Star. — London, England, 1813-04-01 00:00:00

I' 4 1 I attelee et tiltraireper. k y r . rd thelionse baring resumed dared to be received tO-1146A0V1. NEW TAXES. The Houle then ',staved itself into, a of Ways and Means.. The CHANCELLOR of the EXCh 'said, that the first observations with which he should trouble !he Committee related to a transaction that lad taken place that morning. A proposition had been made by Government to a considerable body of Tankers to fund a certaio amount of Exchequer Bills, provided the measure should receive the sanction of parliament. It was proposed to theie Gentlemen, that under the authority of Parliament twelve mil lions of out-standing Exchequer Bills should be im eladiately funded in the same Stock as that in which Cal had lately been uniformly funded ; namely, the. r, per Cent. Navy Annuities. For every £lOO so 1 ft.iaded the subscribers to receive £ll5 10s. of those Annuities. These appeared every reason to believe, I that notwithstanding the premium which the subscri- 1 bers would enjoy was smaller than on most other oc tasions of a similar nature, yet that it would be gene rally tatisfactory and acceptable. The rate of :me rest the public would have to pay on this 8115 10s. would be res 15s. 6t1.• which added to the Sinking Fund Jel 3s. Id. would make a total charge of 86 18s. 7d. for every £lOO of gxche q uer Bills funded. On comparing this charge with the charge which would have been incurred had the funding been agreed upon to take place in the Three per Cents. at, the present prices of the two Stocks, it would appear. that the total charge would be nearly equal. If there‘j fore it was an advantage (and it certainly was so) to create Five per Cent. instead of Three per Cent. Stock, that advantage had been obtained without any addifonal charge to the public. It was true that last year in the first instance only £lOB ss. in the Navy Five per Cents. had been offered for every £lOO of Exchequer Bills ;—but the measure sac teeded only partially—less than half the amount required was funded—and it was not until a consi derable addition was made to the premium that the whole sum, amounting to above twelve millions, was subscribed for.—That, however, which he had mentioned was only a part of ,the proposition which bad been Made. In addition to the proposal for funding twelve millions of Exchequer 13ills, it had been deemed advisable by Government to give an" option to such of the holders of Exchequer Bills as might think fit to subscribe an additional sum of 50 per cent. in money, for which they should receive debentures. It appeared desirable to vary asanuch as p-•ssible the nature of securities of this description, and to multiply them frem year to r!ar as occasion might require, in order to suit the ditferent classes by whom they might be held. It was thought ad visable, therefore, to propose, for this additional sub scription, a security between that of the public funds and that of a floating security (such as Exchequer Bills), transferable from hand to hand. For this purpose it had been proposed to issue debentures, beating. an interest of 5 per cent. capt6le of being funded at a certain period, at a fixed rate of stock, transferable by endorsement alone, and thus possess ing a character of greater solidity than that species of security which was transferable from hand to and *hitt was therefere subject to deterioration by loss or robbery. It - was proposed, that the interest on each of the debentures should be payable in April and October, and that it should be at the option of the holders to have them paid either in money or in stock on the sth April, 1615, or any sth of April afterwards • during the war, or fiwally on the sth of April twelve months after the ratification of a treaty of in ace. If stock were accepted, it should be ex changed for these debentures, at the following rates, viz.—for every £lOO debenture, reloo.in the 5 per, cent. Navy annuities, '>el2o. in the 4 per cents. or £l5O in the 3 per cents. ;—the funding . in any of those stocks at those rates bringing an equal charge on the Public. By this measure an advantage would be gained- by the public of obtaining whatever sum of money might be subscribed, at a rate of total charge of 18s. percent. less than would be created by the funding of Exchequer Bills, and the loan si hich it would_be necessary to contract, would be very much contracted—an object under• the present circumstances of the highest importance. While the Public derived this benefit, the holders of the debentures" would enjoy the advantages which he had ahead) , enumerated, of having at a fixed period an option of stock or money, and in the mean while of possessing a security as readily transferable and yet more stable in its nature than Exchequer Bills. Hi was aware it might be said that in granting an op tion to the holder% of debentures to take stock or money, they would of course take that which at the period would be most against the Pinblic. But on a fair consideration of the subject, he thought that! t'is and other disadvantages would be fully compen: sated by the advantages which the Public would derive trom the plan. In the first place, if the stock were preferred, there was no reason to suppose that at the period contemplated the funding would be snore disadvantageous to the Public than at the pre. sent moment. He had already stated his intention to propose a grant to the Commissioners for the re duction of the Mitional De b t of One per cent. on all Exchequer Bills outstanding. He also proposed an addition of one per cent. on the debentures as Sink ing Fund, that they might be redeemed at the same poiod. He was not sure that be had explained the nature of these securities sufficiently to Gentlemen who were not so conversant with . such matters as those with whom he had conversed in the morning, bat he had giv .t IL an outline of their character, and he- should be happy to afford any further information respecting them that might be required. The amount of the charge that would be brought on the Public, if the whole should be accepted, would be 4360,000, consisting of.five per cent. interest, and one per cent. Sinking Fund. He would now proceed, in confor mity to his notice, to submit to the consideration of the Committee, the taxes which would be necessary in order to make that provision for the Sinking Fund which was involved in the Bill in progress through the House, provided it passed into a law. If, on the other hand, Parliamem should not think it advisable to give The Bell their sanction, at least he would not be liable to reproach for having neglected to provide supplies . which might be applicable to defray the charge and Sinking Fund of Exchequer Bills out canding. JLeverting to the fiaancial ozaniencias oaf services of the current year ; but it was so important to maintain the Consolidated Fund, that it appeared to him to be very inexpedient to take such a step, and to be far better, however inconvenient id other respects, to add to the existing taxation. In addi tion to the £870,000, which in the developement of his fipancial plan be had shewn to be necessary' to supply thealrain on the Sinking Fond, the Commit. tee would recollect, that in providing. the supplies for the last year s there was oae proposition—the tic tien Duty, which he had calculated at £lOO,OOO, and which having abandoned,• it became necessary for him to supply the consequent deficiency in the Consolidated Fund. The, total sum, therefore, that it became necessary to raise by permanent taxes, was nearly a million of money, viz. 8870,000 to be applied to the Sinking Fund, and £lOO,OOO the defi ciency accasioned by the abandonment last year of the Auction Dry. For the purpose of providing the last-mentioned sum, it was his intention to pro pose to the Committee s an-additional duty on To bacco equal to that imposed on it last year, which duty he would estimate at £lOO,OOO, although pro bably it would produce more.—He was not aware that this new tax would occasion any material incon venience ; or at least he was persuaded that it would occasion as little inconvenience as any that could be deviled'. With regard to the greater sum of 8870,000, - the principal tax that he meant to propose to meet it, was an increase of the CustoM duties. He thought this would be infinitely preferable to any augmenta tion of the assessed taxes, or of the stamp duties, which bad lately been so much increased. As the most convenient mode, he proposed to raise the sum of 8 or £900,000 by a general increase of those du.' ties, with certain exceptions. These exceptions were the duties on tea, sugar, wine, raw silk, and cotton wool. On the other articles which paid custom duties he proposed an increase of 25 per cent. No such general augmentation had occurred since 1804, and only one partial and small increase in 1815. Under the existing circumstances this increase would be comparatively little felt. For the country had, until recently, been so excluded from foreign trade, that, until lately, all foreign articles had come to our mar kets, what with the difficulty of transmission, the charge of freights, &c. under an augmentation of ex pense, greatly exceeding the proposed rate of duty. Many circumstances had, however, recently com bined to render those articles at the present moment cheaper to the consumer, even with the increased tax,l than they were last year without it. He world esti. mate the amount of this increase of the Custom du ties, at from 85C to £900,000. In addition 'to this augmentatioo of the Custom duties, he meant to pro pose a slight augmentation of the Excisean a parti cular branch of it. He proposed that this should take place on Fench wines—an article of mi re luxury, entirely confined to the higher orders, and -if checked in the importation, or wholly shut out, he should con sider it to be a rational advantage.—(Hear, hear.) — On French winos, he proposed to lay an additional, excise duty of Isd. a bottle, which would be about 18d. to the consumer ; a tax that could not be consi dered very burdensome to the country. The pro. duce he estimated at (30,000; no very important sum, and one indeed which it would hardly be worth' while so to raise, were an the subject itself one so' proper for taxation, that even were it likely to pro duce less, or were the consumption to be so &mi. nished as to lessen the existing produce of the duty upon it, he should still tees it to be his duty to,nialte his present proposition. The estimated predeee s therefore, of the permanent taxes would be, R 550,000 from the general increase in the consolidated duties of customs, RlOO,OOO from the iuty on tobacco, and R 430,000 from the duty on French wines, making in the whole a sum somewhat short of a million, to an swer two objects—to the supply of the Sinking Fund, and to make good the defalcation occasioned by the relinquishment last year of the Auction Duty. And here he w , uld observe, that although he had thought proper thus to replace the proposed Auction Duty, he had by no means lost sight of it. He did not think it would he satisfactory tolake it for the purpose of contributing to the, immediate supply ; but he re served to himself the liberty of proposing means to prevent fraud, and to regulate the duty, it he should thereafter find it necessary to do so. Those which he bad mentioned were permanent taxes. He should next propose to lay some further taxes under the head of war taxes, for the general purpose of assisting the supplies for the year, and for the particular object of providing for the one per cent. Sinking Fund on Er.. chequer 13111 s outstanding on the sth of January of each year, to be granted to the Commissioners for the reduction of the National Debt. These war taxes he wished to class under the heads of imports and ex ports. The first that he should propose would be a general increase of duty on the importation of an goods and merchandise the manufacture of the French empire, and of all countries dependent on France. It was true that trade licences to France and her depen dencies were not now granted by Government, but it was obvious that circumstances might render it politic to renew them ; and we had an undoubted right to retaliate on the enemy all the oppression in which he had persevered against our commerce. He proposed to double the war duty on such articles. Those war duties were at present equal to one-third of the conso lidated duties. He proposed to add to them to the amount of the other twathirds, thus making the Whole of the duties in war double the duties in peace on French goods. It was extremely difficult to estimate the probable produce of this increase. If he took the average of the last three years, he would say that it might amount to £200,000. Some articles were wholly prohibited, of others, the ditficulty of im porta:ion was great; but by taking the various aril 'cies, and allowing one as it were to insure the other, he was confident the produce would not fall short of that which °he had just stated. With respect to the exports, the trade about to open, would, in all probability, be so great, that no material in convenience, could, in his opinion, arise from adding a half per cent. to the present export duties. — In peace, such a proposition would be impolitic— not so at ibe present =neat. lie calculated that he 'Maghthe might etarificitntly here; reverting to the increased atlas! . the Right Hon. Gentleman to were to be applicable?) —Cer import duties would he on goods countries depencht4 de Prance., ICJ gi'. great pleasure to see those digital listisene by the diminution of the number of those dountries—(Hear, hear.) They were not to attach *) the exPerts of any country iq amity with his Ma. ksty rand the declaration of that amity would imme diately cause the cessation df those duties. The only. other additional duty on exports which he meant to .propose, was. a duty of a penny a pound on the ex portation of foreign hides, which would operate very advantageously on bur leather manafactures in fo reign markets. The only remaining article of pro. posed taxation was one which he was induced to adopt on political as well as on financial principles; it was a duty on the importation of American cotton wool. The American Government had declared their principal ports in a state of blockade, extending &pia Rhode Island southward; thus endeavouring to de; price our manufacturers of that important raw mate. real. He had every reason to believe, that if proper encouragement were given to the importation of cot: ton-wool from our own colonies, this stoppage on the part of the Americans would be wholly innoxious to this country. It was obvious,"however, that to cre ate this encouragement, it would be necessary to se cure the merchant bringing cotton-wool from such a distance against losing by his speculation. If the merchant incurred the danger of having his cotton intercepted in our market by the American cotton, he would be in a state of little promise and great un certainty. Unfortunately such an occurrence had lately taken place. When the American Government I imposed the embargo on their ports, which occasioned a temporary stoppage of the exportation from the Uni ted States of cotton-wool, encouragement was given by Government (in order to prevent injury to the Bri tish manufactures) to the importation of large quan tities from our own colonies. But unluckily it came too late--the Americans had taken off their embargo; and, unprotected by such a countervailing duty as that which he (Mr. V.) was about to paopose, the British merchant su.tained very considerable loss. It was to prevent the occurrence of similar events that he was induced to make the proposition to the Com mittee. The Committee were aware that the sea Island cotton was the finest imported from America. The object which he had in, view was, to procure the fine article from the East Indies, by affording a sufficient encouragement to the importers. There was at pre sent, a sufficieat quantity on hand of every kind, ex cept the sea Island, and it was a necessary ground of his measure, intended to promote the importation of the finer kind, to prevent the ruin which would fall oli the importer by any sudden competition. With this view he proposed to lay a protecting duty of three halfpence per pound on all American cotton imported in British ships, and a duty of .6cl. per pound on all such cotton imported in Foreign bottoms. There was only one objection to this measure, which was, that it would raise the price of the raw material on the manufacturer, in the first instance, and eventually on the consumer. With respect to the home con sumer, he thought, however, that it could be hardly felt, and with regard to the export trade, he thought there was no reason apprelend any rivalry on the continent of Europe, and America was at pre sent out of the question. He apprehended that no rear could be entertained of any competition on the Continent, when the duty now exi.ting there on cotton wa. five shillings per pound, whereas the duty in contemplation ',ere would only amount to ii;itepence entirely, which threw at present a sort of monopoly of this article into our hands. He con ceived, at the same time. that it would be desirable that Government should have the mote., of varying this measure according to circumstances, and with thit view he had it in contemplation to propose, that 'a power should be given to his Alajesty In Council to suspend cr reduce any of those War duties, atcording to any circumstances which might arise at this im portant crisis to make it expedient to do so. The Right ..-lon. Gentleman then concluded by saying, that he hoped he had provided the charges required by the i:nblic service in the least objectionable man ner; an proceeded to move his first Resolution, for providing for the outstanding Exchequer Bills. Mr. BARING allowed that the Right Hon. Gen tleman had made very ample provision for the pur. poses which he intended ; and though he (Mr. B.) should not now make any observations on the tinan• cial part of the statement laid before the Committee, he could not suffer the proposed measure of laying a duty on the importation of cotton from America to pass unnoticed, conceiving it to be a subject of the very first importance. He felt no personal in ducerrent for opposing the measure, as he was neither a manufacturer or importer; but his; attention had 'been particularly directed to the subject, in conse quence of Mr. Perceval having attempted to intro duce a similar measure two years ago, which he after wards abandoned. The same objections still existed to the measure ; and there was a greater degree of danger, for the proposed duty was larger. The Com mittee must be aware that a if American cotton came at all to this country, it must come in neutral bot toms, and therefore, that the whole groundwork of givingencouragementtoßritishshippingwasnugatory. The Committee should pause before they sanctioned a step which, if it proved to be a false one, would I endanger the industry of many thousands, and a ca pital of so, many millions. If it ended in establishing a competition to any extent, the mischief would be irretrievable ; because, though the Right Honour able Gentleman spoke of a suspending power to be vested in his Majesty in Council, it must prove wholly insufficient as a remedy after the evil had occurred. The encouragement of the raw material , he thought the last step which a practical States.i man could take; and he trusted the absurdity and danger of the measure would be proved by evidence at the Bar of the House, which he thought it the duty of those Gentlemen connected with thenanu: facturing districts to call for. The fact was, that India did not produce the cotton they wanted ; and it was well known that the Sea Island cotton was selling at twenty-pence per pound, while the best East - India cotton did not bring more than half that price. The Honourable Gentleman next contended that it would be impossible to keep the American mama out of the :nuke; by blockNilag t e Amen. I WOO been - us --- nwlireti ~ . Report was or. then at the head of the.Treashry (Lord Si riouC i Increasarevenai did not provide a Sinking rtmd for the shin funded ly.--. {Mr. .l3aring 1 t in that year, yet the takes imposed ell defray the in. port duties, asked terest and charges of that sum had exceeded by. font . at countries they to. a Committee l or five million; estimate. This . eacesf of'produce . inly the increased i which went to the Consolidated Fund, he (Mr. Van: coming froth all coui EXCHEQUERw e justified in applying to the ould give bim Eic .._ • gvea :MAW character Baltic; and the Cotton Geotgia, Florida, and the inland navigation, dosins whence it would be expotted, navy of Great Britain. Besides, ed in the first instance to the the manufacturers would " expense df the circuitous The more the subject was House would see the dani posed measure ; and that _ pose any measure which had ing of the public exigencies, his duty to oppose thepresent The hollow policy of atter which was not natural to cessively demonstrated by to the East Indies at a former it arrived, could not be mac. for rice, which, when it arrived, —and by orders for hemp, Russia. Sir ROBERT PEEL. quainted with the cotton , rapid improvement effected Arkwright's invention, arm ) posed measure. The im tracted the notice of Mr. Pitt, 'it desirable to encourage material front all parts The brutal policy of Bonai nufactures from the Con( vourable opening was appearli Hon. Gentleman was goir would produce all the effect The poor people were just tress they had.so deeply suaded that this measure in misery not much hater; already experienced. He it the raw material was sut ports of Britain, that nue would be three times manufactured goods, as posed to be laid on the the wise maxim of Mr.. sible of the raw material there was a surplus, to let They were told that this gulation to encourage the but he would ask, whether war with America? (He send their money for the Indies, when their manut in return ? He hoped thi: not be adhered to, and sters would induce them Mr. PHILLIPS expr4 probation of the proposed k-lon. Gentleman to recel carrying a measure whicf which he believed would he knew was oppressive. Mr. GORDON said, kind, they would be doii 1;44 to the American 7 them to rival us on the Ame.icans sent cotton particularly to Russia. would admit, were not country, bat he believed a free trade suitable coti Mr. LASCELLES pi as one that was not like{ but intended to In persr productious of the East tomorrow the same qi could be procured ftom tica, it would still be d, tion should be encourage• the terms on which that Sir JOHN NEWPO'. of encouraging the impor suspending power was at Majesty in Council; 'and of proposing any measur bar to the return of anti America—(Hear.) Noti done by this country in lity, or which could ten( unfortunately exis.ed. Mr. FINDLAY said most injury to the cotton culated to press on AMC it, but it was only calct manufacturers._ Lord STANLLY op; used similar rounds. Mr. CANNING declared' jeceons to the measure of such a nature, and a, points of view in which , believed his Right Hon, necessity of abandoning war tax as it was a measi terior political purposes. provisions as it aimed at r that the term of three security to the growers menu. The same importunitii Government to fritter a, hereafter operate to indt opinion. The CHANCELLO observed, that all the arh urged against his proposition prominent point which ducing it. There were behind, which he hoped that it was both a beneficial The fact was, that the • framed with a view to 'confined to the purposes to what bad been mend(' bability of America ism he was of opinion that strong an interdict as IL choose to adopt. He was, that this particular question s separate for a future discussion., Mr. PONSONIIY . thuu , ported along with the - lemdtd that it should. ▪ o • g . • *bold . fin • ti ,visweekk the MisiissiPpi, and' bY t An to St. A uguetine..—froht rotted, in Spite of the whole f Besides, it m 7 ght be etpoilt ) the ports ofTortuotil, acid have to pay the Intreasett” s navigation to this cf-flatrY. as considered, the more the nger attendant upon the prod ,ugh he was reluctant to opa had fur its object the supply. cies, yet he certainly felt it lent measure in every stage. tempting to force a growth to a country had beets suc. • )y the orders sent for cotton former period, which, whet; made use of—by orders sent irriveal, found us all in plenty , sp, when we qUarrelled with- LE, as .a person long Os a trade, and a witness or tine led in the manufacture since strongly deprecated the pro. ' ' npfovement effected had at: Pitt, so much that he thought e the importation of the rave of the world, free of duty. napaxte had shut out our ma. atinefit, and now, when a fa- , pearing once more, the Right oiug to impose tales which ffects of Bonaparte's Decrees. ast recovering from the dis- experienced, but he Was per. 4 e would again involve died, n'ior to that which they had. would venture to assert, that: suffered to come free into the hat the produce to the reve.. s as great from the expo r t o f s from the ditties now pro. raw material. It had been Pitt to get as much as pos. into the country, and whet& • tt it find its way out again.— duty was intended as a re. * . he cotton of the East Indies, 1. 1 ter they were always to be at hear, hear.) Were they to Lie raw material to the Ease utactures would not be worn his mischievous policy would that the good sense of Mini. to abandon it. ressed his unqualified disapa tax, and implored the Right . I ecede from his intention of ch he thought was impolitic, d be unproductive, and which • that by adopting a tar of this inn all they could to give sta. manufactures, and enabling Continent. At present the yarn to the Continei.t, and The cottons of Lodi.- 4 4. t in general suitable to this I that under the inflitenoe of ttond iolgtit be imported front protested against the measure, sly to be a mere war measure, ; fisted in for the benefit of the Indies. Even allowing tbit piantity and quality of cotton " the East Indies as from Ame- laueatful whether its importa. .ged, for they should Lunsidea t article could be procurod. IRT urged the inconsistency ;," iortation of an article, while a at the same time vested in his ' id he argued against the policy ore which would operate as a I tiny between this country and mining, he thought, should be n the spirit of vexatious hosti- nd to Widen the breach which id the duty would do the tat. an manufacturer. Were it cal. ntrica, he w,,uld not object to culasted to press on our own pyised the measure on nearly dared that he thought the ob. of his Itght Hon. Friend were applied so directly to both the it could be regarded, that he ' in. Friend would be under the ig it. It was not so much a. nisure which contemplated ul. ' !.s. Looking, therefore, to its' at this object, he did not thinlS yeout any ow yad n se equ tt a i te t rsoafrsheld cotton in our rtunities which had prevailed i away their own measure mig . Lice a second alteration of tl .; .OR of the EXCHEQUEIt arguments which he had heard • position applied to the single h he had advanced in intro.., re reasons and considerations ed would persuade the House, seficial and necessary measure. e proposition had never been o a blockade, but was itrictlL es of financial regulation. A tioned with respect to the ge l mposing countervailing dual., shedian already estab it was at all likely site coup was, however, perfectly satisfied estion should be kept open at liscussion, thought it ought not to be TO other Resolutions. If it was i s be would sake :he aerie ±,„