Northern Times.
Liverpool, Merseyside, England, 1860-02-11 00:00:00

THE BUDGET.

In the House of Commons the long-looked.for and
tardily broughi forward statement as to the financial
position of this country at •the present time, and the
probable condition of the nttional exchequer daring the
ensuing year, was delivered last night by Mr. Gladstone,
the'chancellor of 'the Exchequer. A long abstract of
the right hon.. gentleman's elaborate statement will be
found in another part of our paper. As was antiefpated,,

the eommercial treaty between this- country and ,the
. Emperor of the French is closely interwoven with :the
Budget, much of the complication of, .the latter_
document being obviously created by -the settlement of
the formei:. The. Chancellor of the Exchequer- first.
compared the income and 'expenditure of ' last year,
showing that there was an 'excees of revenue over dis 7
13e"enl ents ; but this excess had already been. absorbed-
_y distuxbing causes-the China expedition, and the
French commercial treaty. Thisihad been met in some
• 123aure by a large and unexpected payMent from Sain:
The
ependiture this year, including an increase of
£8,618000 11.1 the army and navy departments, he
estimated at £70;100,000; and to meet this the revenue
would not, in ,the :-first instance, be sufficient:
.then . detailed ..the income Which might 'be
calculated.' upon, . supposing the tariff to remain
7, at present' provided far, which 'showed, an* act
efieit of £9,400,000 ; and next .he pointed out
the excessive increase• which ,had, during a number of
. Years, taken Plaee,in the expenditure over the pro-
Partionate incorrre. Th&GOverriment proposed to retain
the duties on tea and sugar at the same rate as they at
?Peseta exist. The outline of the French Commercial.,
Treaty which he gave; showed that the modifications in
the French customs upenEnglishgoodsivonld be gradual,
e?itending from July,• in-the present year, until October,
1861, when France Would remove all prohibitions, on all
,kinds 'English manufactured goods, placing en them,
'an ad ralorein duty not exceeding,3o per, pent. pn the
other hand, England, by this treaty, makes -various ex-
tensive and immediate 'modifications, by abolishing all
,duties on French manufaCtared goods, arid by redUcing,
. the duties on brandy and wine. He like Wise proposed'
the niodifiCation of various import . duties, . and the
leryina Of'taxesby means of different species-of stamps
and other Wise. ! He hoped to'be able to effect a large
saving in the management Of the Customs, and Inland
Revenue DepartMent.. He cOntemplat€d the Uncon,'
ditiOnal repeal of , the paper duty, and the abolition
ofchop and malt credits. After these amendments,,
financial state .of -the. country would be. this
Expenditare, £70,700i000; income; after deducting the:
loss by remission of duty, £58,592,000; but he proposed
to retain the present sugar and tea duties; which raised
the amount to £60,692,000; thus ;leaving a.defibit of
nine' millions and a half- sterling. to be provided for.
Against.this, the_hop and malt 'credits would, tinder any,
circumstances, produce a considerable sum ; and for
the 'remainder he suggested an income-tax of„ 10d..
in the pound on all incomes over £l5O, and firl. en
incomes under that sum; which would, together,: produce
£8,476,000 and thus comPletely cover the' deficiency:
At the conclusion of the Chancellor of the Exchequer's
'statement a formal vote was passed, and the considers-
' Lion of the Budget was adjourned until Monday week.

THE LATEST NEWS.

[BY BRITISH AND IRISH MAGNETIC'TELEGRAPII.]

FRANCE.

PARTS, Feb. 10.
The Moniteur will publish the Treaty of Com-
merce to-morrow (this) morning.
The Court of Vassation has rejected the appeal
of M. Emile Olivier on the incompetency of the
Lower Court., - •

The Patrie asserts that Count Arase has been
entrusted with a noble mission, viz.,.to France And.
England, and will therefore proceed to London.

The Minister for .Foreign Affairs is 'about to
issue a circular to the French diplomattsts abroad.
It will be couched in.a sense eminently, pacific

and friendly to all.

• The Paris correspondent of the • TimeA now
sayS that at the War-office.itis reported that the
order for the French army in Italy to be ready
to march at a day's notice has been counter-
manded.

THE FRENCH FUNDS.
PARIS, Feb. 10.
12 NooN.--Funds opened buaYant, and Rentes
have improved to 67f. 85c.

3.20 p.m.—The market has been inactive.
Rent,es closed at 67f. 80c., or about the same as
Yesterday.