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ONE:Mr. Williams, made Baron of the Exchequer 3,300 ONE:The select committee of the Commons appointed at the instance of Lord Castlereagh, to inquire into the state of the national income and expenditure, now presented its report on the 3rd of June, and it was agreed to. The Chancellor of the Exchequer stated on its authority that, since 1815, taxation had been reduced eighteen million pounds per annum; that in 1816 the revenue of Great Britain and Ireland had been consolidated, and that, at that time, the interest of the Debt of Ireland, including the Sinking Fund provided for its reduction, exceeded the entire revenue of that part of the United Kingdom by one million nine hundred thousand pounds. He then announced that supplies for the present year would be required to the amount of twenty million five hundred thousand pounds; that the existing revenue would only furnish seven million pounds towards this; and that it would be necessary to have recourse to the Sinking Fund to make up the deficiency of thirteen million five hundred thousand pounds. This Sinking Fund was fifteen million five hundred thousand pounds, so that it would leave only two million pounds; but as it was necessary to have a tolerable surplus in hand to meet exigencies, it was proposed to raise this reserve fund to five million pounds by fresh taxes to the amount of three million pounds.No sooner was the conquest of Scinde completed than the Governor-General began to discern another cloud looming in the distance. In the Punjab, Runjeet Singh had organised a regular[594] and well-disciplined army of 73,000 men. He died in 1839. His heir died the next year, it was supposed of poison. The next heir was killed a few days afterwards by accident. The third, who succeeded, was an effeminate prince, who left the government in the hands of his Minister, a wicked man, who, conspiring with others, caused to be murdered several members of the Royal Family. They were, in their turn, punished by having their heads cut off, and the only surviving son of Runjeet Singh, a boy only ten years of age, was proclaimed Maharajah. This was the work of the Sikh army, now virtually masters of the country. Lord Ellenborough and his Council suspected that this army, still 40,000 strong, and very brave, was unfriendly to the British, and might some day give trouble to the Indian Government��possibly invade its territories and cut off its communications. In order to guard against such contingencies, it was necessary, they thought, to take possession of Gwalior, a powerful Mahratta State in Central India. This country lay on the flank of our line of communications with Allahabad, Benares, and Calcutta. In this country also there were, fortunately for the British, a disputed succession, royal murders, civil dissensions, and military disorganisation. A boy, adopted by the queen, was proclaimed Sovereign by the chiefs, with a regency, over which the British Government extended its protecting wing. The young Sovereign died in 1843, leaving no child; but his widow, then thirteen years of age, adopted a boy of eight, who became king under another regency. The regent Nana Sahib was deposed, notwithstanding the support of the British Government. This was an offence which Lord Ellenborough would not allow to go unpunished; and besides, the disorganised army of Gwalior was said to be committing depredations along the British frontier. Here, then, in the estimation of the Governor-General, was a clear case for military intervention, to put down disorder, and secure a good position for future defence against the possible aggressions of the warlike Sikhs of the Punjab. Lord Ellenborough explained his policy to the Company, stating that the Indian Government could not descend from its high position as the paramount authority in India.