antage alone
that the whole community was taxed.

At this time, also, those concerned in the shipping-interest complained
loudly of distress, which they considered to be either caused or
aggravated by the admission into our ports of the ships of foreign
nations on the same terms on which our vessels were admitted into
theirs; an admission which the crown had the power of conceding under
the fourth of George IV., c. 77, commonly called "the Reciprocity of
Duties Act." Many petitions for the repeal of this act were presented;
and on the 5th of June Mr. G. F. Young moved for leave to bring in a
bill for that purpose; but the motion was resisted by ministers, and
rejected by one hundred and seventeen against fifty-two.

FINANCIAL STATEMENTS, ETC.

Notwithstanding the distress of the country, the financial affairs of
the present year exhibited an encouraging aspect. The chancellor of the
exchequer indeed, after providing for the interest on the L20,000,000
granted to West India proprietors, had a disposable surplus of
L1,620,000. From various alterations about to be made in the state of
taxation with respect to spirits and beer, the estimated surplus might
be taken at L1,815,000. Under these circumstances, the chancellor of the
exchequer made the following reductions in taxation: in the house-tax,
which was wholly abolished,L1,200,000; customs,L200,000; starch,
L75,000; stone bottles and sweets, L6000; almanacks, L25,000; small
assessed taxes, L75,000--leaving still a surplus of about L230,000. But
this surplus would be further reduced by a change which was proposed
in the spirit duties. The duty on spirits distilled in Ireland had for
several years been fixed at the same amount as in Scotland. That policy
was now to be departed from, and the duty on Irish spirits was to be
reduced from 3s. 4d. to 2s. 4d. per gallon. After a few words from
Mr. Baring against the views of the chancellor of the exchequer,
the resolutions proposed were adopted by the house. Subsequently, an
important measure of finance was attempted in a plan for the reduction
of the four per cent, annuities created in 1826. All holders of that
stock who should not signify their dissent, were to have, for every
L100, three and a half per cent, in a new stock to be consolidated with
the existing three and a half per cent, annuities, which were not liable
to redemption before January, 1840. The dissentients were found to be a
greater number than had been