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

for the exigencies of the public service, and for
enabling Parliament to reduce and to relieve the
people from those taxes bearing more immediately
en the industry and commercial enterprise of the coun-
try.—(Hear, hear, from the Opposition.) Sir, I am
convinced that this House will fully appreciate the
magnitude of the task I have undertaken ; and that
whatever be the difficultly) which may arise from my in-
adequacy to discharge that task, I ans sure those
difficulties will not be aggravated by any want
of indulgence or attention on the part of the
House. (Hear, hear, and cheers.) I shall
attempt on this occasion to lay before the House, as fully
and as comprehensively as I can, all those considerations
which appear to me to form the elements of its future
determination. I will not enter into any state-
ments or make any observations connected with
past party considerations.—(Cries of " Hear, hear.")
Nothing shall fall from me that can prevent any gen-
tleman from exercising a dispassionate judgment unin-
fluenced by mere consideration of party. I know that I
must necessarily touch upon subjects which have
been and will be made the subjects of fierce
political contention, but I shall postpone these
subjects until some future period, and I shall
now attempt to lay before the House its present financial
position, and explain the views of her Majesty's Govern-
ment in respect of the course of policy they intend to
pursue. I will, in the first instance, begin by referring
to that estimate of finance and expenditure of the
country which was given by my Right Hon. Friend the
Chancellor of the Exchequer, when he last brought the
subject under the consideration of the House. My Right
Hon. Friend, speaking at the latter end of April, 1844,
calculated that the revenue for the current year—that
is, the year ending the sth April, 1845—would amount
to the sum of 51,790,0001. My Right Honourable
Friend calculated the expenditure at 48,643,0001.,
leaving an estimated surplus of 3,147,0001. That
calculation, however, was disturbed on the one
hand by an estimated reduction of taxes to the
amount of 400,000/. I allude to the wool duties, and to
the duty on glass, which were removed at a subsequent
period of the session, but on the other hand credit was
taken, or a demand was made, for 400,0001.
on account of the China expenditure, which vote
it is not necessary to refer to, because that will
not affect the calculation of my Right Hon. Friend, be-
cause there is a saving on the one hand balancing the
reduction on the other. My Right llon. Friend stated at
the same time, that in consequence of the postponement
of the payment of 700,000/. the surplus would be reduced,
and that the real surplus would be 2,373,0001. That
estimated surplus was, in point of fact, in making the
account of the sth of January last, very considerably ex-
ceeded. It will appear by reference to the document of
the state of finance and expenditure of the sth of
July last there was a surplus of 3,357,000/. In-
stead of 51,790,0001., the sum calculated upon by my
Right llon. Friend, the amount of net receipts of
revenue on the sth July last, was 54,003,0001. This
increase of revenue arose chiefly from the in-
crease of receipts from the Customs. Instead of
21,500,0001. of Customs revenue, as estimated by my
Right Honourable Friend, the actual receipt was,
on the sth of January, 22,500,000/. The Excise, which
was taken by my Right Hon. Friend, at 13,000,0001.,
produced on that day, 13,308,0001. There was
some money received under the treaty with China, amount-
ing
to 385,0001., for which my Right Hon. Friend had not
taken credit, but the result was, on the sth January last,
an income of 54,000,0001, instead of the esti-
mated income of 51,795,0001. The expenditure on
the sth January, 1845, had been, on account of
Debt and Consolidated Fund, 32,862,0001., and on
account of the payment then made for the army and
navy and other public services, 17,784,0001., making a
total expenditure of 50,646,000/., and leaving a sur-
plus, as it appears on that account, amounting to
3,357,0001—(Hear, hear, and cheers.) At the same
time, although that is the actual account, as ap-
pears on the sth January, et the House will be
naturally anxious to have an estimate of the account
as it will probably appear on the sth of April next. For
the period of which I am speaking, I am of course bound
in a matter of this kind to give an estimate rather than a
positive statement, but certainly I have every reason
to apprehend that the balance, comparing the actual re-
ceipts of revenue within the year on the sth of April
next, with the expenditure, will amount to a sum of
above 5,000,000/. for the year.—(Cheers.) The ac-
counts, to any one cursorily reading the papers
which had been presented to the House, might
appear rather confused, on account of the ar-
rangements which are necessary to be made in
different quarters for the payment of the public
creditor. At one period of the year, taking the year
ending on a particular day of one quarter, the charge
for the Debt will appear considerably more than the same
charge for another year terminating on the same day
of another quarter. I cannot trouble the House with
the accounts in detail on that point, but I think—taking
the estimates as they are ready to lay before the House
—I think the House may calculate upon our being in
possession, on the sth cf April next, of a surplus of
revenue received during that year, as compared with the
expenditure, of, at the very least,five millions.—(Cheers.)
Now, I know my Right Hon. Friend states that that
will not appear on the face of the accounts. For in-
stance, 2,000,000/. of money have been applied to the pay-
ment OfExchequer-bills, on account of the opium compen-
sation. Ido not wish, however, to deal to-night with
the intricacies of accounts. I wish to state to the House
what is our real practical position with respect to
finance, severed from all questions of annual account ;
and I think that I am justified in stating that such has
been the improvement of the revenue, apart from the
property-tax, that the surplus which I have stated,
viz., a surplus of at least 5,000,0001, will be the surplus
of revenue this year as compared with the last.—
(Hear, hear, and cheers.) A part of that receipt
of revenue is made up from temporary and
casual sources. I am now speaking of the actual re-
ceipt of revenue within that year. About 385,0001. will
have been received on account of Chinese money ;
there are other small sums from the South Sea
Compteny ; and, taking them altogether, perhaps the
whole amount received from casual sources will be
500,000/., which we cannot rely on permanently. Of
course a portion, and a very considerable portion, of the
revenue is derived from the income-tax, which has produced
5,190,000/. If it had not been for the receipt of the
amounts from various casual sources, and for the receipt
on account of the income-tax, the revenue, which in that
case would be derived from ordinary permanent sources,
would not quite equal the expenditure. I think the
best course which I can now take is, to submit
to the House the estimate which has been pre-
pared by my Right llonourable Friend and my-
self, of the probable receipt of revenue in the
next year. I have no right to assume that this House
will sanction the continuance of the income-tax; and I
think, therefore, it will be better that I should, in the first
place, estimate the revenue, supposing the House should
determine not to continue the income-tax. We are
disposed to estimate the receipt from the Customs
in the year ending the sth of April, 1846.-1
will lay before you the best estimate I can form
of the probable receipt up to the sth of April next
year, and I am now going to address myself to the
prospects of the coming year—that year which will
terminate on the sth of April, 1846, as I before
stated,—the receipt from the Customs in this year, on
the sth of April, may be taken at 22,500,000/. There has
been a very large receipt on account of the duty on the
import of foreign corn ; but, independently of that,
the revenue from the customs has been very large.
The experience of past years would induce us not to
calculate upon a succession of one productive year after
another. Looking, therefore, to the probability that
the corn duties of the next year would not
be equal to what they were last year, and
bearing in mind that last year was very pro-
ductive in the Customs' revenue, I am not inclined
to take the estimate of the Customs' revenue fur
the next year at more than 22,000,000/. ; and then the
Excise revenue, which was estimated at 13,000,000/. for
the past years, reached 13,300,000/. ; and, therefore, I feel
myself warranted in estimating that branch of revenue
for the next at thirteen millions and a half, because for
some time there has been a progressive increase in the
Excise revenue ; and we find, by experience, that the
Excise revenue recovers more slowly from depression
than any other branch. The Excise returns less rapidly
than the Customs after a period of depression. But ex-
perience leads us to believe, that where improvement
begins in the Excise, it goes on progressively ;
and I therefore feel that I am warranted
in estimating the Excise revenue for the year ending
the sth of April, 1846, at 13,500,000/. The stamp-duties
produced in the last year 7,100,0001. ; and the taxes—
that is to say the land-tax and the assessed taxes—
produced :4,200,000/. Then, with respect to
the Post-office, I feel warranted, from the in-
crease in the revenue of that department since
lastyear,
drth
and threeasfe of foreignacilitieswh orr
icehheasondn
have recently
I feelbeen
warranted in estimating the revenuo of the Post -office
for the next year at 700,000/., for the actual produce of
last year was 691,000/.—(Cheers from the O i°."
pposit n )
The Crown lands produced 150,0001. ; and iwilltak
them at that estimate. As to the miscellaneous sources
of revenue, I am inclined to take them at nearly the
same anount which they actually produced dur-