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

flifftnin ini

LONDON, TUESDAY, FEBRUARY 23, 1847.

The House of Lords met at Five.
The Brewing from Sugar Bill was road a third time
and passed.

The third reading of the Poor Relief (Ireland) Bill
was, after a short discussion, adjourned till to-morrow,
(this day), after which their Lordships adjourned.

THE BUDGET.

At ten minutes to six o'clock, the House of Con:titans
resolved itself into a Committee-of Ways and_Means.
The CHANCELLOR of the EXCHEQUER then rose
to make the financial statement for the year, and
claimed the indu:gence of the House while be
made the statement, which he would make as short as
was consistent with clearness. It was many years since a
Chancellor of the Exchequer bad to repert such heavy
demands upon the Exchequer, but those demands were
occasioned by the dearth of food, which was a visitation
of PROVIDENCE. Thousands of starving persons in Ire-
land appealed to this country fox:sympathy and assis-
tance, and that he could not refuse. Never, however
had the finances of the country being so able to
bear these demands. For the first time there
had been no deficiency bills, and the produce of
the revenue had been sufficient to defray the expenses
of the State. In the Customs, the produce of every
article for the last nine months, had, with the exception
of articles on which duties had been reduced,
exceeded the estimate. In the Excise, with
the exception of soap, the same had taken
place. By the return of the revenue ending 13th
February last, he found an increase of nearly half a mil-
lion. But it was not to be expected that such a
state of things would continue, and after the unexampled
prosperity of the last two years he thought they were on
the vc rge of a check. lie, however, saw no symptoms
of a revulsion, but he merely feared a check, for he
thought commercial matters were on a sound basis, and
he considered that the measures for regulating the
currency, which, had been passed two years since by Sir
a PEEL, had tended to prevent such a revulsion, by
placing the currency on a sounder basis, and by inducing
investments in works at home instead of in Mississippi
stock or Pennsylvanian Bonds. He thought, therefore,
that no revulsion would follow, but still the high price
of food would tell in the diminution of comforts and the
diminution of the consumption of articles of luxury,
which were subject to Excise duties. The whole pro-
duce of Customs and Excise for the last year was
34,500,070/.; of this 5.530,0001. was contributed
by articles of food, 21,781,0001. of drink, and by
tobacco, 4,336,0001.; making 31,653,000/. out of
34,500,070/. This must have diminished
,in con-
sequence of the diminution of employment in
the manufacturing districts. On the 9th of January,
there were working full time 25,845 persons; short time,
11,851 ; and without work, in consequence of the stop-
page of mills, 1,690. On the 9th February, there were
working full time 22,949 persons ; short time, 15,862 ;
and out of work, 2,613. The drain► of bullion on the

Bank had not been so great as might have been ex-
pected. The amount of bullion was only 1,200,0004
less than it was this time twelve months. The late
CHANCELLOR of the EXCHEQUER had calculated upon
a surplus of 776,0001., the actual surplus was 2,846,0001.
including 304,0001. paid as duty on the import of
foreign sugar. lie now would state what the probable
income of the year, from sth April, 1846, to sth April,
1847, would be. Last year the duties on corn produced
793,000/. lle could not calculate upon such an amount,
still he calculated on some revenue from this source.
There had been an increase on the importation of butter,
cheese, and silk last year, consequent upon the reduction
of duty, and he calculated that this increase would con-
tinue, and he assumed that the probable revenue from
Customs during the next year would be 20,000,000/.
During the present quarter the increase of Customs
duties had been 204,0001. Up to January
the amount of Excise duties had bee❑
13,988,0001., and he reckoned for the ensuing year
an increase of 13,700,000/. The increase on the Excise
from the beginning of the quarter had been 106,000/,

and in Ireland, extending to January, there had
been an; increase. He anticipated from Stamps
a revenue of 7,500,0001., from Tuxes 4,270,0001.
from Property-tax 5,390,000/., from the Post-

office 845,0001., from] Crown Lands,

120,0001,

from miscellaneous sources of revenue 427,0001.; making
a total of ordinary revenue of 52,065,0001. The ex-

penses of the interest of the debt and the Consolidated

Fund would be 30,735,0001.; for the army, 6,840,0744;
The Navy vote would be 7,561,0001. ; the Ordnance vote

would be 2,679,1271., being an iuer.ase of 135,5681. over
the vote of last year; a great portion of which was due,
as in the case of thy Navy, to a deferred vote of last year.
The residue was owing to an increase of I,2oo:men
and to putting the ports in a state of defence. The
miscellaneous votes, exclusive of votes for Ireland, would
be 3,750,0001, being an increase of 397,000/. The in-
crease was owing to the expenses of the poor-law and
the prosecution of prison* rs, and another portion to the
increase of printing
and
Parliament. The
whole ofHouses of
stationeryt
e estimates
r wouldthe H
to 20,851,0771., making the whole ordinary expenditure
51,576,0001. Ile had purposely omitted in his statement
any at usion to grants for the relief of distress in

sumed.

Ireland; and he would now state what he thought would
be required for the distress to be advanced by the
Treasury; for:whatever the burden, it would ultimately
be thrown upon the landlords of Ireland ; hitherto they
had paid nothing, save indeed 393,0001. of poor-rates.
It was not easy to state precisely what the expenditure
required would be. In four weeks of November the ex-
penditure had been 383,0001., in December 742,000 L, in
January 772,0001. The persons relieved in October were
150,000, in November 285,000, in January 440,000, and
in February 571,000. Up to 20th February there had
been issued by the Exchequer to Ireland 2,400,0001.,
2,000,0001.,:had been issued to the Board of Works. The
expenditure for the future he expected would not fall
below a million a month. He expected to effect, however
a saving by administering relief through the medium of
the soup kitchens. He expected that many labourers
would be taken from the public works by the
working of the Bill for the Improvement of Lands,
but to work that Bill, it should be remembered that ad-
vances were to be made by the Treasury. It would be
necessary that relief should continue at least until the
next harvest, and for some short period after the
harvest, advances would be necessary. Taking all
these circumstances into consideration, he could
not estimate the advances to be made to Ireland under
8,000,0001., which, including the 2,000,0001 advanced
since August, would amount to 10,000,0001. Now, if
the 16,000,0001. proposed by the Noble Lord had been
advanced to railroads, he did not think it would be
possible to have lessened one farthing of this 10,000,0001,
and therefore he was rejoiced to see the majority by
which that measure had been rejected. Under these
circumstances, it was manifest he must, of necessity,
go into the market to borrow. The question was,
whether he should borrow the whole or only a part ;
by following the latter course, he would considerably
reduce the balance in the Exchequer, from which source
the advances had hitherto been made. This was a course
he was for many reasons unwilling to adopt, and he there-
fore: thought it more advisable to borrow the whole
rather than put any further pressure on the Bank of
England, or incapacitate the Government from making
advances to the landed proprietors of England and
Scotland. Besides, the prospects of the next her-
vest were uncertain. Hitherto we had been living
mainly upon the produce in other countries of the har.
vest of 1845. There had been entered for home con-
sumption 5,388,000 quarters of foreign corn, and he
was., confident that up to the harvest of 1847
we •should have an abundance ; but by that
time the produce of 1845 and 1846 would be
exhausted, and we should be dependent upon the pro-
duce of the harvest of 1847. The large surplus in the
Exchequer had alone hitherto enabled them to make
the necessary advances, and he felt that it
would be most imprudent to lessen that surplus
more than was absolutely necessary. Therefore
the wiser course was to borrow the money. It would
not be a permanent debt, because a considerable portion
was to be repaid out of the property of Ireland.—(A
laugh.) The next question was, whether the loan ought
to be accompanied by increased taxation. He was unwilling
to add this amount tothe debt without takingmeans forits
extinction, but he thought that during the present year
it would be imprudent to attempt_any change in taxa-
tion. The present year was an exception to all others.
If we had a good harvest there would be no necessity for
further advances, if it should be bad it would be
necessary to make a further demand on the
country for the assistance of Ireland, and there-
fore he thought it better to postpone the question
of the imposition of additional taxation. Besides, next
year it would be necessary to deal with the Income-tax,
and it would be unwise to attempt to prejudge in what
manner Parliament—a new Parliament perhaps—might
chose to ( cal with the Income-tax, he therefore thought it
best to leave the whole question open till next session. He
calculated on a surplus of 489,0001. of ordinary revenue
over expenditure. He calculated he could borrow
the 8,000,0001 at three and half per cent.,
the interest of which would be 280,0001; but
then, he calculated he should have to raise the
interest of Exchequer-bills. The interest at present
was lid. a day, and he proposed to raise it to 2d.,
which would amount to 142,0001. ; giving an in-
crease of interest of 422,0001; making the total ordinary
expenditure 51,998,000/. ; leaving a surplus of 67,0001.
From Chinese money the next year he " sh,ould receive
450,0001., but against this he must place an extraordinary
expenditure of 185,0001. to cover the excess of nayal ex-
penditure of the year ending sth April last. The total of
income, therefore, would be '52,515,0001.1 the total of
expenditure 52,183,000/.,leamitm a surplus of 332,0091.
This, he admitted, was not a satisfactosyitatement of,
income and expenditure, but -be bad stated the reitson
why he thought it not advisable to make permanent
prevision for the liquidation of the loan during the pre-
sent year ; but the country must be prepared next year;
should the necessity arise for an increase of its burdens,
to bring the revenue up to the level of the expenditure.
It was evident that he could ill spare any revenue this
year, and this must be an answer to them who proposed
a remission of duties on various articles. He had been
asked if ho intended to propose any annual duties instead
of the sugar duties. It was not his intention to do so during
this session, as in the course of next year, at all events,
they must reconsider the Income-tax. He regrette-d
exceediagly this interruption to the course of com-
mercial policy, which had been pursued during the last
four years. It was true he had opposed the Income-tax,
but it had entirely changed its character when it bad
been made the means of introducing those changes in
our commercial policy which had been intended by the
Right Hon. Gentleman opposite ; as a proof of which
he would mention the quantities of various articles of
food entered for home consumption during the years fol-
lowing 1843. Of coffee, there was entered for home
consumption, in the year 1843, 30,000,000 lbs.
1844, 31,391,000 lbs. ; 1845, 34,318,000 lbs. ; 1846,
36,781,000 lbs. Of butter, in 1843, there was entered
for home consumption, 148,000 cwt.; in 1344, 180,000
cwt.; in 1843, 240,090 cwt. ; and in 1846, 255,000 cwt.
Of cheese, the quantity entered for home consumption in
1843, was 166,000 cwt. ; 1844, 211,000 cwt. ; 1845,
258,000 cwt.; 1846, 327,000 cwt.; and yet he had
not heard that the farmers of Cheshire had been ruined.
Of currants, in 1843, there had been imported, 234,000
cwt.; 1844, 285,000 cwt. ; 1845, 309,000 cwt. ; 1846,
359 cwt. Of sugar; 1843, 4,037,000 cwt; 1844, 4,139,000
cwt. ; 1845, 4,880,000 cwt. ; 1846, 5,231,000. On all
these articles the duties had been decreased. On tea it
had remained the same, yet the quantity intended for
home consumption had increased ; in 1843, it had been
40,300,000 lbs. ; 1844, 41,369,000 lbs. ; 1845, 44,183,000
lbs. ; 1846, 46,728,000 lbs. He felt it his duty
to bear this testimony to the success of the policy of the
Right Hon. Gentleman. He concluded by proposing
pro forma a grant of 8,000,0001. out of the consolidated
fund. The Right Hon. Gentleman sat down amidst
loud cheering.
Mr. HUME objected to voting these grants to Ireland
until they were assured that the Poor-law Bill would
pass. He was also disappointed at finding that the
commercial policy of the Right Hon. Gentleman
opposite was not carried out, by devoting the
surplus revenue to carrying out that policy,
and by providing for the extraordinary ex-
penditure of Ireland by extraordinary means.
He was surprised to hear what the Right Honourable
Gentleman said about not extending taxation. There
might be no necessity for taxing England, but let Ireland
be taxed as England was. He would extend equality to
Ireland in everything, in taxation as well as the rest.
He reminded them that next year they would have to
raise the Income-tax to 10 per cent.
Mr. WILLIAMS considered the statement of the Right
lion. Member most unsatisfactory. He objected to the
large increase in the navy, army, and ordnance estimates
With regard to the loan, he would much prefer seeing
the Government giving a higher rate of interest and
borrowing at par, to borrowing below par at a lower rate
of interest.

Mr. ROEBUCK said that, looking to the manner in
which the "Irish party" had banded themselves toge-
ther against the introduction of an efficient poor-law in
Ireland, he trusted that the Houses would not consent
to any loan of 10,000,000/ for Ireland until they had
obtained security that the property of Ireland should
maintain the poor of Ireland. It was the duty of the
CHANCELLOR of the EXCHEQUER to impose an income-
tax upon Ireland, and he would himself propose the

extension of the property-tax to Ireland.
Lord JOHN RUSSELL said it would be neither wise nor
just in the present circumstances of Ireland, to impose
the Income-tax on that country. He defended the esti-

mates brought forward by the CHANCELLOR of the Ex

CHEQUER, and stated that they had been prepared with
the greatest regard to economy. The Noble Lord, on

resuming his seat was loudly cheered.
The House was subsequently addressed by Lord G.
BENTINCK, Mr. SHAW, Mr. GOULBURN, Mr. VERNON

SMITH, and several other Honourable Members.

The resolution was then agreed to, and the House re-

Several Bills were advanced a stage, and the House
adjourned at Efalf-past Twelve o'clock.

But that calamitous consequences might result
from their recurrence, we should feel disposed to
treat the recent misunderstandings in Paris as matter
merely for amusement. The aspect which these
squabbles-have assumed is of the most ludicrous de•