The Sun.
London, England, 1855-08-03 00:00:00

WAYS AND MEANS.-

The order of the day was then read for the house going
into committee of ways and means.
On the question that the Speaker leave the chair,
Major REED moved a resolution that no treaty or con-
dition of peace which might be concluded during the re-
cess ought to be concluded without having Parliament pre-
vionsly called together.
Lord PALMERSTON reminded the hon. member that
the power of concluding treaties of peace or war was a
prerogative of the Crown. He quite concurred in the
principle involved in the resolution, that no peace ought
to be concluded which was injurious to the interests or
honoUr of the country. He could not be fettered in his
discretion as a Minister, but if he felt it his duty at any
time to advise her Majesty to cull Parliament together, it
would be not only his duty but his supreme pleasure to
do so:
After some humorous remarks from Mr. DISRAELI,
Major REED withdrew his motion.
WAYS AND MEANS—SUPPLEMENTARY '
BUDGET.

The house having resolved itself into a -committee of
ways and means, Mr. Fitzroy in the chair,
The CHANCELLOR of the EXCHEQUER rose ;to
move a resolution authorising the issuing of Exchequer-
bills to the amount of 7,1.00,000/. In his financial state-
ment, made in April last, he estimated the whole income
of the year, including the receipts from taxes, a loan of
16,000,0001., and 3,000,000/. of Exchequer-bills, at
86,33,a009/. He had since abandoned the additional duty
on bankers' cheques, which he estimated would produce
200,0001., and that would reduce the amount of revenue to
86,119 0001. The expense was at the same time estimated
at 81.999,000/., which left a margin iu excess of income
over expenditure of 4,220,000/. These estimates were
founded upon the sums which had been voted for the mili-
tary service, and upon his estimate of what would be re-
qnieed for the civil service. The latter item he estimated
at 6,500,0001, The sum since voted bad been 6,506,000/.
Recently there had been submitted to the house additional
estimates for the naval and military service. He would
state to the house what were the original and supplemen-
tary estimates, and what had actually been expended dur-
ing the four months of the financial year which had elapsed
since he made his statement in April, May, June, and
July. The amount of the original estimates for the army,
commissariat, and militia was 16,221,000/. ; the supple-
mental estimate was 2,563,000/. ; total, 18,789,0031. The
actual expanse during the four months named had been
4,850,001. If that sum was multiplied by three it gave
an amount of 14;550,0001., which was several millions lees
than the sum estimated for these three services. (Hear.)
The origin d estimate for the navyAransports and packet
service was 16,6Z3,000/. The supplemental estimate was
2,725,0004 ; total, 19,379,0001. The actual expense for the
four months had been 7,649.0001. Multiplying that by three
it gave an amount of nearly 23,000,0001., which was greater
than the sum voted. It was hoped that the expense during the
remaining eight months of the year would not continue at
the rate ef these four months. For the Ordnance the
ginal estimate was 7,803,0001; the supplementary esti-
mate 541,0001. ; total, 8,614,000/. The actual expense for
the four months had been 2,812,0001. That, multiplied
by three, produced 8,435,000/., which nearly agreed with
the total sum voted. Under the head of vote of credit,
the estimate wee 1,200,003 t, and a vote had been taken
for 2.000,0001. The total result was :—Original estimates,
43,677,000/. ; eupplementary estimates, 6,135,000/. ; total,
49,812,0001. The total expense for military purposes
during the last four months had been 6,512,0001. ; that
sum, multiplied by three, gave 49,537,0001., which nearly
agreed with the sum voted—viz., 49,812,0001. It new
became his duty to state to the committee how he pia •
posed to raise the means for the additional expense which
had been incurred since he made his statement in April.
He then stated that ho proposed to take a power to issue
Exchequer-bills to the amount of 3,000,0001. He now
proposed to increase that amount to 7,000,0001., at the
same time taking the option of issuing, if it should be
deemed advisable, Exchequer-bonds instead of bills. Ac-
cording to his original estimate, and including 3,003,0001.
of Exchequer-bills, there was an excess of income over ex-
penditure of 4.210,000/. By the addition of 4,030,0001. of
Exchequer-hills, which he now proposed, the excess would
be increased to 8,260,000/. ; while the additional estimates
to he provided for amounted to only 6,135,000/., thus
leaving an unappropriated margin of 2,105,000/. It was
always necessary that some margin should be left to meet
unexpected expenses, but in the present instance the
house would be justified in not requiring the Government
to provide any .unreasonable amount for that purpose.
(Hear, hear.) We had to guide us the experience of four
months of the year, which included the period of the
most active and expensive warlike operations. At the
same time, he ought to state to the committee that at
the commencement of the year, before the first instalment
of the loan was received, it was found necessary to issue
w tys and means bills to the amount of 1,700,000/., which
must be provided for out of the revenue of the year.
Therefore, although according to the calculations he had
submitted to the committee there was an apparent surplus
of 2,000,0001., nearly the whole of that might be considered
as already practically absorbed. If his proposition wore
agreed to, there would therefore be nearly an exact balance
of income and expenditure. Another reason for not pro-
viding a largo excess to meet contingencies was, that he
could state that the receipt of revenue daring the first four
months had been, on the whole,satisfactory--(hear, hear)
—and se far as jUdgnient could be formed, it might rea-
sonably be expected that the amount received would equal
the estimate which be had submitted to the committee in
April last. He would now state to the house the amount
of Exchequer-bills and bonds in circulation. On the 31st
July there were outstanding Exchequer-bills to the amount
of 17,099,400/. There were also Exchectuer-bonds to the
amount of 6,000,000/. These bonds bore interest at 3i per
cent.; and were payable, 2,000,0001. in 1357, 2,000,0001. in
1858, and 2,000,000/. in 1859. Although the amount of
the unfunded debt might seem considerable, yet, compared
with what it was' at the end of the last war, and during
many years after the conclusion of peace, it was not large.
In 1812 the amount of Exchequer-bills in circulation was
41,000,000/. ; in 1813, 43,000,0001. ; in 1814, 45,000,5001. ;
in 1815, the last year of the war, it had risen to 57,000,000/.
Even in 1818 the amount of Exchequer-bills in circulation
was 50,000,0001. ; in 1819 it was 43,000,030/. ; and in 1539
it was 21,000,000/. Therefore, even if it should be neces-
sary to increase the unfunded debt by the whole ambunt of
seven millions, which he asked the house to empower him
to raise, the amount of Exchequer-bills would not reach
that which had been in circulation for many years
since the termination of the last war means could be
found of placing Exchequer-bills to a considerable amount,
without affecting the general market, and without in-
fluencing the rate of interest. Exchequer-bills were now
at a considerable premium. Even the June bills, the in-
terest upon which had been lowered at the commencement
of the present quarter, were at a considerable premium,
and the premium had increased since the interest was
lowered. Under these circumstances, he hoped that,
seeing at this late period of the session the Government had
hardly any option as to the means of raising the fundsne-
cessary for the public service, the resolution which be bad
framed would meet with the approbation of theceoinr_nelt•
tee, and that the power of increasing the unfunedddtod
ibtt.
by the addition of seven millions would be
The right hon. gentleman concluded by moving the resolu-
tiondid not see that they hd It
a any lag
which he had placed in the hands of the chairman.
Mr. GLADSTONE the Chancellor of the
to complain of the calculations of
Exchequer. Then as to the means _
yectthetothem. Tro.
of meeting t e expendi.
, howeverg,
ture, he did not see theyo
inßedoubtedly the house might
our loans rapid inerea busighsttart'tpledobbj
stood at.
4 the
millions,nf u nadnecdi
whichd h debt, which
was
no onlyw
t o
bt we orausyeeadrstoa3goo
IBut he did not see that a moreadvisable mode of previZ
could beadoted wished
hi the
to point out this fact, that
tendencyw tendency v
for the exigency
of our taxa-
wards. He hoped that the right hon. gentleman Was uP-
tion was downwards, the of
this inequality in the next bud 4. would
redress gee by adding
P°rtionally to the taxation of the countr pro-
Y. He hoped
Governmentvould next year art.,the
to corporations. Lie succession duties
The CHANCELLQII, of the Run
the application of the succession dutiesEQUER stated that
attention, though he
,did not had not escaped his
ther had the proportion of t expect much from it. Nei-
of by him. axation to loans been lost sight
In answer to Iktr. pima za
The CHAIICatioR
hoped it
would f the EXCHEQUER said he con-
Meetlythese Exchequor.Vu not be accessary to issue many of
before Pe
there could be th nd of the year, so that
no possible breach with faith
f
o the con-
tractors of the former
loan, which, besides, related to an
increase of the funded and not of the unfunded debt.
Dir. GLYN approved generally of the course pursued-by