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an increase of wages. They had which Parliament have given their demanded that increase, and it was sanction, and on the continued at once acceded to by many of the operation and progressive influence masters.

of which I believe the financial Lord Stanley supported the prosperity of this country will amendment. If his noble friend mainly be found to depend. I shall had proved anything by his speech, proceed to lay before the House, in it was that the silk-trade, at this the usual order, first, what have moment, was in a thriving condi- been the actual receipt and extion, and that the imports and the penditure during the past year." revenue, and the exports also, were Sir Robert Peel, after prolargely increasing. Why, if that posing great reductions in the were so, the conclusion to which Customs, had last year estimated any prudent Government would his revenue at 49,762,0001., but come would be to say, “ In God's the actual income amounted to name, then, let our prosperity 51,250,0001. Comparing the esalone."

timated with the actual produce On a division the amendment (in round numbers), the Customs, was lost by a majority of 25. estimated at 19,582,0001., actually

A few days afterwards, the third produced 19,700,0001. ; the Exreading was carried, and the Bill cise, estimated at 12,580,0001., passed ; a motion by the Duke of produced 13,296,0001; the Stamps, Richmond, “ That it be read on estimated at 7,100,0001., produced that day six months," having been 7,660,0001; the Post Office, estiput and negatived.

mated at 700,0001., produced On the 29th of May the Chan. 791,0001. ; the Property Tax procellor of the Exchequer made his duced 5,084,7411., the estimate financial statement for the year. being 5,200,0001. This deficiency He said, “ The House has already was owing to repayments to persons been informed by my right honour- overcharged. Under the Chinese able friend, the First Lord of the Treaty 750,8591. had been reTreasury, of the reductions which ceived. Now with regard to the it is intended to make in the dif- expenditure. The estimate which ferent duties of Customs which are was made as to the charge on acat present levied. Those reduc- count of the national debt amounted tions have been embodied in an to 30,795,8581.; the actual exAct which has already passed this penditure had been 30,607,6611. House, and which now only waits The result as regards the whole the sanction of the other branch of receipt and expenditure for the the Legislature in order to be car year was, that while the actual ried into full operation. Nothing receipt amounted to 52,009,3241., remains for me but to bring into the actual expenditure amounted one general view the statements to 49,4001671., leaving a surplus put before the House as to the re of 2,609,1571. Deduct 228,5571. venue and expenditure of the coun for the payment of unclaimed divitry, and to show, from the results, dends, and a clear surplus of how successful have been those 2,380,6001. remains. measures which the Government, “ I have now to state to the in former Sessions, recommended House my calculations with regard for the adoption of Parliament, to to future revenue and expenditure,


year a

with this additional advantage, that the land and assessed taxes at the I am able more confidently to an amount they have heretofore proticipate the future from the ob- duced—4,230,0001. With respect servation and knowledge of the to the Property Tax, I have taken past. The Customs produced in it very nearly at what it produced the last year, as I have already last year, 5,100,0001. The Post stated, a sum of 19,768,0001. By Office I take at 850,0001., being the measures which have been in only 60,0001. over that which this Session passed through the was received in the course of the House, a reduction of duties has last year, as I am anxious to make taken place to the amount of allowance for the expense of cer1,041,0001. But no one who looks tain improvements going on. The at the operation of reduced duties, Crown lands I estimate at 120,0001., in increasing consumption and sti- and the miscellaneous items at mulating employment, can suppose 300,0001. From China I expect that the reduction will equal the 700,0001. The total result is, an amount of taxes remitted. I should, aggregate revenue for the year of therefore, not feel authorized in 51,650,0001. Now, if from this deducting from the revenue of the revenue I deduct the charges upon Customs a greater than the country during the year that is 400,0001., and this would leave past, amounting to 49,400,0001., 19,300,0001. So favourable, how- it is obvious that there would be ever, are the accounts I receive disposable at the end of the from the outports, that I am called surplus of no less than 2,250,0001. upon to increase my estimate to Owing, however, to the increased 19,500,0001. I find in the leading expenditure in the army and navy, ports, that during the last six the improvement of fortifications, weeks-weeks, be it observed, of and other sources of outlay conconsiderable uncertainty, and dur- nected with the defences of the ing which the new tariff duties country, so large a surplus cannot have been in operation—there has be calculated upon. The charge been no falling-off in the revenue for the interest of the debt, which as compared with the correspond- was 28,200,0001. last year, will be ing six weeks of the preceding reduced to 28,100,0001. this year. year ; and that there is an ex The charges on the consolidated pectation that, when the present fund last year, 2,400,0001. will be discussions in Parliament shall increased this year, and amount to have terminated, the revenue will 2,500,0001. ; that increase arising take a spring even beyond what it from measures which Parliament has taken since the commencement has already sanctioned for advancof the year. I feel that I may take ing from the consolidated fund the Excise for the ensuing year certain sums for public works in at 13,400,0001, being 100,0001. Ireland. With respect to the more than it produced last year. Army, the charge for which in the With respect to the Stamps, from last year was 6,715,0001. (that which 7,660,0001.. was received being the expenditure—the estilast year, I content myself with mate was considerably less), I protaking them for the present year pose as the estimate for the present at 7,400,0001. With respect to year 6,697,0001., being an inthe taxes that remain, I estimate crease of above 140,0001. For

the Navy, the estimate last year and of the unfunded 18,442,0001., was 6,943,0001. ; in the present making a total of 785,115,0001., year it is proposed to allot to that in 1876, as contrasted with the service 7,521,0001., an increase of total of 792,000,0001. in 1842 ; nearly 600,0001. For the Ord- showing a reduction in 1846 of nance, the estimate last year was about 7,094,0001. Taking the 2,142,0001. ; in the present year average of the deficiency bills (a it will be 2,543,0001. With re name given to the debt incurred spect to the miscellaneous esti

on every quarter), how stood the mate, which stood at 3,116,0001. account? The average in 1842, last year, the sum this year will be was 6,163,0001.; and in 1846, 3,435,0001., as I wish to keep a 2,029,0001.; showing a decrease margin for additional expenditure on the average of the periods of in relieving Irish distress. The 4,133,0001. The management of expenditure, therefore, for the the debt, which in 1842 cost service of the year, amounts to 160,0001., was reduced to 93,0001. 20,198,0001. ; which, added to the in 1846 ; and the interest of Excharge for the debt, 30,675,0001., chequer-bills was reduced from makes the whole amount to 896,0001. in 1842, to 426,0001. in 50,873,0001.; and this deducted 1846. The total annual relief on from the total receipt, 51,650,0001., the whole charge of the debt is leaves a surplus for the end of the about 1,500,0001. ; and by an aryear of 776,0001. ; but of that rangement adopted the year before sum 700,0001. is derived from the last, a saving of 625,0001. a year money acquired by the treaty with would accrue in 1854; making in China.'


between them, a total To form a correct opinion, how- saving of upwards of 2,000,0001. ever, on such a subject, it was annually. What, then, is the necessary to go farther back than result of the test I have applied in last year. Beginning with 1842, order to ascertain the benefit of everybody would recollect the diffi the course which has been purculties which existed when the pre sued ? I have an increased basent Government came into office. lance in the Exchequer of nearly There was a large deficiency to

a large deficiency to 5,000,0001.; I have the capital make good ; and the Government of the debt reduced by about resolved to restore the finances by 7,000,0001. ; I have deficiency the imposition of the Income Tax, bills reduced by 4,000,0001. ; and I and a revision of the commercial also have an immediate reduction of system. To show the effect of the the annual charge for the national measures adopted, Mr. Goulburn debt amounting to 1,500,0001., referred to the state of the funded and, ultimately, a reduction on and unfunded debt. On the 1st of that account of 2,000,0001.January, 1842, the capital of the To show the beneficial effect of the funded debt was 772,530,0001. ; financial and commercial changes the Exchequer-bills outstanding on the condition of the great bulk amounted to 19,678,0001. ; the of the population, Mr. Goulburn total debt, funded and unfunded, referred to the Savings Banks reamounted to 792,000,0001. In

In turns, to the increased consumpJanuary, 1846, the amount of the tion of exciseable commodities, to funded debt was 766,672,0001.; the decrease of crime, the progress

of education, the extension of move, as far as in their power, the church-building, and improved taste assessed taxes. in the matter of amusements. “I Lord George Bentinck thought think I have satisfied the House that the Chancellor of the Exchethat these results are mainly to be quer had made a great omission in attributed to the policy the Govern- not stating what amount he anticiment has pursued ; not hastily or pated from the reduced corn duties. rashly deranging existing interests, In his glowing speech too little and producing immediate distress credit had been given for the bounfor the sake of insuring further ties of the harvests. benefit, but cautiously introduced, Mr. Charles Wood expressed his and effecting, therefore, a great approval of the commercial policy and immediate, but still permanent of the Government. benefit.

Mr. Hudson saw no ground for This “ Budget" drew forth such a congratulatory speech as Mr. remarks from Mr. F. T. Baring, Goulburn's. He thought that a Mr. Hume, Lord George Bentinck, speculative Ministry, as the preMr. Charles Wood, Mr. Williams, sent had been called, would have and Mr. Hudson.

dashed at tea, and reduced the Mr. F. T. Baring disputed the duty on that article. The whole surplus specified by Mr. Goulburn. statement of the Chancellor of the He might be wrong, but he be- Exchequer was a laudation of the lieved that, instead of a surplus, if Government measures; so that the the China money were placed out right honourable gentleman might of consideration, there was a defi- be called, like a former holder of ciency of 800,0001.

his office, “ Prosperity Goulburn.” Mr. Hume deemed the state The usual resolution was then ment fair and intelligible, and re- agreed to. commended the Government to re


Ireland-Prevalence of Assassination and Outrages in that country

Lord St. Germans introduces a Bill in the House of Lords for the Protection of Life in Ireland-His Speech on moving the second reading-Speeches of the Marquis of Lansdowne, Lord Brougham, the Marquis of Clanricarde and other PeersThe Bill is read a second time, and amended in Committee-It is introduced in the House of Commons by Sir James Graham on the 30th of MarchIt is vigorously opposed on the Motion for the first reading-Speeches of Sir W. Somerville, Mr. Smith O'Brien, Mr. Shaw, Mr. O'Connell, and Lord George Bentinck Sir James Graham states the nature and objects of the MeasureThe Debate is prolonged by the opposition of Irish and other Members, and is repeatedly adjourned-Speeches of various Members for and against the Bill-A Division at length takes place, and the Bill is read a first time by 274 to 125- The contest is renewed on the Motion for the second reading, which is moved on the 9th of June-Reasons of the delayThe discussion is continued by numerous Adjournments, from the 9th to the 25th of June~Selections from various Speeches - Sir W. Somerville moves an Amendment that the Bill be read a second time that day six monthsMr. Bernal seconds the AmendmentSpeeches of the Earl of Lincoln, Mr. M. J. O'Connell, Lord George Bentinck, Mr. Sidney Herbert, Mr. Hawes, Lord F. Egerton, Mr. Colquhoun, Lord John Russell, Mr. Disraeli, Mr. Roebuck, Lord J. Manners, Sir James Graham, Mr. Labouchere, Mr. Stafford O'Brien, Lord Newport, Mr. Hume, Mr. Shiel, the Solicitor-General, the Marquis of Chandos, Mr. Neudegate and Mr. Cobden - On a Division, 292 vote against the second reading and 219 for it-Coincidence of the defeat of Ministers, and the passing of the Corn Bill in the House of LordsNews arrives from America of the Settlement of the Oregon Question-Resignation of Sir Robert Peel's CabinetThe announcement is made by the Duke of Wellington in the House of Lords on the 29th of June--Lord Brougham adverts to the Oregon Question-Statement of the Earl of Aberdeen-On the same evening Sir Robert Peel declares his Resignation of Office in the House of Commons-His Speech on that occasion-Remarks of Lord Palmerston and Mr. Hume.

HE unusual prevalence of early part of this year induced

assassinations and crimes of Sir Robert Peel's Government to violence in Ireland during the introduce a measure of a coercive


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