The Sun.
London, England, 1861-04-26 00:00:00

MONEY MARKET AND CITY NEWS.

CITY, Two o'Ctociz.

During the last few days there has been rather
less activity in the Foreign and Colonial Produce
Markets. Sugars have slightly declined, while full
prices have been obtained for the finer qualities of
coffee. Rice has been in moderate request with-
out any material change in prices, and the transac-
tions in fruit and spices have been on a rather
moderate scale at about previous rates. Saltpetre
nd tallow have been in very limited demand, and
quotations have not varied to any material extent.,
There is a fair demand for money, and the rates
are very firm, ranging from 4A- per cent. upwards,
according to the character of the paper:offered for
negotiation.
The sum of £48,074 has been applied to the re-
demption of 243 Peruvian 3 per Cent. Bonds.
The English Stock Market has been very de-
pressed, in consequence of the distressing accounts
from New York, which, for the moment, engross
the chief attention of the dealers and speculators.
A decline of 4 per cent. has taken place, Consols
having receded to 918 r for money and account,
but a decided recovery has since occurred, the pre-
sent quotations being 911 92. The New Threes
have seceded to 904,, the. Reduced to 901, and Bank
Stock to 232 ; India ditto is firm at 223 and 225 ;
ditto 5 per Cent. 102 k; and Exchequer Bills are
heavy at as. dis.
The dealings in the Foreign Market have been
very circumscribed, and prices tend downwards.
Turkish 6 per Cents. are 70 to 701; ditto, 1858,
53-1- to 54 ; Russian 44 per Cents. have receded
to 914 •, and Brazilian 41 per Cents. to 871 ;
Dutch 21 per Cents. are firm at 641 ; and Chilian
41 per Cents. are 821.
In the Railway Share Market the transactions
have been limited, and a downward movement has
taken place in prices. Lancashire and Yorkshire
have receded ss. • Caledonian, Eastern Counties,
Great Western, North Western, Midlands, and
South Eastern, 10s. ; and London and Brighton,
15s.

The Foreign and Colonial lines are inactive,
without any material change in values. East Indian
have receded 55., and Great Western of Canada ss.
Joint, Stock Bank and Miscellaneous shares barely
support previous quotations.

BRITISH FUNDS—CLOSING PRICES.
Bank Stock
3 per Cent. Reduced Annuities . 901 90 1 90
3 per Cent. Consols Annuities
New%3 per,Cent. Annuities 9Ol 90 1 90i
Annuities, 30 yrs, expire gth Jan., 1880 —
Ditto for 30 yrs, expire sth April, 1885 l6/
India Stock OO ,• 225 3
Ditto 5 per Cent
Ditto Enlaced Paper, 4 per Cent.
Ditto 5 per Cent.
Ditto Debentures, 1858 961 / a
Ditto, 1859.... e
Ditto Bonds £l,OOO —
Ditto under £l,000
Consols for Account, May 9....
Exchequer Bills, £l,OOO, 116 3 dis
Ditto Small
FOREIGN FUNDS--CLOSING PRICES.
Brazilian 5 per Cent
Ditto.4l per Cent. 1858
Ditto 41 per Cent., 1860 .... • 871 i
Chilian 6 per Cent
Ditto 41 per Cent.
'4
Russian 6 per Cent. 1822, £ St ..
Ditto 41 per Cent,
Spanish 3 per Cent. —
Ditto Account
Turkish 6 per Cent
Ditto Account - 7Ol
Ditto New Loan
Ditto Account
Ditto Guaranteed, 4 per Cent.
Ditto Account
Dividends on the above payable in London.
Dutch 2± per Cent., Exchange 12 Guil.
THREE O'CLOCK.
Consols, Money
Ditto Account 9ll 1

IMPERIAL PARLIAMENT.

HOUSE OF COMMONS.-YESTERDAY.

THE BUDGET—ADJOURNED DEBATE.
Mr. M. GIBSON said—The financial scheme that has
been submitted to the house has undergone much and varied
inquiry, and I remark that the investigations which hon.
members appear to have undertaken have lod them on diffe-
rent points to very different conclusions. It is not for the
Government to complain of the most searching, inquiry into

such a financial proposal as it may think fit, on its respon.

sibility, to recommend for the adoption of Parliament; I,
for one, should be the last to complain, or to think that the

Houso of Commons should be deterred by any consideration

from giving the fullest attention, or applying the most
searching investigation, t ) the financial plan of the Govern-
ment. But there is this remarkable difference that strikes

me at once, that, while the hon. member for Stamford (Sir
S. Northcote) tells us he is satisfied with the estimates of
the revenue from Customs and Excise, as submitted by the
Chancellor of the Exchequer, the hon. gentleman who has
just spoken. disputes those estimates, and the -ccdoulation of
what they will probably yield, and says the Government is
misleading the house into a reckless remission of taxation in
those sources of revenue. I believe the probable yield of
the Excise and Customs has been honestly estimated, in
conference with the departments which can alone judge
what is likely to be the yield of those great sources of re-
venue, and I will undertake to say that those estimates
would in all likelihood have been the same if the right hon.
gentleman (Mr. Disraeli) had been Chancellor of the Exche-
quer, instead of my right hon. friend. (Hear, hear.) These
are not matters respecting which officers of departments can
plot in concert with the Chancellor of the Exchequer,in order
to cook up an account that may mislead the House of Com-
mons. (Hear, hear.) Nothing of the kind. These, I repeat,
are honest estimates, made by men of judgment and integrity,
and I believe that they represent as accurately as can be
ascertained what will be the revenue of the incoming finan-
cial year. (Hear.) Sir, I must say lam surprised, not at
the criticisms which have been passed on this budget, but
at some of the statements which have been made respecting
it. The hon. and learned member for Mallow (Mr. Long-
field) said he viewed this budget with abhorrence both in
its substance and its details. I certainly should not have
thought it calculated to give rise to such emotions. (Hear,
and a laugh,) lam astonished also at the indications from
some hon, members of what they would have preferred. I
had not the good fortune to hear the speech of the hon.
member (Mr. B. Stanhope), but I am told it was a very
good one. (Hear, hear.) He said he should have preferred

he Government had proposed a larger income-tax, ac.

companying this proposal with a reduction of the duties on
tea and sugar ; but I do not believe that that is the opinion
of the party with whom the hon. gentleman acts, and I
never heard that they would have been prepared this year
to agree to an increase of the income-tax if it were apcom •
panied by a remission of indirect taxation. It has not been
thought right to propose a larger income-tax than 9d, in the
pound, though, according to the hon. gentleman, one of lOd.
or lid. in the pound ought to be proposed in order to reduce
the duties or, :ca aril s•igar.
Mr. B. STANHOPE—Perhaps I may be allowed to ex-
plain what I did say. After stating that I did not wish to
apply the unnecessary penny in the way proposed by the
Government, I added that I should not object to spend that
penny, or even an additional penny, in taking off indirect
taxation. • _ _

Mr. M. GIBSON—Then there was the hon. member for I
Chippenham, who objected to the Budget, and wished for a
practical amendment. Anything, he said, for a practical
amendment, in order to condemn the scheme of the Govern-
ment. Well, I am only sorry there is not a practical amend-
ment before us. (Hear, hear.) We want to know what is
the alternative proposition by which hon. members would
abide as a substltute for the plan of the Government. (Cheers.)
The hon. member who opened the discussion said nothing
very definite. His was a speech full of negative proposi-
tions, but he told the Government that their responsibility
was great, and that their first duty was to provide ade-
quately for the public service, maintain the public faith, and
if r„,„kQ;A„,, ‘.• O'. them in the way mast
likely to benefit the country. (Opposition cries or ‘• bear.)
That is good advice, and it is my belief that the Govern-
ment have acted consonantly with it. (No.) We have, as
we believe, provided adequately for the public service. We
are as alive as the hon. member can be to the necessity for
upholding public credit, and we believe that in the remis-
sions which we propose we aro doing what, on the whole, at
the present time will prove most beneficial to the general
interests of the country. (Cheers.) The hon. gentleman who
last spoke asked me to explain one item of income which
he seemed to think very doubtful—namely, the amount
which will be received from China in the course of the pre-
sent financial year. The hon. member has given us his esti-
mate of the probable yield of the customs duties at the
various ports c pen to our trade in China ; but let me re-
mind him that ho gave us an estimate of what had been re-
ceived during 1859, which was a year of war—(hear, hear)—
and he also failed to tell us that under the treaty new ports
aro to be opened. (Hear, hear.) The hon. member seems o
t
doubt whether the departments in England and the Chan-
cellor of the Exchequer, with a full knowledge of the deve
-
tails and a full sense of their responsibility, are able to gi
the probable yield of the Customs of the r
United Kingdom;
and yet he, an independent member, is prepaed to give us,
from some private sources of information, the exeact.amount
of what is to be the year's yield of customs darersesmeestofmore
ports in China. (Hear, hear.) Now, 'th
I prefer to take the estimate of LowrdiElgin andpßaron
ohfaTveiento_ltadihnerthMeraejewstiyll'sbGe
coevretrnainmseunmt tshraetc,euinvedder,
theGr° treaty ewa thy°
amounting to about Si',ooo,ooo, during the present financial
year. (Hear, hear.) Tye* are, in fact, five quarters', or
nearly a year and a-halt's receipts ; but the money will be
forthcoming, and we shall be able to carry it to the credit of
the country during the present financial year. (Hear, hear.)
Out of this £1,000,000 I am not aware that anything that
Mr. Bruce may do or may have done in consequence; of
delay in his receipt of instructions can make a difference
exceeding £OO,OOO or £lOO,OOO in the estimate of my right
hon. friend. This million is to be disposed of rateably be-
tween the merchants and the Government. It has ap-
peared to us that, considering that this country has ex-
pended some millions for, as we are told, the protection of
merchants and of trade in China, there should be out of this
indemnity at least a rateable proportion retained by the Go-
vernment. (Hear, hear.) Basing our opinion upon autho-
rity of the only perms who are qualified to guide us in this
matter—namely, those who have been on the spot, who
have negotiated this treaty, and who are responsible for the
advice they give,—we believe that a moderate estimate of
the amount which can be carried to the accounttofitch;9
British Government during the financial year is at least
£750,000. (Cheers.) I should infinitely have preferred
keeping witlAtz roY monoimutediate prpyiuce2 9