The Sun.
London, England, 1854-05-09 00:00:00

Sea Stock should be sold for the benefit of the
tax-paying community. We are, therefore, not
merely to bear the increased outlay, but to
liquidate eight millions of debt, which we
were not called on or required to pay.
How, then, is this to be done ? How much
does he ask to be raised from the already over-
burdened people? No less than 10,15.7,0001.
sterling ! ! or, 6,850,0001. ! ! ! beyond the in-
crease already sanctioned. More than ten millions
sterling put on the industry of the country at
one fell swoop, and, as we maintain, without any
excuse or justification. It is too bad—the mere
figures are sufficient without looking further. But
what are the exact figures ? The Income Tax is
to be permanently doubled. The charge
that was to be entirely wiped out because
it could not be rendered equitable, is
to be not merely perpetuated, but doubled !
and that without an effort to approximate to jus-
tice, or make it in any degree more tolerable.
Here is six millions and a half—or nearly two-
thirds of the amount at once. Then comes an
increase of the spirit duties in Scotland and Ire-
land-Is. per gallon in the former country, Bd. in
the latter. The smuggler and the illicit distiller
may thank the Honourable Gentleman —for
they alone will reap the profits of the
change. 450,0001. will, it is supposed, we
believe erroneously supposed, be received
from this source. Then comes an addition
to the sugar duties, an increased tax on the
" corn of the tropics," which will prevent the
use of that cheap and wholesome luxury to many
of the working classes. 700,0001. will, it is an-
ticipated, be derived from that change. We
greatly doubt the fact. The remainder of the
fund is to be made up by the augmentation of
the malt duties by nearly 50 per cent., or, in
other words, an increase from 2s. 9d. to 4s. per
bushel. This is to give 2,450,000/. increase. Again,
we doubt whether these anticipations can be
realised. The scheme, however, is not to be dis-
cussed in Parliament until next Monday, and
before that time we shall have abundant oppor-
tunity to consider it in all its details. We have
for the,present said enough to show that it is not
deserving of acceptance, nor its author of a con-
tinuance of the confidence which he has so grossly
abused.

PBOPOSED _RESOLUTIONS _RELATING TO
EXCHEQUER BONDS AND EXCHEQUER
BILLS.

The following were the resolutions moved by the
Chancellor of the Exchequer, last night, in Committee
of Ways and Means :-
1. That the Commissioners of her Majesty's Treasury be
authorised to issue Exchequer-bonds bearing interest at 31.
10s. per cent, per annum, to be paid off at par on Sth May,
1858, for any sums not exceeding in the whole 2,000,0001.,
which may have been subscribed for at a price not less than
981. 15s. per cent. to be paid in Exchequer-bills at par or in
money at 1001. ls. for every 1001. so subscribed.
2. That the Commissioners of her Majesty's Treasury be
authorised to issue Exchequer-bonds at the like rate of in-
terest, to be paid off at par on Bth May, 1859, for any sums
not exceeding in the whole 2,000,0001., at any prices and on
any terms of subscription determined upon by the said Com-
missioners.
3. That the Commissioners of her Majesty's Treasury be
authorised to issue Exchequer-bonds at the like rate of in-
terest, to be paid off at par on Bth May, 1860, for any sums '
not exceeding in the whole 48,5001., which may have been
subscribed for at a price not less than 981. per centum, to be
paid in Exchequer-bills at par or in money, at 1001. ls. for
every 1001. so subscribed.
4. The interest for all such Exchequer-bonds shall be
payable half-yearly, and shall be charged upon and issued out
of the growing produce of tho Consolidated Fund of the
United Kingdom.
5. That such parties as have subscribed for any such ex-
chequer-bonds, and shall have made a deposit of 101. per
centum on the Bth May instant, and shall pay the further in-
stalments in completion of the price at the following times,
viz.:-
301. per centum on the 9th June next ;
201.. per centum on the 11th July next ;
201. per centum on the Bth September next ;
And the remaining 201. on the 17th October next, shall, on
completing such payments, be entitled to the bands for which
they have severally subscribed; and that interest at the rate
of 31. 10s. per centum per annum, from the day of payment up
to the respective days on which the instalments fall due, shall
be paid to such parties as shall desire to pay the instalments
at an earlier period.
6. That the Commissioners or her Majesty's Treasury be
authorised to issue Exchequer-bills for sums not exceeding
in the whole 2,000,0001.
7. That in case Exchequer-bonds be not issued for the full
sum of 4,000,0001. then the Commissioners of her Majesty's
Treasury be authorised to issue Exchequer-bills to such fur-
ther amount as, with the total amount for which such bonds
shall be issued, will make up the whole sum of 4,u00,0001.,
authorised to be raised by such bonds.
8. That the Commissioners of her Majesty's Treasury may
issue and apply from time to time all monies received in respect
of the subscriptions for such Exchequer-bonds, and all Exche-
quer-bills to be issued as aforesaid, to such services as have
been or shall be granted by Parliament.

CUSTOMS UPON SUGAR.
The following is the resolution to be reported this even-
ing, relating to the Customs upon Sugar :—" Resolved,
That towards raising the supply granted to her Majesty, there
shall be raised, levied, collected, and paid on after the 9th
day of May, 1854, an additional duty after the rate of fifteen
pounds per centum upon the produce and amount of the
duties of Customs upon Sugar, which are now due and pay-
able to her Majesty, and are collected in the United King-
dom under the management and direction of the Commissioners
of her Majesty's Customs."