mates and calculations of the Government in answer to Lord Monteagle's charges. He admitted the deficiency of the revenue as compared with the estimate of its amount; ascribing the diminu tion to the decrease of the wine and spirit duties, partly caused by the Temperance movement, the large falling-off in the Malt Duty owing to the badness of the sea son, the various reductions in the Customs produced by the recent Tariff, the fact that a large portion of the Income-tax, for the full amount of which credit had been taken in the estimate, was not yet collected-the unexpectedly large expense of the Chinese war, and the loss caused by the forgery of Exchequer Bills. Lord Monteagle had said that the charge for the Permanent Debt had been increased. Now, the fair way of considering the question is, not merely to consider the amount of the Funded Debt, but also the amount and charge of the Unfunded Debt; and to compare the charges on both previous to and subsequent to the formation of the present Administration, and at the present moment. I will refer to the facts on this subject. The amount for the interest and management of the Public Funded Debt was, on the 15th January, 1841, 28,256,3247.; on the 15th January, 1842, it was 28,701,4581.; on the same day in 1843, it was 28,609,7081. The Unfunded Debt was for the years 1840-41, 21,626,3157. at an interest of 24d.; for 1841-2, it was 18,293,000l., at 14d.; and for 1842-3, it was 18,182,000l. at 1d. The annual interest on the first sum (21,626,3157.) was 740,000l. 2s. 6d.; for the third amount (18,182,0001.)

the Funded Debt, at the commencement of the present year, was 28,609,7081.; for the Unfunded Debt, it was 414,7791. ; making together, 29,024,4871.; a reduction of the annual charge upon the Funded and Unfunded Debt, since 1841, of 2,071,8631. But there is an addition to this reduction on account of the charges incurred on stock created to supply the deficiency as estimated for 1841-2, being the last budget of the late Chancellor of the Exchequer. That amount was 85,815l.: the income for that year was 48,310,000l.; the estimated income was 50,777,4321.; leaving a deficiency between the estimated and the actual income, of 2,457,4337.; which was thade a debt at an expense of the sum I have just named-85,8157. per annum to be added to the annual interest of the Funded and Uufunded Debt. The noble Lord, therefore, will see that it is not exactly the fact to state that there has been an augmentation of the Funded Debt, at least in the point of view stated in his resolution ; but it is true to state that there has been an addition to the expense of the Funded Debt, caused by the arrangement made by the present Chancellor of the Exchequer to provide for the deficiency between the estimated and the actual income of the last budget of the late Administration."

The resolutions made it a charge that upwards of 1,000,000l. Exchequer Bills in the hands of the Commissioners of Exchequer Bills had been converted into stock. Now the history of that conversion was this: it had been the practice to make advances for public works in Exchequer Bills; but it had

make the advances, as they ought to be made, in cash, and the debt was incurred to pay off the outstanding Bills. He did not think it necessary to go through Lord Monteagle's statements respecting the budget of the present year; but he hoped that he had persuaded the House to negative the resolutions; he certainly concurred with Lord Monteagle in feeling the utmost confidence as to the resources of the country.

Lord Brougham followed up the Duke of Wellington's defence; traversing in part the same ground, but varying his argument with much lively sarcasm.

He remem

bered Mr. Tierney's saying, "There was no subject which abounded so much in mares-nests as finance." (A laugh.) Whether his noble friend had that night discovered any of those curious structures, he would presently inquire; in spite of the disadvantage with which he under took the contest. For though his noble friend was out of office, yet in fact, as far as this subject went, he was as good as if he were in office because he was an officer of the Exchequer with this material superiority over the Chancellor of the Exchequer, that the one was moveable, holding, his office during pleasure, whereas his noble friend was immovable, holding, happily for him, his office for life: his noble friend could go to the Treasury and Exchequer, and obtain all manner of information; while the doors were barred against all unfortunate individuals not in office. (Laughter,)

He taunted Lord Monteagle with not having brought forward his Motion after the April quarterday, when he could have made a

millions and a half had been rereceived for the Income-tax, protionately reducing the deficiency. Lord Monteagle had reproached the present Government with speculating on a favourable harvest, and trusting for their revenue to the inconstant winds and elements. That was just what he had always said: he had always argued in that way, but then unfortunately he always argued against his noble friend, because formerly his noble friend trusted to the perfidious winds, the unstable waters, the fickle elements. That was their budget of 1841; which, however, they never recovered: it was the fixed duty of 8s. which was to be part of their revenue. When his noble friend revisited Downing-street, and again brought forward the 8s. fixed duty to support a falling exchequerand when his noble friend had nailed his weathercock to the mast (Great laughter) and said that it would never change, he would remind him of that evening, and of the fickleness of the winds, which he would then have forgotten. (Continued laughter.)

If, asked Lord Brougham, with an Income-tax there was a deficit what would there have been without? with slave-grown sugar, increasing the slave-trade, offering a premium for every negro brought through all the horrors of the middle passage, to glut the cupidity of the planters of Cuba and Brazil? That was their budget, which he viewed with absolute abhorrence. He pointed to the increased premium on Exchequer Bills, and to the rise of the three per cents stock from 89s. to 94s., as showing the renewed vitality and vigour of the public

eagle's delusion, that if the present ministers were to dissolve Parliament, his own party would be replaced in power. Whatever soreness might be felt in some quarters on account of unexpected measures introduced by the Government, he believed that there was no foundation for supposing that the country was in favour of their opponents. Recurring then to the financial question, Lord Brougham said, "The single practical question is, what is our position at present? not what it was four months before. Therefore I take the year ending the 5th July, and there has been since the 5th April a making-up of the deficit to the extent of 245,000l. nor is that the whole of it; for between the 5th July and the 14th August the deficiency was in all probability further reduced. Now, as to the money in the Exchequer at two different periods, (I have taken some pains to ascertain)-- July 1841, 1,004,000l.; July1843,1,830,000l. showing a very considerable increase-nearly twice as much as it was only two years ago, when the present Government came in." He saw no reason to despair of the financial prospects of the country. He supported the Income-tax as inevitably necessary; but he hoped in no long time to see it expunged from the statute-book.

The Marquess of Clanricarde supported the Motion; contending that the present Ministry had exceeded the financial mismanagement which they censured; there never was a budget which exhibited such gross errors as that of the last year.

After some further discussion, the resolutions were negatived

Among the subjects involving fiscal considerations, the question of the Sugar-duties, on which events of so much political importance had turned in a former Session, produced a debate which ought not to be left without notice. Sir Robert Peel's Government having this year proposed a renewal of the duties of the year preceding, the free trade party in the House of Commons made their usual protest against the preference shown to the produce of the British colonies. On the Motion that the Speaker should leave the Chair in order to the House going into Committee on the subject on the 22d June, Mr. Cobden moved a resolution, "that it is not expedient to compel payment of a higher price for colonial than for other commodities, and that therefore all protective duties on colonial produce ought to be abolished.

He desired to

know on what principle the colonies were peculiarly favoured. They not only contributed nothing to our revenue, but were an actual and heavy burden to us, both in civil and military expense. A large proportion of our expenditure for the army, the navy, and the ordnance, amounting to no less than 6,000,000l. a-year, was incurred for the defence of our colonies. Then there were large sums for governors, clergy, stipendiary magistrates, light houses, public works, all paid out of the taxes of the British people. We were largely taxed even for colonies which were to have been selfsupporting ones-New Zealand, South Australia, and the Falkland islands. There was now a class of members, called Young England, whose motto was "ships,

tell them that the whole of our colonial trade amounted only to about 10,000,000l., and to maintain this, 5,000,0000l. were spent by the mother-country; which was much the same thing as if a shopkeeper on every pound's worth of goods sold by him, should make a present of half a sovereign to his customer. The West Indian sugar-grower not only was without that plea of special burdens which had been set up by the British corn grower, but actually received assistance in supporting his general burdens. Now, what was to be the ground of the proposed taxation upon England in behalf of the colonies? The whole colonial population, exclusive of the East Indian empire, amounted to only 5,000,000 of people. He would not discuss the question of sugar in particular, on that point he would reserve himself for the committee.

The Speaker acquainted Mr. Cobden, that the resolution, extending so much further than to the mere sugar question, on which it had been moved, "That he should leave the Chair," could not be put as an amendment upon that Motion.

Upon the House going into Committee on the Sugar Duties,

The Chancellor of the Exchequer said, that if the present state of the finances had permitted him, he should gladly have agreed to reductions. It had been very generally admitted, that so long as other interests should be protected, the protection of the sugar-growers must be maintained. Certainly the necessities of the revenue would not allow any such reduction as would make the smallest difference to the retail

prospect of a change in the Sugar Duties of England had always a direct operation upon the foreign slave-trade; and those who pressed this subject were thus the incidental promoters of the sufferings of their fellow-creatures in Cuba and Brazils. The stock of sugar in our own colonies promised to be equal to the supply of the coming year; so that there was the less occasion for calling in the use of foreign sugar at the hazard of an aggravation of slavery.

Mr. Ewart charged the Ministers with "assurance" in talking about the objection to slave-grown sugar, when they themselves had just been in treaty for admitting the sugar of Brazil. The Motion he was about to make would deal with no petty distinctions between duties a little higher and duties a little lower. His motion would strike at the very root of all differential duties, by proposing that colonial and foreign sugars should be taxed alike. After all that the Ministers had formerly said about free-trade, they now came to the House for a sugar duty involving no reduction whatsoever on the duties of former years. They had not given the smallest consideration or encouragement to the improving habits of the people, who, both in England and in Ireland, were exchanging the use of stronger drinks for that of tea and coffee. The price of sugar had been gradually increasing, and its consumption had been proportionally diminishing: in 1831, the consumption had been at the rate of about 20lb. per head; in 1841 it had fallen to about 17lb. The poor would be materially benefited, if the law which pre

produced from the refining of fo reign sugars in bond, were so modified as to permit the comsumption of them at home. He urged the importance of concluding a commercial treaty with Brazil-a country which, while it could fur nish England with the cheapest sugar, would take the largest proportion of English commodities. He could pay no regard to the plea that the West Indies would be destroyed; he believed that the ef fect of free consumption would be rather to revive than to depress their trade. The foreign slave trade was pressed as an argument; but he believed that free-trade was the surest course for the final extinction of slavery itself. If you would civilize Africa, you should spread commerce there. Come merce was the great emancipator. He concluded with a Motion for levying an uniform duty on foreign and colonial sugar.

Mr. James said, that England would stultify herself in the eyes of all the world, if, after the pay ment of 20,000,000l. to abolish slavery in her own colonies, and after her great and continued efforts to repress the slave trade, she should accede to a policy, which went to undo all that had been done, and aggravate the worst horrors of the slave system, in Cuba and Brazil. Free-trade was all very well; but sugar ought to be an exception. To this effect, he quoted the late Mr. Deacon Hume, who had observed, that while the slave trade was carried on by Cuba and Brazil, and prohibited to our own colonies, the principle of free-trade did not come into real operation.

Mr. Brotherton was for the removal of all difference in the duties.

England millions a year, in order to maintain the monopoly of the West Indians. The temperance of the people had greatly extended the consumption of coffee, and it might be supposed that the consumption of sugar ought to have increased in proportion; but the contrary was the fact. It was by our moral influence that we must hope to put down slavery, and not by our differential duties, which naturally led foreigners to regard us as hypocrites, seeking only our own profit.

Mr. Villiers complained that Ministers had not answered either Mr. Cobden or Mr. Ewart, which was really to treat them with contempt. He was at a loss to discover why Mr. James, who was generally liberal with respect to other men's property, was so narrow in his view on this particular subject; but his surprise ceased when he found that the hon. Member was one of the West India proprietors a class, however, who, in his opinion, had received a great deal more than was due to them in the shape of compensation. Mr. Goulburn's argument that the revenue would suffer was quite untenable; the increase of consumption would quite compensate the reduction of duty. The interest of the colonies was insisted on; but it was not the welfare of the labourers that was really regarded, for measures were in progress to lower their wages, by iniporting an addition to their numbers; the parties really favoured were the proprietors. Another plea was that of slavery and the slave trade; but the great impediment to the cure of these evils was the general opinion of our insincerity upon this subject. Indeed,