The Sun.
London, England, 1856-02-23 00:00:00

WAYS AND MEANS.

The house having gono into committee of ways and means.
The CHANCELLOR of the EXCHEQUER said—Mr,

Fitzroy, it now becomes my duty to move certain resolutions
in the committee of ways and means, and to lay before the
house such an explanation as is necessary for their informa-
tionwith reference to those resolutions. The ordinary prac-
tice in years when pacific relations exist between her Majesty's
Government and the Governments of other independent states
is, for the Finance Minister for the time being to lay before
the committee one financial statement comprising the revenue
and expenditure for the preceding year, together with the
estimate of the receipts and expenditure for the ensuing year.
That practice has been fond from experience most c envenient
to the committee, inasmuch as it places before them at a
single view the finances of the two years under consideration.
I should have been glad if it was in my power to follow
that practice on the present occasion, but the circumstances
in which the country now finds itself have left •me no
option. War imposes necessities upon senates no less than
upen generals in the field, and renders a deviation from the
ordinary path of procedure imperative. The statement
which it is my duty to submit to the committee this even-
ing will be confined to the financial position of the present
year, and will not trench upon the revenue or expenditure
of the year which is to commence upon the let of April next.
And this course is not upon the present occasion unattended
with advantage. For although in some respects it would
be more satisfactory to the committee to have but
one financial statement in the session—still, consider.
ing the great efforts which the country has made within
the last year—considering the great expenditure which these
efforts have occasioned, it may be satisfactory to hear, at'an
early period, the state of our revenue and expenditure. Un-
certainty upon a question of this sort must be attended with
inconvenience : for it engenders apprehension in friendly
quarters, as well as hope in unfriendly quarters—both of
which, as I expect the committee will conclude from my
statement, would, in tko present instance, be equally ground-
less, I will now, with the permission of the committee, re-
call its recollection to the statement which I made last ses-
sion in bringing forward the budget of the year. The re-
venue, including the new taxes, I estimated at 67,339,0001.
The loan was taken at 16,000,0011., besides which there was
an estimate for Exchequer supply bills of 3,ooo,oool.—thus
making altogether an estimated revenue for the year of
86.339.000/. The expenditure, as I estimated upon the
Bare occasion, including the payment of 1,000,0001. ways
Means bills on account of the preceding year,. and the
1,000,0001. loan to Sardinia was 51,899,000/. The differ-
ence, therefore, between the estimated revenue, and ex
margin I allowecrm°°yrelf.' ansothdatwiasf t
penditure was a A
the
amount
margin
exapeon
dni tturoef atnhde
revenue had been equal to the estimate, there would be on
the Ist of April next a snxplus of 4,403,030/. However, in
the supplementary statement which I made on the 2d of
August, I stated that having in ray former calculation put
down the total ways and means of the year at 86,339,0001.,
since that I had abandoned the stamp duty on bankers'
cheques, calculated to realise a sum of 200,0001. That, there-
fore, would reduce the estimated revenue for the year to
86,139,0001., and the estimated surplus to 4,240,000/. Now,
the committee will doubtless remember certain supplemen-
tary estimates for the military services were afterwards voted,
amounting to 6,135,000/. Well, adding that to the previous
estimate of the expenditure—namely, 81,999,000& we have a
total estimated expenditure of 88,134,0001. To meet this ex-
penditure there was the estimate of ways and means at
86,139,0001. But the committee then consented to an addi-
tional grant of Exchequer-bills and Exchequer-bonds, in con-
sequence of th e increased expenditure amounting t 04,000,0001.,
making the total provision for the year 90,139,01)01. Well, the
increased expenditure being 88.134,000/., there consequently
remains a marginal surplus of 2,101,0001. , according to the
last estimate submitted to the committee. This surplus was,
in a great measure, required to restore the balance of re-
venue and expenditure, the former having been assisted
at the commencement. of the year by the issue of bills to the
amount of 1,700,000/. I nOW come to state to tii• committee •