So entirely had the Chancellor of the Exchequer won the confidence of the public by the sincerity of his professions, and the corresponding lucidness of his details; so many unequivocal proofs had he given of his desire to alleviate the public burdens, and of his belief in a doctrine which had been promulgated so early as the days of Swift, but which, during the late war, like many other well-established doctrines, Necessityhad shoved aside to make room for temporary expedients, namely that "in political arithmetic, two and two do not make four ;" and so successful hitherto had been his policy of encreasing the revenue by diminishing taxes-those especially which pressed most heavily upon the national industry, or, in other words, of adding to the sum of national wealth, (which it is of the nature of excessive taxation to corrode, and partly to expel from the kingdom,) as the only sure and permanent source of such a prodigious revenue as is demanded by the necessities of the state; that his financial exposes have always been looked forward to by the public (unlike those of his predecessors) with hope and plea sing anticipations.

The preceding year had been one of great commercial prosperity; it had been understood, that notwithstanding

the fiscal reductions which commenced to operate in that year, there was a considerable surplus revenue, much beyond what the Chancellor himself had calculated; and, as he had always shown himself decidedly hostile to direct taxation, when to reduce it did not interfere with his favourite policy of reducing that which more immediately cramped the energies of trade, a very general expectation was entertained that he would apply his pruning-knife to the assessed taxes, which, as being most sensibly felt, were most impatiently borne, and most declaimed against by that part of the press which finds its interest in making choice of the most popular topics. In expecting this, the public, always over sanguine, expected too much, but they were not doomed to total disappointment.

On 28th February, the House of Commons having resolved itself into a committee of ways and means, the Chancellor of the Exchequer observed, that no one could review the financial state of the nation without seeing pourtrayed in legible characters the course of policy which it was their duty to pursue, if they wished to consolidate their own prosperity, and promote the happiness of mankind. Last session he had assumed, that at the expiration of

1824 there would be a clear surplus of about 1,050,0007.; and upon that assumption the House carrying its views forward to the end of the year 1827, proceeded to make a reduction in our. taxes to the amount of no less than 1,260,000%, of which sum he calculated that the revenue would in that year lose about one half, or 630,000.; so that if, at the end of the year, the surplus had been 420,000l., his estimate would have been realised, and no expectation disappointed. It was, how ever, with no ordinary satisfaction that he had to state, that notwithstanding the reduction then made, and notwithstanding that a more immediate effect was given to that reduction, and great er loss consequently sustained than had originally been contemplated, the actual surplus of the year was 1,437,744. -greatly exceeding not only what would have been sufficient to realise his estimate, but exceeding even that surplus which he had thought himself authorised to expect, independent of any subsequent diminution of the taxes (hear, hear.) He would now advert so some details of the case, and make some observations upon the different branches of the revenue in which this increase had taken place. And first as to the customs. The receipt under this head, he had estimated at 11,550,000Z.; 900,000%. of the customs had been repealed; and, in consequence of the bounties paid to persons holding stocks of silk, the loss to the revenue had been equal to that 900,0007; but still the actual receipt of the customs had been 11,327,000l.; and even this sum would have been increased to 11,787,000l., had it not been for the bounties paid to the holders of silk: so that the total in crease on the customs had been 267,000l. more than the estimate. In the excise again, which he had estimated to produce 25,625,000l., the receipts had been 26,768,000, which was an increase of 1,143,000. The stamps had been as

sumed to produce 6,800,000%. but they had produced 7,244,000l., being an increase of 444,000l. The post-office had been estimated at 1,460,000%, but it had produced 1,520,000%, being an increase of 60,000Z. Now, nothing could be clearer evidence of the prosperity of the country than those increases. They showed that every branch of trade had been improving. In estimating the revenue for 1825, he would take the customs at 11,350,000l.; the excise at 26,400,000l.; the stamps at 7,100,0007.; the assessed taxes and land-tax at 4,875,000l.; the post-office at 1,500,000%; the miscellaneous department at 750,000%.; and the revenues from the trustees of the half-pay, at 4,470,370%. ;-making a total estimated revenue of 56,444,3751. Against this revenue was to be placed the estimate of the expenditure under the two branches of the consolidated fund, and the supply for the services of the year. In estimating the first there would be, for interest of debt, 27,233,670l.; for interest of Exchequer bills, 40,0007.; for the civil list, 2,050,000l.; for the half-pay annuities, 2,800,000Z.; and for the sinking fund, 5,486,6547.; making the whole charge on the consolidated fund, 37,610,3247. In estimating the supply, there would be, for interest on Exchequer bills, 820,000l.; for the army, including the training and clothing of the militia, 7,911,751%; for the navy, 5,983,1267.; for the ordnance, 1,376,6417.; and for the miscellaneous services, including a sum of about 250,000l. to be paid to America as a compensation for slaves under treaty, 2,300,000l.; making the whole sum to be voted for the supply, 18,371,5187. Putting all these together, the whole estimated expenditure of the year would be 56,001,8427., which deducted from the 56,445,370l. of estimated income, would leave a surplus of 443,5281. The Chancellor of the Exchequer proceeded to estimate the surplus which would

arise from 1824 to 1827 inclusive, namely, 1,437,7447. for 1824; 443,5281. for 1825; 864,6761. for 1826; and 1,254,6767. for 1827; being in all 4,000,6247. In the disposal of this surplus, he had three objects in view: first, to extend the commerce of the country, by giving facility to the consumption of foreign produce; secondly, the carry ing of further attempts for the extermination of smuggling; and, thirdly, the remission of a portion of direct taxes, provided he was not driven by that to an abandonment of the two other points, which he considered of much more importance to the general interests of the country, than the remission of direct taxes. In regard to the first point, namely, the extension of our foreign trade, the House had already admitted the soundness of his principles, in getting rid of many of those prohibitory duties which had so long fettered it. It would be unnecessary for him to go into a detail of all the articles upon which the very high, and from that circumstance, often prohibitory duties, ought to be withdrawn. There was one, however, upon which a reduction was particularly required-foreign iron; the price of this article had risen to such an enormous height,-not from any new speculation, but from the increased and increasing prosperity and trade of this and of other countries; and so inadequate was the supply to the demand, that there were in Sheffield and Birmingham, at this very moment, many foreign orders which could not be executed; several of these had been withdrawn and sent to other countries, where they could be executed, not indeed so well as here, but at a considerably lower rate. He would, therefore, propose that the present duty of 71. per ton, should be reduced to 17. 10s.; which he had no doubt would make a considerable addition to the revenue. This reduction should, however, only extend to those states who were dispo

sed to deal with us on the same liberal footing. There was another article, hemp, which was of great consequence to a very important class in this country, the shipping interest, and on which the duty was so high, as to have a prohibitory effect. He would, therefore, propose a reduction of 50 per cent on the present duty, namely, from one penny to one halfpenny in the pound. The next article on which he would propose a reduction of duty was coffee, the consumption of which had greatly diminished of late years, by the increase of the duty. This article was produced with much less labour than many others by our West India planters; and in order to renew the consumption of it in this country, and give encouragement to its production in our own colonies, he would propose the reduction of the present duty from 1s. to 6d. in the pound, which would probably cause a loss to the revenue of 150,000. The next article which called for immediate attention was foreign wine,—the consumption of which had continued to decrease in exact proportion to the increase of duty; and as the capability of those nations who supplied us with that article, to purchase our manufactures, had consequently diminished, he knew of no better remedy for this state of things, than a reduction of the duty; the duty on French wines he would reduce from 11s. 54d. per gallon to 6s.; and that on Portugal, Spanish, and Rhenish wines, which was 7s. 7d., to 4s.; a reduction in both cases of nearly 50 per cent, and which would probably cause a loss to the revenue of 230,000l. In the second place, in order to prevent smuggling, it must be evident to every one, that the duties must be reduced so as to take away every incentive to this daring enterprise; every enactment, however severe, had failed, and he was certain would in all cases fail, in preventing it, while the duties were so high as to afford a prospect

ain. He would, therefore, propose the House should adopt the same of policy which had succeeded so in Ireland and Scotland, and allow sky to be imported into England he same way as it was permitted to sold in these two countries. The sent duty was 10s. 6d. per gallon all British spirits, which he would uce to 5s. per gallon on all spirits illed from malt, and to 6s. on those illed from grain. On the same prinle, he would propose to reduce the y on rum, which was at present 6d. per gallon, at proof, to 8s.; and mit whisky to be made from grain our colonial possessions, and to be t here either for the purpose of berectified, or of being sold as whisky. e loss which would thus arise to the enue, he estimated at 750,000l. ere was another article, small in ount, and local in point of consumpn, but which was of peculiar importe, from the violations of law, and Isequent incarcerations to which it re rise. He alluded to cider, the by on which was at present 30s. per shead. This duty he would have lingly reduced to 10s. ; but the parties st interested in the question had fixon 15s. as a proper rate; and he uld, therefore, propose that their hes should be acceded to. The loss he revenue in this department would bably amount to 15,000l. He had objection to reduce it to 10s., by ich the revenue would not lose more n 20,0007., while a great, though a al, incentive to smuggling would be rid of. With regard to the third nt, that of the reduction of direct es, he felt it necessary, in conseence of the number of petitions which Fbeen presented upon that subject, the opinions which several members lexpressed concerning them, to satisthe House that the course which he adopted was one of which those

petitioners ought not to complain. He was sure that no man would deny that, to put an end to a great moral evil like smuggling, would confer a benefit upon all, from the highest to the lowest; and if there were among the petitioners for relief from those direct taxes, men of distinguished rank and station, then he would say to them that, if they preferred their own petty interests before the paramount interests of the empire, they would be acting a part unworthy of themselves and their ancestors, and be forfeiting the high character which had always hitherto belonged to English gentlemen. The principles which Parliament had, with such happy results, carried into effect in this country, could not be so speedily carried into effect in Ireland. The misfortunes of that country were numerous, deeply seated, springing from many roots, and perhaps not easily to be eradicated. Nothing would contribute more to this purpose, than to give Ireland facilities for intercourse with other countries, and to induce capital to find its way thither.

In the removal of those taxes, he was prepared to do something which, though it might not confer any benefits upon the more wealthy members of society, would be beneficial to the poorest. In the first place he proposed to remove the duty from four-wheeled carriages drawn by ponies; this would cost 8571. Next was the tax upon occasional waiters, amounting to 13431.; Coachmakers' licenses, 3541.; Carriages sold by auction or on commission, 33917.; Mules employed in carrying ore, 1371.; on houses, which were vacated after the beginning of the year, 5000l.; on untenanted houses, 40007.; on an additional window in dairies, 1000%.; on farm-honses, occupied by labourers, 10007.; on husbandry servants, occasionally occupied as grooms, 20007.; on husbandry horses, let to hire, 40007.; on taxed carts, 18,9137.; on houses

under 107, rent the whole of the inha bited house duty, and the whole window duty on houses not having more than seven, 235,000l. The total amount of these thirteen items would cost the revenue only about 276,9957., but they were items which were exceedingly vexatious in the collection, and therefore it was advisable to get rid of them. This statement by the Chancellor of the Exchequer, which was delivered at great length and with much perspicuity, was received by the House with a strong feeling of approbation.

We shall not give in detail the various debates which ensued upon moving votes for the supplies of the year; but proceed to notice the supplies voted, under their several heads, and the opposition offered to some of the items.

For the Navy.

1. Pay of 29,000 men, including 9000 marines for the sea service, for thirteen lunar months, at 21. per man per month, 923,6501.; 2. For victualling the same, at 11. 12s. per man per month, 603,2007.; 3. Wear and tear of ships, 320,450.; 4. Ordinance for sea

Total grant for the Navy

Of which,

For establishments

For dock-yards and repairs For half-pay and pensions For actual service

For the Army.

The total number of troops, including the veteran battalions, but exclusive of the regiments abroad in the territories of the East India Company, consisted at the opening of the session, of 5834 horses, 62,556 rank and file, and 9629 officers; to which it was proposed to add 15,271 rank

service, 94,2507.; 5. Admiralty Office, 54,8867. 58. ld.; 6. Navy Pay Office, 29,6337. ls. 6d.; 7. Navy Office, 56,7601. 15s.; 8. Victualling Office, 33,9777. 10s.; 9. Dock-yards at home (salaries,) 157,176l. 3s. 5d.; 10. Dockyards (wages,) 560,000l.; 11. Dockyards (stores,) 538,306.; 12. Pilotage, &c., 40,000Z.; 13. Foreign yards, 52,0221. 13s. 5d.; 14. Salaries of officers in victualling yards, 73,5721. Os. 6d. ; 15. Medical establishments, 55,5107. 13s. 11d.; 16. Naval College, &c., 62521. 12s. 7d.; 17. Wages of men, &c., 106,0271. 7s. 1d.; 18. Victuals to men, &c., 54,7877. 4s.; 19. Packets, 40,4807.; 20. Half-pay to naval officers, 897,500l.; 21. Superannuations and pensions, 131,692. 18s. 2d.; 22. Chaplains, 15007.; 23. Compassionate list, 70007.; 24. Widows of officers, 90,000l.; 25. Out-pensioners of Greenwich Hospital, 260,000Z.; 26. Superannuations to commissioners, &c., 168,503. 13s. 2d.; 27. Repairs and improvements in Dock-yards, 182,6884; 28. Provisions for foreign stations, and convict service, 255,000l.; 29. Transport service, 188,300l.

£5,983,126 17 10

464,271 1 6 1,320,994 0 0

1,554,696 11 2,643,165 5 0

£5,983,126 17 10

and file, and 646 officers, which, together with 184 rank and file and 273 officers recruiting at home for the regi ments in India, made a total for the year of 5843 horses, 76,345 rank and file, and 10,548 officers; and adding to this 2804 horses, 22,610 rank and file, and 3992 officers in the territories of the East India Company, and paid in greater part by that Company, ma