FINANCIAL STATEMENTS.
At this time, in consequence of the great abundance of capital in tire market, there was a general impression that the time had arrived when a considerable saving might be effected to the country, by a reduction in those stocks which bore the highest rate of interest. Early in the present session, indeed, it was discovered that government contemplated a plan for reducing the three and a half per cent, consols, which, at the commencement of the year, had reached the price of 102 1/2. This plan was developed by Mr. Goulburn, in a lucid and able speech, on the 8th of March. He was about to ask the house, he said, to deal with the largest sum for which any government had been called on to propose a regulation, being no less than £250,000,000 of money. Never, he continued, was there a period when capital, seeking an investment, was so plentiful, and the rate of interest so low as at present; and there was nothing in the circumstances of the times which gave any reason to suppose that this state of things would prove transient. The condition of the public finances also was favourable to the proposed object; for, thanks to the firmness of the house of commons, the revenue once more exceeded the expenditure. In explaining this measure, he said that he was not disposed to purchase an immediate relief by increasing the burdens of succeeding times. He had, therefore, rejected the idea of lowering the present interest by augmenting the capital of the debt. His intention was to propose the conversion of the three and a half into a three and a quarter per cent, stock, which should continue until October, 1854, after which period the interest should be reduced to three per cent., with a guarantee that for twenty years there should be no further reduction. By this measure the public, from October, 1844, to 1854, would save £625,000 per annum, which saving, from and after 1854, would become £1,250,000 per annum. Mr. Goulburn also proposed to make such arrangement that, from next October, the payments of interests would be nearly equalized in each quarter. His speech was received with loud demonstrations of approbation from both sides of the house; and the resolution being put, was carried unanimously. The bill brought in, to give it effect, passed rapidly through its stages in the house of commons; and it was carried through the upper house with equal unanimity and facility, all being convinced that it was a sound and practical measure, and honest withal to the public creditor.
The annual financial statement for this year was made on the 24th of April, when Mr. Goulburn had the satisfaction of showing that the receipts exceeded the expenditure. There had been an increase of amount in all the estimates: in the customs, the excise, the stamps, the taxes, the post-office, and the property-tax. The estimate of the total revenue was £50,150,000; the sum received £52,835,134, showing an increase of about £2,700,000. The expenditure also was less than the estimate by £650,000; and the total result was that, instead of the estimated surplus of £700,000, the gross surplus amounted to £4,165,000. From this, however, there was the deficiency of last year to be taken, namely, £2,749,000; and when this was discharged there was a net surplus of £1,400,000 over the expenditure of the year ending April, 1844. The total estimate of the revenue for the year following was £51,790,000, and the expenditure £49,643,170, whereby an apparent surplus of £3,146,000, or, making a deduction for a portion of the debt to be discharged next year, £2,376,000. Mr. Goulburn proceeded to say that this balance having been anticipated, he had been pressed from all quarters to reduce various taxes. He would gladly have done so, but the source of the surplus was not permanent: it was mainly the income-tax which was to be considered next year, in order to determine whether it should be prolonged, as had originally been proposed, for two years beyond the first. If other taxes were now hastily reduced before the operation of the tariff could be known, the house might have no alternative next year but to continue this tax. It was under these circumstances that he resisted large reductions; but he thought there were some articles upon which remission might be afforded, with a fair prospect of making up revenue by an increased consumption, and with a probability of increasing the consumption of other articles. The items which he proposed to select for such remission were glass, vinegar, currants, coffee, marine insurance, and wool, upon the aggregate of which the amount of duty to be remitted would be £387,000 per annum. Later in the session he intended to take the sugar duties into consideration; when he should recommend that England should admit, at a differential duty of ten shillings per cwt., the sugar of those states which do not cultivate that commodity by slave-labour. After considerable discussion, in which several members recommended the reduction or abolition of other taxes, the motion of Mr. Goulburn was agreed to; and the customs duties bill, and other bills founded on his proposition, subsequently passed through both houses with unanimity.