The Sun.
London, England, 1840-05-16 00:00:00

EVENING EDITION.

am as yet unacquainted with it.--( Hear, hear, hear.) The
personal inconvenience it has occasioned to myself, of.
course I should regard with indifference; but as respects
the public service, it places me in this inconvenient pool-
tition that it is my duty to discuss now--not in my own
office—not as ought to be the cave, the Chancellor of the
Exchequer discussing with the heads of the various depart-
ments the estimate of the Revenue—but I have to come be-
fore you in this public manner and state what I consider the
amount upon estimates which I, as Chancellor of the Exche-
quer, did not see.--( Hear.) This is a most inconvenient
proceeding.—.( Hear, hear)—at the same time I trust the
House will bear with me patiently in struggling with this
difficulty, which is not of my seeking—( Hear)—but it is
my duty to lay before you that estimate which I am pre-
pared to be responsible for, and I cannot feel myself jus-
tified in shrinking from that duty by any return which has
been laid upon the table, I think most improperly.—
( Loud cries of " Hear.") Sir,'l beg to he understood. In
the fist place, it is well known that the parties at the
head of the revenue departments naturally feel a satisfac-
tion if in course of making the estimate for the next
year they find that they have understated it.—
But I would beg of the House to consider that when
you have the estimates from four different departments,
each department calculates the risk, hut not the expecta-
tion. Take one case. It is an old Treasary rule, which I
heard first from a Right Hon. Gentleman opposite, that,
as regards the Corn-duty and the Malt-duty, they were
looked on as balancing one another ; that if there is
a bad corn year, you receive the revenue in the shape
of the corn, which falls off in your malt.---( Hear. )
But if it were a good corn year you cease to receive a re-
venue in the shape of a corn-tax, but if the malt duty in-
creased, it naturally followed that you would not receive the
same amount of duty as in the former yeer. But, on the
other hand, the Excise by no means estimates what sort of
season you might have, but finding a certain amount to
have been received in the last year, they take no account of
the addition which might arise in the malt duty. Aed.
betweru these two stools I lose that part of the income,
which is a fluctuating income between the duties on
corn and malt. lamby no means complaining of
these gentlemen; I know how painful the task was which
was imposed on them by their office.—( Hear, hear, hear.)
We have already passed a quarter of a year for which they
estimated. The Right Hon. Gentleman opposite called
for estimates from the sth of January, 1840, to the sth of
January, 1841, as compared with the former leas—.
re:.t the financial year,, but the actual year, which
would be from the sth of April. 1 have now the
means of guessing whether the impression which I enter-
tained—not impression, but, in fact, conviction, of a cal-
culatiori more favourable than that which was estimated
by the departments. I have now the means of guessing
whether the impression on my mind is not justified by the
actual result. I hold in my hand the return of the last
quarter ending the sth of April, 1840, -iss compared
well the corresponding quarter of the last year.
In the quarter ending the sth of April, 1830, the Cup-
tems, Excise, Stamps, and Taxes, amount to 8,069,0013/.
In the same sources of revenue in the quarter ending
sth of April, 1840, 'the returns show 8,339,0004
( Cheers)—being an increase in these tour sources of
revenue—not as calculated of 400,000/. on the year, but
of 270,000/. or. the quarter.—( Hear.) And it includes the
whole of the Revenue, Post-office and all.—( Hear.)
In the estimate which goes by the name of the Right
Hon. Gentleman opposite, as a memorial of his exertious,
there is calculated a loss of 1,470,0001. ; but in the first
quarter instead of the deficiency being at that rate, in-
cluding the Post-Office and ail, it amounts to the
enormous loss of 2631.—( Cheers and loud laughter.)
I know the Right lion. Gentleman did not calculate upon
that result.—( Hear, and a laugh.) I admit that it was
difficult, if not impossible, at the time to make an accurate
calculation; bit theme are other reasons which induce me
to take a more favourable view of the income than that
laid ups,n the table in answer to the motion of the
Right Honourable Gentleman. I am now about,
Si -, to place before the House a deficient reve-
nue, and I ant about to call upon the House
to take thoio measures which I consider absolutely neces-
sary to give stability to the revenue of this country, and
to its financial position. In so doing, I feel it my duty
not to take undoubtedly an unsanguine view of our re-
sources ; but, on the other hand, when I am about to in-
crease the l.urdens of the people, it is not to be framed upon
ate estimate which may have been laid upon the table, uor
is it because I may have been frightened by any set of
figures from whatever quarter it come, that I should be
justified in asking that more burdens shoul-J be laid
upon the country than I consider are absolutely neces-
sary. Therefore, I do not conceal from the House
that if it were possible that this was a case where
I had to take off a duty, it might be that, as
a measure of caution, I might take these estimates, and
act upon them, being perfectly sure that if the reduction
did not take place this year, it would in the next, and that
there would be a mere postponement of the boon. But
when I come to deal with it the other way, and
levy burdens on the people, I think this House
and the Minister of the Crown is bound to
bring before it, not what he considers the probable
revenge but that which is a fair estimate, and which might
be considered such as a practical man would go upon.
Ou the,c grounds, Sir, I shall be prepared to
take the amount of the revenue for the future
year from the four great sources of revenue, Customs.
Excise, Stamps, and Testes, at the same amount as it was
during the last year. Looking at the conditioa of the
country, and having communicated with the various
departments. I do not see sufficient grounds which
would juntify me in supposing that in the course
of the next year the sources of revenue are likely
to exceed the amount of last year.--( Hear, hear.)
With regard to the Post-office, I propose to take the
estimate given in by the Post-office authorities. I consider
that now e c have had some experience in the working of the
new system, I may take a more sanguine view of the subject
tits', the Right Hon. Gentleman opposite, who told me the
Post-office was not paying its way. I say, Sir, that
I take a more sanguine view than that; at the
same time I do no see any sufficient reasons to
alter the statements sent in by the Post-office authorities
for the current year. My expectation always has been
that at the first commencement there would be a con-
siderable temporary increase of the correspondence, but
that when the honey-moon was over--( Hear, hear, and
a laugh)—it would drop back to the common practical
habit of ;ffe, and that afterwards there would be a turn, and
a steady and continued increase. Ido not believe that the
estimate of the Post-office authorities was at all overrated.
I believe, therefore, as far as we have hitherto gone, it is
not to be considered as an unfavourable result, and that
the estimate of 530,0001., wh!ch has been checked
by others more sanguine than myself, is a fair esti-
mate to lay before the Huse, for I think I
see already the turn which I expected. The
amount, therefore, taking the Customs, Excise, Stamps.,
and Taxes, I think we may put at the amount received last
year. The Post-office, as I have said, 530,000/. ; Crown
Lat,ds,l07,000/. ;
whole amount of our estimated income is 47,034,0001.
I think, however, I am here bound in justice not
to conceal from the House that there may be a
deduction arising from circumstances with which the
House is acquainted The House is aware that so late as
the psriod when Earl Grey was at the head of the Govern-
ment, negotiations were making for a commercial treaty
wi!li France, and that my Honourable Friend the
President of the Board of Trade arrived in Paris,
hoping to carry that treaty into effect, but that
negotiation failed ; but negotiations are now go.
ing forward, which are likely to be attended with a more
favourable result titan those which have been hitherto
attempted.—( Hear, hear.) The House must not expect
that we can obtain markets for the products of our own
industry without en the other hand giving foreign countries
a corresponding advantage.--( Hear. ) It is not my duty,
but on the contrary it is right I should avoid going
into details of negotiations now going forward; but at the
same tin c, when laying before the House what income is
expected during a future year, I think it would not be
fair if I deceived them with an expectation that the
Commercial Treaty, if carried into effect, would not
produce an effect on the revenue. It is impossible
accurately to state what deficiency that might cause,
but I have taker, it in my calculations at 300,0001.
There is another point, Sir, of a very small character, but
but it one which if the House will suriction a measure which
I intend tr. recommend, although little, a ill amount to some-
thing, it is vary small, but it relates to a class of persons who
through no fault of their own are placed in a situation of
considerable difficulty and distress. I allude to the pest-
masters.—( Cheers.) I ant afraid that when lion. Gen-
tlemen are made aware how small the boon I intend to
give is they will not receive it with such acclama-
tion. These gentlemen have represented to me that
they are in this state. They are obliged for the accom-
modation of the public to keep post-chaises ar.d carriages,
for which they receive little remuneration, but for which,
they are heavily taxed, and they represented to me, that by
a reduction of the duties imposed upon them, they might look
to the opening of fresh lines of communication for compensa-
tion. le that sense only, Sir, I have been enabled to propose
that in place of those duties-51. 3s. upon Hackney ear-
' ri iges, 41. 10,,. upon four-wheeled carriages, and 3/. upon
those with two wheels, let cut for hire, I intend to pro-
pose that in future the duty should he 3/. upon each
class. I am aware, Sir, that is a very small re-
duction, but it is as much as I in the present cir-
cumstances dare propose. Deducting the 300,0001- and
making allowance for the proposed reduction, that will re-
duce the expected income to 46,700,000/. upon whicb'the
Muse may rely in the course of the present year.
The expenditure which I have already
at stated
It, at
t
40,434 000/ , and the income, as.l have now
VI, -00, 000/ leaves a deficiency of 2,73.2,0001. estimated
aortedpre t;
) a pre-
pared—her h expenditureer MoasiTerstyi,nsconGieo.vermuNeonwt,
arSei rl am n
not prep
recommend to Parliament to provide for this deficiency by
are new system of loan. So far as that expenditure
merelyi of a temporary character, it might be a
Is übj ct let your consideration how far it might be
temporary means. I admit that you may
nedeallt by
w ith the question of China, and consider
that of Canada as of a temporary character, and it
might be proper to meet them by temporary means;
but when you find that, after the deduction of the
vote of eOO,OOO/. taken for those services, you
still lease a deficit of the income on the expen-
diture of 2,732,000/., I ant not prepared, however disa-
greeable and unpopular the duty otherwise will be—l am
not prepsred to advise Parliament to attempt to make
provision for that deficiency, which we must equally ex-
pect in future years, by temporary means, which
would be no other than staving off the evil day.
I therefore must now proceed to recommend those mea-
sures which her Majesty'; Government have decided
upon with a view of making up the income of the country
fairly equal to the expenditure. la doing so I beg to be
understo( d. I sin inclined to think the expense
both in Canada and China, is an expenditure of a tempo-
rary character, and I can place that expenditure, by
_the
t:
proposal I have to make, on a fair footing with rbefrisled,
the other items of expenditure ; but I am
that if the public affairs continue to go
that ontahseyl twruil.etl
there is every reason to expect
in a future year we may not havetich I
shall have to pro.
In dealing with the measure o call for that expedient.
h
pose to meet ties deficisney,wl shall begin with stating