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

u' Uiening

LONDON, SATURDAY, FEBRUARY 15, 1845.

The House of Lords sat for a short period last
evening, but transacted no business of importance.
The House of Commons met at Four o'Clock.
Among the petitions presented was one by Mr. T.
j.)QI.ICOMBE from Mr. Mazznii en the subject of
13°6 te.office espionage. The lion. Gentleman after-
_wards gave notice of a motion on the subject for
'Tuesday next.
In answer to Dr. Bownixo,

Sir ROBERT PEEL stated that the Government
.cvss not satisfied with the manner in which the
commercial treaty with Turkey was carried into
execution.
The House having resolved itself into a Committee
of Ways and Means,
Sir R. PEEL rose for the purpose of bringing for-
lesrard the Budget. Having alluded to the early period
et which he brought it forward, he said that, after the
auouncement in the speech from the Throne, that it

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 3,357,0001. The amount of the net revenue
received up to the sth January was 54,003,0001., in-
stead of 51,790,0001., the amount estimated by the
CHANCELLOR oftheExcusonEa. The increase was prin-
cipally from the Customs. The total expenditure up
to sth January had been 50,646,000/., 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 5,190,0001. 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
13,500,0001.; for the Stamp Duties 7,100,0001.;
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 250,000/. This,
with 600,0001. 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
the House should refuse to continue the income-tax.
The total charges, assuming the present system to
remain unaltered, would be 48,557,000/., leaving still
a surplus on sth April, 1846, of 2,543,000/. 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 over her own expenditure—
a 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
184,000/. He also proposed to ask for a vote of
187,000/. 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 W2S the estimate of the total expenditure :
The charge for the Debt, 28,395,000/. ; the charge
for the Consolidated Fund, 2,400,0001.; making a
1 total of 30,795,000/. The vote of supply for the
army, 6,678,0001. ; 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, 49,690,000/. 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
600,000/., will be the amount of the revenue. This
600,000/. 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 cut 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 3,409,0001.
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
subject to 255. 3d., he proposed to make a reduction
of I ls. 3d., and to reduce the duty to 14s.—(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 18s. Bd. 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. 4d. 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 21s. 9d., 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 1 ls. 4d. on white
sugar. The amount of discriminating duty would re-
main the same as it was last yoar. The duty on molasses
he proposed to preserve in the same proportion. He
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. He 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, Szc.
He also proposed to abolish the duty on furniture
wood, on animal and vegetable manures, on ores and
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present timber duties.
altogether the duty on cotton-wool. He ad.

mitted that each one of the Excise duties
presented a prima facie case against its ex-
istence in its present shape, but it was impossible
to deal with all of them. He proposed, with regard
to Excise duties, to abolish altogether the auction
duty, and to charge 1.5/. for the auctioneer's licence
generally, for which he would be enabled to deal with
every description of property, instead of making it
necessary for him to take out a variety of particular
licences. He proposed also to do away with the duty
on glass, a duty which amounted to between
200 and 300 per cent. on the price of the
article, and which subjected the manufacturer
to the most vexatious regulations. He anticipated
the most beneficial effects from this latter re-
duction, both in a commercial and a sanatory point of
view, and considered the abolition of the duty on
glass far preferable to the removal of the duty on
windows. He believed that from our superior facili-
ties for manufacture, this country might almost supply
all the world with glass. These were all the reduc-
tions which he proposed to make, and the fol-
lowing he estimated as the loss upon each :—The
estimated loss on sugar, 1,300,000/. ; on coal,
183,000/. ; on minor articles imported, being the raw
materials of manufactures including staves, 320,0001.;
on cotton-wool, 680,0001.; on auction duty, 250,000/.; on
glass, 640,000/. ; the total loss to revenue, 3,338,000/. ;
very nearly absorbing the whole of the surplus. He
did not believe that the income-tax necessarily dimi-
nished the revenue from the assessed taxes, and he
proposed its continuance in order to enable the Govern-
ment to make this great experiment in the reduction
of taxation. And the period for which he should
propose the income-tax would not exceed the
period for which it had been originally
introduced. He did not ask that the
income-tax should endure for more than three years,
and, at the expiration of that period, he hoped they
should be in a condition to dispense with it altogether.
In every case of reduction he had absolutely repealed
a tax, and, therefore, from the increased consumption
of the article he could not expect any benefit ; but
he hoped that indirect and incidental effects would be
produced, and would be the cause of increased con-
sumption of many articles subject to duty, and by
invigorating the industry and extending the com-
mercial enterprise of the country, and by indirect
channels to supply that void which he could
not hope to supply by direct taxation. These
were the conclusions to which he had come,
after most mature deliberation, and he submitted
them to the judgment of the House. The Right
Hon. Gentleman then sat down, amidst great
cheering from the Opposition benches. Indeed, it
was remarkable that throughout the whole of his
speech the cheering, which was on many occasions
most hearty, came almost exclusively from his op-
ponents. His ordinary supporters sat on the Minis-
terial benches in sullen but most significant silence ;
they seemed to be, to make use of a nautical phrase,
quite taken-aback by the Budget.
A desultory conversation followed, in the course of
which Mr. LIDDELL denied, and Lord Howicx de-
nounced, the combination of the coal-owners in the
north. The latter Noble Lord also protested
against the continuance of the distinction between
free labour and slave-labour sugar. Several Hon.
Members took part in it, and as had been pre-
viously suggested by Lord JOHN RUSSELL, the fur-
ther discussion on the subject was postponed until
Monday.

The CIAIRMAN then obtained leave to report pro-
gress, and the House resumed, and immediately
afterwards adjourned, at a Quarter past Nine o'Clock.

hiT ROBERT PEEL last night brought forward his
Financial Statement, or Budget, for the current year,
in a speech of some three hours and a half duration,
which was certainly one of the most remarkable ever
delivered from the Treasury benches. It was a mani-
festo of principles as well as a summary of details;
and in the former of these characters comprised
much which evidently affected the great party who
act, ostensibly, with him with more decided senti-
ments of astonishment or disappointment than of
admiration. On the other hand the Opposition,
throughout almost every part of the address, re-
sponded to the appeals, and sanctioned the doctrines
of the Right Hon. Baronet with a cordiality and
decision which must have been very gratifying
to his feelings. For our own parts, we must
confess that, on a very careful perusal of the
whole of this memorable statement, we are de-
lighted to find on how many points, notwithstanding
the broad and important questions on which we have
had to express and still entertain a decided dissent
from his opinions and views, we can declare our un-
limited concurrence with him. The objections, at
once the gravest in character and most important in
amount, which remain upon our mind, after duly con-
sidering all the important features comprised in this
speech, are, first, that it proposes to maintain the in-
come-tax for three years longer—secondly, that it
holds out no prospect of modifying the cruel pressure
of that tax upon the smallest and most hardly-earned
incomes, by a well considered scheme of
modification. On the first of these points we have
so recently adduced our reasons for holding that the
income-tax ought to be re-imposed for one year only,
and afterwards, if its continuance be found indis-
pensable by Parliament, from year to year, so as on
each occasion to bring the matter distinctly under the
review of the Legislature, that we do not feel justi-
fied in now resuming that argument. On the second
point, we really feel that if the Premier would re-
cast his scheme, and improve the scale of gradation

on which the income-tax shall be levied, instead of
adopting universally the proportion of 7d. in the pound
sterling, he would disarm a host of fierce opponents,
and neutralise many of the objections that are enter-
tained to the impost by the friends whose support he

is most anxious to conciliate.
Out of the immense mass of details over which he
passed with comparative facility, and in a plain,
business-like, perspicuous manner, we select a few
for recapitulation, as tending to develop the condition
of circumstances under which his financial projects
are brought forward. It seems that the CHANCELLOR
of the EXCHEQUER, in April, 1844, estimated the
expenditure of the financial year, terminating in
January last, at about 48,643,0001., and the revenue
at 51,790,000/.—leaving a probable surplus of in-
come, of 3,147,0001. But the net surplus which
had actually resulted had proved to be 3,357,000/.
The expenditure for interest on the Debt, and all the
fixed charge of the Consolidated Fund had been
32,862,000/. The charge for army, navy, ordnance,
and miscellaneous services, 17,784,000/. ; together
50,646,000/. ; but the revenue has netted
54,003,0001., so that the surplus yielded was
as stated above, 3,557,0001. But on the
general aspect of the different branches of the
Public Revenue, the Right Hon. Baronet felt justi-
fied in anticipating that, on the financial quarter,
ending sth April next, there would be a surplus of
revenue on the year, as compared with the last year,
of not less than 5,000,0001. Of this sum, however,
certain items, such as 385,0001. on account of the
China ransom, and other smaller casual incidents,
would represent an aggregate of 500,000/. which
could not be regarded as so much permanent revenue.
They would not be realised again. Of the revenue for
the year ended sth January,lB4s, namely, 54,003,000/.,
the very large amount of 5,190,0001. had been produced
by the income-tax. This income-tax it is the inten.

tion of Government to propose to Parliament to
renew for three years longer, on the grounds set
forth by the Right Hon. Baronet in an advanced part
of his speech. But in his estimate of the revenue for
the year ending sth April, 1846, the Right Hon.
Baronet, in the first instance, assumed that the pro-
duct of the income-tax, so continued, should not be
taken into account. He would merely take credit
for 2,600,0001., as the half year's produce of
the income-tax of 1845, which would come
into the first quarter of 1846. Adding this
sum to 22,000,000/. estimated receipt on account of
Customs; 13,500,0001. ditto Excise; 700,000/. Post-
office ; 150,000/. Crown Lands ; 7,200,000/. Stamp
Duties ; and 4,200,000/. Land and Assessed Taxes ;
together with 600,000/. on account of money to be
received from China ; the aggregate revenue would
be, without the renewed income-tax, in round num-
bers, 51,200,000/. Arow the estimated expenditure
for the same period would be—Charge, Interest, &c.,
on Debt, 28,450,000/. ; fixed ditto, Consolidated
Fund, 2,400,000/. ; together, 30,850,0001. ; to
which must be added for the estimates, if founded
exactly on that of the current year, 17,700,000/. ; in all
48,550,000/, which deducted from the revenue
01,200,0000 would leave a surplus of about