The Sun.
London, England, 1847-02-23 00:00:00

SUGAR.

Mr. FORBES presented a petition from farmers,
brewers, and others, praying that sugar might only be
admitted into breweries at the same rate as malt.
POOR-LAW REMOVAL BILL
_ _

Mr. 0. STANLEY presented a petition: cnmplaining
of the Poor-law Removal Act, and setting forth that the
rates had been already doubled in many cases in con-
sequence of it.

RATE PAYING CLAUSE.
Sir B. HALL presented a petition, agreed to at a
public met-tillg held last evening in St. Pancras, praying
that the rate paying clause of the Reform Act might be
abolibhed.

TRAVELLING ON SUNDAYS.
Lord BROOKE presented a petition from Kenilworth,
praying that a clause which had been inserted in a rail-
way Bill, which would run through that town, giving
the directors power to stop travelling on the line on
Sunday, might be expunged.
REGENT'S CANAL (PADDINGTON AND
LIMEHOIJSE RAILWAY BRANCH).
Mr. ALDAM moved that till debate on the second
reading of this Bill be resumed, for the purpose of
moving that the second reading be deferred for a iort-
night.

Mr. WARBURTON wished to know from the Go
vernment what was intended to be done with this Bill.
He had received information on which he believed he
might rely, that the Commissioners of Woods and
Forests hud advised her Majesty not to give her
consent to the Bill as it stood at the present mo-
ment. From this he inferred that the Bill was not to
be assented to if it interfered, in any way, with the pri-
vacy of Regent's Park. Those who had built villas
in the park had done so on the understanding that
their property would not be interfered with, and it was
most unfair that they should be subject to annoyance,
and obliged to spend money from year to year for the
purpose of protecting their property from aggression.
Lord 111ORPET El said that it had been intimated to him
that the promoters of the Bill were anxious to propose some
modification of their scheme in order to satisfy the objections
of their opponents, and under these circumstances he was not
unwilling to grant them the delay which they sought
for. He could only deal with the Bill in the shape in which
it was submitted to him.
Sir BENJAMIN HALL was anxious to know what was
the definite intention of her Majesty's Government with re-
spect to this Bill. He represented a great number of the
lessees of the ground through which the railway ran, and to
whom the faith of the Crown had been pledged, that the pri-
vacy of their dwellings should be respected.
Sir ROBERT INGLIS said, no matter what modification
was proposed, it would not meet the objection which was urged
against the Bill. He would desire that her Majesty's Govern-
ment would at once declare that they were not prepared to
assent to the Bill.
Mr. HIIME said he was very much surprised that the
Noble Lord did not at once negative the Bill. The Com-
missioners of Woods and Forests had spent 2,00 W.
or 3,0001. in beautifying the parks, which money was
very properly expended, and a railway would perfectly destroy
the villas which were erected in the neighbourhood of the
Park. The nobility would not wish to ride out, having a rail-
way ibout 40 feet off from them, the noise of which would be
most disagreeable. The House should recollect that the faith
oT the Crown was distinctly pledged that their privacy should
be respected. He hoped the Noble Lord would not postpone
the consideration of the measure, but at once reject it
Lord MORPETH said that he did not wish to use any de-
ception upon the matter. He could not advise that her Ma-
' jesty's consent should be given to the Bill under its present
circumstances. But the promoters of the Bill had some
scheme on foot by which they hoped to satisfy the objections
of the opponents. They only asked a fortnight, and he con-
sidered it would be rather hard to refuse it to them.
Dr. BOWRING quite agreed with the Noble Lord, that it
would be an ungracious thing to reject the Bill. A fortnight
was but a reasonable delay, and he did not see why the House
shouad refuse to grant it.
The second reading of the Bill was then adjourned for a
fortnight.
PRIVATE BUSINESS OF THE HOUSE.
Mr. HUI%IE moved for a Select Committee, to continue
the inquiry into the private business of the House, the expenses
attending the obtaining of all Private including all the
expenses of the opponents as well as the promoters of Bills,
and the taxing of expenses thereto. The Committee to con-
sist of Mr. Hume, Lord Granville Somerset, Sir George
Grey, Sir James Graham, Mr. Strutt, Mr. Cardwell, Mr.
Greene, Mr. Gibson Craig, Sir William Clay, Sir William
Heathcote, Mr. Esteourt, Mr. Loch, Mr. Home Drummond,
Captain Jones, and Lord Courtenay. The object which he had
in view in making the present motion, was to save time,
money, and facilitate business in regard to these Bills.
Dr. BOWRING seconded the motion.
Sir WALTER JAMES wished to knew if the retrospective
operation of Bills already passed would be inquired into.- Many
of these enactments were quite contradictory in their provision*.
In the town which he represented there were several local
Bills which clashed with each other.
Mr. HU3IE replied that cases of this kind had been already
provided for. In cases where a new Bill was sought for any
locality it was arranged that a general Bill should be passed
to repeal all previous enactments, and thus get rid of every-
thing of a contradictory character.
The motion was then agreed to.
LOAN TO IRELAND.
Mr. ROEBUCK wished to ask a question. He had under.
stood from the Noble Lord at the head of the Government,
that the 15,000,000 for the relief of Ireland was to pass the
tHookunsoewp.ht passe with the Irish poor laws. He desired now
the grant of that sum had been settled.
Sir GEORGE GREY was understood to say,.that a Bill
e was
proceeding to make a
statement called to order, and
e
ljous Se
,CwE thoe
ni
hE
must be brought in on the subject.
lliri°ljE
RAILWAY BILLS.
Mr. -ELLICE proceeded to move that all Railway Bills in
the present session be referred to the Railway Commissioners,
for their report to this House, upon the following points, pre-
viously to such Bills being considered in Committees of this
P to thei
House:—That every report so to be made upon each Bill
should state the amount of the capital proposed to be
raised, and of the loans proposed to be authorised by the
Bill ; and if, under the provisions of such Bill, any powers were
to be given to any company already incorporated, of raising
further capital or loans, or of making alterations, branches, or
extensions of their existing lines, or of purchasing or leasing
any other lines made or to be made, or of subscribing to the
capital, or guaranteeing the capital of, or amalgamating with,
other companies ; such report should also state the
powers granted by any former Act or Acts to such companies
already incorporated for any of the above purposes, and of the
manner in which, and extent to which, such powers had been
exercised ; and the reportshould further
state the opinion of
the Commissioners thereon, and also their opinion as to any
special provisions with which it may in any case be expedient
to accompany the grant of any special provisions with which it
might in any case be expedient to accompany the grant of any
powers for any of the above mentioned purposes. That every
such report be referred to the Committee of this House ap-
pointed to consider the Bill to which the same may relate.
He found that the North-Western Comrany had raised
11,000,000/. of money, and they had power to raise 16,000,0004
by way of loan, making 27,000/• of a total sum for this
000,
railway. The Great Western Company had raised 4,b00,0004
of capital, and they had power
to raise 4,500
more by way of loan, which, with the other em-
nowerrnents in their Act, for the purpose of entering
intol would enable them to raise
granteegu eases,
found that the Eastern
trpwardi of 30,000,000. He
capital of 4,200,0001.,
Counties' Railway Company had a
and powers to raise 3,4000,000/., and they also had
in
addition otber powers of raising money-
The fourth company
and
to which he would refer was that of the Manchester Leeds,-
where they had 2,000,0001. of capital, and a power to raise
1,800,0004 more, but with additional powers, the sum
to which they mis,ht extend reached some 10,000,000:.
ito be reported to
He thought that these circumstances o „u‘slit .
the House, together with the respective cues in which the
several powers were to be exercised. There were cases were
the capital stock of the company was in 100/
shares,
and yet the interest paid was upon 150".—_( Hear, hear.)
He thought that it was necessary that the capital, together with
the loans proposed to be raised should be stated, and that the
House should be put in full possession of all the circumstances
before the Bills were read a third time, as well as all the powers
which each company sought of making grants to other com-
panies, together with all amalgamations, loans, leases, and other
engagements into which they proposed to enter. There wasone
company which proposed to raise a capital of 5,000,0004 in
add:tion to that which they already. possessed. There were
several other companies weo were acting in the same way ; and
he wished to draw the attention of the House to the number of
these Bills now lying on the table, with a view to impose some
restriction upon them. He might take as an instance,
of the extensive powers sought by the old companies, that
of the Cheltenham and Oxford Railway, which was promoted
b that enormous company the Great Western Company.
They proposed to raise a capital of 1,000,000/., with
the power to raise a loan of 330,0 01., giving 'a
guarantee of five per cent. to their original subscribers.
It would be advisable to inquire what amount of funds were at
the disposal of the 'rest Western Company, over and above
the means required for the fulfilment of their present engage-
ments. There was also the Eastern Union Railway and
several others of a like nature. Tben there was the Shef-
field, Rotherham, and Doncaster Railway, the subscription
deed of which was signed by three solicitors, two engineere,
and twelve directors, who had subscribed together 192,000 ~
while the public subscribed only the sum of 30,000/. The
Bill proposed to give authority to the promoters to sell
this railway to five different companies, or to any person
or persons who might be willing to . purchase it.

There were as many various conflicting propositions for borrow-
ing money as the House could very well imagine, and it ap-
peared to him that it would be desirable that each Hill should be
investigated by the railway commissioners before it came before
a Committee of that House. Then with respect to amalgamating
there were as many different principles of amalgamation and
powers of levying as of borrowing, while there was a very dan-
gerous practice in existence to creating fictitious capitals.
That was another question which required is be examined
into, and he thought it ought to be ascertained whether
the public had to pay interest upon this fictitious
capital, as well as upon the cost of construction.
There was one base which would illustrate what lie was con-
tending for. The new North-Western had several Bills for
branches and extensions, in which the directors had pledged
the capital of the company for that purpose. In such
a case it was desirable to inquire how far such a
preceeding was in agreement with the standing orders, which
required that no pledge of the company's creditshould take place
beyond the actual capital raisod. He would offer no opinion OR
the case, but should think such a matter ought to be referred
to the Railway Commissioners. Some better system should be
brought into operation than the one which at present 7revailed.
He would not trouble the. House further on this subject, but he
must say that, in the committee on which he was engaged
himself last year, they declined to assert the reci-
procity of one guage over another. They left that
question to the Board of Trade, although there were witnesses
there to have occupied them for two or three days. He himself
was the more inclined to do this, knoeing that parties
promoting a railway had expended 150,0001. before a com-
mittee of the House of Commons, and had afterwards the mor-
tification of losing their Bill before the House of Lords, the
effect of which would be, that these matters would bo referred
to the House, or decided by an authority responsible to the
House.

On the motion being put,
Mt. HUDSON said he was not to take the least objection
to the proposition made by the Hon Member, nor was
he to enter into the details which the Honourable
Member had laid before the House ; but he
would make one or two observations on points noticed
in the speech of the Hon. Gentleman ; and, first, as to the capital
involved in the railway projects of this year. He said that last
session the capital of propused rail ways amounted to 300,003,000/.
He at that time mentioned that the capital of the lines which would
be sanctioned by Government would not exceed 100.000,000/.
and in that he was quite right, for Parliament had not
sanctioned lines to a larger amount than 90,000,0001.
He was of opinion that this session the projects passed
would involve any large amount of money, "and would
bring no extraordinary pressure on the money market.
The Right Hon. Gentleman had particularly referred to two
companies, over which he had the honour to preside, and had
he been aware that these charges were to be made he would
have come provided with the necessary information, but as it
was, he believed that he should be able, off- hand, to reply to
these charges. The Right Hon. Gentleman had stated that
the capital of the Midland Company amounted to something
ike 30,000,000/.

A notice of dissent was here made by Mr. Ellice.
Mr. HUDSON was quite willing to give the Right Hon.
Gentleman full credit for the candour and fairness with
which he intended to bring the matter before the House, but
he had understood that assertion to be made, and was prepared to
say that the capital was nothing like that sum. The whole
amount of the original capital of the Midland Company was
5,00i),000/. In 1843 they had obtained Acts which empowered
them to raise 2,000,0001. more. That would make 7,000,000/.,
znd the last year they had obtained Acts which empowered
them to raise 2,000,000/. more, and this money was to be
raised in shares. There was then the additional power to
raise 1,700,000/. on loan, making something more than
10,000,000/. In addition to this, they had leased the
Bristol and Gloucester line, with a capital of 2,000,000/., and
the Leeds and Bradford, the capital of which was 1,000,000/.,
so that the whole canital was not more than 14,000,000/.
Mr. ELLICE—Then there was the Northern line.

Mr. HUDSON—That is a property entirely and perfectly
distinct. The capital then was something like 14,0001., and it
should be recollected that when any company leased
a line they did not undertake to find the capital; they
only engaged to carry on the line when the capital
was raised. It would be very unwise in Government to
interfere with the raising of their capital. When they had
imposed all the necessary limits they might well leave the
raising of the money to the discretion of the companies. As
to putting on any direction for raising the money, he thought
it would be quite futile, for the directors were oblzed to act
accorditz to the state of the money market. Sometimes they
raised it in one way, sometimes in another, and it was a matter
well known that in the early stages of railway enterprise the
directors had frequently put themselves into positions of great
anxiety and peril, and yet had they not done so the works would
have been stopped and the public would have lost the benefit.
When the late President of the Board of Trade brought in his
Bill two or three years since the question of loans was most
fully and fairly discussed, and the conclusion was that the dif-
ferent companies were to be confined to the terms of their Acts.
He took an early opportunity of providing for the debts of
every comeany with which he was conneciec. With refe-
rence to the subject of the execution of the railways, he
begged to say that the House need be under no apprehension
upon that subject, for in all his experience he never
found the calls more readily and freely paid up.
than they now were. He had made calls to the amount of
three millions within the last three months, and he never saw
them paid up so readily as they were, even to the present
week. The dnty of the House was to take care
that the public were protected, and that the
shareholders were remunerated for the outlay of their capital,
and having done that, the Hovse might depend upon it that
the less they interfered in the management of rail-
ways the better it would be for the undertakings,
or the public, and for the House itself. With respect
of the guarantee fund, he would say that it was
necessary for the railway companies to have the power to
borrow money under a guarantee fund. In the year 1841,
the greatest difficulty existed to get the public to invest their
money even if under the guarantee of six per cent.
France was quite ready to find employment, and give good
guarantee for the capital of this country, and he therefore
warned the House net to be too ready to Interfere with the pri-
vate enterprise of England. -
After a few words of explanation from Mr. ELLIS,
:Cr R. H. INGLIS said he understood the object of the reso-
t on was to revive the same jurisdiction of the Board of Trude
that it possessed two years ago in reference to railway matters.
He, therefore, saw no objecion to the proposition. His object
in rising had mainly been to bear his testimony to the efficiency
of the labours of the former board, which had been he thought
unfairly underrated.

Lorci JOHN RUSSELL had no objection to the motion,
and thought considerable benefit might arise from the arrange-
ment proposed. The inquiries would, no doubt, be much
assisted by the reports of the Commissioners, but
it must not be supposed that the results would su-
persede the labours of the Committees. It would
be for the latter to take the inquiries forwhat they thought
them worth and act accordingly. He supported the motion,
unckr the impression that no delay would be imposed, in conse-
quence, on the railway Bills of the present session.
The motion was then agreed to.
(LEFT SITTING.)

IMPERIAL PARLIAMENT.
HOUSE OF LORDS, Feb. 22.
POOR RELIEF (IRELAND) BILL.
(Co itinuel from our third Edition of last night.)
Lord MOUNTCASHEL said, in reference to what
had fallen from the Noble Earl opposite, that the towns
in Ireland were very differently situated from those
in England, some of those places that con-
tained 3,000 or 4,000 inhabitants were to be
considered towns. He certainly agreed with the Noble
Lord, that there was a bonus held out to the proprietors
in some districts to induce them to pursue the system of
clearing the land. The effect was that a great
burden was imposed upon certain unions. He
felt that this would press most unjustly on the popu-
lation, for they would not only have to support their own
poor, but also the destitute persons that would be thrown
upon them. lie would rather the measure was ex-
tended to three years than limited to twelve months.
The Earl of RODEN had seen with great satisfaction
the excellent measures which had been introduced, he
might say so boldly, by her Majesty's Ministers for the
relief of Ireland, though he must, at the same tone, has
that he was pleased to hear that the Noble Marquis had
consented to postpone the third reading of this Bill as
the delay might allow fer any improvement of
which it was susceptible. He had only two days ago come
up from Ireland, and could bear his testimony to the suffer-
ing and distress which prevailed in Ireland. He could not
but also express his great satisfaction at the other Bill
which had been introduced—he meant that for allowing
the sale of property in Ireland to pay off mortgages;
for without that he believed that all the other measures
together would be next to useless, for it was useless to
attempt to levy a tax for the relief of the poor on the
possessors of property unless they granted this relief.
Most of the entailed estates in that country are heavily
mortgaged, and if a man was presumed to have 100,0001.
a year, the great probability was that in the majority of
cases he only enjoyed a rental of 2,0001., so that, with-
out the power to divest himself of his liabilities, they
would actually subject him to a tax, as if he
were a 100,000/. man, when in reality he was
only a 2,0001. a year man. Then as to the great
measure for the relief of the poor, he thought that some
alterations Mould be made as to the extent of the dis-
tricts; for it appeared to him that it would be most unjust
to limit the unions to the extent of the electoral districts,
and in his opinion it appeared to be better to de-
fine the districts by the size of the towns. Take, for in-
stance, a large town for a district, and then in another
part of the country combine several smaller towns into
a district, so that the population of the several districts
might bear a proportion to each other. Then, again, as
to the relief that was to be granted, he thought that
there should be some restriction to be placed upon it,
especially where the applicant for relief was the holder
of any land. In this country it would never be allowed
that relief should be given to a man who held a farm, so
long as he continued to hold that land.
The Marquis of LANSDOWNE observed that the
discussion which had just taken place referred rather to
another Bill not before the House, than to the one under
consideration ; but he thought, nevertheless, that
it would be productive of good. There had
been considerable difference of opinion, whether
the rating should fall on the union, or
the electoral division, and it was, therefore, proposed to
make this an open question for the consideration of
Parliament. With regard to towns, he was sanguine
enough to hope that a provision applicable to them would
be introduced, and which would obviate the difficulty
He wished it to be understood, however, that the clause
which had been introduced into the latter Bill by the
Noble Duke (Wellington), as to in door relief,
would be left intact, and the new principle, what-
ever arrangement may b© come to with respect
to it, would only apply. to the out door
relief proposed to be given, without food.
He had the pleasure of announcing to their Lordships,
that in order to expedite the measure which had for
its object to facilitate the sale of lands in Ireland, his
Noble and Learned Friend on the Woolsack had con-
sented to give his immediate attention to the Bill, and
to Introduce it at an early opportunity into their Lord-
ships' House, so that it, with the other measures
bearing upon Ireland, would come together before their
Lordships, appearing
to aid each other to one end—the
relief of the distress prevalent in Ireland.
The Marquis of WESTMEATH expressed his satis-
faction that the'Government had adopted the suggestion
made by the Noble. Lord not now in the Muse, as
to defining the case of the pauper, that no '
person assuming to be a pauper should continue
to hold possession of land. He begged their Lordships'
attention shortly to a remark of a Noble Lord, that the
provisions of one of the Bills proposed ought nut to
affect the holders of small tenements. He thought if it
did not, the effect would be to absorb the whole income

of the country. The intention was to give a money re-
muneration to that class of persons who had small p,,sses-
sions, and trafficked in land. '0 a k, in cu.'e it
were carried our, .0
..yr-so:
thould surreieier, wi etlo r Lk, eifef Ic;s,or, or
hAnds ofa les...oic
.hav, suoiet it? forilitminOit
resigned into the hands of a leisce, he himself might be
a pauper, or he might immediately go and sublet it
to another pauper, thereby entirely defeating their
Lordships' intention. The same remark applied to the
system of conacre, and he begged their Lordships to
consider it, for it would have the effect of absorbing the
whole income of the country.
Lord LANSDOWNE then moved that the third
reading of the Bill should he adjourned till to-morrow.
Their Lordships then adjourned.

HOUSE OF COMMONS, Feb. 22.
The SPEAKER took the Chair at Four o'clock.
THE BUDGET.

The House then resolved itself into a Committee of
Ways and Means.
The CHANCELLOR of the EXCHEQUER rose fer
the purpose of making the financial statement, and said
—Mr. Greene: Although I have little doubt but that the
importance of the subject upon which I am -now
about to address the Committee would ensure the
attention of the Committee, yet I hope I shall not appeal
to it in vain for its indulgence during the statement I
am about to make. Though unwilling to sle ink from
the performance of that duty which persons holding my
situation are bound to perform, I am afraid that I em
not very able properly to perform that task.—(Hear,
hear.) I hope, at the same time, that my inability
may be considered as my excuse if I make my state-
ment as short as may be consistent with making
it as clear as possible, and confine my observa-
tions to that which is absolutely necessary,
in order to place before the Committee the
financial state and prospects of the country.
Sir, I put this further claim to the indulgence of the
House, that it is many years. since a Chancellor of the
Exchequer has had to make so heavy a demand on the
Treasury, owing to the unfortunate state of the
country, and I hope it will be several years
before a similar calamity will render such demands
necessary.—(Hear, hear.) The Committee, however,
must be aware that the calamity which calls for this
demand is one which no prudence, either on the part of
her Majesty's Ministers, or of any Government, or
of any Legislature, could possibly have pro-
vided against.—(Cries of " Hear, hear.") It has
pleased Providence to afflict not only this country, but
a great part of Western Europe, with great dearth, and
that dearth has pressed peculiarly on that part of the
United Kingdom least able to bear it. Thousands
of suffering and famishing people, chiefly in the west
of Ireland, appeal for sympathy and assistance
to this House, and I know that that sympathy and that
assistance will be extended to them. —(Hear, hear.) Sir,
if I were only to reflect on the past, or even the pre-
sent state of the finances of the country, I cer-
tainly should say that there never was a time in
which the finances of the country were so well
able to bear the demand which has been. made upon
them.—(Cheers.) Gentlemen have now had in their
hands for some time the balance-sheet of the last quarter
By it it appears that the whole excess above the re-
payments, amounts to 916,0001., and that the entire
balance is upwards of 9,000,0001. on the year.—(Hear.)
This is the first time, I believe I may say in the memory
of those conversant with these matters, that a Chancel
lor of the Exchequer has had to deal with so large a
balance. If, in like manner, I refer to the produce
of the great articles of consumption, it would show
that the revenue derived from them has exceeded the
most sanguine expectations even of the Right Honoura-
ble Gentleman opposite, who made his financial
statement last year. If T refer to the Customs,
I find that the produce of every article
for the nine months, from April to Decem-
ber inclusive, with one single exception of those
duties which were reduced, is considerably higher than
during the corresponding nine months of the preceding
year. In like manner, if I turn to the Excise
revenue, I find that in the last year, with
the single exception of soap, which, I believe
was, owing to some accidental circumstances at the
beginning of the year, on every material article the
duty has increased—even including that branch of it on
which the Honourable and Gallant Member for Lincoln
seemed to have some misgivings—namely, post-horses.
By the return of the quarter up to the 13th of February
last, I find that there is an increase in the ordinary re-
venue, as compared with the corresponding period
of the preceding year, of nearly half a million.
We have, therefore, great reason to be thankful that
such a demand came at such a time, when we were not
unprepared to meet it.—(ilear, hear.) At the same
time, I think we ehoultl hold out fultsci,Jus hopes
if I said we were entitled to look fair a
continuance of such a season of prosperity.
Sir, I think that no person looking at the signs of the
times, can doubt that there are circumstances existing
which indicate that ve may be approaching one of those
periods when a revulsion in the prosperity of the country
will occur. Such periods of calamity occur in com-
mercial enterprises as well as in the progress of
the country. Such was the case in 1825, and again in
1836, after years of unexampled prosperity. I do not
anticipate anything like the revulsion which took place
on former occasions. I see no symptoms, and I
do not think it right to cause any fear in
the minds of parsons by the expression of
such a belief. I think the experience of former times
his not been lost up: n our merchants and traders, and
I hear from every quarter that the trade and commerce
of the country is in a sound and healthy condition. And
I am inclined to attribute such a fact to the effects of the
measures regulating the currency introduced by the
Right Hon. Baronet the Member fir Tamworth. I be-
lieve, but for the operation of that Bill, when the world
was not quite in a sober mood, we might have seen greet
distress, cons: quent upon the mania: existing. for specula-
tion, and I believe that many of those who were most
adverse to the provisions of that Bill have latterly be-
come converts to the system it c,,ntains. I attach not
only these effects to that Bill, but I believe sounder
principles and sounder notions of currency were
brought into operation, and persons were induced to
pursue a more prudent course than on former
occasions. People invested their money in the con
tame lion of railways instead of purchasing
stock and Pennsyl✓anian bonds. Great cotoinunica.ion,:,
affording employment to the people and calculated
to promote the commercial prosperity of
the country, were constructed, and I am, there-
fore, convinced, that no such results will now•
occur, as upon former occasions, but, neverthe-
less, it would be imprudent if we did not en-
deavour to be prepared: The present high prices
of provisions mu:t necessarily diminish the comforts
of the people and their power of purchasing
luxuries. Sir., the high-priced food tells on the
existence of many, but it must tell upon the com-
forts of all classes of society. lam speaking now of
this country, and am not alluding to the state of Ireland.
The result of this state of things is to diminish, among
all classes, the consumption of articles of luxury. I
have looked through the articles of Customs and
Excise, and I find that, throughout the whole,
the main articles on .which duty has been paid,
are articles of consumption for food. I find that
for the bygone year, ending sth Jan. last, there has been
paid in these departments 34,557,000/. for articles o:
food. Of this amount the article of sugar has cost
5,530,0001. The articles of wine, spirits, tea.

and coffee, 21,787,000/. ; tobacco, 4,336,000/., making a
total of 31,653,000/. This was the amount raised
on these articles ; while, on the whole, the sum of

34,557,000/. had been raised. Contemporaneously with
the high price of provisions, there has been a high
price is the raw material of one of the great
staplemanufactures—l mean the article of cotton.
Th
e result has been to produce a considerable diminu-
tion of the articles produced in this department of our
manufacturing industry. I hold in my hand a state-
ment of the mills employed, standing idle, or partially
employed from the 9th of January to the 3d of February
last respectively. On the 9(1 of January last there were
ten mills in Manchester standing idle, on the 3d of Feb,
ruary, 13; on the 9:h of January, 52 were working short
time, on the 3d of February, 58; on the 9th of
January there were fully employed, 113, on the 3d of
February, 104 ; on the 9th of January, 25,845
persons were fully employ ed, on the 3d of
February, 22,945 ; on the 9th of January, there
were working short time 11,851, on the 3d of February,
13,806; and on the 9th of January there were unem-
ployed 1,691; and on the 3.1 of February, 2,635.
Such was the condition of this branch of industry. But
the pressure occasioned by dear provisions was not alone

confined to this country; it prevailed in France-, Belgium,
Germany, and Poland ; and the effect, as might be ex-

petted, was to create a demand for bullion for foreign
purposes, aid therefore to create difficulties in
the way of commercial transactions, and to limit

the enterprise of the country.--(Hear, hear.)

I find, on referring to the state of thl Bank in February

last year and February this year, there are only
1,200,0001. less this year than during the corresponding

period la,:t year. On the 13th nt February, 1846, there
was in the Bank 13,476,0001., and on the 13th February
this yeas there are 12,299,0001. Indeed, Sir, I

am almost surprised at this, considering the amount of
bullion sent from this country, that the deficiency is not

greater, and it is in this respect satisfactoil
for there has been an enormous importatid
of corn which has contributed to the prosperit.
of the manufactures of this country, and has triaa
an enormous demand fur manufactured goods, wise)
have been sent to America and elsewhere in Mine°
for food.—(Flear.) I am happy also to find that then
is not that demand for the exportation of food whil),
there was, and I am also happy to fis°
that a great establishment in a neighbourigt
country—.l mean the Bank of France—is in a beta'il
situation than it was some time ago, because
is utterly impossible that any great circumstance
affecting the commercial prosperity of that count*
could avoid beiog felt by and reacting url,
ourselves. I think that the circumstances I have stated
time are enough to show that the present
at least a time for caution. We cannot Olt;
tinually prosper to the extent we do, and we
be prepared for less prosperous times, and no one cueht
to he too sanguine. I will now turn, which is 111°.
particularly my duty, namely, to make the finallej,l,
statement. Sir, the Right Hon. Gentleman I.lbo „
preceded me in the office I have the honour 1'
fill, made his financial statement in the month of 31111
Last year. He then said that he anticipated a sellfo
on the ordinary revenue of 76,000, and from the estli,
ordinary source of China, a surplus of 700,000/.oll°k°
altogether 776,000/. By subsequent legislation, sleAtry
grown sugar has been rendered admissible to w.. 0
country, and the result has been that in the n;;''.
months from April to December there has been to
increase of revenue en the article of sugilr be
the extent of 304,0004 The Right 11011°11/0
Gentleman anticipated a probable surplus, and o
his nett calculation made it to be about 1,0001 is
However, if Hon. Gentlemen would only refer toeei
balance-sheet issued on the sth of January, they Ift"it
find that the excess of income had so far
ceeded the Right Honourable Gentleman's sett/07/
pations that there was an excess of 2,84604
I may, perhaps, be justified in stating that whetele
period comes to which the Right Hon. Gentlemen ffi
7001
reference, his calculations will be found to turn out
eat
unfavourable for the country. I think that the eet
lations which I am about to make, based on
proceeds of the revenue on the sth of Jatitidl
last—on these proceeds lam about to state WlOO
thick the probable revenue will be for the year,
lor
'e
the ensuing sth April, 1847, to the sth, ',kis
1848. The House will see that the easel
on the Customs duties to the sth January was 20,56899 fee
and that a considerable portion of that was derivable 'e-e,
corn, somewhere about 793,000/. In conseque;ie
however, of the suspension of the duties on the inlets
tien of corn, it will be seen that we cannot ottael,
first six months expect this amount to be connenoi
What the produce of the harvest may be, we csett'S
course yet calculate; but, even supposing that nothil;100
derived to the revenue from this source, I think thetria
the increased importation in sugar a roster
added revenue will accrue from this source in the co
lo
of the succeeding year; but more than that, on thef teel
three items on which te Customs fall off in the eoetieft
the last six months for which we have a return,vise le
cheese, mild silk manufactures, I find that the inWeel
these articles has increased. I find that in the let
inenths, from April to December, the amount of 1):001
has been 201,000 cwt. in 1845, as compared with 2„1",(10
in 1846; cheese, 202,000 cwt. in 1845, as compa ; rL"turei
265.000 cwt. in 1846 and 218,000 lbs. of manuieweeff;
silk as compared with 297,00011e5. in the followiogioe
Sir, taking all these circumstances into consideratioet
believe I shall be entitled to assume that the PIO
income from Customs' duties for the ensuing years Old
be less than 20,000,0001. If trade ge,
without any material change, I believe e der
be fairly justified in assuming that the Customs
e.
will yield 20,000,0001. I have already said 01100
the beginning of the present year up to the presee The
the Customs' and Excise duties have increased. 010
increase in the Customs' in the last six weeks wssi3efe
than 245,0001. I come now to the Excise produce.B,oe
the sth January the Excise duties amounted to 13,98
oleo,
Sir, nothing can be more encouraging than the °oleo,
dinary increase that has taken place in the Excis,eepeet
during the last three or four ears, and, alhouh ;Ist,r
not the amount of the past year,t
nevegrthel;ertette
many respects, the Excise income is far more c Olt
than the Customs. I may therefore assulneloo.
some degree of certainty, that the Excise fee
for the ensuing year will be 13,700,000 h be'
the increase upon the Excise made in ther, lei
ginning of the present quarter has been e'
than 106,0001. In Ireland, too, the Excise duties t to.
increased in the course of the last year, but ti°ool4l
very considerable amount. Sir, the Stamps Pe5.00,"
in the year ending the sth of January et
I assume they will be about the sent,,
7,e00,00 e/. The Taxes and Land Assessments Price 001
4,272,0001. I know of no reason why the siPlti l lroduce the same, say, 4,270,000 Z The Proper
produced ei
5,395,3901. ; but here there is a small a_'' tee
of extraordinary payment; therefore, althougsree
Property-tax since the sth of January,
16%000/, over the corresponding period of last Ye' 0 of
will assume that the Property-tax will yield t 611006.
5,300,0001. The Post-office I will take at Wee se
amount as List year, 845,0001. ; Crown /513„-o•
120,000/. The miscellaneous items of revenue, 17t100
as increa_eur,
the sth of January, produced 427,0004 The calce"-0001
of the Right Hon. Gentleman opposite was 300' tes
A considerable sum of money had been paid fro be
fees of the House, which, in all probability, will 0%001
so large in the present session. I may call itte
from that source ; therefore I take t
make the
celleneous '' at 330,0004 This will
ordinary revenue of the financial year of
come
and 1848 amount to 52,065,000/. now den
to the expenditure. The interest of the debt.,
c' hog
and unfinided, will be 28,045,0001. The estimatea o 00,
upon the Consolidated Fund, omitting the chargesltbsi
count of the Irish distress, will be 2,522,4201;
_":Gee•
must be added that charge to which the Right 0,75,001
tlernan (Mr. Goulburn) alluded last year, viz., psis'
fer he remainder of the charges on the Irish c 0 ew&
bulary, h.therto borne by the counties of 11e Tee
making a tote!, in round numbers, of 2,700,001 e fad
amount of the Naticnal Debt and Consolidatel'orieo
charges will be 30,745,000/. The estimates in the 00 tbe
services, except the " Miscellaneous," are all urethan
then
table of the House. I, therefore, need not do In°,eill
merely allnde to some of the items. The rote ee,ol‘
For the army lee,ooo
000
The militia . 4lO,
The increase in the Commissariat
x 6,840,074
Making the whole army vote
a aril
But for the deferred estimates for the previous 'uess,
of the year, there would have been a decree Ds
was, the increase amounted to 192,000 E T1.1,81,i
estimates for the present year will be 7,577p0r
being an increase in that department of 1 hetoff
The estimates for the last two years have beetle 011
the expenditure. Later in the evening A lb
show the excess of that expenditure
,i°,00,6
year ending in April last. lam afraid, Del V'
owing to arrangements made in the earlfolof
of this year that there is a probability that thelestei
(ii:ure of the present year will exceed that antleele,
A considerable f ort ion of that increase has been to ty
necessary. We have increased the marine force obis
extent of 1,500 men, and. when my 11°11°0f the
Friend (Mr. Ward) states the naval estimates 00,
House, he will state the reason of this increase; Ole'
fully than I now intend to do; but I think it
..Ar'gpor
make this statement now. The vote for the Olen 00i
department will be 2,679,1271., which is t/ei-et,
crease over the last year of 135,558/. s'erer,
that increase, 67,2991. is due for certain e'to
which the House last year considered oughtder
placed under the head of the 'Ordnance, in orb
bring that portion of the eipenditure into P„etli
order. The remainder of the increase 16
owing to the necessity which has arisen in, re I_,
quence of the change which has taken Piels.ir
maratinae warfare by the introduction of steam-0701f1
the purpose of promoting. the defences of the ofle tb°
Sir, the Miscellaneous, the list of which is not 00000
.table, is 3,750,000/. I have left out of them sal 011
voted with regard to the relief of Ireland. I rosifjoe;
however, that 1,302,0001. is included in the Rightt
Gentleman's estimate. Compared, then, with les, 00014
there is an increase of about 397,0004 Of that 17Anwilli
is owing to a half-year's expenditure connecte"fiioet
certain provisions of the poor-law, and of protec:o.
and for the maintenance of prisoners. The rem foe
of the increase is due to the necessity for provid'"o3
the maintenance of convicts at home mate Aue t°,l
the celonies. A considerable portion is ;-0
printing and stationery for both
Parliament, which is very heavy ; s"ib° ees
t
consequence of some unexpected increase is onell
penses in connexion with the New Houses of Pact until
to which, I think, I had not better further adle-everti"l
they are before the House. The result of thesekieg / the
sums proposed to be voted is 20,831,0771., ni-a
,78,0i„7
whole ordinary expenditure for the year 51e/ gotesy
Sir, in the statement which I have made to the re'
I have omitted, purposely, all sums required for e peel.
lief of distress in Ireland, whether they ha;ioo
granted, or estimated, with the exce,P Workil
the ordinary establishment of the Board of sow
and the salaries of such officers as op,
have been employed otherwise, but who are no
Apa
gaged in the inspection of the relief commiltrederoilee
it now becomes my duty to state what I think tell:present:
on the Exchequer will be. What is material to t end upon
purpose is not what may be the ultimate de
l% pose%
us, but what may be necessary to meet torariencer,
emergency. The system which has been c
_Omen ,
last year, and continued to the present.,o rev;
is, that all the sums required for the
of public distress should be advancea, Ihrocen
Croe n. Whatever burdens may be ultimately' '
to these
on the landed property in Ireland, in respieenothieg.o.
sums, the landed proprietors have as
dPtc:er;
(Hear, hear.) They have paid, noyedtoPualbtu.,
rates, which, in 1846, amounted to 390,0001.
relief CO
have paid their subscriptions to the vel
mittees ; and I believe that large body
at
the landed proprietors have gone to a veesrtyaregre,
pease to maintain the poor upon their'ef ererks, std
now confining my statement to the rei;ee
whatever may be the expense, the Treasure'•
first instance, is advanced' from the f' , what the
precisely ,
It is :not very easy to state ill depeect
for tat /% po
amount of expenditdre may be,which we have
upon a variety of circumstances over
a...he expel:tan
control. It is easy enough to state wit nig!
WhOub__Sculll, ill Ow
in various ways, have already been. Inroi`Noreelhef
or two ago that the expense in the ne
k° after to 742,000 h
amounted to 308,000 L, and in five wee lot 06
The number of persons relieved in - vow--