with the average of prices in
the markets of this country." This proposition gave rise to a lengthy
discussion; but it was rejected by a majority of one hundred and
seventeen against forty-nine. Subsequently Lord Brougham moved these
resolutions:--"That no duty ought to be imposed upon the importation of
foreign corn, for the purpose of protecting the agriculturist, by taxing
the introduction of food. That no duty ought to be imposed upon the
importation of foreign corn, for the purpose of regulating trade, by
taxing the introduction of food. That no duty ought to be imposed upon
the importation of foreign corn, for the purpose of raising the revenue,
by taxing the introduction of food." These resolutions were rejected, as
were others moved by Earl Stanhope, Lord Beaumont, and Lord Mountcashel,
and the bill passed in its original state.

FINANCIAL MEASURES--INCOME-TAX BILL, ETC.

On the accession of Sir Robert Peel to office he was embarrassed with
great financial difficulties. For the ensuing year he had to deal with
a deficiency of L2,570,000; with contingencies in China and India of
uncertain amount. The present juncture, indeed, demanded a remedial
measure of a bold and comprehensive character, and Sir Robert did
not fail to bring forward such a measure. On the 11th of March, in a
committee of ways and means, the right honourable baronet said, that for
the year ending April, 1843, the estimated revenue would be L43,350,000,
and the estimated expenditure L50,819,000, leaving a deficiency of
L2,469,000. With the contingencies in India and China, indeed, he
calculated that the deficit, in the two years ending May next, would not
be less than L4,700,000. How, he asked, were these deficiencies to be
met? Should the system of loans and exchequer-bills be continued? Was
there the prospect of any considerable reduction in expenditure? Was the
present deficiency a casual one? Should he impose a tax on articles of
consumption and the necessaries of life? Should he revive old taxes?
Should he go back to the post-office? or revive the taxes upon salt,
leather, or wool? Finally, should he resort to locomotion for the
purposes of taxation? All these expedients Sir Robert repudiated; and
he fixed upon one which, while it justly gave offence to a large body
of the people, has proved to fully answer the end for which it was
designed. This was an imposition of an income-tax of sevenpence in the
pound upon all incomes from L150