91, per ton. One gentleman of York had stored up about 7,000 tons of potatoes, for which he could have got from 67. to 77. a ton; but as he wanted 97., and as potatoes will not keep beyond a certain time, he stored them up till 4,000 tons were rendered entirely useless. He had been very properly punished; and he hoped the gentleman would be punished in the same way whenever he acted in a similar manner. It was a fact that no less than 5,000 tons of potatoes had been thrown overboard in the Thames last year, as being unfit for human food, in consequence of damage in shipment and in the voyage. He thought the statements which had been made were intended to deceive the public as to the scarcity of potatoes; but no one could deny that the price of the article had risen from 50s. to 6l., 7., and 97. a ton, and the poor would not have been able to bear up against the increase but for the abundance of employment which existed in London.

MR. HUDSON thought that the statement made by the hon. Member as to the falling-off in the quantity of potatoes imported into London by the river, might be explained by the circumstance that much of the country produce was now conveyed by railroad.

article. At present the best potatoes were | sanction of the other branch of the Legislature in order to be carried into full operation. It is unnecesary for me also to enter into detail as to the expenditure of the country, because the House has before it, in the Estimates already on the Table, the full extent of the augmentations which the Government has thought it necessary to submit for adoption in the different establishments. Nothing, therefore, remains for me but to bring into one general view the details already before the House as to the revenue and expenditure; and to show, from the results, how successful have been those measures which the Government, in former Sessions, recommended for the adoption of Parliament, to which Parliament have given their sanction; and on the continued operation and progressive influence of which I believe the financial prosperity of this country will mainly be found to depend. I am not sorry to have this opportunity of dispelling some of those gloomy apprehensions which have been expressed by several hon. Friends of mine in this House, as to the effect which the recent commercial changes might produce on the revenue of the country. Statements equally alarming have been circulated out of this House by those who profess to lead public opinion; by some, from ignorance; by others, I am afraid, from a House in Committee of Ways and Means. less pardonable motive; but from whatThe CHANCELLOR OF THE EXCHE- ever cause proceeding, I think it not unQUER spoke as follows: Sir, I avail important that they should be corrected, myself of this the last opportunity, pre- and that any false statements which may vious to the separation of the House for have been made should be contradicted. the holidays, for the purpose of bringing I shall proceed to lay before the House, before them that annual statement of the in the usual order, first, what have been finances of the country which is expected the actual receipt and expenditure during from the individual who holds the situa- the past year; and I shall found upon tion which I have the honour to fill. I that statement a calculation of what may am afraid the statement I have to make be the probable receipt and expenditure will have but little attraction, except from of the year on which we are already enthe general bearing of the subject with tered. The first point to which I shall which it has to deal on the welfare of the draw the attention of the House relates country. I am not able to embellish it to the calculations made by my right hon. with anything novel, since the House has Friend (Sir R. Peel), when he opened this already, in previous discussions, been subject in the last Session of Parliament; made acquainted with the details of those and the results as compared with the esparts of the subject which are of most timates then formed. It will be recolinterest to the community. The House lected by those who are accustomed to has already been informed by my right pay attention to such subjects, that my hon. Friend the First Lord of the Trea- right hon. Friend, after proposing great sury, of the reductions then intended to reductions in the Customs, stated his be made in the different duties of Cus-belief that the total revenue which would toms. Those reductions have been embodied in an Act which has already passed this House, and which now only waits the

WAYS AND MEANS-THE BUDGET.

be received in the course of the year would amount to 49,762,000l. Of this revenue it was estimated that from Cus

toms would be derived 19,582,0007.; | 52,009,3241. I think the House will agree from Excise, 12,580,000l.; from Stamps, with me that the anticipations of my right 7,100,000l.; from Assessed Taxes, hon. Friend in the last Session of Parlia4,200,000l.; from the Property Tax, ment have been fully realized. We next 5,200,000l.; from the Post Office, come to what has been the expenditure 700,000l.; from Crown Lands, 150,000l.; during the year. The estimate which was and from Miscellaneous, 250,000l. ; ma- made as to the charge on account of the king a total, as I have already stated, National Debt, and other charges on of 49,762,000l. Those hon. Gentlemen the Consolidated Fund, amounted to who have looked at the balance-sheet laid 30,795,8581.; the actual expenditure has a short time ago on the Table of the been 30,607,6617. This diminution of House will find that the Revenue for charge has arisen from various causes, from the year, independently of a sum received some modifications in reference to the under the Treaty with China, instead charge of the debt and certain small reof merely coming up to the estimate ductions of the permanent charges imof 49,762,000l., amounted to not less posed upon the Consolidated Fund. The than 51,250,000l. Comparing the es- Expenditure on the services for the year, timated with the actual produce, (I give Army, Navy, Ordnance, and Miscellaneous, the round numbers,) the Customs' esti- amounted within 60,000l. to the estimate mated at 19,582,000l., actually produced of the right hon. Gentleman-the esti19,768,000l.; the Excise, estimated at mate being 18,736,5917., and the actual 12,580,000l., produced 13,296,000l.; the expenditure 18,792,5061. The result as Stamps, estimated at 7,100,000l., pro- regards the whole Receipt and Expendiduced 7,660,0007.—an increase, perhaps, ture for the Year was, that while the indicating more than any other, the great actual Receipt amounted to 52,009,3247., extent of commercial transactions in the the actual Expenditure amounted to course of the year, and the multiplica- 49,400,1677., leaving a surplus of tion of all those dealings throughout the 2,609,1571.; from which is to be deducted country, which are the great contributors an item which appears in the public aeto that particular branch of the Revenue. counts sometimes on the side of ExpendiThe taxes attained as near as possible the ture, and sometimes on the side of Reamount at which they were estimated; ceipt. This year it has fallen upon the namely, 4,200,000l. The Property Tax side of Expenditure. The payment to fell to some extent; the produce having which I allude is that for the Unclaimed been 5,084,7417. instead of 5,200,000l., Dividends, of which the amount paid has at which it had been estimated; but this been more than the sum received by did not arise from any falling off of in- 228,5571. This sum of 228,5571. must, come, but mainly from the circumstance therefore, be deducted from the surplus, that repayments, which had been post- already stated, of 2,609,1577., leaving a poned, were then made to a larger amount clear surplus of 2,380,600l. It will be than belonged to the particular year; per- recollected that my right hon. Friend, sons entitled to a return of the tax, which when he made his statement last year, in the first instance they were required to anxious not to create too sanguine an pay, having now acquired a knowledge of expectation as to the effects of the meathe forms, and coming immediately for sures he then proposed, stated the expayment after the receipt of the notices. pected surplus at a very moderate amount. The Crown lands and Miscellaneous at- It may also be in their recollection, that at tained nearly to the amount of the esti- that time apprehensions of a very serious mate made by my right hon. Friend. nature were entertained as to whether the The Post Office, which was estimated reductions of revenue then made were at 700,000l., produced no less than such as would tend, by encouraging in-. 791,000l., indicating, equally with the creased consumption, to repair the loss. Stamps, the great activity of trade during I do think, that to those who expressed that particular period. The result, on such apprehensions, the statement I have the whole, has been that, taking, in ad- now made must be a satisfactory answer. dition to that receipt of ordinary reve- It must give them additional proof-if nuc, the sum received under the Treaty proof is wanted-of the elasticity of the with China, being 750,8591., the total resources of country. It must give receipt during the past year, which was proof that the proper direction, estimated at 49,762,000l., haht which presses

you remove

But I

down the public energies, you will sooner revenue at about 19,300,0007. or later find a satisfactory result, not only take it at a greater amount than that; in an augmentation of revenue, but in in- and I will state to the House the ground creased comfort and happiness among the of my doing so. I find, on reference great body of the people. The course taken to the most experienced observers of the with respect to the finances of the pre- course of trade, that there is every anticisent year is in strict accordance with pation of the continuance, during the rest that which was adopted with respect to of the year that has begun, of the prospethe preceding year; and I have now to rity with which trade has been attended, state to the House my calculations with with some slight interruption, up to the regard to future revenue and expenditure, present period. I receive from every one with this additional advantage, that I of the outports the most satisfactory stateam able more confidently to anticipate ments as to the prospects of the revenue the future, from the observation and for the ensuing year. I am called upon the knowledge of the past. Now, in by all the different officers of those ports, making an estimate of the revenue of confirmed by the authority of those who the year, the first point to which atten- superintend the business in London, not tion is necessarily directed is, the Cus- to confine my augmentation of duty to toms' revenue of the country. The Cus- the 200,000l. which I propose in additoms produced in the last year, as I tion to what I have already stated, but have already stated, a sum of 19,768,000l. to carry it to a much greater extent; but By the measures which have been in this I am always anxious to be on the safe side Session passed through the House, a re- in these cases, and I limit my calculations duction of duties has taken place to the to such a sum as shall raise the Cusamount of 1,041,000l. But no hon. Gen- toms' revenue to 19,500,000l. What is tleman who either considers what is past, the report that I receive from those difor is even aware of the ordinary principles ferent ports? Is it that the revenue is of finance, would suppose that the revenue falling off, or has already fallen off, in of the succeeding year is to be calcu- consequence of the operation of these related by deducting from the revenue of ductions, during the period that has the last year the amount of the duties intervened since they were made? On which it is proposed to subtract; under the contrary, I find in some of the leading any circumstances, a large reduction of ports of this country, that during the last that amount would have to be made, on six weeks-weeks, be it observed, of conaccount of increased consumption of those siderable uncertainty, which is dwelt upon articles upon which the duty has been by those who make these reports as creatmerely reduced, and increased consump- ing great hesitation among those engaged tion of other articles which remain sub- in commerce-so far from a diminution of ject to taxation in consequence of the total revenue during those six weeks, that is, abolition of duty upon a great variety of from the commencement of the financial articles. In calculating, therefore, the year up to the present time, there has reduction that should be made from the been in many of those ports an excess, in last year's revenue on account of the many an equality of revenue, and in those abolition of duties during the present in which there has been a deficiency it is year, I must be guided in some degree by principally accounted for by the state in the experience of the past; and I find, which the corn trade has been; and upon reference to the reductions which these accounts are coupled with a general have been previously made, that if I were expectation that the revenue is on the adto take the loss of revenue on the Cus-vance, and will continue to increase. toms at two-fifths of the amount of the mention the last six weeks, particularly, duty which is repealed, I should exceed as justifying me in my view of augmenthat which has been found to be the loss tation of revenue, because the House is upon the periods during which we have aware that the duties have been repealed for some time past been acting in the same during those six weeks; they were susdirection upon the Customs' revenue. I pended by an Order from the Treasury, should, therefore, not feel authorized in upon the Resolution passing this House; deducting from the revenue of the Cus- and yet, notwithstanding this circumstance, toms a greater sum than 400,000l. on I find that, at Liverpool, at Newcastle, at account of the reductions which have been Leeds, at Port Glasgow, and at Dublin, effected. That would leave the Customs' places in all parts of the United Kingdom,

I