FINANCIAL STATEMENTS.
Mr. Goulburn made his annual statement of ways and means on the 8th of May. His statements were by no means cheering. The revenue, he said, calculated upon by Sir Robert Peel for the year, from the customs, had been £22,000,000, but the actual produce had only reached £21,750,000. On the estimated produce of the excise, there had also been a deficiency of £1,200,000; and upon the whole the revenue had fallen short of the estimate by somewhat more than £2,000,000. That defalcation, however, had been diminished to about £1,250,000, by a payment from China of about £725,000. Against the deficiency thus constituted also was to be set the produce of the income-tax, which had exceeded the expectation formed of it: the net revenue from that source would be about £5,100,000. It might be asked, Mr. Goulburn continued, in what way he intended to meet the deficiency:—he had no new measure to propose; his calculation was, that the causes which had occasioned the deficiency of the last year were of a temporary character; that in the next and subsequent years there would be a surplus of revenue, and out of that he proposed to discharge the deficiency of the past year. Mr. Goulburn next proceeded to present his estimate for the ensuing year. There were two heavy charges, he said, which did not form part of the ordinary expenses of the year—the one a payment of £800,000 to the owners of opium seized in China; the other a payment of £1,250,000 to the East India Company, on account of expenses borne by them for the Chinese war. He proposed to advance the money requisite for these two payments, and to take repayment from the future remittances of China. The total estimate of revenue stated by Mr. Goulburn was £50,150,000, in which, however, he included a sum of £870,000 from the Chinese government; and the total estimated outlay was £49,387,645, which being deducted from the £50,150,000, would leave a surplus of £762,000 in favour of revenue above expenditure. In conclusion, the chancellor of the exchequer said, that though he was not in a condition to make a flattering statement of the country’s resources, he trusted the time was not far distant when he should be able to come down with a proposal for easing the industry of the country by important resolutions. He moved a vote of £47,943,000, which, after some discussion, was granted.
At a later period of the session the state of the public finances was made the subject of debate in the house of lords. On the 14th of August Lord Monteagle moved this series of resolutions:—“1. That this house observes with much concern and disappointment, that the expectation held out of a surplus revenue, exceeding £500,000, for the year ending the 5th of April. 1843, has not been realized; but that there has been an actual deficiency of £2,421,000, notwithstanding the imposition of a tax on property, the application to the public service within the year of £511,406, obtained from the government of China, and a receipt exceeding £1,300,000, as duties upon grain imported. 2. That the charge for the permanent debt has been increased during the last two years, the exchequer balances have been reduced, and upwards of £1,000,000 exchequer-bills held by the trustees of the savings’ banks converted into stock. 3. That under these circumstances it is most peculiarly the duty of the legislature, and of her majesty’s government, to enforce the strictest economy which is consistent with the public service, and to adopt all such measures as may increase the ordinary revenue, by insuring to British industry, whether agricultural, manufacturing, or commercial, its widest and freest extension, and its largest reward; thus averting from the country the calamity of the re-enactment of a tax upon property in time of peace, and promoting the well-being of all classes of her majesty’s subjects.” The object of Lord Monteagle in introducing these resolutions was to vindicate the Whig administration of the public finances, and to show that the same line of conduct which had been censured in the late ministry had been pursued by the present government. His lordship delivered a long and able speech to this end, which was replied to with equal ability by the Duke of Wellington and Lord Brougham.
Another question, involving fiscal considerations, which occupied the attention of parliament, related to the sugar duties. Government proposed a renewal of tire duties of the year preceding, on which the free-trade party in the house of commons made their usual protest against the preference shown to the produce of the British colonies. On the 22nd of June, when it was moved that the speaker should leave the chair, in order to the house going into committee on the subject, Mr. Cobden moved: “That it is not expedient to compel payment of a higher price for colonial than for other commodities; and that, therefore, all protective duties on colonial produce ought to be abolished.” As this resolution, however, extended further than the mere sugar question, on which it had been moved “that the speaker leave the chair,” it could not be put; and the house then went into committee on the sugar duties. In committee Mr. Ewart, who condemned the policy of government on this subject, proposed that one uniform duty on foreign and colonial sugar should be levied; but this motion was lost by a majority of one hundred and thirty-five against eighty-five. Mr. Hawes subsequently proposed that the house should cease to maintain an impost which was equivalent to total prohibition, and should lower the duty to 34s.; but this was negatived by a still larger majority, and the proposition of government was confirmed. On a later day, the 17th of July, another important article of traffic was brought under consideration. As an amendment on the motion for going into a committee of supply, Mr. Charles Wood moved “that the house do resolve itself into a committee of the whole house, to consider so much of the 5th and 6th Victoria, c. 47, customs’ act, as relates to the duties on the importation of foreign sheeps’ and lambs’ wool.” Mr. Wood supported his motion on the ground that the trade had been declining for nearly thirty years; but it was opposed by the chancellor of the exchequer; and after a desultory conversation, it was rejected by a majority of one hundred and forty-two against seventy. About the same time, however, government showed that they were not disinclined to all further commercial relaxation; for at their instance the restrictions on the importation of machinery, imposed by an act of King William the Fourth, were taken off. A bill for this purpose was brought in by the president of the board of trade, and, being supported by all parties in the house, passed without difficulty. After some opposition from Earl Stanhope, it was subsequently carried in the lords, and was incorporated finally into “an act for amending the customs,” which received the royal assent before the close of the session.