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

Votes of thanks were then proposed to the eecretarv,
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 thanks, 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 he knew the advantsge of a good professional
adviser, for he (the Chairman) bad not only been bred
to the law, but the law had been bread for hm, and be
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 past ei
equally flittering culogiums.
Mr. FIELD said, the zeal of the secretary had been
anthill?, 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 seldom
any company had those excellent qualities so embodied
in its officers, and he therefore cordially concurred in the
vote.

The motion was then put, and carried unanimously.
The different officers having severally returned thank ,
the meeting separated.

THE BUDGET.
FROM TUE MORNING PAPERS OF 'IRIS DAY.

CHRONICLE.—The grand financial secret of the year is
out. The budget of 1850 has passed from the domain of
speculation 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-
street 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 (433,0001.), 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 20,250,000 L. 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 pre-
paration, would be 50,613,532/. ; 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 200,0001. to
the outlay. In round numbers, the prospective surplus
on the sth April, 1851, may be stated at 1,5C0,003/. The
interesting question then arises, what is to bo 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 cf 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 fully conceded, but the consequences to
the revenue were described as too serious for such an experi-
ment. The grievances attaching to the window-tax, the
paper Cuties, 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 cf 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 Wo,Al 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 these 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-
iimg 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 amorality. 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 announced 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
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 Bxcise, is to be remitted in toto,
and Sit 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 wall 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
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 eqnal 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 not succeed. The budget will disappoint almost every
one, and the clamour for remission of taxes will become
louder. We are unwilling to blame such a selection as that
of the tax on bricks for reduction. But whileye 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, All these are neg-
lected and contemned, and the poor little excise en 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 ( f 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.
BAAKRUPTCy COURT, Alarch 15.
(Before Mr. Cummiss.ion HOLROYD.)
IN RE WM. 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 eebts to the amount cf 5,7001.
to unsecured creditors, and 5,378/. to creditors holding
securities. The property held by the secured creditors
is valued at 3,0601., and consists of policies of insurance,
for 1,060/, and the copyright of the Literary Gazette,
subject to three mortgages of 3,300/. Among the un-
secured creditors are Mr. W. Harrison Ainsworth, 50/.;
Messrs. ,Batho and Breach, London Tavern, 571.; the
Lord Chief Earon, 3001.; Mr. W. Chambers, tailor, 1121.;
Dickinson and Co., stationers, Old Bailey, 1811.; F.
Heath, wine-merchant, 651.; ',Longman and Co., pub-
blishers, 2661.; the Union Bank, 1971.; Mr. Roby,
banker, Rochdale, 1,0001.; Saville and Edwards, printers,
1191; G. Smith, undertaker, John-street, Oxford-street,
360/. (bills discounted); IL Silverlock, printer, 4701.;
Rev, D. Warnford, 5001.; Balfour and Co., wine-mer-
chants, 146/. There are no other assets, but a few debts
put down at 3511.
Mr. COOKE submitted that the bankrupt ought not to
have come to that court. In 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 bis house-
, held furniture, valued at 2001.