The Statesman. — London, England, 1822-07-02 00:00:00

forward the lest budget. pit item be would NI at 1,60ksoo1;. pi. Reit iipa k tit• Lot. tmy, la . . id Alio. file, en.lostiope, 4 200.4Misme • Psneelser - (lletrs heal Wirlistiontleinsa Amid object IL the Lottory t beieg inaloded le-the Ways and Mean. ofs the year. he boped.Olteselelee.otsposeil. it would inggellil .some other eons* probesolvo tar to supply the 4141 amity. For Old Stores be peopseed •to take 151 thmod send pound... Seethe present year. In dose of peat"' IS world be obvious that this item:emstnemisarily declitie fhiortime to time, 'wink to the altered circumstances the welt". Lest year*. bad taken five hundred thee• shod pomade es secount of the French Indemnity. 15 the unseat year he had no item 4 that sort to offer. .714 ri iineti‘a a r i the accounts , between tho two countija? ie cosi" Sdy wounl up, but various dreams , . Keteratet t tnarnt tbeiclteing brougbt forward. le Sill. nt and, (pm tbe,delays secestsrily at- . tomßitg such turaegoometts, Imbed beets „unable to, pre .t: the 1 400 4 11141 bat early halls. mg S e g a loo l ocpat.. ' siat be should be able' 4 leg llsiPte it & complete . ..Ointment of their appeeptisiliftle 'The sort item was Iliellidold of th e . reparmihret imilis adianeed by She ; .. ffilemodedemeethe ismisgEwelswilser Sills spew Public Welke, moo is twe..ie .4e 1.. les , : - - . 11940 0 T o hese , . . m m it egotljer theservice of the Avear, Sri $70 5 9.4 to. • • r. ,., . -.. L t., - •, 4,961,090 ilf these eraionlftielAnanil : ll,l.yes bad as yet re etsietfff tiM 1111611 of Patliimeni: Mirada meeting the supplies of thWyber, he now proposai to tole ti Lean !tuna the Sinking Fnad - - - 4 ' 7400.00 0 ?sleeps he 'snightbete. : as eenvoideatly as any *hem, ate to the Comeniftee tili`tdisittir which induced' him . 16 take So small a mil from tube' Sinking Fond. Last /*it, iireroldil be thihditredilleflon of 'the Moose, that' • tialrtien Millions had tieen laGii from that source, from which it was, now prop/aid to take hat seven millions and a half. He ungbt as well take this opportunity of trephining the p6nciid . etio which be limited himself to last sum on this occasion, as defer it till imbed gone through the other.part of his statement. As he had al. ready statert-thirtnettariblima had boon taken last year from the Sinkiog Awl& said its •the preceding years it lead been common to take twelve millioos. His reason for taking no more than divans" he bad-named wars; in the first ;dace, because lie wished that the Loan Bill, ial stead of '°Dll°A.in CO.iinCesslaereWSore. till the sth of July, Amish expire on , t it sth of April, The riftof this would be to bring the iObject under the conside red°. of Patliatnept. at. Abe earliest possible period of the. neat Session. Prolamin ebesibat the measure to be infra:mei obsolstexpletwemdlo sth of ,Aptil. He limited himself in the-prier tisevens million five bastletil: thousand pounds.' If Ire were low to take a Junior foertplidtersi to did adme . proportipu, the total &waist to be.required for the genies wf the'pear, from ._... • Om Simian /Pond, would be ten milltons. The reason why he:rook:4o more tbanoln thar,*ir, of the . case be was disposed to take, .grew out Of. }be very considerable reduction in the nominal .Siuldat Fend. which had taken place is essesequeeee of the operations of the pre , Milt Session, all pi - which were approximaioas to that =tens which it was proposed" to resort to in the next ''don, namely, that of limiting the atnnunt "lff the Masioal Sinking ?and to the sum actually applicable to dm roan/doh of tke debt. Perlianieot, by an act which had received, or was shout to receive the Royal Assent, had antliorised the advance of two .millions eight ben dred thousand pounds for paynients oa seemed of the half-pay milkier) , pensiosa and rednotions, which, filling in the Sinking Fund, if added to the ten millions taken from the nominal Sinking Fund, woeld make a total of twelve million eight hundred thousand pounds, heft nearly equal to the thirteen million taken last year. By teferft ng•t s thro eleven, pers ten and it would be seen diet of the seven million flue hundred thousand pounds Isetroveed from the Sinking Fund, there was taken from • the Sinking PUnd of Great Britain, seven million three hundred and fifty thousand pounds, and from that of Ireland, one hundred sod fifty thousand pounds. It was proper that he should pow call the attention of the Committee to the terms upon which this Loan bad been obtained. •For every 1001. sterling,loul. had been given in the 3 per Cent. Reduced Annuities, and 241.105. 7d. in the 3 per Cent.Colatols. Comparing the prices paid in the present year with those of last year, it would be found trim 1301. three per Cent. Stock had been given in 1921, for 1001. sterling, which bad been purchased this year by 1241. Stock. In one point of view it was toot a_matter of public impostauco whether a loan from the Sinking Vaud was obtaiasd at a lower or a higher rates but it was of material importance With a view to this public credit of the country, in know that there was as improvement of six per cent. He should now proceed to state what sum wonld be'appropristed to the real purchase of stock. It would be found from the vote come to by Parlia ment in 1819, and confirmed by that of the present Session, that 'a clear Sinking Fund of at least five sutillione should be established. The total sum that 'would be applicable to the purchase of Stork between the sth July 1922 and the sth July 1823, was ;5.432,01101--(liour, bear.)—Last ?ear the Sinking Fund. it was calculated, would amount to 4,415,0001 including 100,0091. to be paid by the East lodia Cum ,any. It would therefore be seen that the sum to be, oppli d to the reduction of debt exceeded by about 900,000/.' that reckoned upon as applicable to the ;same porpcse last year, including io both cases repay mews to the Bank.; and in tue present year a re serve fur paying the dissentient holders of Five per tCent. Stock. •The neat item was a sum of 557,0001. 'from the East fail Company. Here it might be for ! the convenieoce of di Committee that be should en or into an explanation of_, the d tatmmof the claims of the E .st Luna Compa4Y. It was weli d kfillien that during the hat two years the East India Company had advanced considerable claims upon the Government, on arcountof various services performed for the country, gaud particularly on account of tue St. Helena Beta hlislitsierit for the detention of Napoleon Buonaparte. , By tnroing to the psper,lientietnen would see cersiti charges .solountine; to 1,901,000/. but the t.dal claim set up .Irrolie Company, amounted to 5,0110,0001. — They womb! see that various objections had been urged against these demands. !V settle the difference, Com. 7iiii..iirinirs lied been appointed on each side. Those 111,1 he part of Uoreromeot. weetsLord Lowther, Sir J. Clerk, and Mr. Luahingtoo I co the part of the .0. Company, Mr. Abercrmishie and Mr. b.aanquet. The Consolissioners agreed ; as might have lit ed expected, ' in their srithmetical calculations, but many, .objections . men', on the part of Government, urged t o pi eticular claims, and were not admitted.. Some were sais) •eted to as having been already satisfied, aud othert : &ll44' of _see *all .. „..e Government and* Compani ba(to treat in seise measure like two independent states.. 'Those wit* acted tot the Company had the interest of their tii• l'lnituents and proprietors to protect : on the other bite roe Government Commitsioners were bound to gunk r ir eererests of the Tremors- and the Public. Saab the stkie of things, it was necessary that in la 11101a1 empire between the parties shall be fesod.w-• Tlisampi Ft chose* was Parliament itself. As the odl depends of the Company could not he admitted. it want tlionght desirable that th e Commintioners should apes' ea the priticlple of cosajpremist,'alal marsh the resale et their deliberadou to "larliameat, , After se ' commueiration had tidies place betimes the Goo etagere, the character id which woutd be fully 'Phined by the papers pleparod to be eabrhittsd to din. Moose; it was thought that justice would be dose hp allowlortollet East India Company o . n_Ae i l: sleigh' a of 5,000,00( ( 1. the sum 1,300.0001. r, bear, bear.).---Wbea the papers came to be read he thought it would sot appear to the house that the Company had been badly or illiberally dose by. He could Mate -ou that the coarse which had been taken was tie ( rth -the *ea was satisfactory to the Company.' epos 'a fair view of the, subject. be thought it woad.t *Pa s* red satisfactory by the House. l'in eillt consideration would be as to the applioadon of this sum if voted. He thought it world be Goo- 1 sidered as a most satisfactory jatlgmeat if it were *set against Its Loan raised for the East In a COM. peso' in 1812. It appeared to him. that g this o i ls coolie 'vivid be in perfect conformity' . tit the Act under which that Loan was raised.—{there the . Right Hon. °oedemas read a part of the Ant of the 524 Geo. 111. cap. 125, to which be had referred, set ting forth the manner in which the Loan was to be discharged.]—Tbe amount of the debt due from the East India Company op to the Ist of dual, 1821,1wat 1,257,000/. It bad therefore been agreed that, the 'East- India Compeer, an payment of the sum of .557,0001. in addition to the 1,300.0001. allowed upon theil claims should be released 'from an further charge upon the Loan, which should heaceferward be transferred to the Consolidated Fund. This if desir able for the East India Company, was. be thought, most convenient for the public service. Although by I this arrangement as additioeat charge of 70.000 L for the interest wee thrown on the Consolidated Ford, no 'additional burthen would fall on the public. at least from the centime of Stock, in conseqoeseeof the trites t,: of the charge in question. The mushy smug. on the one hand be thus relieved from the claims of the Company, sad on the other band . the Company would be relieved from the charge of their loan, than which, supposing the arrangement to be a (air one. he. appro. beaded nothing could be more rstistsetory to Perna._ meat. Of the 557,0001. agreed to be paid by the East India Company is liquidation of their debt, 27,0001. hall already been paid to the Bank is parentage of Mask. So that only 530,0001. retialasti. to I.4paid, ' mad (sets 557,0001. as the bplaeise of Site 111/141111141111pk . '>M pest hem wee that for which an Ace had ahlAsd so litany engaged the alleluia* of Partin. hint, and which had already received,. or was 101106! Illikeir about to receive the Royal Asseet—he meant the Bill for enabling the COmmissioecre far payments on account of half-pay. pensiess. its. to advance the rem of 2,450,0001. for the public service. to com mence their payments is the October quarter. He would then proceed to explain the augmentation which bad taken place in the amount of the Unfonded Debt. The state .of the Unfunded Debt last year was— --- Excheluer Bills ' 29,000,000 Irish irsasory Bills . - 1;000,000 Advancas to the Commissioners of PAU Works and Churches - - - 368,000 Making In the whole - £30,368,000 But this was not the actual amount;' it would appear by referring to the Paper, No. 3, that the actual amount of ontstan4ing &charter Bills, on the sth ofJasuary, 1822 was— For Brest Britain . • For Ireland April 5, 1823, would 1041 5. 182!. H. ting this, •nd poiai b• expected. Taking - - 9,3181,000 1,400,000 - 10,700,000 The amount would be together - The Enloe for Ores* Britain at Pot Ireland • 26,695.000 - 1,611,000 Making together • : 28,30 6 . 090 From this deducting the probate *a the Malt Tax, he re-payments allowed for oteeh-es hand, and allow ing for the loss on the Salt Duty, which however would not be much, and for the repeal of the Leather Tax, die total to be deducted would be 2,153.0001.' ving the actual sum to be raised upon the Escisc l pbe . 2 f 6 t , ll ls . 3 i o ta llO rs / p . H t e le p s. ro t c h e e ede p d oe t t o O es s ti c ur e ate t t h i e le p A ro s: tee As sessed Taxes for Great Britain and Inlaid, deducting 500;000/. for the repeal of the Agricultural Horse duties and the Irish Window Tax. He also calcu lated the balance in the Receiver General's hands, the Miscellaneous Income, the Lottery, and the Old Stores. 'but the tone in which Right Hon. Geatleman spoke rendered it impossible to follow him with accuracy. The result was an estimated total i Demo( 53,027,0001.. to which be added the payments to be made by the Cernmissraners for the payment of the ,Half-psy Pen. slons,hc., bringing op the amount to 54,252,0001. Being so Star the close of anothet half-year, it might he asked of him what was likely to be the produce of the reveries is the quarter commend.% the sth of April, and ending en the sth of * July. .11 be took the amount for the year from its produce, se made up last Saturday, he should perhaps take w smie Battering view of the subject than clrennistasees wituld justify. On that day, the amount of the revenue, since the sth of April, exceeded by 622,000/., the produce of the correspoeding quarter of last yesr.—(Cheers.) The amount of the revenue in that quarter, in the year 1821, was 8,209;000 8,201.000 In the present year - Giving andiscrease of - . - 622.600 Ile was, however, boned to state, that this modal increase could not be expected to be realised wheti the accounts for the year were made op, upset of it arose from anticipated payments. and the cessation of the duties which bad been repealed would be more felt in the latter quarters of the year. Therefore they could not expect that the year's income would spew an in crease upon the last. If it were equal to it, when they considered the repeal of taxes which had taken place, it must be highly gratifyiwg. Navin stated the probable income of the year at 54,252,0001. he went on to state what he expected would be the amount of expenditure. In the first place, the sum charged for the unredeemed Debt,augurented by the 2,800,0001. by the purchase- of the Naval and Military Pensions, would amount to •. . 30,911,000 Miscellaneous charges upon the Consolidated . - 2,648,000 Fund Interrat upon Exchequer Bills, Including Arrears and Payments in Ireland about a millioa sod a half. akirig the menet of the army, the navy, the ord sauce, and miscellaneous services, die actual elm be calculated would be - . 51,119 J ir00 This deducted from - • - • 54,24, 000 Left a surplus of But this was taking a very tsafair view of the subject, because if they had is eoaalderatiee the saving that would accrue from the country being relieved from the Five per Cents. the result would be very different from that at which they would arrive from calculating the expenditure according to the charge which the country had to bear in January, 1822. There would be a saving Of 700,0001. from that source, and a fur ther saving of 1,200,000/. from the operation of the Centiassioners for the payment of the Army and Navy ponsions., These added to the sum which be had al ready mentioned made a clear surplus somewhat ex eeeding five millions. That he might not be mis taken, be would state to the House what he calculated as the prospective estimate of the income, for the year ending Jan. 5, 1824. He would take the Customs for Great Britain the same as in 1822 10,700.000 For Ireland • - 1,155,000 that bring also the tame as last year. Estimating the produce of the Excise, and consideriog the effect of the repeal of taxes, he would take its amount at a million under the present year, at - . 25,000,000 The Stamps - . 6,609,000 Post-office - • - 1,300,000 Assessed Taxes - - - 7,30040 00 And with the probable amount of Old Stores, tse. he would assume the total income of the country for the year eliding the sth of January 1824, to be 51,600,0001. To which adding the advances to be made by the Commissioners for the payment of naval and military pensions and other sources of revenue. there would be 4,870,00001. making thr total income amount to 56,470,0001. He then set ' against this the probable cbar.:e for the unfunded debt, the miscellaneous charges on the consolidated Fund, the Army Estimates, stated at— 7,79(v0i10 The Navy - - 5,5041,000 The Ordnance • 1,200,1 W Miscellaneous - . - 1.500,0110 Amounting in the whole to more than 50,000,000 This deducted from the estimated income would leave a surplus of 6,000,000/. Taking then the two years together, the clear sum applicable to the reduction of the debt, would exceed 1U,C00,0001. Ile therefore hoped that he might congritotatc the house on hav ing realized the prospects held out to the house by his Noble F. tend in the early part of the Session, of gaining in the course of this year a clear Sinking Fund of 5,000,000/. Though it 'liquid not amount to precisely to that sum in the course of the present year, he thought he had probed that on the most mu Berate eslcuhttion they might expect to realize in the course of this awl the next year a clear surplus of ten ntiliion of pounds, always bearing is mind the operation of the measure far the payment of the Naval and Military Pensions—(Hear.) — lie had already touched upon the circumstance of the reduction of the Five per Cents. Ile could not refrain from again calling the attention of the Committee to an arrangement so satisfactory and henb6cial to tin country. He doubted if any man could have ventured to hope that a measure of sods magnitude could have been carried into effect with so much mice, and with • such getters, acquiescence. From every thing w•arich • they had experienced, it would hare been expected • that the difficulties in the way would have bceu fout:tl . ...4.... ...- .41. . a. • ' ' • ...1. lk . ____----;--• _ —. . _ . _— _ .._ . _ but three million for the present, year under this head, lit foeigde , • orbs Ise debt •ar f r , i ending Apr instead of four millions on which he convicted last year midellgabitst t . e• - yid / 1 oda. , igi • 11141 rtra t ending A; This was in consequence of the repeal of the missal were objetted to nn the part of the Cosa sy.• is a worlid italrl'ir reasons for snood ce like *Ms in adtesturro t tooM ally siCiatimm soy almratioss might Malt Tax, which had not beamirbis up when he henna+ , of dm Customs at means of a compromise. , Tkif Moose vat% on tit* afroizet t........A .r.. t... hnA,...t Thics.xt item be would take _ . ; • ; ~• • 31,50,550 1,105,181 Making the total amount • • - £32,671,731 The reason why this amount exceeded 29,000,000!. was that the Unfunded Loan was not payable to the sth of ,July, though the services to be covered by it were to be provided for before. Under these cir cumstances, an additional Issue of Exchequer Bills because unavoidable; which made the real amount exceed the nominal one by the sum be bad stated. His purpose in re:erring tc the actual amount of the unfunded debt, was to bring before the House the exact proportion in which it Lad been in d by the several measures that had received their sanction in t Ixe Jan. comae of ftl Session.e was, 3,0 0 0 Theoo amou n tA , Adding to thi f s the gr f dd debt the sum voted in the present year c (290,0000 cover the deliciene,y in thq !a_a_gtd jfeans of 1821, and the g rant for payment of tie' holders of the Five per Cent. Stock, amounting together to 3,100,0001. made the total amount of un funded debt come to something about 35.000,0001 Therefore the increase of unfunded debt by the mea sures alluded to in the present year, though nominally 5,831470/. was really only about 1,00e,e001. That was, there would only be about 1,000,000!. of Ex chequer Bills more in the market this year than there was last year. He hoped he bad made the different items clear, and the total amount of the supply it would be seen was, - - £16,615,000 But including the interest of Exchequer Bills • 1..200,000 17,815,000 It would amount to . further, including the sums required for the reduction of debt, sisiouittiug to 3,381,431 Have a total of - • _ The Ways and !litmus which he had ennme rated to meet the Supply, amounted to 21,21)9, 670 Having gone through the Supply and the Ways and Means of the year in the usual form, he should pr imps best do his duty by bringing under their consi deration the probable amount of the yearly Income and expenditure in the least official manner. He , would take the produce d ibis year at the *must pro duce of the last. He would assume, if no ex traordinary circutattancea interfered, that the pro- 51.196,456 . • 1 --- 'Mich greater. The manser is which the messes Is id been eatrled into execution. proved Hooch proof bad ',.en wanted. to foreign nations teed to ourselves, the ...Midi!) , of our credit, and the immense extent of our re. 'enforces. It hail been ohj.ction to that gooiest that it was likely to he injurious to the stock-bolder. Tbiv opisiou.eras- not barna ott by the result. ...110.,,jseule .. were at this moment considerably higher duo they were when this measure was proposed. knead dew of the bolder of the 3 per cents. haerdg any 'Midi Of ' • complaint, they had a tight to ray that be bad Frothed to the full extent upon which he could have ealeolated. The beneficial arrangement, arising out of the Reve lation of that House to support public credit. had al. ready introduced other advantages. The Resolutiots lately come to by the Beek for disesuming as four per cent. was one of Amt. That eiramtstance could not have been expected to take place bad not Parlia ment led the way, by setting the example of reducing the me of interest. This came in aid of the resole doe of Parliament so snppoet psblis coedit, sad be knew. of no clicantstaoce more likely to give effeetval relief to the public than the resoled*. which bad been so adopted by the Bank. He had heard that Jay of a singular feet growing out of that resoletios. - A sale bad taken place under an order of the evaded Chancery. It brought a much larger sum than Wm expected. and upon the Solicitor who purchased it being asked how he came to give so Much, his reply was, that be bad given 600111. more than be originally intended to offer in eoutequenee of the reduction of interest by the Bank. Hi considered this a most gra tifyiog fact. and could not but bopelbit the transac tion referred to would peeve t h e. prelude to many others of the sante kind. There were those who en ' lertained the opinion that a forced operation for the reduction of the interest of money would be advanta geous ; but to acting on such a plan, be for one was . ile could only approve of regulating the interest of money by means previtrisly knows to our laws. The best thing they could- de was, to adhere to the old regilsfion, and fore any thing further than that which had beep already sanctioned by the House. he mild not give his vote.' He did not know that it was necessary for him to occupy mere of their due; hat if any circumstance sheeld call for further espla nation that he had given, be should le happy to af 'ford it. The Right Honourable (Meditation concluded by moving his first Resolution. whirl, was—That a sum of 7,500,0001. shoed( be grankd fur the service of the year. Ur. 31ABERliEleassiA. that be laboured 'mkt; great dissdvestage in following die Right Hoot. Gene denuto, not haring before him those papers necessary I to his understanding fully the subject. Ha had aa lliestetal the Right Hot). Gentleman sufficiently, how ever, to perceive that the Sinking Feud wee pee forward by him as what he might call Inc hoer: poets of the year. He had takes from that fund, and added to it in each a manlier, that it was impossible to make the tree state of it at all intelligible, osithost a die. tinet discussion with regard to it. The nest point was the debt of the East India Company, upon which !topic he must say, that he found some difficulty in Atemprehendi.ng the sort efliquidation that had been .stele. He was sorry, that it bad been rested to a settlement ; for it-no. "peered that we wen debtors to the Company, and at all events se we.e mints, as regarded that Compaq. I,3oo,oooL—The Melt Hon. Gentleman then wmit to the Finances of 1923. and from this part of hiostatement, the Home agithe country had le:arned, that the Right Hon. Geitleman mid his colleagues had come to the end of their re dactient of the public expenditure. For in his emi. mate of the year 1823, be took all the eetimateeier the present year at the same amount for the next. ft mppeared plainly, therefore, that they had time to the end of their saving,. But he shonid say. that if they were to have six millions of Sinking Fund neat year. at this rate, they ought to have nine and ten millions if those reductions were made which ought to be made. The Noble Marquess opposite, whom he should call the Finance Minister, informed them at the commencement of the Session, that he grounded all his measures upon the maintenance of public credit. and that upon that principle, no reduction of taxa. don could be made, but what was afforded by the re duction of the Five per Cents. Previously to this. how ever, be bad stated, that no reduction of taxation was to be made, and that it would afford no relief if it were made. The house bad all heard of a speech..delivered no matter where, which stated that if the farmer were acquainted with the first principles of political econo my, be would know that the reduction of taxation would afford him no relief—that the principles of ma tare, if left to froetify, would restore things to their proper state; but that any advantage accruing to the fanner from a remission of taxes, would be taken from him by thelandlord. This speech was made is Fe bruary, and he contended that the principles there laid down were entirely departed from in the snbse quent financial operations of the Noble Marquess. The 'Annuity Plan was a complete deletion of the principle of the Sinking Fund, by placing a certain portion of debt upon posterity to relieve the rem° generaties.--- Tbe way, that be (Mr. Maberley) should have recom mended them to reduce taxation, would bare beep by reducing the whole expenditure of the country. The Committee of Finance of 1617 had declared, as their deliberate opinion, that the charge of the Army, Navy. Ordnance, and Miscellaneous Services, should net fir the future exceed 17,350001. Since that year, hem ever, these services had regularly exceeded that, and the total excess had been 6,19:1,0001. This year diete was only a decreue of 600,000/. as compered aids the last. the was sure, that it the Committee of 161; could have foreseen that a reduction of 30 per Lent. in all or tides would take place, they would have made the Esti mates touch lower. No saving, therefore, load in OM been made on this head, as would appear by their rem paring the , present Estimates thus reduced with the amount a hid; the Committee of Finance bad stated the Estimates at, which I:e contended was the proper test by which to judge of the apparent reduction. Govern. ment should have reformed abuse., and particularly hare pruned as av the excrescent abuses of the mode of col. lecting the ttevenue. To give the house an idea of dole he woulti etas a few facts. The revenue of the Excise amounted to thirty millions, and the charge for collect lion was 1,420.000/. being at the rate of 4/. 19s. per test. floe Customs produced somewhat less time 13 minium and the expense of collection was 1,4;9,0004 bailor 1 1 .1 the rate of 13 per cent. tie begged the house to. looe it this fronarkable difference—the lesser seas requiring the larger amount for collection. This, steely deemed . ell investigation. lie should next go to the Wane!' coaches. which produced 26,0 0111 .; the expense of col lection was four thousand pounds. The Hawkers all li La ; I i 1