The Sun.
London, England, 1855-04-21 00:00:00

CONTRACT FOR. ELM TIMBER.
Department of the Storekeeper-General of the Navy,
Somerset-plce. 20th April, 1855.
THE Commissioners for Executing the Office of
Lord nigh Admiral of the United Kingdom ot Great Britain
sad Ireland, do Hereby Give Notice. that on TUESDAY, the 15th
May next. at' Two o'clock, they will be ready to treat with suck
parsons as may be willing to Contract for supplying her Majesty's
'several Dock Yards with
3,665 loads of ENGLISH ELM TIMBER, and
31 ELM TREES for Pumps,
felled beteen the mle ofovember and the end of February last,
end to be w
delivered atidd prices, including all luggage and other ex-
penses, by the 31st December next.
Tenders may be made for the supply of any one or more of the
yards, or for the whole of them.
• Distribution and a form of the tender may be obtained at the
Mid oltice. Ne tender will be receired after two o'clock on the day
.' treaty, nor will any be noticed unless the party attends, or an
agent for him duly authorised in writing.
Every tender must be addressed to the Secretary' of the Admiralty,
and bear in the left-hand corner the words " Tender for Elm Timbbery ," a
and mast also be delivered at Somerset-place, accompanied
letter signed by two responsible persons, engaging to become bound
with the person tendering in the sum of 1/. per load for the due Per'
lormance of the contract.

TILKATEE ROYAL IIAYBIARicitT.
Under the management of Mr. Docketone;

TUIS EVENING,
rWIU be presented TIM. SECRET AGENT. Principal characters
Mr. Backstone and Miss E. Chaplin.
To be followed by a new Ballet, in which the Spanish Dancers
IrUil appear, entitled THE EVENING FESTIVAL.
After which. a new Extravaganza, called THE NEW HAY-
MAREET SPRING MEETING, 11355.
TO =chide with TIIE GALICIAN FE.TE.

ROYAL PRINCESS'S THEATRE, OXFORD-STREET.
Under the Management of Mr. CaARLra KEAN.
THIS EVENING,
Wlll be performed the original adaptation of Casimir Delavigne's
mar
Play, entitled LOUIS THE ELEVENTH. Principal
c'saracter by air. C. Kean.
To conclude with (11th time) a Romance, in two acts, entitled
THE MULETEER OF TOLEDO ; or, King, n
n
-.-ten, and Knave.

THEATRE ROYAL ADELPHL
proprietor, Mr. B. Webster.—Directress, Madame Celesta.
THIS EVENING,

vnu be performed the Drama entitled THE MYSTERIOUS
STRANGER.
To conclude with A NEW EDITION OF THE FAIRY TALES
OF MOTHER GOOSE, with numerous highly-coloured Illustrations.

ASTLErS ROYAL AMPHITHEATRE.
Leases and Manager, Mr. Wm. Ceoke.
THIS EVENING.
Glorious success ! To commence with an entirely new and original
soLctacloolrama of harrowiag interest, by Mr. Telson Lee, called,
THE FIELD AGAINST THE FAVOURITE ! No Drama for many
years has created so great a sensation. The interest is most intense ;
the burning of tke stables is most terrific, while the Derby race is
Most exciting.
After which, a Series of Novel SCENES in the CIRCLE, invented
by Mr. William Cooke.
To conclude with RETURNED FROM THE BALTIC ; or, Jack
Ashore.
A new Military Act Drop, painted by Fenton, has been added to
the Embellishments.
Box-office open from Eleven till Four. Stage Manager, Mr. W.
West. Acting Manager, Mr. W. H. Cooke. Equestrian Director,
Mt. w. Cooke, Jim.

HIGH WATER AT LONDON BRIDGE.
Teas DAY ....Morning 41 min.aftar 4 Fveniqg 1 min. aft. 5
Toololoww—morning 21 mmafter 5 I Ev, uing 42min. alt. 5

WEATHER.—Stro Orinca, April. 21.
TILTEXONSTER, IN TB &LADE.
60—highest since noon yesterday.
39—lowest this morning and during Vas night.
51—this day, at noon.
BAROMETZB, 30'55—very high.
WIND, N.B.—Rather fresh and cold, with fine sunshiny
'weather.

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LONDON, SATURDAY, APRIL 21, 1855.

The Loan has been concluded—the Budget
issued. The country may now form a correct
estimate of the qualifications of its new Financial
Minister. It requires but little prescience to
declare positively what that judgment will be.
Never has there been a more complete and un-
mitigated failure than that of the quondam Edin-
burgh reviewer. The most humiliating anticipa-
tion has fallen short of the deplorable reality.
Not a single voice has been raised in his favour.
Even the journals that recently toadied the in-
competent financier now maintain an ominous
silence. In fact the voice of public opinion is
unanimous in condemning both the manner and
matter of his statement. The first was, indeed,
a lamentable exhibition to those who had heard
Mr. DISRAELI or Mr. GLADSTONE under similar
circumstances. Even Sir CHARLES WOOD in
his moat prosy harangues was tolerable when
compared with Sir G. C. 'Awls ! But the man-
ner was far better than the matter, which led to
the entire project being justly described as one of
the worst budgets ever produced to the country.
First, as to the expenditure the Right Hon.
Baronet estimated it at 80,899,5611., to this
1,000,0001. is to be added for the Sardinian
Loan, and to guard against contingencies he adds
a margin of 4,440,0001., making a grand total
of estimated expenditure of no less than
86,339,0001. ! ! ! To meet this he estimates the
revenue for the current year, including the
10,157,6001. added by Mr. GLADSTONE last ses-
sion, at 63,339,0001., leaving a deficiency of
23,000,0001. sterling. This sum is to be raised
partly by way of loan and partly by additional
taxation. The first fruit is the new contract just
entered into with Messrs. ROTHSCHILD and Co.,
16,000,0001. In addition, power is to be taken
to issue 3,000,0001. of Exchequer Bills, if re-
quired, and the increased imposts are calculated
to produce 5,300,0001. sterling, of which, how-
ever, only 4,000,0001. is expected to be paid into
the Exchequer during the year. The whole
amount of 86,339,0001. is thus made up if the
calculations of the Right Hon. Gentleman should
prove to be correct.
It will be seen from the foregoing that this
financial operation may be divided into two dis-
tinct heads—that relating to borrowed money,
and that to increased revenue. We shall now
look to the former of these divisions. As we
have stated, the Loan has been concluded, but on
what terms? For every 1001. advanced,
there are to be granted 1001. Three per Cent.
Consols, bearing interest from sth January last,
and an annuity for 30 years, from the sth April
instant, of 14s. 6d. per annum. This was, per-
haps, as good a bargain as could have been antici-
pated, when, through the grave error committed
by the Right Hon. Gentleman in refusing to ac-
cept any tender for less than the entire amount
of the Loan, he conferred a virtual monopoly on
a single firm. We do not say that Messrs.
ROTHSCHILD did not act liberally under the pecu-
liar circumstances of the case ; but we may show
what the country has lost by the transaction.
Estimating money on Government security at

addition of 1 per cent., or rather 2d. in the
pound, to the Income Tax—wac hich
of l will
shencefor-
as
ward stand at Is. 4d., in ple . 2d.,
heretofore. No attempt is, however, to be made
to render it in any degree more equitable or less
oppressive. All the existing inequalities are to
and, we suppose, should Sir
be firmly maintained,
G. C. LEWIS remain in office, it will shortly be
raised to 10 per cent. without any modification or
alteration.
But the retrograde movement with respect to
the indirect taxation is the worst among the many
bad features of the Budget. First comes an ad-
dition to the sugar duty of 3s. per cwt. Sir G.
C. LEWIS estimates that this additional impost on
" the cane of the tropics" will realise 1,200,000/.
An additional Id. per lb. on coffee follows, which
s expected to produce 150,0001. ; and 3d. per
b. which is to be added to tea will bring
'50,000/. more to that under the head of Cus-
oms. There is to be an addition of 2,100,0001.
-aised in about the most objectionable manner
at can be conceived.

Under S'ainps one penny additional is to be im-
posed oa each banker's cheque, which, it is said,
will bring in 200,0001. to the Exchequer, while
an additional million is to be raised by an extra tax
on spirits—the duty on Scotch being equalised with
that on English, and Irish being advanced to six
shillings per gallon. This is all very fine, but we
fancy that the Right Honourable Gentleman will
find that he has omitted a ♦ery important ele-
ment from his calculation. He has made no
allowance for the smaller quantity that will con-
tribute to the revenue in consequence either of
diminished consumption, or a vast increase of
illicit distillation. Experience has always proved
that the result of a high duty was to give an ex-
traordinary stimulus to that demoralising
traffic. Sir G. C. LEwis has, however, eschewed
the lessons he might have learned, and
boldly braved dangers which more prudent
financiers and moralists would sedulously have
avoided. Meanwhile he sacrifices 200,0001. to
create difficulties in the way of public journals.
Such are the leading features of the worst Budget
we ever remember—a Budget which will bring the
highest odium on the Chancellor of the Exchequer,
and materially add to the unpopularity of the
entire Cabinet, and of all their supporters in the
House and the country.