The Sun.
London, England, 1855-04-20 00:00:00

inasmuch as the expenditure of the past year
would afford them evidence to the contrary. (Hear,
hear.) With regard to the financial income,
which the ensuing year would produce—estimat-
ing the customs at 20,600,0001., which sum
included that portion of the tea duty which
would have been abandoned if the act proposed at the
beginning of the year had come into operation, it would be
63,339,0061. He also included in his present estimate
one million for ways and means bills arising from the sale
of stock belonging to savings' banks, and he further pro-

posed to guard against any contingencies that might
arise during the year by asking for a vote of
4,194,0061., which would thus bring his estimate to

86,339,0001. New he Thad already stated that
the revenue arising for the existing taxes, would

amount to 63,339,0001.,and he had, therefore,'to provide
for the service of the ensuing year a deficit of

about 23 millions. (Hear, hear.) The question conse-
quently arose for the consideration of the house how
this deficit was to be provided for, and it now became
his duty to state the ways and means by which he
proposed to make good that deficiency. (Hear,
hear.) It had been proposed at different

times that the entire expenditure for war purposes
sbolld be borne by taxes levied within the year, and
that it was by no means proper to liquidate it by loans
which 4hould fall as a burden at a subsequent

period. Wow the experience of this country had shown
the fella,/ of this attractive theory, inasmuch as it had
been found impossible so to raise the taxation of the
country to a point which would be adequate to
meet the emergency. (Hear, hear.) Having
tone into a long argument in support of this point. the
right hon. gentietnan went on to say that her Mejesty's
Government bad determined upon negotiating a loan,
to furnish them with the means of carrying on the
war. Before going, however, into an explanation of
,he loan to which he had referred, the right hon. gentle-
man entered into a lengthy review of the progressive
increase of the national debt, and the different means of
obtaining money on loan, which had been adopted by
different ministers, and next observed that the Govern-
ment, instead of imposing a perpetual burden
upon the country, proposed t) render it incumbent on
the Government at the end of the year folio ring, the
signature of a treaty of peace to set aside one million
annually until the who'a amount of the debt it was
proposed to contract should be repaid ; and in
that manner a legal obligation would be imposed
upon them to provide an instalment of that amount per
annum for the reduction of the debt. (Hear, hear.)
In asking this loan, however, he was very glad to say he
had negot'ated such a portion of it ae could be obtained
on terminable annuities recognising the value of the prim-
ciple that The nation ought to bind itself to an annual
reduction of the loan, principal, and interest. (Hear,
bear.) In order to make up the surplus of 5,300,000/.
which would be required for the service of the country,
he proposed some additions on the present taxation of
the country. He proposed, in the first place, an addi-
tional duty on sugar of 3s. per cwt., according to qua-
lity, which would produce 1,300,0001. He also proposed
an increase of hi. per lb. on coffee, which would produce
150,000/.; and to increase the duty on tea to ls. 9d.,
which would bring in 750,000/., making a tctal addi-
tion to the revenue from those sources of 2,100,000/.
With regard to the stamp duties, as they bad undergone
very careful revision, it was not his intention to propose
any alteration in them, except so far as related to
bankers' cheques, on which he contemplated imposing a
duty of a penny, which would bring in 200,000/. Corn-
ing next to the Excise, the only duty with respect to
which he should propose any alteration would be upon
spirits, and he should assimilate the duty on Scotch
epirits to that at present existing on English. (Loud
cheers.) The duty on English spirits was now
7s. 101 per gallon, and on Scotch 65., and he pro-
posed to equalise them. (Hear.) The duty on Irish
spirits was at present 45., but he did not propose, on
account of the circumstances of the country, and the
encouragement it would give to illicit distillatitn,
to equalise it. (Loud laughter, and hear, hear.) He in-
tended, however, to raise it—(continued larighter)—
and he estimated the result of this increase at
one million. (Hear hear, hear.) However, he
proposed to derive some farther income by an
addition to the direct taxes of the country, which had
really been heavier in proportion to the indirect taxes ;
hut it was not thought desirable to levy a larger sum by
indirect taxation, and less by (Erect. He tl er• fore
eo-ed to obtain 3,300,000 by indirect taxation,
The oily kind of direct taxes at present in exiete..ce
ch he did not deem it advisable to touch were the
hoc e-tax and income-iesx, and her Majesty's Government.
n...a therefore come to the conclusion that the best way of
increasing the income derived by direct taxation would
be by imposing an increased per centage on the
income-tax, which was one that reached the largest
cumber of persons in its operation, and be-ides would
obviate the necessity of imposing any new tax. He
toerefore proposed to obtain the remaining two
millions by imposing an additional one per cent.
on the income tax, one million of which
would be received within the year. He would ask also
to be enabled to take on necessity an issue of 3 millions
of Exchequer-bills, and this would make, as he had
stated, the sum he had mentioned. Hear, hear.)
He feared that it had been necessary to trouble
the house at Very considerable length. He submitted
his plans to. the house, feeling that they would
receive their most attentive consideration. Before he
concluded the house would wish to know something
with respect to the loan which had been concluded.
By the mode which the Government bad adopted they
wiTild receive 100/ for 1001. of stock. He had every
reason to believe that the public would be satisfied
with the manner in which the loan bad been
contracted. The right hon. gentleman then resumed his
seat by placing in the hands of the chairman resolutions
confirmatory of the loan this day contracted.

[LEFT BITTING.]