The Sun.
London, England, 1865-04-27 00:00:00

THE BUDGET.

The home having resolved itself into a committee
of ways and means,
The CHANCELLOR of the EXCHEQUER
rose amid loud cries of " hear, hear," to make his
annual financial statement. In commencing his
observations he referred to the Chinese war, and
said the clouds had passed westward, and the
latest trouble that had become known was that
which yesterday arrived from America, and which
created one general thrill of horror throughout the
country. He was thankful that this country had
been tranquil, and he might say that
on the whole its trade and commerce and general
condition had been prosperous and satisfac-
tory. Its income during the past year
had been greater than had ever been known
either during a time of peace or war, whilst the
expenditure for the same period had never before
reached such an amount either in troubled o
tranquil times. The expenditure for the
year 1864-5 was estimated at £66,890,000
the Appropriati9 Bill was for £67,730,000, whilst

the actual expenditure was £66,462,000, which was
less than the estimate by no less a sum than
£611,000. (Hear.) The right hon. gentleman then
proceeded to compare the expenditure of the country
with the revenue for the last year, and said that the
total revenue for the year amounted to £70,313,000,
showing a surplus over the whole of the expendi-
ture of £3,851,000. (Loud cries of "Hear,
hear.") With respect to source .of revenue,
the Customs had considerably increased, and the
revenue derived from the Excise had increased up-
wards of £1,000,000, showing most clearly that
general prosperity had been the cause of general im-
provement. There had also been a great increase
in both malt and spirits, both of which had yielded
more than was estimated. (Hear, hear.) The
right hon. gentleman then compared the position
and condition of the country in the years 1840 and
1852, the outbreak of the war with Russia, and
the year of great expenditure, 1859, and compared
the revenue with the expenditure of the present year.
He said satisfactory as the financial position of the
country was at the present time, yet prosperity could
not be safely relied on for a single year, because a
deficient harvest would entirely upset and set aside all
calculation. (Hear, hear.) The national
debt had been reduced during the pre-
sent year by no" less a sum than £5,340,000,
subject to deduction for the sum voted for
fortifications, while the reduction of that debt
for the last six years had amounted to the goodly
sum of, • in round numbers, £l7,ooo,ooo—(hear,
hear)—which was, on an average, £3,000,000 a
year. (Hear, hear.) He looked favourably
on the results of the reduction of the
paper duty, but it was a source of great gratifica-
tion that the trade of this country with France,
both in imports and exports, continued steadily to
increase, and he would take that opportunity of
saying that the impression that prevailed in some
quarters that the expenditure of France was greater
than England, such an impression was altogether erro-
neous--(hear, hear)—and the fact was easily apparent
because the French accounts were kept with a clear-
ness and precision worthy of the highest admiration.
The imports for the past yearhad been £294,000,000;
the exports, £212,000,000 ; making a total of
£489,000,000, or an increase of £219,000,000 since
1854. The right hon. gentleman then proceeded
to argue that the comparison of the trade
of England with that of France, was
not a fair one, but the countries most subject to
such rates, such as Belgium and Holland, were the
best tests for comparison, and comparing' it with
either of these countries, the trade of Eng-
land would be found to have increased rather than
diminished. He then passed a glowing eulogium
upon the late Mr. Cobden, and said a more devoted
public servant never existed, and alo that the result
of his brilliant genius had yet to be fully felt in
order to enable us to put a just appreciation
on his transcendant abilities. Having read over
the different sums estimated for the present year,
he said he now come to the difficult task of dispos-
ing of the surplus. (Hear, hear, and laughter.) He
proposed to charge the duty on transfer of shares and
conveyances by a different mode of stamp. The
duty on agreements on small tenements would be
reduced from 6d. to Id., and the tax of appraise-
ments would be reduced naturally to 3d. Special
pleaders could have a licence for three years. He
also proposed to reduce the duties on charter par-
ties from ss. to 6d. ; and he also proposed
to reduce the charge now made on time
policies on marine insurances, and the duty
on the Railway Assurance Company, the Acci-
dental Death Company, and Plate Glass In-
surance Company would be modified. He
now came to the consideration of the argu-
ments that have been put forward for the
reduction of the malt tax, which, according to some
people, although it only brought the country
£6,000,000, cost the consumer £20,000,000. If the
malt tax was repealed, he was of opinion that
that would be the death-warrant to our system of
indirect taxation. But reduction was not repeal,
and that was the point to which he should invite
their attention, in order to ascertain at which point
reduction should commence so as sensibly to lower
the price of beer to .the consumer. After the most
careful calculation he had come to the conclusion
that the taxation on a barrel of beer, that is the
beer within the barrel, amounted to 20 per cent.
Iwo shall give the conclusion of the Chancellor of the
Exchequer's speech in a later Edition.]