o that period would be
L51,000,000, and the expenditure L48,557,000; but if they deducted from
this surplus the revenue derived from half a year's income-tax, which
would become due in the interim, and from the payment of the instalment
from China, there would then be a small deficiency in the revenue as
compared with the expenditure of the year. The question then arose,
whether ministers were justified in demanding, under such circumstances,
an increased expenditure on account of the public service. He was
satisfied that they were justified. He did not propose an increase
in the army, but he could not consent to its diminution. The military
estimate for the present year would be L6,600,000; and there were
reasons which induced him to propose an increased estimate for the navy;
namely, the growing necessity for a further protection to our commerce
in every part of the globe, and in the establishment of three new naval
stations--one on the coast of Africa, another in the Pacific, and
a third in the Chinese seas. He should propose an increase of four
thousand men, which would cost L184,000; and in respect of the vote for
the navy, and tire ordnance connected with the navy, there would be in
the votes of this year an increase of nearly one million. He thought the
revenues of the next year would meet this increased expenditure, even
if the house would not consent to continue the income-tax. It was quite
clear, however, that if it did not continue the income tax, there would
be a decrease of revenue in the following year. The question, therefore,
which he must put to the committee was, whether they would run the risk
of deficiency by making no provision to meet it, or whether they would
postpone the consideration of the deficiency till the year 1846. But
ministers were induced to propose the continuance of the property-tax
for a further period. If the committee sanctioned it, the revenue on
the 5th of April, 1846, would amount to L53,700,000; and so long as the
other sources of revenue were productive, might be calculated at that
sum, deducting only a sum of L600,000 from China, which would only
be receivable for one year more. He would take the amount then at
L53,100,000, and deducting L49,000,000, the estimated expenditure, from
that sum there would be a net surplus of L4,100,000, or if the committee
acquiesced in the increased naval estimates, L3,409,000. Sir Robert Peel
next approached the most important question of all; n