FINANCIAL STATEMENT, ETC.
The ministerial budget was brought forward on the 15th day of May. The total income of the year 1840 amounted to £47,685,000, and the total expenditure £49,300,000; leaving a deficiency of £1,457,000. With a view of meeting this deficiency, however, a vote of £1,000,000 of exchequer-bills had been taken, which reduced the balance to £457,000. Mr. Baring calculated the expenditure of the current financial year to be £49,432,000, and the income £46,700,000. To meet the deficiency he proposed to increase the assessed taxes fen per cent.; the customs and excise five per cent.; to lay an additional duty of fourpence per gallon on all spirits, British, colonial, and foreign; and to take a vote of credit of £395,000. He, expected, also, that by a more strict collection of the assessed taxes he should obtain £150,000. His income and expenditure would thus be made equal; but as the increase to be derived from raising the duties would not be available to the full extent this year, he thought it would be necessary to take a vote of credit for £350,000. He concluded by moving resolutions authorizing him to make the proposed additions to the taxes.