The Sun.
London, England, 1847-02-22 00:00:00

proposed to be raised, but also for discharging a pelt°
of the debt before a long period. I was exceedirgly sir
willing, even to the amount which I have named, to it"
crease the amount of the permanent debt, without mal°
some immediate provision for its extinction bef°t.
lone. ; I was unwilling to add even this smog!
to the permanent debt, but, on the other hand, tiler,
were many reasons which induced me to pause beforel,
determined on the adoption of that course. In the fis7,
place, among many other reasons, the present year!,
one in which it would be most unfortunate to atteaS
any alteration in the taxation of the country. Ere,_2l
body knows that a season of great taxation invarieJ_
induces stagnation of trade. In proof of that assertion
compare the first quarter of the year 1846 and the
quarter of the present year. In the last year the repo.
of the corn-laws and other duties was hanging over to
commerce of the country, thereby causing V:
uncertainty in commercial matters. In the present ye,
all agitation has beed suspended, commerce has beet'.
thrown open, and, as I have already stated, a rein°
able increase in the Customs' and Excise has 11:
made in consequence in the corresponding cluahrsti.
of the last and present years. Further than t
I think no inconsiderable weight is 0 be
tached to the consideration mentioned before, flan'
with reference to the amount which the GovernTe_
may ultimately have to obtain. If, as I hope, the
.1,0;
vest of the next year turns out a plentiful one-1400.
I hope from one source or another, employment, t
means of subzistence, be provided for the suffering rf,iioy
of Ireland, then in such case the present demand now In;
fur the loan may not be required. If, however, upon 1; i
contrary, the produce of the harvest should be defiCien
if there should be again a failure of the potato crop alio
of the grunt imported from elsewhere, or grown in
country, should be a high price and dear, then it willrtho
hecessary for the country to come forward and sss'9"for
starving population of the country, and allowing
ther demand to be made upon the public resources of
country, I hope, before Parliament meets agr-of
that I shall be able to inform them ,00
the prosperous state of the country, in conneSio
with the harvests. I think, therefore, that it is bett.e.tod
postpone dealing with the question of iner`-the
taxation until we can deal with it with Ls.
full knowledge of the existing circtlMlß•ati
Hon. Gentlemen must be aware that in the nett
of Parliament it will be necessary to deal withs
question of the renewal of the income-tax. Next J;etit
that question must be dealt with. If tal,s.llo
was to be increased this year, that is one of tial
~ources of revenue to which one would naturally
as a fit tax to repeal, but I think it would be extrvw-_ll
unwise to deal with it this year—to prejudge parlislif,
—a new Parliament, perhaps. It is for these reasons/ tho
that it would be well if I could this year provide f0r,41
loans out of the ordinary revenue, but I propose Toy
big a more prudent course, and not increasing the.
Lion in the present year, but leaving that quest'o2ol
be dealt with next year. Now, Sir, I have sin'
stated that the ordinary revenue was 52,065,
that the ordinary expenditure was 51,576,0001., 16/0
therefore a surplus of 489,0001. Now, Sir, 0511.10
that I borrow 9,000,0001, what will be annual interesot
that amount ? Of course it is obvious that at 3 perd
the interest would be 240,0001.; at 3f, 280,0001.;
320,000/. Sir, I have no doubt in the world of
1v
able to borrow that amount at —(Cheers)-17.0
fore the interest will be 280,0001.; but I am afro Sir, that that is not the only demand whi,clefeA
be made upon us in the shape of In
oft
for there is another description of debt
_{cif
which, after the last inquiries I have been able to Tit/
I regret to say that I feel myself under the neeessioll
raising the interest upon Exchequer bills. ~,iftst
are many reasons which have led to a depression e'if
in that description of security in the markets.
rate of interest on all money has already re
raised--and I don't think it is an WV it.
assumption to say that it will be furthetpit
creased in the course of the spring-4 boll
think it is right that Government securities 500
be kept at a lower rate of interest than
~,se
securities with which they have to coins
at 6d. less—and, therefore, I propose °ill.
crease the rate of interest on these seentbitig
The interest on Exchequer-bills is now three fat'ai
a day. An experiment was made to raise theito
a farthing a day, which so completely failed that_ son
been abandoned. I propose to raise them to tweroll
which will make an annual expenditure of 142,000Ltt0 SO
calculate that the increased interest of debt lost
422,000/. ; so that the total ordinary expert Doge
with the addition of the loan, will 0,00:
a sum of 51,998,0001, leaving a sufptts 0f °Pi
There has been this year a more than °
nary source of revenue. I mean the by4"jest'
China money yet unpaid from that source:7;lolr
hear.) This is a Matter of certainty, and sotouo, bo
tion—l expect 450,000/. There is, howeverwhicti
extraordinary source of expenditure of 185 Athens/.
l
it is necessary to vote in order to c9ler Alva I°_,,
estimates in the financial year ending in
So, therefore, adding extraordinary receipts
income, and also adding extraordinary expend!
ordinary, it leaves a total
Income
52 183.000
Expenditure
to
..or.cl.„finesza

Leaving a surplus £332,000
reveal
This was not a very satisfactory state of the 4
A state of things showing a considerable disprtet ic
between the income and expenditure. -1-7por
is not our intention, in the present session itiv
liament, to make a permanent provision on the the
ject; partly from the want of information
as, 1001
great amount which may be required; and partliet
the necessity which may exist the next year for 0-a
large suiplies to be advanced.—(Hear, hear.) Cetlot
it is my anxious desire that there 1135 Y „slit/
be mph', d more decided measures to eq",l,-
ed
the expenditure to the income ; but if -$llB
should be, then, in another session, the
House must be prepared to make an addition t°
taxation of the country. I will not ask you at preji
for any permanent provision, but should the neeeL#
continue, then I will not shrink from proposinf isi
measures which I may think necessary and oetis
dient for the purpose of bringing the re 0)
proportionate to the expenditure. (Hear, Set el
At all events Hon. Gentlemen need not expect °blies!)
shall have any revenue to spare this year.—(neell, 10°
And Hon. Members on both sides of the 110t1"700 .
advocate, some a reduction in tea, others a redaeti test
coffee, tobacco, and paper, need not exPtd
we shall be able to spare any of the resfetbil
to meet their respective views. I throW o 0 pale
intimation, in order that no hopes or exPec-e
may be excited.—(Hear, hear). Now, I will °"kolce'
opportunity of answering a question which Was
11
me in the earlier part of the evening, wh`c,,eli,ed
whether we intended to to propose any annual duLtiopel:;
of the sugar duty. Ido not think there is nineulfee;
ante in this qustion, because it is my inte:veligP4
take two votes—one of which I shall propose wdiew
without which it will be impossible for the or
anee
expenses to the Government to be defrayed. This tecelejr
duty on sugar is arranged for, and next year theLtwe
tax will come under consideration. At present, "" (111$
it is not my intention to propose any other
O
—it will be the better course not to propose ncit, test panel
duties. Sir, before I sit down, I will simply salao el"
is idle to talk of personal regret of that which is .5
to the public at large, but no person can regret me we 0 4
cerely than Ido the presentperied of calamity:whicial?2,o
feel. It is an interruption to that course of fine%
commercial policy which, has for a considerable oec
prevailed, and which during the last four years hliest';
carried on with unexampled success.—(Heer'airOj
restrictions, foster the industry of the people, onaote,
a material addition to their comforts. Just u" bar,
came into the House a paper was put into 01 con
which I am sure will be satisfactory to 0,"
mittee, and which I hope may dispel t 051
portion of the gloom which my atatetee;
have cast on the minds of Honourable o'etoiSsi
Sir, the statement which I am about to read CO orlii,fic
certain number of articles, the consumption 0' be
otO
has been taken for the last four years. ,„
taken those which enter most largely eer"
the consumption of the great body of the P
and I think that the Committee will see
riii:;6l,
the numbers I am about to read how mater
comforts of the people have increased by the e Or_ito
quantities they have been enabled to consume• mior,
take coffee. The consumption in 1843 was 30,v.3 A!1
lbs.; in 1844, it was 31,391,000 lbs.; in 1843, 'VP,
34,318,000 lbs; and in 1846, it was 36,781,000 lbs. 18450
next take butter. There was entered in the yeas,tee ;
148,000 cwt.; in 1844, 180,000 cwt.; in 1845 thF,lO%,
240,000 cwt.; and in 1848, 255,000 cwt. I vfl', (301
take cheese. In 1843 there were.imported 166,00v01v
in 1844 there were 212,000 cwt.; in 1845
were 258,000 cwt.; and in 1846 there were 327,000iete
I shall now take currents, and I find that there
entered for home consumption in the year
1843
1844
1845
1846
In the article of sugar I find that there W 1 en
for importation in the year.
1843
1844
1845 .
1846
Now in all these articles there had been a got 041 c „
Lion of duty, and it will be observed that on tue hee"
' I°6 test
of tea—the reduction of the duty on which red
of late so much agitated—it will be observreducell+
though the duty on that article has not heell sidersh2
yet, from other causes, the prices had been contberefoi
lowered, and a corresponding increase is tilat
taken place in the consumption. Now I find'„tion '-
article there has been entered for home con
the years
1843
1844
1845
1846 - c
tO be
These were articles which entered largely tops,
,he
gumption of the great body of the people, an
,41,, to
satisfactory to the House, and is more esPecrbellicrnt
44,183,000111i:9S:
op.
Right Hon. Gentleman opposite, to observe A
wig, We,.
ing imports of these very necessary ens 0
is very satisfactory to me that I am bolt'
to make such a statement as this' Aden
tedeo
it proves, in a very great degree, the
d to ex/eri
to increased :prosperity of ahe country, and
comforts among the labouring classes. Sir, do, I bore
duty tang I have to
made the statement which it was nay
that I have made it clear to every elleaaun to rit;,,y
request that if any person has a quelraidl
will put it now, as I am au The votes el
not be able to stay longer in the House. • a vote
which I have to put into your hands'
8,000,0001. out of the consolidated fund.
_bseroti
Mr. HUME wished to make one or tiv.o uge at 01.14
on the statement that had just been mane: .„ade
admitted that the Right Ken. andel:eon had