The Sun.
London, England, 1861-04-16 00:00:00

MEMORANDA.

Second Captain William Smith, half-pay, late Land
Transport Corps, has been permittedto retire from the ser-
vice by the sale of his commission, he being about to become
a settler in New Zealand.

The undermentioned Officers upon half-pay have been
permitted to retire from the service by the sale of their
commissions, under the conditions of the Horse Guards
Circular Memorandum of the 15th February, 1861:—
Major and Brevet-Colonel Guy Prendergast Clarke,
half-pay, Unattached.
Captain Henry Yarburgh Gold, half-pay, , Unattached,
Captain Henry Young, half-pay 'Unattached.
Captain John Williamson, halt-pay, Unattached.
Captain Edward Barclay, half-pay, Unattached.

BANKRUPTS.
William Alfred Putnam, glass and china dealer, New
Oxford. street, is surrender, April 25, at two, and May 23,
at half-past one, at the Court of Bankruptcy.
J. and M. T. Levitt, watch manufacturers, Minories,
April 30, at half-past one, and May 30, at twelve, at the
Court of Bankruptcy.
Ebenezer Rae, merchant, Eastcheap, City, April 30 and
May 28, at one, at the Court of Bankruptcy.
John Duffield and William Rispin Dauber, grocers

Sheffield, April 27 and May 18, at ten, at the Council-hall,
Sheffield.

Richaid Knight Boorman, cattle dealer, Marden, Kent,
April 29 and May 29, at twelve, at the Court of Bankruptcy.
IVilliam Henry Hamburgh, upholsterer, High-street,
Poplar, April 23, at half-past twelve, and May 28, at
twelve, at the Court of Bankruptcy.
Edward Thomas Nash Jenkins, cigar and snuff manu-
facturer, Victoria Park-square, Bethnal-green, April 26,
at half-past twelve, and May 31, at twelve, at the Court of
Bankruptcy.

Samuel -Greenhalgh, confectioner, Bury, Lancashire,
May 1 and 29, at twelve, "at the Manchester District Court.
John Mills, cotton manufacturer, Royton, near Oldham,
April 30 and May 28, at twelve, at the. Manchester Dis-
trict Court.

Henry Cha les Chown, shoe dealer, Sheffield, April 27
and May 18, at TO, at the Leeds District Court.
Edward Breeze, grocer, Brierley-hill, Staffordshire,
April 26 and May 17, at eleven, at the Birmingham Dis-
trict Court.

James Cowderoy, innkeeper, Crown Inn, Peckham, Sur-
rey, April 24, at half-past two, and May 28, at half-pa t
twelve, at the Court of Bankruptcy.

COURSE OF EXCHANGE.—THIs DA.4.
ttasterdam
Ditto
Rotterdam .. - 11 19i 11 191
Antwerp
Brusselq
Hamturgh
Paris
i)itto
Marseilles .. 25 521 25 57±
Frankfort on Maine.. 1181 1131
Vienna
Trieste
Petorsburgh ....7—
11553315 55100
331 15 65
15 65
Berlin
Madrid
Cadiz ............
Leghorn....
Milan _
Genoa
Naples
Palermo —
Messina —
Lisbon
Oporto
Rio Janeiro —
NeW York —
- -
Foreign Gold in Bars (Standard)... per or. £3 17• •
9
Mexican _Dollars .. ,• 97 0 4 111
Silver in Bars (Standard) ,, 0 5 li
South American Doublons „ 0 0 0

482 48t
48:f 49
25 80 25 85
2.5 70 25 75
25 70- 25 75
39 391-
117 1171
117 • 1172
521 54
62; 63

,
••

Mr. GLADSTONE'S Financial Statement, the right
hon. gentleman himself spoke of last evening as a
wilderness of details or figures. Mr. BERNAL
OSBORNE, referring to that remark shortly after-
wards, eulogised the Chancellor of the Exchequer's
enormous and elaborate Budget speech of yester-
day as, on the contrary, " nothing but a garden of
flowers." Without reiterating or adopting in its
completeness that graceful compliment, we should
be ungrateful indeed were we not upon the instant
to admit that, while the Financial Statement of last
evening was necessarily, as all Financial State-
ments must be, precisely as Mr. GLADSTONE him-
self described it—namely, as altogether really and
truly little better than a wilderness—it is never-
theless a wilderness that is just for once not by any
means thinly sprinkled over with flowers ; on the
contrary, bearing here and there flowers in affluent
abundance. Let us now for one moment—to begin
with—cull.a nosegay from Mr. GLADSTONE'S wil-
derness ! We can promise it shall be, in every
imaginable way, most agreeable to contemplate.
Our Chancellor of the Exchequer, then—to give
the fairest flower of all, and to select it as the cen-
tral point or cynosure of our bouquet—calculates
that there will be a surplus, a clear,
bona
.fide surplus, not as was dimly
anticipated of one million, but of very nearly two
millions, of £1,923,000, an excess (to that extent
during the next financial year) of the estimated re-
venue over the estimated expenditure. This, re-
member ! notwithstanding the estimates of revenue
(previously explained by him with all his inimitable
lucidity) constitute, as he himself acknowledges,
"if not the largest, certainly one of the largest"
ever presented during a time of peace to the con-
sideration of Parliament. The revenue, in fact, for
1861-1862 Mr. GLADSTONE puts down at the
appalling sum of £71,823,000. But, as he imme-
diately afterwards indicates, the total amount of the
estimated expenditure during the same financial
twelvemonth will not be in excess of the snm of
£69,900,000, the result follows manifestly enough
according to COCKER that there will be (relying, of
course, upon the accuracy of these calculations) a
distinct balance in our favour of—as already inti-
mated, not one million only, but 0f—L1,923,000.
Now upon the very face of it, our system of taxation
has already grown to be one of such enormity,
our expenditure has continued to be during a
lengthened period so increasingly excessive, that
the time has long since gone by when any Chan-
cellor of the Exchequer could be allowed to carry
over a difference like that the next leaf turned in the
national account book. So soon as our financier can
announce a surplus of any real magnitude, it is at
once incumbent upon him to announce also a reduc-
tion in those taxes notoriously pressing the most
heavily and vexatiously on the community. Hence,
no sooner has Mr. GLADSTONE intimated the plea-
sant tidings that he is now looking forward to a
surplus of revenue over expenditure amounting to
nearly two millions sterling, to £1,923.000, than he
hastens to explain how it is that he proposes to
deal with that surplus—in regard to what taxes he
now proposes any diminution. Instead of remit-
ting or mitigating the duty upon tea (a duty of
more than 100 per cent.), instead of adventuring
upon the like course in regard to the duty upon
sugar (a duty of over 50 per cent.)—Mr.
GLADSTONE, in point of fact, proposes now to
remit the tenth penny upon the Income-
tax and to repeal the Paper Duty altogether !
Towards the aggregate of the estimated revenue of
this next Financial Twelvemonth—an estimated
revenue, as we have seen, of £71,823,000—the In-
come Tax (already expired) and the Tea and Sugar
Duties (the act for levying which will expire on
the 30th of June), are estimated as contributing, if
renewed, a sum amounting in all to fully £22,000,000.
The Tea and Sugar Duties, our Financier still sug-
gests, shall, for another year, he wrung out of the
Pockets of the consumer. The Income Tax he also
proposesto continue for, at any rate, one other
twelvemonth, but at the reduced rates of ninepence
(instead of tenpence) in the pound, on incomes
above £l5O
a-year, and of sixpence (instead of
sevenpence) in the Pound, upon incomes below that
mount. Each.penny upon the income tax yield-
ing—as the country has, to its cost, learnt full well
by fills time—somewhere about £1,100,000, the
remission of the tenth and seventh penny will
(affecting, as it can only do, the concluding three-
fourths of the twelVemonth), lessen the surplus by
£850,000. Adding to this remission of £850,000
under the bead of Income Tax, the total repeal of
the Paper Duties—not immediately, not even on
the 15th of August, as was proposed last session,
but merely from the Ist day of October—the esti-
mated surplus will be still further reduced by an
additional remission, after all reductions have been
by £15,000, for
allowed [such as the reduction

•
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THE SUN,
LONDON, TUESDAY, APRIL 16, 1861.