LATER ENGLISH NEWS.

New Zealander, Volume 3, Issue 116, 10 July 1847, Page 3

LATER ENGLISH NEWS.

[Prom the Sydney Morning Herald.] The Adelaide papers contain English newi (received via India,) to (he 24th February. On the 22nd the Chancellor or the E .chequer made his annual statement of the Ways and Means, commonly called the Budget, and the following extract contains the substance of that important exposition. I'lio demand upori the Exchequer, he said, was unusual, and happily, there were unusual means to draw j upon. Never, in the memory of the oldest, had Eng- ! laud to prepare for such a drain as the distress in Ireland must now' make upon her resources, and by « singular providence, there had never been a time in the memory of the oldest member present, when as now, there was no deficiency in the finances of the quarter, the balances in the Exchequer being sufficient to pay the dividends. There had been an increase on the revenue from every article of import, on which duties •ustoms 1 duties were payable, except on those articles on which the duty had been reduced ; and every article, soap excepted, on which excise duty was payable, had increased in amount. The entire revenue of the year was j£5'1;,557,000, and out of this no leWa sum than £51, 653,000, was raised by duties on- corn, tea, sugar, coffet, spirits, wine, beer, malt, and tobacco, and other articles of consumption connected with fpod. On^the other hand, there had been an increase, in the price of cotton, a demand for bullion, and consequently a pressure on the money market, which Jpd caused' a decrease in the employment' of the people. Notwithstanding which, the surplus of £776,000 revenue, for excise and customs, on which Mr. Goulburn calculated last year, hnd swollen to Even in Ireland, the excise duties had increased. For next year, we may calculate on an ordinary revenuV amounting to and the ordinary expenditure will be •bout £54,576,000. The extraordinary expenditure 'for Ireland has already amounted to £2,000,000, and must amount to a million a month to the end of August next, making a grand total of £'10,000,000. This was one reason with him, (Sir C. Wood) for opposing Lord George Bentick's plan. He could not propose new taxes to the amount of £10,000,000, he must therefore borrow that sum in the market., He would borrow the whole eight millions which' were still required, and' he would not have recourse to taxation even to pay the interest. This sum would not be added to the permanent debt, as part of it would be chargeable on the property of Ireland. The interest payable on the loan, for the next year would be, at three and a half per cent, £180,000. This he could pay out of the balance of reTen ac over expenditure, and have a surplus of £332,000. So much for one year,* but if, at the close of that period, it should be found necessary to take means to bring tho income neaier to the expenditure,' he would not hesi* tate to have recourse to the painful, but very necessary , means of taxation for ' that purpose. It would of course, ibe impossible to do anything this year towards decreas- ,- ing taxation* , The mutual explanations were considered sa« " tisfactory, and the Bank of England had ten* dered for £4,000,000 of the'loan, and'the Rothschilds for the remainder. The commercial news was less gloomy. The wool sales were progressing, and prices wera said to be " fully supported." Tallow has risen from 9cl. to Is., New South Wales was 6aid to be in request at 50s. Hides were in demand, some New South Wales, sold at 2£d. to 3d. The mild weatiier'was having a beneficial effect upon the markets, and money was said to be more easy. Console closed on the 23rd at 90|. Distress in Scotland.— Occasionally, amid the Irish turmoil, is heard the still voice ol poignant dintress in the North and West of Scotland : there the Celtic race it suffering equally with the cognate raee 1 , in Ireland, but not like them with forge, fulness of self-esteem or decorou* bearing. It is curious that the same calamity should attack the same race, in different places, with such marked difference in ilicir demeanour. Something, perhaps, is due to the hardierlife of the mountaineers and islauders— always famfliaTwith hardship and penury, they are prepared to face even famine with fortitude} something may be ascribed to, the fact, that the impressible Celtic race is not 'the predominant race in Scotland ; some* thing possibly to the actual in term iture of Northern blood ; something to the sterner character of the religious training and institutions. From whatsoever cause, the behaviour of the Scottish sufferers is ia marked contrast with that of the Irish ; ihey no not abandon what work they might have, nor raiugle cries of helplessuess aud threat!, nor buy arms, nor shoot those who bring them succour. Theie is much that commands deep respect in their tranquil endurance; and it ought not to meet wi>h greater neglect than the noisier agonies of their Weste'm'brethrcn. — Sptctator,