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85,0001. From the new duties on duty-paid stocks, but he was imposed he had expected to re- convinced that the experiment ceive, at first, 900,0001., an was likely to be successful in a amount ultimately reduced to fiscal point of view, as well as 690,0001., and he showed the useful in a moral aspect; it result in the returns of the Cus- had not led to the evil of illicit toms and Excise. The Customs, distillation. After stating the which had been estimated at balances in the Exchequer, and 23,430,0001., had actually pro- the application of 1,000,0001. to duced only 23,305,0001.,- a differ- the payment of Exchequer bonds, ence of 125,0001., arising princi- and of a portion of a second pally from the fact that the 1,000,0001., which he had been operation of the changes in the allowed at the close of last SesCustoms had been affected by sion to borrow, which had made the diminution of consumption, an addition of 461,0001. to the owing to causes to which he had debt, Mr. Gladstone reviewed previously adverted. The result the existing condition of our of the change in the duties on finances, compared with the year. wine,-- which, of all other Custom 1853, pointing out what he chaduties, was the most difficult to racterized as the enormous and make, and the slowest in working inordinate growth of the expendiout a result, -- was, however, he ture, and suggesting that there observed, the only one of the was some relation between this changes which had escaped the increase of expenditure and the unfavourable circumstances of diminished elasticity of the rethe year. The loss on the wine venue. He then adverted to the duties (that was, the relief to the effects of the Commercial Treaty consumer,) he had calculated at with France, and to the general 830,0001., whereas the actual loss improvement of our import trade. had been only 493,0001. He ex- Dividing the imports into three pressed his conviction that this classes, first, those untouched change would be effectual for its by the legislation of 1860; second, main object; that the incon- those on which taxation had been veniences were few compared reduced; and, third, those the with the advantages attending it. duties on which had been reThe Excise duties had been pealed, -he showed that while estimated at 21,361,0001.; the the amount of the first class had actual amount was 19,435,0001., been nearly stationary, the imshowing a difference of 1,926,0001. ports in the second class had inThis difference arose on three creased 17) per cent., and those articles-namely, hops, on which in the third 484 per cent. He there had been a deficiency of proceeded then to give an esti300,0001.; malt, 800,0001.; and mate of the finances of the year spirits, 900,0001. These defi- 1861-62. The total expenditure ciencies represented the real for the year he estimated at sources of the failure of the Ex- 69,900,0001., or, in round numcise duties. With regard to the bers, 70,000,0001. The revenue, spirit duties, the main cause of including the duplication of the the failure was the material re- duty on chicory, certain alteraduction which had taken place tions and modifications of the

stamp duties, and the duties on ld. of the income tax, reducing the licenses, and 750,0001. which he 10d. to 9d. and the 7d, to 6d., expected to receive from China, would cost for three-quarters of a he estimated at 71,823,0001., as year 850,0001. With respect to the suming the continuance of the tea paper duty, the Government beand sugar duties and an income- lieved that, happily, the time had tax. This sum, he remarked, arrived when this question might was the largest estimate of re be entertained without the revival venue ever proposed to the coun of the painful discussions of last try. Comparing it with the esti- year. Considering the yet unmated expenditure of 69,900,0001., redeemed pledge under a resoluthere would appear an estimated tion of the House, the difficulties surplus of 1,923,000l. ; and he attending the existing law, the then stated how the Government declaration of the department proposed to dispose of this ba- which collected the tax, and that lance, remarking that it was not the proposal for its repeal had a balance they possessed; the received the sanction of a large income tax had actually expired, majority of the House last year, and the tea and sugar duties the Government believed that would soon expire, and they had this proposal would receive the to ask the House to renew these approval of the Committee. The taxes in order to adjust the ex financial result for the year would penditure with the revenue. The be as follows :—The balance of Government, he said, had come revenue would be 1,923,0001. to the conclusion that they could The ld. taken off the income-tax not expect to be allowed to keep in would reduce the amount of the hand this surplus revenue, and tax by 850,0001. ; the repeal of they proposed to apply a portion to the paper duty would occasion a the remission of taxation by the net loss in the year of 665,0001., reduction of the tenth penny of making together 1,515,0001.; so the income tax and the repeal of that there would still remain a the paper duty. With reference moderate surplus of 408,0001.

the comparative merits of With respect to the minor charges direct and indirect taxation, he on trading operations, of which observed that Parliament had not complaints had been made, the committed itself to a condemna- Exchequer was not in a condition of the latter; it had not de- tion at present to surrender the cided to root up, but to prune sum they amounted to. He prothe tree. He would not alto- posed to re-enact the tea and gether abandon the hope of sugar duties for one year, and he getting rid of the income tax explained the form of proceeding altogether, but he considered this by which it was intended to bring a question of expenditure. If the several questions before the the country was content to be House by a series of resolutions, governed at a cost of 60,000,0001., one as to the income-tax, another he did not see why the tax might for the continuance of the tea and not be dispensed with ; but if sugar duties, and a third for the there was to be an expenditure repeal of the paper duty. of 70,000,0001., there must be an In conclusion, Mr. Gladstone income-tax. The remission of spoke of the general financial

condition as satisfactory; de- cultural interest. Lord Robert clared that the spirit of the na Cecil took exception to Mr. tion had not declined ; and that if Gladstone's remarks on the exthere was any danger it lay in our cessive public expenditure. He recent tendency to unbounded said that a Chancellor of the excess in expenditure. There Exchequer was bound to protest had been a tendency to break in the Cabinet, and if he cannot down all limits. It was not only carry his views, to resign. If he a pecuniary waste, but a great did not do so, he was bound not political and moral evil, which to discredit the estimates. After stole on,

unseen and unfelt, some remarks from Mr. Gladuntil it reached an overwhelming stone, the further discussion was magnitude. Deprecating rash postponed. reductions, he hoped they would The motion for going into a grapple with public expenditure. Committee of Ways and Means

For my own part, I say that if on the propositions of the Budget this country will but steadily and was made on the 22nd of April, constantly show herself as wise but it led to long and animated in the use of her treasure as she debates, which were continued for is unequalled in the production several nights by adjournment. of her wealth and moderate in It was evident that much resistthe exercise of her strength, then ance would be made by the Conwe may well believe that England servative party to some parts of will, for many generations yet to the Chancellor of the Exchequer's come, continue to hold her fore financial scheme, and especially inost position among the nations to the remission of the paper of the world.”

duty, which was objected to on A desultory discussion ensued. several grounds by the leading Sir Stafford Northcote main- members of the party. The tained that his party were right opposition was commenced in an in the last year when they de- able and temperate speech by clared that the Budget did not Mr. T. Baring, who observed make sufficient provision for the that it was most desirable at the wants of the country. Mr. Dod- present moment that the House son urged the importance of re- and the country should perfectly pealing the hop duty. Mr. understand our financial position, Hadfield wished to relieve fire and that it was neither satisfacinsurance. Mr. Ball desired a tory nor safe to meet a deficiency relief for malt. Mr. Glyn ap by expedients which were pracproved generally of the proposed tically an increase of the national measures. Mr. Cave thought debt, asked whether it was wise that a reduction of the duties on to remit taxation when the retea and sugar would be prefer- mission would not make the able. Mr. B. Osborne congratu- taxation reproductive by means lated Mr. Gladstone on his skill of increased consumption, and and courage in combining the when the taxes could not be reremission of the paper duty imposed when once removed. If with the penny of income-tax. there was any time when pruMr. Bentinck complained that dence in dealing with nothing was done for the agri- finances was especially neces

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sary, looking at the future, now, of a real surplus as claimed by he thought, was the time, when the Chancellor of the Exchequer. even over-caution was a virtue. They strongly opposed the repeal The Chancellor of the Exchequer of the paper duty, and contended had taken credit in his estimate that a reduction of the tea and of the year's revenue for a pay- sugar duties would be more benement of 750,0001. from China; ficial to the community. but would it not be wise to await Mr. Dodson saw no reason the actual payment of that sum, why he should distrust the cal. the delay of which would at once culations of the Chancellor of the convert the estimated surplus Exchequer for the current year, into a deficiency? He urged the those of last year having turned House to pause in the removal out remarkably correct. Mr. of any duty which would not give Baring had suggested that the an impulse to the revenue, unless receipt of the 750,0001. from there was a great reduction of the China was uncertain, but he (Mr. expenditure. Yet the Chancellor Dodson) thought it was as safe a of the Exchequer, besides throw- portion of the revenue as any. ing off a penny of the income- With regard to the disposal of tas, proposed to repeal the paper the surplus, he was not inclined duty. If, as he had told them, to quarrel with the repeal of the he could dispense with 2,000,0001., paper duty, which would be a the next consideration was how great benefit, but the question taxation could be so remitted was one for consideration in the that the remission, while it im- Committee. proved the prospects of the re Mr. Baillie contended that devenue, would stimulate trade and pendence could not be placed increase the comforts of the upon the surplus of 1,900,0001. people, which would be the effect claimed by the Chancellor of the of a reduction of 5d. per lb. in Exchequer, which was made out, the duty upon tea. If he (Mr. he said, by a process analogous Baring) was asked to say whether to the raising of money to pay the Budget was safe, politic, or off debts. He objected to the even honest to the country, he repeal of the paper duty, which should be obliged to answer in would not benefit the commuthe negative.

nity, which the great body of Mr. Baxter, in reply to Mr. manufacturers did not want, and Baring, defended the Budget, which would be an advantage which, he maintained, was based only to one small but powerful upon moderate and reasonable class—the proprietors of the calculations; indeed, competent penny newspapers. persons, he said, were of opinion Mr. W. Ewart approved the ihat the Chancellor of the Ex- repeal of the paper duty, observchequer had under-estimated the ing that when excise duties were revenue for 1861-62. He thought, taken off, the aggregate amount however, that the expenditure of that branch of the revenue inought to be greatly, though creased. He insisted that it gradually diminished.

would be a commercial benefit Lord Robert Montagu and Mr. and a literary benefit, and that it Stanhope disputed the existence would heal the dissensions beVOL. CIII.

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tween the two Houses of Parlia- upon any resource but a large ment. The Budget was, in his increase of the income-tax. opinion, a wise and sensible one. Sir Joseph Paxton cordially

Mr. Norris and Mr. Black supported the repeal of the paper urged the expediency and safety duty. of taking off the paper duty. The Sir S. Northcote observed that former stated on behalf of the the Budget had its political side paper makers that they were pre- and its financial side; the dispared to consent to the removal cussion had turned on the latter, of the tax; and the latter urged and to that side he should conthat the public, who now paid fine himself. He concurred with a great deal more than the Ex- Mr. Stanhope that there was no chequer gained by the duty, would real surplus; that, taking the rebe much benefited by the repeal. venue as it stood without the re

Mr. R. Long and Mr. Long- imposition of duties, there was a field strongly opposed the pro- large deficiency to be dealt with. positions of the Government. He proceeded to establish this

Mr. Bentinck, representing the position by a minute examination doctrines of the Protectionist of the financial speech and of the party, made a running commen- accounts laid before the House, tary upon the financial speech of and contended that we had added the Chancellor of the Exchequer, to our debt last year 1,257,0001., whom he accused of carrying the besides a large reduction of the principles of Free Trade to an balances in the Exchequer. Beextravagant length. He observed fore revenue was thrown away, that it had not been shown that the House, he observed, ought the great mass of the people to know what the balances were, would be benefited by the repeal which at this time should be of the paper duty, whereas the strong; and other matters, both remission of the war duty on of expenditure and revenue, resugar would be a positive boon quired a strict scrutiny. He ento the poor. He asked what tered into calculations regarding those who called themselves the the finances for 1862-63, which, friends of the people were about; he argued, would leave à defiwhy they were prepared to sup- ciency of revenue to the amount port the financial arrangements probably of 900,0001. In the of the Chancellor of the Exche- conditions of our trade (many quer? He could conceive but branches of which, he said, two possible objects for this part showed a marked decline), and of the Budget; one was, to re- in the state of foreign affairs, claim the wavering allegiance of there might be reasons for a proa certain portion of the supporters visional Budget like the present; of the Government; the other but this was not a time for introwas, to defy, he would not say ducing into it the surrender of a insult, the other branch of the large amount of revenue, and he Legislature. He denied that urged the House not to commit there was any surplus, but if it itself irrevocably to such a prowas real, it would not be possible position, since it must contemfor the Chancellor of the Exche- plate the possibility of further quer in another year to fall back demands.

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