The Sun.
London, England, 1852-05-01 00:00:00

SATURDAY EVENING, MAY l, 1852.

1851 the demand had fallen to 30,292,0001 b., but in 1352,
after the reduction of duties, the quantity rose to
34,680,0001b.—(Hear, hear.) The calculated loss of duty
was 176,000/. ; the amount of duty really lost has been
about 112,0001.—(Hear.) It will be recolected that the
Right Hon. Gentleman reduced the duty upon foreign
timber, from 15s. to 78. 6d. on hewn, and from 20s. to 10s.
on sawn. The estimated loss was 286,0001. ; the real loss is
196,000/.—(Hear, hear.) I know this is detail that perhaps
I hardly ought to persevere with--(Cheers)—but I think
it due to the Right Honourable Gentleman, and due also
to the subject, that the House should thoroughly under-
stand its position at the present moment—(Hear, hear)—
as they must arrive, of coarse, with reference to the
financial state of the country, at a very important con-
clusion.—(Cries of " Hear, hear.") I therefore think
it my duty to place before them the effect
also of the reduction as regards timber.—(Hear, hear.) In
1851 we imported 275,000 loads of foreign timber; in 1852,
440,000. Of colonial timber—l am speaking of hewn—in
1851 we imported 619,000 loads; in 1852, 671,000 loads.
In 1851 we imported 352,000 loads of sawn foreign timber;
in 1352 it amounted to 514,000 loads.—(Hear, hear.) In
1851 we had 451,000 loads of colonial sawn, and, notwith-
standing the increase in the foreign, that amounted in 1852
to 526,000. (Hear, hear.) Thu, of foreign, hewn and sawn,
we imported altogether in 1851 only 628,000 loads; and in
1852, that is in the year just terminated, the quantity rose
to 954,000•—(Hear, hear.) I ought to mention that there
has equally been an increase upon colonial timber, the
quantity (hewn and sawn) having risen from 1,074,000
loads in 1851 to nearly 1,200,000 in 1852.—(Hear, hear.)
But while a loss, though not a very important one, was thus
realized by the reduction of the duties upon coffee and
timber, greatly as the consumption was increased, the
effect of the reduction of duty upon the consumption
of sugar is so remarkable that I feel it right to place it be-
fore the House.—(Loud cries of " Hear, hear," and cheers,
with some laughter.) We imported in 1851, 7,200,000 cwt.
of British and foreign sugar; in 1852, 7,613,003 cwt.—being
an increase of 413,000 cwt.—(Hear.) Since the alteration
in 1846, the increase of our consumption has been 1,90J,000
cwt.—(Hear.) 'With regard to British sugar—this is un-
refined only—l have the other, but lam afraid of wearying
the House—in 1851 we imported only 5,093,000 cwt. ; in
1852 we imported 5,207,000, being an increase in that year
of upwards of 114,000 cwe—(dear, hear.) During the last
six years the consumption of sugar has increased by 95,000
tons, being really 33 per cent. upon the consumption of the
year 1846.—(Hear.) The revenue on sugar and molasses
was 4,163,535/. in 1852, being (although we calculated upon
a loss, I think, of 330,0001. or 310,0001.) a loss upon the year
of i onlyt
aw t
you 3091.—(Cheers.) I must now proceed in detail with
the
Ho-
nourable Gentleman in February of last year. I have
h
that,of -52
liBnssl, as estimated by the Right
tead of the 20,000,0001. which he anti-
poeeu
ehe received from the Customs 20,673,000/. He
scnn
estimated the Excise at 14,000,000/. ; we have received
14,513,000/.—(Hear, hear.) He estimated the stamps at
6,310,000/. ; he received for his stamps—or rather we re-
ceived for him—(Laughter)-6,346,0001., being a slight in-
crease.—(Hear, hear.)
but, in coneequence of the reduction of the window-duty,
and the partial substitution of the house-tax, there has
He estimated his taxes at 4,348,C00/.;
been received only 3,691,0001, and I am sorry to say that
that 691,000/. will not be received in any half-year subse-
quent to that which the Right Hon. Gentleman has had the
advantage of, because there is half of the window-duty,
which way still received by him. Then we come to the pro-
perty-tax; it was estimated at 5,385,000/. ; the Right Hon.
Gentleman's estimate was realised only to the amount of
5,283,000/., being a diminution of nearly 100,000/. He esti-
mated the Post-office at 830,000/. Such was the extraordi-
nary effect (among other causes, no doubt) of the Exhibi-
tion—(A laugh )—the Hon. Member may laugh at my detail,
but I can assure him that when he becomes Chancellor of
the Exchequer, which I dare say be win one day, he will
know what an immense advantage it is to have something
which gives an extraordinary impulse to consumption and
communication-- (Hear. hear)—the Post-office, estimated at
830,000/., reached 1,056,000/.—(Hear, hear.) But, besides
the effect of the Exhibition upon that branch of the revenue,
there was also the effect of the census; our postage bill for
the census-office, if I can trust my recollection, was nearly
32,0J0S ; that ;
item, of course, would not figure in a future
estimate. The Right Hon. Gentleman estimated the Woods
at 160,000/. ; they gave 190,000/. The " miscellaneous" he
estimated at 262,000/ ; the " miscellaneous" turned oat to be
287,0001. The " old 'stores" were estimated at 450,000/., but
they realized only :395,000/. I have given before the Right
Hon. Gentleman's total estimate of the income of the year
just ended, which ultimately turned out to be 52,468,000/.
His estimate of the expenditure was 50,247,000/. The actual
expenditure has been 50,291,000/. It is unnecessary for me
to go into the items of the Right Hon. Gentleman's expen-
diture ; I have said, I hope, sufficient to place the last year
of his official career fairly before the House— (" Hear, hear,"
from Sir C. Wood and other Members) —and I had on his
behalf thesatisfaction of placing the balance-sheet on the table
at the end of the year, whereon there appeared, of conrse,'in con-
sonance with the figures I have already given to the House,
a surplus of 2,176,998/.—(Cheers.) 1 am now to estimate
the expenditure of another year, in which I am perhaps more
interested than in those figures which I have previously
placed before you. For the estimated expenditure of this
year her Majesty's Government are scarcely responsible;
they have, of course, a formal responsibility which they do
not wish to escape; but it is known to the House that the
estimates were prepared by our predecessor!, and were laid
on the table when we succeeded to office ; and, indeed, our
responsibility upon that head has been shared by the House
in passing the great heads of the service. I must, of coarse,
recal the amounts to the House. The estimate of thi ex-
penditure for the year 1852-53 is 51,163,9791 ; and "it is
irlaterefore, year
thus formed :—the interest on the funded debt is 27,548,0001.;
last year the sum was 27,576,9801. There has been, of
course, this deduction by the action of the sinking fund.
iTthewianatere4sotl,so4nsLExclheqenetrn-tbailllsfuirs 4toh2e ,000/.; l
debt,
is 27,950,000/ ; last year it was 27,978,525/. The other
charges on the consolidated fund are this year 2,600,0007.;
last year they were 2,614,416/. The total charge on the
consolidated fund is 30,550,000/. ; last year it was
30,592,941/. The army, including the commissariat, is
6.491,8931. The navy is 6,493,000/., but that includes
870,158/ for the packet service, and therefore the expendi-
ture for the navy is really 5,622,8421. The Ordnance is
2,437,0001. The " miscellaneous," now called the " civil
services" estimates, are 4,182,036/. ; last year the amount
was 4,114,265!. I make a remark upon this estimate, be-
cause to a certain degree it was prepared by the present Go-
vernment, though slightly. The increase in the miscella-
neous estimates have been occasioned by two circumstances;
there has has been a transference from the Woods and
Forests of charges to an amount, I think, if I recollect
right, of something like 65,000/. a year, and therefore
there is a proportionate or approaching a proportionate
diminution in the Woods and Forests, and there is
an increase in the charge for the convict service.
The next item which I have is a very sorrowful one;
it is the item for the Kafir war.—(Hear, hear.) It will be
recollected that very early after we acceded to office I moved
a ivote of 460,000/. to carry on the Kafir war.—(Hear.)
When that vote was moved I was not without hope that it
c
would be the last we should have to bring before the consi-
deration of the House; but the information which we were
h
was pervaded by character
therefore that I can, with
avt
very
ynn differents e expectinguivm eand it
aunfortunately
rlu nith thatin k
iswha belief that it
wouldt
becomes
a person responsible for the
impossible h
we indulged
finances of the country, allow that vote alone to be provided
for by the Committee. Unquestionably it is very easy,espe-
cially after having obtained a vote, and in a case of foreign
would
war, where there will sot be the power of ascertaining the
near
r
perhaps open to me to leave
something to chance, and to draw upon the military chest-if
a further supply should be wanted
statee aotf
hand—it things sin Eurohpeean conflicts, where the scene is
n
; but I hope the House
will agree with mein
_t inking that a very exceptional and
erroneous system—`Hear' hear)—and that it is much better
to form some—I will not say extravagant estimate, but
some fair and temperate estimate, of what is absolutely ne-
cessary, and to meet the wants of the service by a specific
vote.—(Hear, hear.) U der these circumstances I have
acted. I know there ist great prejudice with regard to the
conduct of wars in the distant dependencies, which are not
subject to the criticism and information they are subject to
in places at home ; but I um hound Vs say that the commis-
sariat of our army at the Capri,
under the immediate con-
trol of the Treasury, that the Treasury sent out, and is re-
sponsible for, the officers they have sent out to conduct the
operations there, that all their dispatches and even their
private journals are sent to the Treasury, that it has been
my duty (which I can most
sincerely I
,have fulfilled)
to read every line that is received, and every one of the
private journals of the officers employed, and I am most
deceived it these are not men who are animated by a
most anxious desire to fulfil their duty
( Hear, hear.)
I believe to this country.—
they have accomplished
considerable reduction in
the conduct of the operations, nor
do I think I am using the language of exaggeration when
I say that a commissariat was never carried on with more
efficiency and with greater regard to genuine economy.—
(Hear.) Taking all this into consideration —and I could
prove the strict truth of
my last observation by referring to
the surplus left* for this year from the vote taken in the last
year of 300,000/. by the Right
Hon. Gentleman opposite—
and calculating (which I do) that the vote of 460,0001., as-
sisted by some surplus which, by y the good management of
these gentlemen, we
have -lons the 300,000/., cannot be safely
relied upon for
Junincarlon further than the end of May or
the beginning of have made up my mind, with the
sanction of my colleagnea, and on the part of my colleagues,
to propose an additional vote of
200000/. ; and, if the Com-
mittee will sanction that vote' theKafir war will appear in
ea
this estimate at 660,000/.--
‘..e ar.) There is yet another item
for which we are responsible in the estimated expenditure of
this year, and that is for the mnitta.—(Some murmurs.)
Let not Hon. Gentlemen be alarmed ; the vote I am about to
ask for is not much larger than the majority by which the
Militia Bill was sanctioned._( Cheers and laughter.) My
estimate for the militia is 350 000/. The total estimated
expenditure for the rear ending the sth of April, 1853, is
51,163,9791., the figure,
Which I have given before. I next
come to consider the sources of
supply; and the House will
perhaps now perceive filet
the few abservations whiCh ' I
presumed to make on the
subject of taxation generally, and
on the temper of this Bonwji
with respect
et to it, were not alto-
must be fresh
gether inappropriate. Th se
e' Customs
realizedc last year, as
sa
e 'recollection of the Committee
20,673,9541.; but that
Was a remarkable year, and the cir-
cumstances which acted oh e of the Post-office—so
much to the astonis
an hin the astonishment of the Lionrevenu
Gentleman opposite—
acted very uch al. _
also; on. the Customs' revenue.—(Hear.)
The impulse given ,to th by the great gathering of
last year is-attributablee Customs
not alone to the concourse of
foreign visitors, but to 'the increased travelling which took
place, and to the' e
general spirit of enterprise which per-
vaded the whole islandthese circumstances, I do
counting not feel justified in Under
on any considerable increase of
the Customs' revenue during the present year, but quite
the reverse. I
have also to encounter this year—as the
Committee will remember—a further reduction of the sugar
duty, and although
the calculated amount of that reduction
is not so considerable as that experienced by the late Chan-
cellor of the Exchequer, still I am not sanguine that the
result of the operation will be as triumphantly successful this
year as it Was. ast. I think I ust count on some loss from
the reduction of the sugar duties, and I estimate the loss at
something like ;115,000/ I hope this will not be a
total loss; for, f
a ter the miraculous result of the reduc-
tion of the duty ] •
although it is sanguine,
although lash year, one is naturally sanguine,
necessary to bear in mind that, as regards
consumption, last year was an exceptional year.— ( Hear.)
The present year will b
think there will
be an average year, and therefore I
be some loss in the revenue derived from
the sugar duties. Takin that fact into consideration, and
taking into conside • rationalso that last year opened out ex-
traordinary sources of consumption, I think it most prudent,
after examining all the figures, and giving the subject the
utmost consideration in my power, to take the Customs' re-
venue at the name amount at which it stood in the year be-
fore the Exhibition, namely, 20,572,000/., which is rather
more than 100,000/. less than the income derived from the
same source in the year •ust concluded,—( Hear, hear,) I
now come to the Excise. j Under this head it will be neces-
sary to make some deduction from stage-carriage and rail-
way duties, which will be less productive this year than
they were last, for the reason to which I have already ad-
verted, and which the Hon. Member opposite—who has
not given this subject so much attention as he will bestow
upon it next year.:-.thinks- of little importance. The
Exhibition produced a considerable effect upon the stage-
.' -

carriage and railway duties. It will also be necessary to
make allowance for the reduced produce of the hop-tax,
which, owing to the season, will fall considerably below
that of the preceding year. On the other hand, there will
be a considerable increase in the malt duty, payable on the
10th of October next. The produce of the Excise duties
for the past year was 14,543,895. From this amount it is
necessary, in estimating the produce of this branch
of the revenue for the present year, to deduct about
189,0001. for the probable diminution of the hop duty, and
a further sum for the reduction on the stage-carriage and
railway duty, which I estimate at 50,0001., making
together 239,0001. Deducting this sum from the Excise
revenue of laet year the revenue for the present year would
stand at 14,304,895/. I estimate the increase of the malt
duty at 300,0001., which, added to the figures I have just
stated, gives 14,604,895/. as the estimated probable revenue
of the Excise for the present year. I estimate the stamps for
this year at 6,339,0001., which is about the same amount as
they yielded last year. I intended to take the same amount
exactly, but some items of expenditure connected with the
accruing; produce intervened to disturb my calculations, and
prevent my taking that course. The alterations in the stamp
duties has now been in operation since October, 1850, and
its effects may now fairly be supposed to have fully developed
themselves. Under these circumstances, I think lam justi-
fied in estimating the produce of the stamp duties for the pre-
sent year at 6,339,000/. The taxes last year produced
3,691,7911. I am obliged to take them for the present year
at 3,090,000/. This considerable diminution is accounted
for by the circumstance of a portion of the window duty
having come into the last half-year's account. The pro-
perty-tax for this year must, of course, be taken at half
the amount produced by it last year, because, as the House
is aware, the tax does not virtually cease until October.
Whatever decision, therefore, the House may come to on this
subject, half of the property-tax must necessarily figure in
the revenue of this year. it will amount to 2,641,5001. The
revenue of the Post-office I estimate at 938,0001., after
making allowance for the withdrawal of the effect of the
Great Exhibition, for the expenditure on account of the
census, and also for the settlementlof a contested account with
the railways regarding the carriage of the mails. I esti-
mate the revenue from the Woods this year at 235,0001.
The Woods, last year, produced only 19e,000/., but their
produce will be increased this year by the transference to
the miscellaneous estimates of certain charges which
heretofore were borne by the Woods. I take the
miscellaneous estimates for the present year at 260,000/.,
and old stores at 400,0001. These various items make an
aggregate income of 48,983,500/., leaving a deficit of
2,180,479/. This calculation is based on the supposition that
the property-tax is not continued, and, things remain-
ing the same, there would be a deficiency of 4,400,0001. in
the year ending 1853-4. To complete the picture which I
have endeavoured to place before the House in an unvar-
nished form—(Cheers)—l think it necessary, before sub-
mitting to the decision of the House and the country the
course which her Majesty's Government feel it their duty
to recommend for adoption, to show what would have been
the financial condition of the country in the present year it
the property and income-tax had been renewed for two
years instead of one. With that object in view I will
offer to the House .an estimate of what I believe the pro-
perty and income-tax would produce for another year.
I am aware that on this subject considerable controversy
has occurred. The late Chancellor of the Exchequer ex-
perienced a loss of upwards of 100,0001. on the receipts of
the property-tax as compared with his estimate.
Having inquired into—indeed, I may say investigated
—this subject with the utmost attention, I am bound to
say—and I will give my reasons for saying it—that
there has really been no diminution whatever in the pro-
ceeds of the property and income-tax. What I say is, that
there is no diminution of the total assessment of the property
and income-tax for the present year, as compared with the
two preceding years. Upwards of 100,0001. less has cer-
tainly been received this year than the preceding years, but
I will explain how this has occurred. In consequence of the
Bill for the continuance of the property and income-tax not
having been passed until the sth of June, great delay took
place in making out the assessments for the tax. The office
on which the duty of making the assessments devolved was,
unfortunately, occupied at the same time with the ar-
rangements connected with the census, and from the want
of hands arrears of business accrued, and considerable delay
in making the assessments was the unavoidable conse-
pence. The house, however, will see, from the explana-
tion I am about, to give, that there has been no diminution
in the total assessment of the property-tax in the present
year, compared with the two preceding years. The total
duty assessed in 1850 was 5,729,977/. ; in 1851, it was
sin 1852, it is 5,758,7091. (Hear, hear.) The
;n7e309,00
amount actually
; paid into the Exchequer in these years
presents, however, a somewhat different result—for ex-
ample, in 1850, it was 5,466,2491.; in 1850, 5,493,379/. ;
in 1852, 5,283,8001. The country therefore was right in
supposing that there had been a diminution in the proceeds
of the property and income-tax, although, in fact, the as-
sessment has not diminished, but increased, and a great
proportion of the arrears have already been obtained.—
(Cheers.) I come now to the cause of the diminution which
has occurred in the amount of duty paid into the Exche-
quer. The diminution occurs under Schedule D. In the
year 1849 a great diminution took place in the proceeds from
trades and professions, which is levied under this schedule.
The amount fell from 1,754,0001. to 1,581,00 e/. ; in 1850
it again dropped to 1,584,001/. ; but in 1851 it rallied, and
ascended to 1,593,000/. I am sure I have no
prejudice on the subject, and I am bound to say,
that as far as I can form an opinion from the
information laid before me, there can be no doubt that
the diminution I have pointed out must be ascribed solely to
the unhappy commercial year 1847.---(Cheers.) I may be
excused for reminding the Committee —for in order to put
the case clearly before Hon. Members it is necessary to refer
to many things with which they are familiar—that the as-
sessment under Schedule D is not made on the actual profits
of the year, but on the average profits of the three preceding
years, and, therefore, the bad year 1847 falling into the ave-
rage would diminish its amount just in the same way as a
bad year affects the averages made under the Tithe Commu-
tation Act. Thus it happens that while the assessment under
schedule D was only:1,584,000/. in 1849, it already amounts
this year to 1,600,0001., and I am informed by those who
are most competent to form an opinion on these subjects
that we may look with confidence to the assessment under
this schedule rallying completely.—(Hear, hear.) I say
completely rallying, because, although I appear before you
with a deficiency, the state of the country—especially
as far as this schedule is concerned—is one of great
prosperity—(Cheers)—but, as it is my business to state
to this committee what J believe to be rigidly the truth on
all subjects connected with the finances and commerce of the
country, I think members may believe me when I tell them
—as Ido with great regret—that there are classes in this
country who are not prospering, and the effect of whose ad-
versity is beginning to tell on the income and property-tax.
—(Hear, hear.) I deeply regret that it is my duty to declare
that I have been warned by
the highest authority on this
important subject that in estimating the returns from
the property and income-tax we must commence making
some allowance for reduced rentals—(Hear, hear) —and I am
informed that it is more than probable that the privilege
will The be
committee
acted
ittoene
which the last session accorded to the British farmer with
troespeact tloarasgesessemxteenhtLun(dffereaSr,chedhe/lute
D found an estimate of the deduction which it. may be
referred ; but I. have felt it my duty bto state the
or
any prejudicee a
so
en thist o
which
hsub-
ject.dataonacquaintedeffectnecessarytothe
maketwounder
Nothing could induce me
it had fallen to the
it is my duty to refer, and I almost wish
assure the Committee that I hatvoe
lest it might perhaps
lot of any one else to make the statement I have just done,
imagined that I have coloured it,
howeverinformation which it is '
impos-
siblehowever slightly. -Acting on
am recommended to deduct not
for me to disregard, I
produce of
less than 150,000/. from the estimated
to whichl schedulehe
D, in consequence of the two circumstances
The av
attention of the Committee.amount of
directed the colour
and property-tax in the
revenue derived from the income 5
283
80
year ending the sth of Apri ~1 1852, ls , 01., to which
be,
din gI
ftrhaemsetdh
ao
of April,
estimatelBso3f,
of the delay in making the assessment, giving a
consequence
Supposing the property-tax had been
continued, of 5,337,8001.
estimatedproduce
its for the pre-
sentcontinued, I would have
must be added 54,0001., the amount. due, but not collected, in
during
150 000/. for the reasons I have before stated.
deducting • , amount f
being done, the estimated o the property
veer at the amount it yielded the last, after
That
as. th_e_ eettimated expenditure for the
would , therefore,f,yeare
1853, including the propeyty-tax, it would amount to
the income of the country for the year ending the sth of
April,
period is 51,163,9791., follows that the surplus of
incomearne
over expenditure would be 461,021/. Now, Sir, I
the House has obtained from me an unvarnished, and,
hope
I trust, a clear account of the position of the coun-
try.—(Cheers from all sides.) This I can truly say, that
if I have not succeeded in conveying it to them, it is entirely
attributable to my want of ability and experience, and
51,625,000/. ; and,
not from
any desire to conceal anything whatever.—
(Cheers.) It appears to her Majeety's Government under
these circumstances that there is but one course for them
to recommend to the adoption of the House, a course
which I myself cannot believe that any prudent man, what-
ever may be his political or economical opinions, can for a
moment hesitate in adopting and sanctioning. Sir, I have
touched on the extreme difficulty which now attends the
management of the finances of this country. I have endea-
voured to bring the Committee to such a temper that it
may become habituated to consider this all-important sub-
ject with, permit me to say, somewhat more of calmness
and patience than have accompanied the statements of a
Finance Minister of late years.—(Hear, hear.) My Right
Hon. predecessor, whose abilities I recognize with all sin-
cerity, no sooner rose in his place than, I well recollect, he
was assailed by a thousand demands, which, in themselves,
may have been just; but which, when viewed with respect
to the resources of the country, I cannot but feel were un-
reasonable, and many of which, I regret, were conceded,
with—l will not say precipitation, but under a severe neces-
sity.— (Hear, hear.) Her Majesty's Ministers would not
shrink from surveying the whole system of our finances with
an attempt, if possible, to induce the House of Commons to
come to some clear and decided opinion upon the principles on
which the public revenue should be raised. They look with
great apprehension to the opinions prevalent in this House.
which seem opposed to all the great sources of raising the in-
come of this country. They consider that nothing can be
more injurious than rashly and rapidly to reduce the re-
sources of indirect taxation, while you have come to no gene-
' ral conclusion as to the principles on which direct taxation
should be levied. They are of opinion that if we continue
in this mood of mind, admirable as is the industry,
vast is the capital of this country, great as are the advan-
tages which it receives from political institutions that have
secured it order, wealth, and stability, it will be impossible
to maintain the revenue of the country in that manner
which the public credit and the wants of our national
estab-
lishments require.—(Cheers.) We have a profound convic-
tion upon that head.—(Hear, hear.) We deem it our duty to
impress upon the Committee and the country the danger of
the course on which they have embarked—to .impress on
them the absolute necessity, now or in another Parliament,
of arriving at seine definite understanding of the principles
on which the revenue of this country g
ou ht to be raised.—
(Hear, hear.) They deem it their duty to denounce, as
most pernicious to all classes of this country, the systematic
reduction of indirect taxation, while at the same you levy
your direct taxes upon a very limited class.—(General
cheers.) Sir, we would not have shrunk from undertaking
the laborious effort of examining the whole of our financial
system, animated by these views and actuated by that
purpose ; but I put it with confidence to , the
, House, whether it has been possible for us to
undertake a duty which demands labour so great,
research so considerable, and an amount of time which
no Member of the Government, I am sure, has yet been able
• to devote.—(Hear.) The Committee will, I am convinced,
recollect that it is, I believe t do- ay, only two months since
her Majesty's
Ministers acceded somewhat unexpectedly to
. office. Indeed, it is only six weeks since " that member of
the Government who is peculiarly responsible for the conduct
. of its finances could, from
stituents, resume his seat in this House.—(Hear.) And
though the indulgence of the House, of which no one can
be more sensible than myself, has assisted me in attemptitng
to conduct the business of my 0t11.c.,e ,still the Pal qttg
-Roue and my department have; "I".iteetire-tli9Goiral

rendered it perfectly impossible for me to embark in that
undertaking. But, though the proposal which, on the part
of the Government, lam going-Ito make, is one of a very un-
interesting to use a modern phrase, of a very " provisional"
character, I hope the House will not suppose that we are
shrinking from the fulfilment of our duty, or that if it
please the Parliament of this country to give us that
opportunity, we shall be content with making provisional
propositions upon this important subject again to the House
of Commons.— (Cheers.) Sir, under these circumstances I
am sure the House will anticipate that I shall feel it my duty
on the first opportunity to recommend fur their adoption the
continuance for a limited period of those duties on property
and income which have been the subject of our criticism
here and in the Committee that is now sitting upon them.—
(Hear.) Sir, it would have been more agreeable to me to
have relieved the industry of the country, to have forwarded
that great cause of the fair adjustment of taxation, which I
believe the great majority of this house on both sides are in-
clined, upon right principles, to advance. That is net in my
power. My duty has only been to place fairly before the
House of Commons the condition of the public finances, to
offer that advice which her Majesty's Government, under the
circumstances, feel it their duty to tender. And now, Sir,
in placing this resolution in your hand, I trust that the
House will upon this and upon subsequent opportunities give
me every facility to carry the law, which will continue for the
limited period of one year the income and property tax.—
( The Rght Hon. Gentleman resumed his seat amidst general
cheering, which was particularly hearty from his more im-
mediate supporters.)
The CHAIRMAN then read the following resolutions

" 1. That, towards making good the supply-granted to her
Majesty, there be issued and applied to the service of the
year 1852 the sum of 1,015,6251. 12s. 10d., being the sur-
plus of ways and means granted for the service of preceding
years.
"2. That, towards raising the supply granted to her
Majesty, the respective duties in Great Britain on profits
arising from property, professions, trades, and offices, and the
stamp duties in Ireland, granted by two Acts passed in the
sixth year of her present Majesty, and which have been
continued and amended by several subsequent Acts, shall be
further continued for a time to be limited."
Sir C. WOOD said, it had often in the course of the last
five years been his duty to follow the Right Hon. Gentleman
who had just sat down, when he differed from him in most
that he had said. On the present occasion, however, he
had the ' more pleasing task on following him to say that
he concurred, not only in the course which the Right lion.
Gentleman had proposed, but in most of the observations
which he hal addressed to the Committee.—(Cheers.) lie
thought it due to the Right lion. Gentleman, in the first in-
stance, to assure him that no apology was necessary from him
for the manner in which he had made his statement, and in-
troduced his first budget, for he thought the Right Hon.
Gentleman must have succeeded in placing before them as
clearly as it was possible, not only the financial state of
the country, but the views which he on the part of the
Government was bound to express for them.—(Cheers.) lie
could assure the Right lion. Gentleman, that having watched
the course which he had taken upon previous occasions with
no slight interest, and having often had to answer him, it
was with sincere pleasure that he had heard his most suc-
cessful exposition of the first budget which he had had to
bring before the House.—(Hear, hear.) He could, in the
first place, say that he concurred in the views expressed by
the Right lion. Gentleman as to the difficulties which sur-
rounded an individual who filled the reseonsible situation of
Chancellor of the Exchequer. He (Sir C Wood) had been
for live years the object of that disposition to prey and plun-
der to which the Right Hon. Gentleman had alluded; but
he promised the Right Hon. Gentleman that he would be
no party to any attempt to prey and plunder upon him.—
(Rear, hear.) He confessed he thought that, upon some
occasions, no slight disregard had been shown to the true
interests of the country in the attempts that had been made
to repeal taxation which the finances of the country could
ill spare; and, though he might at another opportunity he
disposed to do so, he would not upon the present occasion in-
terrupt the good feeling which he hoped would prevail by
alluding to parties who had taken their share in the attempt
to make a pull on the Exchequer. The Right Hon. Gentle-
man had truly stated that it was not easy to find a tax which
would be palatable to the people: but when he said that
those on the Opposition side of the House had no such just
ground for the course which they had taken in the re-
duction of indirect taxation as those who objected to re-
duce direct taxation, he thought that the evidence the Right
Hon. Gentleman had himself read afforded the most complete
justification of the course which they had taken. He had
come down prepared with some statements as to the
success of the policy for the last ten years, but he thought
it utterly needless to refer to them.— (Cheers.) He appealed
to the Right Hon. Gentleman himself, who in the fairest and
most candid manner had dealt with the subject, in corro-
borati mof what he stated. Since 1812 the duties reduced
or repealed had been—Customs, 9,000,000'. ; Excise,
1,500,000/. ; stamps, 500,000/. ; and taxes 1,200,000/. ;
making a total reduction of 12,200,0001. The reduction in
the produce of those taxes, however, had only been
1,400,0,10/., the ordinary revenue (excluding income-tax)
being in 1342 48,000,0001., and in 1352 46,600.000/.
(Cheers.) lie appealed to the House, he appealed to the
country—to the most prejudiced of the opponents of the
policy which for the last ten years they had pursued—as to
the result of that policy. A more satisfactory case than
that made by the Right Honourable Gentleman
could not have been shown, and he trusted that with the
evidence of the Right Hon. Gentleman before them, fairly,
candidly, and honestly given, the country would come to a
conclusion as to what the proper policy had been, and would
be for past and future Finance Ministers of this country to
pursue.—(Cheers.) He had always raid that he thought a
change of Government was attended with many advantages,
and he was glad to see the Right Hon. Gentlemen opposite
come to that table with the responsibilities of office upon
them.—(Cheers.) There had been many allegations of the
universal distress among every class of the community; but
they were told to-night, upon the authority of the Right
Hon. Gentleman, that the country generally was in a state
of great and increasing prosperity, and the increasing reve-
nue was the best proof of the truth of that assertion.—
(Cheers.) With regard to the window-tax, and the substi-
tution of the house-tax for it, he would just remind the Com-
mittee that the statement which he made last year, that the
benefit of the change would be more felt in agricultural coun-
ties than in the towns, had been fully borne out by the result.
Taking London, Middlesex, and Lancashire, as representing
the town districts, arM Lincolnshire, Norfolk, and Essex the
agricultural counties, he found that in the first three districts
the house-tax had realized 260,000/. as against 290,000/.
from the window. tax; while in the three agricultural coun-
ties the actual produce of the house-tax had been 20,000/.
against 77,000/. formerly received from the window-tax.
—(hear, hear.) The Right Hon. Gentleman had borne
most valuable testimony as to the assessments under the in-
come-tax. Time after time had they been told that the
falling off in the income-tax was a proof of the decrease of
prosperity. He remembered that the Noble Lord at the head
of the Government had insisted in the strongest way that the
diminution in Schedule D contradicted all their assertions
about prosperity; that more trade might be carried on, but
that it was carried on at a loss; and an Hon. Gentleman
whom he saw present had year after year published pam-
phlets to show that the balance of trade was clearly
against
this country. He trusted that they should hear no more of
these exploded notions.—(Hear, hear.) The Right Hon.
Gentleman stated, that supposing the income-tax renewed,
he should have a surplus of 461,009/. ; and with that amount
of surplus certainly it would be madness to attempt any re-
vision of taxation. He thought that the Right Hun. Gentle-
man had fairly estimated the probable income. If he had
erred at all it was in taking the increase in the Excise
perhaps a little too high. He thought, also, that the
Right Honourable Gentleman would find himself very
much disappointed in the estimate which he had formed
of the probable expense of the Kafir war. The probe-
bility was that the 460,000/. would be pretty nearly ex-
pended by the end of March, and it was going on at the
rate of almost 50,000/. a month. Ile thought the Right
Hon. Gentleman was quite right in, as he proposed, renew-
ing the income-tax for a year, and leaving everything else
exactly as it was.—(Hear, hear.) He thought the Right
lion. Gentleman had judged most wisely in taking that
course; but, from the inconvenience that arose last year in
consequence of the late period at which the assessments
were made, he should have recommended that the resolution
for the renewal of the income-tax should have been brought
forward at an earlier period of the year. He trusted, how-
ever, that the House would see the propriety of the course
the Right Hon. Gentleman had proposed, and would give
every facility to the resolution being passed into a law. He
gratefully acknowledged the boldness with which the Right
Hon. Gentleman had spoken of the measures of last year,
and also the kind manner in which lee had addressed him-
self to him (Sir C. Wood) personally, and his confession of
the success of the recent financial and commercial policy.
He took it as a strong augury that no change would be at-
tempted ; and, entirely approving of the course which the
Right Hen. Gentleman proposed for this year, he would say
that, so far as depended upon himself, and those for whom
he could speak on his own side of the House, every facility
would be given to passing the resolution proposed by the
Right Hon. Gentleman into a law with the least possible
delay.—(Hear, hear)Mr. HUM could not understand what had made the
House so very much satisfied with the statement of the
Right Hon. Gentleman.—(" Hear," and a laugh.) If the
Right Hon. Gentleman had proposed to relieve any class of
her Majesty's subjects from the burdens they now bore, there
might have been some satisfaction ' • but the Right Hon.
Gentlemaa had not made any such proposition. With re-
gard to the income-tax, if it were to be renewed at all, let
it be on a more just and sound principle. It would be quite
as easy to collect it; and, that being so, how could he ap-
prove of the Right Hon. Gentleman, who asked for the re-
newal of it on its present basis ? He was surprised that the
Right lion. Gentleman should have madei that i o
p position
after having stated, as he had done, conviction (
irr. Hume)ofthe
injustice of both branches of the taxl• l
had believed until almost within the last quarter of
an hour that the Right Honourable Gentleman himself
had no intention to renew it. If without it there
would be any deficiency, then let him supply it by
placing taxation on a proper footing. He held in his hand
a paper showing that, while the personal property of
the country was paying millions to the revenue, the real pro-
perty was not paying a farthing. In the last fifty-four years
personal property had paid not less than 85,650,000/., while
real property had gone without paying a shilling. At the
same time he must confess his satisfaction that the Right
Hon. Gentleman had completely verified what those who,
like himself, were advocates of free trade, had foretold from
its adoption, and that the reduction of taxation had led to
the increase of revenue, by the admission of a larger pro-
portion of articles required fur the comfort and luxury of
the people. If ever a speech was made to the House
proving the truth of that satisfactorily it was the speech of
the Right Hon. Gentleman. He could not wonder at the
glum manner in which Hon. Gentlemen opposite had re-
ceived it.—(A laugh.) In his opinion, however, it was
highly to the credit of the Right lion. Gentleman that he
had stated the true result of the inquiry, and be hoped the
Right Hon. Gentleman would now look back with some
severelyre-
gret and remorse for having censured and treated so
the Right Hon. Baronet who introduced this system
on.
for
having changed his opinion.—(Rear, hear.) The Right
H
,t
Gentleman, as Chancellor of the Exchequer,
did f
the same position as the Right Hon. Baronet
intro-
ducing that most important change in thefinancial ate now stood in
and
com-
mercial policy of the country. Tht,v7Ri
been what was
ingght Hon. Baronet
was persecuted almost to death for
but
called a renegade to his principles; he (Mr. Hume)
gave a man credit who, having been into error,eome and becoming
convinced of it, had the man
Chancellor of the
state his conviction of that erro_ e
(Tghre.
Hume) highly
Exchequer had done that, and
they
vsnalseo-
h Rieht Hon Ge tl
ap-
proved
of the course he had taken. It might not be quite
reflection t. satisfactory to those who supportedptone
man, but he was confident that u
would see fit to change their opinions, and to approve of the
y
polic ' the Right Honourable Gentleman lied so manfully
adopted,
and eow proposed to continue. But let him ask
the Right Honourable Gentleman upon what principle he
could denounce the system of direct taxation, and object to
the course of relieving the country from indirect taxation,
as ho had done? Everything the Right Honourable Gen-
tleman had said that evening, every public document he had
referred to, proved the propriety of reducing that indirect
taxation. He had no hesitation in saying that if the Right
Hem Gentleman would reduce the duty on tea to Is., per
viund, he would find it beneficial to the revenueYattd-fie