The Express.
London, England, 1866-05-04 00:00:00

the erpreoo.

TO CORRESPONDENT&
Advertisements intended for The Express." London
Par, must be at the (Am 10, Bouveriewtreet, by Two
o'clock on the day of publication.

HAY MARKET.
THIS EVENING, A ROMANTIC ATTACHMENT. Meson
Compton and W. Farren ; Mies AdaCsreedish. —TILE FAVORITE
rn
Or FORTN Mean Bucksione,Chipwohle, end Rothe
UE. ;
Mn Chippendale. do.—And A DAUGHTER TO MARRY.
PRINCESS'S.
Tors t!UTSO, A GHOST IN SPITZ OF HIMSELF.—After
which THE STREETS OF LODON. Messrs. Vining, T. Mend,
D. Murray, Shore, and Villiers` MXL H. Marston, and Misses B.
Barnett and 1. Rodgers.

I.IOELTM.
THIS Evverkei, A DAY AFTER THE WEDDING. Messrs
Borman, Fitzpatrick, and Clifford: Mrs. klursman, di And
c.—
HAMLET. Messrs Ifechtez, Emery, Addison, Widdicomb, Yearn,
Jordan, Fitzpatrick, ctc, ; Mesdames kliworthy and C. Leciercq.

BRITANNIA.
THISMNING,TIIE SAILOR'S aka u EN.—The Eclipses Family.
--CLOUD AND MUSIIIIL Mr. James Anderson—To con-
clude with THE DARK KING OF Tlib: BLACK NIOUNTALNS.
Miss Clilta CISSe, Mrs. S. Lale, and Master E. Senders.

HIGH-WATER AT LONDON. BRIDGE
TRii DAY —Morning, 4h 32m Afternoon, 4h. Anin.
Tu-Mugnow—Murning, 511 Um Afternoon, Sh. 25m.

LONDON, FRIDAY, MA Y 4.

IN the Horse of Lonny, the Sunday Trading
and Hawking Bill was read a second time.
The Qualification fur Offices Abolition Bill was
read a third time and passed.
Earl RUSSELL moved that the house concur with
the Commons in an address for royal commissions
to inquira into corrupt practices at elections at
Totnes, Great Yarmouth, Reigate, and Lancaster,
but after sonic objection on the part of Earl GREY,
the fruition was not pressed.
The house then adjourned.

IN the HOUSE of CouNtoNs, the report of the
election committee for Huddersfield was brought
up, which stated that Mr. Crosland was duly re-
turned.
A new writ was ordered to issue for the election
of a member for Stamford in the room of Sir
Staff; ,rd Northcote, resigned.

In answer to r. Bxxev,
The ATTORNEY-GENERAL for IRELAND said that
it was substantially correct tlutt at a recent trial
the Lord Chief Justice of the Queen's Bench in
Ireland was obliged to obtain assistance to enable
him to read a sentence of death.
Mr. LEvitoy explained the circumstances of the
case in question, and showed that the statement
was not accurate ; the only hesitation which oc-
curred related to a date, for which the chief justice

had to refer to an almanac.
The ArrossEy-GENEast for IRELAND said that
he was himself present at the bearing of the case,
and he could state that the sentence was not pro-
nounced in due form ; and if it had not been cor-
rected, it would not have been legal.
The matter dropped after soma further discus-
sion.
Mr. MAC VIRE drew attention to the fact that
cholera had appeared on board a vessel at Cork.
Sir G. Gamy said that no information had been
received from the authorities at Cork : but if they
had communicated with him, as had been done
by the Mayor of Liverpool, steps would have been
instantly taken, as had been done in that case, to
ensure that all necessary precautions should be
taken. -

The answer to Lord STANLEY,
Mr. CARDWELL said that the report of the Jamaica
commission could not be produced for three weeks.

The CHANCELLOR of the EXCHEQUER gave notice
of a bill for the abolition of church rates.
In committee of ways and means,
The CHANCELLOR of the Exen EQC ER brought for-
ward his financial statement for the year. He
began by expressing the relief he experienced, after
the sharp debates of the previous week, in entering
on a question which would involve no party
struggle. He had not to announce asi molus reveu ue
on the scale of the last three ) ears—the average
of those surpluses being three millions and a half ;
hut though his means would be more contracted,
he would be able to make reductions not without
interest. The expenditure was estimated last year
at t;4.103,000/., while it had actually reached only
0,914,000/. To the expenditure of the year might
be added the item for fortifications, 560,000 t.,

making a total of 66,474,000/. There was a
portion of the expenditure relating to India which
ought to be deducted, so that the real expenditure
was 65,424,0001. The expenditure fur 1859-60 was
69,762,0001. ; and making certain deductions the
actual expenditure of that year was 68,323,0001.,
which, compared with that of last year, showed a
decrease of 2,900,(1001., while as compared with that
for 1858-9, which was 63,225,0001., there had been
au increase of 2,200,0001. The expenditure'
of last year was—for interest of debt
26,233,0001. ; army and navy, 24,829,000/. ; civil
service, including packet service, 10,250,0001. ; and
the collection of the revenue, 4,602,000!. The ex-
penditure of the year was 65,914,0001., while the
revenue was 67,812,0001., leaving a surplus of
about 1,800,000/. The estimate of the revenue for
the past year was 66,296,000/. while it had ac-
tually reached more than 67,000,0001., or about
1,424,0001. more than was calculated, there being
an increase in the customs, excise, stamps,

income tax, and every other item beyond tfiai
estimate. Comparing the revenue with past
years he showed that since 1864 there
had been a gradual increase, the average
being about a million and a quarter a year. The
estimate of the loss;caused by the reductions of last
year was 1,868,0001., while it had actually been
1,871,0001. The loss on tea had been less than ex-
pected,
while that on the income tax was consider-
ably less ; and it had proved that the value of a
penny in the pound of that charge was no less
than 1,400,0001. In regard to fire insurance duty,
the effect of the reduction was a loss, which could
only be calculated on half a year, and
had been 270,0001., the estimate having
been 260,0001., while there had been an
increase of payment of the duty owing
to the decrease, which was in the gross about 8 per
cent. ; but really, and taking the net amount, it
was 5 per cent. It would be premature to deal
with this duty at present ; but if it was hereafter
to be dealt with, it would not be possible to look at
it an a source of revenue. The revenue on malt had
been favourable ; it had been estimated for the past
year at 5,850,000/. , but had produced 6,410,0001.
As regarded spirits, the revenue had been
13,950,0001, a very large return. The Exchequer
balances had been reduced by unusual liquidations
of debt. They were, on the 31st March,
1865, 7,691,000/. ' • and on the same date in 1866,
they were 5,851,000/. The estimate of the revenue
for the coming year was—for interest of debt,
26,140,000/. ; consolidated fund, 1,800,000/. ; army,
14,950,0001. ; navy, rather more than 10,000,0001. ;
and with the collection of the revenue, above
5,000,0001. and the packet service, the total would
be 66,225,000/, which, as compared which the ex-
penditure of last year, showed an increase of
78,0001. In detail, he showed that the in-
crease was inevitable, owing to works for army,
navy, revenue, and miscellaneous depart-
ments. The estimate of the revenue for the
coming year was, from customs, 21,400,000/. ;
excise, 19,750,0001. ; stamps, 9,45,0001. ; taxes,
3,400,0001. ; income tax, 5,700,0001. ; Post-office
4,450,000/. ; and miscellaneous, including China
indemnity, 3,100,0001. ; making a total of
67,575,000/. ; and the charge being 66,225,0001.,
the surplus would be 1,350,0001. It must be taken
into account that 1,400,0001. of the revenue of the

present year was anticipated by the reductions of
last year, and but for those reductions the surplus
would have • been 2,700,0001. The disposal
of this revenue was next considered by the
right honourable gentleman, and he referred
to the existence of commercial treaties
into which this country had entered in the moat
disinterested spirit, with a view to inducing other
nations to adopt the principles on which we our-
selves acted. The effect of the treaty with France
on the export* rade of that country had been such,
as regarded tissues, cotton, linen yarns, and other
goods, that, comparing 1860 and 1864, the amount
was 32,900,000 francs in the former, and more than
50,000,000 franca in the latter, and the total increase
had been, on all kinds of goods, from 58 nullions
and a half of francs to 141,000,000 of francs.
Treaties had been concluded withlßelgium, Italy,
the Zollverein, and finally with Austria, on the
same standard as that with France—no duty
to exceed twenty-five per cent. ad valorem on
all British goods. This involved two changes in
our own tariff ; namely, the repeal of the duty on
timber, and the equalisation of the duty on wine
in bottle and in wood. The duty on timber was a
protective duty on a raw material which this coun-
try had largely to import from great distances.
Tracing the timber duty and consumption of the
article from 1811 to 1841, when the duty began to
be reduced, he showed that consumption had
greatly increased in proportion to reduction of im-
post, until it had augmented 50 per cent. in the
last six years. The revenue from timber for
the year was only 307,000/., and this would be
reckoned as an entire loss for the year. The
repeal to be immediate. In regard to the equalis-
ing of the duty on wine, it had been at the rate of
2s. Gd. for bottled wine, while it had been at Is.
a gallon in wood ; and the duty being made the
same on both, there would be a loss of revenue of
71,0001. There were three other changes to be
made. It was proposed to reduce the duty on
pepper, which had been difficult to defend, and
which often stood over for reduction ; and the
present opportunity, when no greater matters in-
tervened, would be used to deal with it by abo-
lishing the impost at a loss of 112,000/. for the year.
Turning to the duties on locomotion, he stated that
the revenue derived from that source was 1,600,000/. ,
including carriages, horses, railways, Sc. He (lid
not propose to interfere with the duty on any of
these. In particular as regarded railways it was
not advisable to meddle with the tax, except as
part of a comprehensive scheme for the regulation
of those means of transit. But as to the duty on
post-horses, which was 266,0001., and on public
conveyances, especially onmibuses, which was
: 142,0001., it was proposed to deal with them,
especially the latter, the question being one
of the convenience and comfort of the work-
ing classes, as well as of the middle class.
The licenses would be left as at present ; but the
mileage duty would be reduced from a penny
to a farthing a mile, at a loss for the future
of 90,0001. a year. The post-horse duties included
the hackney carriages, and with the duty on thu
latter he did not intend to interfere ; but as to that
of post-horses, the scale of the license duty would
be so reduced as to place the small proprietor on a
fair footing with the large ; and this would involve
a loss of 20,000/. a year. This disposed of 560,000/.
out of a surplus of 1,300,000/. Having stated that
ho should move resolutions renewing the tea
duties, and the income tax at 4d. in the
pound, he turned to the subject of the national
I debt, and stated that a considerable amount of
Exchequer Bills had been paid off, and the
sum that had been paid in reduction of the debt in
the past year was 5,179,0001. Speaking of the un-
funded debt, he stated that looking at the great
changes which took place in the rate of interest, it
was difficult to deal with government securities of
this nature. The amount of that unfunded debt
was now 8,267,0001. as compared with over
18,000,0001. in 1858, and consisted of Exchequer
bills and bonds. As regarded the national debt,
he was convinced that the time had arrived when
parliament should face that subject. He was aware
that there were taxes which it was still desirable
to reduce, but we had arrived at such a point in
the relaxation of taxation as gave opportunity
for considering the subject of the national debt.
Next year there would be a large cessation of
terminable annuities, not less than talo,ooo/. a year,
which in a degree made the present moment
favourable for moving in that direction. The na-
tional debt consisted, first, of the funded or ix:ma-
nent debt; secondly, the umf unded debt; and thirdly,
the out-standing value of terminable annuities.
The total of the national debt at the close of the
great war was over 900,000,0001. ; in 1830, it was
842,000,000 ; and in 1840, it was 837,000,0001.
On January 5, 1854, it was somewhat over
800,000,0001. During the Crimean war it was
largely increased, but in 1858 it stoodat 823,934,000/.
while in the year 1866 it was 798,909,000/.
During the 40 years of peace the rate of decrease
was about 2,000,000/. per annum. From 1854 to
1858 the rate of increase was about 10,000,000/.
a year; while since then the decrease had been
about three millions a year. This was not a satis-
factory state of things, and the national debt, he
contended, was exercising an injurious social
influence. Speaking of the American debt, he
contended the burden it imposed was nearly
35,000,000/. a year ; but looking to the vigour
and energy of that country, he (lid not think it
would constitute any continuous burden on the
.American people. The revenue of America was
00,000,000/. a year, which was being applied, as
far as possible, to the reduction of the debt. This
was an example to Europe, where borrowing was
the growing vice of the governments of all European
states. The debt of the nine principal European
states was over fifteen hundred millions in the
gross, all contracted in times of peace ; six of them
increasing the amount of debt at the annual rate
of sixty millions, involving a vast amount of
social and political difficulty. As regarded our own
national debt, he stated that we were living in a
commercial era of extraordinary magnitude and
increase ; and our conunercial undertakings were
now as great, with our thirty millions of popula-
tion, as those of France and America with their
seventy millions of people put together ; and
the cause of our pre-eminence was to be
found in the possession and the facile use.,
of minerals, and especially coal. It was a question
whether our store of coal was practically inexhaus-
tible ; and a doubt had arisen, looking to the in-
crease of consumption, whether the limit of that
supply could not be calculated. Even if a substi-
tute for coal could be found, it could not be peculiar
to England, and if our coal was exhausted, the
relative pre-eminent commercial position of this
country to other nations would be lost. If so,
there must be a decline of rents, profits, and
wages, and this would be followed by the emigra-
tion of the receivers of wages ; and capitalists
would invest their capital abroad; but the owners
of rents could not migrate, nor transfer their
property to other and more productive
regions. The available coal of the United
Kingdom was estimated at eighty-three
thousand million of tons, while the increase of
consumption annually was 3 per cent. at present;
but if it increased in the same proportion, at the
end of a hundred years it would have become ex-
hausted at 4,000 feet below the surface. The
matter was one worthy of deep consideration. It
was idle to think of stopping the supply of coal, to
tax it, or to stop its export ; and therefore it was
obvious, as we could not supply coal at low prices
beyond a given time, it was desirable tu do some-
thing to meet an exigency which must arrive ; and
this might in a manner be done by relieving the
country, as far as possible, of its great
mortgage. One way of operating on the debt was
by surpluses, of which not much could be said ; but
another was the conversion of perpetual into ter-
minable annuities. There was a sum of 24 millions
standing on a deposit account of the trustees of
savings banks, the whole of which the state was
now bound to pay ; and it was proposed to take
that sum, which now costs 720,0001. a year, and con-
vert it into annuities terminating in 1885, which
would raise the annual charge to one million. If
this was done in 1866-7 there would be a charge.
something above 1,200,0001. In 1867-8 there would
be a further charge on this conversion of 502,000/. ;
but of this 293,000/. would be relieved by the
failing in of other annuities. The total addi-