The Dorset County Express and Agricultural Gazette.
Dorchester, Dorset, England, 1861-04-23 00:00:00

HOUSE OF COMMONS.-MONDAY.
TIIE BUDGET.

On the House resolving itself into • Committee of
Ways and Means,
The Chancellor of the Exchequer made his financial
statement. Ile prefaced it by observing that the retro-
epee' was unfavourable, and that whatever might be
thought of the legislation of the past year, it way no
ordinary year of the financial policy of this country,
and he then proceeded to lay bare to the view of the
Committee the material facts exhibited by the financial
history of the year. The expenditure estimated sod
provided for was E73,6014.(XX). The actual amount was
L 72,842,009, being less than the estimated expenditure '
by £322,000. The revenue of 1860411 amounted to
£10,283,000, showing a decrease of 1.1306,000, Sc com-
pared with the revenue of 185961). Last year taxation
bad been remitted to the extent of £2,900,000, while
new taxes had been imposed nearly to the same amount,
and there had been temporary resources last year which
reduced the absolute diminution to £500,000. The ex-
penditure having been £72,842,000, and the revenue
£10,283,000, there resulted • deficiency of P 2,559,000.
But, allowing for drawbacks on stocks belonging to the
accounts of the former year, anal for other deductions,
the real difference was £Bss,ooo.which he thought under
the circumatances,was not an unfavourable state ofthinp.
After ataiing the balances in the Exchequer, and the
application of £1,000,000 to the payment of Exchequer
bonds, and of a portion of a second L 1,090,000, which he
had been allowed at the close of last session to borrow,
which had made an addition of £4131,000 to the debt,
Mr. Gladstone reviewed the condition of our finances at
present compared with the year 1853, pointing out what
he characterized as the enormous and inordinate growth
of the expenditure, and suggesting that there wits some
relation between this increase of expenditure, and the
diminished elasticity of the revenue. He then adverted
to the effects of the Counniercial Treaty with France, and
to the general movement of our import trade. The
Government, he said, had come to the conch:rims that
they could not expect to be allowed to keep in hand a
surplus revenue, and they proposed to apply a portion
to the remission of taxation by the reduction of the
tenth penny of the income-tax and the repeal of the
paper duty. With reference to the comparative merits
of direct and indirect taxation, he observed that Parlia-
ment had not committed itself to • condeninstion of the
latter; it had not decideil to root up but to prune the
tree. He would not altogether abandon the
hope of getting rid of the income-tax alto-
gether, but he considered this a question of
expenditure. If the country was content to be
governed at • oost of £60,000,000, he did not see why
the tax might not be dispensed with; but if there was
to be an expenditure of £70,000,000, there must be an
income-tax. The remission of Id. of the income-tax,
reducing the 10d. In 9d. and the 7d. to 83., would cost
for three-quarters of • year £850,000. With respect to
the paper duty, the Government believed that, happily,
the time had Arrived when this question might be
entertained without the revival of the painful dis-
cussions of last year. Considering the yet unredeemed
pledge, under • resolution of the House, the difficulties
attending the existing law, the declaration of the
department which collected the tsx, and that the pro-
posal for its repeal had received the sanction of • large
majority of the House last year, the Governnient
believed that this proposal would receive the approval of
the Committee. The financial result of the year would
be as follows ;—The balance of revenue would be
£1,923,000. The Id taken off the income-tax would
reduce the amount of the tax by L 850,000 ; the repeal
of the taper duty would occassion a net lies in the year
of £665,000, mailing together £l,515.000; o that there
would still remain a moderate surplus of £408.000.
With respect to the minor charges on trading operations,
of which complaints had been made, the Exchequer
was not in a condition at the present to surrender the
suns they amounted to. He proposed to re-enact the
tea and sugar duties for one year, and he explained the
form of proceeding by which it wax intended to britg
the several questions before the House by a aeries of
resolutions, ore as to the income-tax, another for the
continuance of the tea and sugar duties, and a third for
the repeal of the paler duty. Mr. Gladstone then
placed the first resolution in the bands of the Chairman.
Cursory reulaiks were made upon the statement by
Sir S. Northcote, Mr. Dodson, Mr. Glyn, Mr. hfalins,
Mr. Osborne, and other members, and
The Chancellor of the Exchequer gave replies and
explanations.
The resolutions were agreed to, and ordered to be
reported to the House.
The Queen's Prison, ko., Bill was read a seeond
time.

The Registration of Births, /cc., (Ireland) Bill vu
read a second time, and referred to • Select Committee.
Other Bills were forwarded • stage.
The Attorney-Oeneral, in Committee of the whole
House, obtained lease to bring in • Bill to Amend the
Law relating to Copyright in Works of Fine Art.
The House adjourned at half-past 12 o'clock.