POSTSCRIPT.

SATURDAY.

Last night, the House of Commons having resolved itself into a Com- mittee of Ways and Means—thirty-eight Members being present—the CHariclexi.ou of the EXCHEQUER made his promised financial statement; reviewing the actual state of the finances, the changes that have taken place since Lord John Russell introduced the subject of finance early in the session, and the immediate prospects of the country.

At the beginning of the session, Lord John Russell made the following estimate. Receipts, 51,250,0001. Charge of the Debt and other charges on the Consolidated Fund, 31,280,6001.; Current Expenditure, 21,820,4411.; Caffre war and excess of Naval Estimates, 1,345,4111.; probable increase for Militia, 150,0001.; total, 54,596,4521. To meet the expenditure, Lord John proposed to raise the Income- tax for two years from 3 to 5 per cent. Deducting from the estimated receipts 40,0001. for copper-duties to be remitted, the nett deficiency would have been 113,548/. The increase of the Income-tax was opposed, and abandoned; and the occurrences throughout Europe introduced much uncertainty and change, and Ministers took an altered coarse.

At present he put out of view monies due for past expenditure, such as Caffre war, &c., already defrayed by monies in the Exchequer, and leaving a balance there, on the 5th April, of 6,778,3361. The first effort of Government was to re- duce the expenditure. Two Committees were appointed to revise the Military and Naval Estimates and the Miscellaneous Estimates; and reductions were de- vised in almost every department, excepting in the military force. The nett re- ductions in the Navy, Militia, Commissariat, Ordnance, and Miscellaneous Esti- mates, amount to 828,0001.; making the current expenditure 52,422,3351. On the other hand, the income is enhanced by an increase of the revenue from malt —340,0001.—above Lord John's estimate; last instalment of China money, 80,0001.; and the transfer of the "appropriations in aid" 500,0001. from the account of next year to the present: so that the amount is 52,130,0001. The deficiency of income below expenditure is 292,3351. He now came to the extraordinary expenditure which has to be made good. The amounts are—Caffre war, 1,100,0001.; Naval excess, 245,4111.; paid for Irish distress, 262,5451.; medical assistance to destitute emigrants in Canada, 130,9651.; in all, 1,738,9211.; augmenting the deficiency to 2,031,256/. To meet this deficiency, Sir Charles resolved to follow the precedent of Mr. Goulburn in 1842, and replace the sum by borrowing in the market; he proposed to raise 2,000,0001. by the issue of Exchequer Bills and the sale of Stock.

Under the existing circumstances of disorder abroad and depressed trade, he was surprised at the buoyancy of the revenue. In 1845-6 it was 51,258,4651.; in 1847-8 it was 51,627,7361.; and the subsequent progress has been satisfactory. From the 8th April to the middle of August 1848, the decrease as compared with 1847 has been only 115,0001.; the Customs-duties having actually increased with- in that time by 500,0001. He ascribed this to the tranquillity of the country. In France, comparing the first five months of the two years 1847 and 1848, he found that the Customs revenue fell from 2,191,0001. to 1,290,0001., or 5-12ths of the Whole: in England, for the corresponding periods, the Customs fell from 8,308,0001. to 8,207,0001., or only 1-83d part of the whole. Looking at another index of sound trade, he found that the drain of bullion from the Bank of England had 'eased: on the 19th instant the amount in store was 13,371,0001., or nearly the amount (13,379,0001.) that it was on the 20th of May lest.

Sir Charles stated the general results of the information he had received respecting the product of the harvest. In the West and South of England there is considerable danger of a failure of the potato crop; in the North and in Scot- land, the disease, if any, has not been extensive: in some parts of England the corn has sprouted; but in the North and in Scotland there is no reason to sus- pect that any very great damage has been sustained: the rain, an plentiful in the metropolis, has been deficient in the North; insomuch that the turnip crops have suffered. "On the whole, I see no reason for any great anxiety,being felt in. re- gard to the produce of the harvest, so far as this country is concerned.' In Ireland, there is scarcely any part in which the potato disease has not appear - ed; it has disappeared and reappeared; and the reports fluctuate so much that it is impossible to form a just estimate as to the ultimate result. " The reports, however, from all parts of Ireland, are, that so much larger a quantity of ground has been planted with potatoes this year than in almost any preceding year, that, even allowing for a very great loss from disease, still there is no reason to apprehend that there will be any want of human food in the country; the supply being expected to be at least as great as in former years when the crops were comparatively uninjured. • • • My opinion is, unless, indeed, there be such a failure of the crops as to be unexampled even by the year 1846, that there will be an amount of food in Ireland adequate to support the people of that country for a considerable time."

A long and very desultory conversation ensued; several Members criti- cally objecting to Sir Charles Wood's statements, the proposed loan, &c.

Mr. Flutaz complained that there was no prospect of any reduction being made in the national establishments.

Not a shilling of the public expenditure was intended to be saved. On the contrary, the right honourable gentleman had congratulated the country that those large establishments were supported by a great majority of their Represents- twee, and had declared that he was not disposed to promise any reduction. The mode in which the loan was intended to be raised was very objectionable. Selling Stock was a very easy way of getting rid of difficulties; but the Government ought to borrow money at the market-price of the day, aud then when it became plentiful they would have an opportunity of paying it off By not adopting that plan, every loan that had hitherto been contracted had been borrowed at a great loss to the country.

Lord GEORGE BENTINCIL was voluminous and statistical.

What, after all, was the plan of the Government 7—It was what they were pleased to call selling Stock; which, in fact, was selling something that had only an imaginary existence: it was a system of flying kites; it was raising money and looking forward to increased revenue for the means of reimbursement. But the Chancellor of the Exchequer forgot to tell them whence the increase of revenue was to come to which he looked so confidently for an augmented public income. Upon what rational grounds he could rest such hopes it was most difficult to imagine, seeing that more than one of the present sources of revenue must speedily cease; for example, the corn-duties, which were coming in at the rate of 670,000/, must cease on the let of February—that surely was not an increase, but a falling-off. Though the sugar-duties might hold their ground, there was not the least prospect of their increasing. On all hands, then, there was a consider- able probability of a diminution, and no prospect of any increase. Mr. Jouti O'CoNNELL entertained the most gloomy anticipations for Ireland.

The potato disease was perhaps not so active or malignant as it had formerly been, but it was to be feared that it was making a steady progress; and it WAS much to be apprehended that if famine visited the country to anything like the ehtent that was threatened, the people would be in a most frightful condition, in- asmuch as in the year 1846 and 1847 they possessed resources from which in the autumn and winter of 1848 theLcould not hope to derive any advantage. If to scarcity the evils of cholera were added, nothing but desolation and death would be seen thoughout the land. He admitted that Ministers had been most merciful in not introducing martial law among the people of Ireland.

Sir HENRY WILLOUGHBY feared that eventually the whole matter must end in the imposition of fresh taxes; for the only thiug that the Ministers seemed able to do was to go on borrowing more money.

Mr. MINTZ could not but express his regret that, after thirty-three years of peace, a deficiency was still to be met by borrowed money and by an ad- dition to the National Debt.

Mr. HENRY DRUMMOND opined that the country had come to the ne plus ultra of taxation; and he trusted that the Government, looking to all the circumstances of the country, would at a future period be prepared to come forward with some plan adequate to the exigencies of the time.

Mr. ROBINSON hinted at a retractation of free trade.

Mr. M`Griscoit applauded the mode of raising the money.

Mr. COBDEN condemned the little loan, and insisted on retrenchment.

Lord Joust RUSSELL renewed the assurance, that "on every possible oc- casion reductions would be made with the view of bringing the expenditure within the income."

The Committee of Ways and Means voted resolutions granting 10,584,871/. out of the Consolidated Fund to make good the Supply; au- thorizing the sum of 500,000/. in the Exchequer [" appropriation in aid"] to be applied to the service of 1848; and authorizing the Commissioners of the Treasury to raise 2,000,0001. either by the issue of Exchequer Bills, or by the creation of Consolidated Three per Cent Annuities, or Reduced Three per Cent Annuities.

A good deal of miscellaneous business was transacted earlier in the even- ing. Inter alia, the Diplomatic Relations with Rome Bill went through the stage of Committee, with a continuance of the opposition that it has en- countered; and was reported.

Mr. POULETT SCROPE raised a regular Irish debate, by moving, as an amendment on the motion to go into Committee of Ways and Means, "That no future appropriation of monies taken from general taxation be made in aid of the poor-rate of Irish unions, except on condition-1. That it be ex- pended in the productive employment of the able-bodied poor; and 2. That re- payment be secured by a lien on the property improved by the works, as well as on the rateable property of the union." The discussion went on, without much interest, for three hours; the principal speech being one by Mr. BRIGHT, urging the necessity of some totally new course in Ireland, to recover the alienated faith of the Irish in the good-will of the English Government. Motion negatived, without di- vision.

The House of Lords sat a very short time, for the furtherance of busi- ness; but there was no discussion of importance.