The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1854-05-09 00:00:00

HOUSE OF LORDS.-MONDAY, MAY 8.

The Earl of EGLlrvrox appealed to Lord Brougham to
postpone till another session the Bankruptcy Bill for
Scotland, or to afford further time for its consideration.
Lord BROUGHAM said he would state either to-morrow
or on Thursday the course he proposed to take.
The Marquis of WESTMEATH moved for a copy of any
memorial or petition to the Lord-Lieutenant of Ireland in
favour of a commutation of a sentence of death upon a
man convicted of murder in Westmeath.
After considerable discussion, a portion of the papers
moved for wasiordered
The Church Building Acts Continuance Bill was read a
second time.
Their lordships adjourned at 6 35 p.m.

HOUSE OF COMMONS-MONDAY, MAT 8.

Mr 4 C. FITZWILLIAN took the oaths and his seat for
Halton.

Lord J. RUSSELL moved that government orders of the
day take precedence of other orders on. Thursdays during
remainder of the session.

The motion was opposed by Mr. FREWEN, Mr. LOCKE
KING, Mr. SCULLY, Mr. NBWDEGATE, and Mr. DISRAELI
Mr. SPOONER suggested that the notices of motion
already given should be excepted from the operation of.
the motion, and ultimately it was agreed that government
orders should have precedence on the 25th May, and every
alternate Thursday.
THE

FINANCIAL STATEMENT.

A DOUBLE INCOME-TAX!!!

INCREASE OF OTHER TAXES ! !:

The house went into committee of ways and means.
Mr. GLADSTONE stated at some length the reasons
which had induced government to take the course they
had adopted with respect to the finances of the country,
which they felt bound to justify. He adverted first to
tho accusations levelled against the government, one of
which was, a gross mismanagement of the unfunded debt
of the country, in lowering the interest on exchequer bills.
This step was not hastily taken, and was demanded by a
due regard to the interests of the public. This he showed
by a reference to various financial operations at different
periods. In justification of the course taken, he referred
expressly to the state of the money market in February,
1853, and his duty was to borrow money at the rate the
market afforded. The market varied greatly for six
months afterwards, but not until six months subsequently
were exchequer bills at a discount. The next charge was
that, by a reaction from the reduction of the interest, the
rate we were now paying was too high, namely, twopence
a day ; but this charge, he maintained, was not well
grounded. He felt it necessary that he should have the
confidence of the house, and if the house disapproved of
the principles on which he managed the national finances,
the sooner he knew it the better ; but he alone was respon-
sible for the measures which were adopted. He then
alluded to his scheme for the conversion of ' the public
debt, on which another charge against him was based.
He frankly allowed, however, that he regretted that the
operation had been carried into effect, not because he
admitted that it had produced pecuniary loss, but because
it had caused greater inconteniences than were compen-
sated by any trivial gain. He then adverted to the rela-
tions between the government and the bank, on which
he dwelt at considerable length, with a view to remove
various misapprehensions now afloat. He denied that he
WAS an habitual borrower, and, though it had been cur-
-1 rently reported that he had borrowed £3,000,000 or

TUESDAY, MAY 9, 1854•

£4,000,000 from the bank during the last quartrog't
truth was that he had not borrowed a single tittls
io
He ascribed the delusions which prevailed to a o°4o
statement of accounts put forth. He would now „e'stilel
the views of government, and the measures whicu,.the
proposed to adopt. In March last he estimated that „
revenue of the year would exceed the expend4ureb;il
£467,000. Since then, however, additional estimates,been prepared, and granted for the army, navy,
orb tO~
and militia, amounting altogether to £6,000,000 Yesi,
sion must be made beyond for charges at present inu'l'doal
owing to the state of war; for these he Put acre
£850,000 additional to the £1,250,000 already Ploire
The result was that government intended to ask the ssot
dittos
to make provision for a sum of £6,850,000, which a°3ltoo
government thought ought to be provided by an! double
to the taxation of the country. It was proposed to .1.0.
the income-tax for the second. half-year : this walla ,Ystit
duce £3,250,000, which, added to £9,582,000, the am the
already granted, would bring up the entire receipts o Tba
year from income-tax to the sum of £12,8320, ;he
government would ask the house, then, to gram
do
creased income-tax from 7d. to 14d. in the pound s o
the continuance of the war, retaining the distineti°4
be
the sd. rate, which would then 10d, for persons b ltot,
incomes under £l5O. It would further be propose,' to
as soon as the war ceased, the augmented inceinetse
would cease, and government would fall back uPloal
previous arrangement. The total provision to_1),!,
by new taxes would be equal to about £10,000,0fi',;(,,1.
thenagrave question arose as to the mode inwhiclit'o'`
ditional amount required should be made up., wa the
considered just to increase the income-tax bePnitsiy
amount he had stated, nor to propose any alterati° tatef
any other direct tax. Government did not intend tts,
the penny postage, or the duties on soap, tea, or toSot•
It was proposed to augment the duties on spirits in '-'lll
land ls. per gallon, and in Ireland 18d. per gall° 'i'sce‘i
estimated that a sum of £450,000 would thus be Pr' est
The sugar duties would be modified to the extent of Iso.
to 2s. per cwt. upon different kinds of sugar, and he am
mated them to produce £700,000. A cousiderable,,j
remained, however, to be produced, which it was Pr°,ol;pl
to raise by an increase in the duty upon malt. isiobel'
It was proposed to raise it from 2s. 9d. to 4s. per
The net receipts from this source would be £`2,4*°",,d04
The whole amount he expected to obtain was £6, 'ate
The net augmentation to the burden of the CO
would be only £8,683,000. The malt duty would bei tjle
for the war the spirit duty would be permanent,
sugar duty only during the war ; but some provisioy
required for the interim. Only £2,840,000 of theo
taxes would be received by the Bth of April next, 1e
£4,010,000 of Exchequer bills, and so many addi
bills as would complete the amount not taken of tiled
chequer bonds. Altogether this interim measure alto
produce £5-,500,000 of temporary securities. This would
gether raise the receipts of the year to £66,746,000. 01,1
expenditure he estimated at £63,039,000. A margin.,.o
thus be left of receipts of £3,700,000, or, to be (1111", if
£3,500,000. He then reviewed the financial policy "e
predecessor, stating that, after full' consideration, 116,
his colleagues had found it impossible to frame 31, dia
tory reconstruction of the Income Tax,. and au!isof
specially to the-Succession Tax last year, the abolitood
the Soap Duty,. the remodelling of the Assessed Tale.Aoos
other reductions, which still left a surplus of 31 In of $
at the end of the year. Referring to the questioaio
loan, he stated, emphatically, that if there was 00e josll
in the country who had an interest in makingt.,soe4.
it was himself (the Chancellor of the Evil'', e
He warned the house against following the clots-is°
Mr. Pitt, and for a time, at least, to abstain from J". lie
recourse to this ruinous mode of raising money: 0, to
made a powerful. appeal to the house, in roncinsl°,,feei
second the efforts of government and furnish the res°Tisat
they asked for the maintenance of the interest.andll
of the country. Mr. Gladstone sat down amidst ictneecb
continued cheers- from all parts of the house, his "
lasting four hours. ClOll.
The resolutions4emhodied in the statement a the -
cellor of the Exchequer were then read. ecb
Mr. DISRAELI said that, after the elaborate sPetye
made by the right hon. gentleman, he should oPP'
house proceeding further at present. tlia
Mr. Gx,ansToNE,,ur,ged the necessity of sanctio
- - - -ea sr- 0

arst class of votes._ namely, the increased taxes
malt, &c., on the ground of considerations of rovop
had been always done. He was perfectly willingitiolv
day should be fixed for the discussion of the prof,
of government.

S'ome conversation followed, in which Mr.
F. BARING, Mr. G..BALL, Mr. BANKS, and Colliertiosw,
TINCK participated, in reference to the proposed. -aatiss
taxes, after which resolutions affecting a specal c
votes were formally agreed
On the CHANCELLOR of the EXCHEQUER prOPOt fo
the resolution relative to the sanctioning the contr9c
£2,000,000 of Exchequer bonds should be passed; „red
Mr. DISRAELI said the whole scheme was invel
the resolution, and to pass it would interfere wl'ejtye
discussion which was fixed for Monday. He Dl°
postponement of the resolution. • 1,,,J
Mr. GLADSTONE contended that Parliament the
variably sanctioned such contracts, and he consicler
precedents ought to be followed.
The resolution it was understood, was-ultimatelY agreejeiioll
to pro forma, and the whole question, on the suil,
of Lord J. RUSSELL, will be discussed on Moni,3o to
the Chancellor of the Exchequer to bring U)
morrow (Tuesday).
Several other bills were advanced a stage— Bill gi
The County Court Extension Act Amendment tios.
Boundary Survey (Ireland) Bill were read a third
Mr. DRUMMOWD moved for a select committee o'h
subject of the Crown forests.—Agreed to.
Sir J. GRAu.s moved for leave to bring in. a fir,
the encouragement of seamen and for more effecdlY
manning the navy, and likewise for facilitating th"-
tribution of prize money.
After some remarks from Sir G. P.EcHRO slld °
tU
leave was given to bring in the bill. aroeli
Sir J. SHELLEY moved for a return of the titles, epeo.
and addresses, of publishers of all registered 1ie1P,.3001
Mr. HAixER, said he would furnish all the
6,`
the Treasury could give.
__for in.
After some. discussion the House divided, •
motion, 36 ; against, 52. Majority against the Tec;..ptit
The house adjourned at a quarter to,tw.elve de'

!. tl a°'
FUNDS, STOCK, AND SHARE M
aARO do iop
English Securities maintained a steady aspect, s';,',/,rever•
tations no material change. Railways exhibited " !tete
throughout the day, but closed witk a, tendency ,t°st de
Land, Bank, and Mining Shares, fully supported. otlIP
day's quotations. In Foreign, Dutch improved;
scriptions unchanged.
CLOSING PRICES.

Consols, Account .. 1 8;---,-- Bank Stock ... . .... 'itill'
Do. Money.... I 4 . Exqr. Bills, L. &S.
Three&QrperCents 87it * '
FOREIGN STOCKS.
Mexicans 231 'Spanish Passives • • lilt
Spanish Deferred
Do. Threes 364 Do. Four & ilia /A
P
RAILWAY SHARES. '
011
Amberg.,Nottingham, Leeds Northern. • • •
and E. Junction 4i i London &N. Western 0.
Caledonian
0 O.
Do. Preference
Eastern Counties
East Lancashire 5B 60 Midland Stock •• • r,

Edinburgh & Glasgow North British ..... f,:e /
Great Northern 854 64 Do. Prefere" ,ii
Do. B ll9 21 worth Staffordshire' 0— ,
Great Western
Lanc.and Yorkshire sBi, 94 York, Newcastle, 8 iiii 7*
Do. Fifths — Berwick .....4
London,Brighton,and York and N. .
MI",;;;;;1 "'"
South Coast — Do. Preference**
MINING SHARES. I 1
Nugget, Registered i
f ,•
Noveau Monde
LAND SHARES. . ~,
AustralianAgricultaral 37, 8 Peel River .... • • .... 1 /
S. Australian --Van Dieman's..• • • **..
S. Australian Invest. N. B. Australian •*
ivlay
CORN MARKET. 004 5
bo- pima.
A small quantity of English Wheat offeringv gctioir
of Foreign heavy,. English trade dull, at barely 0 reds, s •
prices. Foren holders not inclined to sell 'IA relitsfile
Flour and Malt unaltered. Barley, Beans, any N
sale. The Oat trade steady, but purchases °'
diate wants.

ARRIVALS. eeio.
v. ~6
English. Irish. - 671.:',0
Wheat . 1766 11!,..
Barley
Oats
Malt 2434
Beans
Peas ..
Flour.

-597 51'br15'
50
.7(.030 tje-
'
SECOND REPORT.—Trade closed dull ; les 0.,,,,0f'1d
dined ls. per qr. from last Monday. To effected, tv,
a reduction of Is. to 2s. must have been ilesrle.c'eP' v WV
B
altered, but American barrel is. lower. last ratee,
Peas, dull, but not cheaper. Oats firm a'.
demand less active. Seeds unaltered.
PRODUCE MARKET' „0.--10:01.
Sugar : Foreign dull, and prices fully suPreall,r'es:jea
little doing; Brown Lump. 446. Coffee: na,'„"74s. ~115)140
Ceylon, 445. to 445. fid. ; Plantation, 530... v nice 6"13§.
demand good, and rates well maintainea• to
freely—Madras, 128. ; White Bengal, i2S
Cotton : sales small, and terms bar‘ly sustain•145,
e 49
TALLOW MARKET. 5,9
Tallow firm, and in. good demand. Sioctie,Veil
against 24,364 casks same time last year
casks, against IfioB casks same time last Yea'•

...... ...... 1518

affilliCe,
CATTLE MARKET.,, n at 03
Beasts sold at last Monday's prices. Sae. 55 of
Lambs and Calves did not sell so well. Sa tf, 65
5 t-
Beef 25 8d to 4s 6d 1 Pork ..... ••53, 4u
Mutton 3s 10d to 5s Od Irish Ilgs• • P
Veal
Beasts
ARRIVALS., .
Sheep and Lambs
Holland Beasts .... ...................... .. 09
Do. Sheep ....................... ...• • 11
Do. Calves ........................
... 60
Spanish Sheep .......................... .• 00
1 Cpiga1v5e.5.............**:
~... :: 01
00•4.
Scotch Beasts ~ ... ... . ............
...•
wes"
Norfolk and Suffolk Beasts .........
rxe .. ~ pi
.710 P
ufi-
MANCHESTER STOCK -.-' and 140011
Lancashire and Yorkshire, 58i ; London
95 ; Midland, 56 i 57.

lori‘'
TiFIRDS STOCK EXCIIANC4,sI;ire 011`i
East Lancashire,l4l ; Midlands, 67 ; La°c— Aloof'
shire, 59. -- or 0,
VESSELS SPORELNA.—TAEgrTiI 81311I.Pir.stfri9olfld'il'l
ialjee
and City of Hobart, for Australia; April 201 . ,
May 7th, Red Jacket.

p ,HILHARMONIC- $
A GRANDTHs
EVENINGCH O
(RTAuELsDPAEyr° I/ 40
----- _.AI,AII4IC.
ADMISSION, ONE SHILt1.41:110961:
ity:.
otiv
MONEY TAKEN AT THE - _A tO rah
HOW e.CO"
To prevent disappointment, Parties are reitchso%
chase Tickets at the Philharmonic-hail, "
THIS DAY (Tuesday), the 9tdvh instant.
(See Aertisement.)

ib6
Percy-street, LIVERPOOL: g
morrlin
Printed and Published every Tuesrlqicgslgisf i.,-
Eroprietor, ROBERT PEARSON Trz,s3, r. re°
OFFICE, No. 4, Sr. GEOR9.O'd
Tuesday, May 9,1854.,
at the STANDARD ,Ots 0,04 Vire

SUPPLEMENT

TO THE

tilicrpoot -.;)tanbartg.

SECOND EDITION.

STANDARD 'OFFICE, MAY 9, Two O'CLOCE, P.M

LIVERPOOL CORN MARKET.—Thrs DAY.
The maiket to-day was well attended both by town and
country dealers, and there was a fair amount of business
doing in Wheat and Flour at fully the rates of this day
week. Indian Corn may be quoted is. to 2s. per quarter
dearer. In other articles no alteration.

The imports of the week have been increased since
Friday by a fair addition of Wheat, chiefly of Black Sea
sorts, ordered round here from calling ports, as well as by
further arrivals of American Indian Corn. The aggregate
quantity of these articles is thus considerable ; but, in
other respects, our fresh receipts are light, and those of
Oatmeal from Ireland have almost wholly fallen off.
Exceedingly favourable weather for the country, com-
bined with ample supplies from abroad for present wants,
keeps the markets of the country generally in check; the
reduction stated in the middle of last week has, however,
not been augmented up to the close, and, under existing
circumstances, the trade has preserved considerable steadi-
ness. Here, with littlebusinessdone sinceFriday,the value
of the leading articles has remained the same, and upon an
improved inquiry for Indian Corn and Oatmeal, prices of
each have tended rather higher. The New York market,
to the 25th ult., quotes a small advance on Flour, in the
face of reduction at this side; steady rates for Wheat, and
no inquiry for export to Great Britain. In Indian Corn
a moderate business doing for shipment, at previous
currencies.