The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-03-29 00:00:00

grave complaints. There have been times in our
history when such a determination would have
been attributed to any other motive than those
which a British Minister would have cared to avow,
—when the fact of a wealthy company obtaining
peculiar privileges, to the detriment of other in-
terests, would have been supposed the natural con-
sequence of their command of capital; and when
the saying that " every man has his price," would
have been believed to have no exception, at least
in high places. Such a supposition, however, can-
not be entertained at the present day ; but what-
ever the motive, there are few who will deny that
the interests of Great Britain in India are of far
too much consequence to be lightly entrusted
to a body of irresponsible men in London, without
a searching inquiry into their mode of administra-
tion. It is to he hoped that our independent legis-
lators will, in this case, exercise their own judgment,
and not permit the Charter of the East India Com-
pany to be renewed at the mere bidding of the
Minister, without due inquiry into the question in
I all its bearings.

MR. GLADSTONE'S FINANCIAL

STATEMENT

NOTWITHSTANDING the anxiety with which most people
are now looking for the Budget of the CHANCELLOR of
the EXCHEQUER, and upon which depends many future

commercial operations, we must wait until that early day

after the Easter recess, when its announcement has been
In order, however, that our readers may be

promised

able to indulge in some speculation upon probabilities,
and also that Mr. GLADSTONE may have some assistance in
the difficult work in which he is engaged, we subjoin the
chief points on which, if he is a prudent man, he can,

consistently with his party predilections, construct a
financial statement which may give the largest amount of
satisfaction. We may premise that we do not give this
statement with any reference to our own views, but rather

with regard to the probabilities, considering the political
principles of the party now in office. Indeed, we put
forward the statement somewhat in the light of a pre-
diction ; and, should it be realised, we shall claim some
credit from the CHANCELLOR of the EXCHEQUER for our
disinterested assistance to him in his difficult task.

To begin, then, with the reductions of taxation,—which
are always looked for with the most anxiety,—he will pro-
pose to reduce the duty on tea from the present rate of
2s. 21d. to ls. 61. per lb., which, calculating at the present
rate of consumption, would entail a loss to the revenue of
£1,800,000 ; but as the reduction will, no doubt, lead to
a considerable increase in the consumption, he will esti.
mate the loss atonly £1,300,000. Following the recommen-
dation of a committeeof the House of Commons, he will then
propose to repeal the Excise duty on Paper, and also the
duty on Alvertisements, which will have the effect of
relieving an important branch of home manufactures, and
also of giving facilities to trade by increasing the means
of communication. These reductions he calculates will
amount in round numbers to £1,000,000. The next item,
which he will approach with some trepidation, is the
renewal of the Property and Income-tax, which expires
on the sth of April. He will propose to renew the tax,
but at the reduced rate of 4d. instead of 7d. in the pound.
This will amount, according to the present scale of
assessment, to a reduction of about £2,300,000, but in
order that it should be more equally levied, he- will pro-
pose to reduce the limit of exemption to £6O a year, but
in all cases to charge the tax upon only that portion of
income which is in excess of the above limit, so that
persons possessing £lOO a year will have to pay 13s. 4d.
a year, being 4d. in the pound upon the additional £4O.
He will also propose to extend the tax to incomes from
realised property in Ireland, and he will therefore calculate
the total reduction at £1,500,000. This, with the other
reductions, will make an aggregate loss to the revenue of
£3,800,000.

It may be supposed, that in order to make this large
remission of the public burdens, he is about to propose
some additional taxation, such as his predecessor had
done in his scheme for doubling and extending the House
Duty. He (Mr. GLADSTONE) will steer clear of this diffi-
culty. by confining his attention to the present position of
the National Debt. The House will remember that in
1854 there will be a saving of £625,000 a year by the
reduction of the New Three and a Quarter per Cent stock
to Three per Cent, and he will propose to make a reduc-
tion of a similar amount on the interest of Consols. This
will effect a saving to the country of about £1,250.000
a year, making together £1,875,000; and estimating the
present surplus revenue at only £2,500,000, there will be
a margin of £575,000 after the proposed reductions of
taxation, without taking into account the increasing re-
ceipts owing to the prosperous state of trade. Having
thus expounded his views, he will move for leave to bring
in a bill to effect the proposed reduction in the interest of
the National Debt.
-vrc ttic pthidpul Ila..uu ,( Liao 124.adgaf,
but there are several smaller particulars which will assist
to swell the catalogue. He will allude to the reduction
of the interest on Exchequer Bills, and to a correspond-
ing reduction on the interest of deposits in Savings'
Banks as sources of revenue ; while, on the other hand,
he will probably propose an equalisation of receipt stamps
at a small amount.

LIVERPOOL AND BIRKENHEAD.-UNION
OF THE DOCKS.

THOSE who imagine that the increase and prosperity of
Birkenhead will prove any detriment to Liverpool,—that
indeed there is any rivalry or antagonistic interest between
the two sides of the Mersey,—indulge in a popular error
which is the direct converse of the truth. Birkenhead is
to Liverpool what the suburbs are to London, one of the
main sources of her greatness, and all that tends to ex-
tend and improve the one is felt in a material degree by
the other. In Birkenhead new buildings have been raised
within a few years, to an extent that rivals the almost
magic celerity with which new towns spring up in Ame-
rica ; but they furnish commodious residences and purer
air to those who have their business in Liverpool—the
population of Birkenhead has increased, and is increas-
ing, but they form new customers for the trade of Liver-
pool—and even the shopkeepers on that side the water
derive the greater part of their supplies from this side,
aided by the excellent accommodation afforded by the
several steam-ferries. Even the Birkenlitad Docks,
which by many have been looked upon with jealous eyes
as rivals to our own magnificent line of docks, have been
in reality adding to the trade of the port by increasing its
accommodations ; and, as the shipping business is still
extending, their value will become almost every day more
apparent. There have, however, existed obstacles to the
due development of these advantages, which it should be
the object of every one to assist in removing, and it is
with this view that we have called attention to the subject.

It is well known that the construction of the Birken-
head Docks wrs commenced upon so gigantic a scale that
the funds at command proved inadequate for their com-
pletion, and the difficulties were further increased by
disagreements between the chief promoters. Much of
these had, however, been overcome, and in October last a
contract was signed for the completion of the outer works,
which are now in course of construction. Still the com-
mand of capital is not so ample as to inspire confidence in

the speedy realisation of the original design, and what is
really wanted is the efficient assistance of the Trustees of
the Liverpool Docks. The subject was brought before
the Dock Committee on Thursday, in a statement by the
CHAIRNIXN that he had had a conversation in London
with Sir JOSEPH BAILEY, on behalf of the Birkenhead
Dock Trustees, who had suggested thedesirabitity of having
the Docks on both sides of the river under one manage-

ment, and recommended a conference between the respec-

•
Live parties interested. The result of the discussion was
the appointment of a committee, consisting of Mr. CHAS.
TURNER, M.P., Mr. BOLD, and Mr. ROBERTSON GLAD-
STONE, to confer with the representatives of the Birken-
head Trust on the terms of arrangement, and to report to
a future meeting of the Liverpool Trust.
This is a good beginning, the ice has been broken, and it
is to be hoped that no petty jealousies, unnecessary par-
simony, or inordinate ideas of gain will be allowed to stand
in the way of effecting an arrangement which cannot but
prove beneficial to both parties. The Shipping trade of
Liverpool
increasing
ag f h
n extentt
em
ample
and import-
ance,
spac
ood i s
to almost dailyak
adfofurnish
sufficientthinvan advantage
accommodation on
this side the Mersey the
Trustees will be compelled to
sacrifice far more valuable property, and in less convenient
situations, than by g
afforded on the other side. Nor will the guardians of
the Birkenhead property be guilty of any great sacrifices
in making liberal concessions to accomplish the end in
view, when it is remembered that the completion of the
Docks under the auspices of Liverpool will gi •ve a sub-
stantial value to all the property in tile vicinity, and make
those resources available which are now comparatively
worthless. The negociation must be entered upon in a
spirit of liberality on both sides ; and we may confidently
predict
con ently
predict that the realisation will prove of incalculable ad-
vantage to the port of Liverpool.
It is gratifying to observe =llk satisfactory signs of
Birkenhead recovering from the depression which she
has experienced for some few years past. The number of
elegant residences recently erected at Oxton, Claughton,
Tranruere, and the other out-lying districts, have materi-
ally added to the population and increased the business of
the tradesmen, and the opening of long untenanted shops
betoken a return to activity. In the neighbourhood of the
docks there are far more signs of industry, as shown by
the larger receipts for railway traffic. The extensive
ship-building yard of Mr. LAIRD is furnishing full em-
ployment for hundreds of busy artisans. Messrs. A. and
G. Hoeme have lately taken a very spacious plot of ground
for purposes of business ; and PRICE'S Patent Candle
Company, which now employs many hundred hands at
Vauxhall, near London, is about to establish a factory in
this vicinity for the convenience of its export trade. These
are all evidences of Birkenhead rapidlyrising into increased
importance, and Liverpool should not neglect the oppor-
tunity now afforded of possessing such an ample auxiliary
to her Dock accommodation.