The Sun.
London, England, 1854-03-07 00:00:00

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LONDON, TUESDAY EVENING, MARCH 7, 1854.

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reference to the ordnance survey of Scotland is correct,
where he is reported to have stated that 4' no scale
would be adopted exceeding 20 inches to the Nile."
The CHANCELLOR of the EXCHEQUER said he
had no intention to fix any limit to the maximum of the
.scale.

RUSSIA AND TURKEY.
Mr. LAYARD, adverting to the statement of Lord
J. Russell that new proposals had been made. to Russia,
wished to know if, in event of the Russian troops having
withdrawn from the Principalities, Russia would revert
to the status quo ante belluia—th4t was, would the old
treaties between Russia and Turkey remain still in
force.

Lord J. RUSSELL said the Emperor of Russia had
been requested to evacuate the principalities, because it
was a wrongful occupation ; but the question of esta-
blishing peace between Turkey and \Russia would still
remain a matter for neggtiation after the evacuation had
took place.
Mr. LAYARD complained that this was no answer
to his question, but he gave notice that on an early day
he would bring the question under the notice of the
house.

THE FINANCIAL STATEMENT.
The house having resolved itself into a,committee of
ways and means,
The CHANCELLOR of the EXCHEQUER, on pro-
ceeding to lay before the committee the state of the finances
of the country said—With reference, sir, to the gravity of
the circumstances in which the country is at present placed,
it has been the opinion of her Majesty's Government that
they would beit discharge their duty to this house by sub-
mitting to the committeeat thisrunusually early' period of
the session the financial statement for the year, and an ex-
planation of those measures which they think it requisite
to adopt in order to meet the exigencies of the public ser-
vice. If, sir, in any other respect my position is one far
less itgreeable than that which I had the honour to occupy
upon the last occasion, at least I can promise the committee
that it will not be necessary for me to make the same ex=
travagant demand upon their patience to-night which for-
merly it was my misfortune to do. (Hear, hear.) But
her Majesty's Government have thought that it was wise
to take this early period of submitting these questions to
the committee--first of all, , because in that manner we
most fully recognise the title of the House of Commons to
be made aware of the views of the Government with refer-
ence to the mode of meeting an unusually large expendi-
ture ; next, because we believe it well that foreign coun-
tries should see that the earnestness of the nation in the
course upon which Maas embarked may be measured by
the promptitude with, which it proceeds to supply the
means necessary for carrying out that course ; and lastly,
because it is but fair and just to the people of England,
upon whose opinions and convictions the course of her
Majesty's Government must ultimately depend, that they
should be made practically aware that the measures we
have adopted, and are about to adopt, under the gravest
conviction of duty, are measures which must necessarily
entailthe disagreeable consequences of a serious addition to
thepublic burdens. (Hear.) Now the first part, which is also'
the most satisfactory portion of the task which I have •to
perform, is that I should submit to the committee, in compa-
rison with the estimates which I made last April, the pre-
sent actual state of the revenue and expenditure of the
country. In speaking, however, of the actual state of the.
public income and expenditure, thd committee will please
to recollect that we have not yet actually reached the close
of the financial year, and therefore, although the figures
which I shall state to you, including as they do the actual
accounts for about eleven months of the year, may be re-
lied upon as substantially accurate, yet with respect to the
remaining month they are only in the naturwof estimates,
and they may not exactly correspond with the apcounts,
when they come to be presented before you. On the 18th
of last April I ventured to estimate the income of the
country as follows :-7-The Customs revenue was taken at
20,680,000/., without, of course, any allowance at that
time for the reduction about to be made. The actual re-
ceipts of the Customs duties, notwithstanding the reduc-
tions which have been made, to which rival presently
more particularly allude, have been 20,600,000/. (Cheers.)
The Excise, Which was estimated at 14,640,0001., without
any allowance being made for the repeal of the soap duty
—notwithstanding the repeal of that duty—has realised
the sum of 15,107,0001. (Cheers.) "Stamps" were esti-
mated at 6,700,0001.; and although under that head relief
has been given to the public upon several material points,
still, instead of producing, as was expected, 6,700,0001.,
they have realised 6,960,000/. (Cheers.) The yield under
the head of "Taxes" was estimated at 3,250,000/., it has
produced 3,178,0001. But that difference, small though it
is, does not indicate even that small diminution in tax-
able subjects.
Mr. DISRAELI—Ts that the return for the twelve
months?

The CHANCELLOR of the EXCHEQUER —lt is for the
twelve months, and is made up of eleven months' accounts,
and of one month estimated. That small diminution to
which I have adverted is to be accounted for simply by the
fact that the year which ended April 5, 1853, was the first
year in which the new form of house duty had attained its
full operation, and, iu consequence, in respect of that year,
the Exchequer was credited with a considerable amount
of arrears carried over from the former year. For the
present year no such credit is taken, and the apparent de-
ficiency may be therefore accounted for upon that ground.
The income tax, which was estimated at 5,550,0001., will
realise 5,700,0001. The Post-office revenue, which was
taken at 900,0001., will produce 1,042,0001. (Cheers.)
The income for Crown lands almost exactly corresponds
with the sum estimated. The estimate was 390,000/. ; the
statement I have now to make shows that the receipts un-
der that'head amount to 391,0001. Miscellaneous receipts,
which were taken at 320,000/., have reached 503,000/. ;
and the receipts for old stores, taken at 460,000/. last April,
have amounted to 481,0001. On the 18th of last April I
was asked by the hon. member for Montrose, what saving
to the public revenue would probably arise from the mea-
sures which were then in progress with respect to the re-
duction and conversion of a portion of the debt. I stated
in reply that it was hardly possible to name the sum with
respect to the accounts of the then current year, but that
I thought the saving by the measure might safely, and in
the worst event, be taken at 100,000/. I will not now de-
viate from the general course of my statement, but will
revert to that subject at a later period. (Hear, hear.) I
will now present to you some of the various items of the
estimates as it was made last April, and of the joint ac-
count and estimate for the present year, which I am now
enabled to submit to the committee. The estimated re-
venue last April was 52,990,0001. The accounts which I
now present to you, together with the estimate for the re-
maining month not included in the account, is 54,025,000/.
(cheers) ; so that there is an improvement upon the
estimate that day of no less than 52,990,000/. (Re-
newed cheers.) Upon the other hand, the expenditure
for which the house provided during the last session
of Parliament has not reached its most limit. The
expenditure, as then estimated, reached the amount of
52,183,000/. ; the expenditure for the twelve months,
as I take it now, although it has been materially
swollen by measures connected with pending military
operations, will not, I think, go beyond 51,171,000/. So
that while the income of the year stands at 1,035,0001.
more than that which was estimated, the expenditure
stands at 1,012,0001. less than was anticipated. (Cheers.)
And, so far as we are able to estimate the actual excess of
income over expenditure for the year, which will, however,
only be correctly declared when the account is struck after
the sth of April, I should be disposed to place the overplus
at the present time at 2,854,000/. (Cheers.) But, as the
last year was not an ordinary year, and was one in which
Parliament adopted conclusions of great importance with
respect to a variety of financial measures, I think the com-
mittee will expect of me that I should state to it more par-
ticularly, but at the same time as succinctly as I can, the
results of the most important of these measures. I adverted
just no* to the case of the Customs duties. Now, the
total amount of Customs duties which were repealed in
the last session by the House of Commons may be stated in
round numbers at 1,500,000/. I do not include in that
estimate the reduction of duties which were enacted in the
last session, but which have not yet taken effect, but I
confine myself strictly to those reductions of Customs
duties which took immediate effect, and they, as I have
said, amounted in round numbers to 1,500,000/. The ex-
act amount, after allowing for a sum of 16,0001. of aug-
mentation due to the alteration of the duty on spirits, was
1,408,300/. Now, there have been some circumstances
affecting a portion of the Customs duties so unfavourably,
that I cannot avoid alluding to them, in particular as re-
spects the case of one branch of the Customs duties,
which is not of first-rate importance, and yet not an in-
considerable revenue is derived from currants. I may say
it is not so much lowered as it has been almost annihi-
lated. That simple article of consumption, as it appears
and in 18534 it produced but 113,0001.
to us, yielded in 1851-2 a sum of 342,000/. ; in 1852-3 it
yielded 271,000/. ;
The revenue derived from this article is about one-
third what it was three years ago, not owing either to
diminished disposition, or diminished capacity on the
part of the public to consume, but due to the great and
disastrous contraction of the supply in consequence of the
blight which has affected the vine in the East. Bat al-
though this has been the case, and although the measure
relating to the tea duty has been brought to an issue under
circumstances far from favourable, still when we look
minutely and exactly at the case of the Customs revenue,
it is found to stand thus :—The reductions of duty, as I
have stated, which took effect in the years 1853-4 were
1,483,000/. The receipts from Customs duties is 1852-3
were 20,396,000/. ; in 1853-4 the receipts from Customs
duties were 20,600,000/., showing an increase of 201,000/. in
the actual receipts, after a remission of duties to the amount
of 1,483,0001. (Loud cheers.) With respect to the tea
duties I hope the house, notwithstanding the unfavour-
able circumstances which have occurred, and the state of
disturbance which has been prolonged in China—l hope, I
say, the house does not repent of the large and liberal mea-
sure which it adopted last year on the subject. (Hear,
hear.) Last year the house gave assent to an immediate
reduction of the tea duty amounting to 4id. in the pound.
The amount of relief afforded to the consumer by that re-
duction has been not less than 950,000/. I estimated from
the nature of the consumption, and the elasticity which
it was expected the article would show, that the whole
loss to the revenue against the relief of 950,000/. would be
a sum of 366,000/. Now, I think the committee will see
that it is satisfactory that the loss to the revenue is no
greater than that which at the time I estimated it to be.
I took it at 366,000/. ; the loss which I have now to state
is 375,030/. The committee must bear in mind that an
actual increase has taken place within the last two years
in the low price teas, which I shall be quite safe in putting
at not lead than from 4d. to 51 per lb. So that, in foot,

the whole of what we have given away in duty has been
absorbed by the augmentation in the increased cost of the
article. But do not let us suppose that upon that ac-.
count the repeal of the duty has been useless to the
consumer. (Hear, hear.) On the contrary, I ven-
ture to say that there never was a time at which it was
more important that you should have removed the
duty. What we are suffering from is not an abstraction of
the duty removed by the trailer who comes between the
producer and consumer, but from a real scarcity of supply
owing to the state of affairs in China. But the effect of
your remission of duty was this, that it drew to England,
as compared with other countries, a much larger propor-
tion of tea than we should otherwise have had. And if it
be true, as it undoubtedly is, that the public must now
pay very nearly the same price for their tea as they did
two years ago, still, if you had not remitted the duty, the
public would not only have had to pay that price and the
whole amount of duty besides, but very considerably more.
(Hear, hear.) There is another article upon' which the
duty was reduced, with respect to which I think' the com-
mittee would like to know the results which have taken
place. I refer to what is known as the New Penny Ite-
ceipt Stamps, not confined, however, to receipts, but like-
wise including drafts. lam happy to say that the results
have been satisfactory beyond my expectations. (Cheers.)
The state of the law previous to the change of the last
year was indeed very defective, and there are still various
points which it will be my duty to propose to the house to
amend. For that purpose I hope to submit a bill very
shortly which will have the effect of rendering the law
more clear and more consistent than it is at present, and
which will, at the same time, be beneficial,to the Exche-
quer. But, with respect to the alteration of last Year, the
case stands thus—when we reduced the stamps chargeable
upon receipts from a scale fluctuating between 3d. and 10s.
to an uniforni duty of one penny, the estimated grosaloas
for-the fall year was stated at 155,0001. The one-half of
that sum I ventured to assume would be recovered even
during the first year, and I therefore only charged my..
relf with a loss of 74,0001. But the change only took
effect on the 10th of October, and therefore I must halve
that amount. Observing the same proportion, I could
only expect, in order to fulfil my estimate, a net loss of
37,0001. under the head of 'receipt stamps., The law took.
effect, as I havesaid, on the 10th of October,' and very
great difficulty was found, notwithstanding the utmost
exertions of the board of revenue department, in supplying
the demand which sprring up from all quarters, and which
bore no proportion to the previous consumption with re-
spect to numbers; because, under the operation of the law
affecting stamp receipts, disobedience had become the rule
and obedience the exception. (Hear.) But with respect' to
the new state of things, I am happy to say that obedience
is the rule and disobedience is the exception. (Cheers.) But
notwithstanding the very great reduction made in the
amount of ;duty payable from a tariff ranging from
3d. to 10s. to a uniform rate of one penny, for the 6 months
commencing 10th Oct., 1853, and ending sth April, 1854,
instead of a falling off of 37,0001., there has been an im-
provement of 36,0001. (Loud cheers.) The actual receipts
II into the Exchequer for the six months ending 10th 'Oct.,
1852, and sth April, 1853. were 88,8981.; while the actual
receipts for five and the estimated receipts for one month,
making together the six months ending the 4th of April,
1854, are 124,6371., showing an excess of 35,7391. (Cheers.)
Now, the committee will likewise wish to know what, as
far as I am in a condition to state, has been the result of
the various measures adopted by the house during the last
session for the extension and augmentation of taxes. First
I will allude to that vexed subject—the Irish Income-tax.
(A laugh.) The collection of the income incometax I should
Bay has been delayed by a variety of circumstances, and
this collection must always be later on the occasion of an
act which causes new assessments to be made, because new
assessments create new appeals. The extension to Ireland
has likewise been in some degree the cause of delay ; and
the extension of the tax downwards to a new class of per-
sons, having incomes of betweenlsol. and 1001., necessarily
brought forward a great mass of business altogether novel,
and necessarily caused a considerable number of 'appeals,
in reference to that class with which formerly we had
nothing to do, and thereby had so much postponed the
collection' of the tax that at one period during the past
quarter the Exchequer actually received a sum under that
head of income less by 770,0001. than it had received in
the previous quarter. That, however, has nothing to do
with the productiveness of the tax, it is simply with re-
ference to the duty of collecting ; but it goes to account
in some degree for that lowness of the public balances
which has, during the last few weeks; been the subject of
universal remark. The state of the case with respect to
the Irish income tax is this :—I estimated that tax would
yield for the year 460,0001. after making every deduction,
and speaking only of the net profit 'to
.the Exchequer, the
result has been as nearly as possible the very figures I have
named, with at the same time a slight alteration upon the
right side of the estimate. The net proceeds of the income
tax for Ireland will be 480,0001. The half of that could
of course only be received during the present year, and
something less than that amount will have been received
by the sth of April. The tax has fully answered the ex-
pectations with which it was proposed to the house.
(Cheers.) Then with respect to another kind of extension
of the tax downwards in Great Britain to persons with
incomes of from 1501. to 1001. a year, I am not yet in a
condition to state, as the assessments have not Wen clearly
and fully separated from the others, the preeite result of
the measure. But I am in a condition to state that the
tax will yield to the Exchequer at least as much as I ven-
tured to calculate upon obtaining from it, and at the rate
"of at least 250,000/. a year. , Another measure, with respect
to which I have to give information to the Committee, is
the augmentation of the spirit duty in Scotland. The
result of that measure also has to me been perfectly
satisfactory; for though there is an apparent defalca-
tion from the amount of increase which I ventured
to anticipate, this defalcation may fairly be explained
by causes entirely apart from the augmentation of
the tax, and especially apart from any suspicion on
the subject of increased illicit distillation. I estimated,
in April, 1853, that the addition to an -annual income
from the ls. per gallon which was added to the spirit
duty in Scotland would be equal to a sum of 278,0001. on
the year. As I now estimate the produce of that addi-
tional tax it will be, not 278,000/., but only 209,0001. in the
year. Bat it will be within the knowledge of all persons
connected with Scotland, and of many who are not so ac-
quainted with the country, that a very strong religious
sentiment has set in—if I may use the expression—against
the great consumption of spirits. (Cheers.) That state of
public opinion led, during the past year, to the enactment
of a restrictive law on the subject. A bill, not introduced
by the Government, but at the sanie time not disapproved
of by them, by its restrictive enactments greatly narrowing
the means of selling spirits, led of 'necessity to a diminu-
tion in the consumption. This diminution in the con-
sumption has so far affected the revenue from spirits in
Scotland that, instead of 278,0001., the amount received
has been only 209,0001. But I have the utmost satisfac-
tion in stating that there is not so much as a breath of sus-
picion that any part of that diminution is connected with
the revival of illicit distillation. (Cheers.) We then come
to a measure regarded as more critical in its character, viz.
the augmentation of the spirit duty in Ireland. The retult
of that measure has been altogether satisfactory—(cheers)
—and so far has it been from causing any general revival
of illicit distillation, as far as we are yet enabled to judge
from experience of nearly a twelvemonth, on the contrary,
the Excise revenue has even exceeded somewhat the amount
which I then ventured to anticipate. The amount for
which I took credit, as an addition to the income of the
country in consequence of the augmentation of the Irish
spirit duty, was 198,0001.; the actual increase under the
head of Irish spirits, so far as I am now enabled to state it,
will be not less than 213,0001. (Cheers.) I should also
state that in taking the sum of 213,000/. as the increased
revenue from Irish spirits, I have made allowance for extra
expenditure connected with establishments which it was
thought prudent, under the circumstances, to incur, but
which expenditure will I trust in future years be found
practicable to diminish. There remains but one otheramong
these retrospective subjects to which I need refer, and on it
I have little to say—it is the item of the succession duty. So
far as regards the ultimate probable yield of that measure,
I have no reason to depart from the conjectural estimate ,
which I made last year when bringing forward the subject.
But the effect of the postponements which it was thought
but fair and equitable to allow in the payment of the tax
has been such as greatly to reduce the new tax in the
course of the year which has expired. In certain cases also
of the legacy duty we relaxed this relief upon points such
as affinity and leaseholds, and the deductions from the
proceeds of the legacy duty under these heads have almost
overtaken all that we have yet reaped from the succession
duty. Even looking forward to next year—from April,
1854, to April, 1855—1 do not venture to anticipate more
than half a million from that tax. With regard to the
ultimate results, I believe they will be very much as I
then ventured to conjecture them. lam bound to say
that all that has occurred under the operations of the law
has convinced me that those very floiid and sanguine
views which some gentlemen, when the tax. was brought
forward, ventured to submit, promising three millions,
four millions, five millions, and even more net as the pro-
ceeds, are altogether of a visionary character. (Hear.)
That is the state of the case as regards the twelve months
now nearly expired ; and I think the committee will be
andbe
of opinion that the whole of the facts combine to show.
basis.tb
the finances of the country are on a sound solid
(Hear, hear, and cheers.) We have now, sir, to look for-
ward and to frame the estimates for the year which comai
mences on the 6th of next April, which estimates must
of course be framed with a due regard to the altered cir-
cumstances of the country, to some contractionoftrade,
to a great augmentation, I grieve to say, of the cost of
almost every important article of subsistence.emmakickineg, not certainly
rate allowanceeung
in
Keeping
those important points view,
v eenei
fo
any largo, but at the same time andso
with reference to them, I venture
tosubmitt4re
the
com-
mittee the following estimate of the probable
the year 1854-5 take the Customs duties—and here
as well as under other heads, I allow for those reduc-
tions of taxes which will take effect under laws already in
force—l take the Customs at 20,175,0001.; the Excise' at
14,595,000/. ; the Stamps at 7,090,000/. ; the Taxes at
3,015,000/. • the Income-tax at 6,275,000/. ; the Post-office
at 1,200,000/. ; the Crown lands and land revenues at
259,000/. ; old stores, 420,0001. ; miscellaneous, 320,0001.
The total sum anticipated for the year 1851-5 will be
53,349,000/. Now, sir, looking forward to the expendi-
ture of the year, I need not tell the committee I enter
upon a detail less satisfactory than that which I have thus
far given. The first head, however, is one on which there
is a considerable redaction. The charge for the funded
debt for 1854-5 I take only at 27,000,000'. The actual
charge for the 12 months ending the sth January, 1854,
was 27,570,0001. There is a difference, therefore, of
570,0001. in favour of the country. (Hear.) The larger
part of that difference—a sum of 312,0001.—is due to the
operation of the act passed by the house in the year 1844,
upon the recommendation of my right hon. friend the
member for the University of Cambridge. (Mr.. Goulburn);
and of the residue, namely, 258,0001., almost the whole is
due to the liquidation under the act of last year of certain
minor stocks, known as South Sea Stocks and Annuities,
and some other funds. There is not a net saving to that
amount, but that is the amount of diminution on the
charges of the public debt. (Hear.) The charge upon the
unfunded debt I think it wise, under the circumstances of
the country and the money market, to take at an amount
which I trust will be sufficient. I take that estimate at
546,000/. ; the charges on the Consolidated Fund at
2,460,0001.; the army at 6,857,0001.; the navy at 7,488,000/.;
the commissariat at 645,000!.;
the ordnance at 3,847,00 a;
the miscellaneous estimates at-4,775,0001.; the militia, the
same as last year, at 530,000/. ; the packet service—the
' only estimate which shows, I think, a diminution on the