , The sch eme was regard whole, an economical means of time of peace. It, however, l e d and part, ther e f ore , o f the increase expenditure, to in i e a i eni nthe o u p r r e n s e a i v , t y n i a n v v a , eesstsirmlat.ee T m h u e st in b e e re r a e s g e a d rd p e n d o a ss of the result of the act of last s 'revisions, as compared seinewith increaset h ayears b immediately r precedingmy aand navy the esti w m a a r t , e g leads e r t , e , ie mite) an increase in the scientifi c vote for the nav ' er. That surely cannot be regarded as likely to lead to results den gerous to our liberties. Then there are contracts for tim ber, which wore made during the war, which have not yet been fulfilled, but which will cause some additional ex pense during the ensuing year. The committee must be 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 either allow those contracts to be ful filled or pay a forfeit. Either of these courses will en tail seine expense. There is an increase in the item of steam machinery for the screw fleet, and also in the item of coals, in consequence of the progressive introduction of steam in the navy, That, I fear, must be considered as l a permanent charge in the navy estimates, inas itwuf:e: thenavigation by *team is itself more expensive pteliaJgocf:noirgaactiithijoen or b e y oti s o a n ils. of There na%,al f iL t a o l r s i o es an increased estimatee an machinery and of large steamers; for and like amounting to h enlargement of clocks, basins, and slips to o.l3 r , B t ,eo 4 (l o oo o, ,b , a oo r a g i n e the re nachieedtintgietehs! increased size of ships. The result is, that in ieaostguard force, there are in the present navy for dockyards 2 altogether a sum (') °(1 1 . 1 9 , for manning and victualling for works about amounting to ab the estimates for 1852 increased charge for stores kff;or miscellaneous 30,0001., 3 making o,o' ereetest army estimates, about . ~ ,000/., which is the increase above • . And now with regard to tl e which hon. gentlemen, no doubt, apprehensions of the designs nt out the militia, the army esti mie haaattee6l::fvoi entertained re l nd B m s te 3 hi - le 4 t . t:mLoeiathvitne ' d ensuing y.ear amounted to 11,2259'592'°". ; those for the explanation of the pri showing an increase place there ' of 1,633,0001. Now, this isa;l43l" In the first oipal soul cc of the increase. 18 all increase in the number of men. It is there, it anywhere, that the d tegerous 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 126,746, being an increase of 6,915 men. That increase is principally owing to augmentations of the 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, during the present transition from war to peace, an entire innovation in our military system. There is an item of 225,000/. for warlike stores, which is owing to the 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 240,000/. 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 increase of 243,000/., 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 67,000/. 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 7,250,000/., 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 fo r th e C oun ty Courts, which was previously defrayed by fees, will amount to 180,000/. 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 sum granted from the Exchequer for that purpose should be increased. The sum estimated for the county constabulary is 146,000/. These 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 123,000/. (Hear, hear.) I shall also propose to take a vote for purchasing a site on which to build certain public 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 80,000/. These four items, taken together, make the sum of 535,0001., 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 111,000/. 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. Gladstone) 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, sir, 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," " Dodding 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 slight laugh.) That is my firm belief. However I may puffer a loss of the good opinion of hon. gentlemen for my supposed innocence and simplicity—(rene wed 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 corrupti on . (H ear, 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 go o d o f 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 filo boot motirca and situ at the most useful objects, but all of which it would be impossible to satisfy if the taxes of this country amounted, not to ;60,000,0001„ but to 120,030,000/. a-year. No moderate !amount of taxation would be .sufficient to provide for all Ithe useful objects which are suggested. It is not long since 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—l 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 largo 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 loss than 6,000,000/. or 6,000,000/. 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 f or Edi n b urgh 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 sapce sufficient for a public park implies a considerable outlay of money), and also a plan for the purchase of Hampstead-heath. There are numerous plans for widening the streets arid improving the approaches and communications of the metropolis. There aro plans connected with bridges in the metropolis and elsewhere. There are plans for electric telegraphs connecting the most 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 scho o ls 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 fer 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 obliga tions on the nation which it is now necessary to fulfil. The total addition made to the funded debt during the war was 30,266,0001., involving an increased annual charge of 907,000/. There were also terminable annuities granted to the extent of 116,000/. Next, there were Exchequer-bonds issued to the extentof 7,000,000/. ; also Exchequer-bills to the extent of 5,041,000/., bearing an annual interest of 191,000/, The annual charge on the Exchequer-bonds is 245,0001. The annual increase of charge upon the revenue on account of the dobtcreated 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 explanationwhich I have to offer on the subject of the expenditure; but before I come to the committee l of x at nh some tole remarksonsuin g u p y o e b a r expressions must trouble t t fellhe from my right hon. friend the member for the Universityta taxation w f o rs of Oxford on a former night, lam not quite sure b folly collect e d the purport of his observations, but n l trhee member that he alluded to a compact entered into year 1853 between Parliament and the country with r that session. the per manence o f th e fi nanc i a l arra ngements of made at the u n i on b e t ween S co tl an d an d England, or 11 Elusion. N ow , I can un d ers t an d an agree ment such as t tli ti a lo t time of the union between Ireland and England, and am bodied in an act of Parliament, by which one of the con tracting parties may be said to be extinguished; I can un derstand an arrangement of that kind h av i n g the sacred nature of a c on t rac t , w hi c h canno t b e disturbed with out a manifest breach of public faith. But in order to establish th e d octr i ne that a fi nanc i a l arrange . _ ment entered int o f or a part i cular year or s eries t? i t , years has the qua liti es and incidents of a compact's 1 , is necessary, it seems t o me, to show that the state o. things which was assumed as the basis of that compact has not been varied by su b sequen t events, b ut st ill re mains unchanged. In the first place, then, the plan of 1853 was framed on the supposition that peace would continue un broken. I need not say that that part of the supposition unfortunately did not prove to be correct. War, in its actual expenditure, as well as in its consequences, is un happily a disturbing cause in the matter of finance of the first magnitude ; and it is only necessary for me to refer to the facts which I have just narrated in regard to the large increase of annual charge on account of the debt, owing to the recent hostilities, in order to show that the foundation of the arrangement of 18.53 has, in the most important re spect, been overturned. Yet not only has the annual charge of the debt been augmented, but there are also certain pay ments in the nature of the redemption of debt which take effect in the years included within the period of that settle• went. The settlement,*xtended from 1853 to 1860. Well, according to the obligations fixed by acts of Parliament new in force, there are Exchequer-bonds to the extent of 2,c00,0001., which become payable in 18W ; an equal amount is also payable in ISS 4 ; an equal amount likewise in 1859 ; and a further sum of 1,000,0001. in 1860. In ad 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 1,500,0001. ; and in each of the two following years the sum will also be 1,500,0001.; making for the four years between 1257 and 1860 the fol lowing total amounts : -2 ,250,0001. for 1857, 3,500,0001. for 1858, 3,500,000/. for 1859, and 2,500,000/. 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 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 150,0001. 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 •f 60,0001. per annum to the revenue. The total amount, therefore, of the remis sions of taxation made since 1853 is 760,000/. I conceive, then, that the hands of this house aro 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 the 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 turn. I think there is an exaggerated idea as to the amount of direct taxation which is now levied upon the country. The current of feeling runs strongly, as it seems to me, 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 out 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 tar as it was originally imposed by Sir It. 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 ileum 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 fixed periods. The land-tax produces 1,150,0001., the as sessed taxes 2,000,000/., the income tax 7,100,0001. ; mak ing altogether 1 1,250,000/. That is the total amount of the direct taxation of this country where taxes are paid at fixed periods, assuming the rate of income tax to be as it existed before the war. 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 7,450,030/. With regard to the succession duty, it seems to me, great misunderstanding prevails. I have heard it stated that the succession duty is a heavy burden on landed property, that it tends to the 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 aboutelB63, and it is estimated that it will then produce 1,200,0001. 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, 3,0 JO,OOO/.—making together, 10,450,0001. The total of these two classes of direct taxes is 20,700,C00/. 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 question 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, ty 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 agt a deputation headed by the right hon. gen tlemen th. uitubv. ftn. Manchester, who i nommuct on rue consideration of the Goverement the reduction of that duty. The duty falls on three clan-es 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 t o th e ' having carefully consid ere d th e sub ject, that the total a b o liti on o f th e paper d co u u ty lll alr would not produceb. I celnoifeevse s 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 may be greater, I cannot admit that at the present moment it is a proper subject for reduction. (Hear, hear.) There is another article the duty on which some persons wish to see diminished. The hon. member for Pontefrah (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 product is of wine has undergoae 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 experiment 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 a report upon this subject. I have caused it to be care fully investigated during the recess, and you will find in that report the materials for arriving at a judgment on the question, which did not exist in an autheet:c and official form before. The result of a careful consideration of the question has been to convince me that it is a duty which falls exclusively upon realised property, for which reas it ought t 3 receive the support of those gentlemen who wish to transfer all taxation to realised property—that it is a duty which adapts itself with singular felicity to the circumstances of the taxpayer, which is heaviest when 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 tie Ministerial benches.) lam sorry to differ from hon. gentlemen upon this subject, but I must ask them to suspend their judg ment until they have had an opportunity of reading the report 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 aseu.e 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 should command some authority in this house—a t writer who is in no degree obnoxious to the charge of being a speculator or a theorist, but who is a practical man, conversant with various branches of economy, and particularly with agricultural economy—l mean Arthur Young, whose travels in England, Ireland, and France are doubtless well known to the members of this house. After pointing out what are in his opinion the principal attributes which a system of taxation ought to possess, and dwelling especially upon the importance of equality, he m a k es t h e f o ll ow i ng o b ser v a tions :—" The mere circumsta nce o f taxes b e i ng very numero u s , in order to raise a given sum, is a considerable step towards equa lity in the burden f a lli ng on t h e peop l e • if I was to define a good system of taxat i on i t s h ou ld be that of bearing lightly on an infinite number of points, heavily on none. In other words, that simplicity in taxation is the greatest additional weight that can be given to taxes• and ought in every country to be most sedulously avoided." Now, sir, that opinion, though contrary to much that we hear at the present day, seems to me to be full of wisdom, and to be a most useful practical guide in the arrangement of a sys tem of taxation. 1 will now go through the textile, to which think it necessary to call the attention of the committee. In ,;_be first place, there is the duty on spirits, in which a permn ont increase was laid during the war, and which may be reckoned on as producing a permanent addition to the revenue Of about 1,500,000/. a y ear. It was imposed us a permanent tax, and it does not cease upon the termi nation of the war. I think that the committee will agree that the rate of din; time when a large reven‘s"" rugaired' subject to the con dition with me that sphit s :ire legitimate objects of taxation at a ti is so great an distil lation. (Hear, hear.) Illicit it prevails, - evil, and it so demoralises the coueltr 3' which y amount of revenue by producing lawless habits, that ;4.' • • tion. Hitherto, however, it has not t . ing is dearly purchased at the cost of prof does not lead to illicit aeon found that the present rate of duty either in Ireland 05 mittee that this to illicit distillation. I • can assure the cone Iso long as I is a subject to which I am quite alive, am. Scetland has led have the honour to hold my present office, it is one which I shall most carefully watch with a view to discover any in crease in its practice ; but while matters remain in their present position I nee no reason for proposing any altera tion in the spirit duties. The next duty which I must a 1. , P rt to is the duty upon malt, Last ye it there w .s a loss upon malt to the amount of 200,0031, 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 2,000,0001. 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 1501. 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 polled 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, 185 5 ; 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 110/. and less than 1501. 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 146. and from sd. to 10d. in the pound-that is to say, it was raised to 146. on incomes above 150/., and to 10t1. on incomes between 150/. and 1001. It 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 16d. and 110.-in other words, 26. was added to the 146. and 1 ',el. 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 111 l. upon incomes between 150/. and 100/. and it is continued, by the operation of the words which I have read, for ano ther year, commencing on the 7th of April next. It would fall for the following two years to 56. in the pound, and then altogether expire. That is the legal position of the income tax. It has been supposed that there *as 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 a mere accident, and owes its existence to a singular coincidence of dates, which it was impossible f o r th e G overnmen t t o f or esee 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 peace. 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 must be aware from the statement I have already made 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 in the 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 not occur in the Customs and Excise Act. In that act the words used were that the duties on tea, sugar, and coffee should continue 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!" date" was inserted in the Customs and Excise Act. That diffe rence of expression arose from an inadvertence, not from design. It so happened, 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 teeaty--an event altogether impossible to foresee. I have endeavoured to ascertain what is the exact import of m u r e e d , t t h h at h p r r a o s p e e , r y ‘ t s h p e e d a ic e n e ,f ita n r e e a a t n y s , ' t ' h a en dateel have b t h e e e n s i i a n u f o a r t and not the date of the ratification ; although the treaty takes effect only from the letter period. Owing, th ere f ore, 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 will 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 continuo the tax longer than the ex igencies of the public service would require it. (Hear, hear.) Well, Sir, as the law stands at present the sum e Lae, tem 8./V1...9,10r ..evil 100 ontitlod to roooivo from (ha 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 26c1., each of which may be taken as re ' presenting 1,080,00/. sterling. Consequently, the total sum payable under the Income-tax Act is 26,00,000/. 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 at 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 withdr awal hav 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 laugh)-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 21,000,030.., being a diminution of .5,003,000/., spread over the same period. Another effect will be that more than a-half of the tax will be remitted in the ensuing year, for, whereas the present rate of the tax is 16d. in the pound, I'propose to reduce it to 7d. 166. in the pound is equal to 6/.135. 46. per cent. ; 7d. In the pound to 2/. 18s. 4d.; and 5d to 21. ls. 811. 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 iris. &I per cent. 56. being equal to 2/. ls. 86. p er cen t . Th e committee will thus see that, while the relief granted 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 any right hon. friend,-namely, sd. in the pound, which will amount to 2/. ls. 86. per cent. I believe the high war in come tax has pressed with great severity upon the class of small incomes, and I think I can explain why that has been the mere. My right hon. friend. in proposing this exten sion of the tax, exprees,d an opinion that he would not as he phrased it, " trench u p on th e t err it or y o f labour," for he thought that by limiting the tax to amounts exceeding 1001. it would not affect any considerable number of per. eons in receipt of weekly wages. I aria 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 41. 15s. 101 per annum, payable half-yearly, must have been extremely burdensome to individuals in such a posi tion. (Hear.) The tax would leceome still more burden some if it fell into airear, and if a person receiving only 2/. a-week was called upon to pay at once 4/. 15s. 10d.,- 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 2/. ls. 86. per annul in, 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 diminiehine +he -mentions felt in many quarters to this part of the tax. There is, now 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 thecaae of the income-tax-I allude to the duty upon tea and sugar. The duty upon tea is for the pre sent year Is. 9d. per lb., and by the existing law it would fall to ls. 2d. on the Ist April next, and to Is. fcr the next and succeeding years. The duties on sugar are also arranged upon a similar plan of reduction. It happens 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 diminution of the duty would be at tended with any great increase of consumption. The name 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 in the present year as in the two succeeding years. The difference between a tax of 7d. in the pound and one of 166. would involve a diminution of revenue to the amount of 9,009,0001., which would leave a deficient income as compared 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 ditni• notion of the revenue. I will state what are the duties propose to adopt :-The duty on tea now stands at ls. 9,1 per lb. I propose that for the next year, 1857-8, it shall be i s . 76. ; for 187;8-9, ls. sd. ; for 1859-60, ls. 3d-, and that from that period it shall be Is. The present duty on re fined sugar is 20e. per cwt. I propose that next year i, p1p8056, l, shall fall to 18e. 40 . ; in the following year t o 16 s 86 . ; i t 5,1. in aso thato O its. shall' 7cl h e 33 1859 to 155., and in subsequent years to 13 s , 4d . The dutyon brown sugar is now 13s. 9.1., and I pr o p ose t h at i n 185 ' and that after that period it sh a ll b e Os 6cl. The duty on ' it yellow I s ll h o a w l . l is b ou e d. 12sgr in is at 5 ; 7, i l present ; l g B o7 8 t9l 5 . u s . Bno,l. in propose 9- 1858, lie. 80. in 1859, and subsequently 108. 6d. I will now state to the committee the estimated revenue for the ensuing year. I estimate the Customs at 22,850,00 R, the Excise at 17,000,0001., the stamps at 7,450,030/., th e l an d and assessed taxes at 3,1Z9,000/., and the income tax at 11,450,000/. The com mittee must recollect, however, that owing to arrear which are still due, a considerable amount of the high rat 4 of income tax will be receivable in the present year, atk the full effect of the reduction will not t e felt until the year ensuing. • I estimate that- the Post-office will yield 3,000,0001,:the Crown-lands 265'009/ • and miscellaneous ic \ j , v . j .iG TIM SUN, LONDON, SATURDAY EYENI ' NG, FEBRUARY 14, 1857. items 1,20,0901., making a total of 66,365,0001. 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 reserve for the contingent expenditure of tee year. The totsl 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-S (in addition to 200,C30/. in 1856-7) 2.000,0001. ; income tax (to be reduced to 7d. and 5d.), 9,125,0001. ; tea (to be reduced from is, 9d. tole. 7d. per lb.), 369,000/. ; coffee (to be reduced from 4d. to 3d. per lb.), 135,000/. ; sugar (to be reduced from an average of its. 4d. to l 3s. 4d.), 342,0001.; total rt duction, 11,',71,000/." Of this total of 11,971,0001., about 7,600,00/. 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 civ!l service, estimates, beyond the amount at which they now stand. If the liabilities created by the 40,000.0001. 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 male during this war. (Hear.) It shows 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 800,000,010/. (Hear, hear.) lam 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 question 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 not 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 question, 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 ou 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 2,000,000/. 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 stands, 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 lightly, 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 our convenience if my right hon. friend, having stated the case one way—hav ing shown the loss which will be sustained in the reduction from the swar 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 nattet s merely of fact ; all discussion upon the case I. propose to re serve. It would be therefore convenient, 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 beiMia the' amount he had announced to-night, for he belicTcd that if the tita.a(iloa de.l.lnA i, J , k ho working millions in this country, insteiCaltby the holders of property in that house, it would be in favour of tiaa,tion 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 I 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 longer at the rate at which it would now be levied, but if they were.to uuderstand that it would become an ordinary tax it would prove an endless source of dissatisfaction and ill will to the Government. Mr. WILLIAMS expressed his approval of the clear and intelligible manner in which the Chahcellor of the Exchequer had laid his financial statement before the house. The right hon. gentleman bad made some observations upon the sug gestion of bringing within the range 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 150/. Sir F. BARING inquired whetker the loss on the malt duty was 2,000,000/., without including the drawback, or nearly 3,000,000/. 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. BLACKBURN, Mr. B. COCHRANE, and Mr. HADFIELD, Mr. ALEXANDER HASTIE said•he would have preferred, instead of the proposed varying duties ou tea, that a uniform duty of Is. sd. in the pound for three years had been pro posed, and lls. Bd. per cwt. on sugar for the same period. There would have been no loss, but 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 Minister could have re signed a tax more ungracefully than the Chancellor of the Exchequer. If they would act fairly to the nation, abolish the income tax altogether. Mr. W. EWART supported the plan-which had been sug gested by the Chancellor of the Exchequer with regard to the tea and sugar duties. He thought that the inconae 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. Mr. DISRAELI asked whether it was, the intention of the Chancellor of the Exchequer to press his resolutions that evening ? The 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, nuedar u n p v on a w ' reviewhen a of re t d h= trade that O. ttuu a in the uw,e& v. wreign wines would be desirable; in other respects he approved of the Chancellor of the Exchequer's arrange. ments. Mr. WILSON, with respect to the question of the tea and sugar duties, thought that ali . thnse 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 au article was always found by expert., ence to listurb very materially the trade in that article ; in asmuch is, 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 iu proporton as the changes in th e d u t y were gradual was the amount of inconvenience tO trade less. As the law now stood, the dutres 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 Aril following. By the proposed arrangement the change woule be less sudden. Mr, BARING said he must make the observation that the speeches on the opposite side of the, house had been made as if the Government were according a favour to the country in reduclug their duties, whereas the dealers in'tea and sugar bad 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 in explanation. The CHANCELLOR of the .EXCHEQUER. said that the arrangement with the Sardinian Government as to the loan with respect to the payment of the interest at 3/. per cent. and the formation of a sinking fund of IL per cent., had been ,duly performed, and the Government had every reason to be lieve that it would continua to be so. With respect to our differences with Persia, negotiations were pending, as had been stated, with the Pwrsian Minister at Paris, and her Ma jesty's Government had reason to hope that those negotia tions would lead to a satisfactory arrangement of the Pemba difficulty. (Hear, hear.) , Under these circumstances the Government certainly were not entitled to presume, as matter of course, on the existence of war in Persia throughout the year, and all therefore that he, proposed to ask for war ex penses, under the head of Persia, was that which would, in accordance with the arrangement subsisting between the Go vernment and the East India. Company, become due befo re the Ist of April next. He had no objectjon to lay before the house a table showing the liabilities of.the country on aceount of the debts incurred for the late war. With respect to the malt duty, the full effect of the reduction that had been. made woullbe felt next year, and would then amount t o a b out 2,000,0001. The right hon. gentleman concluded by thank ing the committee for their; attention and consideration that evening, and sa,id that he would, with their permi t ted,* xe, sume the discussion upon the flnanei..l statement on Monday next. The CHAIRMAN then reporte l progress, awl ob taned leave to st again on Mowlay. The house resumed. - The lonian Subjects ConanisaikuLDill was read a second tiam 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 th• same effect from the corporation of Sandwich. Mr. T. BARING said that he did not intend to oppose th• 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. Labouchere, Sir J. Pakington, Lord J. Russell, Mr. Gladstone, Lord Stanley, Mr. Roebuck, Mr. E. Ellice, Mr. Adderley, Mr. Lowe, Viscount Sandoa, 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. 1 ' 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 day!, and a fair business was transacted for consumption and for holding over at the prices of Tuesday last. Flour was not so largely dealt in, but no alteration was made in prices. Indian corn had a moderate sale at late rates:; superior 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-FEB. 13. Fine clean wheat maintained its price; but other sorts were difficult of sale at lower rates. Fine barley was firm. Other sorts slow of sale. Beans steady. Oats and shell ing were rather cheaper. EXETER-FEB. 13. COBN.—Wheat, 7s to 7s 9d .; barley, 58 Od to bs 6d; grinding do., 0€ Od to Os Od. O a t s , 3 6 Od t o 3s 2d. Beans, Os Od to 0 Od. Peas, 00s Od to 00s Od. FLOUR.—Fine, 42s Od to 41s Od ; seconds, 40s Od to 421 Od per sack. CATTLE. --There was a small Eupply of bullocks. Best beef, from 103 6d to lle per score ; inferior, 9s 6d to 103 per score ; fat calves, —d to Od per lb ; barrenners, Os Od to 03 Od. per score ; cows and calve*, 121. to 161. vs • butchers' calves, Od to 7d per lb., rearing calves —s to ea ch. sheep, ewes and lambs, 0/. Os to 01. Os per couple; ewes. bid to 7d; wethers, 7d 74d ; lambs, —to Od per lb. Pigs, large size, —s to —s ; second size, —s to —s ; slips, -- 6 to —5 ; suckers, —s to —s. Rough fat, 5d per lb. Pork carcases from 9s 9d to 10s 9d per score. BRISTOL SUGAR—FEB. 13. On the spot, we have still not any transaction's to report for want of a supply; but to arrive, . .several cargoes of Mauritius and Havannas have - been disposed' of, at a fur ther advance of fully 6d per cwt., the market closing with. a very firm appearance. Refiners' preclude continues t.t!' meet with a ready sale, and prices are again rather dearer+ ( In rum there is no business doing. _ , • COAL MARE Prices of Coal per ton at EL-FEB: 13; sei the close of the marvel.. Wallsend, ' &a. 8. d. Bates's West Hartley l3 0 Bell's Primrose l3 0 Howard's West Hartley Hetton ' lB' ! South Hetton,..... ... ; . _3.8 3" Lambton lB ,02 Barton Hetton Lyons Main l6 „u• 0 BeimPut ' ll „ Haswell , lB 0 ,-, Pensher . , 16 ' I i 5 Lumley 17-J2 6 18. 0 , . 3 Russell's Hetton . 17 ..r Tees• r . .. . ritewart's 18' C . rh Netherton 15 0 West Riding Hartley., 13 9 North Percy Hartley l3 0 ranfield Moor l4 0 f Sold :A.NGB.--YESTEEDAY. , . ,•''' 60 Gibraltar .............. : ) ;I . ';'; , i f Leghorn .. •• ....... .... 29 45 0. 6 :Q . t i Genoa . . ... ••• . 1 ... ‘. .. .. vb 7 ,3P0,P Milan ........:..... . --t - '"( iVenice.......... .. .,.., - l' J. / Naples ................ . 43% 4. }Palermo ...•• ..'..;..:... 129 g . l if , ' Messina .. -. .. ?. : ....... 130 . 'II L i sbon •• • • ......•...,.. Algt‘P. Or-10110 .. .. o •'.. ;; .... .. 5 . 1)1 0 0# Rio Jatieirg....... - ......... -: 'r r ,i 0 Buenos Ayres.. c . • ..-.. -- '.. .) New Yorh,6o days : sight , ••"'hi•i ,. ; Philadelphia •......... I- ,() 0 ?SLICES OF ZULLMFG Fir" °S. . I Foreign Gold in Bars £3 17 w , Portugal Gold Coin .. 0 0 2 Mexican DoUars .... 0 0 y u , New Dollars ...... 0 0 • Sllvar in bars .. -.. 0 5 Jis , Wallsend, &c. Eden Main Braddyll 17 6 Gosforth ,16 0 Thorp ' 'l7 6 Cassop.. 17 - 3 %lips at market... COURSE OF MICH rnstercloan .... 11 t 5 Ditto, three months .. .11 18 Rotterdam ............ •11 111% &ntwerp .............. 25 37% Brussels • • • • • • •• •• •• •• 25 37% Bamburgh •. ••.••• •• • • 13 74 Alton* •• •• •• •• •• •• •• •• • Paris • • •• • • • • •••••• • • •• ..( 25 25 Ditto, three months .. 25 65 Marseilles 25 65 Bourdeaux .• • • Frankfort-on- Maine • ... 119% Berlin •• •• •• •• •• • • • • •• Vienna •••••••• •• •• •• .• 10 31 rrieste• ••••••••• •• .• 4. 10 33 Petersburg •• • • •... •• •• 37% viadrid .........., 49% Cadiz ••••••••• •• .• Ire 49% aarcelOns 111, •• • • ••• • 0. I LOCAL SHARE MARKETS. LIVERPOOL, Pius. 13. STOCK EXCHANGE. The market continues steady '' day, at a co ns id era bl e a d vance upon yester day'll'ar" the market closing at its best point. Blackburn, st": Caledonian, 324—Eastern Counties, 9/ 10.—Lancusbi ro and Yorkshire, 998 :4 —Edinburgh and Glasiow, 27U; Dutch Rhenish, ll—Midianite, 8' ji----Londoti North. Western 1074—Ditto (A shares, new), —Nor y 1 Eastern, Berwiclr, 21/ i—Ditto (LekiclC bapital stock),- 1 1 .1 --Manchester, Sheffield , and Lincoln, 36fA-GrendiTrtra: of Canada, 121—So u th E as t ern, 23 2/--Northßritisb, —Great Western of Canada;new, 2/ pm.—Borough Bap ' . 10/. C t BIRMINGHAM, FEB. 13 'Six:lok EXCHANGE.—This market' was 'mach briskeT t day, and p r i ces i mproved. Manchester, Sheff ield;rran t 3 1 Lincoln, 351 —London and North W es t ern , 107 Western, 68 i—Midlands, 831-Birmingham Canals, 93 5. , --Birmingham Bank, buyers at 343. • MANCHESTER, FEB. 13. STOOK EXCHANGE.—There was a considerable busintst mostly at rath e r i m p rove d p r i ces, b u t t he mar k e t dose" slightly weaker. District Bank, 11i pm—Dover '2 l / -- Sheffield, 35 Leeds 99/ —London and North Weetervo 1074—E a st Lancashire, 24 4-Midland, 831 —Great Western of Can a d a , 25 3-16—Blackburn 8 15-16—Leeds CIO Stock, 19I—L ancas t er an d Carlisle, 70—Great Western: irred. 4 p er cent., 8 1—Cheshire Junct., 68—Leeds F, I d —Dutch Rhenish, pm. The Vienna Gazette announces the appointment the Archduke •Regnier to the dignity of President 01 the Council of the Empire. The intended Hungaria n amnesty is cor4rmed, but it applies only to persons se' tually in confinement in Austrian prisons, and not to refugees or contumacious persons. [ ADVE RTIBEMENT.}—The difficulties and dangers of bringing up Infants by hand or wet nurses have been entirely over' come by Du B arry ' s d el i c i ous Revalenta Arabica Food, w hich feeds, strengthens, and removes all those little pains and,irre: gularities infants are so subject to. The following letter° speak volumes :—" Grammar School, Stevenage, 16th DO" to 1850. Gentlemen,—l think it but commonjustiee to you,,. elate that I have us e d D u B arr y' s R eva l en t a A ra b ica for Tx; last four mo n th s , d ur i ng w hi c h ti me our i n f ant has never b id disordered bowels, from which it had su ff ere d much do h the previous six months, whilst being nursed, though eYer4 e F a o r o e d w s a o s on ta e k r taken w th ou p l t d •ev h e a nt e its.av li e a d d m l y k i n n o fa w u n t m of u y e o h val uable and rae also the heavy exp ense o f a wet nurse.—l am, dm., 116"". AMBLER." Cure 2,704.—"1 consid er you a bl ess i ng t o s ociet/ at large. It is not 'to be told all the benefit Du Bari:: Revalenta Arabica Food has been to me, n n ' • my little boy cries for a saucer of it every morning."; WALTER KEATLNG, 2, Manning-place, Five Oaks, Jersey " 75, Queea's-road, Bayswater, London, Nov. 22, 1852 , , Mr. Dampier will thank Messrs. Du Barry and Co. to 0 6 °1 him another c an i s t er o f th e i r R eva l en t a Arabica, J .", agreed so well with his infant." (Thi s i n f an t Ica' 10 days old when it commenced living on the Revalenta.) -- ; Supported by testimonials from the celebrated Professors or Chemistry Dr. Andrew Urn ; Er. Shorland ; D r . Harvey ! 0.....y10t111; Dr. Gattiker ; Dr. Wurzer ; Dr. Ingrain Lord Stuart de D ec i es ; the Dowager Countess of Castle' stuart ; Major-Gen. Th omas Ki ng, an d many other r es peetable persons, whose health has been restored by it, after all other means of cure had failed. For further particulars re ,pectm ing this invaluable food our readers are referred to Du Barry advertisement in another part of this paper; BIRTHS. 01 A PDX. On the 12th inst., at 8, Grosvenor-place, Lady Skill' worth. On the 11th inst., at Mattersephill, Notts, Mrs. Henri Walker. OF A DAUGHTER. On the 12th inst., at 19, Cambridge-square, Hyde-parks the wife of J. R. Mowbray, Esq . t M.P. On the 11th inst., at St. Andries, Lady Acland Hood. On 'ale 13th inst., At Clapham-common, Mrs. B. Field. hE A RiR 1 E D. On the 121% inst., at St. George's, Hanover-square, ela,..t. son of t►. e 2 r t a h l Lint's...cit.: C. 8.., to Elizabeth Hill,the second admiral T. T. Tucker, C.B... ist c a ar-Admiral Church of the Itedernz" 11 Fathers, h g o ne h r itGshe :ee Lord h the Killeen,a t e - Esarl 01 Fingal o to Elise Mary, eldest daughteh u f m ous , A. F. Rio, Cheva lier of the Legion of Honour. D.IiE D. On the 12th inst.,_ at Lordship - hose, Tottenham. Geo. Stacey, late of 300, Holborn, aged 71. On the 12th inst., Stephen Jarrett, Zvi., of Jana's. place, Hackney-road, aged 74. On the 12th iust , at 12, Percy-street, Belford-8(1 112 % 6 Richard Smith, Esq., late of Chertsey, Surrey, aged 79. On the 12th inst., Mr. William Willis, of 25, Tavistook place, aged 57. On the 12th inst., at Notting-hill, John Timewell Ad' dams, Esq., of Cheltenham, aged 64. On th e 11th i ns t., at 10, Blandford-square, Regent's. park, Charles Shadwll, Esq., of Gray's-inn, brother to tilt late Right Hon. Sir L. Shadwell, Vice-Chancellor of Engi land, aged 75. son of theOnthe 11thae Aay lla in p st ie ,a p t e ßit t c t, klEansq , of London. d, Hanta,Wm . Pellattl LONDON : Printed and Published by MITRDO YOUNG. of No. 112, Strand, Printer, at The Sun Office, No• 112, Strand; in the Precinot of the Savoy, in the cow) t 1 of Middlesex, Saturday, February 14, 1857. • • •