The Sun.
London, England, 1853-03-19 00:00:00

LONDON, SATURDAY, MARCH 19, 1853.

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Among the leading points brought forward by
the ex-Chancellor of the Exchequer in his financial
scheme, there was one which elicited almost uni-
versal approbation—which was sanctioned by men
of all shades and varieties of political opinion, and
against which not a single murmur was raised by
•ven the most discontented caviller. Whig and
. ory, Conservative and Radical, Protectionist (the
53 remaining specimens of the almost extinct
genus) and Free-trader, for once concurred in
praising the Budget, so far as the reduction of the
Tea Duties was concerned. On that interesting
subject, WOOD agreed with DISRAELI, MILNER
GIBSON sustained the views of NEWDEGATE, and
even SIBTHORP fraternised with COBDEN. What-
ever doubts might have been entertained as to the
details, there were none as to the principle,
of the proposition. On the point of " reduction "
there was the most perfect and almost unparalleled
unanimity. The only difference was as to the
mode of carrying the decision into practical exe-
cution—whether it should be immediate or gra-
dual—coming into instant operation or spread
over several years, at 3d. or 4d. reduction each
year. On that part •of the case there were une-
quivocal indications that an animated and interest-
ing discussion would arise, whenever that portion
of the financial scheme came under the Legisla-
tive consideration. So far as .the late Govern-
ment was concerned, those symptoms were frus-
trated by the coup de grace administered on the
proposed increase of the House Duties, and the
consequent substitution of the present "joint-
stock" Cabinet. But it must arise on the intro-
duction of the " GLADSTONE" Budget, and it is
desirable that the Right Hon. Gentleman should
arrive at a sound conclusion before he brings the
matter forward, so as to insure a considerable ma
jority on the question in the event of any divi-
sion, and, at the same time, to entitle himself to
the national gratitude as the conceder of an im-
portant and anxiously-looked-for boon.
Notwithstanding the mystery in which the
Ministerial intentions respecting fiscal matters are
involved, it may be considered as almost certain
that some modification will take place in the Tea
Duties. The universal feeling with respect to the pro-
posed alteration, was too clearly exhibited to al-
low the present CHANCELLOR of the EXCHEQUER to
labour under any misconception, and we will not
pay Mr. GLADSTONE so bad a compliment
as to suppose that he will not make
the experience derived from the reception
of the proposition of his predecessor, available to
the fullest extent. It may be well, however, to
offer some observations on the only points not yet
decided—viz., as to the extent of the reduction,
and the time when it shall come into operation,
and the proceedings at the numerous and highly
influential meeting held at the London Tavern on
Monday last (a notice whereof will be found in
our advertising columns), will afford considerable
assistance in arriving at a correct judgment on these
all-important questions.

First, then, as to the extent of the reduction.
It is manifest that to make it really beneficial to
the consumers, and at the same time to occasion
the least possible degree of loss to the Exchequer,
it must be of suchmagnitudeas to prevent the mer-
chants, speculators, or traders from putting the
amount into their own pockets, and thus to occasion
an increase of consumption that would nearly, if
not altogether, compensate for the reduction of the
tariff. Mr. DISRAELI decided that this reduction
should be to the extent of nearly 60 per cent., or
from 2s. 2id. to ls. per pound. This would be,
perhaps, quite sufficient as an experiment, if it
came into immediate operation ; but, unfortu-
nately, all that
would be obtained for the next

.. _
year would be 4id. per lb. an amount that
could and most probably would be principally, if
not altogether, absorbed by the retail dealers,
without taking into ac
count the claims of the im-
porters, or interr"cliate parties.
working-
classes, by whom the The
ml
reductional would be appre-
ciated, purchase only in
extent quantities, ntities, a few
ounces at a time being
of their deal-
ings. A farthing on each ounce-,ors perhaps,
we might say, on each transaction
advantage to thy class of
would
the
be but of trivial
customers. Nor would it stimniate h
de-
mand so far as to make up the deficiency „
occasioned by a small reduetion. But one of
per cent., or is. lid. per lb., would have a very
different effect. Great competition would arise
under the altered circumstances of the case, and
the diminution of price would beounce,
from as the dealers fro the enhanced de-
mind, could well afford to sacrifice a P•ortion of
their profits sufficient to give, not only the full
benefit of the reduction to the consumer,
but to increase it from is. 20. to is. 4d. per lb.
The reduction of I.d. per ounce on "istrong, useful
Congous," at from 3s. to 4s. would greatly increase
the demand, permitting the working man who
would probably expend the same amount on the
same.article, to obtain three ounces in place of
two, and thus, perhaps, to become an habitual
consumer, reducing his consumption of malt
liquors or spirits in proportion as he resorts to
the cup which cheers without inebriating."
e gradual reduction would, however, scarcely
appreciated. The dealers would practically
,e the
whole benefit, for anything
.'be felt in thethat could
price of even half an ounce"

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