The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-07-10
The English Budget.

| The Chancellor of the Exchequer proceeded tn
make his financial statement. After remarkng
upon the depression OF the cotton trade, owing to
The unsettled state of affairs the continent he
reminded the House that early the session ofIs43
| he was compelled to propose an increase of taxa
tion to cover the expenditure, and he then stated
| ms expectation that in three years the income Of
| the country would equal its expenditure He
Then estimated the income at ESP 900 OO0 and the
actual proceeds had only been less by c62, 900
The expenditure was E53, 2S7 ITO, thus EXCEEDING
the estimate but there was included IN IL m,
sums not anticipated for by Irish distress and the
naval excess, amounting together to G7l3,727-
The expenditure exceeded the estimate by about
f269 37S, but if the naval excess and other extra
ordinary items were deducted, the current income
would have exceeded the current expenditure
by Gl2O,OO0. He estimated the total income
G52, 252,O 900, which he anticipated would be
thus made up Customs, e20, i50, 900 excise.
El3.7l0,OOO; stamps, CO. 900; taxes, ca 300 900;
income tax go 275 ooo Post-oice, fsoo, 900; crown
old stores ElS5 900; surplus fees E90, 900; making
a total receipt of G52, $4,000. After which, he
estimated the expenditure as follows Interest
and management Of funded and unfunded debts,
G2s,25270; civil list, e., Isl $50; grant for Irish
distress. ESQ., 200; navy, e72l, 7A; army, CO. 49,
Os5; ordnance, e2,5'O,oo7; miscellaneous, G3,92i
"a; reunding property, E53, l07; excuses IN the
making a total expenditure of Ej2, l57 696. De-
ducung, therefore, the total expenditure of
f52 696 from the receipts of e52 252 0O0 there
Gl0i,D but if the excuses for the army, navy,
and ordnance were taken away, the surplus income
OF the year would be G736, 936. lie congratulated
the house upon this state of the affairs, and upon
the expenditure of the country having been
brought within its income within shorter period
than he mad originally anticipated. There had
been a decided Improvement in trade the
stock of bullion had increased, and he felt fully
assured, that, all things considered, his antcIpa-
tons of income had not been over sanguine
Referring TO the reduction in the expenditure, he
begged to remird the House that the navy had
been reduced 1000 men, the army l0,OOJ, which
he thought was as far as the government was JUS
uied in doing, considering the state of affairs i'm
the world The only increase which had been in
the east was the artillery, and he thought that,
considering our recent experience in India, the
House would not be inclined to object to it. The
reduction in the estimates this year had been for
the navy f337 ,S7S; miscellaneous Ell 800, making
a total of El 81, ass. This showed that the GO
vernment had not been unmndfu of economy,
and their desires would, in this respect, have been
further shown by the consolidation of the stamp
and taxes and excise departments, which amount
ed to f225,000 annually. 1t would be obvious to
the House that with small an amount of surplus
this year, he could not consent to the wishes
of those gentlemen who proposed to decrease inn
portant duties Among these he included the tea
would involve loss of E300,O00 1t was utterly
impossible, therefore, that changes could be made
until such surplus was obtained as would Justify
the proposition and this was subject he recon-
mended TO the attention Of the House.