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

THE SUN, LONDON,v3 SATURDAY EVENING, FEBRUARY n, IP6O.

duty had failed to produce what was expected.
All surpluses in different 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,
172,000,0001. ; 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 wes 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 expenditure 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 9,400,000/. to
be met. No radical 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. Ho 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 515,000/. ;
on
brandy, of 225,000/. ; on manufactured goods, of
440,0001.; making a total of 1,190,0001. 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 were not merely protective but
prohibitory, and there was a pressure with regard
to that article which, apart from any treaty with
France,would 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
been a large consumption of colonial wines and even
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
l 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
greatly to facilitate personal intercourse with the
Continent. The right hon. gentleman eulogised the
Emperor of the French for bringing about a great
measure of free trade, and paid a still more glowing
and earnest compliment to Mr. Cobden. (This was
received with cheers from both sides of the house.)
It was proposed to reduce other customs duties to
the extent of 910,1001., but to supply that sum by
other impositions on trade. The duties to be abo-
lished were those on butter, tallow, cheese, oranges
and lemons, oggs, &c., which amounted to 380,0001.
a-year. There were to be reductions of duties on
timber from ls. and 25., on currants to 7s. a cwt.
raisins to 75., figs to 75., and hops from 455. to
145., making 668,0001.—the total reduction being
1,039,0001. 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 oneipenny each, which
would produce 300,0001. a-year. Moderate charges
were to be laid oa 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 6s.
a cwt. on chicory, yielding 90,0001. 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 3,931,0001., and cause a net lass to the revenue
of 2,108,0001., or about equivalent to the amount
fhlling 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 1,400,000/.
by taking up the malt 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 id. below that sum ; the tax to be taken
for one year only, three-quarters of the year's rate
suet
o be u
nl of
s collected 37 within
2,0001. the
antt year,this
NNvvohuie w
ldh
bring ul d t giveh
e rel!
venue up to the expenditure, or 70,100,0001., and
leave a surplus of 400,0001. The right hon. gentle-
man concluded with an appeal to the house to sup-
poi t the principle of commercialreforms—for which
the country had already received so much honour
and reward in scattering blessing among the people
of this country—and which he contended were enu-
merated and carried out in his financial plan. lie
sat down at ten minutes to nine o'clock amidst loud
cheering.
e,

In the Liverpool cotton market yesterday a mo-
derate amount of business was transacted, and
prices were steady. The sales were estimated. a'
7,000 ba!es.

There were no withdrawals of bullion from the
Bank of England yesterday.
The tendency of the Foreign Exchanges yester-
day afternoon was rathor unfavourable.
The alterations in the duties proposed in the
Budget have formed the principal subject of eon-
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,

'MTH D EDITION.

BUN OFFICE, Six o' Clock.

ITALY.

A Paris letter in the Nord says :—" Fresh pro-
positions have been made, I am informed, by the
ex-Grand Duke of Tuscany for the re-establish-
ment of the House of Lorraine. He has, it is said,
expressed his willingness to submit to a vote by
universal suffrage, and would renew his promises
of a constir.ution, liberal reforms, &c. Events will
doubtless reply by this epitaph of many fallen
dynasties, 'lt is too late ! ' "

A Berlin letter says :—" The manufacture of
rifled cannon continues on a large scale ; the works
of M. Freund furnish six every week to the com-
mission of revision. Some cast iron cannon are
also being made at the same works on a new model,
and if the result of the trial of them answers to the
expectation of military men, 600 will be made.'d

MONEY MARKET AND CITY NEIVS.

CITY, Two o'CLocK.

The Bank of Englaad 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, owintto the contrac-
tion of the circulation consequent on 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

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

Other Securities ..
Increase .. ..
Notes Unemployed ..
Docrease .. ..

.. £21,354,700
.. 551,640
.. 14,977,317
.• 34,815
.. 3,420,945
• . 96,466
.. 6,304,217
.. 994,458

~. 14,301686
.. 182,990
.. 750,175
• • 33,944
. 10,171,190
No alteration.
.. 21,061,216
.. 287,535
.. 7,448,700
.. 602,330

Share

The Budget has produced a favourable effect
upon the Market for Public Securities, a further
rise of 8 per sent, having taken place. Very little
activity has prevailed, but purchases have been
effected for investment as well as on speculation.
Consols are 942 a for money, and 94a for the
account. The New 3 per Cents. and the Reduced
have improved to 94: 95 ; India New Loan is
firm, at 1031 d ; ditto 5 per Cent. Enfaoed Paper
is 971 ; and the Debentures are 97k 1. Exchequer
Bills are steady, at 235. to 255. prem.
Business in the Foreign Stock Market eontinues
inactive, and prices in some instances aro firmer.
Turkish 6 per Cents, are 78 to 781 ; ditto New,
66 to 661 ; and the 4 per Cents. are heavy, at
101: ; Sardinian have improved to 856 ; Vene-
zuelan 3 per Cents, remain at 261 8 ; but Russian
43 per Cents. have receded to 97-1-.
The shares of the Ocean Marine Insurance are 18
to 21 pm.; the Universal ditto, 4 prem. ; and the
Canadian Loan is 2 6 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 ss. ; North-
Eastern (York), 108. ; and Caledonian, Great Wes-
tern, and South-Eastern, 15s.

13.14
Stoqi

Stock
Stock

The Foreign and Colonial lines are inactive.
Lombardo-Venetian are 111 ; Grand Trunk of
Canada, 341 35; Great Western of Canada, 12a
121 ; East Indian, 1001 1014; and Great Indian
Peninsula, 981.

Joint-Stock Bank and Miscellaneous Shares are
at steady rates.

BRITISH FUNDS—CLOSING PRICES.
3 per Cent. Reduced Annuities 94/ 6 41
3 per Cent. Consols Annuities
Now 3 per Cent. Annuities
Anus. 30 Years, expire sth April, 1885 l7
la ha Stock
Ditto 5 per Cent.
Ditto Enfaced Paper, 4 per cent
Ditto 5 per Cent
Ditto Debentures, 1858 97i
Ditto, 1859
Ditto Bonds, £l,OOO
0i tt i under £l,OOO
-Consols for Account (March)
ExchNuer Bills, £l,OOO, lid .. 2S
4itto £5OO 23
Ditto Small, lid. • 23 5
FOREIGN FUNDS—CLOSING PRICES.
ttussian, 1822, £ St., 5 per Cent —
Ditto 4.1 per cent., 1850
Sardinian, 5 per Cent
Ca:•kish 6 per Cent —
Ditto Now Loan
Ditto Account
Ditto Guaranteed, 4 per Cent.

Stock
Stock
Stook
Stook

DIU* Account
Venezuelan 3 per Cent
Ditto Account
I )ividends on the above payable ix Loncloa.
French Rink's, 4} par Cent. Ex. 25f 97f. 8710.
TWO O'CILOIK.
Console, Money
Ditto Account (March)

Stock
Stock

Stock
Stock

Stock
Stock
Stock
Stock
Stock
Stock

Stock
Stock
Stock

Stock
12
Stock

Stock 1

12i
10
Stock
Stock

Stock
Stook
Stock

Stock
Stock
25
Stock
Stock
Stock

Stock

Stock
Stock
Stock
Stock
10
Stock
Stock
Stock
Stock

Stock'
Stock

71. us D4Ys 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.

SHARE

ORDINARY SHARES

llallwaye.

'HIS DAY.)

D STOCKS.

Paid.

Closing
nice.

A in Derg., Bost.
and Eastern Junction
;telfaLt and Bahymena
lir., Wol., and titr. Val
'tirk.,La., and Ch. June
Blackburn
Myth and Tyne
Bost.Slefd.& Mid. Coun
Bristol and Exeter
Caledonian
Carmarthen & Cardigan
Cork and Bandon
Cork, Blkrock,&Passage
Cornwall
Do. A IA roves. tio div.
Do. B until6p.c.per an.
hasbeen pd.toß.
Dublin andßelfastJunc.
Dun.,Perth,& Abr.Junc.
East Anglian
Eastern Counties
Eastern Union A Stock
Do. do. B Stock
Do.Nw.A.(lte.E.U3ds),
East Suffolk

Ci iii

8 ei
75 76
12i

64 7
[O4 106
931 94}

61 •1

74 8
134 144
57 5$
39 41
27 20

Do
Edinburg and Glasgow
Edin.,Perth, & Dundee
Forth & Clyde Junction
Furness
Glasgow& South Westn
Great North of Scotland'
Great Northern
Do. do. A Stock

80 91
29 29i

[OO 102

Do. do. B Stock
Gt. South.& Wstn.(lreld)
Great Western
Do.Str.Vl.Rail Gua.Stk
Irish South Eastern
Lancashire & Yorkshire
London and Blackwell.
Lon.,Brighton kS.Coast
Loud. Chat. and Dover
London & North Westn,
Do. Eighths
London& South-Westn
L'derry & Coleraine
L'derry Sr Enniskillen
Man., Shet., & Lincoln
Maryport and Carlisle
Do. do. Shares
Nfetropolitan
Sfidland
Do. Binning. & Derby %
Mid. Gt. West(lreland)
Do. Shares
Mid Kent

(Cray Line)
Newcastle and Carlisle
New., Aber., dr Herefd:
Newry & Armagh (net.)
Newry, Warpt., & Kos
Norfolk
North. Counties Union
North British
Nor.Dev.liall..liDk. Stk
Do.A Stk.—Arec.no div
until 6p.e.hasbeenpdß
Do. B Stock
North-Eastn.—Berwick
Do. do. G.N.E.Purchase
Do. Leeds
Do. York
North London
North Staffordshire
No. & Sou. W. Junction
Oxford, Wor.,& Wolver.
Peebles
Portsmouth
Rhymney
Scottish Central
Scoth. N.E., Aber. Stock
Do. Scottish Mid. Stock
Shropshire Union
I Sitting-bourne & Sheer.
South Devon
South-Eastern
,South Wales
South Yorks. St Riv. Dun.
Staines, Wok., lt Wek..
Stockton & Darlington.
Do. do.
Stockton & Ilartlepooli
Taff Vale
Do. Preference, No. 1
ThamesHavenDk&Rall
Ulster

lon 104
964 974
133 135
112 114
684 69
80 65

all
100
31
100
100

160
100
100
1613 41
100 '
100
100
174
all

105
90 i

1571 1

Do.

1081
97/ 1

69a 9 i

991 loot
68 70
111 112 I
12 13
981 901
• d
95i 06 ,

Do.
Vale of Neath
Victoria Station & Pim
Waterford & Kilkenny
Waterford & Limerick
West Cornwall
West London
Do. Ist Class
Do. 2d Class

1001
698}
1111 12

8 10
37 383/4
50 62

2 li d
tO9i f 1101
86 88

1101 f

91 101

57 511
si Ed
61 61

61/ 2

95 954
14 t d
48} 481
781 79}
107 109
31 34 d
9 04
35 36

Stook

4111
7,i I

164
100
100

all
all
all
all
all

9} 9
35i 4