The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1853-04-19 00:00:00

THE BUDGET.

The CHANCELLOR of theIExcHEQuER rose at thirtY-
four minutes past five o'clock, to make his financial
statement for the year. He estimated the receipts of the
year at £52,990,000, and the expenditure at £52,183,000,
leaving a surplus for the year of £807,000. He defended
the original imposition of the Income-tax, and stated
that the Government were not disposed to abandon that
mode of taxation. By this fiscal resource, England was
enabled to raise an army which had, and might again'
defy the world. In his opinion, the land paid ninepence
in the pound, and trade sevenpence at the present time,
He then instanced several cases to support this assertion.
Having, at great length, reviewed the state of the Income'
tax as at present, Mr. Gladstone proposed to extend the
principle of composition to trades as well as incomes. The
right hon. gentleman then proposed to renew the Income'
tax for two years, from April, 1853, at 7d. in the pound; for
two more years, from April 1855, at 6d. in the pound; 04
for three more years—(loud laughter)—from April 1857'
at sd. in the pound ; under these circumstances the
come tax would cease in 1860. He proposed, however.
that incomes between £lOO and £l5O a year should Pei
only sd. in the pound for the whole seven years'
Government did not see any reason why, for the remain'
der of the term of the Income-tax, it should not be levied
in Ireland. He also proposed to tax Rateable Property is
all cases, upon life interest only. Ho proposed to reduce the
duties upon the Stamps on Assurance from 2s. 6d. to 61:1'
with respect to receipts. The Attorneys' Certificate Duti
would be reduced from twelve pounds and eight pound°
to nine pounds and six pounds, and the articles of clerk'
ship from one hundred and twenty pounds to eight,'
pounds. With respect to the Duty on Advertisement
he proposed to reduce that tax from ls. 6d. to 6d. (Oh;
oh !) He proposed to tax Scottish Spirits an additions:
shilling a gallon, and Trish Bd. a gallon. With respee'
to English Spirits, he did not propose to interfere
with them. He also proposed that, from the 29th of bel
September, the whole of the Consolidated Annulate
should be wiped away, and all sums paid since that time
reimbursed. (Hear, hear.) With respect to the SOP
Duties, he proposed to take the duty off that article Nat
the sth of next July, the loss of which would be to the
revenue £771,000. He then called the attention of the
house to the assessed taxes, and proposed reductions uPOII
Carriages, Horses, and Servants. No alteration would'
however, be made in the Wine duties. The duty upon Toe
would be reduced from 2s. 2d. to ls. 10d. for the first year'
after that it would be reduced to Is. 6d. for another year;
and to ls. iothe third year. It was also proposed to reduce
the duties upon Cheese, Bacon, Oranges, and Lemcsee'
Raisins and other articles, imported into England, 014
the loss to the Customs upon these articles would be
£658,000. The total remission of taxes amounted
to £2,568,000'. This involved a loss to. the revenue
of £1,656,000, but the result of the proposed aye'
tern throughout all the years to be affected would be
gross remission of £5,384,000. The object had been to
increase the power of consumption, and place the stability
of our financial system upon such a basis as would enable
the Parliament of 1860 to dispense with the income-tar'
then to expire; for the six millions of income-tax might
then be set against a new income of £5,959,000. Govern'
ment had now redeemed its pledge of showing 110
that tax might be done away with. He concluded
speech nearly five hours in length by an eloquent perorr
tion, in vindication of the objects of the Administrant°
and of the means by which it had sought to achieve them'
In reply to a question from Mr. Disraeli,
The CHANCELLOR of the EXCHEQUER said he 812013
take the resolutions on the Income Tax first, then then
relative to the Legacy Duty, and lastly those relative t°
the Spirit Duties.

Mr. HuME approved of the general scheme of GoverS;
meat, but dissented from the lengthened continuance
the Income Tax.

Mr. E. BALL considered the plan of the right /I°°;
gentleman would give no.relief whatever to the poor, bu"
would only benefit classes-who did not require relief. ,
I 'After a short conversation, the resolutions were reau'
and ordered to be reported.
The Speaker said he had received a letter from th°
Agent to the Petitioners).complaining of an undue retell/
for Hereford, stating that it was not their intention t°
proceed with the petition,
Upon the third reading of the Combination of lir°rlr—
men's Bill, the House divided, when there appearsaf"
the third reading 57 ; against, 70; majority, 13.