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

occur, as upon former occasions, but, neverthe-
less, it would be imprudent if we did not cn-
deavour to be prepared. The present high state
of pi ()vision must 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 January last, there has been
paid in these departments 34,553,0001. for articles of
food. Of this amount the article of sugar has cost
5,530,0001. The articles of wine, spirits, tea,
and coffee, 21,785,0001. ; beer, 4,333,0001., making a
total of 31,653,0001. This was the amount raised
on these articles ; while, on the whole, the sum of
34,653,0001. had been raised. Contemporaneously with
the high price of provisions, there has been a high
price in the raw material of one of the great
staple manufactures—l mean the article of cotton
The 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 on the 9th of January, and the 3d of February
last respectively. On the 9th of January last there
to mills in Manchester standing idle on the 3d of Feb-
ruary, 13; on the 9th of January, 52 were working short
time; on the 3d of February, 58; on the 9th of
January there were fully employed, 133 ; on the 3rd of
February, 124 ; on the 9th of January, 25,849
persons were fully employed ; on the 3rd of
February, 22,945 ; on the 9th of January, there
were working short time 11,851; on the 3d of February,
13,816; and on the 9th of January there were unem-
ployed 1,619; and on the 3d of February, 2,619.
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-
pected, was to create a demand for bullion for foreign
purposes, and 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 the Bank in February
last year and February this year, there are only
1,200,0001. less thir year than during the corresponding
period last year. On the 13th of February, 1846, there
was in the Bank 13,476,0001., and on the 13th February
this year there are 22,299,000. 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 satisfactory)
for there has been an enormous importation
of corn which has contributed to the prosperity
of the manufactures of this country, and has made
an enormous demand for manufactured goods, which
havd been sent to America and elsewhere in payment
for food.—(Hear.) I am happy also to find that there
is not that demand for the exportation of food which
there was, and I am; also happy to find
that a great establishment in a neighbouring
country—l mean the Bank of France—is in a better
situation than it was some time ago, because it
is utterly impossible that any great circumstance
affecting the commercial prosperity of that country,
could avoid being felt by and reacting upon
ourselves. I think that the circumstances I have stated
are enough to show that the present time is,
at least a, time for caution. We cannot con-
tintinually prosper to the extent we do, and we must
be prepared for less prosperous times, and no one ought
to be too sanguine. I will now turn which is more
particularly my duty, namely, to make the financial
statement. Sir, the Right Hon. Gentleman who
preceded me in the office I have the honour to
fill, made his financial statement in the month of May
last year. He then said that he anticipated a surplus
on the ordinary revenue of 76,000, and from the extra-
ordinary source of China, a surplus of 700,0001., making
altogether 776,0001: By subsequent legislation, slave
grown sugar has been rendered admissable, to this
country, and the result has been that in the nine,
months from April to December there has been an
increase of revenue on the article of sugar to
the extent of 304,0002 The Right Honourable
Gentleman anticipated a probable surplus, and by
bis nett calculation made it to be 1,500,0001.
. [LEFT SPEAKING.]