The Express.
London, England, 1847-02-23 00:00:00

not less than 10,000,0001. (Increased sensation.) Tho house
will therefore not be surprised at my havirg resisted the
proposition of my noble friend opposite for advancing
16,000,0001. (Hear, hear.) I don't believe if that money
were voted, that it would be possible to advance one shil:ing
of the 10,000,0001. which I estimate as naoewry for meeting
the existing calamity—(hear, hear)—and which will be
applicable to parts of the country which no portion of the
16,000,0001. would touch. With such a demand, then, upon
our uational resource*, I mutt say, though I was unable to
take part in the debate, that I was much gratified to find
that a large majority of this house had come to the wine and
prudent resolution of rejecting my noble friend's proposition.
The announcement I have next to make must be obvious to
every member of the committee—namely, that I must go in-
to the market to-morrow. (Hear, hem.) It is evident that
no amount cf t tlation, that even doubling or trebling the in-
come-tax could ensure a remedy within the requisite time.
It is, therefore, a matter, not of choice, but of secess:ty, that
I shall have to go into the market tomorrow. The first
question which presents itself is, whether I should borrow
the whole 8,000,0001. or only a part. Of course, if I take
the latter course, if I do not borrow the whole, it will be
necewary considerably to reduce the balance in the exche-
quer, from which source, up to the present time, the ad-
vances have hive made. For many reasons, that is a course
which lam exceedingly unwilling to pursue. (Hear, bear.)
I think, Sir, that any person who looks to the state of what
is called the money market in this esuntry, and observes that
the exchanges have been adverse, though I am happy to say
they are less so than they were, and still they are only on
the turn, and that the Bank of England has been re cesid-
tated to increase its rate of interest, will admit, that, under
such circumstances, it would be exceedingly injudicious on
my part to put any further pressure upon the Bank of Eng-
land or the money market. (Hear, hear.) More than that;
the committee must remember. that, by a bill of last session,
this house is obliged to make advances for drainage improve-
meats in England and Scotland, which will muse no inconsi-
derable diminution in the balance of the exchequer. But then
instill another and much more weighty argument which I do
not think it possible to get over—l mean the uncertainty
which hangs over us as to what the pro lure of the next
harvest may be. (Bear, bear.) No man can WI whether
it will be a good or laid, while none can deny the immense
importance of its being a good harvest. (Hear, hear.)
Hitherto we have been living mainly upon the pro-
, duce of the harvest of other countries of the
L year 1845 ; to some extent upon that of 1846.
In the course of the last year there has been entered for
home consumption in this country, of grain and flour of all
kinds, no less a quantity than 5118,000 quarters. We have
yet to ho .e for a considerable insportstim of Indian corn,
the produce of the harvest of 1840. Up to next hermit then,
we exist upon the produce of the harvests of 184.5 and
1848. I am confident that we shall, in the course of this
session, have an abundant importation from America and
other places ; but we must see that the produce of the pre-
ceding harvests will be exhausted. It may please God to
give no a good harvest throughout the world, but unless He
mercifully vouchsafes to grant such a blessing, it is impossible
to foresee the consequences, especilly to England. In
the present uncertainty, then, I think it would be most
unwise and inexpedient not to keep in reserve the ,
pecuniary means of meeting the demand which may
possibly arise. (Hear, bear.) During the pressure of last
autumn, we were enabled, owing to the large balance is the
exchequer, to make the necessary advances, and were such
a necessity to arise again, I should never forgive myself if,
portly by a loan of money, and partly by the full balance
which we prime to leave in the exchequer, I was not pre-
pared to meet the extraordinary demand until parliament
was brought together to make some further arrangement.
I am mire that every mill sincerely prays that such
necessity may not be imposed upon us; but that he will at
the some time admit that in such uncertainty it would be
unwise to be left without some provision. I believe, there-
fore, that the liner and more prudent course to adopt is at
once to borrow the whole amount. (Hear, hear.) Gentle.
men must remember, however, that in borrowing this
money I do not make it a permanent addition to the
country's debt, because a considerable portion of it
will be repaid from Irish property. (Suppressed laughter.)
For expenditure on public works one half of the amount
mentioned would be a grant, but the other half would be
charged upon the land of Ireland, and to be repay able in
the course of ten years. The amount of these repayments
will of course extinguish so much of the debt incurred, and
I cannot but think the committee will be of opinion that the
remainder, amounting to between 4,000,0001. and 5,000,0001.,
was not so large a sum when it is remembered the caused
the outlay was the relief of their suffering fellow countrymen
in Ireland. (Hear, hear.) The next question to which I
have to direct the attention of the committee of course is,
whether, borrowing so large a sum as I have stated, I ought
to accompany that loan with increased taxation, in order to
nay off and provide not only for the interest on the loan,
hut also for the discharge each year of a portion of the debt
incurred. I confess I wasexceeiingly unwilling to increase the
debt even to the amount I have described without making an
immediate provision for its extinction before long. I nay, I
was unwilling to add this amount to the permanent debt;
but, on the other hand, there were many reasons which in-
duced me to pause before I adopted the course I have just
suggested. (Hear, hear.) In the first place, I think the
present would be an unfortunate year, for many reasons, in
which to attempt any alteration in the taxation of the coun-
try. (Hear, hear.) For several years past, the chances in
taxation have produced, for I time, a degree of stagnation in
the regular trade and commerce of the country. In the
first quarter of last year this had been the ease, in conse-
quence of the alteration of the Corn Laws, and in
the Customs Duties having been kept hanging over
all classes of commerce; but, in the present year,
when no further change was looked for, the
commerce of the country has flowed on in its accustomed
course, and as I said before, there has been an increase in
the revenues of customs and excise over their amount for the
name period last year. Further than this, I think that no
inconsiderable weight is to be attached to the consideration
I have already stated, namely,—the uncertainty, at present,
of the amount for which I must have ultimately to provide.
If, as I hope and trust will be the ease, the harvest this
year turns out well--and that means of employment and
subsistence are provided for the suffering population of
Ireland, then the present demand may be all that it
will be necessary for me to make ; but if on the other
hand the harvest should again fail, the crops of potatoes
again be useless, it will then be necessary for the country
to come throned again, and to yield to a further demand
upon the public resources of the nation in order to save
the starving population of Ireland. (Hear, hear.) I hope
and trust this will not be so; if such, howiver, be unhap-
pily the cue, it would be known before parliament meets
again, and therefore I again repeat my opinion that it is
better to postpone considerations of this kind until we have
the whole subject fully before us, without any uncertainty. or
doubt. (Hear, hear.) My third reason is that next session
it will be necessary to deal with the question of the renewal
of the income-tax. Next year that question, I repeat, must
he dealt with, and if taxation is to be increased this year,
the income-tax must be one of the resources to which the
government would naturally look, and I think it would be
unwise by dealing at all with that Bourse of revenue this
year, to prejudge the course which next year parliamout—
probably a new parliament—may think it right to takers
that question. (Hear, bear.) For all them reasons I have
thought, that if on the whole I could provide for the pay-
ment of the interest on the loan out of the ordinary revenues
of the country, I aha'l take a wiser and more prudent swans
than if I attempted in the present year to increase taxation.
In the end I have deemed it best to leave the whole question
open to be discussed next year. (Hear, hear.) I have
stated that the ordinary revenue amounts to 62,065,00 W
the ordinary expenditure amounts to 51,676,0001., leaving
over a surplus of 489.0001. Assuming that I borrow
8,000,0001., we must next ask what will the smog interest
on that loan amount to ? Of course it is °beiges that if I ,
effect the loan at 3 per cent., the interest wilt amount an-
neatly to 240,0001., if I obtain it at 34 per ismL the interest
will be 280,0001. per annum, and if at 4
_per ask it will
reach the ism of 1211,0001. I entertain me ditOt bat that I
shall be able to beam that sum of mosey at gli per ems.
The bitterest therefore apes it will mama Se die sem of
280,01M1L par seam. bet I as Add then la art the tray
dismal OW will be eerie ses fa do dope et Wino,
kr these Is sariltrit iseblfwa of dolt width igen ihe heft
isseldes I lose hen aids to mass I *lei sempsiled la b.
creese-4 Medi he die rate of interest en Madaripsse We.
Them ese anady mow which tend to depreciate the value of
that ameapass of isearity in the market, and if the rate at
inbred en ell the make raised hes bees hawser* (and I
de et dirk it bepehahis that it ,:r Imam aria la
die Oars of the wag), that eNiaemetteeadiee
it right that a preseemed sesurity dad hied shield be
kept so much ba el the ease eenuitiesiddi while bliss
to compete la the asney watt; and, thereihre, basing
made the eseddseiehich wen to me, I hamdetsemised,
I will say ustvAllist
at dotentlied, to raise the rate et inte-
rest ea b. The interest is present three
hallpsmiepes=. Au experiment sou onee tried of raising
the rats Wisteria one farthing per day, but that experiment
so entirely failed, that I do not think it worth while again
to attempt it ; and therefore I propose to raise the interest one
halfpenny per day—that is to say, to twopence per day, the
annual coot of which will be 142,0001.,—50 that I calculate
the increased interest of the debt I shall have to pay will
next year amount to 422,0001. This gum, thereferell
make the total ordinary expenditure amount to 61,998,
which, deducted from the sum to which I have already
the ordinary revenue to amount, will leave me a surplus at
87,0001. But there is in this, as in ante lamer ysam,
an extraordinary source of income arising from the balsaes
of the China money which remained yet unpaid. Fran
this source, it is matter not of maculation but of certainty,
I shall receive 460,0001. in the course of next year. Bet I
most also state, to this extraordinary source of revenue
there is to be opposed an extraordinary source of expos-
diture not properly belonging to the present financial year,
and this is a sum of 185,0001., which it will be necessary to
vote this year in order to cover the excess of naval expen-
diture in the (Mamba year which ended on the 6th April
last. Therefore, adding the extraordinary receipts to the
ordinary receipts, and the extraordinary expenditure to' the
ordinarrenpenditure, the totals will stand as follow : Total
income, 62,516,0002. ; total expenditure, 62,183,0001. ; Ism,
ing an actual surplus of 332.0031 Of this amount of expen-
diture, I wish to state that 815,0001. of it is for matters
over which we have had no control. They are deferred votes,
which I stated, on a former occasion, it was necessary to
provide for this year, though it was not necessary to provide
for them last year. Of these, there is a sum for various
charges, which I mentioned at the end of the last session, to
amount to 828,400/. ; a sum of 200,0001. for the Royal
Canal, for which full provision was not made, and the excess ,
naval expenditure, to which I have already alluded:
nuking altogether a Bum of 816.0001., over which we bare
'had no control. (Hear, hear.) lam perfectly aware that,
isf
to the committee, this cannot be a very satisfactory statement
of the state of the revenue and expenditure of the
•eountry. I have, however, stated the reasons why I
think it unadvisable, this session, to make any per-
=neat provision for a change : 'inadvisable, partly