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    cable to the absorption o £ stock for the reduction of the national debt . Large purchases , also , had been previously made in anticipation of the prosperous figures that were to be communicated , and a slight tendency to reaction was , therefpre , to be expected . "

    CUSTOMS BEFOBM . This important subject , forming a necessary supplement to the Budget , was treated by Mr . "Wilson , on Thursday , when he announced some important alterations of the existing system , of which the following is a summary . Tho first topic related to the constitution of the Board of Customs , with regard to which subject the Government had not yet arrived at a decision . "With regard to the second topic , relating to the appointment and promotion of Custom-house officers , the Government recommended that facilities should be given to enable officers belonging to the humbler departments to enter those of a higher orade : and thev accordingly proposed , that when a

    superintending locker ( or any other subordinate officer , aa he subsequently explained ) should have served for three year 3 j he should be entitled to undergo an examination , and become eligible for the higher ranks . The next point related to fines and satisfaction . With regard to fines , the Government could recommend their abolition , but they distinctly put an end to the principal evil complained of , by abolishing the interest at present enjoyed by the particular officers in fines and justifications , or from the sale of goods detained for duties . Ad valorem duties had also received the attention of the committee . These duties the Government considered might be eventually removed altogether , and the Chancellor of the Exchequer in his budget had acted in accordance with that belief . With regard to the

    complaints relating to seizures and stoppages , and adjudications thereupon , he reminded the House that the Board of Customs had given directions that no vessels should be seized or stopped without a written notice to the owner , stating the grounds of the detention : and also that any person having his goods detained , or any complaint lodged against him , should be heard in open court , before one of the commissioners , the witnesses on both sides being examined on oath . With those arrangements , as far as London was concerned , the Government entirely concurred ; they were , however , inapplicable to the outports , where the Government proposed to supply their place by providing that such inquiries should take place before the authorities of the port where the circumstances might arise . The law of costs and penalties next received his attention . Taking- into consideration the complaints urged

    upon this subject , the Government proposed that only when the Crown succeeded in a prosecution should it have a claim for costs—an arrangement by which the Crown was placed upon an equality with the subject . That in all cases not involving a sum of more than 100 ? ., it should be imperative on the Crown to resort to the County Court , or some other local tribunal , leaving the option with tho defendant to remove the case into a higher court if he thought fit ; and that cases involving a larger amount than 1002 . might be decided by local tribunals under certain circumstances . Also , that every action should be brought in a regular manner , by the ' Board of Customs , and not by the particular officers concerned in the case ; and that the limit of time allowed for bringing the action for damages should be extended to one month after the determination of the case . One of tho recommendations of the committee related to

    tho question of transit . According to an arrangement which had been tried successfully for two years , all goods coining to the country in transitu , might bo landed , placed on the railway vans , and carried , under the superintendence of a Custom-house officer , to another port , and there r > :-exportod without ever having been touched . The Government were sensible that every facility should be given to our shipping to become the carriers of tho world ; and they had recommended tho Commissioners of Customs accordingly . Tho committee recommended that similar facilities should bo given to coasting vessels ; but this course ( except in the case of goods that had been examined ) tlio Government considered would bo attended with great danger to tho revenue , and unjust to fair traders . They al « > recommended that arms should not be carried backwards and forwards without an order from tho Treasury . With

    regard to another recommendation ol tho committee—that a vossol should not bo stopped for smuggling , unless ono of tlio principal officers was implicated in the offonco—ho thought that tho c . iso was inot by tho existing law , but was willing to deal with it it' necessary . Objections had been made to the present bonding regulations , to moot which the Government proposed that tlio importer bIiouM bo liublo for duty ; but that , in parting witli Iuh goodu bo niight re-enter tliom , that thoy should then be r <> -measured , weighed , or guupfod , as tho euso mig ht be ; and that tho importer should then bo responsible only for any deficiency which niight—from whatever cause have taken place during tho period of bondage . Tho ( jovernment also proposed tliut tho Hoard of Customs should bo obliged to take stock periodically ; and that tho three classes of warehouses existing at present should all

    b <» united into ono class . Taking into consideration tho inconveiiienco complained of with regard to tho examination of luggngo , tli (> y propound that in all oasoH whore-only ono or two packages were concerned , tho examination might take place on tlio steamboat between GmvoHond and London , and that in any case one paekugo might bo examined , ho that the passenger might bo enabled to pursue his journey without delay . The next point was a very important ono , relating to facilitating tho entrance of free goods . Tho committee recommended that the tdiip ' s manifest ,, and tho on try of tho consignee should bo Bent to tho landing waiter aw tho solo authority on which ho should ¦ uit ; but this Hyutom , he contended , would bo giving an impunity and encouragement to smuggling , which would bo productive oi" tho iuohI dangorouu conttoquoncos . They prououou , Uowcvur , aa fur ua pouaiblo , to moot tho objecta

    of the committee , by having a room specially set apart for tho examination of free goods . Those were the principal recommendations of the Government , who proposed to include all Customs regulations in one general bill , lney also proposed ( pending the settlement of the question ot the construction of the Customs Board ) to give to Liverpool a privilege demanded by its increasing importance ; namelyf power to its local authorities to decide , without appealing to the fioard , in all cases not exceeding 10 W . The last proposition related to certain changes in the Isle of Man , by the abolition of the licensing system ; to raise the rates of duties upon spirits ; and to permit importation to any extent whatever . A general and approving conversation followed . Mr . Wilson presented some papers , which were ordered to

    be printed . NATIONAL DEBT BILL . The House having resolved itself into a Committee , last night , upon the South Sea and other Annuities ' Commutation Bill , on arriving at the second clause , which provides that proprietors of the South Sea Stock and other minor 3 per cent , stocks may for every 1007 . receive S 21 . 10 * . new 3 § per cents ., or 110 Z . new 2 per cents ., both guaranteed for forty years ; or an Exchequer bond for 100 Z ., bearing interest at 2 f per cent , until 1864 , and 2 \ per cent , until 1894 .

    Sir F . Keily characterised the whole scheme contained in the bill as inconsistent , impracticable , mischievous , and unjust ,, and declared he should oppose this part of it , as making a large and substantial addition to the national debt , under circumstances winch led to a reasonable apprehension that the principle would be applied to the whole debt , unless Mr . Gladstone consented so far to modify the bill as to strike out the second alternative . The alternatives , he contended , were not equivalent , and the Government should have proceeded , like preceding Administrations in similar cases , to invite tenders , instead of which , they had

    framed propositions upo n dataof their own , foundedupon assumptions of what would be the state of the moneymarket in after years . If there was no other objection to the scheme than that it augmented the capital of the debt—a proceeding wholly unjustifiable , except in extreme emergencies- —it would be insuperable . He repudiated the theory of Mr . Gladstone , that what was termed the national debt consisted of perpetual annuities , observing that , if this were true , it was immaterial whether the capital of the debt was 5 OQ , 0 O 0 , OOOZ . or

    1 , 000 , 000 , 0002 . ; but to add 10 per cent , to a portion of the nominal capital , which it would be necessary at some time to pay off in full , was a great injustice to the country . Independent of this objection , he argued that the disparity between tbe alternatives No . 2 and No . 3 was fatal to the scheme . Aware of the object in view , to create a 2 \ per cent , stock , he felt the great importance of not increasing the capital of the debt , aiid called upon the Government to expunge the second alternative .

    The Chancbilor of the Exchequer observed , that the views of Sir Fitzroy were based upon a fallacious theory of monetary affairs , differing altogether from those upon which the Government had framed this bill . As to striking out one of the alternatives , it would be most unfortunate , he said , if Parliament sltould send him to the money-market with a maimed and impracticiible scheme . Sir F . Kelly had supposed that the scheme was to be applied to the whole debt . But it was not so ; tho object was only to establish a 2 } per cent , stock . It was objected that the three alternatives were not equivalent ; but their relative values

    depended not merely upon figures , other elements entering into the calculation . The Exchequer hondct would not suffice to establish a 2 ^ per cent , stock , and that was tho reason why the new 2 | per cent . waB created . ) Vith regard to the alleged increase of the capital of tho debt by the latter expedient , which Sir F- Kelly supposed to be a violation of a great constitutional principle , tho opinion that tbe capital of the debt should not bo increased was a useful one , in which ho was ready to concur , but the debt was constantly receiving accretions without opposition , and no alternative bud been presented to him except tho second named iu tbe bill—• tho emit ion of a guaranteed new 2 ^ per cent , stock ut a premium—which would lmvo attained the object of

    establishing a 2 , \ per cent , stock with a loss ) augmentation of tho nominal capital of tho debt ; but ho nuggcsLed Unit tlio annual . saving of 5 . v . per 100 / . from tho conversion might bo po . stponoil , and applied to tho extinction of the capital added to tho debt . Mr . T . IlAitiN < i protested against any addition to tho capital of tlio debt , and thought that this was not exactly tho moment for a permanent reduction of tho interest , and , if it hud been , that the modo proposed , tho leading fciil urea of which lie cursorily noticed , was loo complicated , while in tho time of our prosperity it would add to our liabilities and engagement *) . Tlio scheme , iu tlio whole mid in ifcrt partw , wiw reviewed by Mr . W . Williamb , Mr . LaINO , Captain

    Laffan , Mr . J . B . Smith , Mr . J . A . Smith , Ifr . Hums , and ! other hon . members . Mr . Piseaeii observed , that the plan of the Government , if completed , could , at the utmost , save no more than 60 O , O 00 Z . a-year , with a guarantee that might entail a loss , and contrasted very unfavourably with preceding financial arrangements , especially in respect to the guarantee , the most important feature of the present plan . He objected that the Chancellor of the Exchequer had settled , the terms of the operation , whereas it was his duty to have thrown upon the public creditor the responsibility of offering terms . A 2 % per cent , stock could be created at any time ; its policy depended upon terms and time , and , in his opinion , Mr . Gladstone ,

    though ingenious , had been premature . The prospects of the rate of interest were uncertain ; new phenomena were hourly appearing , and although before these changes , which had confounded the greatest financiers , the most successful of our Chancellors of the Exchequer had never contemplated a guarantee beyond twenty years , a guarantee of forty years was now proposed for a conversion which , if perfectly fulfilled , would save only 600 , 000 Z . a-year . Under these circumstances , he entreated the Committee to pause before it sanctioneel , nofc a measure of necessity , but a financial caprice , which , even that night , was still undergoing important modifications , showing that the scheme had not been sufficiently matured ; and he recommended the Government to give the subject more time and

    thought . Mr . Goulbtten accused Mr . Disraeli of endeavouring , in his anxiety to depreciate the plan of the Government , to give fallacious representations of former financial operations . With respect to the guarantee , in proportion as advances were made in the reduction of the interest of the debt , corresponding advantages must be given to reconcile parties to the sacrifice . The government , with the view of creating a 2 ^ per cent , stock , were right in offering alternatives , the public creditors being of different classes ; and as to the alterations made in the plan , none of them infringed its principle . He trusted the Committee would assent to the Bill , which would lay a foundation for future reductions of the debt . Sir J . Pakington cited a speech of Mr . Goulburn in 1844 , which was in apparent incongruity with his present sentiments . Sir F . KEiiLT made a brief reply , and , upon a division , his amendment was negatived by 234 against 175 . All the clauses were then agreed to . DOCKYARD APPOINTMENTS . The manner in which the late Government managed the dockyard appointments was discussed on Tuesday . Sir B . Hall introduced the subject , stating that his object was to show , that the Tory Government had , in view of the late general election , improperly exercised their dockyard patronage . The following were tho facts of the case . In February , 1847 , the then Admiralty ( Whig ) had addressed a circular to the dockyard officers , pointing out many-shortcomings in the general workings of the establishments , compared with private yards , and attributing this state of things to tho manner of promotion : the rise from shipwright to leading man , and from leading man to inspector , was regarded rather as a matter of accident or favour , than as a reward duo to merit , and to be dispensed upon plain ancj o ] uitable principles . They therefore laid down certain rules , whereby promotion would be made in a regular way , according to merit ; and , to further this , they gave up their own power of direct appointment , vestinjg the consideration of vacancies , promotions , and changes , in tbe Surveyor oft tho Navy , making him responsible for all expenditure . Increased efficiency , and a saving of 190 , 000 ^ . a year , resulted from this movement . When tho Derby Government camo into power , a change took place . Five weeks after their accession , when a general election was monthly expected , Mr . S tafford , Secretary to the Admiralty , told the Surveyor of tho Navy , Sir Baldwin Walker , that his " political friends" were dissatisfied at the manner in which the

    dockyard promotions were mtulo . A few days after , Mr . Stafford issued an order , cancelling the arrangement winch committed tbe consideration of vacancies to the Surveyor of the Navy , and directing that tho old plan of consideration by the Admiralty itself should bo reverted to . Sir Uuldwin Walker , taking tho verbal complaint , and this retractation of tho patronage , m an imputation on hiH conduct , tendered his resignation . With reference to this ottered resignation , another Admiralty circular wua issued . It stated that no imputation on Sir Huldwin Walker was intended by the former circular , that tho rules of 1847 , regulating promotion by merit , were to bo strictly adhered to , but that tho Admiralty itysolf , and not tho Surveyor of tlio Navy , would carry them into execution . Acting on this change , tho Dor-

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    3 88 THE

    LEADERrSATPgBAg ,

• Citation
  • Leader (1850-1860), April 23, 1853, page 388, in the Nineteenth-Century Serials Edition (2008; 2018) ncse.ac.uk/periodicals/l/issues/vm2-ncseproduct1983/page/4/