The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-06-07
The English Budget.
DEBTS OF THE WAR AND TARIFF REFORM-STATE


In the House of Commons on May 10. the House hav-
ing resolved itself into Committee Of Ways and Means
The ohancell9. Of the E, e. made his financial
ment made in February he said that there diff
between his estimates Of the and e1pen
citure last year and their actual amount; 1t
cessary, therefore, to repeat that statement and he
should content himself he said with stating that the
somewhat greater than he had anticipated that the
result deficiency Of CO, Coo To eover thAt de-
fcency he had submitted resolution for . loan of
f5 OOOoo in consos also proposition for funding
600 600 Of Exchequer bills, which had taken ct
@ ,Ss and had ssR e. asa f., LIZ Ss ss:
had been laid before Parliament and the House
had seen the result, which he thought it unnsces-
to repeat The expenditure In the past year. 1885,
&c. had fS8 42S 00O the E65 7O5
ing Of expenditure OF S2 OO0
MAN lean and the redemption Of hereditary pensions,
total excess Of f2 Ooo To this there
s2s exceeding til. efficiency BY GOO, and
It was his duty to account for this and to show how
nees in The exchequer the slst March, 1856 ex
ceeded their amount on the 3lst OF March, 1885, by
22e5 ooo showing balance in favor of the exchsquer
which had elapsed had been mainly characterized by
its connestion with the war, the civil expenditure
having been but slightly augmented The TO- tai expendi
ture in the two Of war; 1886 and 1856,
tlo5, l2G 600 the Total amount in two years 90 OF
being difference Of GOO The Us' revenue in the
two years Of f125 200 co., and in the years
Of peace flo ooo an increase Of revenue from taxa
raised by addition to the funded and ununded debt
was gag ooo 50 that tho total recsps IN the tive
two years OF Adding the surplus income in two
years OF peace the amount applicable to war expenditure
and adding for the war expenditure Of 1867
ga 0O0 the total excess was Ell 5S8 co., Having
stated these partcusss he observed that although
the pretent year must be considered of war.
had been making for operations By sea and
land during the winter and the early part Of this
year; large contracts had been entered into, which
were payable this year. as veil as the cost of the
re-transport OF the Sandman troops from the
Crimea Nevertheless, he rejoiced to cay tina. the
had been able make considerable reduce
n tn
revised estimates being f37, 316 000-s difference Of
Ell 500 600. Besides the expenditure Immediately con-
nectsd with the war there was charge arising from
the convention with Sardinia and he stated the eircum
stances under which he proposed to the House to auho
ing the expenses Of the Sandman army The estimated
total expenditure for the current 1861 including
the entire estimated for The year, but
difficult to make accurate estimates rs to various
prscsuon 70 take = Margin vote s ., credit for
e. 900 600, which would make total Of cit, 900.
the income tax and the customs duties upon tee,
sugar, Coffee spirits and malt he stated the total net
amount OF the revenue as estimated 81 4e7 1872 COO;
diture there appeared estimated deficiency Of fl0,
which the remainder Of the produce Of the loa
Looking to the condition Of the country and to he d
Guilty, or improbabiy, OF immediately realizing ths
smount by additional taxation, the government did not
feel justified he said In proposing any additional taxes,
did they recommend any reduction. They proposed
to make change in the existing basis Of the taxation
but to Borrowing and they had In the first in
stance invited tenders for loan Of 0O0 and their
terms which had been accepted by the contractors he
should submit the form OF q resolution to the com
mi tee. He had the authority OF Baron Rothschid tor
stating that the deposits already amounted ca 600 600
| in Bank Of England notes and gold, which, at the
rate of ten per cent. represented capital ready to
be advanced, of 100000 600. He trusted that the
| committee would be Of opinion that this loan had
been effected upon terms fair to both the parties and the
| government The loan WOULD not, however cover the
entire estimated deficiency by to provide for
which he proposed at later period Of the session. ask
for power 10 borrow in Exchequer bonds IL should be
advisable to the extent Of So 600 The state
OF the Exchequer bill market did not render advisable
to increase the amount of the unfunded debt At the
same time, he believed the fall in the value those
curtes had been occasoned by temporary crcumt
The quantity OF outstanding Exehequer bills in the
ket amount to go 124 900, Of which sum the Commits
sioners for the reduction of the national debt held f5
more than fl5, 124 COO Comparing the amount OF the
debt at the end Of the last and at the present time he
showed that the funded debt had decreaed f40 0OO
and the ununded debt cit O00 the total dminu oU
being f66,000 000 while The charge for the debt haa
diminished Ga 500 600. Having read statement OF &C
cruiug liabilities the hand and the other az
account Of the annutes and pensions that wouc cease
fall in the Of few years. he Justified the bor
rowing in consols instead Of termins BILE anouiUes;
borrowing convenient for both borrower and snde
An impression existed he Observed In some quarters.
that The moment Of transition from war 70 peace