The Sun.
London, England, 1850-03-15 00:00:00

SUMMARY.-TIIE BUDGET.

The Commons met at Four o'clock.
After the transaction of some preliminary business,
the House resolved itself into a Committee of Ways'and

Means, when
The CHANCELLOR of the EXCHEQUER roso for the
purpose of making the financial statement for the
year. Af.er bespeaking. the indulgence of the House
on account of tte illness under which he was

evidently labouring, the Right llonournble Gentleman
said, that whatever advantages might attend the
bringing forward t f the financial statement at an
early period of the sessior, yet it was atttnoei with this
disadvantage, that it was impossible to make so accurate
an estimate of the expected income and expenditure as
it would be at a later period of the session, and, there-
fore, he hoped 'HOD. Members would bear this in mind
while he made his statement. He had, however, received
the budget from a gentleman well known and greatly re-
spected by all, and of whose untimely death he had, to his
great regret, heard that morning.—(Hear, hear.) De
income of the country up to the sth of April next
would be, be estimated, 52,785,5001., the expenditure
50,533,351 L, leaving a surplus of about two millions and
a quarter. As a proof that they had not been unmindful
of their pledge to observe a judicious economy, he.would
remark that the actual expenditure had been less than
the estimated expenditure. by 1,625,000/. He did not

estimate this income for 1850 at so urge an amount
Z 3 the income of 1849. I.le aaticipatei a di-

minution in the receipt; from the sugar duties.
He also anticipated a reduction in the amount of Cus-
toms duties received froin biandy, as a large increase in
the amount of duty paid fo brandy had taken place last
year, in consequence of the-prevalence of cholera. He
also anticipated a considerable decrease in the amount of
duty paid.on the:importation of foreign corn. In conse-
quence of the diminished importation in the mouths of
January and February, 1850, a considerable decrease ap-
peared as compared with the corresponding months of
1849. He estimated the probable receipt from Customs

next year at 19,750,000/. Exclusive of beer duties, he
estimated the Excise at 6,800,0001. ; the assessed
taxes at 4,320,000/. ; the property-tax at
5,080,000/. ; the Post-office revenue at 820,000/. ;

Crown lands revenue at 161,0001., the miscellaneous a
270,0004 the old stores at 410,0001. He estimated the
latest revenue at 52,285,0001. Ile estimated the expen-
diture for the payment of the national debt, funded and
unfunded, at 28,105,0001., for the navy at 7,613,7592,
for the Army at 6,625,3411.; for the Ordnance at
2,234,417/. He estimated the total expenditure at
50,613,5861. He, however, intended to propose
an increased expenditure of 150,0001. for the
New Houses of Parliament, and if that were
agreed to, it _ uld, leave a surplus of
no
1,471,000/. Various propositions had been made for re-
ductions of taxation. Iv bad been suggested that the
tea duty should be reduced, that the window duty should
be abolished, that the timber duty should be abolished,
that the mule tax should be repealed, but it would be
impossible to repeal any of these taxes without providing
some substitute. It had. been proposed by an Hon.
Gentleman, whom helvae very sorry not to see preseet
in the House, that a great Portion of the local taxation
of the country shOuld be thrown upon the Consolidated
Fund. He was sorry to ;find that that prvosition had
received such support as it had done, because he con-
ceived the adoption of it would be the final step towards
the reversal of the system ef commercial policy which
bad_been adoptel for the last 20 years, and which went
to reduce the duties on all articles of general consump-
tion, and thus to relieve the industrial classes,. by •trans-
•erring the burden of taxation from the poor to the rich.
Upwards of 8,000,000/. had been actually re-
moved from articles of consumption, but these
figures showed but a very small portion of the benefit
which the industrious classes had deched from the re-
moval of duties from articles of consumption, because,
Met eadently of the advantages which they
had actually derived from a diminution in
price, they had, also derived 'a
great
benefit from the increase of ernplo)meet consequent up-
on the increase of consumption. As a proof of the accu
Ovulating wealth add capital of the country he would ob-
serve that no less a sum than 148,000,000/. had been
Invested in railways; but yet, with all this
wealth, the condition of the poorer classes
was most wretched, and yet, in the face of
this a proposition for re:l:eying property from
taxation, and transferring it to the shoulders of the poor
had received the support of a large number of Members
of that House. Ile believed that if the lion. Members
who supported that proposition had considered its effect*
they would have paused before they had supported it.
He believed that the agricultural interest was suffering
from a merely temporary depression, from which it
would speedily recover by the reaction upon them of the
prosperity cf every other _interest. He admitted that
the price of corn had been lower than he had anticipated,
but, at the same time 'he telieved that such
a depression a a price would not be permanent,
neither did he attribute it entirely to free
trade, because in France, Be'giure, and Holland
where a rigid :protective system was in full force,
The price of corn had fallen even lower than it had ever
been in this couniry. The ilia was, in all these coun-
tries there had been an ett;tpally prolific harvest, and to
that, and not to importation elem., was to ho attributed the
fall in price of corn. He I elieved that the skill and energy of
the agriculturists would surmount all the difficulties under
rbienrge,ibutla tthhee
pressure,siould notbu
tdneony greatbu t
niece Without injury to many
ritleharPi that many
improvement
eyl
.71,egckroheut bntotkhau take glace
Would they abolish
ailroads, because inkeepers, coach-masters, and turnpike
shareholders bad been in many instances ruined?
Having referred to the various proposals which had been
made for the disposal of the surplus of 1,500,000/. he
would state his own views, The first idea that had
struck him was that some reduction should be made in
our debt. Since 1833 there had been borrowed
35,000,0001, while all the money that had been
applied to the reduction of the debt had
been 8,000,0001., being a surplus of debt of
27,000,000 L Ile had hoped, seeing the House had re-
fused to increase the taxation in 'lB4B, and had forced
him to borrow, they would not when there was a surplus
insist upon a decrease of taxation. The rule seemed
to be, when there is a deficiency to borrow, but
when there is a surplus do not reduce your debt. It
was cf. the utmost importance that s>e high state of public
credit should be maintained both to the public and to
individuals, because the higher thii...ur atate of public credit
Ntheevelrotwheles
er wa
Nevertheless
h se
was the
not interest
prear efcl 'in
to s
devote the whole of the eurplus to the purpose of the
diminution of the debt. He proposed for the purpose of
relieving the landed interest to make a considerable ptZ in the market
y that he would
re-
duction on stamp duties upon the transfer of real pro-
perty up to 1,000/., and to equalise the duties after a
ergo amount; and he proposed to adopt the sane prin-
leiple with regard to the stamp duties on mortgages
He proposed also to reduce the stamp daty upon leases.
Ho proposed that when the stamp duty now payable
upon a lease was IL, it should be reduced to 2s. 6d.
and so on in proportion. Ile also proposed for the purpose
of improving the dwellings of the laboaring classes to
accede to a total repeal of the duty on bricks.—(This
announcement created a great sensation in the House,
and was received with loud cheers.) He thought that
the repeal of this duty would not only conduce
to the improvement of the dewellings of the
labouring classes but ivoulcl'• also conduce to
the improvement cf agriculture, and to the advantages
of land. The amount of losses, be anticipated, in the
revenue were, upon stamps a little under 300,0001,
upon bricks to a little over 450,0001., making a total of
750,000/., being half the surplua.s. The other half he
proposed to devote to the redUction of the debt.
(LEFT sPEAMNG.)

MARKET Ii 4 TELLIGENCE.
(From the London New Price Current. March 15.)
SUGAR. —To-day the market for West India Sugar pre-
sented a dull aspect for both grocery and raining sorts,
whilst rather lower rates were submitted to. The purchases
amounted to only 290, for the week to 1,010 !ids, tic , and
the decline for that t me has been fully t d per cwt.
REFINED.—To-day the Refined Sugar market presented a
dull appearance, and at former terms there are free se lers.
Crushed Sugar is not much wanted.
MAuhrrius.—This afternoon the quantity of Mauritius
submitted to public sale was large, at.d amounted to 11,288
bags 25 casks; nearly the whole found buyers, but at rather
lower terms; good and fine yellow went at 37s 6d to 395,
low to middling 35s to 375, good to fine brown 33s to 34s fid,
inferior 28s 6d to 32s 6d, and very low 26s 6d per cwt.
EAST INDIA.--This afternoon the market was well supplied
with Bengal Sugar. The public sales comprized 8,574 bags,
and about half sold at rather lower terms; white Benares
went at from 37e to 40s 6d, and grainy yellow 40s 6d to
43 per Cwt.

MoLAssEs.—To-day at public sale 200 casks Bengal
Molasses only in part sold at 133 6d to 14e, and 29 hhds
Surinam were taken in at 163 per cwt.
COFFEE.—Today the Coffee market was again in a dull
state, none was offered at public sale, and the private
operations for all purposes were trifling. It it difficult to
quote a real price for Native Ceylon.
FOREIGN.—Today there was little disposition evinced to
do business in Foreign Sugar by private treaty, and of 2,246
chests Idavannah offered at auction a small part only sold at
21s to 22s for good, and at I9s to 20s 6d for low to middling.
RICE.—To-day Bengal Rice met with little attention, and
at public sale the sound of 5,592 bags was nearly all taken
in at 9s 6d for for middling white, damaged sold at 4s 6d to
95 6d, and a small portion of the sound at 9s 6d to lOs for
good white. Of American Cleaned Ric: 182 tra were taken
in at 19s 6d to 20s per cwt. 60 pkgs St. Vincent Arrow-
root were sold at 7d to 8d per lb.
COCOA.—lmporters of West India are less disposed to
realize. By private trenty only limited purchases have been
made; Trinidad at from 40s to 48s, and Grenada 39s to 44s
per cwt. For Foreign sellers are willing to accept 30s to 31s.
TEA.—A fair amount of businosa has been concluded in
the lower qualities of Congou. Full terms are required
for better kinds, still the trade are not much disposed to
operate. For ord and good c,mmon Congou the value is
91d to 10d, rnedium sorts lld to Is 2d, and other kinds
is 3d to Is 9d per lb. Of Souchong only small parcels have
been sold, still ord and mid kinds met with a fair sale at
10id to Is 2d. There has been little disposition to operate in
Green, and of the lower sorts there are sellers rather under
former terms, still good and fine cannot be obtained at a re-
duction. Of Scented Teas several parcels have been sold,
and at former terms there are not willing sellers. At auction
1,000 pkgs of Assam Tea all sold at a rise on the rates of the
last auction of Id to 2d per lb, but the quality was superior to
that time; Congou realized from 9d to Is 6,d, Souchong Is
6d to 2s 7d, and flowery Pekoe 2s 4d to 2s 41d.
SPIRITS. - For Leeward Island the rates asked are ls 41d
to is 5d proof, still only small purchases have been mule.
East India has been purchased with caution at Is 4d to
Is 4id proof. A fair business hass been concluded in Deme-
rara at from 2s 4d to 2s 6d for strong sorts. The market
for Jamaica has a quiet aspect, shippers and home dealers
operate with caution, and holders are willing to
accept lower rates. The value of 23 to 33 per
cent above proof 2s 6d to 2s 6d, geod 33 to 36 over
2s 10d to 3s 3d, fine ;and chice marks 3s 4d to 4s 2d per
gallon. The market for Brandh has been less active, net
holders are firm, and insist 'upon 4s 8d to 4s lOd per gallon
for Cognac best brands of the vintage of 1841, and for infe-
fior sorts 3s to 4s 4d. In the value of British Corn Spirit
L there is no variation.
COCIIINEAL.—To-day the small public sale of Cochineal
went at full rates • Honduras silvers at 3s 8d to 4s 2d for ord
and good, and rates;
silvery black 3s 10d to 3s lid
per lb.

DONCASTER RACES.

(THIS DAY.

(BY ELECTRIC TELEGRAPH.)

The Optional Selling Stakes.

Theory ... ••• ...
Young Bamboo
The Northern Steeplechase.

What fdale Maid ... ••• ...
Laurel gelding ... ... .. ...
The Doncaster Handicap.

King Hal
Timothy...

... 1
... 2

... 1
... 2

... 1

... 2

THE LONDON GAZETTE.

(THIS EVENING.)

ST. JAMES'S PALACE, MARCH, 1850.

The Queen has been pleased to appoint Lothian Sheffield
Dickson, Esq., Exon of her Majesty's Body Guard of the
Yeomen of the Guard, vice Edmund H. W. Bellairs, Esq.,
resigned.