The Sun.
London, England, 1848-08-26 00:00:00

ways—improving their character, at the same time that they
are improving their condition.— (Hear, hear.) Having thus
stated the sums with which the consolidated fund is charge-
able at present, I have now to state that the plan which I
propose for meeting the deficiency of 2,000,0001. is this—
viz., to replace that sum in the Treasury by borrowing in
the market. en reverting to the last occasion on which
such a measure was necessary, I find that in the year 1842
this course was taken. In that year the estimated deficiency
of income from the repeal and reduction of duties and other
causes was 3,780,000/. • The estimated amount of taxes
imposed was 4,300,000/. Deducting one-half of the income-
tax not receivable within the year, 1,850,0001, the amount
receivable within the year was 2,450,000/. The probable
deficiency in April 5, 1843, was 1,330,0001 The actual de-
ficiency, however, was 2,421,000. Now the course taken at
that time to meet the deficiency was to borrow money by
issuing deficiency bills; and to such an extent was this
done that on the sth of January, 1843, the sum borrowed
amounted to 8,560,729/. ; and in the course of the ensuing
April the amount borrowed was 7,549,440/. Such was the
provision for meeting the deficiency of income in 1842.
On the 29th of April, 1844, I find the then Chancellor of the
Exchequer (Mr. Goulburn), stating to the House that that
deficiency had been completely extinguished by the surplus
of the succeeding years. The Right Hon. Gentleman said :
" It will be in the recollection of the House that, at the close
of the last year, I had to announce to the House the fact of
a very considerable deficiency of income. I recommended to
the House to make no provision whatever for the payment
of that deficiency,—not to raise money by loan for the pur-
pose of getting rid of it, but to leave it to be defrayed out of
the surpluses of future years, as circumstances might from
time to time allow. And lam now happy to announce to
the House that the deficit of last year, amounting altogether
to 2,749,0001., has been cleared off and discharged out of the
produce of the revenue of the present year." Now, Ido not
mean to disguise from the House that this is a dangerous
course to pursue, and that but for the state of affairs at home
and abroad would not be at all justifiable. In proposing this
course on the present occasion, I find I am only doing that
which the Right Hon. Gentleman the Member for Tam-
worth did in 1841. I find that on that occasion the
money raised to satisfy grants on supply and interest on Ex-
chequer-bills was 2,467,4321. I propose in the same way to
meat the deficiency of the present year by taking power to
raise the amount by the issue of Exchequer-bills and the
sale of stock. No person feels more than msyelf that in
ordinary circumstances this is a most objectionable course to
hear.) We thought it so objectionable that
the deficiency by increased taxation.
did not think it advisable to accede
The
here pursue.—(Hear, e
however,
to meet
a
to that proposal, although the Right Hon. Gentleman the
Member for Tamworth--no light authority on these matters
—thought that we had good reason for making the pro-
posal, but since the House and the country are not pre-
pared to submit to increased taxation for a few years for
the purpose of defraying a temporary excess of expendi-
ture, I do not, on the other hand, think I should be justified
in proposing a permanent tax for the purpose of covering
that expenditure. I still` think that for a temporary excess
a temporary tax would have been the course most advisable;
but that proposal having been rejected by the House,
the next best course is to borrow the money in the
way I have proposed. I do not think the circum-
stances in which- the proposal is made are of an ordinary
kind.—(Hear, hear.) In the course of the last two
years we have been called upon to deal with the ques-
tions of a famine in Ireland—commercial distress in Eng-
land and Scotland—and a revolution throughout Europe,
which has affected this country both commercially and
financially in no inconsiderable degree. —(Hear, hear.)
I say nothing of insurrections at home. In such extraordi-
nary circumstances, therefore, I conceive that we are justified
in taking a course which would not be justifiable in ordinary
years.—(Hear.) I do not believe that the history of civili-
zation records a greater destruction of human food than that
which occurred in 1846, or such a demand for capital to re-
place that food—l will not say that the famine of 1847 was
of a similar nature, but it certainly ranks among the severest
pressures that ever took place. Just when we were recover-
in from the pressure of that distress, and when symptoms of
reviving trade were appearing throughout the country, a
series of revolutions took place on the continent of Europe,
which, independently of other evils inflicted on this country,
put a check upon our export trade ; and if anybody will re-
fer to the returns of our exports, he will see to what extent
they have fallen off in consequence of the cessation of the
continental demand. Everybody will also recollect the of
feet of the blockade of the northern ports in consequence of
the dispute between Denmark and Germany.—(l.lear.) All
these matters have seriously effected our trade, and it must
be the anxious desire of all of us to see an early termina-
tion put to these unfortunate occurrences. And having said
this, I will ouly observe further, that if any one reflects upon
it, he will see the deep interest which this country has in the
universal prosperity of other countries. I have beard it
stated myself that these occurrences abroad benefit this
country; but they do no such thing. On the narrowest
ground of our selfish interest it is infinitely more for our
benefit that other countries should be happy and prosperous,
than that they should be the reverse; and therefore no effort
we can make for the settlement of those questions can be
more useful to those countries, to the interests of humanity
generally, or to the commercial and selfish interest of this
country, than that of promoting their trade and prosperity.
—(Hear, hear.) Of course, in the uncertainty which pre-
vails with respect to the state of affairs on the continent, it
is difficult to anticipate what expenditure may be required;
but I hope not only that we shall be able to reduce the
expenditure, but that the revenue will considerably increase.
I wish to show to the House how, even under existing
circumstances, the revenue has kept up to an amount
which has filled me with astonishment. Comparing 1845-6
with 1847.8, I find that the receipts in the former
period were 51,258,465/, and in the latter 51,627,786/s being
nearly 400,0001. more than in the former year.—(Hear.)
At the beginning of 1847 it became my duty to state to the
House what the probable income of the year would be. Of
course, it was impossible to anticipate the convulsions which
have since taken place ; but I stated, early in February, that
the estimated ordinary revenue for the year 1847-1848 was
52,065,0001. Well, in spite of these convulsions and the con-
sequent stagnation of trade, the actual produce of the or-
dinary revenue was 51,627,0001., being only 438,0001.
less than that which I estimated it at the beginning
of the year.—(Hear, hear.) When I mention that a
diminution of no less a sum than 1,400,0001. took place
on malt and spirits, the Committee will see to what extent
the general revenue must have been affected.--(Hear.) I
am happy to say that, taking the present quarter so far as
it goes, the prospects of the revenue are anything but un-
satisfactory. I find that the decrease on the whole or-
dinary revenue from April 8 to the middle of August, 1848,
as compared with 1847, •is only 115,004 ; while there has
been an increase of the Customs' duties in the same time of
500,000 . A. portion of that was owing to the receipt of corn
duties which were not receivable in the previous year;
but, excluding the corn duties, the increase is 22,000/.
—( Hear, hear.) Without anticipating too much, and
without being too confident with respect to the
future, I think that the facts I have stated are
satisfactory, as showing how, even under the adverse cir •
cumstances of this year, the revenue has maintained itself;
and that the receipts have not fallen off so much as, looking
to all--the circumstances, might have been anticipated.
They are also satisfactory, as showing the great power of
consumption of this country; for, although our exports have
fallen off, our imports have remained at a high point—a
proof of the benefit of the cheapness which during the last
twelve months bad enabled the great mass of the people to
provide themselves with the necessaries of life. In another
respect the circumstances of the country have been most
satisfactory, and for which we cannot be too thankful—l
mean the state of tranquillity and peace which has prevailed
at home.—(Hear, hear.) For, if we refer to what has taken
place abroad—though the last thing we have reason to look
at with satisfaction is the distress of our neighbours—yet, if
we compare the receipts of the Customs' duties of France
with the receipts of this country, the result is most gratify-
ing, and ought to be a subject of deep reflection with those
who have at any time shown a disposition to disturb the
public peace amongst us.—(Hear, hear.) From that com-
parison they must see what an infinite disadvantage it is
to themselves, and what misery must be entailed upon those
who violate the public tranquillity.—( Hear, hear.) A
short time ago an account of the receipts of the French Cus-
toms fell into my hands, by which it appears that, during
the first five months of the year (1847) the receipts were in
; while for the first five months
of then p
the receipts were 1,290,0001.,
beingpoud as fallingsterling
year
3 2'
ro, f19(9101,08104,00800/. , or 5-12 ths in the latter period
as compared with the former. Now, the amount of Customs'
duties received in this country for the corresponding five
months in the year 1847 was 8,308,0001, and the amount re-
ceived for the same five months of this year was 8,207,0001.,
being a falling off of only 101,000/.,0r say 1-83 d part of the
produce of the first period. lam sorry to say that, looking
at the French Customs' receipts in the month of May last,
the falling off was, as compared with the receipts of the pre-
sent month of May, not less than one-half. This great
deficiency in the receipts of the French Customs' duties is
unquestionably to be attributed to the extraordinary check
which the disturbances of the public peace in that country
have given to industry and the employment of capital among
that people, and demonstrates how great are the sacrifices
which a nation is compelled to undergo where such revolu-
tionary movements occur.—(Hear.) Thank God, nothing of
that kind has happened here—(Cheers)—and that we have
reason to congratulate ourselves for the state of peace and
tranquillity which has prevailed in this country, conferring
as such a state ever does so many benefits upon all classes,
but more especially the working classes of the community.—
(Cheers.) With regard tnthe state of trade, without pre-
tending to say that it is in a most flourishing condition, I shall
feel fully justified in declaring it to be in a sound and satis-
factory state. I find that the drain of bullion from the Bank,
which was taking place some few weeks ago, has ceased ; and
that the amount of bullion has not only been maintained, but
in the course of the last week has been augmented. In the
week ending the 12th of this month, the amount of bullion in
the Bank was 13,365,000/. ; while in the week ending on the
19th, it was 13,371,000/. ; there being at both periods a re-
serve of 9,000,000/. In considering this criterion of the con-
dition of the country one must always carefully look at the
state of the Bank immediately after the period for paving the
dividends. Now, I find the amount of bullion in the Bank
on the 19th of this month was about the same as it was on
the 20th of May last; in the former period the amount
being, as I have already stated, 13,371,0004 and in the lat-
ter 13,379,000/. ; both periods being after the payment of the
interest on the public debt. I think, therefore, we may
assume that the state a trade, though not very prosperous,
nor the demand for labour very great, is upon the whole sa-
tisfactory, especially when we bear in mind the cheapness of
all commodities, and particularly of the raw materials upon
which labour is employed. At all events, I think it may be
fairly stated that we are in that position in which we may
readily avail ourselves of any favourable turn which a more
tranquil state of affairs on the continent of Europe may open
to us.—(Hear, hear.) Ido not think I should properly per-
form my duty if I did not advert to that topic about which
every Hon. Member must be naturally very anxious--namely
the prospects of the country in regard to the produce of the
harvest. Considering the very unsettled state of the
weather, the condition of the crops must necessarily be a
source of great concern and anxiety. Without going into
any lengthened details, I will state generally the informa-
tion which I have received upon the subject. lam sorry,
then, to say that in the west and south of England theft
is considerable danger of a failure of the potato crop ;
but from the north I hive not received any account that,
any great extent. The same also may be said
I understand, the crops
with regard to -Scotland,Svehere,
al yet, there are signs of injury to the root, at least to
have not hitherto suffered injury. There are, however, very
different accounts as to the harvest; but I cannot discover
from them that in general much harm has been done. In
some parts of the country, more especially in the west, it is
stated that, in consequence of the wetness of, the weather, the
Scotland the accounts are much more favourable, and there
is no reason to expect that any
corn has sprouted; hut from the north of England and from
very great damage has been
sustained. Indeed, I believe that in respect to rain, which
has been so very plentiful in this metropolis, there has been
a want of it in some of the more northern parts of the coun.
try, and that the turnip crops have, in consequence, sus.
tained injury. Upon the whole, however, I see no reason
for any great anxiety being felt in regard to the general pro-
duce of :the harvest so far as this country is concerned.
With respect to Ireland the accounts are exceedingly vari-
ous. Even at the same place the prospects at different
periods have been very different in their nature. But it
would be quite impossible for me to go into details; ,