The Sun.
London, England, 1856-05-20 00:00:00

B .',Aff3) 'P ?IXR

PERIAL PARLIAMENT,

nutted to the house the resolutions for a loan in Consols to
the extent of 5,000,0001. Since that statement the instal-
ments of that loan have been completely paid up. During
the last financial year the sum received on account of that
loan was 3A millions, and during the present financial year
1A million, making together the 5,000,0001. In addition
to that cperation I received the assent of Parliament for
funding a sum of 3,000,030 L of Exchequer bills, which
operation has subsequently taken effect, and been effectual
for the purpose for which it was proposed. The amount of
bills subscribed for was 2,230,0301. ; the money paid in
lieu of bills was 769,030/. The Exchequer bills, which
were at a discount of 7s. and 3s. in February, before the
announcement of that plan, rose to par, or about par, anti
at the March exchange the operation was effected
without difficulty, although Exchequer bills had pre-
viously been at a discount. This is a short statement
of these two operations, which the committee and Par-
liament are already acquainted with. Since that time
the balance-sheet for the financial year 1855-6 has been
laid before Parliament, and the house has had an oppor-
tunity of seeing the exact result in print of the receipts and
expenditure of last year. I shall not think it my duty to
trouble them with any recapitulation of the results of that
balance-sheekbeyond a short statement, which, perhaps,
may assist hon. members in understanding the compara-
tive statement which has been made. The expenditure
for the year was 88,428,000/. ; the revenue derived from
taxation was 65, 704,000'. ; leaving an excess of expendi-
ture over revenue derived from taxation of 22,723,0001.
This sum the committee will observe is exclusive of an
additional sum of 1,030,0001. advanced on account of the
loan to Sardinia, and also of the sum applied to the re-
demption of the hereditary pensions, which amounted
to 213,0001. ; these sums did not properly fall into the
ordinary expenditure of the year, and therefore not en
tered in the first part of the balance-sheet, but as these
payments had to be met out of the ways and means
of the year they are, added at the bottom to the sum of
22,723,0001., and show a total excess of payments over
revenue derived from taxation of 23,936,009'. In order to
cover this excess of payments the following sums were
raised by borrowing ; by loans on Consols 19,501,000/. ;
by Exchequer Bonds, 977,7501. ; and by Exchequer Bills,
6,000,0001. ; making a total of 26,478,7501. The committee
will observe that 'the money borrowed was greater than
the excess of payments by 2,542,900/. ; it is therefore my
duty to Recount for this sum of 2,542,0001., in order to
show that the Exchequer has benefitted by the difference.
Now, sir, the explanation is simple.; if any hon. gentle-
man will compare the accounts presented, he will find the
result shown in the difference in the balances in the Ex-
chequer. The balance in the Exchequer on the 31st of
March, 1856, was 5,600,000/. ; on the 31st of March, 1855,
the balance was 3,949,0001. ; bat it must be observed,
howeier, that this balance was subject in effect to a deduc-
tion of 1,000,0001. on account of outstanding ways and
means bills, advanced in anticipation of the revenue of
the succeeding year, which were paid off in 185546
it is therefore necessary, in order to make this COFII1•
parison fair, to deduct that sum of 1,030,0901. from
the balance on the 31st of March, 1855, which leaves a sum
of 2,949,000/. as the real balance on that day ; and if we
compare that balance with the balance on the 31st of
March, 1856, we shall find the increase in the balance on
the latter day is 2,651,0001. The sum I had to account
for was 2,542,0001., so that the committee will observe
there is a balance iu favour of the Exchequer of 100,0001.
beyond the sum which had to account for out of the
money received on account of the funded and unfunded
debt. Now, sir, the expenditure of the year which has
just elapsed may be mainly characterised—as I need scarcely
remind the houso—.ns a war expenditure. The expenditure
on account of the charge for the debt has been slightly in-
creased, and thecivil expenditure has undergonesome slight
augmentation, but the main increase on the expenditure
has been for purposes connected with the war. I have,
therefore, prepared a statement which will exhibit as fairly
and distinctly as possible the exact expenditure Tor war
purposes in the past and previous years. On a former oc-
casion in this session I stated the expenditure for purposes
of war, taking the measure of it by the amount of the army
and navy estimates ; but it was objected that those esti-
mates did net show the exact state of the subject. They
did show the increased charge of the establishments for
military purposes, and not the increase of the charge for
the debt, and were, therefore, not a perfectly fair statement
of the additional expenditure. I have, therefore, on this
occasion, adopted a different mode of calculation, which
must include every additional expense. The total expendi-
ture in the .two years, 1854.55 and 1855.56, deducting
1,000;000/. advanced on loan to Sardinia, was 155,121,000 e,
the total expenditure for all public purposes whatever. In
two years of peace immediately preceding, 1852-53, and
1853-54, the total expenditure was 102,033,0001. ; if, there-
fore, we deduct the expenditure for two years of peace from
that for the two years of war we will find the excess to be
53,085;000/. ; by adopting this mode of computation every
additional expense that can be attributed to the war will be
iucluded. In the two years of war the revenue derived
from taxation amounted to 125,200,000/. ; in the two years
of peace it was 104,618,000/.; the increase, therefore, in the
revenue derived from taxation in the two years of war has
been 17,182,0001.; the money raised by addition to the
funded and unfunded debt during the same two years was
33,604,0001.; and therefore the total sum raised in these
two years from increased revenue and money borrowed was
50,786,0001.; but to this sum we must add the surplus of
income over expenditure to the two years of peace, amount-
ing to 5,916,0001., which will make the total expenses of
the war expenditure up to the present title" 56,702,60-1.
If we make a similar calculation with respect to the esti-
mated expenditure for the present year, and compare it
with the expenditure in the years of peace preceding the
war, we shall find an excess of 24,500,0001., which, added
to the expense incurred in the last two years, will show
the whole expenditure that can fairly be attributed to the
war for the two years to be 77,583,000/. Now, sir, before
I proceed to the detailed estimate of the expenditure
for the year, I would beg leave to call the attention
of the committee to the peculiar character of the
contest in which we have been engaged. Modern inven-
tions, and the improved means of locomotion which modern
skill and science furnish, have enabled us to crowd into a
small space of time operations which in former years would
have been spread over a period of much longer duration.
The American war lasted six years, and added 124 millions
to the national debt; the actual hostilities of the late war
lasted for two years, and added 42,600,0001. to the national
debt, funded and unfunded. By the measures adopted dur-
ing this war, we have avoided those strains on the indus-
try and trade of the country caused by the course pursued
in former years ; we avoided all disputes with neutrals
about the search of ships ; we have involved ourselves in no
dispute arising from that obnoxious right; and we have
wisely waived the extreme rights of a belligerent in mari-
time warfare. I trust the convention lately concluded at
Paris will set the seal on the concession so wisely made
during the late war. The slight cloud which has arisen be-
tween this country and America, caused by the efforts made
to obtain an addition to our army in the territories of the
United States will, I trust, be speedily dispelled by the
genial influence of peace. There is another point which
wo ought not to leave out of our consideration, with regard
to the great expenditure in the late war for military and
naval purposes. The late war found us, to a great extent,
unprepared for the struggle, and we have devoted a very
large sum during these years to the improvement of our
military and naval preparations. Oar military arsenals
are now much fuller, our guns are more perfect, our troops
are armed with a weapon far more perfect than was the
case at the commencement of the war; our navy is more
numerous, better appointed, more efficient for all the pur-
poses of a navy than at the beginning of belligerent opera-
tions. It must-be remembered that we are now in possession
of a greater amount of materials of all kinds for naval and
military purposes than we possessed at the beginning of the
war ; and therefore the amount which has been expended
has not been entirely for temporary purposes. I will now
proceed to state to the house the estimate of the expendi-
ture and revenue for the ensuing year 1896-57. Although
peace has been happily concluded, and although we are not
now in a state of war, yet the present year must for all
practical purposes be considered to a great extent to be a
year of war. Extensive preparations were made during the
winter for the campaign by sea and land, and at the com-
mencement of the present year NVO were in a position to have
carried on a most effective campaign with our land forces
and our sea force. The expenditure, I rejoice to say, is now
unnecessary, as we have not been called on to commence a
third campaign; but an expenditure has been incurred, a
large portion of which will become payable during the pre-
sent year. We shall have to provide for the transport of
our troops from the Crimea; and the expenses necessarily
incurred in paying off troops and all 'the costs incurred in
the dispersion of the army and navy will have to be de-
frayed in the present year. There is also another expense
which we will have to provide for, as we have undertaken
to convey the Sardinian troops from the Crimea, for
which we shall have to provide ships. Notwithstanding all
these sources of expenditure which it will be necessary to
provide for during the present year, I rejoice to say that it
has been in the power of her Majesty's Government to pre-
sent a very reduced estimate for the military and naval ser-
vices. The original estimate for the army was 34,998,000/. ;
the revised estimate presented a short time since is
20,747,0)91., showing a reduction of 14,251,0001. The ori-
ginal estimate for the navy was 19,876,000'. ; the revised is
16,568,003/. ; showing a difference of 3,308,000'. The total
of the original estimate for the two services was 54,874,0001.
The revised estimate onlyamounts to 37,315,0001.; showing
a reduction on the two services of 17,559,0001. Besides the
additional expenditure for the coming year to which I have
already adverted, there is another expense to which I will
now call the attention of the committee, which arises from
our convention with Sardinia entered into in the beginning
of last year. The first article of the convention which was
made on the 26th of January, 1855, is as follows :
Article I.—Her Majesty the Queen of the United Kingdom
of Great Britain and Ireland undertakes to recommend .to
her Parliament to' enable her to advance by way of loan to his
Majesty the King of Sardinia the sum of 1,010,0001. ; of
which sum 500,000'. sterling shall be paid by her Majesty as
soon as possible after the assent of her parliament shall have
been given, and the remaining 503,000/. at the expiration of
six months after payment of the first sum ; and her Britan-
nic Majesty engages further to recommend to her parliament
to enable her—if the war should not have been brought to a
close at the expiration of 12 months after payment of the first
instalment of the abovementioned loan—to advance to his
Majesty the King of Sardinia, in the same proportions, a like
sum of 1,000,0'01. sterling.
Now, sir, the act -by' which that convention was carried
into effect received the royal assent on the 26th of April,
1865. Some delay in the exchange of ratifications had
prevented her Majesty's Government from introducing
the bill at an earlier period. That delay, however,
was not in any way to be attributed to the Sardinian
Government, but arose from circumstances over which
they had no control. The first payment was made
on the sth of May, 1855, a few days after the act
received the royal assent, and the -second payment on
the 3d of November last ; and bills for the third
instalment of half a million were drawn on the Treasury,
dated at Turin on the sth of October last, which were ac-
cepted by her Majesty's Government on the 201 h, when
they were under the impression that the war wouldi
1111 co tinue as they had no anticipation that peace would a e
signed so soon. I now wish to call the attention of the
committee to a singular coincidence of dates. The treaty
of Paris was signed on the 30th of March, but the ratifica-
tions were not exchanged a the 27th of April. The act
of Parliament received the royal assent on the 26th of
April on the previous day ; and by the convention her
Majesty had engaged, if the war was not terminated
within 12 months. to recommend Parliament to advance
to the King of Sardinia a second sum of one million. The
exchange of the ratifications of the treaty did not take
Plaex gntil'alear and ti clap atter the-act 'firer rezeived the
royal assert. 'The first payment was made two or three
days after that, but application for the money was in

IPaW.I klLmvalse.

Leasin
Compans

rtioft,
this day.

Isinec
this day.

HOTJSE LORDS—(YEsTompAy).

a/I Redford ant
11letzbley
100 Bncl►ghamsh
'lOO Clydesdale 3c
all Col. Stour Vy,

rhe: Zorn CHANCuton, took his seat on the woolsack
, at fiv e o'clocK.
ECCLESIASTICAL COURTS IN IRELAND.
Toe LORD CHANCELLOR, in answer to a
.ques-
tion frac a Lord Donoughtnoro, said it was his intention
to leave the ecclesiastical courts in Ireland untouched,
but to e Qtablish a court of divorce there similar to the
one proyosed by the new bill for this country.
NATIONAL GALLERY BILL.
This: "bill was read a first time.
SECONDARY PUNISHMENTS.
Earl. STANHOPE gave notice to move, on Friday,
for tha appointment of a select committea to inquire
into the operation of the act substituting penal service
for traaniportation.

Sad, and
lon E. Lin. e'.6 pc
all E. Un. H. Sh.
100 Dias. Barr. &
Neils. Direct
100 Do. New......
all Glistr.ds Dn. Fr
all Hrtlpl. Dk &
Railway.....
all Hull & Selby
all Do. Sham,
all Do. d Shares.
all Lon.&Greonv.
all Do. Proference
100 Lon., Tu., kg.
100 Lowestoft gr,
per cent
LOU Do. 6 ror et.
all Manch. Bata
and Ylatio4.
all Middlesbro'

MARITIME LAW.
Lord COLCHESTER gave notice of a motion for
Thurada y, on the subject of the declaration signed by
the Parlis conference in reference to maritime law.

COS CA RICA.
Thsi Earl of ELGIN asked if there were any truth in
the stanement which bad appeared in the papers re-
specting a promise of a supply of arms being made by
the government of this country to the government of
Costa .11.ica ?

Red car.
100 Midld.Bmdfd
54 Newmarket
Bury E. G.spc
all N.& Est.sp.e.
all Do. 6 per et.
all Do. Fixeds p c
all Prest. R, ti y.,•
all Do. 6 Slim A
0 Roystn.& Mt.
;8$ Shef.Roth an
Gooleg.s p. c.
all Shrews. &Her
1O S. Staflordmh,
all Wear Valley gr
6 per cent_
all Do

The :Earl of CLARENDON said the letter of Mr.
Haturnand was a genuine letter, and it arose from this
circumstance :—Since the attack of Walker on that
country they had several times applied to this country
for asszshance, but all these applications had been re-
fused, and the Government had expressed their determi-
nation net to interfere in the affairs of Central America,
in fact, to do nothing more than send such a force to
the coast of South America as might suffice for the pro-
tection of British subjects and property. It was repre-
sented by Mr. Walierstein that a slight force would
suffice for the protection of British subjects, and also
repel the aggression of Walker, and he asked if the
War Department of this country would supply them
with arms. The answer referred to was sent; but since
that time Mr. Wilerstein was dead, and nothing had
been dome, He (the Earl of Clarendon) had since com-
municated with the Uuited States Goveiument on the
subject, and Mr. Crampton, reported, a conversation
with. Mr. Alarm-, -on the 15tliMareh, to the effect that
the United States Government entirely disapproved of
the proceedings. In answer to that, he had suggested
that there could be no better plan than for the English
and United States Governments to unite for the protec-
4ion of their respective subjects. ([Tear, hear.)
CIRCASSIA.

1100 IWiltse•omrst

In answer to the Earl of MALMESBUBT,
The Earl of CLARENDON said it was true that a
deputaticn from the Circassiana had come to the Porte,
headed by Sefer Pacha, not a Circassian himself, and
who was anything hut friendly to the allies. He did
not think that they had any particular claim on the
allied Governments, and no answer had been sent to the
representation addressed to this Government. There
was no objection to lay before the house the notes pre-
sented to the Paris Conference by the Sardinian Govern.
ment.

TUE Sr Eq. LONDO t, TUESDAY EVENINGS MAY 20, 185 6.