s period an association had been formed for the purpose of
colonizing New Zealand, under certain grants of territory which had been
obtained from the native authorities. During this session an application
for a parliamentary sanction to the undertaking was made, and Mr. F.
Baring, on the 23rd of June, moved the second reading of a bill to
establish the said colony. Sir George Grey opposed the motion. The bill
was also opposed by Sir Walter James, Lord Sandon, and Messrs. Goulbourn
and Pease, while Messrs. Hutt and P. Howard pointed out the advantages
which would accrue to Great Britain from the measure. The bill was
rejected by a majority of ninety-two against thirty-two.

FINANCIAL STATEMENTS, ETC.

The navy estimates were presented to the house of commons on the 5th of
March, when Mr. C. Wood moved a resolution to the effect, that there be
employed in the fleet for the next thirteen lunar months, ending on the
31st of March, 1839, 33,665 men including 2,000 boys and 9,000 marines.
After some opposition, this motion was agreed to; as was another, made
by Lord Howick, on the 12th of the same month, to the effect that
89,305 men should be raised for her majesty's land-forces. The ordnance
estimates were moved by Sir Hussey Vivian on the 27th of April, and
these, likewise, were granted. The chancellor of the exchequer presented
his financial statement on the 18th of May, when it appeared that the
past year had been one of increased expenditure and diminished receipt.
The estimate of revenue, he said, had amounted to L47,240,000, while the
actual income did not exceed L46,090,000. The estimate of expenditure
had been L47,873,000, and the actual expenditure L47,519,000; so that
there existed a deficiency of L1,428,000. But, continued Mr. Rice, if
the house would compare the income and expenditure of the two years
1836 and 1837, they would find a surplus of income; and he showed that,
taking these two years together, and comparing the anticipation with the
actual results, there was no deficiency. The right honourable gentleman
proceeded to say that he calculated the income of the next year would
be L47,271,803, and the expenditure L47,479,000. Here, also, would be a
deficiency; and the question arose, how was this deficiency to be
met? There was no ground for considering it permanent; and he should
therefore propose to take the course adopted by parliament on former
similar occasions. In 1827 Mr. Canning found himself