The Queens Speech.
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rejoice that enabled on again meeting you in par


Lament 70 congratulate you on the improved condition Of


Increased activity pervades almost every branch Of ma
nufacture Trade and commerce have been extended
nome ana abroad and ameng all classes of my people
there generally prevalent spirit OF loyalty and cheer
ful obedience to the law.


continue 10 receive rrm all foreign powers and states
assurances OF their friendly disposition


have had much satisfaction at receiving at my court
the soveregns who in the Of the last year. visited
this country.


The journey of the Emperor Of Russia underta aken at
great sacrince of private convenience proof OF the


friendship OF his lmperia Majesty most acceptable to my
feelings


The opportunity Of personal intercourse thus afforded
those amcable relations which have long existed between
Great Britain ard Russia.


The visit Of the King of the French was rendered espe
caIly welcome TO me- nasmuch II had been preceded
BY discussions which might have impaired the good
dersandng happily established between the two
tries.


regard the maintenance of this good understanding as
essential to The best interests Of both, and rejoice 10 wit
ness ssas ne 50 cordially By all
sit, were entirely in unison with my own.


Gentlemen Of The House of Commons =


The estimates for the ensuing have been PREPARED
and will forth with be laid before you


The progress OF steam navigation and the demands for
protection to the extended commerce of the country will
occasion increase In the estimates connected with the
naval service.


My Lords and Gentlemen


have observed with sincere satisfaction that the i'm.
prov. men which is manifest in other parts OF the coun
try has extended to Ireland


The political sgitation and excitement which have
had heretooreo lament to have gradually abated
and natural result private capital has been free
ly applied useful public through
welfare Of Ireland.


have carried into effect in the spirit in which it was
conceived the Act for the more efectual application Of
Charitable Donations and Bequests.


recommend to your favorable consideration the policy
of improving and extending the opportunities for ncade
mical education In Ireland.


The report of the commission appointed inquire into
the law and practice in respect tbs occupation of land
isneary prepared and shall be communicated to you I'm
mediately after its presentation


The state OF the law in regard to the privileges of the
Bank Of Ireland and to other banking establishments in
that country and in Scotland will doubt occupy your
attention.


Whatever may be the result of your deliberations in
this respect feel assured that will be yeur determine.
ton to maintain of amply sufficient to
meet the necessary expenditures of the country and rm
y to uphold that public credit which is ndis pensabe


The health of the inhabitants of the large towns and
popuous districts in this part OF the United Kingdom has
been the subject Of recent inquiry before commission,
the report Of which shall be Immediately laid before
you.


and suggestions contained in that report shall enable
to devise the means OF promoting the health and comfort
OF the poorer classes OF my subjects


congratulate you the of the which
three ear3 since were adopted bv parliament for the
pose OF supplying the deficiency in the public revenue
and srresting accumulation in the time of peace.


The act which was passed ut that time for imposing
tax upon income will shortly expire.


NAV mot be- sxueaent to continue its OPERATION for
further period aud thus TO obtain the Of adequately
providing for the public service and at the same time OF
making reduction in other taxation.


The prospect OF continued peace and the general state
Of domestic prosperity and tranquility, afford favorable
opportunity for the Consideration OF the important mat
ters to which have directed your attention, and com
NIT them to your deberaton, with the earnest prayer
and protection OF Divine Providence to strengthen the
feelings OF mutual confidence and goodwill between diff
ferent canses OF subjects, and to improve the cond


Her Majesty left the House of Lords at half past two
O'clock and proceeded to Buckingham Palace amidst the


The crowd n st. James Park had greatly increased at
the time Her Msjesty returned to the Palace


Sir II. Peels FinauciaI Statement


HOUSE OF COMMONS, Friday, Feb. IA.


The Speaker having left the chair, the house re-
solved itself into committee Of ways and means.


Sir ROBERT PEEL saidMr. Greene, although,
Sir, have had considerable experience in the dis.
charge OF official duties, and although have fire.
quently had occasion to address this House on
matters OF great public concern, yet ! cannot ap.
proach the discussion OF that subject which / am
now called upon to discuss without great anxiety,
and without deep consciousness how imperfect
and inadequate will be the explanation which
shall be enabled to.give. But, Sir though | rise
under some disadvantage, from the period OF the
year atswhch this statement will be made, yet, af-
ter the announcement contained in the speech iron
the Throne that her Majesy.s government meant
to propose a continuance OF the income tax for a
further limited period, we felt we had no aterna-
uve-wbatever might be The precedenls, and what
ever might be the ordinary course as TO financial
statemeptsbut at the earliest day to submit TO
the house and the country the general views OF
the government with respect TO our financial posi-.
ton and our commercial policy. Sir, it will be
my duty to present to the House general view of
the present financial position Of the country; to
make an estimate of the probable revenue; and to
discuss the great queston--whether it be conss-
tent with the public interest that the present
OF expenditure should be retained, or whether it
will be not fitting that there should be, in respect
OF some important branches OF the public service,
an increase OF both beyond those of preceding
years. If the House should entertain that propo-
ston for the reasons which shall adduce, it will
then be incumbent on me TO propose for the consi-
deration OF Parliament whether il be fitting
that that increased expenditure shall be made
IRON the ordinary sources of revenue. or
whether il, be more advisable that that
tax imposed ing the year 1912 on property and
income shall be continued for a further limited Pc
Rod, for the double purpose of providing efficient
ly tor the cxigences of the public service, and for
enabling Parliament to reduce and repeal other
taxes bearing more Immediately on the industry
and commercial enterprise OF the community
CLEAR, hear) Sir, will, in the first instance, be-
gin. by referring TO that estimate o. the finances
and expenditure OF the country which was made
by my right honorable friend the Chancellor of the
Excht quer, when he last brought the budget under
consideration of Parliament. MY right hon. friend,
speaking, think, at the latter end Of April, lS44
calculated the revenue for the current year (hat is
Tor The year ending the 5lh of April, 1857 at
E5l, ,790, 900 My right hon. friend calculated the
expenditure ut E4s 643, 900, leaving an estimated
surplus Of E3 l47.000 That calculation was dis
turbed, on .he one hand, by an estimated reduc-
tion OF taxation to the amount of E4O0 000-l al
lude 10 the wool tax and the duty glars, remit
Ted at subst quent period OF the session but then,
on the other hand, credit was taken for demand
of S400 900 on account OF the China expenditure,
which vote it was not necessary to apply; and,
therefore, the necessary expenditure OF my homo
rable friend involved saving on the one side ex-
acty balancing the reduction of taxation on the
other. My right hoa irienl, in consequence of the
pcstponement OF E760 900 for the purpose of equal
lsiDg the payments on dividends, reduced the ep.
parent surplus to real one OF 81, ,376, $50 1t will
appear by the balance sheet, referring TO the state
OF the finances and expenditure up to 9th of Janua
ry, tha, there was surplus Of 1857 900 Instead OF
E5I 700, 600, the sum calculated upon by my right
honorable friend, the amount of net revenue was
E54, 900, 600 That increase chiefly arose from the
increase receipt of the customs. Instead Of
Ell, ,500, 900, as estimated by my right honorable
friend, the actual receipt was, up to the 9Th Janu
ary, E22, 5O0,000 The excise was taken by my
