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

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creased in the course of the spring—l don't
think it is right that Government securities should
be kept at a lower rate of interest than other
securities with which they have to compete—
at 6d. less—and, therefore, I propose to in-
crease the rate of interest on these securities.
The interest on Exchequer-bills is now three farthings
a day. An experiment was made to raise them by
a farthing a day, which so completely failed that it has
been abandoned. I propose to raise them to twopence,
which will make an annual expenditure of 142,0001., and I
calculate that the increased interest of debt will be
422,0001. ; so that the total ordinary expenditure,
with the addition of the loan, will make
a sum of 51,998,0001., leaving a surplus of 67,0001.
There has been this year a more than ordi-
nary source of revenue—l mean the balance of
China niuney yet unpaid from that source.—(Hear,
hear.) This is a matter of certainty, and not calcula-
tion—l expect 450,000/. There is, however, also, an
extraordinary source of expenditure of 185,0001., which
it is necessary to vote in order to cover the naval
estimates in the financial year ending in April last.
S o, therefore, adding extraordinary receipts to ordinary
income, and also adding extraordinary expenditure to
ordinary, it leaves a total

Income
Expenditure

Leaving a surplus £332,000
This was rut a very stuisfictory state of the revenue—
a state of things showi,g a consider.ble disproportion
between the income and expenditure. But it
is not our intention, in the present session of Par-
liament, to make a permanent provision on the sub-
ject, partly from the want of inforination as to the
great amount which may be required, and partly from
the necessity which may exist the next year for further
large sui plies to be adviinct:d.—(Hear, hear.) Certainly
it is my anxious desire that there may not
be r‘quir, d more decided measures to equalize
the expsnditure to the income ; but if there
should be, then, in another session, the
House must be prepared to make an addition to the

taxation of the country. I will not ask you at present •
for any peruaanenS provision; but should the necessity
continue, then I will not shrink from proposing those
measures which I may think necessary and expe.
dient for the purpose of bringing the revenue
proportionate to the expenditure.—(Hear, hear.)
At all events Hon. Gentlemen need not expect that we
shall have any revenue to spare this year.—(Hear, hear.)
_ _

And Hon. Members on bath sides of the House who

advocate, some a reduction in tea, others a reduction in
coffee, tobacco, and paper, need not expect that
we shall be able to spare any of the revenue
to meet their respective views. I throw out this
intimation, in order that no hopes or expectations
may be excited.—(Hear, hear). Now, I will take this
opportunity of answering a question which was asked
me in the earlier part of the evening, which was,
whether we intended to propose any annual duty in lieu
of the sugar duty. Ido not think there is much import-
ance in this question, because it is my intention to
take two votes—one of which I shall propose to-night—
without which it will be impossible for the ordinary
expenses of the Government to be defrayed. This year the
duty on sugar is arranged for, and next year the income-
tax will come under consideration. At present, however,
it is not my intention to propose any other duty.
—it will be the better course not to propose any annual
duties. Sir, before I sit down, I will simply say that it
is idle to talk of personal regret of that which is an evil
to the public at large, but no person can regret more sin-
cerely than I do the presentperiod of calamity:which we all
feel. It is an interruption to that course of financial and
commercial policy which has for a considerable time
prevailed, and which during the last four years has been
carried on with unexampled success.—(Hear, hear.)
It is true that the income-tax may be continued, but it
is entirely changed in its character, when it has been
made the means of governing those beneficial changes
which the Right Hon. Gentleman has proposed.—(Hear,
hear.) Ido not mean now to say that I approve or dis-

apprOve of the whole of thr7m. Noperson can
more fully concur in the general scope and policy
of those measures which relieve trade from all unnecessary
restrictions, foster the industry of the people, and make
a material addition to their comforts. Just before I
came into the House a paper was put into my hand,
which I am sure will be satisfactory to the com-
mittee, and which I hope may dispel some
portion of the gloom which my statement may
have cast on the minds of Honourable Members.
Sir, the statement which I am about to read contains a.
certain number of articles, the consumption of which
has been taken for the last four years. I have
taken those which enter most largely into
the consumption of the great body of the people,
and I think that the Committee will see from
the numbers I aria about to read how materially the
eomforts of the people have increased by the enlarged
quantities they have been enabled to consume. I first
take coffee. The consumption i❑ 1843 was 30,000,000
ins.; in 1844, it was 31.391.000 lies.; in 1843, it was
34,318,000 lbs; and in 1846, it was 36,781,000 lbs. I will
next take butter. There was entered in the year 1843,
148,000 cwt.; in 1844, 180,000 cwt.; in 1845 there were
940,000 cwt.; and in 1846, 255 000 cwt. I will next
take cheese. I❑ 1843 there were imported 166 000 cwt.;
in 1844 there were 212,000 cwt.; in 1845 there

were 258,000 cwt.; and in 1846 there were 327,000 cwt.
I shall take curreats, and I find that there were
entered ior home consumpion in the year

1843
1844
1845 309,000 „
1816
In the ankle of swr.tr I hal that there was entered
for iniport,timi in the year.
1843
1844
1845 .
1846
Now in all these articles there had been a great reduc-
tion of duty, and it will be observed that on the article
of tea—the reduction of the duty on which has been
of late so much agitated—it will be observed that
though the duty on that article has not been reduced,
yet, from other causes, the prices had been considerably
lowered, and a corresponding increase had, therefore.
taken place in the consumption. Now I find that in this
article there has been entered for home consumption in
the years
1843
1844
1845
1846
These were articles which entered largely into the con-
sumption of the great body of the people, and it must be
satisfactory to the House, and is mere especially to the
Right Hon. Gentleman opposite, to observe the increas-
ing imports of these very necessary articles. II
is very satisfactory to me that I am enabled
to make such a statement as this, because

it proves, in a very great degree, the tendency
to increased :prosperity of the country, and to extended
comforts among the labouring classes. Sir, I have now
made the statement which it was my duty to do. I hope
that I have made it clear to every one, and I have to
request that if any person has a question to put, he
teen: put it uow, as I am afraid I may
not bo able to stay longer in the House. The vote, Sirl
which I have to put into your hands, is a vote o
8,000,0001. out of the consolidated fund.
Mr. HUME wished to make one or two observations
on the statement that had just been made. He at once
admitted that the Right Hon. Gentleman had made the
case perfectly clear, and he must add that the Right
lion. Gentleman had exhibited skill and knowledge in
the statement he had mane. He could not consent
to this new grant to Ireland without he
had some pledge to compel the property of
Ireland to maintain its poor—(Hear. hear)—and he very
much regretted that the Right Hon. Gentleman had sat
down without saying one word upon the remedial mea-
sures which had already been promised.—(Hear,
hear.) He must also regret that the Right
Honourable Gentleman, after stating such undoubted
proof of the wisdom and advantages tl at have arisen
trona the liberal policy of former years, did not say one
word as to these future reforms which were so much
calculated to increase the commerce of the country.
With reference to the article of tea, he did not think
that the revenue would suffer anything by the reduction
ti the duty on that article. Of the 600,000,000 yards of
common calico sent out of this country, 180,000,000 yards
of it went to China only. He thought that by a
*eduction of the duty on tea a great increase
would be made in the quantity of consumption.
of customable and exciseable articles. He thought the
Government was taktng a one sided view of the subject
in the course they had proposed. Then, again, with
respect to the duty on copper, which amounted only to
the paltry sum of 40,0001 or 50,0001., he thought that
the country lost three times that amount by the system
of policy pursued by this country. France and the
United States were already beginning
to sme
st tdhe r the
copper because of the restrictions imp
°'
article in this country. There were also 150
which
centrein
l or 200
articles the duties uponoin ow
i
should be
swept away from the
'°l"to
T lie whole
pulley of the Government
statute
bt
seemed
Ireland. There was no doubt that the state of that coun-
tryreatest emergency; the Government
was one of the g
charge
should, however,
and take the surplus revenuefor the purpose of libe-
rating the commerce of the country, treating Ireland
by extraordinary means. Ile was quite dissatisfied with
,he policy pursued by the Government ; the
utmost freedom should be given to the coma
merce and the manufactures of the country,
lie held a statement in his hands which set forth,
that, during the last two months, a decrease of
men in full
employment, and increase of men
in half employment had
taken place in one
part of the country also; who was to support them?
as the one with Suchwhich theyan
(Hear, hear.)
had extraordinary t
o
oughtemergencyto be
met by extraordinary measures. By a great
change in their commercial policy. The surplus
balance was, he believed, 76,0001. ; this year
it was 2,800,0001., which was to be attributed to
the partial carrying out of rational and proper
measures for the extension of commercial en-
terprise ; but was not this a strong proof
that they ought to go on and remove the shackles
still imposed on trade, by promoting other
measures having for their object the promotion of
commerce unfettered by injurious restriction. He sin-
cerely hoped that such measures would be
brought forward without delay. Even the money
being spent in feeding the unemployed in
Ireland and Scotland would promote the regeneration
of the people. Certainly there was no hope
of regenerating the people of Ireland, because
they would lead them to believe that, in similar emer-
gencies, they would be supported by the state, and not
by the owners of the soil who ought to be
compelled to support them. There was more
hope for Scotland, as the proprietors had
~com. e
forward and aided them. Then every one of

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