The Sun.
London, England, 1867-04-04 00:00:00

question, without fencing. He wished to know whether
any answer had been received to the threat contained in
the last despatch he had written to the Spanish Go-
vernment ?

Lord STANLEY said no answer had been received to
the despatch alluded to by the hon. member.

THE BUDGET.

The House then went into Committee of Ways
and Means.

ohfont.hgeenEtlXemCaHnEoQppUoEsißte
s a
iTd he
when C 1 1 .l.ka
aNt Ct Eh
eL LriOg
hRt
made his financial statement the country was in a
state of great monetary peril, but the result bad
proved the sagacity of his calculations. (Hear, hear.)
It was most gratifying to know that during the
great trial no falling off in the articles of consump.
tion had taken place. The estimate of the income
for the year 1866-7 he put down at £67,013,000,
and the actual income had been £60,434,000,
showing an increase of £2,421,000, and that after
a period of great trial. The great increase had
taken place generally in the customs and excise,
and was derived principally from the consump-,
tion of tobacco, sugar, malt, and spirits. TI se
estimated expenditure was set down by
the right hon. gentleman as £67,031,00C,,
whilst the actual expenditure for the period was
£66,780,000, showing a saving of £251,0 00.
Thus the actual surplus balance was
£2,654,172, The right hon. gentleman then pro-
ceeded to detail the estimated expenditure inn the
different departments, and said that, after provid-
ing for all, there remained a balance of £1,2016,000,
and the great difficulty was how to absorb that
surplus by a remission of taxation. The income tax
had never stcod at a lower figure Lean it
did at present, and according to his view no tax
more injuriously affected the industry of the people
than the malt tax. (Hear, hear, from the Govern-
ment side of the house.) But it was a large ques-
tion to deal with—(hear, hear, and laughter)—
and he felt he could not effectively deal
with it with the balance at his disposal. As that
tax was only one that could he said to demand their
' attention, and as the sum at his disposal was
insufficient to enable him to deal with it, it
next became his duty to see how he
could in another direction proceed to give
relief. (Hear, hear.) He thought the next
mode after remitting taxation was the reduction of
debt— (hear, hear)—the purchasing of stock, and the
cancelling of obligations. (Hear, hear.) They
could either grant terminable annuities or convert
stock, but in addition there were other ways of so
applying any sum of public money,which in the end
could but result in a way-beneficial to the interests
of the country. The right hon. gentleman then
referred to the proposal made by the right hon.
gentleman opposite, last year, for the cancelling of
£24,000,000 of debt, and said the Government had
been prevented from fully carrying it out, but the
surplus now at their disposal now enabled there to
deal with it. The amount he had mentioned consisted
of two sums 0f1£18,000,000 and £6,000,000,and the
Government proposed to convert the £18,000,000
into an annuity of 4:1,330,000, terminating in July,
1885, payable half-yearly ; and also to convert the
.£6,000,000 into an annuity of £440,000, terminating
April, 1885. This operation would absorb £755,000,
and leave a balance of £456,000, which some per-
sons might be of opinion it would be wise to retain.
But the Government thought that they might still
make a reduction in one direction with safety, and
that was in marine insurances. (Hear.) At present
the duty was in a very unsatisfactory state, and
what the Government proposed was that for the
future there should be one uniform rate of 3d. per
cent. on all policies either on voyage or time, except
in time policies of more than six months to run,
then the charge would be 6d. per cent. This
arrangement would take £210,000, and thus they
would have a sum of £224,000 to carry over to the
next account. (Hear, hear.) These were the only
proposals he had to offer, and when Europe was in
fact an armed camp, if in an unforeseen contingency
the Chancellor of the Exchequer had to go into the
market to raise money in the event of the
country becoming involved in any way, he
thought he could walk with a dignified mien by
the thought that, in the days of their prosperity,
they had made an honest endeavour to redeem their
debt. (The right hon. gentleman resumed his seat
amidst loud cheers.)

LEFT SITTING.)

RESIGNATION OF THE ITALIAN

MINISTRY.

FLORENCE, April 4.

In this morning's sitting of the Chamber of
Deputies, Baron Ricasoli announced that the Minis-
try had placed their resignation in the hands of the
King, by whom it had been accepted.

BANK OF FitANCE.

PARIS, April 4.

The return of the Bank of France for the week
ending to-day shows the following changes com-
pared with that of last week :

IN C REASE.

Notes ...

Cash in band

7,333,000 f.

Advances

666,000 f.

I)ECIZEASE.

Treasury- balance
Commercial bills 2,400,000f.

Current accounts