t
to cover the deficiency of L1,240,412 of the preceding year. He
estimated the revenue for the present year at L46,494,128, and the
expenditure at L44,922,219, which would leave a surplus of about
L1,572,000. He thought it desirable, he continued, that a reduction of
taxes should be made to the extent of this surplus. He proposed to make
the reductions on taxes chiefly which fell on industry; and he selected
tiles, marine insurance, advertisements, the assessed taxes, cotton, and
soap, as the taxes to be reduced. The estimated loss to the revenue by
these reductions was L1,056,000, which would leave a surplus for the
year, after the above reductions, of L516,000. Mr. Hume thought the
reductions were neither sufficiently great nor sufficiently numerous;
they ought to be pushed at least to the extent of the estimated
surplus. On the contrary, Sir Robert Peel was disposed to think that
the chancellor of the exchequer had carried reduction too far: it was
dangerous, he said, to reduce taxes to such an extent as might affect
our ability to keep faith with the public creditor. He concurred,
however, in the general view the noble lord had taken of the subject:
he had acted wisely in maintaining the system of taxation as it stood
at present. The financial statements of the chancellor of the exchequer
appear to have given general satisfaction, for there was no discussion
on the details.

BANK OF ENGLAND CHARTER RENEWED.

On the 31st of May Lord Althorp brought the subject of the renewal of
the Bank of England charter before the commons. In doing so he stated at
great length the terms on which government had determined to consent to
a renewal of that charter; after which he laid the following-resolutions
on the table of the house, that they might be considered:--"That it is
the opinion of the committee, that it is expedient to continue to
the Bank of England, for a limited period, the enjoyment of certain
privileges now vested in law in that corporation, subject to provisions
to be hereafter made: That provided the Bank of England continued
liable, as at present, to defray, in the current coin of the realm,
all its existing engagements, it was expedient that its promissory note
should be constituted a legal tender for sums of L5 and upward: That
one-fourth part of the debt at present due by the public to the Bank be
repaid during the present session of parliament: That the allowances
to the Bank on the management of the