The Sun.
London, England, 1845-02-15 00:00:00

was intended to continue the income-tax for a fur-

ther limited period, he felt that he had no alternative
but to submit at the earliest possible period to the
country the general views of the Government on the
subject of financial policy. He then referred to the
speech] of the CHANCELLOR of the EXCHEQUER in
bringing forward the Budget of last year, and showed
that his estimated surplus had been very considerably

exceeded. On the sth January last there was a sur-
plus of 3,357,000/. The amount of the net revenue
received up to the sth January was 54,003,0001., in-
stead of 51,790,0007., the amount estimated by the

CHANCELLOR oftheExc HEUER. The increase was prin-

cipally from the Customs. The total expenditure up
to sth January had been 50,646,0001., leaving a sur-
plus of 3,357,0001., and he had every reason to believe
that by the sth April next the surplus would amount
to 5,000,0001. on the year. Of course, a very con-
siderable portion of the revenue was produced from
the income-tax, which had produced 5,190,000/. For
the ensuing year, on the supposition that the
House would not continue the income-tax, he
estimated the revenue at 47,900,0001. being
for the Customs 22,000,0001; for the Excise
13,500,000/. ; for the Stamp Duties 7,100,000/. ;
for the Land and Assessed Taxes 4,200,000/. ; for the
Post-office (the actual receipts from which last year
amounted to 691,0001.) 700,0001., for Crown Lands
150,0001., and for Miscellaneous 250,0001. This,
with 600,000/. to receive from China, and the half
year's produce of the income-tax, would make the
amount of revenue for next year 51,100,0001., even if

:he House should refuse to continue the income-tax

The total charges, assuming the present system to
remain unaltered, would be 48,557,0001., leaving still
a surplus on sth April, 1846, of 2,543,0001. He
admitted that there was the same stringent obligation
on the Government to avoid unnecessary expenditure
when there was a surplus, that there was when there
was a deficiency, and that it was their duty to re-
move, at as early a period as possible, such increased
taxation as pressed on the public trade and the public
interest, at the same time he thought the public were
under very erroneous ideas as to what was really
necessary for the public service. The Right Hon.
Gentleman then went through a detailed statement of
the various fixed charges on the public revenue, and on
alluding to the civil list took occasion to pay a
well-merited tribute to the judicious controul ex-
ercised by her MAJESTY orer her own expenditure—
s wise economy, the only source of true magnificence,
by the exercise of which her MAJESTY had been
enabled to meet the increased expenditure of her
growing family, and to entertain the Sovereigns of
other States who had visited her, in a style of magnifi-
cence worthy of them and of herself, without incurr-
ing a single debt, and without adding one tittle to
the burdens of the country, beyond the Civil List
voted to her on her accession to the Throne. This
well-merited eulogium was received with loud cheers
from all parts of the House. The Right Hon.
Gentleman then alluded to the importance of our
colonial possessions, and of the necessity of keeping
up an adequate military force for their defence. The
present force of the army he could not consent to
diminish ; and the vote proposed for the Army Esti-
mates during the present year would be the same as
last, viz., 6,600,0001. He proposed to submit
an increased estimate for the navy—the increase
would be of 2;500 more men than were at present
actually employed, or about 4,000 more men than the
number voted last year. The expense caused by the
proposed increase in the naval force would be about
184,0001. He also proposed to ask for a vote of
187,0001. for the formation of the basins for steam-
vessels at Portsmouth and Deptford. He also pro-
posed to take a vote for the purpose of enabling them
to keep the steam navy in a respectable condition, and
on account of the naval service and the ordnance
connected with the navy, there would be an in-
crease in the estimates of nearly a million. The
following was the estimate of the total expenditure :
The charge for the Debt, 28,395,000/. ; the charge
for the Consolidated Fund, '2,400,000/. ; making a
total of 30,795,0001. The vote of supply for the
army, 6,678,000/. ; for the navy, 6,936,000/. ; for the
ordnance, 2,142,000/. ; for the miscellaneous esti-
mates, 3,200,0001., being, together, 18,895,0001., and
added to the charge for the debt of the Consolidated
Fund, 49,695,000/. ; for the revenue of next year
he would take 51,100,0001. The charges for the
present year, 49,690,0001. And, even with this in-
creased expenditure, there would be a surplus on
the sth of April, 1846, of between one and two
millions. To meet this increased expenditure he pro-
posed to continue the property-tax for a further period.
Suppose the property-tax to be continued, the
estimate of the revenue for the next year, on the
sth of April, 1846, aided by the 5,200,0001. of the
property .tax, would be 53,700,0001., and as long
as the other sources of the revenue remain equally
productive, and as long as the property •tax con-
tinued, 53,700,000/., subject to a reduction of
600,0001., will be the amount of the revenue. This
600,0001. was:the amount received as Chinese money ;
it would be received for one year more, but
for the purpose of calculating the revenue, it had
better be struck out altogether. The revenue for the
year, then, on the sth of April, 1846, would be
53,100,000/. The charge for the debt, and on account
of the different branches of the public service, would be
49,690,0001.; so that there would be left, as long
as the income-tax should be continued, and de-
ducting the Chinese money, a surplus of 3,409,000/.
If the House acceded to his proposal, he did not
propose to maintain any material surplus of revenue
over expenditure, but to devote it to the reduction of
those taxes which pressed more onerously on the com-
munity than the property-tax. He proposed a re-
duction of the sugar duties in the following manner :
In respect of brown Muscovado sugar, which is now
eubject to 255. 3d., he proposed to make a reduction
of lls. 3d., and to reduce the duty to 145.—(Hear,
hear, from the Opposition.) With regard to Mus-
covado sugar, that reduced duty would apply
to all British plantation sugar—to sugar tha
produce of the Mauritius—to sugar the produce of
our West Indian Colonies ; and with regard to the
produce of those districts in British India, with re-
gard to which a different rule now applied, he pro-
posed, in the case of those districts, to retain the
same relative proportionate duty, and that duty
should be l Bs. 80. This was applicable
to those countries of India which were
permitted to import sugar. He proposed that
the amount of protective duty should not exceed
9s. 4d., and the duty on free-labour sugar will, there-
fore, be 235. 40. Of course, in countries with whom
existing treaties are in force, we could not deprive
them of that which was their right. With regard to
white, or clayed sugar, or sugar which by some pro-
cess is made equal to clayed sugar, he proposed that
the duty on British Plantation East India sugar should
be reduced from 255. 3d. to 16s. 4d., and that the
duty on sugar imported from India, or those parts of
India from which sugar might be imported, should
be '2ls. 9.1., and that the duty on free-labour fo-
reign sugar—that is, clayed—should be 28s. Thus re-
taining the whole amount of discriminating duty,
which last year was 10s. 61, but applying it in a dif-
ferent manner, giving 9s. 4d. protection on Muscovado
sugar, and increasing the protection to lls. 4d. on white
sugar. The amount of discriminating duty would re-
main the same as it was last year. The duty on molasses
he proposed to preserve in the same proportion. lle
proposed on refined sugar that it should be imported
at a duty of 145., instead of 18s. Bd., and that
double-refined sugar should be imported under a
dnty of 215., the 14s. including the 5 per cent.
The effect of these reductions would be to decrease
the price to the consumers lid. per lb. He proposed
to abolish all duties generally upon exports, including
the export duties on coals; and he trusted that the
proprietors of coal-mines would give the people the
full benefit of the reduction. If it were true that a
combination existed amongst the coal proprietors to
enhance the price to the home-consumer, there
could not be a greater argument against mono-
poly. Ile also proposed to do away with
the import duty on a variety of articles (430 in
number) being principally raw materials used in
manufactures, such as silk, hemp, flax, yarns, &c.
He also proposed to abolish the duty on furniture
wood, on animal and vegetable manures, on ores and
minerals, with the exception of copper ore, on iron
and zinc in the first stages of manufacture, on dye
stuffs, and drugs, and on staves. With the exception
of staves he did not propose to interfere with the
present timber duties. lie also proposed to repeal
altogether the duty on cotton-wool. He ad-