The Sun.
London, England, 1836-01-18 00:00:00

ENTERED FOR LOADING, JAN. 16.

The Twee Gebroeders, Michelson, for Antwerp ; Velocity,
Fathem, Barbadoes ; Minerva, Pherson, Bombay; Fisher-
man, Gibant, Jersey; Swift, Hopper, Lisbon; Independence,
Nye, New York; Hamilton, nails, Orleans; Montezuma,
Barr, Philadelphia ; Magnat, M'Minn, Rio Janeiro ; Sarah,
Sinclair, Savannah : Elizabeth Bentley, Robertson, Savannah.
JANUARY 15..

The Corsair, Potts, for Antigua and Madeira ; Hortensia,
Reed, Cape of Good Hope, Batavia, and Singapore; Le-
titia, Williamson Charente ; Good Intent, Silk, Lisbon • Los
Minos, Laucirica, Malaga, Alicant, Tarragona, and Barcelona ;
Countess Mansfield, Wilson, -Messina ; Charles, Minne, Os-
tend ; Flora, Rooderkirk, Rotterdam ; Tom Bowling, Walker,
Syria and Constantinople.
CLEARED OUTWARDS, JAN. 16.
The Medora, Griffiths, for Baltimore ; Superb, Adams,
Pernambuco; Barbadian, Hutchinson, Barbadoes; Minerva,
M'Kenzie, Charleston ; Galston, St. Thomas ; Adventure,
Rodgson, Genoa; Mountaineer, Williams, Jamaica; Lord
Althorp, L'proal, Valparaiso ; Rumford, Cleveland, Valpa-
raiso; Rankinson, Kcrr, Jamaica; Barton, Barbadoes ;
Hiram, Laurdon, Marseilles ; Shepherdess, Turner, Messina ;
Intrinsic, Turk, New Orleans ; Lord Glenelg, Paton, Sa-
vannah ; Jessie Ritchie, Hayti ; Lealder, St. Übe's ; Nimrod,
Demerara.

JANUARY 15.

The Inca, Harrison, for Canton; Dorothy, Newbole, Cape
of Good Hope and Algoa Bay; Rebecca, Williams, Deme-
rara ; Henrietta, Spence, Demerara ; Christiana, Geate, De-
merara; Planter, Little, Jamaica; Shannon, Wilder, Mobile;
Prince Regent, Burt, New Orleans; Orpheus, Bursley, New
York; Zetland, Malley, Venice; Montezuma, Burnett, Vera
Cruz.

SAILED, JAN. 16.
The Linton, Eillman, for Bombay; Apollo, Le Rueg, Lis-
bon ; Energy, Fleming, Havannah ; Brutus, Clegg, Africa;
New Jane, Reeves, Algiers. .

TELEGRAPHED.
off port, the Pericles, from Demerara. The Medway, of
Whitehaven, from Newcastle to this port, was totakly lost on
the North Bank yesterday afternoon, only one man saved.
Wind N. W.

CHAMBER OF DEPUTIES, SITTING or JAN. 14.
The' President, M. Dupin, did not take the Chair
until past 2, not having returned. until about that hour
from the Tuileries, whither he had. proceeded at 1 o'clock
at the head of the grand deputation of the Chamber
appointed to present the Addross in reply to his Ma-
jesty's speech at the opening of the session.
After the reading and adoption of the procds verbal of
the last sitting,
The President communicated to the Chamber his Ma-
jesty's answer to the Address, which had been voted at
the last sitting. His Majesty said, that he was most happy
to share in the feelings of satisfaction expressed by the
Chamber at the state of national prosperity at which they
had arrived, and at the fortunate combination of circum-
-stances which promiseXthe stability of the institutions of
the country. He could trot sufficiently thank the Chamber
for the sincere sentiments which they had expressed for the
welfare of his family, and he also received with the feelings
of a father the testimony of affection which they ha
evinced for his eldest son.. The King, in conclusion,
observed that hi 4 greatest anxiety would be to watch
over the interests of France, and use every exertion for
the consolidation of her institutions.
The Minister of Finance ascended the tribune, and com-
municated the project 'dative to the regulation of the
budget of 1836. He proceeded to lay before the Chamber,
first, a bill for the definitive regulation of the accounts of
1835 ; secondly, a demand for ' supplementary credits for
1835, amounting to 16,000,0001., at the same time pro-
posing to annul credits for the same year to the amount of
20,000;000E, thus effecting a saving of 4,000,000 f. ;
thirdly, the budget for 1837. In presenting this budget,
the Minister, with a view to establish his allegation that
the finances of the State had been gradually improving,
begged to recall the attention of the Chamber to some
facts which be had stated on a similar occasion last year.
The expenses for the public service of the year which
preceded the revolution of 1830 had amounted to
1,024,000,000 f. The expenses for 1837 being estimated
at 1,012,000,000 E, a difference of 9,ooo,oooi:existed in
favour of the present period. He had to state that the
budget of the receipts was improving, and that the public
revenue, though greatly reduced by the diminution of the
tariff of the indirect taxes, by the suppression of the lot-
tery, and by the extension of the manufacture of home-
made sugar, was nevertheless sufficient to cover the estimate
of the expenditure. Hopes were entertained that in 1837
it would amount to the sum of 1,014,600,000 f., and as the
expenses anticipated amounted to 1,012,166,910 E, a com-
parison of both sums would show a surplus of 2,433,000 f.
He had at the same time to remark that the slight amount
of' surplus might not prove sufficient fur unforeseen ex-
penses, for which allowance must be made, and it was his
opinion that a budget of a milliard, like that of France, was
in reality properly balanced only when the ways and means
presented a surplus of 15,000,000 E or 20,000,000 E above
the presumed expenditure. On the reduction of the interest
of the debt, he wished to present some considerations which
be considered of importance. The measure for the accom-
plishment of which he thought the present a favourable
moment appeared to him to involve a question of legality
and a question of fact ; and on both he would proceed to
explain his ideas. The question of legality, he conceived,
had been triumphantly established by the discussion which
had taken place on that point in 1824, when it had been
clearly demonstrated that the reduction of the interest, pre-
sented with the alternative of the reimbursement of the capi-
tal, was consistent with the spirit and even the letter of the
agreement. The question of equity he considered as clear
as the question of legality. He would ask if the interest at
which the Treasury could obtain money was as high as 5 per
cent. ? Certainly not. In fact, there was ,no mode of obtain-
ing so high a rate of interest. Scarcely any description of
property gave more than 3 per cent., and Treasury bonds
were no longer issued at a higher rate than 2 per cent.
Even the savings banks gave an interest of 4 per cent.
only, by way of encouragement to the poorer classes of so-
ciety, for whose benefit they were intended. The Five per
Cents. would have passed the current price of 1201., but
for the circumstance that they might be paid off at par.
Loans on mortgages, when the amount was considerable,
were effected at less than 5 per cent., and that interest
would probably be still more moderate but for the intrica-
cies and difficulties that attended such transactions. No
doubt the equity of the Government ought to be extended
alike to all the interests of the country ; but lie trusted
there was no violation of equity in reimbursing at 100 f. the
Rentes issued at 73f. on an average ; or, in other words,
in restoring the capital received with an addition of 27f.
per cent., after having paid for a number of years an inte-
rest of 6f. 80c. for every 100 f. Politically speaking, lie
thought it unnecessary, to dwell on the moral effect that
would be produced abroad by the measure which he now
recommended. The success of an undertaking which was
usually considered a symptom that the credit of a nation
had attained its highest elevation must evidently create the
most favourable opinion of the destinies and resources of
France. In fact, the economical 'results of the plan were
so palpable, that its opponents had nothing to urge against
it except considerations which, though in a certain degree
worthy of attention, were not to be suffered to predominate
ever the general interests of the country. Passing from this
subject to a statement of the expenditure for 1837, the Minis-
ter said that the public debt had been increased by the sum of
2,288,262 f., in consequence of the successive consolida-
tions of the sinking fund. The interest of the deposits
invariably required a credit of 9,000,000 ; but hitherto
that sum had been applied to the payments of the interests
due for the preceding year, which was an irregularity, and
in fact a deficit under another name. He stated that the
funds voted for the year 1837 would serve to pay the inte-
rests of the same year, and that the temporary dispositions
rendered necessary by this change would form part of the
law accounts for 1834. The expense of the interest of the
floating debt was estimated only at 10,000,000 E In the
course of the preceding year the treasury bad experienced
a deficit to the total amount of 546,000,000 f., which had
subsequently been reduced 500,000,000 E by an excess of
28,000,000 f. remaining disposable on the year 1833, and
by a surplus of 18,000,000 f. on the definitive settlement of
the expenditure for 1834, opposed to the provisional credit.
This deficit, the Minister said, would be reduced by suc-
cessive consolidations to 307,000,000 f. on the 23d March,
1837, and to 280,000,000 E on the 23d of the ensuing Sep-
tember, so that the interests to be paid during the year had
been calculated on a capital of about 300,000,000 E On
comparison of the average rate of interest paid in 1835 with
this sum, the l 0,000,000 E might appear insufficient ; never-
theless, Ministers were convinced that they would suffice to
meet all the expenses of the public service. He wished
to call the attention of the Chamber to the great reduc-
tion which had been effected in this branch of the expen-
diture ; 24,000,000 f. had been allotted to it in 1835, and
in the budget now under consideration, not more than
17,344,104 f. were allotted to it under the three heads of
4 per cents., reserve for the sinking fund, and floating debt.
The reduction, as would be perceived, amounted to
6,655,896 f. The Life Annuities, in consequence of ex-
tinctions, had experienced a reduction of 269,000 f., and
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and 34,0001. for the Protestant worship. For the admi-
nistration of Public Instruction 74,850 f. were required in
addition to the amount demanded for 1836 ; and of this sum
30,000 f. were intended for the expenses of the central admi-
nistration, and 30,000 f. to increase the credit allotted for the
collection of unpublished documents on the history of France.
For the administration of the Interior, 1,082,000 E were
demanded above the preceding budget for that depart-
ment ; of this sum 35,000 f. were intended for the central
administration ; 604,000 E for the bridges and highways ;
240,0001. for the monuments of Paris ; 336,000 f. to in-
crease the sums allowed for the office expenses of the pre-
fectures. The annexed budget of 93,000,000 E left dispos-
able for 1837 no more than a balance of 2,850,000 f. appli-
cable to the military roads and lighthouses. A reduction
of 85,000 f. has been effected in the budget of commerce ;
75,000 f. of this diminution proceeded from a transposition
of the expenses of weights and measures, which were car-
ried over to the budget of the finances. The budget of
War, which had been calculated on precisely the same foot-
ing as that of the last year, at an effective force of 302,583
men, and 56,690 horses, required an additional sum of
1,136,7901., occasioned by some extra expenses not noted
on the budget. The Minister declared, that unless some
serious events occurred, there was no apprehension that
the sum to which he had referred would he increased by
supplementary credits. He stated that the administra-
tion of the Marine would continue to keep up 118
armed vessels with the same sum which had been voted for
1836. For the administration of the finance, 64,000 f. less
than in the preceding year were demanded ; this diminution
arose principally from the suppression of the lottery, which

had reduced the expenses of central administration: Th
department of the payeurs was set down on the budg3t fo-
the sum of 080,000 f. The suppression of this departmcnt,
the Minister thought, would be attended with the most se
rious inconvenience to the Administration. He next stated
that various augmentations would. be required in the ex-
pense% of the Collecting Department: - The most impor-
tant of these amounted to 2,052,595 f., for the transport of
, letters, &c., including a sum of 1,953,000 f. for the new
steam-boats established in the Mediterranean. The total
increase in the expenses of the Collecting Department
amounted to 2,850,595 f. Altogether, the expenses for 1837
amounted to. he sum total of 1,012,166,910 f. After enu-
merating the taxes intended' to provide for the above
amount, the Minister contended that no essential change
could be introduced into the French system of taxation,
which he considered irreproachable in itself, and much less
fiscal than that of England. The tax,on patents, was estimated
at 2,.500,000f. more than in 1835, under an impression
that the law submitted to the Chamber would be voted 'in
the course of the present session. The indirect . revenues
were estimated on the footing of the amounts realized in
1835. In the registry fees a considerable improvement bad
taken place. The stamp duties which remained stationary,
produced less advantage to the state than might be ex-
pected. He had the same remark to make with respect to
the reduction of the duty on commercial bills : infringements
of the law in this respect were still numerous, and, ex-
tremely difficult to be repressed. A decrease of 1,700,000 f.
in the custom duties was attributed by the Minister to a
great increase in the manufacture of sugar froto,Vmet-root ;
and lie considered the present a fit moment for it ;ing a tax
on home-made sugar. Ow the whole, a considerable im-
provement had taken place in the indirect taxes. The mi-
nister stated that the revenue arising from the department
of the Posts was on the point of being enriched by a
new source of profit—the establishment of steam-boats
on the Mediterranean, which was expected to be in full
activity in 1837. The postage of the letters forwarded
by the packet-boats was estimated at 400,000 f., and the
passage-money at 2,308,000 f. The intended presentation
of a bill for the reduction of the price of salt in the
departments of the east , had obliged Ministers to dimi-
nish to 750,000 f. thepresumed revenue of the salt-pits pos-
sessed there by the State. Finally, he summed up by esti-
mating the resources for the year 1837 at the sum of
'1,014,600,000f., and the expenses at 1,012,166,910 f. ; so
that the estimate of the receipts presented a surplus of
2,433,090 f. He trusted that after her days of trial, an
epoch of prosperity was again reserved for France ; and
he felt convinced that industry, a love of labour, and a
spirit of judicious economy, would increase public order
and tranquillity, and contribute to the wealth and happiness
of the country.
M. Augustin Giraud expressed his disappointment that
the Minister of Finance had not immediately presented a
bill on the reduction of the Five per Cents., a measure
which was looked forward to with much anxiety in the
departments. The Hon. Deputy, therefore, formally re-
quired the Chamber to fix a day when he might be allowed
to address some questions to the Minister, as to his ability
to carry into effect the financial measure on which he had
addressed the Chamber.

The sense of the Chamber having been taken on this
question, it was decided that M. Giraud's interpellations on
the subject of the reduction of the Five per Cents." should
take place on Monday next.
M. Pelet (de la Loze're) entered into a developement of
his proposition relative to the formation of a committee on
the budget.
M. Charles Dupin opposed the proposition, the sole effect
of which he thought would be to restore matters to the
footinc, on which they were during the Restoration.
M.'Passy supported the provisional admission of the pro-
position, but thought it indispensable that some of the oppo-
sition members should invariably form part of the committee
on the budget.
The Chamber then decided that M. Pelet's proposition
should be taken into consideration, and submitted for exami-
nation to the standing committees. It was also resolved that
the debate on M. Havin's proposition, relative to commercial
and vicinal roads, should take place on Tuesday, and should
be immediately followed by the discussion of the bill on the
judicial organization.
Adjourned at five o'clock.