The Sun.
London, England, 1850-03-16 00:00:00

of all taxes the most obnoxious was the tax on marine
insurances. It was a tax which, though not of large
amount, pressed on every shipowner, and might, he
thought, without any serious loss to the revenue, have
bean repealed.---(Hear.) lie bad no wish to itrotract
the present discussion. He accepted the admission
made by the Right lion. Gee tieman as to the agricul-
tural distress, but he should regret if :the Government
were led to believe that the two remissions of taxation
proposed would be accepted as a satisfatory settlement
of the question which now agitated the country, and
which would continue to • agitate the country, till the
policy which be was willing to imagine the Right Hon.
Gentleman was not averse to was adopted.—(Hear.)
Ile thought he might assume that the Right lionourable
Gentleman was nor averse to do justice to the agricul-
tural interest, for be had several times repeated his
conviction 'of the great importance of raising in our
own country the bulk of food necessary for the peopli'.—
(Ifear.) Ile could, however, assure the Right Hon.
Gentleman that the agricultural interest would never be
satisfied with the propositions he had made.—(llear.)
Mr. MUNTZ conguatulatei the ilothe and the Chan,-
cellar of the Exchequer himself on his re-4pp,:sarance
among them, hut he could not congratulate him

on the subject of his budget. lie was at a loss to know
the amount of the surplus, and how it was to be ob-
tained. The Right Hon. Laronet had made a compa-
rison with one of the very worst years, and he thought
it doubtful whether the Right lion. Gentleman would
really obtain any- surplus from increased revenue. In
tact, the surplus seemed to ariso almost wholly from the
refusal of that !Luse to grant the. supplies asked fur in
the first instance by the Government.—(Hea:•, hear.)
The Right lion. Baronet would have actul more wisely
—wh(n. there was so much doubt about a surplus—if
be had not proposed the remission of any tax.—([Tear.)

Hepcifeetly agreed with the hint thrown out by the

Noble Lord the-Member for Middlesex as to the neces-
sity of revising our mode of taxation. If something
were not duce in this respect, instead of the boasted
surplus, there would be a lamentable deficiency.—
(lleer.) When the Right Hon. Baronet the Member
for Taw worth proposed the repeal of the corn-laws in
1846, he warned him that if he did so, with the present
mono tiry system, he would be obliged to impose a pro-
perty-tax of at least 25 per cent., if he wished the into
rest on the public debt to be paid.—(Hear, hear.) He
did not object to a bona fide property-tax. At pre-
sent they were casting about for means to make
both ends meet. Some proposed to abandon the colo-
nies. Hon. Members conversant with ancient his-
tory needed not to be reminded that both Greece and

Rome first began to withdraw support from their distant
possessions, when affairs at hume were unprosperous,
and their greatness commenced to decline.—(Hear, hear.)
Was this country about to adopt a similar policy ?
(Hear, hear.) He admitted that the colonies, under the
present system, were not worth a farthing, and that the
sooner they went perhaps the better; but we could not
well desert them.—(hear, hear.) Hon. Gentlemen were
fond of talking about unbearable taxation. Now he re-
collected a time when the taxation was double what it is,
yet, every man was then able to get a good livelihood,
and 10. ked with horror at the workhouse.—(Hear, hoar.)
It seemed to be quite true what was said the other day,

that the rich were getting richer and the poor poorer.—
(Hear, hear.) They had heard t•IIk of a raving of
90,000,000/. All he could say was, that on the present
principle every reduction in prices was an additional
pressure on the industry of the country.—(Hear, hear.)
It had been said that the pressure would be removed by
au alteration of prices; but if prices were to advance,
of what use would the repeal of the corn-laws be?—

(Hear, hear.) lie had voted for the repeal of the core-
laws in order to reduce prices, and almost aids the
knowledge that it would do so. His present convic-
tion was, that there could be no improvement in prices,
but, en the contrary, a further reduction.—(Hear, hear.)
The present prices were, indeed, the average prices of 90
years of the last century. It was said by some that
they were only temporary. Ho' had this week met with
one of the partners of one of the first mercantile houses
in Copenhagen. In conversation this gentleman had in-
formed hint that in consequence of the throwing open
the ports of this country, land in Denmark, which had
been hitherto uncultivated, was now brought into culti-
vation, and that the people were improving their land
with the view of raising grain for the English market.—
(Hear, hear.) His informant further stated that they
could supply 2,000,000 quarters of corn for this country
at the present moment, and in a short time 3,000,000
quarters.—(Hear, hear.) The present price of wheat in
Denmark was 265. a quarter, and oats 103. It seemed
265. did not pay them, but they would be satisfied with
28s.—(Hear' hear.) This same party had chartered two
vessels at Leith to bring over corn from Copenhagen at
2s. 6d. a quarter, and suppose other charges amounted
to 6d. a quarter, 295. a quarter would be the cost of such
corn in tnis country.—(elear, hear.) He told them these
facts exactly as he had hoard them. Upon what prin-
ciple was it then that they expected prices to be higher?
In his opinion, if they wished to be able to carry on the
Government, and to pay the interest of the debt, they
must revise their mode of taxation, and make property,
instead of industsy, bear the burden.--(Hear )
Mr. SANDARS weuld not nave troubled the Commit-
tee with any remarks but for what had fallen from the
lion. Member for North Warwickshire. lie thought the
Hon. Gentleman had rather understated than overstated
the cost of freight from Dantzic. With respect to this
subject he was never more surprised than when he heard
the remarks of the lion. Member for Westbury the other
night. Since then he had received letters from sa ious
parts, expressive of astonishment at the statements made
by the lion. Gentleman.—(Hear.) The Hon. Gentleman
had stated that the price of bringing corn from Dantzic
to this country was 6s. a quarter. He did not dispute that
from Dantzic to London the cost might be 3s. 9d., but
then it ought to Le recollected that there was also some
expense in carrying corn from the different parts of this
country to the London market.—(liear.) At the present
mornsnacorn could be brought from Denmark or Ham-
burgh to London for 2s. a quarter; but the cost of car-
riage from Boston and other pelts of this country to
London was of similar amount. The Hon. Gentleman,
when he alluded to the prices of the last ten years
in the foreign markets, ought to have recollected
that during that time protection existed is this
country, and that no conclusion could be drawn there-
from as to the prices for the next ten years.—(Hear.)
The lion. Gentleman had also stated that the price
of wheat at the present time at Odessa, put on board,
was 325. a quarter. He had letters from Odessa, and it
was quite true that the price was 323.—(" Hear, bear,"
from Mr. Wilson)—but that was regarded as temporary,
and the lion. Gentleman ought to have stated that con-
tracts were entered into for tlla finest wheat at Odessa
at 265. a quarter.—(Hear, hear.) He had stated over
and over again that, 'under the system of free trade,
wheat could be grawn in this country for 355.' a quarter.
He was not therprised at the price of wheat. Only this
week the 'douse to which he belonged had made contracts
for the 'fittest Pomeranian wheat, to be shipped at Res-
tocix and Stettin, and to be laid down in this country at
C. 133. a quarter. Ho had been assured by all the foreign
Merchants he had corresponded with on the subject that
they would be able to supply any quantity of wheat if
prices in this country remained somewhere about 355. a
quarter. The fact was these merchants had no other
market, and whether they could afford it or not, their
supplies would come to this market. He was greatly
surprised to hear so great an authority as the Right lion.
Baronet tie Member for .Tamwortli allude souse time
ago to the increase of corn imported in 1849 to the
extent of some 5,000,000 quarters, and expatiate on the
increase I comforts thereby given to the pour. He thought
the Right Hon. Baronet must have overlooked the very.
deficient harvest of 1848. Not less than 3,000,000
quarters were required to make good that deficiency.
In that year 700,000 quarters were exported from this
country to Ireland, instead of Ireland sending to Eng-
land, as it usually did, about 1,000,000 quarters. Su that
these 4,700,000 quarters must be deducted from the es-
timate made by the Right Hon. Baronet of the increased
consumption of corn in 1849.—(Hear.) He regretted
—and he stated his regret in his place in that House—
that they had not imposed a moderate fixed duty on
foreign corn.—(Hear.) The lion. Member for the West
Riding had taken him to task for what he had said last
year on the subject. He was not now recommending
a fixed duty of 55., but he maintained that such a duty,
for the purpose of revenue, would not enhance the price
of corn to the consumers of this country; and as the
time might come when it would be desirable to impose
such a duty, he had only to say, that he should if ever
proposed, cordially support it —(Hear, hear.)
Mr. J. WILSON said, that he had on a former even-
ing estimated at 16s. a quarter the cost of transporting
corn from the interior of Prussia to the markets of this
country; but he had not said that that would be the
cost of carrying it from the port of Dantzic. The Hon.
Gentleman who had last addressed the House bad said
that the price of corn on the Continent during the last
ten years could not be taken as a criterion of its proba-
ble price during the next ten years, because prices would
be depressed on the Continent in consequence of the re-
peal of the English corn-laws. But it appeared to him
(Mr. Wilson) that the opening of anew and a large mar-
ket must in that case, as in every one of the same chile
ratter, have the effect of raising instead of diminish',
prices. The lion. Gentleman had also said t,`,,at "ttge
imposition of a fixed duty on foreign corr would not
have the effect of raising the price in ii'
country. Now,
if that was so, what benefit, he (:isle. Wilson) would
ask, could such a measure rainier on the agricultu-
rists?—(Hear, hear.) •
Mr. G. BANKES "...d that the lion. Member for
Westbury (Mr. Wilss
of the English co of to forget that the repeal
Continent by -..n-laws might depress the prices iu the
encouragirg the agriculturists there to
grew corr
It ap,
e on a greater breadth of land than before.
eared that in Denmark lands were being
b,:Acr). up for the purpose of growing corn for our tneae
acts—(Heer, hear)—and such a fact woulttj naturally
contribute to the diminution of the priace in that country.
The Right Hon. Gentleman the; becretary-at-War had
told thetn the other evenie-g chat the agriculturists were
at present enabled to Ataiu their seed and their labour
cheap; but that %vas the very fact of which they tacit
complained. The Right Hon. Gentleman had alluded in
terms of jocularity to the distress in the agrictilturat
dtsteiers. But he (Mr. G. Bankes) could assure the
Right Hon. Gentleman that that distress was a serious
pseml:ola,rarrignynt terearfr:l.;sl(relna(triinolhebdzey,
janiitoula,though he and his Hon. Friends had Mt
oeor sate;
should
establishments,
sbhhetamode
raisedntgranttese,si t
from tiwlnaedsu sumsetneiol
d: v noiete(h)%cprooelu;e!
is
bowe=vor, that retrenchme,nt in
.lee's tare de;crioireed,
quarter auothL r should take place, are that be-
hele' eoat
confidence enlc'eh eoyf w
ifloor e ton g
enser of
thetinu Se
e5tS enjoyti)°li. ( ll
et' le,
whom they represented if t tut sl de
• they did not show that the
were sincerely impressed with the dangerous co n
Aw el' • y
n
of the country resulting from the distress of the agricul-
turists.
Mr. MACGREGOR said he was astonished to find
that 1.1,,e. Genq,,eaPn Opposite were Oct satisfi,3 with
iti itlght Ct;al,:ll2,:n he
lor of the Exchequer, because that proposal had mani-
festly been Awned fore their especial benefit, go 41

every reason to believe that it would be impossible to
sell foreign wheat i❑ our markets, at a profit, unless the
price in this country averaged from 40s. to 465. a quarter.
MI very much regretted to find that the Eight lion.
Gentleman the Chancellor of the Exchequer did not
propose to deal with the stamps on marine insurances,
because they contributed very materially to diminish the

practice of such insurance in this country.
Colonel DUNNE said he regretted to find that the
state of Leland had been so carefully avoided by her
Majesty's Government since the commencement of the
session.—(Laughter.) It was manifest that the repeal
of the corn-laws, whatever might have been its effect in
this country, must have materially injured Ireland.—
(Hear, hear.) He had reason to think that that country
could not have lost less by the change than 6,500,0001.
during the years 1847 and 1843. Her Majesty's Minis
ters propose I to advance leans for the improvement of
laud in Ireland; tut he could tell them that the gentry
in that country were becoming indisposed to borrow
money for such a purpose, because they found that the
land did not repay the sums laid out in its improve-
ment. —(1 leer, fo
Mr. SANDARS wi:hed to observe, in reply to a
statement of the Hon. Member for Westbury (Mr. Wil-
son), that what he (Mr. Sanders) contended was, thet in
ordinary years a fixed duty on corn would not raise the
price in this country, although in J ears of very low
prices like the present it would act as a protection to the
agriculturist.
Mr. CAREW said he feared that in the present de-
pressed condition of agriculture in this country, the good
old system of leasing on a term of years would he dis-
continued, because agriculturists would be unwilling to
bind themselves to the cultiratiun of the land for any
lengthened period. He should also observe that he
thought landowners would not be much disposed to avail
themselves of the measure of the Right Hon. Gentleman
the Chancellor of the Exchequer, or to charge their es •
tates with fixed payments. He would suggest that
buildings should be included in the works to which the
proposal was to apply. He believed that would materially
improve its working.
Mr. SLANEY believed the abolition of the brick duty
would be advantageous not only to the landed in-
terest, but to the humbler classes of society.—(Hear,
hear.) Many Honourable Gentlemen imagined that the
only mode of lightening the pressure of taxation was by
the reduction of taxes. But he thought the same effect
might be produced by stimulating the industry, en-
terprise, and spirit of those persons by whom ca-
pital was created, for every million created dimi-
nished the amount of taxation paid by the remainder.
He asked the Government to give fair play to the
humbler classes, who had not hitherto sufficient oppor-
tunities of beneficially investing their small savings. If
they desired to purchase a small portion of land, the
expense of the transfer had been most enormous, and
the same remark applied to investment by way of mort-
gage. He thanked the Government for what they had
done, and believed that the remission of the tax on the
conveyance of land would have a most beneficial effect.
Captain HARRIS said his remarks on a former oc-
casion had been somewhat misunderstood. What be
said on the motion of the Hon. Member for Surrey was
this—that ho looked upon the motion as one to compel
the Government to a revision of taxation. By that re-
vision of taxation he meant a re-distribution more equal
and fair to the agricultural interest, which was acknow-
ledged by all parties to be in a state of great distress.—
(Hear, hear.) By re-distribution he contemplated a
revenue tariff such as that proposed in 1842, and a re-
distribution of 19cal taxation upon a fair basis, and in
that case he should be satisfied with a ss. duty upon
corn.—(Hear, hear.) He regretted to find that the
Customs revenue had considerably fallen off within the
last few years, for, whilst the amount in 1844 was
24,000,0001., it was now under 20,000,0001., and that
not withstanding the immense extension of capital and
enterprise. He did not believe that any material reduc-
tion could be made in the expenditure without a com-
plete revision of taxation.
Mr. HEY WOR 111 considered the present mode of
taxation exceedingly unjust to the working classes; for
whilst capital had increased, the demand for labour had
eccreaEed. He was satisfied that, sooner or later, direct
taxation must he substituted for indirect.—(Hear.)
Mr. MACKENZIE understood that the grant for
drainage was to be a conjoint grant for England and
Scotland. Now he was told, with respect to the last
grant, that because Scotland had shown such prudence
and foresight—(Laughter)—as to obtain three-fourths of
the grant, that country was now to be limited in her com-
petition with England. lie considered this a poor re-
turn to Scotland for showing such a high appreciation
of the former boon.—(Laughter.) The people of Scot•
land would consider themselves hardly treated in being
excluded from a fair competition with England; whilst
England, not being inclined to take the money by fair
means, was to be compelled to do so by Act of Parlia-
ment.—(hear, hear, and laughter.)
Mr. GOULBURN paid a high compliment to the ser-
vices of Mr. Brookshank, whose death had been adverted
to by the Chancellor of the Exchequer. Mr. Brooks-
bank, for the last forty years, had been most unremit-
ting in his attention to his public duties; and he (Mr.
Goulburn) and those gentlemen upon whom similar du-
ties had devolved had been greatly indebted to that gen-
tleman for his invaluable services.—(hear.)
Colonel SIBTHORP said they had a statement of the
financial affairs of the country, but there was no balance-
sheet. There was, it was said, a million and a half sur-
plus—but in his opinion there was no surplus at all, but
they were rather in debt—as they had not yet repaid,the
loan to Ireland. All the speech of the Chancellor of the
Exchequer was hopes, and promises, and wishes, but no
performances. He had never relied on a Chancellor of
the Exchequer in his life, and never would do so.—(A
laugh.) There was not a word about reducing the sala-
ries on the Treasury bench.—(Hear, hear.)
Mr. HEALD said ho would strictly confine his obser-
vations to the topics of the Chancellor of the Exchequer.
He first expressed his belief that the prosperity of the in-
dustrial classes had not kept pace with the increase of
capital in the country. That was his own conviction, and
he had thought so for many years. His conviction was
that the shopkeepers were amongst the most suffering
portions of the community.—(Hear, hear.) Ho regretted
that the distance between the industrial classes and the
capitalists appeared to be every day increasing. He did
not presuMe to state the reasons of this, but it was the
fact. He approved of the reducing of the Excise duties,
and the reveal of the duty on bricks.
Mr. HENLEY said he had heard that the remission
of these duties was a decided boon to the agrictilturists;
but he thought no such thing.—(Hear.) Three parts of
the brick duty was paid by the reople in towns. With
regard to the subject of the loan, ho could understand
now what had been said about the price of corn. Its
object was to keep the agriculturists employed, and then
the Chancellor of the Exchequer would come down and
•say, see how successful this free-trade has been. He
did not consider that the agriculturists had received any
special interest.

The vote was then agreed to.
The CHAIRMAN reported the resolution, and the
House resumed.

'THR SUN, LONDON, SATURDAY EVENING, MARCH 16, 18,50

4Lcnromosov
iaiooitffilipheu,
mafiwypelssrna,
life
sr
aiirehtdoaceeeoaitwu‘scbvvnfsvnimea:guaeanisrttr,totissoheyeaehraundan:ttn.
mortality
dat—dvi
]ifsl
assurance
have
2tledlc(icybseo, L loiampnsembs
teteecniseoaadnrmuoil
ohrimdmrpefislanoypoleupnpnroeloai
smeicnst
important
te)lugtimt:iccaaelecsaibear.)acnosrsao tleb,rttlm:seaanaasi r
asp:.
stfnhigAut
tot
sidooloenlcarfy.
ittiiaa,
oietni.
irrl
nas:fl,joint-stockemi,Lord,neuhfuneyetraai:hsoannoeerys btrptusuhetuehncarmruuery
joint-stock
companiesinieniaa assurance
economical
ot
pmpub uo l
e.
compa-
nies i yearseouaunnt_t
companies to soften and alleviate the sufferings and sor-
iuuraeltleausli
ilapanasadlsri
palladium
of igttahhumee.
of British society and the British constitution.—(Hear.)
actuary, taking the bills of mortality, is enabled by these
til
hsisetinnon
no'.
—nar sec, ehrieaaair, ashe anythingtir, a nd caa nl certainabuegh.)
It
only a properhlief.e management,us,sesaulerano
assurance
e attoe rates,
companiesnasuu and
e thetshine 1
p lexercisesimply.
successfulic ow of r pru-
denceesu lt
of any life assurance company.—(Hear, hear.) So much,
gua-
rantee societies are of more recent date. They cannot
boast of longer than teu years' standing, and although
they can hardly give place to the others in point of
utility, I think they stand almost upon as high ground
as life assurance companies in the advantages they afford
to the community.—(Hear, hear.) But yet the success-
ful results and the successful working of guarantee so-
cieties is somewhat more problematical than life a aiur-
since companies, inasmuch as you have not the data to
go upon in the one case as in the other. A guarantee se-
ciety is still a science; it is an experiment without rules and
regulaeious to govern them founded upon actual expe-
rience—there are no bills of morality that you can
take up for your guidance like bills of mortality, and
found a basis to work upon.—(Hear, hear.) It is no
reflectior, however, upon a simple guarantee society to
say that they have less certainty in their pre fits
than life assurance companies.—(Hear, hear.) You
may have been told, my Lord, that simple guarantee
societies have been in the habit of charging somewhat
too little for their premiums, but that should be for-
given, because they have no data to go upon.—(Hear,
hear.) That may or may not be so; it is not our busi-
ness to inquire, it is enough, my Lord, fur us to know
that the necessity had long been felt, and it had long
been desired that some one should discover a method by
which the principle of life assurance and the principle
of guarantee assurance should be happily combined, in
order to give protection to the policy holder and a suc-
cessful permanency to the company itself.—(Hear, hear.)
Now, my Lord, you yourself have said that the merit
is due to Mr. Knight of having discovered this blend-
ing of guarantee with life assurance.—(Hear,
hear.) Mr. Knight has established the prac-
ticability of a union between the two,
and to him, and to him alone, belongs the merit of the
discovery.—(Hear, hear.) Future ages, my Lord, will
acknowledge that it is a great discovery.—(Hear, hear.)
The mutual defenee and protection which this unity of
principle gives to both parties is greater than any person
would imagine who had not had his attention called to
it. Mr. Knight, therefore, published the principle of the
system, and explained the basis of the system in a pam-
phlet which your Lordship has referred to, and which as
your Lordship knows was complimented by the Time
newspaper, and by almost all the daily and respectable
weekly papers of the metropolis, and it now only re-
quires a little time, and some still further efforts on the
part of the policy holders and the proprietors themselves
in promulgating those principles, to insure their being
fully known and their advantages fully appreciated.—
Hear.) The principle of the union is the salient point of
advantages
shdh eoivcisasol
-encmbootfefpaomi
gonrgpesguleas:
composed of
company. Atmospheric
fnuts 1
ttitAneeweottot
thami
anion.
oeigdossaspnsistih.eareesb,rsc
.aiel cisanttsyanatui
take
essential
ea;
of
assurance
hthebhai
believe
sirhi
eet,sysi
loneuecupittpeht
society
ieyr,
not
union
iyntasi
tl
oeluni
princi-
plesfl
.ti
—hfoe ef,
I will give you anyerilslouristwrahtiounisotfhirthve
(Hear, hear.)
years of age, and who wants a life and guarantee policy
for 1,0001.; he goes to a simple guarantee society and
he pays 20s. per cent., or 104 for his guarantee policy;
he then goes to a life office, and he pays somewhere
about 251. per annum for his life policy, and thus to
these two companies, whom he has to deal with sepa-
rately, he has to pay 35L—(Hear, hear.) Now, by the
union of the two principles we can do his business
for 301., thus saving him Si. per annum.—(Hear, hear.)
Now, how is it that we can afford to abate 51,
since you have to depend upon the same contingencies of
life and honesty • as the other two companies? I will
tell you, if the man assuring commits a fraud or
malversation in his lifetime, his life policy, as well as
his guarantee policy, is forfeited ; thus, if the man
commits an act of fraud in his lifetime we pocket his
life premium ; while, if he dies without committing any
such act, we have had the benefit of his guarantee
premiums, and it is upon that principle that we can do
the business of the policy holder with more advantage
to himself and with equal safety ts ourselves. Now
my Lord, I will make one single observation with re-
ference to the statements in the report. Perhaps it may
appear to some that we have not done quite . so much
business during the ten months of our existence as we
ought; but it must be remembered that no extraordi-
nary efforts were made to produce effect. No exer-
tions were made to induce parties to come forward and
take up policies, in order that we might come before you
with a highly-coloured statement, and make an unusual
impression.—(Hear, hear.) I am aware, my Lord, thst
there are some people who consider that if they work
well to produce a good beginning, the thing is more than
half done, and I know that many young companies
make spasmodic efforts—( A laugh)— for the purpose of
producing a grand demonstration at their first meeting.
—(Hear, hear.) I, however, do not consider that busi-
ness well clone which is done in that way.—(Hear.) I
prefer doing a quiet business which can be conducted in
a careful manner, and will secure a lasting interest in
preference to making an impression at this meeting.—
(Hear, hear.) But we have not even yet appointed local
agents, and, therefore, the business of the company can
hardly be said to be initiated. (Hear, hear.)
Still there is no reason to complain, for whilst
the premiums for the past year are only 7031.,
I find that those of January and February in the present
year amount to 5001., so that the two put together 'Would
make 1,2001. instead of 700/.—(Hear, hear.) Then,
again, on the other aide of the account, the shareholders
will see that the cash in the hands of the bankers
amoants to only 6911.; but if we had taken the cash in
hand at the end of February, it would have been 1,200/.
instead of 6911.—(Hear, hear.) These, my Lord, are
results which will induce the shareholders to join
with us in congratulations on the general result of our
operations, and the present position and future prospects
of the company.—(Cheers.)
Mr. FIELD, in suggesting that the accounts should be
received and adopted as well as the report, observed that
it was originally expected that the shareholders would
have to pay up a call of 21.; but the directors found that
this sum would not be required for the business of the
company, and cons( quently they only gave notice for the
payment of a 1/. call. It might have been supposed
that something had occurred in their affairs, such as lack
of business, which rendered a smaller sum necessary, but
that was not the case. The calculation of their able
actuary was perfectly correct. The object of the directors
was to have ample resources at their command, in order
that the public might know they were ready to meet any
claims which might be made upon them. From the expe-
rience they had derived from the working of other assu-
rance offices, they thought the society would be self-
supporting, and that no outlay beyond that required fur
preliminary expenses, would be eecessary, and during
the short period the society had been in existence this
had turned out to be correct.—(Cheers.)
On the motion of Mr. It. POUNSETT, seconded by
Itr. PABREB, it was declared that a dividend at the rate
cf 41. per cent. should be payable on and after the 21st
of March next.
The retiring directors, Messrs. Podmore, Shears, and
Winkworth-were re-elected. Messrs. Reynolds, Withers,
atid r
the atkermwoterione reeceelecmterd. aGuduitnooiss
On
WILLOUGHBY, a tote of thanks was of
passed to the
b c e
oncodmedpn byy Ali.
direc-
tors, for the seal and caution exercised by them in the
administration of the company's affiiits,
The ORA/RATAN, in returning thanks, said he had at-
s,stea
tended all the board meetings except one, and scald,
therefore, bear testimony not only to the zeal of the di.
rectors but also to the caution and care which they had
exercised in the discharge of their duties.
Mr. WINIEWORTH said he had to discharge the very
agreeable duty of proposing a vote of thanks to the Noble
Lotd for his able and courteous conduct ire the chair.
His Lordship bore a name which occupied an Important
place in the historic annals of our country, and was held
as sacred to the cause of constitutional liberty.—(Cheers.)
It was Well known to all those who had read—and it was
impossible to suppose that there were any who had not
—the thelaesbtahraaciftecrenntbutrayt,
still
tialculated to promote the welfare of society, which the
1„
tielehrattid Lord Erskine, by his eloquence at the bar
biehhtiimstoe effortsryof the
were
ckle
madeea of a
and in the mate, and by the wielding of his elegant pen,
did much to thwart slid euceessfully oppose.
selected by
different sovereigns for the honourable acrd distinguished
duty of carrying on diplomatic relations Ire one or
diate successor had done them the bodnobuerenof Bpi:el:11;17g
on that interesting occasion. Ile
two countries. Ho appeared as minister and am-
the evening
was
now
he might say, of
of a well spent life to the $
n
a gentleman occupying
humanity.—(Cheets.Y And when
positron was pleased to assist
his Lordship's eminent
hassador in the United States and at the Court
of Bavaria. He
with so much effect.—(Cheers.)
upon by Mr. Nicholson,
he thought they owed him a deep debt of gratitude, es-
peciallybeengiven so asikleously,
when his services had
cl BB
them in promoting those moral tin's social benefits, which
had been so eloquently dilated
The-vote was unanimously passed.
The CHAIRMAN returned thanks.
Without recurring
to the observations which Mr. Winkworth had been
pleased to make, he would simply assure them that he had
great pleasure in following, at a very humble distance;
the example of his ancestor. Having seen the pamphlet
of Mr. Knight, he was so satisfied of the truths which
it contained, that he deemed it of the highest import-
ance to give his encouragement to the society, the ad-
vantse. e cf which was made apparent by a circumstance
which very nearly concerned himself. A young man I
had the offer of a post in Chancery, at SOU a year ; a
large guarantee was required, but he was too modest and
diffident to apply to powerful relations on the subject,
' and the consequence was that he nearly lost the appoint- ,
went. His relations, however, having heard of the qr.
cumetance, took the matter up and gave the necessaty
security. There were cases without end, --although; per-
haps, much less prominent than that, in which
take situations owing to their being
give security. This society then came to to
theiruassistance,
the most worthy and able men were unnsabbllee to
fins would be
party guaranteed, private friends and re a o
relieved of a responsibility at all times alarming. and
seeing a chance
eerious.—(Hear.) He was delighted in
of
and independently of the service it woulditi afford to the
of the society being still further extended, because its
1 dieappciated.—(Cheers.)
usefulness, and he hoped his expectations would not be

Votes of thanks were then proposed to the secretary,
the actuary, the solicitor, and medical officers, for their
exertions in promoting the interests of the society.
The CHAIRMAN observed that the secretary was en-
titled to their very best thenke, as he could bear testi-
mony to the discretion, care, and activity with which he
discharged his duties. With reference to the solicitor,
he said ho knew the advantage of a good professional
adviser, for he (the Chairman) had not only been bred
to the law, but the law had been bread for him, and he
could assure them that the solicitor to the society had
discharged his duties with great care and assiduity.
Upon the other officers included in the vote he pasted
equally flattering eulogiums.
Mr. FIELD said, the zeal cf the secretary had been
untiring, the discretion of the actuary was notorious, the
skill of the medical officers was not only well known to
this, but to many other societies, and caution had been
peculiarly exemplified in their solicitor. It was seldem
any company had those excellent qualities so embodied
in its officers, and be therefoi e cordially concurred in the
vote.

The motion was then put, and carried unanimously.
The different officers having sever ally ruturued thank
the meeting separated.

THE BUDGET.
FROM THE MORNING PAPERS OF THIS DAY.
- _

cinoxicLE.—The grand financial secret of theyear is
i out. The budget of 1850 liss passed from the domain of
spcculstion into that of criticism. Whatever of anxious
hope or interesting mystery hung over the disclosure of the
Ministerial programme twenty-four hours ago, has now been
dissipated, and the longing suitors and importunate deputa-
tions, who have for, many weeks past besieged Downing-
straet with petitions for relief, have got their answer. The
surplus, which has been the object of so much envy and
contention, has been declared and appropriated. The doors
of the Exchequer are now closed, and no further applications
can be entertained for another year. The essence of Sir
Charles Wood's somewhat diffuse statement may be com-
prised in a small compass. As the current financial year
wants yet some weeks to its completion, the exact difference
between the income and expenditure of 1849.50 cannot be
accurately pronounced, but the balance in favour of revenue
will probably be found to amount to somewhat less than two
millions. There are reasons for anticipating a some-
what smaller income for the year ensuing. The
further reduction in the sugar duties which is
to take effect next July is computed to produce a
loss of about 300,0001. The great increase in the past year
from the duty on brandy (433,0000, which is ascribed
mainly to the prevalence of the cholera, can hardly be
reckoned on for the future; nor is it likely that the importa-
tions of corn, which during the last twelve months have
yielded such unexpected profits to the Exchequer, will
maintain henceforth the same extraordinary proportion. If
• the Customs should yield 20,250,0001.. including the corn
duties, Sir Charles Wood will think it no bad result. As-
suming the other heads of revenue to produce about the
same sums in the ensuing as in the current year, the net re-
venue for 1850-1 will be 52,285,000/. The expenditure, ac-
cording to the Estimates as already made public or in prc -
paration, would be 50,613,582/. ; but there are some special
disbursements, not included in the ordinary charges of the
year, which are contemplated by the Government—such as
votes for the new Houses of Parliament, for the Arctic
expedition, and for the long-postponed Public Record-
office—which may add from 150,00C1. to 210,0001. to
the outlay. In round numbers, the prospective surplus
on the sth April, 1851, may be stated at 1,510,000/. The
interesting question then arises, what is to be done with it?
Given a disposable balance of a million and a half—in what
manner can that sum be most profitably employed for the
benefit of the community? The Chancellor of the Exche-
quer, in the course of his speech, passed in review the claims
of several pressing and meritorious applicants for remission
of taxation. The abstract expediency of reducing the exor-
bitant tea duty was folly conceded, but the consequences to
the revenue were described as too serious for such an experi-
ment. The wievances attaching to the window-tax, the
paper duties, the advertisement duties, the solicitors' tax, and
some other imposts, were not denied, although circumstances
would not admit of a more effectual consolation to the several
parties than a respectful mention of their claims. The case
of the agriculturists underwent a more detailed and elaborate
consideration. Having more solid comfort in store for this
party, Sir Charles Wood seems to have had the less compunc-
tion in reading them a rather severe lecture upon their con-
duct and tactics. He exposed forcibly, but not too severely,
the sheer selfishness of the attempt lately made to turn back
the current of fiscal legislation, by throwing off the burdens
of property, and saddling them upon labour, while, in spite
of all that legislation has done, or can do, the progress of
society incessantly tends to increase the wealth of the rich
in a far greater ratio than to improve the condition of the
poor. But while he arraigned the impolicy and injustice in-
volved in the late movement of the " Country Party," Sir
Charles Wood fully admitted the pressure to which agricul-
ture is at this juncture exposed, and the expediency of se-
conding the efforts of those who are struggling to meet the
difficulties of the times. One other party remained,
whose title to a share of the anticipated surplus was empha-
tically stated and unhesitatingly allowed—the public creditor.
The duty and necessity of making some provision for redeem-
ing the debt—that debt which has gone on increasing in
time of peace—which is always augmented when there is a
deficit, but seldom or never diminished when there is a sur-
plus—were put in a clear light, and enforced by all the perti-
nent though familiar axioms of financial morality. At
length, having held the House a sufficiently long time in
suspence to enhance the interest of his disclosures, the Chan- ,
cellor of the Exchequer runouaced the practical conclusion.
The surplus of a million and a half he proposed to divide into
two equal parts. One moiety is to go in relief of taxation—
the other in reduction of debt. Among the "burdens on
land, " two are selected, the exemption from
which is expected to afford important facilities and
relief, more especially to the smaller class of pro-
prietors. The stamp duties on the transfer of land by way
of sale or mortgage are to be revised. The amount upon
those of smaller value is to be reduced, and instead of a di-
minishing per centage as the scale ascends, according to the
existing law, the duty is to regulated by an equal progression
ad valorem. In the case of leases also, a remission of stamp
I duty is to be made. Another boon is granted, which it is
hoped may conduce not only to the interests of the land-
owner and the farmer, but to the comfort and wellbeing of
the labourer. The duty on bricks, yielding at present some-
what above 400,0001. to the Bscise, is to be remitted in toto,
end Sir C. Wood anticipates that the effect of so doing will
be to give an impulse to the extension of farm buildings and
farming operations, as well as to promote that improve-
ment in the dwellings of the poor which, both for
moral and sanitary reasons, is so earnestly to be
desired. To these measures of direct financial relief must
be added another proposition, designed with the same object
of aiding and encouraging the cultivation of the soil, and •
which, though not actually a money gift, is in effect tanta-
mount thereto. It is intended to assist the landowners •
with the credit of Government by further advances from the 1
Echequer, for the purposes of drainage and improvements.
Two millions are to be appropriated in this manner for the
benefit of England and Scotland, and one million—a part of
which will serve to complete the system of arterial drainage
—for Ireland. Such is in effect the budget announced last
night to the House of Commons. We cannot now stop to
criticise in detail either the plans or the speech of its author,
on which we must reserve some observations for another
day. It will be obvious, however, on the surface, that it
is one which affords to the agricultural party at least no pre-
text for complaining that their interests have been over-
looked or postponed. They cannot stigmatise it with the
term most expressive of their abhorrence, as a Free-trade
Budget. It leaves the tariff perfectly untouched. It gives
no semblance of benefit to the foreigner. It tends, in more
ways than one, to produce that great desideratum of their
admired leader and financier—" Cheap capital." The direct
remission of taxation which it affords will be found, if not
superior, at least equal to any which the soil, as such, could
have derived from the actual realisation of his recently-pro-
posed scheme. The Protectionists, therefore, it is clear, have
lost nothing by their importunity. Whether other classes
and interests of the community may have equal reason to be
satisfied with the present budget, we will not at present un-
dertake to determine.
HERALD.—The Chancellor of the Exchequer last night,
like Sir George Grey on Thursday night, seemed fond of the
idea of a compromise. He has got a trifling balance of about
1,500,0001. This, which might afford some comfortable
relief from taxation if conceded, or might work some bene-
ficial reduction of the debt if kept, he proposes to divide. So
we are to have 750,0001. for reduction of debt, and 750,0001.
for remission of taxes. The result of which will be that
neither of the two will be felt, and thus the surplus will be
frittered away, and the opportunity of doing any good will
be lost. This is poor work, and we have a presentiment that
it will sot succeed. The budget will disappoint almost every
one, and the clamour for remission of taxes will become
loader. We are unwilling to blame such a selection as that
of the tax on bricks for reduction. But whileyee admit the tax
to be a vile one, and one most proper to be repealed, we fear
.that the Chancellor has made the proposal in a bungling
manner, and in a way likely to damage a purpose essen-
tially good. Forming a part of a large plan, the abolition
of the duty on bricks would have been applauded. But,taken
alone, or nearly alone, the preference shown to it will
awaken envy. Few requests have been addressed to Govern-
ment for its remission. Other unpopular duties have sent
up their swarming deputations, to fill the reception-room in
Downing-street, with cries for the abolition of tea duties,
timber duty, advertisement duty, &c. All these are neg-
lected and contemned, and the poor little excise on bricks is
selected for special grace by the Finance Minister. As we have .
already said, we fear that the very envy and jealousy which •
will be excited will hazard the success of an other-
wise laudable proposal. As for Sir Charles Wood, we begin
to doubt the possibility of his retaining his present post.
The financial statement for 1850 is likely to give as little sa-
tisfaction as either of his former performances. It is weak,
paltering, and unsatisfactory. And people were expecting
something better. One set of persons were sure that the
Chancellor had a surplus of two or three millions, and with it
some great operation on the national debt was to be at least
commenced. Another set were sure of repealing the window
tax, or the malt duty, or the duty on tea. All these are im-
partially put aside, and the Chancellor will neither remit any
considerable tax, nor yet attempt any considerable operation
in the funds. The disappointed will exceed the gratified by
more than twenty to one. We shall be surprised if they do
not make themselves felt and heard, long before the close of
the present session.

LAW INTELLIGENCE.
BANKRUPTCY COURT, March 15.
(Before Mr. Commission HOLROYD.)
IN RE W3l. JERDAN.

The bankrupt was the proprietor of the Literary
Gazette. This was the certificate meeting.
Mr. :Sturgeon supported; Mr. Cooke opposed on be-
half of the assignee.
The balance-sheet shows debts to the amount of 5,7004
to unsecured creditors, and 5,3781. to creditors holding
securities. The property held by the secured creditors
is valued at 3,0601., and consists of policies of insurance
for 1,0601., and the copyright of the Literary Gazette,
subject to three mortgages of 3,3001. Among the un-
secured creditors are Mr. W. Harrison Ainsworth, 501.;
Messrs. _Bathe and Breach,
W Lond
Con Tavern
tailor , 571.; the
Lord Chief Baron,3ool.;Mr.. hambers, , 1121.;
Dickinson and Co. stationers, Old Bailey, 1814; F.
Itrath, wine-merel;ant, 6514 ILongman and Co., pub-
blisbers, 26614 the Union Bank, 1971.; Mr. Roby,
'banker, Rochdale, 1;000/.; Saville and Edwards, printers,
119/; G. Smith; undertaker, John-street, Oxford-street,
3601. (bills discounted); H. Silverlock, printer, 4701.;
Rev. D. Warnford, 5004; Balfour and Co., wine-mer-
chants, 146/. There are no other assets, but a few debts
put down at 351/.
Mr. Cooxu submitted that the bankrupt ought not to
have come to that court. Ia March, 1847, he had as-
signed his property in the Literary Gazette to his son for
1,0001., and had applied the proceeds to the payment of
debts in respect to which it was alleged that he was not
pressed for payment. The bankrupt had also allowed a
broker named Richards to get possession of his house-
, hold furniture, valued At 2001.