The Sun.
London, England, 1860-02-11 00:00:00

THE SUN, LONDON, SATURDAY EVENING, FEBRUARY n, 160.

duty hd failed to produce what was expected.
All surpluse a in djferent years, by the interven-
tion of war, had been stopped. and besides there
was the charge for additional debt incurred by the
Russian war, which amounted to 2,920,0001. The
alteration in the spirit duties, however, had added
2,000,0001. to the revenue •, and the revenue gene-
rally had been so increased that if the expenditure
had not rapidly increased, the amount calculated in
1853 would have been realised. The answer
was, in short, increased expenditure. The right
honourable gentleman then compared the wealth
of the country in 1842, and in 1853, with that in
1857-58 and 1859.60. In 1842 the annual income
of the country was 154,000,000/. ; in 1853,
172,000,000/. ; in 1857-58, 191,000,000/. ; and in
1859-60, 200,000,0001., the increase having occurred
in every class in the country, and in the agricultural
class the most of all. In 1842 the gross expendi-
ture of the country was 68,500,0001. ; in 1853 it was
71,500,000/. ; in 1859-60 it was 87,697,0001., these
totals including the local expenditure as well as that
of the state properly so called, showing a gradual
and large increase. The comparative growth of
wealth and expendiiiire was therefore wholly un-
equal, and it showed the course which the coun-
try was pursuing—a course with which he was far
from satisfied. There was a deficit of 9,400,0001. to
be met. No radkal change could be made in the
expenditure of the year. It was, he urged, the
duty of the government to take further steps in the
direction of relieving trade and commerce from
imposts in pursuance of the principles of free trade,
notwithstanding the unequal state of revenue and
expenditure which existed. The right hon. gen-
tleman then entered into calculations to show that
remission of taxation had been accompanied by
increase of revenue, consequent on the increase
of trade and commerce. He did not propose to
touch the taxes on tea or sugar, and they would be
renewed as they now stood for one year. As to the
treaty with France, that country was to reduce the
duties on coal and iron in 1860; on yarn, flax, and
hemp early in 1861. On the Ist October, 1861,
the duties would be reduced or prohibition removed
from all British articles, so that no duty should be
higher than 30 per cent. ad valorem, all the staple
maufactures of Great Britain being included. In
three years afterwards the maximum duty was to
be 25 per cent. ad valorem. On her part England
engaged immediately and totally to abolish all
duty on all manufactured goods from France, to re-
duce the duty on brandy to Bs. 2d. a gallon, on
' foreign wine (not merely French) to 3s. per gallon,
and in 1861 still further, in reference to the strength
of the wine—the lowest duty being ls. per gallon.
The charge on French articles chargeable with ex-
cise duty in England to be the same as the English
duty. The treaty was to be in force for ten years.
He denied that this treaty indicated any subser-
viency to France, and in glowing language called
on the two countries to inaugurate a new epoch of
amity, as distinguished from former jealousy and
ill feeling—a union of the two nations, not merely
of the two Governments. The reduction of duty on
wine would cause a loss in revenue of 515,0001. ; on
brandy, of 225,000/. ; on m nufactured goods, of
440,000/. ; making a total of 1,190,000/. As to the
objection, that these were revenue duties, and did
not relieve the poor man, not one of them was a
revenue duty, but they were all protective duties.
The right. hon. gentleman quoted statistics to illus-
trate an argument to the effect that it was desirable
to make such a bargain with France as would allow
of the interchange of manufactures and commodities,
which was already important, and which must
largely increase when France was induced to break
down her prohibitory system. What had been done
would have been good for this country if France had
done nothing ; it was better for us in proportion as
France did something. (This reasoning was received
with great approbation from gentlemen behind the
right hon. gentleman.) One result of the high duty
on French brandy was the manufacture of an
unhappy production in the shape of a spirit called
British brandy. As to wine, it was said to be the
rich man's luxury, and tea the poor man's luxury;
but in 1760 tea was the rich man's luxury, and sold
at 20s. a pound; and by reducing the duty you
might make wine the poor man's luxury. in fact
the existing duties wore not merely protective but
prohibitory, and there was a pressure with regard
to that article which, apart from any treaty with
France,w ould compel a dealing with the wine duties.
The consumption of foreign wines in this country
had greatly increased, by at least 168,000 gallons
in the last year, and concurrent with that there had
baen a large consumption of colonial wines and oven
of British wines. This showed a great demand for
wine, and there was reason to believe that a greater
production of wines fitted for the English market
and the middle and lower middle classes of this
country could be effected. The idea that under no
possible circumstances could Englishmen like French
wines ought to be exploded, their being, in fact, a
great taste in England for those wines, but which
was stifled by prohibitory duties, which generated a
mass of evils in the shape of fraud and adulteration.
The alteration in the tariff with France would tend
gmlatly to facilitate personal intercourse with the
ant. The right hon. gentleman eulogised the
Emperor
‘of the French for bringing about a great
measure of L.•ee trade, and paid a still more glowing
and earnest con;;) liment to Mr. Cobden. (This was
received with cheer,: from both sides of the house.)
It was proposed to rent::ee other customs duties to
the extent of 910,100/., bui to supply that sum by
other impositions on trade. duties to be abo-
lished were those on butter, tallow, cheese, oranges
and lemons, eggs, &c., which amounted to 380,0001.
a-year. There were to be reductions of duLes on
timber from is. and 25., on currants to 7s. a eve t.
raisins to 75., figs to 75., and hops from 455. to
145., making 668,0001.—the total reduction being
1,039,00e1. The revenue, to compensate for this
loss, would be sought in an extension of penny
trxation, and there would be levied on all packages
of imported articles a tax of onepenny each, which
would produce 300,0001. a-year. Moderate charges
were to be laid on operations in the system of
warehousing, a process which would simplify the
system of inland bonding. This would produce
120,0001. Then there would be a duty of Os.
a cwt. on chicory, yielding 90,000/. There
would be penny stamps and 3d. stamps on certain
trade documents : eating-houses, including pastry-
cooks, would be allowed licenses to sell wine or
beer. The duty on game certificates would be
altered to a sliding-scale according to time, going
down to £l. (This item created some sensation
among the country gentlemen.) Among other
things touched were agreements for leases, an I some
legal documents, and a stamp would be imposed on
extracts from registry of births, deaths, &c. There
would be a saving of expense in the customs and
inland revenue departments. Altogether 982,0001.
would be restored to the general revenue. The loss
to the revenue would be 2,146,0001. by the French
treaty and reductions= of duties. Of this, half was
redeemed by the above imposts. He then proceeded
to say that he was about to propose the abolition of
the Excise duty on paper. (This announcement
was received with marked attention, and apparently
some surprise.) The duty had been condemned by
the House of Commons, and it was besides a bad
and untenable duty. The capability of expansion
of the free trade in paper was immense. The duty
would be abolished from Ist July this year. It was
proposed to abolish the impressed stamp on news-
papers. These were all the remissions it was pro
posed to make. As to hops ; the system of hop-cre-
dits would be altered. It was proposed to remove
the prohibition on malt, and to fix a duty on it of 3s.
a bushel. The alterations and reductions he had
proposed would give a total relief to the consumer
of 3,931,000/a and cause a net loss to the revenue
of 2,108,0001., or about equivalent to the amount
falling in from the cessation of government annui-
ties this year. The number of articles which would
remain on the Customs tariff would be 48, and next
year 44 ; spirits, tea, tobacco, sugar, wine, coffee,
corn, currants, and timber being the principal, and
only 15 of the whole being retained for purposes
of revenue. He expected to obtain 1,400,0001.
by taking up the mall and hop duties within the
year. It was impossible to escape the income
tax. In order to supply the remainder of the de-
ficit of 9,400,000/., that tax would be renewed at a
rate of 10d. in the pound on incomes above 1501. a
year, at 7d. below that sum ; the tax to be taken
for one year only, three-quarters of the year's rate
to be collected within the year, which would give a
sum of 8,472,0001. ; and this would bring the re-
venue up to the expenditure, or 70,100,000/., and
leave
a surplus of 400,0001. The right hon. gentle-
man concluded with an appeal to the house to sup-
pot t the principle of commercialble
. r e o
uch
fos r
scattering inam—ferwhich the country had already received honour
and reward in
sing among the people
of this country—and which he contended were enu-
tnerated and carried out in his financial plan. He
sat down at ten minutes to nine o'clock amidst loud
cheering.

yesterday a mo-
In the Liverpool cotton market
derate amount of business was transacted, and
prices were steady. The sales were estimated at
7,000 bales.
There were no withdrawals of bullion from the
Bank of England yesterday.
The tendency of the Foreign Exchanges yester•
day afternoon was rather unfavourable.
The alterations in the duties proposed in the
Budget have formed the principal subject of con-
versation in the City to-day, and in the meantime
business has been almost suspended. Some days
must necessarily elapse before the effect of the
statement can be fairly ascertained,

MONEY MARKET AND CITY NEWS.

CITY, Two o'CLocic.
The Bank of England return for the week ending
the Bth instant shows some important alterations.
There is a slight increase in the stock of bullion
and in the reserve of notes, owing to the contrac-
tion of the circulation consequent upon heavy reve-
nue payments. The pressure for money having
been very heavy through the expectation that the
rate of discount would be advanced last Thursday,
a large addition has also been made to the other
securities. Subjoined are the principal items and
the changes they present :
Active Circulation
Decrease ..
Bullion ..
Increase ..
Rest

.. £21,354,700
.. 651,640
.. 14,977,317
• • 34,815
.. 3,420,945
.. 96,466
.. 6,304,217
.. 994,458
• . 14,301,686
.. 182,990
.. 750,175
• • 33,944
*. 10,171,190
No alteration.
.. 21,061,216
.. 287,535
.. 7,448,700
• . 602,330

Increase • • .. • •
Public Deposits .. • •
Increase .. • .
Other Deposits .. • .
Decrease ..
Seven Day and other Bills ..
Decrease .. .. • •
Government Securities • .

Other Securities ..
Increase .. ..
Notes Unemployed ..
Decrease .. ..

The Budget has produced a favourable effect
upon the Market for Public Securities, a further
rise of per sent. having taken place. Very little
activity has prevailed, but purchases have been
effected for investment as well as on speculation.
Consols are 94: I for money, and 94 for the
account. The New 3 per Cents. and the Reduced
have improved to 944 95; India New Loan is
firm, at 1038 ; ditto 5 per Cent. Enfaced Paper
is 971 ; and the Debentures are 9711. Exchequer
Bills are steady, at 235. to 255. prem.
Business in the Foreign Stock Market continues
inactive, and prices in some instances are firmer.
Turkish 6 per Cents. are 78 to 781; ditto New,
66 to 661 ; and the 4 per Cents. are heavy, at
1011; Sardinian have improved to 861; Vene-
zuelan 3 per Cents. remain at 261 ; but Russian
4,1 per Cents. have receded to 971.
The shares of the Ocean Marine Insurance are 1:
to 21-- pm.; the Universal ditto, @ f prem.; and the
Canadian Loan is 2 f prem.
The dealings in the Railway Share Market have
been moderately active, and a further improvement
has taken place in values. Great Northern, Lan-
cashire and Yorkshire, North-Western, South-
Western, and Midland, have improved 55.; North-
Eastern (York), 108. ; and Caledonian, Great Wes-
tern, and South-Eastern, 15s.

The Foreign and Colonial lines are inactive.
Lombardo-Venetian are 11-1 ; Grand Trunk of
Canada, 341 35; Groat Western of Canada, 12&
121; East Indian, 1005 1011 ; and Great Indian
Peninsula, 981.
Joint-Stock Bank and Miscellaneous Shares are
at steady rates.

BRITISH FUNDS—CLOSING PRICES.
3 per Cent. Reduced Annuities
3 per Cent. Console Annuities . 941 1
New 3 per Cent. Annuities
Anne. 30 Years, expire sth April, 1885 l7
ludic Steck
Ditto 5 per Cent.
Ditto Enfaced Paper, 4 per cent ..
Ditto 5 per Cent.
Ditto Debentures, 1858 974
Ditto, 1859
Ditto Bonds, £l,OOO
Ditt9 under £l,000
Console for Account (March).... . 941 4
Exch.:quer Bills, £l,OOO, lid ....
Jam £5OO
Ditto Small, lid.
' FOREIGN FUNDS—CLOSING PRICES.
Russian, 1822; £ St., 5 per Cent.. —
Ditto 41 per cent., 1859
iarelinian, 5 per Cent. B5l
['tallish 6 per Cent —
Ditto New Loan
Ditto Account
Ditto Guaranteed, 4 per Cent.
Ditto Account
Venezuelan 3 per Cent
Ditto Account
i )ividends on the above payable in London.
French Routes, 41 Der Cont. Ex. 25f..... 97f. 8740.
• • TWO O'CLOCK.

Conxols, Money 94f
Ditto Account (March)

2.11.18 DAY'S MARKETS.

COVENT-GARDEN.
With the exception of oranges and lemons, the show of
fruit is rather limited ; but the supply of vegetables is toler-
ably extensive. On the whole, the demand continues steady,
and prices are well maintained.

FRUIT.

d. s. d
Cherries, per lb.. 0 oto 0 0
Ffberts, per lb .. 1 oto 1 0
Cobnuts, per lb 0 oto 0 U
Almonds, per bus 0 oto 0 0
Walnuts, par 100 0 oto 0 0
Figs, per d0z..... 0 oto 0 0
Strawberries p ptl 0 oto 0 0
Gooseberries hfsv 0 oto 0 0
Currants, per do. 0 oto 0 0
Plums, per do. .. 0 oto 0 0
Greengages, pr do. 0 oto 0 a
Raspberries,prptlo oto 0 0
►BLES.

0. d. L d.
Pine apples, perlb 6 oto II 0
Colonial do., each 0 oto 0 0
Grapes, per 1b.... 6 oto 10 0
Foreign do. 1 •to 2 0
llelons, each .... '2 oto 4 0
Peaches, perdoz.. 0 oto 0 0
Nectarines, per dz 0 oto 0 0
Apples, per hf. sv. 1 6to 3 0
Pears, perdoz.... 4 oto 8 0
Oranges, per 100.. 4 otolo 0
Lemons, per 100.. 3 6to 8 0
Apricots, per doz 0 oto 0 0
vaoaT.
Greens, dz bunch 4 oto 5 0
Cabbages, pr doz. u 10 to 1 4
Sayoy do., pr do. 1 oto 1 6
Caul3l.9wers, pdz 0 oto 0 0
Brocoli, per bh... 1 oto 1 •
Old potatoes,p ton 100 to 120 0
New ditto, per pun 1 oto 1 6
Peas, per 4 sieve 0 oto 0 0
Turnips, dz bunch 2 0 to 3 6
Carrots, pr d 0.... 5 oto 6 0
Cucumbers ...... 1 oto 3 0
Garlic, per lb .... 0 6to 0 8
Sorrel, per sieve 0 oto 0 0
Spinach, lit -sv... 0 10 to 1 6
Brus. sprouts, h.s. 2 oto 2 6
Old onions, dz bun 0 oto 0 0
New do., hf. sv... 1 oto 1 3
French beans, h.s. 2 oto 2 6
Leeks, per bunch 0 2to 0 3
NEWGATE AND LEADENHALL.

Shallots, per lb .. 0 6to 0 8
Horseradish, pbn 1 oto 2 6
Parsley, per ditto 0 4to 0 8
Celery, per ditto 0 Bto 1 6
fleet, per doz. .. 1 6to 2 0
Parsnips, per do. 0 oto 0 0
Small salad, p. pn, 0 2to 0 4
Musbrooms,p pun 2 oto 2 6
Artichokes, pr da 2 oto 3 0
cabbage lett,score 0 oto 0 0
Endive, per score 0 oto 0 0
Radishes, dz hnds 0 oto 0 0
Tomatoes, hf sve 0 oto 0 0
Walnuts, per 100 0 oto 0 0
Chillies, per ditto 0 oto 0 0
Capsicums, per do 0 •to 0 0
Rhubarb, per bun 0 Blto 1 3
Asparagus, pr do. 6 otolo 0
Seakale, par pun. 1 0 to 1 6

--
Turkeys, 4s Od to 108 Od ; poults, Os Od to Os Od each
geese, 48 Od to 7s Od ;. goslings, Cs Od to Os Od ; ducklings,
Is 9d to 2s 94; rabbits, is Od to is 9d each; wild do., Sd
to is 2d ; pigeons, 8d to is 2d each; large Surrey fowls,
6s Od to lOs Od ; chickens, 4s Od to 6s Od ; barn-door fowls,
3s Od to 6s Od ; capons, Os Od ; hares, 3s Od to 3s 6d ;
grouse, Os Od to Os Od each; pheasants, 3s Od to 3s 6d;
ptarmigan, Os tolls Od ; woodcocks, 3s 6d to 4s Od; snipes, is
Od to is 6d; teal, is 6d to Os Od ; wild ducks, is 6cl to 2s 6cl;
widgeons, is 6d to 2s Od; plov3rs, Os Bcl to is Od each;
guinea fowls, 2s 6(1 to 3s 6d ; rcasting pigs, 5s Od to 9s Od
each; Ostend fresh hutter, is 01 to is 2d ; English, is 2d
to is 5d per lb; English eggs, 1030 d to 12s Od ; French do.,
9s Od to 108 Od per 120 ; leverets, 2s Od to 2s 6d each.

Stk
20
tock
12.10

stock)

Stock
Stock
Stock
Stock

8 Cock

Stock

Stook

12
12
S tot

12 10
Stook.
Stock'
Stock
Stock
Stock
Stock
Stock
Stock'

Stock
Stock
Stock

Stock
Stock
Stock
Stock

1.0.8.

Stock
At ock
Stock
Stock
Stock'

Stock'

&BARB M.

'HIS DAY.)

ORDINARY SHARES AND STOCKS.

Paid.

all
100
86
100
100

Blythe and Tyne R. per
a. pref. (issued at £5O)
Bris. & Exet4p.ctStook
Do. do. do. Shares
Caledon £lO, 44 per cent
'Do. Quar. Shares, No. 2.
Cork & Bandon, 54 p. c.
Cornwall, 5 per cent
Dun. Perth,& Aber.Jtm
E.Ang.-,n. Class A 7 & spc
Do do. Class B 6 pc—.
I •
Do. do. Class C 7 pc
11E. Coun. Ex. 5 p ct. No.l
Do. do ... N 0.2
I Do. New 6 per ct. Stock
'Eastern Union, 4 per ct.
Edin.&Glas. 5 pc shares
Do. 4 p.c. gua. S. at D.
!Edin.Perth,& Dun. 4 pc.
Furness, 5 per cent ....
IGI as. &S West. a. 5 pc.
(Great Northern, 5 p. ct.l
Do. 5 pc Redm.,lop.c.pm
IDo. 44 p. c. do. do.
Do.sp.c. Redm.,s pc. pm
IGt. Nh. of Scotid,lst pi
Gt. Sn.& W (Ireland) 4
1 p. ct. pref. Stock
Great West. (Berke and
Hants) Ext. 5 p,ot
Do. Redeemable, 44 pct.
I Do. Redeemable, 4 p. ct.
I Do. Irredeemable, do
Do. 5 p. et. Redeem. Pref.
Do. firm. Pref. Shares
(it. W. Ches. 8 p.c.pf,sb,
Do. do. 5 p. et. pra, ,
Do. Binning. gum,. stock
Do. Chos ter guar. shares
Do. do. do
Do. do. do.
r,an. & York 6 p.c. stock
Do.BarnstStls 3slodpc
Do. 6 per c. (E. Lan)
on.&Brig.spc.gu. No.l
D0.,5p.0 No. 2
Do. gua., 6 p. ct. ..
Do. do. 5 p. a No. 4
Do. Do. 44 per cent ....
Do. do. 44 per a. shares
Do. 7 percent. Pref. St.
D 0.6 p.c.do.(W.E.&e.P.)
D 0.4 p.c S.(div.def.til'6s)
Lond. Chat. and Dover
Lon.& N. W.Cov.&Nun-
eaton, 5 p. ct.
LyW,t, 7cPo.etie:sitocshke
L
h.
p
D
D
.::rDo°°°:::( .1 Inn.:..irneY4dd.3. C6P
t:BBnnnSop3h. redeem.
rcinr
eB. tr'Ye.
Brie. vi:se p.
Ln6.
1 cEC. cent tip
eoßann. rn.
1 ;Srl, 6.
tic3n. P.
cot' te. t •
D 11
NDDpenoo. p
0...0
.w4ir
eel
redth
eem,
tm.
pbpt,llieraoreitis.
punps
rt.l
pee? stock
rf
lenBts
c.
tn 6
Do. Per Pet, 6 ‘p. e. with
option till 11166
Do„ till 1869
Nora 5 p. c. Ex.Stk,lB4o
Do. p.c. Prof. do. 1847
D 0.5 WavVal.Ex.Sk 1847
North British, 5 per cent
Do. New, gua. 5 per cent;
N-East.Cons. Pref.4p.c.
Do. Berwick, 4 p. a Pref:
Do. do. do.
Do. Leeds, 6 p, a, No. 1
Do. do. Quarters,lB46
n)o, York, A.& S. Purch:
North Staffordshire,,,,
,Ox. Wr. & Wol, 6 pe. lsVg
70. Redeera.,2d gua
'Do. Trredeem., 241 gua
I Rhymney Ouaranteed
(Scottish Central, new pt
Scottish North-Eastern
34 per C. prof. stook
Do.Abordeen.gua.6o
Do. 7 p. 0. pref. stock
mouth Devon, Ann. 10s,
Do. Fixed 44 per amt.
4nuth Eastern (Reading

all
all
all
all
all

Closing
Prioe.

el 61

8 81
75 76
11} 126

64 7
LO4 106
931 04-1

61 al

7/1
134 14i
57 5$
39 41
27 20

Ann,,

1.06) ‘.

Do .41 per cent
Do. Fixed 41 P.O. Ist 10 .
'outh Wales, gua. 4 p.o.
D0."41 per cent
IS.-Yorkshire, 4 p.c. gun
Stock. and Dar. A 5 p.a
Do. B 6 per cent
Do. C 6 per cent
watild & Kilkny, 6p.0

80 91
29 291

100 102

lori 1014
961 97i
133 135
112 114
661 69
60 65

9flt 100}
70
[6llB ll2
12 13
081 991
91t
, 06 ,

8 10
374 384
50 52

2$ Isd
logt 110}
86 88

so 100

57 59
34 td
61 61e

105
94f a

Eit

93 95i
1 d
48} 48,
781 70}
107 100
31 34d
9 9i
35 36
11 81i

113 115
27i 28
64 86
48 48
4 8
42 44
851 86
78 72
70 72
6 8
37 AB4
7i 84 p,

100

554 56i
¢d 3
d
SO St
104 II

5} 6k

95 97

102 104

55 6
N 101
[l2 116
105 107
114 116
[l3 115
127 129
82 64
[ll 113
90 92
775 785

116 118
120 122
112 114
MI 108
87 89

98 100

97 99
88 90
89 91
100 102
10 101
17 18
1e 10/
75 77
20 21
10 104
15 154
139 141

r3ll 118
16 118
143
116 118

153 157
133 134
64 OS
21 22

1081
971 I

89} 9 }

10. i
4981
1111 12

117 110

99 I
9k
90

1101 1

pit a

48
7911 I

14
2 9
ii

661 I 6 I
71

124 127
46 64
I

1281

IN 141
104 106
9s
10 10i

In 12,1
par i p