The Sun.
London, England, 1846-05-30 00:00:00

THE BUDGET.

The House then resolved itself into a Committee of Supply,
when

The CHANCELLOR of the EXCHEQUER rose and said
—I am anxious Mr. Greene to avail myself of this opportunity,
previously to the separation of the House, of bringing before
them that arnual statement of the finances of the country,
which is expected from the individual who holds the situation
which I have the honour to held. lam sure that the state-
ment which I have to make to tho House, will have but little
attraction, except from the subject with which it has to deal.
I shall not be able to embellish it with any thing novel, since
the House have had already before them, during previous dis-
cussions, the details of those parts of the subject, which are
the most interesting to the community. The House has already
been informed by my Right Hon. Friend, the First Lord of the
Treasury, of the reductions, which it was his intention to make
in the different duties of customs, which are at present made.
Tnose reductions have been embodied in the Act which has
already passed this House, and which now only awaits
the sanction of the other branch of the Legis-
lature, in order to be carried to a full operation.
It will also be unnecessary for me to enter into details as to the
precise expenditure of the country, because the House has be-
fore them estimates now upon the table, to the full extent
which the Government have thought it necessary to submit to
the House. Nothing, therefore, remains to me but to bring
into one general view the statements which are before them in
detail as to the revenue and expenditure of the country, and to
show to the House from the results ho;v successful have been
those measures which the Government in former sessions have
recommended to the adoption of Parliament, and to which Par-
liament had given their sanction ; and upon the continued ad-
herence and progressive adoption of them I believe the finan-
cial prosperity of the country will be found mairly to depend.
( Hear, hear.) I cannot help, Sir, taking this opportunity of
dispelling some of those apprehensions which have been ex-
pressed by the Gentlemen on this side of the House, as to the
effects which the great commercial changes that have since
take place might produce upon the revenue of the country.
These apprehensions have been generally circulated out of the
House by those who profess that opinion ; and it is not
I think, unimportant, that those who have honestly indulged
such opinions should he undeceived—all those who have circu-
lated them with a different view should receive contradiction. I
shall, therefore, proceed plainly to lay be'ore the House, in
the usual order, first, what has been the result of the receipts,
and revenue, and expenditure, during the past year, and then
to: found upon that calculation what may be the anticipations
which may be entertained as to the receipts and expenditures
of the year into which we have already entered. The first
point to which I wish to draw the attention of the House, is
the calculations that have been made by my Right Hon. Friend,
when he addressed the House upon the subject in the last ses-
sion of Parliament, and the results which have followed from
the scheme he then laid down. The House will bear in mind
that my Right Honourable Friend then stated that certain
reductions would be made in the customs and excise reve-
noes, and that the result would be that the total amount of
the revenue wovild be about 49,762,00 Q/. Of this sum
19,500,000/, would be received from the customs, and some-
thing over 12,000,000/. from the excise; the stamps about
7,000,0001., and the taxes about 4,200,0001., the post office
700,000!., the Crown lands, 1,50,000/., and the property-
tax 5,200,0001. I beg to say that lam now speaking in
round numbers, but the sum total makes, as I already stated,
49,762,0001. Now in looking at the calculations made by my
Right Hon. Friend, it will be found that while he had esti-
mated the sum total of the revenue as only 49,000,0001., it
will be found that it has in fact exceeded 51,000,000/., and
that in this sum was included a sum for the excise of over
13,000,000/., for the stamp duties, 7,600,0001., and for the
other items sums proportionably increased ; all of which I
think exhibit a great increase in the commercial transactions
of this country. I must state that the property-tax
has been somewhat diminished owing to the
repay-
ments which it had been necessary Co make ; and, there-
there-
fore, the deductions in that item can be easily accounted for.
I are reminded of the Post-office. This department produced
in the year preceding the last 700,0001., but in the last year
795,000/., an indication that stamps the period as one 01
great commercial prosperity. The general receipts
amounted to 52,000,0601. ; and here it must be recollected
49,766,000/•
that, independently of the ordinary resources of the country, a
sum of 750,000/. had been received from China. The total
resources of the country in past years, which amounted to
Rightply , has increased to no less a sum than 52.009,000/.
I think that the House
ll
am
vlieorriitieFd.rienmd,eand havew a
imya
sgelrfecinthtahtethlae anstsetiscsiipationheanvseofbemeily
i xitohuesly endeavoured to keep the
charges upon the debt within
we laid before Parliament was 307timate. The sum which
reduced to 30,600,0001., in , 49,000/., and this we find
con
amount being charged upon the
of a certain
consolidated fund.
The estimate for the service of the army and navy,
and the rniscellan. ous estimates, amount to within and ordnance,
the sum stated by my night Hon. Friend. Thettlo'itnal4o(Y. ofy
therefore be stated thus : a total revenue of 5'),009,i)00/ result
whilem
the expenditure has amounted to 49,429,000/.,leavine a nett
surplus of 2,53'0,0,-01. There was this year to be added to the
side of revenue, an amount of unclaimed dividends, which,
varying in every year, amounted this year to 2,350,000/. Now.
varyl
ion of the 11. use
it will be in the recollect , that when my Right
lion. Friend made his statement in the course of the last )ear,
he was exce
ed; ugly anxious not to create a singuine expecta-
tion in the country as to the measures he was about to propose;
he therefore stated to the House a very moderate surplus. The
revenue showed a very
considerable improvement neon the esti-
mate, and
I think that the statement which we have to lay be-
fore you will be
acknowledged to be of the most satisfactory
character. It proves
the inherent elasticity of the re-
sources of this country ; and when certain weights, which are at
lit
our commerce, shallremoved, then I
present imposed upon
am sure the result will be even more satisfactory. Your corn,_
prosperity of
coerce will be increased, and the haopiness and
the great body of the peoplewill be greatly extended..
in accordance
The estimates are taken for the present year
with the principles which I adopted last yea-. I have, there-
fore, now to state to the House my calculations with reference
to the expenditure and the revenue of the present year, with
this additional advantage, that I am able
more confidently to
...r nvo,-if,nrta of the