FINANCIAL STATEMENTS, ETC.
The navy estimates were presented to the house of commons on the 5th of March, when Mr. C. Wood moved a resolution to the effect, that there be employed in the fleet for the next thirteen lunar months, ending on the 31st of March, 1839, 33,665 men including 2,000 boys and 9,000 marines. After some opposition, this motion was agreed to; as was another, made by Lord Howick, on the 12th of the same month, to the effect that 89,305 men should be raised for her majesty’s land-forces. The ordnance estimates were moved by Sir Hussey Vivian on the 27th of April, and these, likewise, were granted. The chancellor of the exchequer presented his financial statement on the 18th of May, when it appeared that the past year had been one of increased expenditure and diminished receipt. The estimate of revenue, he said, had amounted to £47,240,000, while the actual income did not exceed £46,090,000. The estimate of expenditure had been £47,873,000, and the actual expenditure £47,519,000; so that there existed a deficiency of £1,428,000. But, continued Mr. Rice, if the house would compare the income and expenditure of the two years 1836 and 1837, they would find a surplus of income; and he showed that, taking these two years together, and comparing the anticipation with the actual results, there was no deficiency. The right honourable gentleman proceeded to say that he calculated the income of the next year would be £47,271,803, and the expenditure £47,479,000. Here, also, would be a deficiency; and the question arose, how was this deficiency to be met? There was no ground for considering it permanent; and he should therefore propose to take the course adopted by parliament on former similar occasions. In 1827 Mr. Canning found himself with a deficiency of £2,900,000, and he met it by a resort to a corresponding issue of exchequer-bills. Mr. Spring Rice intimated that he should follow the same course, and should ask for a vote of credit to the extent of a few hundred thousand pounds only.