The Sun. — London, England, 1819-06-10 00:00:00

a;:aiiisi slip imposition of an addjtional duty on fou eign H, t liiouglit it right that the House should provide taxes for etftict the me:usures proposed by the Right Hon. (;eucienian oppo;ite; hot, in doing so, it should take care not rike at the root of nor most important mannfactures.— Ne iced an additional duty on the importation of foreign Wool the worst that could p o ssibly he laid. The CHANCELLOR of the EXCHEQUER said, that he haul had conversations with persons competent to give him in format ims an the subject, and they by no means thought it an oldeetionahlti tax. NVis biog . as he did, that the Right of Pe tition should lie sanctioned as far as was consistent with the provisions of the Legislatore, he should not object to rcceiv tots IL, petition ; though he should feel it his duty to do sit, 1. td the Resolutions 'originated in a Committee of WaTi ittd BROI'(HAM agreed that there could he no difficulty in 'receiving the present petition, as the Resolution which it poi:ned was totally unconnected with a Colutnittee of Ways slid Means. But he contended that there were many in., s , a , ices in whirl, petitions had been received, not only against he Resolutions of Committees of Ways and Means, but egainst the Bills which had resulted from them. Fir quoted several cases from Hatsel's Precedents in support of this doctrine, one of which related to the introduction of a Bill in IFIX, to impose a duty of 10 per cent. upon wool. " The lit solution of the Committee of Ways and Means," said Nlr. " brought such a cloud of petitions against it, that it was thought proper not to present the Bill. 'Though the Itesolutimis had passed through such a Committee, it was clear that petitions had not only been received, but had proved effective. Lord CASTLEREAGH considered that there was no dilfi eulty whatever in the present case. All petitions that Caine this night might be received, and if any should come after the House had concurred with the Kesolution in a Committee of Ways and Means, the point might then he decided. Lord MILTON stated, that the intention of imposing a • duty upon foreign wool had occasioned the greatest appre leusion. He held a petition against the measure, which in half a day had keen signed by seven hundred or one thousand persous. And from the documents in his hands, be had no doubt that aduty of Gd. per pound would act as w total pro hiitition of all coarse foreign wool. The price of Barbary wool was only sd. a pound ; of Russian wool, 10d.; and of that from South America, only 2)d. In fact, the average price of all kinds of wool might be fixed at Is. 9d. and could such articles hear an advance Of Gd. io the pound ? He.be -I,eved the landed interest would he much injured, instead of being benefited hv the measure. Sir (. EMIR ELI, bailed it on the contrary, as likely to prove highly beneficial to agriaolt orists, 'who_ could find no sale at present for their wool at any price. fao d LASCELLES conscientiously thought that a more infiooper and impitivident ditty could not possibly be laid, tfmn that which was proposefi•upon foreign wool. Nothing could lie more injurious to British wool growers titan the ides that their prices shoold be hew. np by a duty on foreign wool, ' '• when there acre nu means of produci.g in the country a sufficient quantity of wool of the , same quality for our manu factures. He ci.uld never consent to .grant such a tax. It would he giving a death blow to our staple manufacture. Mr. CUItWEN contended that the importation of foreign vnnl enabled us to compete in the foreign market with the . tttannfactores of France. To pass the present duty would be to give a hountv to the latter, After a few observation: front Sir T. SEBEZIGIIT, the peti tion was brought up, read, laid on the table, and ordered to be printed. Lord MILTON then presented a petition to the same effect front the Inhabitants of the town of Leeds. Mr. WAITH M AN stated that a meeting would beheld this we rk in the City of London, to petition against the proposed new taxes. He therefore was anxious that it shottid be ascer tained how long petitions could be received. The petition was read, laid on the table, and ordered to be priuted. MA LT DITTY. Mr. P. MOORE presented a Petition from the Inhabitants of Sr. George's, Hanover-square, against the impositio❑ of fresh duty upon Malt. Mr. BROUGHAM took this opportunity of remarking, how improper it was to make a distinction between' the interests of gy owers and the consumers. He pledged himself in every. case, whatever appearances might be, to prove that the one was not relieved by the pressure on the other. Laid CASTLEREAGH had no objection to admit the ar iumcnt, it showed that taxes, if judiciously laid, would extend hr dezrees equally to all, both growers and consumers. It. bras only necessary to take care that they should not press heavily no any particular class. 11110U - GELIM had not said that the pressure of taxes would fall equally. He believed that the proposed Malt Duty would be felt inure heavily by the consumer than by the glower. The petition Was then read, laid on the table, and ordered . to be printed. 1•H E BUDGET. The House litt ,, in' resolved itself into a Com mittee of Ways and Means on .the motion of the Chancellor of the Exchequer, J. Yous.e rose, and begged his Right Hon. Friend, who had felt, tie was . sure, for his former inttrt option, would give way to him for a mo 7 went. „He.only wished to, ask a Gallant Admiral whet her it was intended to do any thing for Robert Sep pings, third Surveyor of the I%;,vy, Mr. 13t:OcbEN (the Chairman) informed the Gallant Admiral, that such a yieStion could only be put in a Committee of Supply. The House was at present in one of Ways and 'Means. Sir 3. YORKE sat down, - lainenting that he . should have been mistaken. Ihe CHANCELLOR of the EXCHEQUER then . ruse.—A4 the House had already applied itself to the conside.ration of the resolutions on which be' iptentled to ground the financial operations of the year', it only remained for hirer to enter into the details of the plans and arrangements proposed to carry those operations into effect. The House had also come to a resolution of rendering the Sinking Fund applicable to the public service, snd nriltiug a provision which would prevent in future years the n cessity of continuing 'the practice of. loans. He should now explain how those ar r4ng, mews were to be effected in the present year. In doing this, he should follow the usual uourse.. He should recapitulate on one side the Supplies granted for the current year, and on the other the Ways and A'lestris by which they were to he suet. Ile should then take a view of the New Taxes, rind . point our the general mew:ores to founded on the Resolutions which the Househad already adopted, in order to -show how we aright lorsk io'futore to a settlement which would render the imposition of new taxes . and the raising of' loans (with the exception of a small loan fur the. next year) unnecessary. So pinch information was contained in the Report of the Finance Com mittee, and'so much more had been elicited by in goiries in the How--e, that in recapitnlat . ng the 6npilirs, he should have liztle more to do than to refer to the Report of that Commiitee, and point out the corresponding Ways and Means.— •The Army Extraordinaries. still remained to be granted ; but, adding them to the other branch-es which had already been obtained, the total for Military Service of the year would be, accord in.; to the recommendation of the Finance Com mit,ee, 8,000,0001. Tire whole- Supplies for the Navy were granted ; they amounted to 6,136,0001.: Ti,ose for Ire Ordnance were in the same sitna- . 11011, end consisted of 1,191,0001. Under the head of Miscellaneous Services, many items re mained for the (some considerati'o'n of the House, particularly the usual Grants for the poorer classes of tine Clergy, both in England Ireland ; but add- . ing their amount to what had been voted, tl:e .whole would come to 1;950,0001, As some Sup flies still remained to. be granted, it was not his: intention at present to complete tine Ways and iNicans, But the application of twelve willious of the Sinking Fund 'Lore than cover what was stiil to be :zranted. The tot a l amt , ul ,.t o f the S•tppiies-wh:ieh be hpd 11 , 1: 1 . 1:477,0001- To this wete to he cackled 1.$70.0001:for interest on Exchequer I:ills, and 43U,0001, for Sinking Etiod on the !!'aii:.e, fortitenig :a irana•toial of 20,477,0001. To meet the;e Supplies, the !louse had s,metiontd the (.:ant of-- - Za,noo.ooo Thv Tr.lip(tary r,xci.r I)titici - 3,500,iM0) - 2;0,00) , ) Proatice of -tale Sale of Naval. Sturei jritai - 47,074,000 It was, therefore, clear Ji r, view of 1 meet ingthe supplies v4i, a loan of 13,500,00 W. would have been sufficient tot' the service of the pctseut year, But the measure lately adopted to return to Cash l'avniews had rendered it neces sary that 10,000,0001. should.be repaid, 01 which five millions would go to the Bank, and the rest to diminish the Unfunded Debt. To provide for all those expellees, two loans were to be raised. One for twelve milli . ons had already been con tracted„for by a public competiiion.. The other, to the an3o . nlit of also twelve millions, he pro posed, should be taken out of the Sinking Fund. This wouldlte, however, for the future considara tion of Parliament, and .he should now only state, that in order to affect the Funds as little as possi ble, he intended to divide the twelve millions into twelve monthly payments, during which .t he stock would rema in. in the name of the Commissioners. The sum intended to be taken would be one mil lion a inonth ; but iqt die January and July quar ters only 900,0001. should be called for monthly ; and in the April and October quarters 1,100,0001. This appropriation of part of the produce of the Sinking Fund would still leave about 310,00011 a month applicable to the reduction of the National Debt. The total amount of the Ways and Means would therefore he 31,074.0001., and as the sup plies were only 20,477,0001. there would he sur plus of 10,597,0001. which would be applied to the redaction of the tllifunded Debt in the follow ing manner:-5,000,0001. would be repaid to the Bank, and 5,600.0001. to the individual holders of Excheyier Bills, lie had stated that the first Loan had alteady been contracted tor. The terms were highly satisfactory, and he was ready to ad mit had been rendered so by tie competition which had prevailed. The Loan was raised by a subscription to the amount of 12 millions, for every 1001. of which 801. in Consols were to he given (the interest of which was not retrospec tive, but would Only commence from July next, so that there would' be no concealed bonus in the shape of interest), and 621. ISs. Bd. in the 3 per cent. Reduced. tie trnsted that these terms prov ed in the most satisfactory manner a spirit of re viving confidence. in the resources of the country. The other biddings for the Loan were as follow Messrs. Reed, Irwin, and Co. 651. 108. ; rklessrs. Iticardo and Co. 651. 2s. 6d. From this it would be seen, that the list which had obtained the pre ference outweighed very far those with _which it had been placed in competition, in the advantages which it offered to the country, as t a king the smallest portion ,of stock it created, the smallest charge both for capital and interest to the coun try. The Loan raised that Morning', and the Loan taken from the Sinking Fund, he - WOulff - re gard as a joint loan in speaking of the - stock cre-. ated by the two operations. Considering tltem as a joint loan, the capital stock created for the. 24,000,0001. raised, was 34,304,00 W. in the 3 per cent. Stock, taken partly in the Reduced, and :partly in the Consols. The interest on it amount ! ed to 1,029,1201.; the Sinking Fond to 402,5941. It would here be observed, that he had thought it right to carry strictly into effect the provision made in the Act of 1813 for forming an additional Sinking Food, whenever the amount of. the Loan raised should exceed the Sinking Fund previously, established. The ob,scrvance of this prOvi6ion might have been dispensed with where a Loan'was raised for the purpose of diminishing the [World -ed Debt. He'had however felt, that where a Loan was raised in time, of peace, the Operation of the Sinking Fund ought rather to be strengthened than diminished, and bad complied accordingly with the provisions of the Act of 1813. T o th e sums be bad mentioned, the charge for manage •ment, 10,291/. was to be added. The total charge of the Loan them stood as follows :-- Interest - • L. 1,029,120 Sinliing Fund. - 402,591. Managetueat - , 10,291 L. 1,442,005 With respect to the charge for management, he wished to state that he considered the Batik to have no claim for management on that part of the loan which was taken trout the Sinking Fund, but only on the 12,000,0001. 'which , had been made in the market. He had shown that the to-. tal-charge of the Loan was 1,442,0051. The rate of interest to the subscribers was 41. ss. •9d.' per cent. The calculation being, that'the average; price of the 3 per Cent. Stock would he 69 and a half. The total ., rate of interest paid by the. Public on the Loan, the Sinking Fond included, -was 61. Os. 2d. per cent. He thOught he had a right to congratulate the House Ot` a Loan to such an amount having been obtained on such terms.— He trusted they would not prove unfavonrahle to: those with ‘ehoni they had been negociated, "hough they could hardly be justified as 'prudent on the part of those who had agreed to them with reference to the present price of stock ; but there was every reason to hope that they Would prove beneficial to them. Before proceeding to the other parts of the subject, it might be wtll that he should here advert to the measures which he con -ceived would be necessary in the next year. As far as-it was possible for him to judge at present, he should think that the utmost it would be ne cessary to raise next year would not exceed 11,000,0001. for the different branches of the public service. This sum might he wanted in ad dition to that of 5,000,0001. to complete the pay ments to be made to the Bank. if then' 12,000,0001. thoold he taken from the Sinking, Fund, as had been done in the present year, bet 4,000,0001. would remain to be borrowed in the rinirket. So moderate a Loan would produce little or no effect on the fonds (if it should be necessary to raise a loan at ; and that, at all events, he thought he might be allowed to hope, from the present aspect of Europe, would be the last time he should have occasion to resort to the money market in tittle of peace. The next branch of the subject t.o which he would call the attention of the House Was _the consideration of the mode by which he proposed to realize the pledge - given by ParliOnent to raise 3,000,0001. by new taxes, and the made in which he purposed•to apply that sum. But before proceeding on this head, being On the .subject a-- the public debt, he wished to state,the amount of the unfunded debt , and to stilor,... how_i,Cwonld temain after the supplies of the present year w ere wound up. The amount of the unfunded debt was at present about 49,000,0001. 'The amount of Exchequer Bills being 44.600,0001. — The Irish Treasury Bills, payable in July next, amounting to 4,400.0001. These he proposed to replace by 20,000,0001. in Exchequer Bills,-which had already been voted by Parliament, by a vote of 16,000,0001. which he should move that even ing, and by art issue of Irish Treasury Bills to the amount of 2 500,0001. The total amount of un funded debt thus created would be 38,500,0001. — This, compared with its present amount of 49,000,0001. would give a diminution of 10,500,0001. Now, as he had already stated, it was hi 4 intention to propose that the sum of 3,000,0001. should be raised by new taxes to strengthen the Consolidated Fond, to enable it to support the charge . of the loan raised in the last and in . the present year, to which, so reinforced, it would be abort equal. The amount of the charge on the last loan was about kl ) 600,000 That of the present Loan 1,44-2,000 • The total being k 5,042,000 being an excess of 42,0001. above the sum pro posed to be raised. The suns to be raised it mighi be proper to divide between the two loans ; but as this was merely a matter of accounr, a little might be given to one side or the other without inconveniunce, though it would be well to allot to them.as nearly as possible the same proportion. He would now proceed to the particular propo sitions which he bad announced it to be his in tention to bring,forward. With respect to the consolidation of the - Customs, it was impossible to go into all the minute variations that were in tended—a schedule of these would shortly be pro duced. The only one of material imarirtauce was that to which he had already called the attention of the House—aii increase of duty on Foreign Irt.fool. The others were all of - a very minute de scription, and the produce of the whole he took at 500,0001. per annum. Out of such a variety of articles as were comprehended under this head, some might give more—some might produce less —some more than he calculated upon ; but he had no reason to expect that the result upon the whole would be Materially different from that which he had .previously anticipated. The whole of the minute particulars would shortly be brought on - derthe view of every'Member, by a separate sche dule;-which- be hoped would very soon be in their hands. He had mentioned, on a former occasion, that a considerable proportion of the sum propos ed•to be raised wear expected to arise from a trans fer of part of the business now carried on between the • Boards of Custom and Excise. It was 'in tended to transfer to the Excise certain duties which were before collected by the Customs. These were the- duties on tobacco, coffee, and cocoa nuts. On the last mentioned article a higher rate of duty was at present paid than coffee.- For many years- the duties on the two articles had been the same. But when it became an - ohlect to bring coffee into more general use, a difference was made in its favour, but now it was proposed that Coffee and the Cocoa Nut, or the Chocolate Nut, sbould,with reference to taxa tion, be placed on the same footing. He then proceeded to notice severally the articles vaiich came tinder this head—Tobacco, Coffee, Tea, and Pepper. On Tobacco the present duties varied very materially. The Excise duty ou American Tobacco tv~s 94d. per 16. On Spanish and Portuguese Tobacco 2s. ; and on West India Tobacco Is. To these he added the Customs duties, and the augmentation now proposed on these would make the total duty on Plantation Tobaccos 4s. On Foreign Tobaccos 6s. 61d. ; and on Foreign Snuffs 6s. per lb. On Plantation Coffee he proposed to increase the duty from 7d. to Is. On East India Coffee . from l Id. to Is. Gd. ; and on Foreign Coffee from 2s. 44d. to 2s. Gd. per lb. The duty on Pepper lie would raise from Is. 10id. Co 2s. Gd. p er ils:, The advance he, had to propose on Tea be had before stated, went to raise the existing duty from 96 to 100 per cent.. On Tobacco be looked, for an increase of: revenue of 500,0001.; on Tea of 130,0001.; on Coffee and-Cocoa 130,0001.; and on Pepper 30,0001. The . Motive for transferring the duties he bad mentioned from the Customs to the Excise was this, that it went to effect a saving of nearly all the officers now empinyed in that branch of the public service.— This arrangement would also afford considerable accommodation to merchants. Nothing•was more complained of at present than the multiplied re gulatinns which -they were forced to observe, and the necessity they were under of making applica tions. on the same business at various places and at different periods of the day. But the principal advantage of this arrangement was this, that it would .prevent the adulteration of the articles which it comprehended. Some of these were Sold in very small quantities, and often ground, so that it Vas not easy to determine whether. or not they were,genuine. By the transfer of these from the Customs to the Excise, a watch would be set over them to prevent their adulteration. On this account, as well as on others, the transfer was obviously desirable. Two other subjects were yet to• be. brought under the consideration of the Com,mittee. The first of these was the increased duty on'lair, which he stated in his general open ing he calculated would produce 1,400;0001., in cluding the sum which it would raise in Ireland, to which he proposed all the flew dirties should extend, with the exception of the tax on home distilled spirits. The sum which lie had mention ed he calculated would be raised by a duty of Is. 2d. per bushel on Malt, or 9s. 4(1, per quar ter. When -he first opened this subject to the House, he had certainly entered into some details, to show that the tax- which be had sug gested might be borne. Every inquiry he bad since. been able to make, hid only served to strengthen the impression which he bad - then on his mind. For information on this subject lie would Icier the House to the Committee on Breweries, which sat in last Sessiou,, which would be found to contain much valuable matter, which had been furnished to it by a most respectable Gentleman, then a Member of that House. With - that Gentleman, he meant Mr. Barclay, he had recently ` had a communication - ,„andbe wonanow ,state tattle House the view Ite,tnok 'lE.'Parclay had stated the rpre. - price of Malt 11* the'laSt year to have been 4s. below the prices which had been quoted. According to him, thong!) 81s. 4:!. had been paid for a finer sort of Malt, the general purchases had been made-ac 775. 4d. Hops had then sold for 241. or 25 1 • per cwt. Much of the Barley grown in the lase year was unfit for malting, and consequently the price at Malt was higher now than it was then• The average price in the present - year 'was so.; Bttt Hops had fallen to 101. per cwt. The result then was as follows : Malt was in 1815 per (platter. - - L. 3 17 In 1819 - - 4 10 Hops were now so reduced in price, that the ex. pence of brewi ng a quarter of wait fur porter, which was list yelr - 5 18 Was in the present year - 5• $ 4 Deducting the price of the present year, there re mained in favour of th e brewer - L.O 10 4 This being the case, there being a balance in Ist' your of the brewer of 10s. 4d. on the price Of brewing a quarter of malt. Mr. Barclay was of opinion that die duty proposed might be bores without great inconvenience ; and he was further of opinion, that, it the present season should tura out as favourably, .as at present there was ever! reason to- hope it would, the public might rest* sonahlvtlook forward, as he (the Chancellor of the Exchequer) had stated on a former eveninP to a ditninolion of its price.—(Hear, hear, hear!) He hoped, whatever might be the difference be' tween the calculations of various persons, that th o H ou s e would find the general result the sAnifr and he satisfied that his pOsition, that the p i eseot duty not only did not go to justify a rise in (11. 0 price of pot ei, bet was compatible with a &Mi' put inn of prce after a time, was fully borne our' The only remaining article to which he had to call .the . attention of the Committee was the duff on home distilled spirits: It was not his intention that this measure should extend to Scotland Or Ireland. The present duty ou wash for distAling , spirits, which paid Is. 9 I. on the gallon, he" pro' posed to add 3d. to, and charge its future with duty of 2s. The sugar wash, which now paid 2s. Gd. per gallon, he would render liable to 'a duty of 3s. 3d. The ditty on Spiiits he cello , " lated would produce an increase to the Revenue of five hundred thousand pounds. If the effect of this tax would be to diminish the coo' stunption of spirits, and increase the con' sumption of the wholesome produce of 016 Brewery, no man would mote rejoice at the effect of the measure than he should, and vi"iti l this feeling he had thought it right that 8-La g on spirits should accompany the new ditty . 0 1 malt, to protect both the health and the' morals o i. the people. Those concerned in the spirit tra( l6 had however urged, that this measure would o' 6 the traders in foreign spirits an advantage - ove r them if some ditty were nut imposed on spirits 11;" ported. On this subject he bad. come as yet tryll° decision, hut he might hereafter find it necessall to come forward with some additional-measure to protect their interests from the injury'it migh t sustain, if undue advantages were conceded to 11113 foreign trader. Having gone through the, diile" rent subjects he had wished to press upon die el ; tention of the Committ e e, b e b egge d to sa y, on any point he had not been distinctly under' stood, he should be happy to afford any expiator' Lion that might be required. Mr: GRENFELL did not clearly understand wha t the Right Hon. Gentleman had said on the sob" ject of the 11,000,0001. that would be wanted fti g the service of next year. The CHANCELLOR of the EXCHEQUER SRO? 1 1 the present year the sum of 13,000.0001. had beo required to balance the expenditure of the yell!' with the income derived from our ordinary rei sources. Next year, from the reduced charge the Unftinded Debt, and from. other causes, 1 1 hoped the sum to be borrowed would not exces 11,000,0001. exclusive of the 5,000,0001. wi l o. to repay the Bank advances. It then, a's new° 12,000,0001. should be taken from the Siokil 4 „ Fund, 4,000,0001. only would remain to ' borrowed in the market, if even this cou ld no t 1 16 , avoided. That sum of 4,000;0001. would be 6b that it woulff,he necessary so to raise to comp!e l° the supplies, as tar as Ministers could p,,5t6111,1 form a judgment, fur that, or for any futul l year of peace. They trusted it would not be 3 14 " cessary for them or for their successors to come t° Parliament for another loan, or for new taxes."'" Having fairly met the difficulties of the COO" try, he trusted the beneficial effects of the stet ) they had resolved upon would soon be fel t ' and that they would receive the applause of tlit' r constituents, whatevery feelings of momentary ic* * .ritation might be provoked in the first instiolc by the new hitt unavoidable burdens to Which the people were _called upon to submit. He concliofr ed by moving his first ReNolution, which was far a grant of 12,000,0001. by way of annuity. Mr. GEBNFELL had attended to the Budg e ! statements of the Right Hon. Gentleman for s e° venal years, which, in every instance, bad be e° , distinguished by their clearness, and the s a me cb s t i radter belonged to the statement whi c h they Its just heard. The subject, as the Right Honoor" able Gentleman had remarked, was certainly con, siderably narrowed by the debates which bad I' ready taken place on the finance of the country He bad intended to participate in the discussi ( r is of yesterday and the preceding day ; but bar` ing given way to those who had a pri ° t claim to the attention of the House, he hoped th i ,, he might now be allowed to state what Were IT sentiments on the propositions then under a 0 08 1; deration. He agreed with those who tholig h a the country ought to 'possess a real Sinking 91 of surplus revenue. It was a proud thin g for Europe to know that we were now in possess W t. of an undoubted income beyond our expenditur 6 of no less than 2,000,0001. He agreed that th 3C surplus ought to be increased first by retrench' ment, and then by Taxes, from 2 to 5,000,00 01 ' After that should be accomplished, this counol would be placed in a situation that must•cor:i' mand the respect of the whole world. The C°:7: ration of a Sinking Fund, carried by compoun • terest from 5 to 8 millions, would be most ir;;;'' I f A • lit d 1 ic E? is 111 It It ~r to i 0, 1 'U