FINANCIAL STATEMENTS.
On the 28th of February the chancellor of the exchequer gave an exposition of the financial situation of the country, and of the pecuniary arrangements for the year. From his statement it appeared that, notwithstanding the reductions made in taxation during the last session, the finances continued to improve. There was a surplus, he said, of £1,437,774; and he proceeded to show that the receipts of the customs, though about one million pounds sterling had been taken off some of the articles it comprised, had been equal to those of former years. He asked:—“What are the causes which have produced this result? The proximate cause, doubtless, is the increased capacity of the people of this country to consume the produce of other countries, aided and invigorated by the reciprocal facility which our consumption of foreign articles gives to other nations in the extended use of the products of our own industry. That increase may arise in some degree from the demonstrated tendency of population to increase; but, independently of that cause, there is a principle in the constitution of social man, which leads nations to open their arms to each other, and to establish new and closer connexions by ministering to mutual convenience; a principle which creates new wants, stimulates new desires, seeks for new enjoyments, and, by the beneficence of Providence, contributes to the general happiness of mankind.” The chancellor of the exchequer next stated that the produce of the excise and of stamps had been greater than had been anticipated by government; and then proceeded to make his calculations for the present year. He calculated the produce of everything at £56,445,370; and that the expenditure would be £56,001,842, including £5,486,654 for the sinking-fund. This would leave a clear surplus of £443,528. He argued from this, that a surplus of £864,676 might be expected for 1826; and of £1,254,676 for 1827. This, together with the surplus of 1824, namely £1,437,744, would make a total of £4,000,624; and in applying this surplus to the diminution of the public burden, the chancellor of the exchequer explained that he had three objects in View: increased facility of consumption at home, in conjunction with increased extension of foreign commerce; the restriction of smuggling; and some alleviation of the pressure of direct taxation. To accomplish these objects, he proposed to lower the taxes on various articles to the amount of £1,526,000. This relief was in general judiciously applied: the imposts reduced were on hemp, coffee, wines, British spirits and rum, cider, and those articles in the assessed taxes, as husbandry-horses let to hire, taxed carts, etc., which pressed particularly on the lower classes of society. Of this it was calculated that there would be lost during the present year about £600,000, so that the total surplus of this and the two ensuing years, estimated at more than £4,000,000, would be sufficient to meet the diminution. Some parties were dissatisfied because there was not a greater diminution of direct taxation; others, because greater relief was not given to the West Indian interests; and others, because the duties on tobacco were not lowered. On the whole, however, Mr. Robinson’s financial statements were satisfactory to the public at large. The estimates for the year were voted with little opposition.