The Express.
London, England, 1865-04-28 00:00:00

THE iaXP,RESI: Witaliqbapti-PRIL 28, :JR6sgil

TO nramiailiiem—Two asgital WITINISSID 1 gelPllll
MAIDANALL—By ordaralt
GALSWORTIff, Is CILINNOCK
wyl* Aucriox,at Gangway's Coffeehouse,
on WID:MDAT, June 14, at 11. TWO
UN!N 1.41.1611001111CW5, Nos. 10 and IN, Warrington-nes-
cent, 11 a-vale, each having • treaters of Mt, by about
71 feet in depth. We beans are most sabstastilt. and I
are approaching towards consphigioa. and. whoa /1". *ill ha
of the estiniarrd nine ot iti9o per Wu each. The lioness are
very coanodloss, with • lacer garden in the rear, and offer •
desirable opportunity for nt or occupation , held for
Pr years uneed from hent Bishop of laadou's Trustees, at •
u:dd`ofn ASS each.—May be visited, and particulars *b-
at Yana Villages and Tailrace, solicitors, to, loost-
sire* Undid; and a Moms Csocoool obi Co" 11, Waterloo.
oboe, Piarooll.

----
wiLrsutior, between lisllshruy and Warminster —Vehrehle
lititEHLD ESTATE; comprlelmg_lB2 sees of very superior
O
land, in the perished OCIDPHED St PETER, with poweigsoo.
MlD6SRB.neximsmrra,soNindOAKLEY
have received tnetavetione from the Mortgagees under
Hart Hotel,
power el We to SILL by AUCTION, at the While a
Salisbury, on TUIRIDAY, May 16, at 2 tor It precisely, In Seven
Lots (unless previousiydleporied of by private contract), the above
valuable end productive
PROPIDITY.
LA 1 will comprbe a capital and extensive set cif farm premises
end 162 acres of land in a ring fence, principally capita arable,
but iuciuding nearly te sew en
sof very valuable d rich water
meadows, now in the occupation et Mr. John Itaxworthy, but
to be sold (ur well as the other lota in his occupation) with posses-
sion at Michaelmas nett
Lots 2,6, and 7 ambit of farm premises, houses, and rdttatiles
In the vie ; and Lots 11, 4, and 2, of valuable pastures and
water mmWows. The whole Is near the Codford station on the
Greet Western line to Salisbury, and on the liliffiroad from W ar-
minster to iftlisbury, about seven miles from the former sod four-
teen from the latter town, well oircumstsuund with regard to roads
273 acres, will
and markets. An adjcdnlng ymart of the eetato, conteinlog about
be offered at the same time and pilot
Particulars and plan may be had when ready of Messrs.
Wilde, Rees, Humphrey, and Wilde, solicitors, 21, College-hill,
LC. , of Mears Cobb and Smith, solicitors, Salisbury: at the
Bath Arms Hotel. Warminster : at the place of sale ; and of
Molars.°MlMl. acres, Soil, sod °ALLEY, land sputa end sur-
veyors, 10, Waterloo-plecis, Pall-mill, S.W.

KIST, on the Southern Coast, near Sanagete.—A desksW
situate PREMIUM) SIASIDI HISIDINCI and LARD, with
henesdiede pommies.
MESSRS.DA.N IEL SMITH,SON,andOAKLEY
have received Instructions to SILLL by AUCTION. at the
Holahan tkoffee.house, lareshan4treet, Le., on THURSDAY,
May 18, at It for It weasel', In Owe Lot, a valuable
MARINH HISIDINCR, known as SgABROOK HOUSR
very pleasantly eltuate one considerable elevation above, and at
• convenient &wanee from the sea shore, in the rural parish of
Cherlton. The house Is dose to the hamlet of Seabrook, about
one mile from Medea*, two from llythe, three from Folkestone,
and two from the Shorncliffe or Sandgate Station on the South
kastern Railway, and about two hours' journey from London.
It commands very exteneito sea and inland views, the latter ex-
tending over a picturesque count?", Including the flee randage of
chalk &Ids to the north-west of Folkestone,
and Hill well apted
for either a summer and autumn residence, or for permanent oc-
cupation. The subsoil la chalk, and the situation healthy. It
contains =Relent accommodation for a nroderetealuel
and is surrounded by laws, flower landhen threw
atoms acres of very valuable pasture divided Into
paddocks. There Is stabling for four horses, cease-boom, and
various outhnildinga
Particulars and plan may be had of Hews. 'Hama% and
Knocker, solicitors, Sevenoaks at the Pavilion Hotel, Fake-
deee ; the Rot el Heat Rotel, Sandi*. : the Swan Hotel, Ryas:
at the place of sale ; and of Messrs, DANIIM YstlyK, SOS, and
01.1LZT, land agents and surveyors, 10. Waterloo-Flee°. Plillaall.
&w., where a photograph may be seen, and orders to view
obtained.

IN CHANCIRY. —ln the MATTIS of the sirrnju EfiTATRB
ACT. and of the MATHS subject to the traits ld the WILL
of the late WILLIAM COHJDHLL, Req., deceased, dated sth
March. lied. as to one undivided third part, and by order of
Trustees for sae as to the other two undivided third parts.
forming together the entirety.—Yaloable YRIRHOL
toth D
18TATL land tax redeemed, situate at ChadwelLbeeth,
portal at BARKING, in the county of ESSEX.
M ESSYS.DANIELSMITH,SON,andOAKLEY
have received instreetioos to OFFER for BALK by
IIieTION, at the Guildhall Coffee-house, Ureeham-street,
8.C.. no THURSDAY, May 18, at 11 for it precisely,
thein
one or four lets (pursuant as to one third port to an order of
Nigh Court of Chancery, with the approbation of the judge to
whose court the above matter is attached), the following
valuable

PREZIIOLD PROPERTY, viz. :
Grove Farm, !Huston:LW. parishof Barking, on the high-road mid-
way between Great Word and Homford,ami within live minutes'
waft of the Chadwell.heath StaUun on the Great Eastern
Railway, coming an exceedingly compact residence, with
anon and largegdens, extensive stabling and farm buildings,
end several enclosures of productive arle and pasture land,
containing altogether 19a. Zr. 3Sp., in the occupation of Mr. John
Nelson, • yearly Michaelmastenant. The property Is well
'Mute for building purposes, and offers an excellent opportunity
to our or more persons desirous of investing • SMALL amount of
capital.
It will be Ord offered to Coe Lot: if not sold, then in Four
Lots, more ftUy described in printed particulate, which. with
plan, Risky be obtained of Mesas. Hollingsworth, TYSadaa• Sad
Green, solicitors 4, last India-avenue, LeadenhaU.strect.
at the Guildhall Coffee-house, Greshamutreet, LC.. and of
biases. Damn Emma SON, and Guitar, land sgents and mar-
rows, No. 10, Waterloo-141w, London,

THE ROYAL INSURANCE COMPANY will
now be prepared to pre the following benefits:
1. In order to enable the Insured to remise the benefits of the
reduction of duty at the earliest possible moment, it will at once
want annual Policies. charging the present rate of duty to
Midsummer only la requited by Government), and for the year
from that date at the reduced rate of Is. 6.i. per cent.
'I. It will grant Policies without charge for stamps, no matter
how small the arnonnt insured.
PERCY M. DORM. Manager.
JOHN B. JOHNSTON, !Secretary in London.
Royal imamate-buildings, Lombard-Arcot, LC.,
April 28, 1665. •

NORTH BRITISH and MERCANTILE
INSURANCK COMPANY.
Aeetmndated rands to Slat December, Mt, £3,706.612 7s. 10d.
Annual revenue from all source.. £146,468 16. td.
OFTICSB.
London—el, Threadneedle-street.
We teed Braneb—a, Matertoo-pluce. Pell-sell.

maul to the assawaisation of the President of the
United States.
In committee of Ways and Means,
The Caulcuroa of the iIegS4IIIIR brought
forward his financial statement. He commenced
by observing that at the sloes of the last parlia-
ment the country wasinvolved in a war with China,
there bad been a bad harvest, our armaments were
in process of costly reconstruction, and clouds
hang over Europe. Since then the clouds bad
to and burst over the West, and war
Csdiebeen sweeping over America, the evects
of the contest ragieg there culminating
in the terrible catastrophe which bad just sent a
thrill of horror through the world. But in this
country prosperity had prevailed, and its financial
condition, though aooompanied by a vast expendi-
ture, had been prosperous and satisfactory during
the present parliament. The expenditure of 1864-65
had been estimated at 66,890,0004—appearing iu the
Appropriation Bill at about 87,000,0001.—while
the actual expenditure had been 66,462,0001 ,
being less than the estimate by about 611,0001.
The variation arising from the votes for the army
and navy was not of any moment in the calculation,
as the final accounts had not been made up ' • but
the charge for miscellaneous services, which bad
been estimated at 7,380,0004, bad only amounted
to 7,267,0001. Comparing the expenditure of this
department with previous years it would be found
that the total civil expenditure of the oeuntry for
last year was 10,203,0001., while in 1859-00, the
first year of the present parliament, it was
10,820,0001., showing a reduction of 600,0001. ;
while in 168-69 it was 10,040,0004, being leas by
160,0001. than that of the year which had just ex-
pired ; but the real expenditure in that year was
10,270,0001., so that on the whole the civil
service expenditure had not increased in the pre-
sent as compared with the previous parliament.
If the true expenditure of the couutry was taken,
and miscellaneous receipts were struck out, that of
the last year was 65,967,0001•, while in 1859-00 it
was 67,471,0001., showing a large reduction. Look-
ing, however, at 1858-59, there had been an increase
of expenditure as compared with that year of three
millions and a half ; and the total increase on the
charges of the country since the Russian war had
been 12,500,0001. Although the expenditure had
been great it had been in consonance with the wishes
of the country at large. The expenditure of the past
year had been 66,461,0001., while the revuuue
being 70,313,0001., there was a surplus of
3,951,0001., and subjecting it to all deductions, the
surplus was 3,200,0001. The estimate of the re-
venue of the year 1864 was 67,128,0004, while the
amount received was 70,313,0001—showing an in-
crease of 3,181,0611. This increase had been appa-
rent in all branches of the revenue, and the only
falling off had been is the duty on foreign oorn to
the extent of 184,0001. The wine duty increased
by 75,0001., and on the article of sugar the loss by
the reduction of duty last year was only such as
•to show a recuperative operation amounting
to above 400,0001. The excise had increased by
considerably more than a million ' • the two most
remarkable items of increase were malt and spirits,
the letter yielding an increase of 741,0001. in the
year. He proceeded to point out the gradual
growth of the revenue of the country, and he exhi-
bited that growth from 1840 to 1852, which
amounted to 12,363,0001., or at the rate of a million
and thirty thousand a year. In the period from
1853 to 1859 the revenue had improved by a mil-
lion and forty thousand a year, or above
seven millions in the gross. From 1859 to the
present time the increase of revenue had been
3,968,0001., and the annual growth was 178,0901.
The state of the balances this year was over
7,000,00014 showing an increase over last year of
above 300,0001. The debt paid off iu the year
had amounted to 5,240,0001., while, deducting the
charge for fortifications the real diminution was
over 4,000,0001. The total debt of the country,
including every item, was 823,934,000/. in March,
1859, while now it was 808,288,000/., showiug
a diminution of 3,000,0001. a year
du •
total reduction of nearly 18,000,01/01. uring
the present parliament. Looking to the
trade of the country, he selected iu the first instance
the paper trade for observation • admitting that
the period of transition iu that trade had been one
of great severity, but asserting that it had showed
no symptoms of leaving the country. The im-
portation of paper from abroad had risen to nearly
half a million, while the import of raw material for
manufacture had risen from 37,000 tons in 1859
and 44,000 tons in 1863, to 67,000 tons in 1864,
showing that a great stimulus had been given to the
manufacture in this country notwithstanding the
competition with the foreign importer. The
trade with France continued to increase in
imports and exports. In 1869 their trade
with France was 26,431,0001., while in 1864 it was
49,797,000/4 being an increase of 23,366,000/4 or
90 per cent. Arguing that it was erroneous to
suppose that the expenditure of France was much
less than that of this country, he showed that in
1862 the expenditure of that country was
60,815,0001., while that of this oonntry was
70,352,0001. , being only a difference of 9,000,0001.
The trade of the country had steadily
increased, the imports of the past year
being 274,000,0001. • the exports 212,000,0001.,
making a total of 487,000,00 K, or an increase of
219,000,0001. since 1854. 1n an argumentative and
statistical strain the right hon. gentleman proceeded
to prove that although nominally the trade of
France had increased in greater proportion than
that of this country, yet that relatively, and looking
to the steady progress of the latter, that had not
been the case ; while in relative comparison with
Belgium and Holland it had considerably in-
creased ; and he came to the conclusion that im-
mense advantage had resulted to our trade in the
removal of bars, fetters and impediments from the
path of human industry in this empire ; as well as
in the union of class with class, and lie hoped of na-
tion with nation ; while in such a retrospect he could
not forbear rendering a tribute to the character and
ability of the man who was the main instrument of
these great commercial changes—Mr. Cobden. He
then came to the estimate of revenue and expendi-
ture for the year 1865-6. The charge for the debt
was 26,326,0001. ; for the consolidated fund,
1,900,0001.; army, 14,348,0001.; navy, 10,392,0001. ;
collection of the revenue, 4,657,00 N.; packet ser-
vice, 842,600/. ; miscellaneous, 7,650,0 W ; total,
66,139,0001.; or 1,110,0001. less than the estimate
for 1864-5. The customs were estimated,
22,775,0001. ; the excise 19,030,000/. ; stamps,
955,0004 • taxes, 3,350,000 t • income tax,
7,800,0001. ; post-offioe, 4,250,000 i. ; crown lands,
315,0001. ; miscellaneous, 2,650,0001.; China indem-
nity, 450,0001. ; making an estimated total of
revenue of 70,170,0001. • while the charge being
estimated at 66,139,0001., there was left a
surplus of 4,031,000/. He then came to
the " difficult " question of the disposal
of the surplus. It was proposed to change
the duty on transfer of shares and convey-
ances, by a different allocation of stamps. The duty
on agreements for the letting of small tenements
would be reduced from 6d. to Id. The tax on
appraisements would be reduced rateably to 3d.
Special pleaders and conveyancers could have a
half license for three years ; stamp duties on eccle-
siastical licenses would be diminished • there would
be a change in the duty upon charteiparties, from
2s. 6d. to 6d., if they were put on stamped paper_ ;
policies on foreign marine insurances would be
stamped, and the duty on time policies on marine
insurances would be changed ; and the duty on the
Railway Assurance Company, the Accidental Death
Company, and the Plate Glees Company would be
modified. Coming to the subject of the malt tax,
he controverted the assertion that in reduction of
taxation nothing had been done for the agricultural
class, and affirmed that in no case had the revenue
of the country been surrendered for the benefit of
any one, but for that of all classes. The right bon.
gentleman dealt with the allegations of the effect
of the malt duty—whether as regarded increase
of cost to the consumer, or diminution
of its application to the feeding of cattle, its in-
flume in lowering the price of barley, and its dis-
couraging of brewing at home—with argumen-
tative denial, and proceeded to inquire whether it
was reduction or total repeal of the duty which was
asked. Pointing out that its repeal would be the
death-blow of indirect taxation, he stated that the
oily guidon ,was nductioa ; aped it was Reassary

to ascertain what amount of reduction would meet
the case est up in its favour. The malt tax im-
posed a duty of 12} per cent. on beer to the con-
sumer ; but be would take the charge on beer in
the barrel at 20 per cent., and if so how much must
be taken off the duty on malt in order to
reduce the price of beer to the extent of a
farthieg • quart I It mast be reduced at least
one-half for this purpose, at • cost to the Ex-
chequer of 2,480,0001. for the first year, which in
the aeoond year would be 3,360,0001., while
there would be no recuperative increase of
consumption. It was a mere dry question of W-
I dispensable revenue, and it could only be treated
in that sense. There was no alignment in favour
of the repeal to be derived from any languor in the
consumption of beer ; on the contrary, there bad
been an increase in the use of this national drink
as compared with that of spirits ; and this he illus-
trated by • comparison of the relative consumption
from 1732 to the present time ; it being now one
barrel per head per annum in the gross, while the
quay for every adult male was about 600
quarts a year ; and as 40 millions a year was ex-
pended on the article, there was no symptom of the
consumption dying out. Turning to the barley
part of the question, he produoed statistics to
show that the price of barley had not diminished,
but bad in fact improved regularly and progres-
sively until it had reached 34a. 6d. a quarter.
As to the relative unjust taxatiou of malt, as com-
pared with other articles, he argued, and illus-
trated his argument by figures, that this was not
the case as regarded spirits and wine, the latter
being taxed 50 per cent., while beer was taxed at
20 per cent. But, taking tea into consideration, if
beer ought to be taxed more lightly than wine or
spirits, he confidently assorted that tea ought not
to be more heavily taxed than beer. The tax on a
barrel of beer was 20 per cent., that on &cheat of tea
was not less than 40 per cent., and he contended
that tea was entitled to a preference in reduction of
duty. It was, however, proposed to give the malt-
star the option of having the duty charged by
weight instead of by measure, which would operate as
• relief to the growers of medium and lower quali-
ties of barley. He did not say that he looked forward
to au indefinite imposition of the malt tax, but
the time fer the reduction of indirect taxation
was not likely to be favourable until the incidence
of the income-tax were finally settled ; but for the
present year he had arrived at the conclusion that
it war not possible to apply a large portion of the
surplus to the reduction of the malt-tax, but to
place the duty in the position of relative justice
which he had laid down. It was thought that
diminution of the duty on tea by 6d. a pound,
would reduce the price to tbe consumer by 20 per cent ;
the loss to the revenue would be above 2,375,0001.,
but looking to recuperation by consumption
in the present year it would be only 1,808,0001.
Referring to the income tax, be said that
10,000,0001. a year had been added to the ex-
penditure of the country, which bad tended to
prevent the extinguishment of that tax ; it was yet
the duty of parliament to do all that could be done
to reduce that impost. The income tax was now
practically at the lowest point which it had ever
reached. It was proposed to reduce the present
charge of lid. in the pound by one-third of that
amount. If that proposal was accepted, the effect
would be to reduce the income tax to 5,200,0001.. a
I year, the value of the penny in the pound being
now 1,300,0001. In this shape the tax
would be handed over to the new puha-
! ment, in which its final adjustment might
be dealt with, and if it was thought desirable to
to return to it, as a part of the taxation of the
country, fourpence in thepound was the rate which
it might well be kept at in time of peace. Advert-
ing next to the duty on fire insurance, he stated
that the house had come, by a large majority, to a
resolution that the duty as it now stood on stock-
in-trade should be extended to all insurable pro-
perty. The reduction of 3,518,0001. on tea and
income tax left a margin of the surplus, enabling
it to be applied to the duty on fire insurance, and
a reduction in conformity with that resolution
would be made to ls. 6d. from the 25th of June ;
while a reduction would be made in the shilling duty
on the policy to a penny stamp. The result would
be that in the present year 725,0001. would be re-
ceived, and the ultimate loss would be 220,0001.,
followed in the next year by 260,0001. more. The
I relief on tea being 2,300,0001. ; on income tax,
2,600,00001. ; on fire insurance, 520,0001., there
would be a total of 5,420,0001. reduction of tax-
ation. The lon in the year 1865-6 was 3,778,0001.,
and in the following year, 1.417,0001., making a total
for the two years of 6,500,0001. The leas this year
of 3,778,000/. would leave a surplus of 253,0001.
This would leave alum of Nearly a million and a half
to be borne by another year in the way of reduction
of taxation. He earnestly deprecated any invasion
on the modest surplus which he had retained. He
I admitted that there were several claims for reduc-
tion of duty, such as that on public conveyances
and marine insurances ; but he trusted that the
house would agree with him that the claim of tea
was paramount ; and he expressed a sanguine hope
that the course which the government had adopted
in dealing with the financial situation would be
acceptable to the house and the country.
A discussion followed, in which Mr. White, Mr.
Marsh, Mr. Bentinck, Mr. Sheridan, Mr. Du Cane,
Sir F. Crossley. Lord J. Manners, and (others took
part, and in which approval of the budget, so far
as it went, was expressed, but exceptions were
taken that tobacco, timber, and above all malt,
had not been included in reductions of taxation.
The house then resumed.
A long discussion then ensued on the second
reading of the Writs Registratfen (Scotland) Bill,
and the other business haviung been disposed of,
the house adjourned at a quarter to 2 o'clock.

A I'l*Am:a Minister who has an annual surplus
to dispose of for the benefit of the tax-payer and
the consumer may be said to have borrowed*
grace beyond the reach of rhetoric. Perhaps
the CHANCELLOR of the EXCHIQUER begins to feel
this, for last evening, though he had a very good
story to tell, and a crowded audience hanging on
his lips, he was not more than two hours and
half at the table, and went through the great
performance with something of the hardness and
dryness of an actor who has played the same part •
hundred nights, and is sick of his own success.
In the House there was little or no abatement of
the eager zest and curiosity of former occasions,
though Mr. GLADSTONE had allowed the "secret"
of his Budget to become the secret of the fifth act,
which everyone knows before the curtain rises on
the first. Perhaps, as an orator above all things,
he disdains appeals to a vulgar curiosity and
trusts to the pare art of exposition for applause.
There was not, to be sure, much room for mys-
tery this year, from the moment the amount
of the surplus was known. No one expected Mr.
Girosiozz to tamper with the Malt duty after
that debate and division on Sir F. KELLY'S motion.
That he must deal with the Fire Insurance duty
after so strong an expression of the will of the
House was morally certain. That he could
hardly leave the Income tax and Malt duty both
untouched with a surplus of nearly four millions,
was easily divined ; his repeated declarations last
year with respect to the income tax and the tea
duty suggested tea as the most likely candidate for
present favours; so the effect of his announce-
ments lost little by leakage. Indeed, if he
had even gone so far as to communicate to the
public in advance his intention to give to special
pleaders and conveyancers the same immunity as
to attorneys and solicitors for the three first
years of practice ; to reduce the stamp on the
leases of small tenements for less than a year to a
penny ; to make the tax on appraisements propor-
tionate--from 3d. upwards ; to alleviate the cost
of certain ecclesiastical licences ; to reduce the
duty on charter-parties from five shillings to six-
pence," on stamped papa r to subject 'Grip mil-

fiestas and receipts on foreign to the same charge
as those on domestic "transactions r to reduce
the rate of duty on time policies in marine
insurances, and to make policies on such assurances,
if issued abroad, not recoverable unless brought
home to be stamped within a certain time—if the
Oitawcimen of the Excite:lu= had allowed all

these delicate and ingenious devices to ooze out a
week or a month ago, the public interests, we
dummy, would not have suffered by the discovery.
It is interesting, however, to note how fond this
great artist is of manipulating stamps, and kow fine
avows of grouping he shows in the composition of
his financial picture. If, indeed, the oratorical
display but evening seemed, on the whole, a little
cold ; a little wanting in heartiness and freshness, a
little less spontaneous and exuberant than of yore,
it may very well be owing to the absence of op-
position and the cessation of conflict. After
the delight of battle and the excitement of
victory, oomes the lassitude of success. It may
be doubted whether Mr. GLADMFONZ really enjoys
the mere distribution of the spoils. And we may be
certain that while he is converting a surplus
of 4,031,0001. into one of 253,0001., cut-
ting down the Income tax to fourpenoe,
taking sixpence a pound off the tea
duties, and reducing the fire insurance duties to a

uniform rate of eighteen-pence, he is sighing all

the white for other worlds of indirect taxation and