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

ebruing

LONDON, SATURDAY, AUGUST 26, 1843.

Some idea may be formed of the weariness and las-
situde of the popular representatives at this protracted
period of the session, from the fact that when the
House went into Committee last night to hear the
concluding financial statement for the Parlia-
mentary year, there were but thirty-eight
Members present, so that it might have
been in the power of a single individual
to have insisted upon a " count out" on one of the
most important, and, generally speaking, most inte-
resting events of the session, the actual condition
of the national Exchequer, and the manner in which
the deficiency of the public income, to meet the
public expenditure, would have to be provided for.
The present statement is of a mixed character, and
if we cannot offer any very cordial congratulations to
the community in general oa the state of affairs, there
is, at least, a negative consolation that may be admi-
nistered ; it is quite as well as could have been ex-
pected, considering the fearful ordeal through which
the country has passed, the general depression under
which every branch of trade, manufacture, and com-
merce has laboured, the great dearth of employment,
and fthe intense political excitement which, in this
country, greatly endangered the public tranquillity
at one period, and in Ireland burst forth into open
and undisguised rebellion—a rebellion which, thanks
to the wisdom and firmness of the distinguished noble-
man who now so ably Ills the vice-royalty of Ireland,
was so speedily, so completely, and so easily sup-
pressed, without any extraordinary shedding of blood
in the field or on the scaffold.
The first great feature of the present statement is,
that there has been a reduction in the amount of the
estimates originally submitted to Parliament of no
less than i 128,0001. sterling. This is a direct and po-
sitive saving, and it is still more satisfactory to
announce that it has been effected without
any diminution in the efficiency of any of the branches
of the public service. Strict economy was neces-
sarily required, but there was no decrease in the force
available for the protection of the country from
foreign attack or internal commotion. This is as it
should be. It proves that Ministers have entered
upon the path which we trust they will follow to the
end, the path of economy and retrenchment. The
particular items in w hich the reductions have been
made are as follows, viz., on the navy estimates,
208,0001.; on the army,150,2001.; ordnance, 123,0001.;
miscellaneous, 235,000/. ; and militia, 150,0001. These
amounted in the whole to 866,2001., but on the other
side cf the account there were 38,200/. to be added;
that is to say, 25,000/. for pensioners, and 13,200/.
for miscellaneous, leaving altogether a saving of
526,000/. available for the service of the country.
The next subject of congratulation to the public is
on the excess of the actual over the estimated reve-
nue of no less than 920,0001. Of this, 340,0001.
affords real cause for rejoicing, being occasioned by
the large crop of barley last year, which exceeded
our utmost hopes, and led to the making of
an increased quantity of malt, and thus im-
proved the Excise revenue. The next item is one
purely accidental, which figures for the last time in
the national balance-sheet, viz., 80,000/., the last
remnant of the China money ; this is a useful windfal
in its way, but it cannot, as we have said, again be
looked for. The other improvement is one of a dif-
ferent description—it is occasioned by an anticipa-
tion of next year's resources, and therefore, there is no
cause of rejoicing thereat. It is, in fact, merely
earrying what are termed " the appropriations in
aid " to the credit of the current year in place of
permitting them to remain in the Exchequer. A
sum of 500,0001. is thus obtained for present emer-
gencies, but of course our future revenue will be
dimininished, pro tunic.
By these means the deficiency which had been es-
timated at 2,040,000/., or thereabouts, will actually be
but 291,3351., a very material improvement indeed
in
the financial position of the country from that
which had been anticipated some months since. We
now, however, come to the dark part of the picture.
There is, unfortunately an extraordinary expendi-
ture which must be provided for, in addition to the
92
above-named deficiency of
,335/. on the ordinary
ar
expenditure of the ye. Tbi
extraordinary expen-
diture consists of four items, viz,, 1,100,000/. for the
Kafir war, 245,4111. for naval
excess,
Providingfor medical
assistance for destitute emigrants to Canada, an
omi-
nous item, but one which we regret to saywas
too urgently demanded. These amounted in the
but
whole to 1,738,921/., which, with the other deficien
leaves altogether 2,031,256/. to be
proviZ
for. This Sir CHARLES ‘VVOOD proposes to effect
by borrowing the money in the market either by the
issue of Exchequer-bills, the sale of stock, or by a
mixture of these methods. This is, indeed, the most

objectionable part of the whole. It is a recurrence to
the old system of meting a temporary difficulty by a
permanent increase of the national burdens,

by imposing additional charges upon our pos-
teriti• If this should be at all justifi-

able even during the raging of a sanguinary
war, when the preservation of the institutions
and the liberties of the nation demand such a

sacrifice, the circumstances must indeed be of an
extraordinary character to render such a course at all