The Sun.
London, England, 1848-02-18 00:00:00

THE BUDGET.

Lord JOHN RUSSELL then rose for the pur-
pose of making the financial statement for the year.
The Noble Lord said that he felt his strength so
unequal to the task he had undertaken that 'he
thought it best to content himself with lay-
ing before the House the statement of the financial
state and policy of the country, leaving to a future
occasion the supporting that policybyargument.During
the last 18 months the vicissitudes of the country,
except during the time of war, had been unparralleled.
There had been a fluctuation in prices and a period
of distress induced by famine unparalleled in the
history of the country. The changes in the price of
wheat, the rate of discount, and the price of bullion
had been unparalleled. With regard to wheat, the
price in September, 1846, had been 495. per quarter ;
in January, 1847, it had been 70s. per quar-
ter ; in May, 1847, 102 s. per quarter, and
in September, 1847, it had again fallen to 495. 6d. a
quarter, being, within 6d., the same price as in
September, 1846. Then with regard to the rate of
discount :—ln November, 1846, it had been 3 per
cent.; in April, 1847, 5 per cent. ; in October, 8 per
cent. ; and in January, 1848, it was 4 per
cent. The amount of bullion on the 10th
of October, 1846, was 15,780,5001. ; in September,
1847, 7,865,415/. ; and in Feb., 1848, 13,821,7501.
Then, again, in the manufacturing districts, the num-
ber of persons in full work in Feb. 1846 was 16,898 ;
in July, 14,865 ; and in Feb. 1847, 32,142. Of
persons working half time, the number had been, in
February, 1847, 13,404 ; in November, 5,517 ;
and in February, 1848, 4,901; while ou6 of oui-
ploy there had been, in February, 1846, 5,600;
in November, 11,616/. ; and in February, 7,5141.
These fluctuations must have necessarily greatly
affected the public revenue. When the late Govern-
ment went out of office they had in many instances
only taken votes for three quarters of a year instead
of the whole year, thereby throwing or adding
an additional quarter to the estimates. Last year
there was an increase in the estimates of
522,7001., but the actual increase only amounted to
304,2001., which was :he amount for which the pre-
sent Government was responsible. Then with regard
to the increase, the present Government had altered
the sugar duties, and in consequence of that alteration
the revenue for sugar, which in 1845 had amounted
to 3,574,0001., amounted in 1847 to 4,414,000/.
On the balance sheet for the year there was exhi-
bited a balance of revenue over expenditure of
2,956,7821., but deducting the advances made to Ire-
land on account of the famine, and the China mcney
paid the year preceding, the actual defi-
ciency :was 981,6831. Ile would state the
amount at which the revenue was estimated for the
ensuing year. He estimated the total revenue for the
ensuing year from existing sources of taxation at
51,362,0601.Fr0m the customs:he expectedl9,774,o6o/.;
excise, 13,050,340/. ; stamps, 7,150,000/. ; taxes,
4,340,000/.; property-tax, 4,340,0001. ; post-office
923,0001.; crown 1and5,60,000!.; miscellaneous,32o,oool
There had been an increase in the revenue from
sugar, rum, and molasses of 642,254/., butter of
16,9211. and cheese of 7,650/. There had been a defi-
ciency in the duties on malt spirits of 1,359,0001.
The expenditure had amounted to 51,567/.
He proposed to take the Customs for the
ensuing year at 19,750,000/., Excise at
13,00,0001., stage coaches 500,000/., stamps 7,500,0001.
taxes 4,340,000/., income-tax 5,200,000/., Post-office
at 900,000/., Crown lands 60,000/., miscellaneous at
300,0001. The whole amount of the revenue, ac-
cording to this estimate, would be 51,250,000/.
Taking the expenditure voted at 52,315,7091., and
the receipt at 51,250,0001., there would be a defi-
ciency of 1,065,709/. But there is a large sum to
be voted for the excess of expenditure in April,
1847, and a sum of 10,000/. for the Kafir war,
and taking these at 1,340,1081., there will re a
deficiency of 2,411,000/. He laid this condition
of the finances early before the House that the House
might consider the state of the finances and the cir-
cumstances of the country, in order that they
might determine upon what course was most
befitting. All he should do would be to state
that course which the Government considered most
advisable, leaving it to the— House to determine
whether the course the Government proposed was
the best, or whether there was another that might
seem most advisable. Either they must supply the
deficiency by taxation, or make great reductions in
their establishments.—(Hear, hear.) He thought
it as well to state on this occasion the opinions of the
Government on the subject of the national defences.
Extreme opinions had been promulgated on both
sides. On one side it had been said that we should
find ourselves suddenly involved in war with coun-
tries who had made great military preparations,
preparations which we could not meet. On
the other it had been said that all foreign
powers were inclined to peace, and that if we
reduced our armaments they would reduce theirs.
On the part of the Government he would guard him-
self against the supposition that there was anything
in our foreign relations, more especially in our re-
lations with France, lo cause any apprehension of a
rupture. for he was more impressed than ever with
the necessity of maintaining peace between these two
great representative Powers, France and England.—
(Cheers,) And he trusted that henceforth these re-
lations 'would be of the most amicable nature.
Yet be found it stated in a recent French publication
that the Duke of Wellington had thought it neces-
sary to make a pamphleteering answer to the
Prince de Joinville. Now, he knew that nothing
had given the Duke of Wellington greater
pain than the publicity which had been given
to his letter. The Duke had from time
to time, and did from time to time com-
municated to the Government his opinion on the
national defences ; but nothing was further from his
desire than to influence any animosities between this
and other countries. With the patriotism of the
Duke of Wellington there had always been joined
an opinion that the power and. independence
of this country should be maintained as a
guarantee of the independence of other states. No
man could blame the Duke for having stated his
sentiments in the manner in which he had done, and
he should not have alluded to them had he not had
the misfortune to differ from the Duke on some
points, and to know that not only abroad, but
in this country, the Duke had been misunderstood.
War was unhappily a contingency against which it
was impposible to guard. If forbearance had not
been shown on both sides we might have been in-
volved in war with the United States as well as with
France, in spite of the efforts of Governments, in
consequence of the susceptibility of the different
nations. However tranquil, therefore, the atmos•
phere might be there might at any time arise a storm ;
and when he recollected that Mr. Pitt, with all his
sagacity, foretold a long continuance of peace
only a few months before the outbreak of the revo-
lutionary war, he could not venture to think that
there was no possibility of war. Then, with regard
to the probability of invasion. Within the last
three hundred years there had been instances in
which the elements had stood our friends, and
had dispersed armaments destined fer our destruction.
Since 1815' steam had enabled seamen to set the
elements at defiance, and this would lead hostile
powers to consider this country more open to inva-
sion. It was also true that since 1830, under a King
who was a sincere lover of peace, there
had been a large increase in the naval
force of France It was intended to defend
large colonial possessions, and to protect a large
foreign commerce. There had been a great increase
both in the sailing vessels, the steamers, and the
amount voted for seamen in France in
1847 as compared with 1837. For in-
stance, in 1837 there were 153 French ships
afloat, and in 1847 there were 216, of which 66
were steamers. In 1837, 2,000,0001. had been voted
for the naval service of France, in 1847 it had been
3,582,520/. It had been reproached to the Govern-
wont that they had made no adequate preparations.;