The Sun.
London, England, 1838-05-21 00:00:00

THE SUN, LONDON moNT,,_

COURT CIRCULAR.

........._„O,--
Her Ma.i: --
r°°Thinesty and her august Mother attended divine service yesterday
g '..t the Chapel Royal, St. James's.
The &erinon was preached by the Rev. T.
G Mills, who took his text
from the sth chapter of St. John's ospel, and the th verse. Tl;e
°rnelating clergymen were the Sub_Deati al-id the Rev. Messrs., iladeu
an Povah. The musical service was Aldrick's in G. The Anthem
vtis, " Sing, 0 Ileavens" (Kent). Mr, Sala presided at the organ.
Her Majesty was attended by th s.: Countess of Charlemont, Hon. Miss
Paget, Viscountess Forbes, Marquis of Headfort, Lord Alfred Paget,
and the Hon. General Sir William Lumley. Lady Flora Fastings was
In attendance on the Duchess of Kent. The Dean of Hereford was the
Deputy-Clerk of the f,:loset in Waiting.
Her Majesty the Queen Dowager also attended the service. The
Countess of Shetr,eld, the Hots, Miss Hope Johnstone, and Earl Howe,
were in Waiting, Amongst tie Nobility present were the Marquises of Tavistock and
.4, nglesea .arts of Gosford, Meath, Wilton, and Cawdor ; Lords Wil.
Iwo Beeitinck, De Tablet', and Eliot.
4. 9
th Aft,.,..' r the service, her Majesty and suite returned in thre.,.., carriages
n new Palace.
The Queen honoured the performance of Don Giovanni at her Ma.
`Jestr, Theatre on Saturday evening with her preseUce. The Duchess
fie ent accompanied her Majesty. To the Roya' suite were the Coun-
of Charlernont, Lady Flora Hastings, th,,., Hon. Misses Dillon and
l'aget, Marquis of Headfort, Hors. Col . Cavenctsh, and Lord Alfred
Paget.
. Her Majesty rode out on hors;;: iick on Saturday afternoon betwenu
two and five o'clock. The nuchess of Kent accompanied her Majesty.
In the Royal suite were Lady Flora Hastings, the Hon. Miss DiPon,
Viscountess Forbes, Isarones Lehzen, Miss Qentin, Marquis of Head_
fors, Viscount To2erington, the Hon. Col. Cavendish, the Hoc. C.
MurrayVl and Lrird Alfred Paet.
Viscount '.tvlelbourne had g
an audience of her Mal;:sty on Saturday.
Her As
-.'...iesty the Queen Dowager and the Doke of Cambridge at-
tended
Jarn,
ivine service yesterday afternoon at::the Chapel Royal, St.
...,s. .4
• 'lle Duchess of Cambridge visited the 'Queen Dowager on Saturday
at Marlborough-house.
The Queen Dowager visite.] the 'Princess Augusta on Saturday at
Clarence-house.
The Duke of Cambridge an;; the Duchess of Glocester attended divine
service yesterday morning in the Foundling Hospital.
The Duke and Duchess of Cambridge, Prince George and the Prin.
cess
Augusta of Cambridge, visited the Grand Horticultural fete at Cre.
Morne-house, Chelsea, of the Royal Society and Central School of Hor-
ticulture and Agriculture en Saturday.
The Duchess of G) ocester visited the Princess Augusta on Saturday.
The Duchess o!: Cambridge, prince George, and the Princess Au.
gUsta of 'a bridge, visited he': Majesty's Theatre on Saturday evening.
.„, Mr. Colquhe,un, M.P., Mr. Hope Johnstone, M.P., Mr. Blair, M.P.,
'lr. Rope, M.P., Bailie Paul, Mr. Brown, and Mr. Leadhitter, of Glas.
gew, had an i'Uterview with the Chancellor of the Exchequer on Satur-
day, in Dow ring-street.
4 Cabiriet Council was held on Saturday afternoon at the Foreign-
office
Lord , at was attended by Viscount Melbourne, the Lord Chancellor,
'Ain Russell, Viscount Palmerston, Lord Glenelg, the Chancellor
land
the
Exchequer, the Earl of Minto, Sir John llobhouse, Lord Hol-
,-, Mr. Poulett Thomson, and Viscount Howick. The Council sat
.w.O hours and a half.
Sir Hussey Viv:an, Sir Robert Newman, and Mr. Buxton had inter_
l'i€ws with Lord Glenelg on Saturday at the Colonial-office.
Lord
the RKing
omeoftice
hut an interview wills Lord John Russell on Saturday at
The Lord Chancellor will give the usual Breakfast on Thursday next,
the. first day of Trinity Term, to Her Majesty's Judges and Counsel, at
his Lordship's residence in Bruton-street.
P.

SPIRIT OF THE PUBLII; JOURNALS.

Lord John Russell made an important announcement on Friday, viz.,
that he int:laded to reverse the order of proceeding, and to
the Irish Municipal Corporations Bill before he roo' or; uce
.
upon e -ouse of
Commons to go further with s
are trisn Tithes resolutions. the
IIH st e aced
that he shoUld be reajty to move for the introduction of the Irish Muni-
cipal Corpnrations Bill on Monday; but at the request of Sir Robert
Peel, who wished for tin-.e to consider with his friends what course he
should take upon this subject, Lord John Russell agreed to defer the
question until Friday. With regard to the resolutions upon Irish tithes,
his Lordship observed that he should only found a Bill upon the first of
them, for the conversion of tithe composition into a rent-charge, payable
by the owner of the first estate of inheritance. This subject was post_
pored until Monday week, and from what passed bete Cell Lord John
Russell and Sir Robert Peel, it seems likely that it may again be deferred
until the House shall have made progress with the Irish Municipal Corpo.
rations Bill. The Chancellor of the Exchequer afterwards brought on the
annual Budget. The circumstance of the balance sheet showing an
increased expenditure and diminished receipt was, of course, regretted
by the Right Hon. Gentleman; but he urged various reasons fur be.
lieving that both arose from causes of a temporary character. The
total income of the last year had been 46,090,0001, while the total ex.
penditure had been 47,519,0001., leaving a deficiency of 1,429,0001. Taking the whole of the income and expenditure of the two last years,
the deficiency was 208,0001. ; but taking the income and expenditure of
the three last years, it would be 505,000/. Were the deficiency likely
to be permanent, it would be his duty to propose additional taxes to
waet it; but affairs were assuming a more cheerful aspect, and there
was not the slightest reason for doubting that the deficiency would soon
be succeeded by a favourable balance. The Right Honourabl: Gentle.
man having entered into an analysis of the debt, adverted par-
t cularly to the relief which would be affrrded by the falling in of en-
nuities, which, before 1867, would lead to a diminution of expenditure
of more than three millions. He adverted to the increase of tee de-
posits in the Savings' Banks above the draughts, as among the circum-
stances which justified the favourable anticipations which he enter-
tained. The Budget, therefore, amounted merely to the statement of
the deficiency of the income as compared with the expenditut e, and the
reasons of the Chancellor of the Exchequer for believing that a brighter
prospect was about to open. But the Right Hon. Gentleman, in giving
an account of his stewardship, assigned reasons for scme of his operations
which were deemed of a somewhat questionable nature. Of this de-
scription were his reasons for keeping the interest on Exchequer Bile
at a-rate much higher than that at which money could have been
obtained in the market. The interest on Exchequer Bills was
still
lower than the present interest on Consols, and he considered the inte-
rest which money bore for short loans on bills or other similar securities
no rule for his guidance. The Right Hon. Gentleman was more suc-
cessful in justifying his raising the interest, at the time he did so, than
he was in continuing it at a high rate under different circumstances. In
fact, he seems to have perplexed himself not a little with some theor:
that it was necessary the Government should be extravagant in borrow-
ing money at a high interest instead of a low interest, in order that in_
clividua's might not be tempted by the low rate of interest to rush into
extravagant speculation. It might be no difficult matter to point out a
source whence extravagant speculation is fel, by attention to which
the Right Honourable Gentreman would benefit the country much
more than by adding to the burdens of the country by enabling the
holders of Exchequer bills to sell them at high premiums. But on
this subject we must refer to the speech of Mr. Goulburn, who, however
much we may disapprove of his political principles, and more espe-
cially his Irish politics, appeared to us to entertain very rational views
with respect to financial matters. We do not speak of his cavilling with
regard to deficiency bills, or his attempt to fritter away the testimony of
the Duke of Wellington, by making it a charge against Ministers that
they did not keep larger establishments in Canada than were pronounced
sufficient for its defence by that good judge; but we allude to the man.
ner in which he met the fanciful notion of the Chancellor of tbi-xche.
quer, that raising the rate of interest on Exchequer
ex
travagant speculation, and to his condeninatioo s prevented -
of an undue extension
of the unfunded debt as fraught wsth
nger to the country. " The
Right Hnn. Gentleman," said Mr. a;oulburn, " supposes that if he does
not maintain the rate of itit'7-cest at more than three per cent., the per.
sons who otherwise wauld be disposed to purchase Exchequer Bills would
be induced to et'aisark in wild speculations, and involve themselves in diffi.
culties by to doing; but this supposition was altogether fallacious and if it
were not,was the princlple one on which the Governmeet should proceed
It was fallacious, because the Right Hon. Gentleman imagined that the
public and the individual who was the purchaser of the bills received
the interest paid by Government. But it was not the fact that if the
Government paid three oer cent. on Exchequer bills, these parties world
receive. it ; for there would be found plenty of persons who were willing
to take a less sum —(Hear)—and the principle, therefore, was to reduce
the interest to the rate paid in the market, so that if it were proposed to
raise money on Exchequer bills at five per cent., it would have no effect,
for the public would pay the full per centage, while the individual who
bought the bills would make no more than by any ordinary speculation.
The argument, therefore, was a fallacy, for the payment of Exchequer
bills did not depend on the amount of interest paid, but on the
state of the money market.—(Hear.)" We will not pursue this
subject further than by observing, that the answer of the French
merchants to Colbert, who wished to be informed how the-Government
could best promote their welfare, " by letting us alone," is as applica-
ble now as ever. The duty of Government is of a negative rather than
of a positive kind. Its business is to protect the subject from external
and internal enemies—to remove all obstructions to the free exercise of
industry—to afford security to property—to furnish the public with a
currency which rests on a solid basis—and to take no more from the
people in the shape of taxes, than is necessary for these objects. Ana
when this has been done, individuals may safely be left to themselves as
to the character of the speculations in which they shall induase. If the
Chancellor of the Exchequer would secure the public against tampering
with the issues, he would do much more to prevent imprudent specula.
tions than by endeavouring to tempt men with an extravagant interest to
come to his shop oaly. For the account of the rest of the debate, we
must refer to out learliamentaey report.— Morning Chronicle.
The result, of the debate, if debate it could be called, on the Ways
and Meanseewas neither more nor less than this—that the deficiency of
revenue is to be made up by Exchequer-bills. The Chancellor of the
Eacheerier began his statement of what is familiarly called the Budget,
by enJ'eavouring to soften the state of the finance by general reference
to tire circumstances of the time. There had been much alarm last
Yvar, he would admit ; the saving banks had drawn out more than they
glad paid in; but then there was more capital than in the panic of 1825;
the country was, so far, better able to sustain the shock; and, at ail
events, her prospects were now improving,. In looking at a state like
the present, of diminished receipt and augmented expenditure, the
question is, are your deficiencies likely to be permanent or only tern.
porary ? If permanent, you can meet them only by applying to Par-
liament for increased taxation ; but if, as now, they appear but tempo-
rary, this extremity is by no means to be resorted to. The expenses
of the present year are increased by two heavy items, not oc-
u*ring in the elder times of our rinance—namely, the in-
tere -t on the Slave Compsnsgtion, and the cost of the Canadian insur-
es:so ion. Exchequer bills likewise, which, according to common usage,
world not have been taken up till September, 1838, have been ex-
tha iged at an earlier period, because it is no longer deckled expedient to
pert', irm this operation at a season when Parliament is not sitting. For
the last year and a half, too, the interest on Exchequer bills has been
ke t at a higher rate than heretofore. The Government has been
ble neel for paying a higher rate of interest than that at which private
lea is may be effected ; but the objectors forget that these private loans
are negociated only for short fixed periods, or under peculiar circum-
stances.
If the permanent rate of interest were thus low, the price of
Consols would show it at once by a rise to a corresponding level.
The Right Hon Gentleman then acknowledged that his favourable an-
ticipations of last year had been disappointed. He had estimated
for 1837 a revenue of 47,250,000/.; and he had reaped a revenue
of only 46,090,0001. ; and he had eseimated an expenditure of less than
47,000,0004, which had turned out, to be more than 47,500,000/. On
the whole, therefore, the deficiericy for 1837 had been almost a million
and a half. But if he had teen below the mark in his provision for
1847, he had been greatly above it in his provision fur 1836 ; and on
the two years, if taken together, there would be found a surplus. This
notable argument reminds u s of the contented beggar, who, having e,O
thing- to eat on a certar,n Christmas-day, consoled himself''
stomach would very well ' 'Chat his
oear the privation, because On a'ne Christmas.
day preceding he had 'greatly overeaten himself. Faom the past 31r. S.
Rice proceeded to t to more pleasing contenve;ation of the future. In
estimating, the'l the future state of th.',ngs, he would rather take his
average of ta.ree than of two
years, beeause the average of the two would
give a
.nis,re favourable result than the average of the three, which
last,
from its greater sobriety, he should prefer. On an ave.
rag7e of three years the deficien of 1838,had t.o provide for, might be estimatedcy at 505,000/. which
He !thought
it would be but a temporary defalcation, for both the deficiency
of income and the excess of expenditnre arose from accidental causes,
and he therefore would ask for no increase of taxation. From 1831 to
1833 a deficiency had existed in each year. Then the tide began to
turn, and a favourable state of affairs succeeded for several years, which
lasted (though latterly diminishing) till 1837, when there was again a
deficiency. In October last, however, a re-action once more occurred,
and is still in progress. The plan now proposed had been pursued by
Mr. Canning in 1827, and was an example to be followed. The country was rich too in prospective resources, as witness the arrangements for
the reduction of the permanent into terminable annuities; and before
1867, in various ways, 5,000,000/. of money would have been re-
duced from the annual charge. On all these grounds he should
propose a vote of credit. Mr. Hume, after some conversation about
tile appointment of a day for the discussion of the general
conduct of the Government in City matters, and some animadversions
on their policy with respect to Canada, attributed the deficiency to the
general excess of establishments and salaries, lamented the decrease of
exports and imports, and recommended reductions in all quarters, civil
and military. Mr. W. Williams complained that the interest of Ex-
chequer bills had been raised too high, of which no better evidence was
necessary than the premium of 70s. to 80s, which those bilis were bear.
lug. Mr. Goulburn observed, that the reduction of establishments is
not always economy. In Canada, for instance, a timely expenditure in
the provision of a few troops might have saved the large oetlay already
incurred, and the yet larger expense which was still to be called for.
He censured the course adopted by Government on the subject of the
funded debt, which still continued to increase. He exposed the fallacy
of some of Mr. Rice's estimates of surplus ; and commented with great
effect on that gentleman's policy of providing a high interest on Ex.
chequer bills to prevent rash speculation. It could have no such effect,
for the capitalist who had money to invest derived no benefit from the
high interest; that advantage, instead of coming to him as his own
when he purchased, was eaten up by the seller, in the proportional
premienn charged. Nor was it any part of the proper business of
Goe.ernmelit to regulate the speculations of individuals. The duty of
Government was to borrow its own money, like any other borrower, at
the lowest rate of interest. And if it were argued, that unless the
rate of interest were kept up, Exchequer bills would fall below par, the
answer would• be, that such a fall is conclusive to show that there are
too many of them. Several other gentlemen, Mr. Gillon, Mr. Hutt,
and Colonel Sibthorp, animadverted upon the financial policy of Go-
vernment. But the most cruel commentator on the logic of the Budget
was Mr. Si. Attwood, who dealt unmercifully with Mr. Rice's claim to
confidence in 1838, as founded on his calculations for 1837 and 1836.
The Rack Hon. Gentleman had erred in 1837 by anticipating too
much ; but then, as he had erred no less in 1836, by anticipating too
little, he had averaged the two errors together; and as two negatives
make up affirmative, so the two cross blunders of the Government in
1836 and 1837 establish their claim to the confidence of the country in
1888. Mr. Rice replied, and the whole debate (after a short vindica-
tion by Sir J. Reid of the Policy of the Bank) went off without excite-
ment —Times.
The Budget was the order of the day on Friday in the House of Corn-
MODS, and excited unusual interest, not only among the Representatives
of the people, but also in the Money Market. By most persons it was
confidently expected that the deficiency in the revenue during the past
year would be made tip by a loam—by others that the Chancellor of the
Exchequer would again postpone the Budges, and wait for a convenient
season to bring it forward. Both expectations have been disappointed.
Talise
beenis, in r
the first place, to be no loan; and in the second, the Budget
h brought forward, in the most straightforward and honourable
There
manner that any exposition of the financial condition of the country was
ever laid before a legislative body.' A deficiency in the revenue is no
pleasant affair to deal with at any time, but more especially when a Chan-
cellor of the Exchequer has to deal with a party which will not scruple to
torture a deficiency of income into a charge of mismanagement on the
part of the Government Truth, however, has its own shield and buckler
to ward off unjust and unmanly attacks; and never was its power dis-
played in a more vigorous, manly, and convincing manner, than it
was last night by her Majesty's Chancellor of the Exchequer. His
speech was every thing that could be desired. It was at once a candid
statement of the state of the incoma and expenditure of the country,
and of the means by which the excess of the latter over the former was
to be met. With regard to the increase of the expenditure of the year,
the Chancellor of the Exchequer accounted for it on three grounds,
which every inquirer must admit to be correct. First, the interest on
the West India loan; secondly, the increased expense for the Govern.

'ASIIIONA-CLT INTELLIGENCE.

ARRIVALS.
1). 11, • 11. Foley, Esq., Mrs. Foley, and suite, at the Green Park Hotel,
aUillY, from Hertfordshire; Mr, and Mfrs,, Cockeran, at Morley's
ha Rotel, Trafalgar-square, from the Continent ; the Rev. H.
Wake.,anl and family, at ditto, from his scat, Bury St. Edmo*nd's ; Mr. and
:'ll'o Maskell, at ditto ; Mr. and Mrs. Grammer, at ditto., from Marches_
er ; Dr. Kennedy, at ditto ; Dr. Thwaites, at ditto ; Dr. O'Grady, at
'lift(); the Rev. W. Dales, at ditto, from Prestw'ick-parsonage, Pear
/3inuingliain ;
ditto'
F .•
the Rev T. Wood, at ditto ; the Y.l.ev- H. Tonkins, at
Es 'L. Bodenham, Bsq., at ditto, from Ffereford :E. G. Goff,
I:ner, cl., at ditto from ditto ; Messrs. Deacon, Oriie, Lovering, and Mae.
sob, at ditto, from New York ; Omar Elrendi, at ditto ; R Ache-
''''', Esq., at ditto, from Southampton ; H . Hamilton, Esq., at ditto
DEPARTURrzs.
t. The Rev. Sir Thomas Geary Cullum, r....;art., Lady Cullum, and suite,
riZ Green Park hotel, Piccadilly, fo-, Hardwick-house, Bury St. Ed-
p.... „a's ; Count de Graffe, from d'Ato, for Hanover ; the Hon. Miss
40nekton from Nerot's Hotel.,
verli '
Clifford and Cork-streets, for Wol.
~ alnpton ; the Lady Whitsh'ed and Miss Harriet Whitshed, from
s'itto, for Holbrook.

MAY 21, It-.'38.

!!ills. For
otrh,iiredi the •
sleeltr.dS,lZgr,,,l: ipeee'rssostt,tsewmi dhiotyls,eaatirdi
ti,gnno,lriaidncteh
ne hold himself to be responsible. The West India will We eciititre to deny! In the beginning of the yeti:
of Exchequer Ili
of
circumstances blf°''st hies' to
liZ
loan was a matter with whim, the Government was saddled by the Le- 1836, there was en if ntieuel frumunt of Exchequer bills in
gislature, and which h s had no means of controlling. The expenditure I circulation. The Chancellor of the I-exchequer was urged,
for suppressing the insurremisti in Canada was also an affltir as tinex- lin the spring of that year, to fund a pettidn of the
peeled as it was beyond his poweror anticipation ; and with regard to any unfunded debt--am operation, which might have been, at flint
charge respecting the interest upon Exchequer Bills, he was prepared to period, effected with extreme facility. He reftlsed, however, to do
prove that his conduct had been actuated by an extreme anxiety fur the so. In the following
autumn, commenced a drain upon the coffers of
public interest when any one chose to come forward to dispute it. With. the Bank. The Bank, naturally, began to sell Exchequer bills, as the
out going farther into the question of increased expenditure and ditnis riafeat mode of contracting the currency :=but the enormous amount of
nisSed in one, he would admit, at once, two important facts_firste that j Exchequer bills, at that time,
in the hends of private capitalists—ell of
the expenditure of the country had increased; secondly, that the in_ whom, as well as the
thuds Itself, were engaged in the sale of their rt-
come of the country had decreased; and farther, that as his sole object 1 funded claims aeainst, Goeernment--tendor•d abortive the Bank's at_
was to state the truth, and nothing but the truth, he would candidly tempts to lessen tv e circulation by any other mode, than by the perilous
confess, that the anticipations which he had last year formed eith re- one of refesitig assistance to its commercial customers. Meanwhile Ex-
' disappoieted• Owing to v
gird to the revenue had been considerably tel c
h bit fe't rapidly
quer s . ealne Symptoms Of a panic began to present
rious causes, respecting which it was unnecessary to furnish specific in- themselves; and Mr. S. Rice was, at last, etreipelled to raise the into.
formation, the trade of the country had unexpectedly declined, and in rest on these bills from three-halfpence per day to tenesenee.balfimenny
consequence the income derived from its usual activity ; and the ques_ jon every hundred pounds. The loss to the Country has been 360,000/.
tions, therefore, which he had to determine in his own mind, Slit —every shilling of which might have been saved, had eige: or ten
on which the Cenunittee would have to pronounce their judgment, lions of Exchequer Bills been funded during the present spring!
were, whether the decline was of a permanent; or of a temporary loss in Exchequer Bills is, therefore, beyond all question to be referred
character. If of a permanent character, it was the boueden duty ito the operations of Whig genius for finance 1 Mr. Spring Rice did not
of the Government to come forward and state such to be their opinion, I specify the amount of the falling-Olin the department of the EXcise,
and to request the support of the House of Commons in adding to the A full exposition on the subject would, however, exhibit some curious
taxation of the country. If, on the ether hand, tee decline appeared results! The operation of the new Poor-law, in abridging the comforts
to be temporary, and the excess of expenditure over income to be also of the Isbouring poor would, then, we venture to state, be distinctly
of a temporary neture, then not to add to the taxation of the counts observable. Thous-ands of poor labourers who, form: rly, drank beer,
but upon fair grounds to rely upon its energy and its resources. He had are now compelled to recruit their strength with water! The effect in
weighed both matters in his own mind, and he could state with the most the Excise department will not, we believe, be found to oe inconsiderable!
perfect confidence, that the revenue was increasing, that the state and We hear nothing, besides, of the mighty savings to the community under
business of the country were such as to inspire hopes of renewed pros- the operation of the Malthusian Act! Not that the Pooreaw accounts have
perity ; and that it would, therefore, lie better for the country to grant a any direct, or very obvious connection with die Budget; but, assuredly if
vote of credit to the Government for a certain sum, than to re- millions have been (as the Whigsallege) saved to thecountry through the
sort to any extraordinary means for meeting the deficiency of nets Poor-lax th se millions would remain to bcspent in other ways, How
the year. Though not exactly correct with regard to the ex_
hap Pens it, then, that the outlay of these Whig.saved millions cannot be
pressions used by her M.-jesty's Chancellor of the Exchequer, we have
made available, in sustaining the credit of a ‘Vhig Chancellor of the
every reason to believe that we have given a Lir delinea, ion of his sell. Exchequer. The country will, if we do not mi, take, declare that the
timents, which, to put them in a few words, amount to this,—that there llBudget of the year 1838 is worthy of all the other varieties of Whig
is an excess of expenditure over income ; that the increase has been statesmauship.—Morning
caused by circumstances of a temporary nature—that the revenue is
increasing—that the product of the revenue of the present year will be
greater than that of the lest, and that, therefore, the best course Or the
country to pursue is not to add to its taxation, but to give a very smell
vote of credit to the Government to supply any sums which the
revenue in any quarter of the year may be found incapable of dm
fraying We shall revert to this matter on Monday, but in the
mean time we cannot help regretting, on the one hand, that tee
Chancellor of the Exch :quer did not aepear in that sound and excel.
lent health which was requisite for an exposition of the financial state
of the country, and, on the other, offering our warmest congratulatiohs
upon the manly, candid, straightforward, and logical exposition which
he made of his difficulties and his resources. With regard to his anti-
cipations of revived trade and increased income, we cordi illy agree with
him, and from the information before us, we are confident that he has
judged rightly. Of our knowledge—and it is not of the most limited
character—the short space of six weeks will prove the whole trade of
the country to be in a much more prosperous condition than it has, ewe '
for the last twelve years, and in a• much more wholesome: state The
great bulk of manufactured articles are exhausted, aro • stances the demand is now so great that the b'"
many in_
i
London, or, we ought rather to say, in lions in the City of
adequate supply.—Morning if Europe, cannot furnish an
Friday night the Chao
meats, made lily
....ee-itor of the Exchequer, after repeated
ostp one-
of the
...annual statement of the financial condition and
prospects
^-
Pountry to the House of Commons ; and °fall the Budget speeches
•m
..rat were ever delivered by any Minister, that of Mr. Spring Rice, upon
the present occasion, may safely be pronounced the most perplexed, ens
scure, and unsatisfactory. After reading this statement, no man can
be at a loss to understand why it has been so long delayed, and so fre-
quently deferred. It was not that the account the Chancellor of the
Exchequer had to render was an unfavourable one in respect to the criti-
cal condition of the revenue and expenditure. It was not that tile state
of the finances put it out of his power to gratify the country by proposing
a diminution of taxation. It was not .that, instead of announcing
ally recent •or any approaching diminution of the public debt, he
herd to perform the less easy and acceptable office of proclaim-
ing and enforcing the necessity of increasing it. The speech of
Mr. Rice brought clearly into view (and this was the only thing that it
made clear) a motive for reluctance and procrastination different front any of these, that of the utter unfitness and inability of the Right
Hon. Gentleman to deal with his subject. Having given this general
opinion of the speech of the Chancellor of the Exchequer, and intend.
ing practically to show, by a more detailed reference to some portions of
his statement, that this expression of our opinion is not heedless or gra-
tuitous, we think it right, before we proceed further its this most un.
gracious part of our duty, to state that we do not censure the means
by which Government have determined to supply the present defi-
ciency of the revenue, nor dispute the validity of the reasoning
upon winch that determination is founded. We concur in the
opinion of Mr. Rice, that the resources of the country ere not per-
manently impaired. We believe pith him that the actual defalca-
tion of the revenue, serious as it is, is yet no ether than one of those oc-
casional and temporary fluctucee'ens to which a natienal income, de-
pending in so great a degr-
ee as that of Great Britain upon an extensive
and complicated
`,;rem of commerce, must necessarily be subject. We
hope we me-
expo ,niture , also venture to subscribe to his belief that the increase of
which the Circumstances of the current year have rendered
necessary are not likely to be permanent, for it would be too much to
expect that even the present Ministers of the Crown should provide a
permanent supply or Colonial insurrection, and an evermecurring neces-
sity for expensive armaments, expeditions, and dictatorships. Agreeing
thus with the Chancellor of the Exchequer, that the actual inadequacy
of the income of the country to meet its expenditure is temporary, we
concur with him also in the opinion that the most advisable method of
supplying the deficiency is by a temporary increase to the fleeting or
unfunded debt. Any addition to taxation would have been inexpe-
dient, even were Ministers in a condition to sustain, which notori-
ously they are not, the increased load of unpopularity which such a
proposal must have brought upon them. To impose a tax, with the pros-
pect of having soon to repeal it, would he to inflict an evil upon the corn.
munity greater than that of the mere abstraction from their pockets of
the amount it might be calculated to yield in the disturbance which the
imposition always, and sometimes also the repeal, of a tax occasions to
the transactions and relations of society. The only remaining resource
would have been an iminediate addition to the funded debt, which has
been very properly avoided, inasmuch as it is evident that this financial
operation could not be carried into effect in present circumstances, un-
less upon terms comparatively disadvantageous to the country. Hav-
ing made these admissions, which candour and justice seem to demand,
we now recur to the proof afforded by the speech of Mr. Rice that he has no
very clear ideas of the subject on which it was his official duty to
treat, or that he labours under a most unfortunate incapacity of ex-
plaining his ideas very clearly. Mr. Spring Rice acknowledges a defi.
ciency of income, as compared with expenditure, of 1,429,0001.; and
if the present hail been the first Budget-speech that the Right lion.
Gentleman had ever made the only thing that would have remained for
him to do was to propose the means by which, with the least detriment
to the country, this deficiency might be supieied. But unfortunately
he had made a Budgeteepeech last year, in which he established to his
own satisfaction, and that of a majority of the House of Commons, the
probability of the income of the year equalling time expenditure; so that
the amount of the • e actual deficiency is the amount of that antece-
dent miscalculation of his own, for which it behoved him as a res '
ble Finance Minister now to account. And how does he I'is'.
account
for this miscalculation ? By reference to a variety ns• '•
of •,eruculars, every
one of which either were or ought to have bee'. present to his mind
last year, when he elaborately compared ;Its probable income with his
estimated expenditure, anti pretended to lie
carefully and accurately
adjtisted the one to the other, T. Right Hon. Gentleman are
the speculations in railroe,
es and Foreign Stocks. These are not netts°,
since last year. Pee refers to the depression of our commerce and ma-
nufacture.; e".',sing from the monetary crisis in America. But neither
is thi, new since last year. He talks of the interest upon the West
India Loan as an increase to the outlay of the country. This,
however, is not new since last year. He speaks of a paytnent of
two hinelred thousand pounds brought into this year which might
have been carried forward to the next, in 'consequence of a change in
the period of exchanging the outstanding Exchequer bills, and
paying the interest due upon them. And this again is an item of which
he could not have been ignorant last year. The singular particular in
which the Right Hon. Gentleman can affect to have been taken by sur-
prise is the additional outlay on account of the condition of Canada,
which he estimates at between six and seven hundred thousand pounds ;
and we think we may venture to say, that thiealso might have been
foreseen last year, but that it was not convenient for Ministers to be
more clear.sighted at that period than it was agreeable to some of their
friends who took an interest altogether peculiar in Canadian affairs, and

ment of Canada, in consequence of the insurrectio” . -
amount of the increase of -
these results Ai •

IVIRS. AND MORNING
CONCERT.

The annual concert of the eminent Pianiste above mentioned, took
pace oa Friday at the Hanover:square Hems, and we wer... rejoiced to
observe, by the eXtensi, e patronage awarded to her on the oecaslon,
that notwithstanding the popularity of recent continental importations,
genuine English talent still centinpe= to maintain its ground, Thereon'
was tilled by a most brilliant and fashionable-auditory. The concert was
of a t-re!), first-rate character, both in regard to the merit of the selection
and afrithgebleilt, anti the excellence of the performances ill point OP
execution. The singers wc,e Mademoiselle Placci, Mrs. Bishop, Miss
ITawes, Signor Tvanoff, Mr. Phillips, and Mr. Stretton : and solos on
their respective instruments were played, by 'Mrs. Anderson on the
14,31 n-forte ; Mons, r,,,barrei harp; Mr. Heinemey. r flute ; and a duet
Platio.forte,by Mrs. Anderson, and Mr. BlagrciVe, Its addition to
these instrumental treats, her Majesty's private band of wind instru-
ments, were heard by the public for the first time, on this occasion, in
several concerted pieces. We must first speak of the vocal pieces, and in
consonance with the laws of gallantry, the lady performers will demand
prior
attention. Mademoiselle Placci then sang Donizette's "Ah
se d'armer..," with great feeling, and in a beautifully rich qua.
lity of voice ; Mrs. Bishop, the aria, by the same composer,
" Forse un destin ;" and Mtrcadanti's duet, " Vannie se Al_
berghi," With Placci ; the latter was exquisitely sung by both. Miss
M, B, Hawes Was deservedly encored in " Then art lovelier," a
very sweet song of Hawes' composition. Ivanoft was much admired in
" Fra poco," from Lucia di Lammermoor; he gave it with great pa.
thos. Ivanoff also sang in Rossini's duet, " Gli marinari," with Mr.
Stretton. Mr. Phillii)S sang a he* S. song, hiS own composition—
`` Sweet Spring, stay." It was very like something we have heard be.
fore, and dint not excite any very particular attention ; the accompani-
ments were exCeedinglY pfetq. ton:sideritig the Very short time her
Majesty's band have been organised, they perfornied in I style that
evinced considerable intrinsic merit. The parts supported by the cla-
rionets, hautboys, flutes, and horns, were played with very great deli-
cacy and taste, but the trumpets and basses are rough and overbearing.
11ons. Labarre's harp:playing is very masterly and finished, bid the
rriusie seleeted On this occasion Was not of the very best quality: t`
triek's Day" is in its proper place in " The highways and bye.ways;l4
and in the Theatre Royal of the Irish metropolis, but we did riot much
admire its introduction to a Concert-retnn, Helnemeyer's 'Fantasia on
the flute gained great applaus,, ; it was perfection both in taste, quality
of tone, and masterly execution. Mrs. Anderson; although labouring
andel* indispesitien, pla;Vied in the finest style that Can be ccinCeiqd
:bmevaouutli,fiii keep
theireffective.
respective n
:,Isa wish, s
a
her Cimeerto (anew composition of Mendelsohn) was one of the great-
est treats of the season. Beethoven's Quintetto, with Barret, Wil-
hams,
Bauman, snd Puzzi, was also very finely played: Tile Andante
wasoon
lhowever,ttlem more
eaut
under;
hornwaorti,clidbabse.
in better kceping with the obvious intention of the composer ; and
while we are upon this subject we may venture to Convey a gentle hint
to One of the talented gentlemen alluded to; it is that he would prac-
tise his bassoon at home, an I out treat the audience to quite so many
gratuitous flourishes in tine intervals occurring between tine several
Pieces- On the whole this was, in our opinion, one of the best Con-
certs of the season, and a general feeling
of gratification See.iied to
pervade the auditory. The. Concert commenced punctually at.two o'clock
and terminated before five.

MESSRS. T. AND GT- COOKE'S
CONCERT.

of whose assistance Ministers were anxious to avail themselves at a ge.
neral election then immediately in view. The task which former rids_
calculations of his own imposed last night upon Mr. Rice was not an
easy one. That he thoroughly broke down under it can occasion no sur_

On Friday evening, at the same rooms, Messrs. T. and G. Cooke, father
and son, gave their annual concert, which also attra,ted a full assem.
blage of fashionable company. The concert was a very good one, and
the selection perfOrmed it very excelent style. The gloria from
Beethoven's Mass in C was very finely sung and played. Mr. Balfe
bas encored in his own song " Look forth my fairest." Mr. gave
" Mad Torn," but, although sung wills great talent, it will not do after
Braham. Messrs. Allen, Seguin, and Giubelei sung Rossini's " Pap.
patici" with a good deal of humour and spirit. Mrs. E. Knight's
" Who would not love" was in her own peculiar style, and was much.
applauded. Signor Ivanoff and Mr. Balfe gave Rossini's " Gli
rinari," and it was much more effective than in the morning. A mad.
rigal of Mr. I'. Cooke's, " Shall I waste my time," was remarkably well
sung, and deservedly encored. The first port of the concert concluded
with Haydn's wed known bagafell.,, the " Toy Symphony," which cx-
cited the visible faculties of the auditory, but was, nevertheless, a total
failure. At the commencement of the second part, Mr. Richardson
played a fantasia on the flute very prettily, and ii) the course of the
part Mr. Grattan Cooke evinceil great ability in a solo on the oboe. The
latter genti: mar) also accompanied Miss Itainforth in the "Mountain
Home" on .the same instrument; the sang was delightfully song by
Miss R. There were several other songs in the course of the evening,
Which we have not room to notice. The wh01,.) concluded with "
save the Queen." Mr. Mori led, and Messrs I'. Cooke and Benedict
conducted. The concert was an exceedingly good owe.

LLOYD'S SHIPPING-SATURDAY

prise.—Morning Post.
Mr. Spring Rice brought forward his Budget, on Friday night. A more
melancholy exposition of the financial condition of the country was
never before, we will venture to state, exhibited to Parliament! The
revenue of the last year, compared with the revenue of the year before
last, has declined, to the extent of nearly three millions. The
expenditure of the last year exceeds the receipt, by nearly half a mil-
lion. The deficiency is to be supplied by an increased issue of Exche-
quer Bills! While Mr. Spring Rice, was dilating on the causes of the
falling off in our resources, he repeatedly alleged, that Grvernment
could not, fairly, be blamed for the unpleasant results, which it was his
unpleasant duty to submit to the House. On this subject, how-
ever, we venture to differ from the Chancellor of the Ex-
chequer ! Ihe causes of financial depression assigned by Mr.
Spring Rice, are the recent mercantile crisis—the fever of speculation,
which prevailed about two years ago—the burden of interest payable on
the West Indian loan of twenty millions—the increased interest on
Exchequer Bills—and the increased outlay caused.. by the state of
Canada! Admitting that these are the causes of our financial embar-
rassment, the question remains, how fir these causes have been them-
selves caused by the policy of Government ! And here, let it be borne
in mind, that for every apparent expansion of the national resources—
for every gleans, however short-lived, of commercial prosperity—the
present Ministry has, ever since its accession to office, taken unqualified
credit ! Not a bubble scheme, has ever given a slight impulse to
trade ;—but the interesting fact has been trumpeted to the world, as
a proof of the inherent and eternal superiority of " Liberal" to
" Conservative" policy ! Nut a joint-stock bank has, during the last
seven years, enlarged its issues—but the circumstance has been adduced
to prove that the natural effect of Whiggery is a prosperous and expand-
ing commerce; whilst the natural offspring of Conservatism was, on the
same authority, declared to be—incendiary fires! Such have been the assumptions, such the reasonings of the Whig officials, and their o: gaps
of the press, for years past. Action and re-action, however, are equal
in the world of moral, as in the world of physics! If, then, the Whigs
were entitled to unqualified credit for the seeming prosperity of 1836,
the y must, by necessary consequence, be held responsible, for the ca-
lamities, and reverses of 1837 and 1838! There can exist, for instance,
not the slightest doubt that Government, instead of restraining, stimu-
lated, the spirit of speculation, which distinguished the early part
of 1836. There can exist, moreover, not the slightest doubt, that the
system of over-issues of the Bank of England,, and by the joint stock
hanks—a system, in which, undaubtedly, the spirit of private specula-
tion, at that time, took its origin—met with the approbati mof Govern.
meat! There can, we repeat, exist no doubt as to these things—for
they formed the themes of interminable self.glorification to the Whig
officials, and their toadies of the press! As to the next item in the
Chancellor of the Exchequer's catalogue of:depressing influences—the
interest on the West Indian Loan--we are entitled to at down
that loan, principal and interest, as dead loss to this country. It
is now admitted, on all hands, that that money has been given
away by the Whigs, without any attempt having been male by then)
to secure an equivalent to the English public, and to the negro appren-
tices. Whilst, therefore, the burden of the loan of twenty millions
might have been, ungrudgingly, borne by the industrious classes of this
country, the misapplication of that loan—the squandering of the enor-
sal
mo
blende us sum of
of the mone
bluy in question
—must be classed amongst the most fa
rs ndering and imbecile Whigs. As to the expellees
of the Canadian war—these have, clearly, been caused by the inconme-
teneY of the present officials to conduct the Colonial affairs of England.
Had England possessed an Administration, endowed with ordinary ca-
pacity for busies as, or animated by an ordinary degree of zeal fir the
honour and interests of England, Canada would have been spared
the curse of a civil war. The Whigs winked at treason
in Canada—" folded their arms" 'whilst treason was doing its
work—abetted the abettors of treason, at home—and are now.
in return, supported in the offices which they disgrace, by the sup-
porters and advocates of Mackenzie and Papineau For the increased
expenditure, to which the piesent condition of Canada has given rise,
toe Whigs are therefore, beyond question, responsible. Thee comes
another source of loss to the country—the increased amount of interest
paid on Exchequer bills—an !,mount representing 360,000/. That to

LIVERPOOL, MAY 18.—Wind S.E. to S.S. W., very light.—Arrived
the Burlington, Evans. and Shannon, Stone, from New Orleans; George,
Choate, front New York; and Betsy iiall, Coaker, from Buenos Ayres.
Arrived off port the Thomas Mellor, from Per; and lloths.
child, from New Orleans. Sailed the Columbiana, Barker, for Nev Or-
leans ; Sicilian, for Newfoundland; Snowdrop, for Ancona; and J. W.
Gossler, for Cantem.

Dove. 111 Av 18.—Arrived off port the Juno, Iverson, from Alazata;
Edward, R
itound, from Cadiz ; and Mary, Croft, from Newcastle, very
leaky, bow stove in, &c., having struck the pier.
ITAsTiNos, MAY 18.--Arrived off port the Johanna, FreJerick, from
Matanzas; and Georgiana, Scott, from Berhice.
Cowes, MAY 18.—Arrived the Jane, Sauvage, from Itaparica; and
Hannah, Adam, from Havannah.
ferro,n; 1
a: Charente.bt,g !,,
BRISTOL, MAY 'S.—Arrived the Emily, from Demerara; and AM..
can, from Jamaica.
16.—Arrived the
.Cleopatra, Stewart, Pernambueo.
M A Y'l6l.6—.—AArrrrki:adt
hteh ewßarleanntin
Di s ,a rGI
et: nsdt eclat:
CLYDE,
Leitch, from Trinidad.
ISLE OF WIGHT, MAY IS.—Arrived the Anna, Oetjen, from Port-
au-Prince.
and
rlK'lluN'LrsiLt‘i i...(.5EL.i: dAl‘,ll.
~,,

- -
CENTRAL CRIMINAL COURT.

OLD COURT.

Robert Galliinorc was indicted for having Committed wilful and cor-
rupt perjury before the Newcastle Election Committee of the House of
Commons. In this case, which was only in part heard Saturday, when
our reporter quitted the Court, the case was adjourned at a late hour.
t'Arl re. S:errg2eadne t..,Aidraolifliglesnaterianitilniete Courtrest. during the evening, but the cases

ted on Vvek nest ay upon a (rag° of
mr. pATNE, upon their L9rdships taking their seats on Friday,
fir the p:, ,tpmeine,nti of thei trial of Wlggins, a
em_
Learnedwho was
Counsel made the application upfai, the grr Ulid
bezzlement. The ,
t had ti :.c to prepare his defence. The prisoner
that the prisoncr bad Lo ,
n Wetmesday, and wlte;l the Grand Jury found a
was detained in Court on
committed to prison 1 rib oppbrtunity
true
BM, he•was intded him to bring witnesses in his favour. There
therefore had be.c0,:,1 alio.
sapolpiebietdort,soctileierkC, mat
\pa,
corrinth
:5 and no examination had taken place before ama
rt.iesrPnsiftoohimte;':ctierPftits'a l till
ff,- ' ,d fa. that purpose yet.
"Ilsli3ta'rrister s Clerk would likewise have to be subpamaed, but
dergast ?
Mr. Pommes asked if Mr. Payne alluded to the clerk of Mr. Prez].
Idr. PAyNE—Yes,
ig' :0i ere
t time a tnco. ' h
fe.:,trs
dienlaCyoi
,uartt athe thecapreventseon th
a trnmounntt,.and therefore
postponethere
A rf
isTtithliYer conversation, Mr. Justice PARK said he would
sd been a ,itic , , k
at
Upon Joseph Thompson, a poor decrepid.looking wretch being placed
the bar charger] with stealing 56 lbs. of lead, the property of The_
uns Kiss,
r. Justice PARK directed. the Jury to be sworn to try whether he
w,s M
in a fit state of Mind to take his trial.
Mr. Cope, the Governor, and Mr. Macinurdo, the surgeon of New-
gate, were eXaminecl, and from their evidence it appeared that the pri_
smer at
.imself Imes wasn extremely violent, tore his bed-clothes, and conducted
1 a maner
(.; mind. to lead them to believe he was subject to aberration
The Jury found the'prisonetirto be in an unfit state to take his trial, and
Mr. JUSTICE PARK ordered him to be remanded until her Majesty's
I,,„sure should be known.
Mary Ann Leaver, aged 21, was indicted for the wilful murder of her
female bastard child, on the 31st of March last. The circumstances
under which the crime was committed were of the most revolting do.
seription, as from the evidence of the mother and sister of the prisoner,
and the surgeon who attended-her, it appeared that not only the umbilical
cord had been torn asunder with violence, but that one of the legs of the
child was nearly separated by violence from Ihe body. Upon being
y
closel pressed by the Learned Jude,g the surgeon stated that sueli hi,rks
asbirth ; and foeappeared n the child might have been occasioned by an accidental
from the experiments that had'been made on the lungs, he
should not like positively to swear that the child had been born alive.
The Jury, under
the direction of the Learned Judge, after a short
consultation, acquitted the prisoner.

Henry Simmonds NEW COURT.
, a respectable looking man, aged OS, was indicted
for stealing on the high seas, within the jurisdiction of the Admiralty of
England, a case containing:ninety-eight watches, of the value of 5001.
the property of Leonard Juste and Co. Several counts stated the pro_
perty to belong to other personS. Mr. Bodkin stated the case at coasi.
derable length. Mr. Payne appeared for the prisoner. The Jury, after
hearing evidence at some length, returned a verdict against the prisoner,
of Guilty of stealing one watch.
Bridget Taylor, aged 26,
dicted fur stealing various articles of property from Mr. R. 5P William, a
Magistrate of the county of Middlesex, in whose house they were ser-
vants. They were both convicted, on which the prosecutor stated that
and Margaret Spillman, aged 21, were in_
the Prisoners had, from first to last, stolen from 300/. to 5001, worth of
J ewellery, the duplicates of which were found in their possession, but the
duplicates were out of date, and the articles forfeited.
-----

POLICT INTELLIGENCE.

_______
14.,.t .LB 01?0 UGH. STREET.
On Saturday Edward Guriing, a jobbing simcmaker,
era.: brought up
for further examination, on suEpicion of having contemplated a felony at
the residence of the Archbishop of Armagh, St. James's-square,---Re-
manded for another week.

11JIR