proved less favourable than he had anticipated: the
expenditure had amounted only to L49,285,000, but the income had only
reached L47,443,000, leaving a deficiency of more than L1,840,000.
He calculated that the expenditure for the ensuing year would be
L50,731,226, and the income L48,310,000, which would leave a deficiency
of L2,421,000 to be provided for. In order to raise the revenue, Mr.
Baring proposed to deal with the two articles, timber and sugar. The
present duty on colonial timber, he said, amounted to ten shillings
a load, and on Baltic timber fifty-five shillings. These duties he
proposed to modify, by raising that on colonial to twenty shillings,
and reducing that on Baltic to fifty shillings a load, by which he
anticipated an increased revenue of L750,000. He next explained that the
alteration which he intended to propose in the sugar-duties would still
leave a protection of fifty per cent. to colonial sugar. He would leave,
he said, the duty on colonial sugar at the present amount of twenty-four
shillings per cwt., but that on foreign sugar, amounting to sixty-three
shillings, he proposed to reduce to thirty-six shillings per cwt.; from
which change he expected an augmentation of revenue of L700,000. There
would still, he said, be a deficiency to be provided for. But Lord
John Russell had that evening given notice of his intention at an early
period to submit the question of the corn-trade to the consideration of
the house; and if the propositions of his noble friend were agreed to,
he should be under no uneasiness about the deficiency; if not, it would
be his duty to make provision by direct taxation. Messrs. Hume, Ward,
Villiers, and other members, expressed their satisfaction at the
propositions of the chancellor of the exchequer, while Lord Francis
Egerton, Viscount Sandon, Sir Robert Peel, and Messrs. Goulburn and
Christopher, complained of them, and especially of the announcement of
an intended alteration in the corn-laws. The debate on the budget was
protracted to a considerable length, and the nature of the discussion
will be seen in the following article.

DISCUSSION ON THE CORN-LAWS.

The announcement made by Mr. Baring, that an alteration in the corn-laws
was contemplated by government, caused the anti-corn-law party to set to
work with activity to organize new associations, to despatch lecturers
and emissaries, which might rouse the public mind throughout the
country, and to get up req