d was L14,652,000. The estimated expenditure for the
whole year, exclusive of the West India slave-compensation fund, was
L45,205,000; the actual expenditure was L45,372,000. With respect to the
West India loan, Mr. Rice said that he had reckoned we might be called
upon to pay annually a sum of L1,111,000; but the call had on that score
amounted to L1,448,342. The chancellor of the exchequer next proceeded
to make several statements illustrative of the financial and commercial
state of the country. He dwelt especially on the excess of the amount
of tea duty in the last year over that received in former years, and
observed that it was apparent that without any change of duty, the
consumption of that article was increasing. Mr. Rice took the estimates
for the year as follows:--the army, navy, ordnance, and miscellaneous,
L14,895,000; and the charges upon the consolidated fund, and the
interest upon the funded and unfunded debt which it was necessary to
provide for the current year, L30,890,000. Thus the total expenditure
for the current year was calculated at L45,786,000; but that was
exclusive of the West India compensation, the amount of which would be
L845,000. With respect to the probable amount of the income, Mr. Rice
calculated it might amount in the whole to L47,240,000, which would
leave a surplus of L1,454,000. When the interest of the West Indian
loan, however, was deducted, the surplus would be diminished to
L608,585; and that sum would be reduced by the payment necessary to be
made to meet various deficiencies of former years; in fact, all the net
surplus upon which they could calculate was L384,673. In conclusion, Mr.
Rice made some observations on the increased interest now payable on
the unfunded debt of the country, and on the general prospects of the
nation. On the latter subject, he observed, that he had before him the
means of showing that within the last two or three weeks the elements
of improvement had been developing themselves in various parts, and
that many of the most depressed branches of trade and manufactures were
rapidly reviving. As a natural consequence of this the receipts of the
revenue were improving, and the condition of the country was such as
to inspire him with confidence. A reduction of taxation, he said, would
materially assist that revival. He inferred this from the experiment
he had made of lowering the duty on various articles of consumption,
especially in the instances of glass a