The Sun.
London, England, 1854-03-06 00:00:00

mate of 1,035,0001. (Cheers.) The expenditure of the
year at the same period was estimated at 52,183,0001.
but it had, in point of fact, only reached 51,171,0001.,
so that while in the receipts there had been
an increase over the estimate of 1,035,0001.,
there had been a saving iu expenditure of 1,012,0001.
(Cheers.) He calculated, therefore, that this year there
would be a surplus of income over expenditure amount.
ing to 2,854,0001. (Cheers.) The changes which had
been made in the Customs, he was happy to say, had
worked most satisfactorily ; while, with regard to stamps,
instead of the adoption of the penny stamp in all cases
having resulted in a loss to the Exchequer, it had actu-
ally increased the receipts under this head by 36,0001.
(Cheers.) By the extension of the income tax to Ire-
land, it was estimated that an addition would be made
to the revenue of 460,000/. ; the actual receipt from
this source had been 480,0001. (Loud cheers.)
The extension of the income tax to incomes of 1001.
a year was estimated to produce 150,0001., it had actu-
ally reached 250,0001. The change in the duty on
Scotch spirits, which was estimated to produce 278,0001.,
had only yielded 209,0001. ; while the same increase in
the case of Ireland, which was estimated at 198,0001.,
had produced no less than 213,0001. (Cheers.)
This statement was based upon an actual experience of
11 months, and an estimate of one month. (Hear.) So
much, then, for the past ; and now he had to state the
estimates and views of the Government with regard to
the future. (Hear, hear.) The following, then, was the
probable estimate of the revenue for the year 1854-1855 :

INCOME.

Customs
Excise ..

£20,175,000
14,595,000

Stamps
Taxes

7,090,000
3,015,000

Income-tax
Post-office..

6,275,000
1,200,000

Crown Lands

259,000

Old stores
Miscellaneous

420,000
320,000

Total income
The expenditure of the year 1854-55 was estimated as
follows :

EXPENDITURE.

Funded Debt .....
Unfunded Debt .

.. £27,000,000
... 546,000

Consolidated Fund..

2,460,000

Army ...

6,857,000
7,488,000

Ordnance

3,846,000

Commissariat

645,000

Miscellaneous Estimates

4,775,000

Militia.

530,000

Packet Service
Eastern Service

792,000
1,250,000

Total Expenditure 56,189,000
The house would perceive that the army for the East,
which would number 25,000 men, would cost 1,250,0001.,
and that upon the whole / calculation i of estimate
and expenditure, there was a deficiency of no less
than 2,840,0001. (Hear, hear.) Had there been no
eastern war to provide for, there would have been a sur-
plus of 1,666,0001., butas matters now stood, the question
for the house now to decide was, how should this increased
expenditure be provided for it. The Government was
not prepared, nor, did he believe the house was ready
to acquiesce in a proposal to retrace the steps
which had been taken with regard to the repeal of
Customs duties and the removal of indirect taxa-
tion, but though that course was not advisable
at the present moment, the country must yet not sup-
pose that there would be no return to a
_system of indi-
rect taxation in the event of the war continuing for a
lengthened period. (Hear, hear.) It was enough, how-
ever, for the country and the house to know that, under
existing circumstances, it would not be wise to provide
for the immediate wants of the country by reverting to
taxes which had only recently been wholly abolished
or partially reduced. (Cheers.) At the same time,^ to
resort to a loan, and to charge the war upon posterity
in behalf of the public, was not worthy of the occasion,
nor was it called for by the necessities of the moment—
(cheers) —and, therefore, putting a stout heart upon the
matter, it was proposed for this year, at least, only to
make additions to the direct taxation of the country.
Such a course would be a deception of the peoplewho wanted
to know the price they were called upon to pay for the exi-
gencies of the moment. It was, in point of fact, by these
means the people would be brought to fix their eyes upon
the necessities of the war, and bring an honourable peace.
Having brought the subject to this point, there cannot
be much doubt what the Government will pro-
pose—(loud laughter)—or the committee agree to.
In referring last April to the subject of taxation in the
way of income, he had not a shade of doubt as to
the speedy arrival of the time when he could
put that in force. 6,275,000/. ,was the estimate
he had taken for next year. He proposed to
increase the income tax by one-half, ant levy the
whole merely for half a year ; in other words,
that they should double the income tax for half a
year. (Sensation.) It was impossible to estimate the
cost of warlike operations if they continued, and he
could not guarantee that the funds they now
asked for would he sufficient for more than twelve
months. The levying of direct taxation was al-
ways from six to nine months in arrear of the time
when the tax began to be chargeable. It was, therefore,
only by levying the tax on the first half-year that they could
levy it within the year. If he proposed an increase of
the tax for the whole year, it was possible they might
levy money which they might never require—therefore it
was much the simplest course that the proposal he made
should take the form which he now proposed—namely,
for the half year. Irrespective of any change of the law,
the income-tax from April 1854 to 1855 would amount
to 6,275,0001., and the moiety of that would be
3,307,000/. If they added that to the 6,275,0001.,
it made 9,587,0001. The total income of
the year he calculated at 56,656,000/., and the
expenditure at 56,189,0001., so that there would be, by
way of provision for the service of the year, about 467,0001.
With regard to stamps chargeable on bills of exchange,
he thought it fit up to the present time to exempt bills
drawn abroad from discount, and to lay on a tax on those
drawn at home. But he thought this law was evaded
by dishonest persons bringing bills from abroad to have
drawn, and those bills came into the hands of per-
sons who could not know anything of them—(hear),—
tnerefore the proposal he intended to make was this—
he proposed to adopt an ad valorem scale at
the rate of 3d. for each 251. ; he propos ed
to carry this scheme upwards to 5,000/. ;
he proposed to abolish altogether the distinction that
now existed between home-drawn and foreign:drawn bills,
and make them all pay the income-tax. He proposed
also to do away with impressing those bills. (Hear,
hear.) Every exertion would be made to expedite th e
process of die sinking, &c., but he did not expect
that it would be in operation before the sth July n ext.
The average rate of the present duty was 10s. 6d. per
cent., and he now proposed to reduce it to 108., and
that would give a revenue of 434,0001. (Hear, hear.)
He anticipated a considerable accession to the revenue
of at least 40,0001., and 50,0001. from the tax on
foreign drawn bills, so that the whole proceeds of those
items would be 544,0001. He intended to ask the
house to-night for a vote of 1,750,0001. for an
Exchequer loan. He was afraid, if there had been
4,000,0001. or 5,000,0001. in the Exchequer more than
was needed, there might be a temptation to deal
with the balances ; but whether that temptation
might be a strong one or a weak one, it had
been removed. (Laughter.) He thought it right,
therefore, to ask the committee for leave to raise a mo-
derate Exchequer loan ; when that authority was given
that was an authority which he did not expect to have
exercised to the full extent, but even if it did,
the unfunded debt would stand at the point
at which it stood twelve months ago. Twelve months
ago the amount of the funded debt was 17,750,000/. ;
at present it was about 16,000,0001. in round
numbers. He thought the house had no reason to be
dissatisfied with the rate of discount on Ex-
claequer Bills, which was now twopence per day,
or 3 per cent., and twelvemonths ago it was id. per day,
or 11 per cent. The house was aware that the com-
mutation of stocks last year was comparatively
abortive—the total saving on these was 285,0001.
Setting aside the collateral question of stamps and
a few others, such as the refining of sugar, the
proposal he had to make was that they should
agree to double the income on the first half year, and to
provide ?,.an amount of Exchequer Bills within 1,250,000/.
Government had sought to leave to the House of Commons
the fullest control over the funds of the country, and
they had taken `the course which was most agreeable
to themselves as constitutional ministers, and would be
such as would not forfeit the confidence of the House
of Commons. The right hon. gentleman then sat down
amid loud cheers, having been speaking about two hours.
Mr. E. BALL then rose, and was