The Sun.
London, England, 1860-02-10 00:00:00

THE TREATY WITH FRANCE.

Lord J. RUSSELL laid on the table the commercial
treaty with the Emperor of the French.

THE BUDGET.
On the motion for going into a Committee of
Ways and Means,

The CHANCELLOR or the EXCHEQUER
rose to make his Ftnartcial Statement. He said
that events had rendered 1860 one of the most im-
p3rtant years in the history of this country: (Hear.)
They had the fact that they were relieved from
no less than ' 21,146,0001 of the national debt, a
result that had never occurred in a single year in
the past, and which he believed would never
again occur in any single year in the
future. The duty of 12,000,0001 a year
levied on tea and sugar would lapse with the pre-
sent year unless they were renewed; and the
income-tax amounting, to between 9,ooo,ooDrand
10,000,0001, was also about to lapse. They had, in
addition to these important features of the present
financial year, to consider the commercial treaty
between her Majesty and the Emperor of the
French, and the alteration it would introduce
into the financial syttem of this country if it
received the sanction of the house: (H'ear, hear.)
He was prepared to state that the general result
of the financial year would be satisfactory. The
Customs realised -24,750;0001., Which exceeded
the estimate given last year. The duty
on stamps would produce over 8,000;0001.,
and the Income-tax, instead of realising, as was
estimated, 9,940,0001., would produce 9,894,0001.
Having referred to different items of revenue, the
right hon. gentleman said that the total results
would give, instead of the estimate of 69,460,0001.
for the year, no less than 70,818,0001.
We have had to encounter, since Parliament
adjourned, the making provision 'for the ex-
pedition to China, and the additional charge,
partly -on account 'of 'that"' expeditlLn and
the excess of the military expenditure
of 1858.9 stands as follows ;-=—Viir the'. army,
900,0001., and for the navy, 276,066/. Then'there
has occurred the treaty with Franci, and Ms very
difficult to estiniate, before March 91, the precise
effect which that treaty may produce on thhustome
revenue, the more especially as the question will
arise with respect to certain paymentiriqiiisife tobe
made to a limited glass of persons who will be affected
by it. btal hive deducted from the castotns revenue
the sum of 646,0001. We therefore find that, adding
the total of the 'military excess of 1,170;0001 to this
deficiency of '640,0001 in customs revenue, we
haVe a total of 1,810,0001, which would appear to
.
place U 4 rather on' the wrong side of the account.
But relief has come to us front a quarter where it
was least expected. A friendly kingdom has agreed
to pay us a debt.at the very moment when money
is most wanted and least expected, and when
she herself. is engaged in war. Spain, under no
peculiar pressure, bat with a high sense of honour,
and not wishing to avail herself of pleas which I do
not hesitate to say she might have advanced for
time, has remitted us bills coming very little
short of 500,0001, of which one half will
came to the credit of revenue before
March 31. We shall have a probable surplui of
£1,875,000, but " against it we have a charge of
1,810,000/, being, I believe, the narrowest surplus
that is on record, but still a surplus. Such is the state
of the accounts for the present year and
the short time that remains' until its
close. I now approach a more difficult
part of the subject, namely that which
relates to the charge and expenditure of
the corning year 1860-1. The estimated
charge for the funded and unfunded debt is
26,200,0001, showing a decrease of 2,438,0001—a
suns considerably greater than the annuities about
to fall in. The army and militia, including a vote of
credit of 500,000/ on adcuunt of the China ex-
pedition, for which it will be our duty to ask
will amount to 15,800,0001. The navy and packet
service stands in tke estimates at 13,900,0001,
and these two sums, which include the
whole military and naval expenses, together