The Express.
London, England, 1862-04-04 00:00:00

THE FINANCIAL STATEMENT.

The house having gone into committee of Ways and Means,
Mr. SIA,,EY in the chair,

Thu Cuaseettoit of the Ex.:Hewes brought for-
ward his tinsucial statement. Ile said that the
statement he was about to submit was of a simpler
character than those which he had delivered on
recent previous occasions. Nevertheless, it was
not his intention to coutiue himself to the mere
balance-sheet of the year, but would lay before
them a full and impartial view of the general
financial condition of the country. Referring to
the expenditure of last year, he had estimated It at
69,875,0001. ; hut he then stated that there
would be issued of Exchequer balances between
100,0001. and 300,0001. They had amounted to
278,0001. ; but they represented money spent, and
were not provided for in the ways and means. They
were provided by anticipation for the respective
departments until they were provided for in the
coming year by the house. The real expenditure of
the year was in fact much greater than the estimate
by means of supplementary grants in 1861 and 1862,
principally m reference to the despatch of troops
to Canada and a small amount for China ;
so that the actual expenditure of the past
year was 70,878,0001. Comparing this expendi-
ture with that of former years, it appeared
that in 1859-60 the expenditure was 69,748,000!.,
being a difference between that year and the present
year of 1,090,0001. The total expenditure of the
year 1860.61 was 72,504,000/., and that of 186142
was 70,838,000/., being a difference of 1,666,0001.
Turning to the revenue, he stated that last year it
was 69,670,000 f., and there would have been a de.
licit of 1,164,000?., and with the supplementary
grants it woald have amounted to 1,489,0001., but
deducting the supplemental grants there was
a small surplus of 333,0001. Comparing
the revenue of 1860.61 with that of 186142 it
appeared that in the formeryear it wa570,380,0001.,
amid in the latter 60,674,0002., being a decrease of
609,000/., but from circumstances connected with
the financial year it was, in fact, 800,0001. This
must be considered satisfactory when it was re-
membered that is 1801-62 we had parted with
three items of revenue—by reducing the income
txx a penny in the pound, making a loss in
three quarters of the year of 850,0001. ; and
the paper duty had been abolished, the
hes of duty on the last six months of the'
financial year being 666,0001. ; while no malt credit
had been taken up, as was the case in 1860-61, to
the extent of 1,122,0001., which had not been
available in 186142. There hail been lost in this
latter year, as compared with 1860-61, a sum of
; so that, after deducting from that the
real decrease of revenue in the last year of
800,0)01., there had been an improvement in our
rouses of revenue last year of 1,82m1,0001. In the
face of a diminished trade with America, which
amounted to 12,609,000 f., our exports having sunk
from 21,667,00001. to 9,064,000/. ; the depression
arising from the want of cotton ; and after
a harvest which, though good in quality,
was deficient in quantity, there bad been
an increase in our sources of revenue of
a sum of 1,824,000 k It was not the fact that the
revenue had not increased but was in reality de-
the custoiss, on the first three quarters
of the last year there was an increase of 468,0001.,
but in the lest quarter there had bean a decrease of
100,0001. Although the gross revenue had fallen
off by 000,000!., yet the customs had exceeded the
estimate by 464,0002., the stamp* by 130,0001.,
taxes by 10,0002., the income tax by 15,000!, and
the miscellaneous by 81,0001. The crown lands