POSTSCRIPT.

SATURDAY.

That which has been colloquially called Mr, Disraeli's "Budget" came off last night in the House of Commons. Mr. Disraeli did not "jump into the quart bottle," nor even attempt it ; and those who expected any originality in his views or measures will be disappointed. Sitting on the lofty heights of the Exchequer, he distributes his favours to vali011s of the more important expectants—to the shipowner, the Colonial sugar-importer, the tea-drinker and tea-dealer, the salaried or agricultural Income-tax payer, the malt-grower, the hop-grower, and the beer-drinker. He extends two taxes, and enhances one of them. He does not at present diminish either the machinery of collection or the patronage of Ministers ; he does not simplify the system by intro- ducing any new principle, or by any pruning, or slashing of cumbrous parts. Be deserves some credit for the "pluck" with which he sets about particular improvements that many have suggested, but only talked about.

In a Committee of Supply, the CHANCELLOR of the ExcilEcivan made his " financial statement" • which fills sixteen columns of the Times news- paper. Of course we can barely present a sketch. He began by deprecating a premature judgment onparts. The arguments which he used were mainly drawn from the Free-trade depositories. The peculiarity which Mr. Disraeli claimed to himself was, that after the result of the last general election, the principle of "unrestricted competi- tion" being finally adopted as the principle of our commercial code, he de- sired to blend the financial system and the commercial code more harmo- niously together, and to remove many well-founded causes of discontent among the people.

In dealing with the important interests of Shipping, Sugar, and Land, he deprecated the plan of silencing a claim by an arrangement which the House might not ultimately think sound and proper ; but he could conceive no state of society more dangerous than one in which there are minorities, but powerful minorities, who believe that they are subjected to injustice in con- sequence of changes in the law contributing to otherwise universal welfare; and he thought it would be wise in Parliament to approach the discussion of each matters in a generous spirit.

He began with the Shipping interest. He set aside the subject of stamp- duties on marine-insurances, &c., for future legislation, and confined himself to larger subjects. He proposed to relieve the shipping interest by the re-

duction of. taxes paid under the name of light-dues,—namely, interest of the of debt which has been incurred, the contributions to charities, and passing

tolls to harbours which ships never enter. "We propose to terminate these three great sources of unjust taxation ; and we believe that we shall be able to effect this object by the annual sum of 100,0001. The shipping interest will then have to pay only for the light-houses which benefit them. "We propose to submit the whole subject of pilotege to a Select Com- mittee of the House. We propose that the three Admiralty grievances of which the shipping interest complain—anchorage, salvage, and enlistment-- shall be entirely terminated, or at least subject to regulations which will re- move the injustice and injury which are so justly complained of. We pro- pose that the subject of manning shall depend upon the adjudication of Par- liament on S still more important subject; and I am sure the shipping interest will not complain of that arrangement." The next subject was Sugar. With regard to the sugar-producing colo- nies, however great may have been their sufferings from past legislation, the question is, what, in the present state of affairs, Parliament can justly do for them. They claim—first, the arrest of the descent of the duties on Foreign sugar ; secondly, the reduction of the duty upon British Plantation sugar; thirdly, a guarantee of additional loans for emigration and improve- ment; fourthly, the permission to refine bonded sugar ; fifthly, the permis- sion to use molasses in British breweries ; and sixthly, the equalization of the duties on rum and British spirits. With reference to the first two points, he showed that there is no claim for a differential duty or for a diminution of the Colonial duty. The consumption of Colonial sugar has increased from 4,094,000 hundredweight in the first ten months of 1851, to 5,373,000 in the first ten months of 1852; while Foreign sugar has decreased from 1,218,000 to 570,000 hundredweight. "I may he called a traitor—I may be called a renegade—(JRM laughter and cheering)—but I want to know whe- ther there is any gentleman in this House, wherever he may sit, who would recommend a differential duty to prop up a prostrate industry, which is actually commanding the metropolitan market ?" (Opposition cheers.) Mr. Disraeli showed that Sir John Pakington is engaged in measures for sending Chinese emigrants to the West Indies for labour : on the other hand, he showed that the claim for an additional loan falls to the ground, because out of the 600,000/. already granted only a part has been taken by the seve- ral colonies. One claim may be granted. There is less saccharine matter in Colonial sugar (70 to 76 per cent) than in Foreign sugar (90 per cent); prac- tically enhancing the duty on Colonial sugar : the West Indians ask to refine their sugar in bond--i3'overnment concedes that boon. He now came to the Landed interest. The agricultural interest feels that it singly sustains a general burden—in the Highway-rate, the County-rate, and the Poor-rate. With reference to the first, a lull would be brought in which, he thought, would have a beneficial effect in both ap administrative and a financial view. In regard to the County-rate, the amount is only 600,0001., and he was not prepared to recommend a change. In regard to the Poor-rate, he had not altered his opinion, but a great change has taken place since 1849, when the amount of expenditure on account of the poor was 25 per cent higher than it is at present. The incidence of this tax being so much leas severe, and believing that the measures he

was about to propose would tend greatly to assist those who had been sub- jected to very severe treatment, he was not prepared to recommend any change whatever in the system of raising the local taxation of the country.

Ellis announcement created much laughter and cheering from the Opposi- tion • to which Mr. Disraeli replied with some of his facile repartees.] " There are greater subjects for Us to consider than the triumph of obsolete opinions. (Great laughter from the Opposition.) I look upon onesided Free-trade as an obsolete opinion, just as you look upon Protection ; and I am lost in the great principle of the day—that of unrestricted competition." (Laughter and cheers.) He now came to the General Taxation—[a:ill keeping the land interest in view.] He had to consider that general system, after the solemn verdict of the country, applying to it the principle of unrestricted competition ; and what were the measures to be recommended to Parliament, now that that principle had been finally established, to enable the community to encounter the competition which they must be prepared to meet ? This could only be done by cheapening as much as possible those articles which sustain life ; and if he found any article of prime necessity subject to heavy taxation its maintenance would be inconsistent with the new system. 'IIt is dm boast of honourable gentlemen opposite, that they have given cheap bread to the community ; but the principles upon which you nave given cheap bread to the community are principles which ought to make you cheapen the sustenance of the community in every form. The House, there- fore, will not be astonished that her Majesty's Government are prepared to recommend Parliament to deal with the Molt-tax. (Loud cheers. Here is a prime necessity of life subject to a very high tax, and a very nigh tax levied under circumstances which greatly restrict industry." 1 he duty— which produces more than 5,000,000/.—will be diminished one half; and he proposes that there should be paid a uniform duty of ls. 3icl. and Spar cent per bushel upon barley, here, and bigg ; abolishing the differential duty against the two latter, and also abolishing the drawback upon spirits made from corn in Scotland. The alteration would take effect on the 10th October next ; a drawback being allowed to holders.

The next subject was Tea ; more largely consumed and more heavily taxed than malt. Objections to dealing with the Tea-duties have been made, on the ground that as the supply is limited the reduction of duty could not be compensated by increased consumption. He had studied this carefully, and had ascertained that the objection is baseless. The consumption last year was 64,000,000 pounds ; the import being 71,000,000. China is the most populous country in the world ; tea is produced in every part ; and the export of that country forms a very small proportion of the whole amount produced. Evidently the reduction of duty would give the same impulse to consumption that there has been in sugar. It would be vain to make any difference between black and green teas, or in re- spect to the quality of either. They proposed to reduce the present duty of 28. nd. per pound to la. per pound; but that the reduction should take place during the term of six years, beginning with a reduction of 41d. per pound the first year, (which would make the duty ls. 10d.,) and diminish- ing it 2d. per pound each year until the duty reach Is. It is necessary to make the change gradual, as the increased supply will be gradual : it takes three or four years "to make a tea-tree." [rhis proposition was a good deal cheered; the cheers, however, becoming ironical and jocular at the graduation part.]

Here Mr. Disraeli supplied an omission in a previous part of his statement, explaining how he would deal with Hops. The present duty includes two— about half of it being an old war-duty, which "ought never to be eon- tinned": half of the present duty would be remitted—" something must be left for future statements of this kind." (Great laughter.) The Income-tax came next ; with a long preface on the opportunities of Taxation-reform. Our revenue is based upon the consuming power of the people, and he had been told that this power is becoming rapidly Un-

paired: but he had no evidence that the consuming power of the people is diminishing. No doubt, the returns show that there has been an emigration from the United Kingdom to a greater amount than is counterbalanced by

the births in England and Wales.; but the consuming power depends upon the condition of the people, not their numbers. If wages have risen, the rate

of interest is low ; and increase of gold has established credit in a manner which no political economist ever imagined. That state of things de- pends upon natural circumstances and permanent conditions, such as have never before prevailed in this country, and if "we only act with tolerable prudence, with such advantages as we derive from a low rate of interest, arising from natural causes, the country has before it an opportu- nity of material progress such as never occurred before to the vision of any statesman." (Cheers.) By the proposed remissions of duty there would be a loss to the revenue of between 3,000,000/. and 4,000,000/. ; and the Pro- perty and Income Tax, yielding more than 5,000,0001., is about to ex- pire. He reminded the House of the remark he made in the last Par- liament, that direct taxation could not rest upon a system of exemp- tions. The interval has not changed or modified this opinion : he still

said, if we are to have recourse to direct taxation, it should be as general as indirect taxation, and that a permanent system of direct taxation

founded upon a large system of exemptions was most pernicious. Ireland had been treated as an exceptional case. Sir Robert Peel exempted Ireland from the Income-tax on the ground that she contributed an equivalent in the form of other tales—since repealed. It is impossible to be insensible of what Ireland has gone through; but she is not now without a ray of hope : her Poor-law expenditure has diminished from 1,320,0004 in 18011 to 855,0001. in 1852. He did not think it wise to treat the landed proprietors of Ireland with harshness, and say, "You shall pay your quota" ; he did not think it expedient to throw any obstacle in the way of Ireland's regeneration : still he thought it his duty to extend the

Income-tax to funded property and salaries in Ireland. There is ano- ther principle with regard to this tax to which Ministers are prepared to assent, namely, distinguishing between permanent and precarious incomes. It is not their intention to propose any increase in any of the schedules. They recommend that on all industrial incomes the point of exemption should be limited to 100/. a year, and on incomes arising from property to 501. a year; that the rate on Schedules A and C should be, as before, 7d. Ui the pound ; in B, D, and E, 5-1d. They take the estimate of the profits of farmers pot at one-half the rent, as heretofore, but at one-third ; and the censequenee would be, that with the reduction of duty the farmers will pay 156,000L—exact1y one-half of what they pay under the present rate. The total amount, including the modest sum of 60,0001. for Ireland, he calculated at 5,421,000/.

Before he proceeded further, he bad to touch upon a delicate subject— a supplementary estimate of expenditure for national defences. "Sir, we are about to propose no inconsiderable increase to the Estimates, and We pay be met with the que.stion of peace or war. Now the fact ie, that the measures which we are going to lay before Parliament, and which we have the confident hope that Parliament will adopt, have nothing to do with peace or war. We should have brought them forward under any cir- cumstances, and I believe that those who have preceded us, or those who may succeed us, would act in the same manner. When we came into office we found the Estimates for the year already on the table ; we accepted

them ; and, as there was a general understanding that they were the Esti- mates of our predecessors, they were passed without being canvassed, and thus the progress of public business was facilitated, and the appeal to the people hastened. But the subject was one that necessarily engaged the attention of the nation, and it was one also that must engage the at- tention of the Government. There was no question what dynasty was upon the throne upon the other side of the Channel. It did not turn upon what may have been said or done elsewhere. The attention of the nation was drawn to the state of the national defences originally by

the highest military authority of the land If I were asked, on the part of her Majesty's Government-in no other way would I pre- sume to give an opinion-what I thought was the tendency of the pre- sent age, and what the general course which present circumstances indicated, I should say, without reserve, speaking from the bottom of my heart in all sincerity, that I believed the predominant feeling of the present day was in favour of peace. (Cheers.) But I believe the measures her Majesty's Government are going to recommend to Parliament will tend also to the preservation of peace ; and if it be a fact that this country is not properly defended, we-thought the best thing was to do it completely. We thought the beat thing to do would be to put the navy of this country in the position which we believe all Englishmen wished to see it in ; and the plans we have matured, and which, if the House will support our proposition Will be carried into complete effect, will be plans which will settle this que:stion of national defence for ever-(Lowl cries of" Hear, hear !")-that is to say, you will have all your arsenals and strong points in the kingdom defended, and you will have a real Channel fleet, which can assemble from its different rendezvous when necessary, and which is the proper garrison and protection of the country. It will be necessary for me to ask for a supplementary estimate ; and next year we shall ask your approval of an estimate which will increase our general estimate about 600,000/." (Cheers.)

He now came to the Ways and Means. His former estimate of the revenue had been thus far exceeded by the proportionate receipts. The reductions he now proposed would cause a loss, which he calculated as follows; making due allowances for qualifications, and only taking the effect within the year; therefore not including the reduction of duty on malt, (2,500,0001.)- Drawback on Malt Stock 1,000,000 Tea 400,000 Light-dues 100,000

Extra Estimates 600,000 Total extra demand £2,100,000

There would be found a diminution on the ordinary Army Estimates ; and he hoped he should never have to move another vote for the entree war ; though he would for the present set it down at 200,000/. He calculated the surplus at 1,600,0001.; and he proposed to absorb into the public treasury the Public Works loan-fund of 400,0001.-its purposes being extinct-in all 2,000,0001. With a long preface, _pointing out the favour shown for a House-tax, he proposed to extend it to houses of 10/. a year ; and to double the rate, fixing it at Is. 6d. for private houses, and Is. for shops-to produce 501,0001. He would have 2,500,000/. of extraordinary ways and means to meet the extra expenditure of 2,100,000/. In his conclusion, Mr. Disraeli glanced at future boons, such as reformed Stamp and Probate duties ; his present re- forms being only the first step in a sound policy, having no other object than to govern the country in a manner that shall most conduce to the hap- piness of the greatest number.

After speaking for five hours and a quarter, much exhausted, Mr. Dis- raeli sat down amidst general cheering; and the question was put, "That a sum of 17,742,500/. be granted to her Majesty to pay and discharge outstanding Exchequer Bills."

A brief conversation took place. Mr. Gormenar asked information on details ; Sir CHARLES WOOD asked time to consider the enormously com- plicated scheme ; Lord Jona RUSSELL wanted a day fixed for the reso- lutions embodying the main propositions ; Mr. Hiram missed the prin- ciple of direct taxation ; Colonel Snintome missed Protection ; Sir Berr- a-maw Ham would move to extend the Income-tax to Ireland ; Mr. La- Boucennin reminded the House of his own services in diminishing light- dues ; Mr. CAYLEY thanked the Chancellor of the Exchequer for the best budget he had ever heard ; Mr. CLAY, for the spirit of the plan ; Sir JAMES DUKE and Mr. HUDSON, for the shipping relief; Mr. ALoocat, for malt ; Mr. FREWEN for ships and malt, though he wanted more relief on hops ; Mr. Wuscat wanted more information about sugar in bond ; Mr. Frrzenv, about marine insurances ; Mr. Maconnaon would cut down tea at once to ls.

The general effect of the Cerancrooton of the EXCHEQUER'S replies was, that information on details should be given hereafter ; that resolutions should be tabled on Monday ; and that the sense of the House might be taken on Friday next.

The motion was agreed to, and the House adjourned at a quarter past eleven o'clock.