POSTSCRIPT.

SATURDAY NIGHT.

In the House of Commons, last night, the Cliatreurzort of the EraUX- QUER made his financial statement- " The House has already been informed by my right honourable friend the First Lord of the Treasury of the reductions which it is intended to make in the different duties of Customs which are at present levied. Those reductions have been embodied in an act which has already passed this House, and which now only waits the sanction of the other branch of the Legislature in order to be car- ried into full operation. Nothing remains for me but to bring into one general view the statements put before the House as to the revenue and expenditure of the country, and to show, from the results, how succeseful have been those mea- sures which the Government, in former sessions, recommended for the adoption of Parliament, to which Parliament have given their sanction' and on the continued operation and progressive influence of which I believe the financial prosperity of this country will mainly be found to depend. I shall proceed to lay before the House, in the usual order, first, what have been the actual receipt and expen- diture during the past year." Sir Robert Peel, after proposing great reductions in the Customs, estimated his revenue at 49,762,0001.; but the actual income amounted to 51,250,0001. Comparing the estimated with the actual produce, (in round numbers,) the Customs, estimated at 19,582,0001., actually produced 19,700,0001.; the Excise, estimated at 12,580,000/, produced 13,296,0001.; the Stamps, estimated at 7,100,0001., produced 7,660,0001.; the Post-office, estimated at 700,0001., produced 791,0001.; the Property-tax produced 5,084,7411., the estimate being 5,200,0001. This deficien i

cy s owing to repay- ments to persons overcharged. Under the Chinese treaty 750,8591. had been re- ceived. Now with regard to the expenditure. The estimate which was made as to the charge on account of the National Debt amounted to 30,795,858/.• the actual expenditure has been 30,607,661/. The result as regards the whole re- ceipt and expenditure for the year was that while the actual receipt amounted to 52,009,3241., the actual expenditure amounted to 49,400,1671., leaving a sur- plus of 2,609,157/. Deduct 228,557/. for the payment of unclaimed dividends, and a clear surplus of 2,380,6001. remains.

" I have now to state to the House my calculations with regard to future re- venue and expenditure, with this additional advantage, that I am able more con- fidently to anticipate the future from the observation and knowledge of the past. The Cpstoms produced in the last year, as I have already stated, a sum of 19,768,0001. By the measures which have been in this session passed through the House, a redaction of duties has taken place to the amount of 1,041,0001. But no one who looks at the operation of reduced duties in increasing consump- tion and stimulating employment, can suppose that the reduction will equal the amount of taxes remitted. I should therefore not feel authorized in deducting from the revenue of the Customs a greater sum than 400,0001.; and this would leave 19,300,000/. So favourable, however, are the accounts I receive from the outports, that I am called upon to increase my estimate to 19,500,0001. I find in the leading ports, that during the last six weeks—weeks, be it observed, of con- siderable uncertainty, and during which the new Tariff duties have been in opera- tion—there has been no falling-off in the revenue as compared with the corre- sponding six weeks of the preceding year; and that there is an expectation, that when the present discussions in Parliament shall have terminated, the revenue will take a spring even beyond what it has taken since the commencement of the year. I feel that I may take the Excise for the ensuing year at 13,400,0001., being 100,000/. more than it produced last year. With respect to the Stamps, from which 7,660,000/ was received last year, I content myself with taking them for the present year at 7,400,0001. With respect to the taxes that remain, I estimate the Land and Assessed Taxes at the amount they have heretofore pro- duced-1,230,0001. With respect to the Property-tax, I have taken it very nearly at what it produced last year, 5,100,0001. The Post-office I take at 850,0001. • being only 60,0001. over that which was received in the course of the last year, as I am anxious to make allowance for the expense of certain im- Fovements going on. The Crown Lands I estimate at 120,000/., and the Miscellaneous items at 300,0001. From China I expect 700,0001. The total result is an aggregate revenue for the year of 51,650,000/. Now, if from this revenue .1 deducted the charges upon the country during the year that is past, amounting to 49,400,000/, it is obvious that there would be disposable at the end of the year a surplus of no less than 2,250,000/ Owing, however, to the increased expenditure in the Army and Navy, the im- provement of fortifications, and other sources of outlay connected with the de- fences of the country, so large a surplus cannot be calculated upon. The charge for the interest of the Debt, which was 28,200,0001. last year, will be reduced to 28,100,000/. this year. The charges on the Consolidated Fund last year, 2,400,000/, will be increased this year, and amount to 2,500,0001.; that increase arising from measures which Parliament has already sanctioned for advancing from the Consolidated Fund certain sums for public works in Ireland. With re- spect to the Army, the charge for which in the last year was 6,715,0001., (that being the expenditure—the estimate was considerably less,) I propose as the es- timate for the present year 6,697,0001., being an increase of above 140,000/. For the Navy, the estimate last year was 6,943,000/.; in the present year it is pro- posed to allot to that service 7,521,000/, an increase of nearly 600,0001. For the Ordnance, the estimate last year was 2,142,0001.; in the present year it will be 2,543,0001. With respect to the Miscellaneous estimate, which stood at 3,116,000/. last year, the sum this year will be 3,435,0001., as I wish to keeps margin for ad- ditional expenditure in relieving Irish distress. The expenditure' therefore, for the service of the year, amounts to 20,198,0001.; which, added to the eharse for the Debt, 80,675,0001., makes the whole amount to 50,873,0001.; and this de- ducted from the total receipt, 51,650,0001., leaves a surplus for the end of the year of 776,0001.; but of that sum 700,0001. is derived from the money acquired by the treaty with China." To form a correct opinion, however, on such a subject, it is necessary to go farther back than last year. Beginning with 1842, everybody will recollect the difficulties which existed when the present Government came into office. There was a large deficiency to make good; and the Government resolved to restore the finances by the imposition of the Income-tax and a revision of the commercial system. To show the effect of the measures adopted, Mr. Genlburn referred to the

state of the Fended and Unfunded Debt. On the 1st of January 1842, the capital of the Funded Debt was 772,630,0001; the Exchequer Bills outstanding amounted to 19,678,0001.; the total Debt, Funded and Unfunded, amounted to 792,000,000/. In January 1846, the amount of the Funded Debt was 766,672,000/.; and of the Unfunded 18,442,0001., making a total of 785,115,000/. in 1846, as contrasted with the total of 792,000 i ,0001. n 1842; showing a reduction in 1846 of about 7,094,0001. Taking the average of the Deficiency Bills, (a name given to the debt incurred on every quarter,) how stands the account ? The average in 1842 was 6,163,0001.; and in 1846, 2,029,0001.; showing a decrease on the average of the periods of 4,133,0001. The management of the Debt, which in 1842 cost 160,0001., was reduced to 93,0001. in 1846; and the interest of Exchequer Bills was reduced from 896,0001. in 1842, to 426,0001. in 1846. The total annual re- lief on the whole char g3 of the Debt is about 1,500,0001.; and by an arrange- ment adopted the year before last, a saving of 625,0001. a year will accrue in 1854; making in that year between them a total saving of upwards of 2,000,0001. annually. "What, then, is the result of the test I have applied in

order to ascertain the benefit of the course which has been pursued I have an increased balance in the Exchequer of nearly 5,000,0001.; I have the capital of the Debt reduced by about 7,000,000E; I have Deficiency Bills reduced by 4,000,000E; and I also have an immediate reduction of the annual charge for the National Debt amounting to 1,500,0001., and ultimately a reduction on that account of 2,000,0001." To show the beneficial effect of the financial and com- mercial changes on the condition of the great bulk of the population; Mr. Goal bum referred to the Savings Banks returns, to the increased consumption of exciseable commodities, to the decrease of crime, the progress of education, the extension of church-building, and improved taste in the matter of amusements. "I think I have satisfied the House that these results are mainly to be attributed to the policy the Government has pursued; not hastily or rashly deranging ex- isting interests and producing immediate distress for the sake of insuring further benefit, but cautiously introduced, and effecting, therefore, a great and immediate but still permanent benefit." This " Budget " drew forth remarks from Mr. F. T. BARING, Mr. limas, Lord GEORGE BENTINCX, Mr. CHARLES WOOD, Mr. WILLIAMS, Mr. Eta-mom

Mr. F. T. BARING disputed the surplus specified by Mr. Goulburn. He might be wrong, but he believed that, instead of a surplus, if the China money were placed out of consideration, there was a deficiency of 800,0001.

Mr. HUME deemed the statement fair and intelligible-' and recommended the Government to remove, as far as in their power, the Assessed Taxes.

Lord GEORGE BENTINCH thought the Chancellor of the Exchequer had made a great omission in not stating whatamount he anticipated for the reduced Corn- duties. In his glowing speech too little credit had been given for the bounties of the harvests.

Mr. CHARLES WOOD expressed his approval of the commercial policy of the Government.

Mr. HODSON saw no ground for such a congratulatory speech as Mr. Gout- burn's. He thought that a speculative Ministry, as the present bad been called, would have dashed at tea, and reduced the duty on that article. The whole statement of the Chancellor of the Exchequer was a laudation of the Government 'measures; so that the right honourable gentleman might be called, as a former holder of his office was, "Prosperity Goulburn."

The usual resolution was agreed to, and the report ordered to be brought np next Friday.

Sir ROBERT PEEL mentioned the order in which he intended to take up the public business after the Whitsuntide recess. On Friday the 5th of June, he will proceed with the Poor-law Removal Bill; on Monday the 8th, he will move the second reading of the Irish Assassination Bill; on the Friday after, he will bring forward the Sugar-duties, should the debate on the Irish bill not interfere. On Friday the 5th, he should also move, that after Thursday the 11th of June, orders of the day have precedence of • notices of motion on Thursdays, but that the change should not take effect tall Thursday the 18th of June.

Mr. JOHN O'CONNELL renewed the threat on the part of the Irish Mem- bers, to obstruct the Irish Assassination Bill by all available means.

In reply to a question from Mr. HUME, Sir RonERV PEEL stated that the American President had given notice of the termination of the Oregon trusty.

Lord GEORGE BENTINCK asked a question touching a matter which in- volved the character for fair dealing and truth-telling of one of the Members of the Cabinet. The Earl of Dalhousie had stated in the House of Lords, that the Canadian Legislature was perfectly satisfied with the commercial policy of the Ministry, and only asked that the nominal duty of Is. should be reduced to Id. Lord George Bentinck wished to know if an address to the Queen from the Legislative Assembly of Canada, unanimously voted, had not arrived by the last mail, in which it was stated that the Assembly viewed with apprehension and alarm the new commercial policy?

Sir ROBERT PEEL answered, that such an address had been forwarded Lord Cathcart, and received on Thursday: he could not say whether it was imanimously voted or not. But Lord Dalhousie was not aware of its contents when he made the etatement referred to.

The House adjourned till Friday next.