The Express.
London, England, 1861-06-04 00:00:00

CUNTONS AND INLAND REVENUE BILL.

The CHANCELLOR of the EXCHEQUER moved that
this bill be read • third time.

Sir W. JOLLIVIE complained of the locome-tax
baits Dow collected quarterly, mimed of half-yearly, aa
hitherto.

H. J. BAILLIE Mated his belief that even if the
Chasesßoe of the Exchequer ever had a surplus it had
dim red. A sunk of 150,000/. was required for the
dues;Fltade there would be 250,000 i. more for the ex.
gisis.ses of the China war than bad been estimated ;
0001. for the increased interest on Exchequer
Hi sad with the dowry for the Princess Alias-
30,0001.—made up 50,000/. more than the 400,000/.
surplus which it was proposed to keep in hand. He
contend-1 that there would necessarily be a short supply of
cotton from America ; and the result must be so induence
on the trade of this country, and by consequence on the
estimate of revenue for the coming year. There wee so
prospect of any cotton from India to for working by the
present machinery in this country being obtained.
Mr. Alderman SIDNEY said that the quarterly payment
of the income tea wee convenient to the pourer classes of
the payers of the tax.
The CHANCELLOR of the EXCHEQUER declined to
follow Hr. &Elle into the question of the surplus, except to
(*penally deny that 450,00 Y. had been added to the charge
for the year sines the surplus had been died at 400,000 t.;
hut eves if that were the case it would have been net by
the fact that in the first eight weeks of the present financial
year, ea compared with the last, there had been an increase
of 500,000/. in the revenue from customs, excise, and
stamps. He contended there was no hardship or incon-
veuieoce in the collection of the intone-tax quarterly,
while there was a great political advantage is being able to
ani
collma the.
smear of a tax which was always laggard in its
tom.

Mr. BENTINCK urged that the state of things in
Asserka would ',ma be such as to prevent Lord Palmerston
answering a question he (Mr. Ben/Jock) bad twice put to
him, and would have to put again, is to say anticipated
Menem, in the expenditure of this country, in the confident
manner he had hitherto done.

After some observations from Mr. Crawford, Sir S.
Nortbeote, Mr. Westhead, Mr. Hennessy (on Irish butter),
and Mr. Henley (expressing himself satisfied with the
statement of Mr. Gla&toue as to the quarterly payment of
the income tax),
The bill was read a third time and parsed amidst cheers.

EAST INDIA LOAN.
The house having pose into committee,
Sir C. WOOD said it was not hie intention at that time
to go at any length iato the details of the question of
Indian finance. It would be his duty to do so later in the
session; but at the present moment be was not in pmeasion
of the information which he required before be could male
• detailed financial statement. The finance accounts for
11359.1* were on the table of the house, but were not
printed, or in the hands of members. These accounts
differed very considerably from the last estimate smithy the
ladian government ; but the revenue soil expenditure were
considerably higher than they had been led to expect from
the estimates. The despatch explanatory of those differ-
ences had not reached lain ; and although they knew by
I telegram that Mr. Laing had made his financial statement
for 1.62, they were not in possession of the details o:
that statement, and only knew by telegram, and by a pri-
vate letter receives! that day, that this statement was satis-
factory. It would be_prematurs. therefore, to go into fur-
ther detail upon it. The only feet with which the govern-
ment were acquainted was that Mr. Laing felt himself to be
in a poaition to reduce the duty on yarn twist from 101 to
fid. But it would still be necessary to make a short gene-
ral statement as to the financial prospect of India.
He had been accused on the one hand of
taking too gloomy and on the other of taking
too sanguine a view of Indian finance. He honed,
however, that he should be able to show that the estimate
he had ;nada on the previous ocouton wan an accurate one.
It was founded on deepstches received from India, and
which had been produced on the motion of the bon.members
for Inverness-shire and City of London. The first of these
papers was • despatch addressed to the government in
August last, which contained the most complete view of
Indian finance that could be furnished. The remainder of
the dispatches had been received from o- addreee:d to the
government of India up to Februar) last, when he ad-
dressed the house on the subject of Indian finance,
and when it was said that his statemeut was
more genuine than was justified by the facts. The
anticipate] deficit at that time was 5,500,000/., and It was
anticip.-ted thee that unless some unforeseen cireumstaneee
occurred they might look forward to no deficiency in the
course of a year, and to no necessity for a loan. That esti•
meta was founded on the anticipation of an increase of
taxation to the extent of 2,500,000/. and a reduction of
expenditure. The whole increase of taxation was then esti-
mated at 3,500,000/., of which 1,000,000/. had been realised,
and 2,500,000/. might be expected in the course of the year.
It appeared from later despatches that the Indian govern-
ment took a more gloomy view of their finances. Every
letter he had since received insured him that a redaction
would he made in the course of the year. No doubt, when
he said that the existing taxes would not fall short, he
guarded himself against the poesibility of the cc.
currence of any unforeseen circumstance. If the
then existing state of things had remised, he esti-
mated there would be no deficit on the year. He was
now sorry to say that an unforeseen ciremetacce had arisen
to affect his calculations, namely, the lamentable bonnie in
India, the effect of which would be some loss to the revenue,
A loss which in the north-west provinces would, accon'iug
to the lieutenant-governor, fall almost entirely on the year
11461.02. There wore wo estimates contained in the
despatches from India. The first anticipated en increase of
revenue only just sufficient to make up for the falling off of
existing taxes; the second anticipate] an increase of
1,000.0001., but the ultimate result of both seemed to point
to a deficit of about 2,000,000/. He believed that wee the
wont view which could possibly be represented of Indian
finance. He did not think they had much to com-
plain of in regard to winding up branches of expenditure
which the mutiny had entailed. They had never ceased to
one upon the Indian government the Importance of
a redaction in the great and serious expense of the native
army ; but Any precipitate reduction would be exceedingly
unwise. Letter; and telegrams received from Mr. Laing
showed the existence of a state of affairs different (nen
what he had anticipated. Mr. Laing estimated that
the balances in the Indian treasury would be 1,500,0001.,
and said he expected by the let of January at latest to
bring the income and expenditure to an equilibrium. A
later telegram received at the India House said that
his financial statement was satisfactory, and another
in the newspapers announced that there would be ro
deficit at all in the course of the present year. (Hear, '
hear.) But in India, whatever might be the ease towards
the close of the year, it was quite certain that in the early
part there would be a pressure for money. The fanner off
Ift the revenue in consequence of the famine would be in
the summer months, during which even in ordi years
there was a pressure, the deficiency being le the
remaining months of the year. With regerd to railway
works in India, the government bad thought it advisabU
not to stop these works, and he had deemed it his duty to
pewees' a million of silver in this country and
to seed it to India, to prevent the construction
of railways being delayed for want of funds.
Now It was neesseary to find money in this rionotry ler
these great railway undertakings, and this could only be
dime by getting the railway companies to pay depots to
tae government, or by going into the market for a lean.
The eenweittee wee aware that the expenditure for railroad
==is India wee defrayed by advances from the Indian
. sea that the of the home government
ware mat by moneys paid the railway companies into the
hems temenry; and their ae tar as "P 811•4 ways