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

balances in th chequer being sufficient to pay the divideada.
If, in like manner, we refer to the produce of the great mei-
cles of consumption, they will appear to have exceeded the
most sanguine expectutionsof the right lion. gentleman oppo-
site whose duty it was to make the financial stat meat last
year. If I refer to the Customs I find the prodtwo of every
article for uiue months from April to December, with OM
exception of those on. which the duty was reduced, to be
considerably higher than it wet in the corresponding
nine months of the preceding year. In like manner if I
turn to the account of the cunt revenue I find that, last
year, with the single exception of soap, which I believe was
influenced by some accidental circumstances, every material
article of duty has increased, even that which excited so
much the apprehension of the hon. and gallant member for
Lincoln, the Poetsoffiee. Bet farther than that, carrying
the produce of the ducks a from an early period in the quarter
to the latest time for which we have returns, namely the 13th
February, I find that there is an increase in the ordinary
revenue as compared with the corresponding period in the
preceding year of nearly half a minims. (Hear, (tear.)
Now, we certainly have great reason to be thwarts'
that the demand which has come upon ue, cannot he said
to have come at a time when we were wholly unprepared.
At the same time I far I should be holding out a falla-
cious hope did I say that we were entitled to calculate upon
a continuance of such prosperity. Any man who attends to
the signs of the times must me that there are circumstances
now in operation—which are obvious to the most CWIIIIIOII
obsener—reading to the conclusion that we may possibly
have arrived at one of those periods when the onward pro-
great of the national prosperity may for • time step—if it do
not actually recede. It is notorious, both in reuurd to poli-
tical and commercial matters, that t* progress of a nation's
prosperity is seldom uuinterrup:cd, and unaccompanied by
oecasidhal periods of relapse and financial derangement.
This was the case in 1825, and again in 1838 • and I am
afraid that a period of unexampled prosperity mei as that of
the last one or two years may precede a state of Cifelltll-
- such so to occasion, 1 will nut say a relapse, but a
suspension of the progressive course of commercial activity
and enterprise. In saying this, however, I wish it not to be
supposed that I contemplate anything like the revulsion
which we experienced in the years I have alluded to.
I see no symptom of that ; and I should be sorry
to say anything on this occasion which might induce such an
opinion. (Hear, hear.) In the first place, I hope and
believe that the experience of former times has not been lost
upon our merchants sad traders. (Hear, hear.) Secondly,
1 believe that the trade and commerce of the civatry are at
the present time sound, and not merely speculative. (Hear,
hear.) In the next place, I am inclined to give great im-
portance to the effect of the bill of the right has. baronet
(Sir B. Peel) fur regulating the currency of the contitry—
(eheers)—but for which, and that during the hut year or
two the wild spirit of speculation has been sobered down, it
is probable that we might now have witnessed the mat
disastrous conk quencea. (Hear, bear.) I believe too that
many of those who were adverse to the provisinns of thin
bill while they were under consideration, have, by their
operation, been brought to a different end more favourable
conclusion. I attach not a little importance to that bill in
re,zulsting the currency of th, country, Inn I believe the
sounder principles brought forward previously and during
the passing of that measure—(hear)—acel the sounder
notions of currency which have since prevailed, have to a
great extent operated in inducing people to pursue
a more wise and prudent course. Lastly, I comader it as a
great comfort that the speculations which have taken place
have been in investment* in works at home, instead of in the
purchase of Mississippi stock or Pennsylvanian fonds, and
thrit the money has been laid out in making those great lines
of inter-communication by which not only has employment
been provided to large numbers of the labouring imputation,
but which have tended still further to develop the cemmer.
cial and trading c pabilities of the country. (Hear.) Oa these
grounds, therefore, I do not contemplate any such fearful re-
au Its from the circumstances of the presenttime as have eecto reed
on former occasions. (Hear.) But it would be contrary toe!)
our previous experience if the present scarcity and conse-
quent high price of food were not to produce their accus-
tomed effect in diminishing the comforts of the people by
limiting their power of purchasing. The high price of
fond, I am sorry to say, tells even upon the means of exist-
ence of many, and upon the comforts of almost every elms
of the community. (Hear, hear.) I am new speaking of
this country, and without the slightest reference to Ireland.
It is impossible, when individuals have a higher price
to pay for the main article of sub•sistence, that they
can spend the money they have been accustomed
to lay out in those other comforts and necessaries
which pay duties to the customs and excise, and the con-
sumption of which adds to the public revenue. And know-
ing what has been the state of the country during the last
few months, I must say I was surprised on looking through
the customs and excise accounts, at seeing the s normous
amount which has been paid upon the articles of consump-
tion which contribute to those duties. I find the whole
produce of the customs and excise received for the year,
ending sth January last, was 34,5.57,0001. On articles of
food, as auger, corn, and other subordinate items,
the amount received was 5,530,0001. ; on articles of
drink, as spirits, wine, tea. coffee, ire., 21,781,000; on to-
bacco, 4,336,0001% making the total revenue produced by
articles of food, solid and liquid, together with tobacco,
31,6.53,0001. out of a total of 34,5.57,0001. It unfortunately
happens that cotemporaneousty with the high prier of fool,
there has been also a very high price of the raw material of
one of the staple articles of our manufacturer. I allude to
cotton, and as might be expected, the result has been di-
minished employment in the manufacturing districts. I
have here a comparative statement of the number of mills
marking on Jan. 9, and beginning of February this year in
dlstrict of Manchester. On the 9th of January the num-
ber of mills which had stopped working was 10,
on the 3rd of Feb., 13. Working short time on the 9th of
Jan., 62; on the 3rd of Feb., .58. Working full time on
the 9th of Jan., 113; on the 3rd of Feb., 104. The hands
fully employed 9th Jan., 2.5,84.3; 3rd Feb., 72,945. Work-
ing short time, 9th Jan., 11,851; 3rd Feb., 13,806. The
number of hands stopped, i. e., out of work altogether
9th Jan., 1,609; 3rd Feb., 2,613. In such a Mate of affairs
it is impassible but that the power of consumption
in the working classes must have considerably di-
minished, and great distress must prevail; and, as a
matter of coune, the revenue arising from those
articles which depend on the power of consumption
must diminish in proportion. ( Hear.) But it is nut to this
country alone that the present scarcity of food is confined.
There has been a great demand in France, Bcigium, and
Germany, I believe, too, in Italy, and in Poland—and a
considerable demand for bullion for the purchase of food.
The consequence has been n pressure on the money market,
a rise in prices, and a difficulty in obtaining money, which
have tended to cheek commercial enterprise and trade. I
do not mean to say that the demand for bullion has been
very formidable, for on referring to the state of the Bank in
February in last year, and in the present month, I find that
en the 13th February, 1846, the Bank returns
of bullion were 13.476,0601., and on the corn spouding
day of the present month they were 12,290,0001 Indeed, I
am almost surprised it the small amount of gold which has
hitherto been drawn from this country for the marches° of
corn. In this respect, at all event., the aspect of affairs is
satisfactory, and proves that the enormous imports which
have been made to feed the people have contributed to the
prosperity of our manufactures by creating an enormous de-
mod for manufactured goods, which have been sent to
America and elsewhere in payment. (Hear, hear.) I am
happy to find, too, by the most recent accounts, that there is
not that demand for the export of gold which there
was a short time ago, and that the great establish-
, ment in a neighbouring country—the Bank of France,
is now in a better situation than for some time previously it
bad been ; for it must he obvious that nothing can happen
elleissoly to disarrange the finances of a great neighbouring
eresstry like Frs,qce, without also affecting our own. The
ammostances I have stated are sufficient to show that the
prement is a time for caution, and I should be holding out
islogre hopes were I to say that I believed, under such
circumstances, the revenue would continue to improve. We
meat be prepared for a temporary diminution of prosperity ;
hut at the same time, for the reasons I have stated,
I am confident there is no canes for serious alarm.
But what I wish to guard against is too sanguine a hope
for the present. I now turn to what is more peculiarly my
duty ea this seession, viz , to lay before the house a state-
ment of the irsoes of the country. The right hon. gentle-
man, w prehmessor in the office I hold, when he made his
finanalisielement in May, last year, stated, that he antici-
pated a segylne in the ordinarj revenue of 76,0001., and from
the exanerdinary MOUTON, of 400,0001., making,' total surplus
of 776,44101. By subsequent legislation foreign sugar was
made adissimilele to this country, and the result has been, in
the nine nenolha from April to December, an increase in
the MOWN ef 304,0001. upon that article. This, of course,
is an item upon which the right hon. gentleman did not
calculate in his budget. Adding this, nevertheless, to the
Faskalimated by him, the total surplus would be about
Dot if we refer to the balance sheet as shown by
sergrweft Jan. 5, we shall find that so far from the
ezesteliag his calculation by that amount only, the
sea of imam over expenditure to the 6th January
amestated le 2,846,0001. The program of the revenue
daring the bet quarter exceeded beyond all expecta-
tion the arresponding quarter of the previous year,
and has gems en increasing, so much so that I believe I
shall be loft justified in stating that when the period
arrival wbisik the calculation is usually made up to, the
surplus will be still more considerable dm I have stated.
The calculation I am about to make inbred, Ups refore, on
the actual produce of the year's revenue to Jan. 6, and
proceeding upon that, I will now state to the house what
I believe will be the probable income of the country from
the 6th of April next to the sth of April, 1848. The pro-
duce of the customs' duties to the 6th of January was
20,588,9001. ; of that a considerable amount, not las than
793,000/., resulted from the duty ea corn. In conse-
quence of the suspension of that duty for the first six
months of the next financial year we cannot expert
any income from that article during that period. What may
be the result of the ensuing harvest, or whether it may or
may not be expedient to restore the duty on corn next year,
it is impossible now to say. But suppose I were to give up
the whole of that duty, I do not think I should be
warranted in deducting from the ant year's customs'
means the whole amount as resulting from corn,
because from the accounts we have of the recent
imports we have reason to believe that a great increase
of revenue will be derived from sugar used in brewing and
distilling during the next year. ( Hear.) The only three
items of the customs duties in which there has been a
falling off during the last nine months are those upon which
the duties have been reduced ; but in those instances the im-
ports have materially increased. (Heer.) I refer to their
tides batter, cheese, and silk manufactures. In the nine
months from April to December, 1846, the import of butter
was 201,000 cwt. ,• during the seise period of 1848 it
amounted to 217,000 cwt. The import of sheen front
April to December, 1846, was 202,000 cwt. ; in
the eorreap lading period of 1846, 262,000 ewt. In
silk manufactures in the nine month. ending Der., 1846,
the import was 218,000 pounds; during the Name months,
in 1846, it was 297,000 pounds. Here made it is clearly
shown hat reductions in duty on articles of consumption
tended to increase the import ; ayd in this, as in other eases,