The Press.
London, England, 1854-04-15 00:00:00

342

Lord CAMPBELL observed, that although the noble earl
(ate Earl of Hardwicke) had intimated that the announce-
meta of the withdrawal of the Reform Bill for the present
session would by some of their lordships be heard with
regret, as a friend of reform, as a friepd of the present Go-
vernment, and as a friend of the British empire, herejpiced
in that announcement. (Hear, hear.)
SEIZURE OF SIR G. H. SEYMOUR'S
PROPERTY.
Lord LYNDHURST, on Monday, called the attention
of the Peers to the report which he said had been
current for two days to the effect that the Russian
Emperor had seized the property of the late Minister
at St. Petersburg. He hoped there was no founda-
tion whatever for the report. If it was true, it was
such a gross violation of the admitted law of nations
as could scarcely be expected from Russia as a
civilised State. (Hear, hear.)
The Marquis of LANSDOWNE said, in the absence of his
noble friend the Secretary for Foreign Affairs, he might
state that he entirely agreed in the construction which the
noble and learned lord had so justly ,giveu of the character
of the proceeding to which he had alluded, if such a pro-
ceeding had taken place. He could only say that up to a
very late hour his noble friend had received no information
on the subject. Of course, if information had not reached
the Foreign-office it would be impossible to give any
explanation.
Lord LYNDiII•RSI believed that Sir George Seymour had
stated the fact to some noble lords now present.
The Marquis of LANSDOWNE said perhaps Sir George
Seymour might have received such information, but the
Government had not.
THE STATE OF THE EXCHEQUER.
The CiwicEmort of the EXCHEQUER, after laying
on the table the balance-sheet for the financial year
just closed, entered into a detail of the state of the
revenu?, the Treasury balance, and the unfunded
debt. Mr. Disraeli, he added, having moved for
further returns on the subject, he should avoid every-
thing likely to provoke discussion, limiting himself
to mere statements of account, in order to complete
the financial expose which he had necessarily left
somewhat imperfect when introducing his budget a
month since :
" The actual receipt had exceeded his then estimate by
749,000/., arising principally from property tax and cus-
toms. The surplus of revenue had been estimated at
2,8.51,000 L, and had proved to be 3,514,000/.; but this,
owing to certain financial arrangements, was partly ficti-
titious, and the real surplus must be taken at about an even
three millions. This result, lie submitted, showed a most
satisfactory condition of trade, being realised in the face of
war, and despite reductions in taxation enacted last year,
to the amount of two millions beyond the revenues accru-
ing from taxes imposed. Respecting the Treasury ba-
lances, the case stood thus :—ln April, 1853, the amount
at the credit of the Treasury was 7,859,000/. ; on the sth
inst.: it stood at !2,778,0001. This showed a reduction of
5,0*1,0(0/. On the other hand, there had been 8,048,0001.
of funded debt paid off, the unfunded debt had been di-
minished by 1,718,101/., and 716,0001. had been disbursed
for ' advances ' beyond the sum received by way of re-
payments. The total amount.of these various payments
exceeded ten millions, of which about six and three quarter
millions were accounted for by the reduction in the balance,
and the new stocks, Exchequer bonds, &c., created. The
remainder, forming a sum of 5,715,000!., had been fur-
nished Mostlyhy the application of the accruing surplus.
In explaining the deficiency-hill system, and the extent of
accommodation which the Government obtained from the
Bank of England, he observed that some of the best-
informed persons out of doors believed that the amount of
deficiency bills out on the sth of April represented the
amount of the accommodation given by the Bank, and this
amount had been estimated at from 4,001),000/. to 0,000,000/. ;
but the amount of deficiency bills chargeable to the public
on the previous day was only 2,808,000/., subject to a de-
duction for cash nnexhansted, which reduced the amount
to 2,129,0001., and this, he remarked, in ordinary times,
would not be an extravagant amount to receive • as
accommodation from the Bank. At the present time.
however, lie thought the amount ought to be pro-
gressively reduced, and it would be diminished with-
out the least difficulty. But this was the actual
extent of the accommodation received from the Bank.
There was another point in connection with the Bank,
which was supposed to be a matter of good faith. Some
persons had an idea that there had been a sort of compact
(unwritten) between the Government and the Bank,
under which demands on deficiency bills ought not to be
made on the Bank. He was not aware of any such com-
pact ; but there had been an understanding in 1841 that,
if there was a diminution of the public balances beyond
the usual sum, the Bank would be entitled to a claim upon
the Government, and rice erred if there was an increase.
The presumption on which tlds understanding rested was,
that the amount of the public balances was to remain in
future as it was at that time. Now, in the two quarters
immediately preceding this agreement—namely, January
5, 1844, and Aprilb,ll3l4, the amount of deficiency hills
was, in the former, 0,402,0001., and in the latter. 8,907.000.
On the sth of January, 1854. the amount was 3,711.0001.,
and on the sth of 461, 1854, 5,472,000/. The average
amount of the two quarters of 18.54 was 4,591,00 W., and
that of the two quarters of 1844, 4.714,0001., so that the
amount was nearly the same, or a little less in 1854 than in
1844. Mr. Gladstone then made a statement of the con-
dition of the nntlinded debt, whence it appeared that the
present amount of Exchequer Bills was 1,174,000/. short
of that which the Government was authorised to issue. and
he had no reason, he said, to expect that he should have
to make any further demand upon Parliament for more