The Express.
London, England, 1866-07-24 00:00:00

SUPPLEMENTARY ESTIMATES.

The CHANCELLOR of the EXCHEQUER, pursuant
to notice, made • sort of supplementary financial state-
ment. He commenced by reminding the house that Mr.
Gladstone. in his budget, had estimated the revenue for
the current year at 67,013,0001., and the expenditure at
66,727,0001., leaving a surplus of 286,0001. ; but the sup-
plementary estimates laid on the table by the new govern-
ment, amounting to 495,0001., changed that surplus into •
deficiency of 209,0001. Haying discussed the expediency of
supplying this deficiency by new taxes, or by the creation
of exchequer bills or bowie, rejecting both suggestions,
he stated that the government proposed to fill up the gap
by relinquishing Mr. Gladstone 's bill for the creation of
terminable annuities, and as this set at liberty 502,500/. of
this year's revenue—the deficiency would thus be re-con-
verted into • surplus 293,5001. Mr. Disraeli, after express-
ing his regret that his first official act should be to propose
an increase in the expenditure, proceeded to an exposi-
tion of the financial policy of the present government.
He reminded the house that four years ago—acting
with the entire assent of • meeting of the
conservative party —he bad called the attention
of parliament to the urgent necessity for reducing the
national expenditure, and that Mr. Walpole had made •
motion on the subject, which, however, was withdrawn on
the declaration of Lord Palmerston that he should regard
the carrying of it as a vote of want of confidence, and, on
• pledge being given by the government in • resolution of
their own—in favour of economy, which he acknow-
ledged had subsequently been carried out. 'While bearing
in mind, therefore, the importance of efficiency in
the public services, and while arming our soldiers
with the best weapon, and placing our sailors in the
best ships, the government would act on the principles of
economy and reduction of expenditure which they advo-
cated while in opposition. By this policy there would be
secured to the country financial reserves—much more Yalu-
able and reliable than the military reserves of which so
much boast was made—and when taunted with not enter-
ing into foreign quarrels, England would have the conso-
lation of knowing that she would thus be enabled, when
ahe did descend into the arena, to carry out her inex-
orable purpose, however wide or however long the struggle
might be.
Mr. GLADSTONE—assuming from Mr. Disraeli's speech
that he had no hostility to the policy of the Terminable
Annuities Bill, and intimating that if the government
did not take up the subject next year he should do so
himself—offered no opposition to its withdrawaL At the
same time he guarded himself against concurring alto-
gether in the supplementary estimates, for, as far as he
understood General Peel's statement, he thought he was
acting too hastily and improvidently, and was practising
rather on the susceptibility of the country in proposing
to spend 750,0001. during the next two years in mere
conversion • nor, remembering what bad happened in
18.59, was he satisfied with Sr J. Pakington's speech on
Friday night last He disputed the accuracy of Mr. Dis-
raeli's history of the economical movement—main-
taining by reference to the debates and the votes of the
time that the credit of first insisting on reduction of the
estimates was doe to Mr. Stensfeld, Mr. Baxter, and Mr.
W. E. Forster, and, admitting that the liberal party had
no monopoly in it, he congratulated the country on the
rivalry in retrenchment which was now promised between
the two aides of the house.
Sr S. NORTHCOTE also referred to the debates of
1864, maintaining that the movement for reduction origi-
nated in two speeches made by himself and Mr. Disraeli
in that year, which elicited a declaration from several
gentlemen below the gangway—Mr. White among others
—that they would propose • motion to teat the opinion of
the house.

After some remarks from Sir J. PAICINGTON in reply to
Mr. Gladetone's animadversions on his administration of
the navy in 1869, the subject dropped.

TIME NATIONAL GALLERY.

The often discussed question of the site of the Na-
tional Gallery was revived by Mr. Beresford-Hope, who
moved a resolution in favour of the Burlington-house site,
which was supported by Mr. Layard, Mr. Gregory, Mr.
Tite, and Mr. T. Baring ; while the Trafalgar-square site
was supported by Mr. H. Seymour. Mr. Ayrton, and Mr.
Cowper; and Lord J. Manners, speaking for the govern-
ment, said they adhered to the opinion they expressed in
1859 in favour of the Trafalgar-square site. On a division
the motion was rejected by 94 to 17.