The Sun.
London, England, 1822-07-02 00:00:00

THE BUDGET.

. The CHANCELLOR of the EXCHEQUER moved that
the House should resolve itself into a Committee of Ways and
Means.

Several papers before the House were referred to the said
CUmmittee, and the House having resolved itself into it, '
The CHANCELLOR of the EXCHEQUER said • it might
be thought but. just to require. an apology from him, for the
course which he now took,, in submitting to the Honse -a gene-
ral statement of the Finances of the year, previous to. so large a
proportiOn of. the supplies being voted as usually received the
sanction of Parliament before the Chancellor of the "Exchequer
came forward to wind up the whole, and explain* to the House
the financial measures which were necessary. Generally it
was desirable that nearly the whole should be proposed and
agreed to before that view of the Supply and Ways and
Means of the Country was entered' upon which he was now
about to offer to
,their consideration, embracing all the finan-
cial op.erations of,the year. At present, he should be obliged
to deviate from that course, in consequence of the unusually
late period of the year at which they had 'arrived without dis-
patching a larger portion of the public business. The 'Gen-
tlemen on the opposite side would impute this delay to Mi-
nisters, and they might perhaps feel distiosed to retort the
5 charge. It however, was not his object now' to inquire where
.
C....fault lay, but merely stating to the House that 'it was de-
Sirable they should henceforth proceed with the business of the
SesSion with the least possible interruption, he would'proceed
to lay before them that statement which could not be longer
deferred without occasioning very considerable. public incon-
venience. This, he was sure, would be admitted by the House:
In the first place it was desirable that the general statement
of the Finances of the country should "be brought forward be-
fore that period at which a great many Members from various
causes might be expected to leave London. But he had fur-
ther to remark to the Committee, that it was material this
course should be taken, as it was necessary that several votes
connected with it. should receive their sanction before the sth
of July. The Sinking Fund Loan, from the arrarigemeht made
in 1819, had been annually taken to the sth of-July. In con-
sequence of this the Act under which the Sinking Fund Loan
had been granted for the service of 1821, would expire on
'the sth of July, 1822. Unless then a resolution were come to in
favour of recurring to a similar measure for the service of
1822, it would be impossible, without very great irregularity,
to guard against one quarter being lost. • No such resolution
being come to, the Commissioner, for the redemption of the
National Debt could not make that advance to the puhlie,
which the public interest required. The, House had intended
that part of the Sinking Fund should be available to the ser-
vice of the year. But if no vote of appropriation should be
come to before the sth of July, the ComMissiondrs would be
obliged to apply the whole -of the sum in their hands, amount..
ing to three or four millions, to the tredemption of debt-in the
ensuing quarter.. This would not only be a great inconveni-
ence, depriving the Ptiblic of that portion of the 'Ways and
Means of-the year, but it would cause no small inconvenience,
from its occasioning the purchase of ~larger quantity of Stock
than was by any means desirable. He should. therefore pro,
ceqd to submit the Services of the Year to the Howie, even
where some of the Estimates had not yet received its sanction.
In lining this, he should take, care to keep in view that
great constitutional rule, to make no provision by a grant of
money beyond what the House might `vOte in Supply. It
would be so arranged that no sum would be left at the com-
mand of the Crown in such a way that it Might be liable to mis-
appropriation.. In the present case, were a sum so.left at the
disposal of the, Crown,, he did not think that any practical evil
• would thence arise; but still as the practice was bad in prin-
ciple, and repugnant to our Constitutional habits, it was one
against which he was most solicitous, to guard. In hii calcu-_
lations a sum should be reserved for. the purpose of covering
those supplies which had not yet been voted. Having stated to
the House that it was his intention to bring the services of the
year under their consideration, he should proceed in the usual
way to state the Supplies which had already been voted, and
the Ways and Means by which they were. to be met. The
House had agreed to votes proposed for the Military. Services
of the Year, amounting to - - £6,531,090
In this the extra expence incurred on account of Ireland was
not included. The total sum called for on account of the
Army in the present, exclusive of the extra charge for Ireland,
was - - - - 7,705,000
Extra EXpence for Ireland 220,000

Making together the sum of - - 7,925,000
Of which, as he had already stated, there had.been
voted - - "- • - • - - • 6,531,000

And the remainder - - - 1,394,000
was 'yet to be brought before the ,House.
For the Navy, the sum that was called for was 5,430,000
The whole of which had been voted.

For the Ordnance the charge was - - 1,200,00,E
The whole of which within a very small sum had also
been granted by the House.
The total charge under the head of Miscellaneous,'
was , - - - - - 1,700,000
Of this there had been voted on account of Great Bri-
tain . - - 76-1,000
And on account of Ireland - - - 50,000
'1 here had been also voted on account of the Extra •' ,
Expence in Ireland, under this head - s - 100,000

,Making together - - 914,000
And leaving, as the Conimittee would see from the
Estimates on the table, a sum to be voted of-about 790,000
There would be found in the papers before them, a charge for
the Greenwich Hospital mit-pensioners amounting to 310,000
The amount of the Supplies which he had already enumerated
was - - . - - • - 16,615,000
To this was to be added the estimated charge for the Interest
.iron Exchequer Bills of - - 1,200,000
which had already been agreed to.
This made .a sum total of - , - - • 17,&15,000
Of that sum, Parliament had already sanctioned by its votes,'
Grants amounting to about - - - - 15,300,000
leaving to be voted about - - - - - 2,500,000
to make up the total he had mentioned of - - 17,815,000
But in the present Session very considerable grants had likewise
been agreed to in the nature of ,advances for the reduction of
debt. On account of the Sinking Fund on Exchequer Bills
there had been voted - - • - • - 290,000
For the repayment of the holders of Five per Cent. Stock there
had been voted - - - 2,739,000
A further grant was yet to be voted for a like purpose
of, - - - - - 62,000
The sum required. to pay the holders of Five per Cents. in the
whole amounting to - - 2,001,000
There was likewise a sum to be voted, respecting, which he
felt it necessary to offer some explanation. This was a sum
of - r - 290,456
to cover the deficiency of. the Ways and Meanss for 1821.
Upon this subject he. would now offer such an explanation as
1 the House had 3 right to expect from him, in order to shew

that he had not been so tinmindful of his duty as negligently
to leave such an amount unprovided for. It would be in the
recollection of Gentlemen' who attended to the debates in
that House of last year, that, in bringing forward the Budget
statement, he had called the attention of the Coniniiittee to a cir-
cumstance which made it likely that a' small additional charge
might be thrown on the country, on account of the out-pension-
ers of Greenwich Hospital. Since the conclusion of the war,
the whole expence of that establishment had been borne by, the
funds belonging to it. But from the nature of those funds,
which were in a great measure derived from prize-money in
time of war, they necessarily declinell in peace, so that it last
year became a question with the Trustees of Greenwich Hospi,
tal, whether they were authorized to make any farther payments
from the funds of the establishment, and whether it was not
necessary to throw the charge 'of the out-pensioners on the
public. As the question thtts started had hot been fully de-
cided when he brought forward the Budget last year, he was•
unable to do more than state to the House that such a charge
was likely to arise. After he had addressed the Committee
upon that occasion it was decided that the out-pensioners cotrld
no longer be paid 'from the funds oflthe Hospital, ,andit there-
forebecame necessaryito apply to Parliament. A sum 0f260,0001
had been advanced, and a more detailed exp/anation on this
subject would be laid before the House,which was already print-
ed. Taking the three' sums which he had enumerated : '
' That for the Sinking Fund on Exchequer Bills,. oft 290,000
For the repayment of the holders'of sper Cents. 2,801,000
And that to discover the deficiency -of Ways and
Means for 1821, of - - • - - 290,456.

Gave an amount for the redaction of Debt, of - 3,381,456
This, added to theservices already detailed, amount-
ing to - . - - 17,815;000

'ave a total charge of - - • - - 21,196,456
He should now proceed to shew in what way he proposed to
meet the expenditure, by enumerating the Ways and Means
of the year.; part of hich had been voted. by Parliament, and
the part which remained would be fo thwith submitted to its
consideration. In the first instance, he took the'usual annual
Taxes which had been already voted, amounting to 3,000,0001.
It'would be right that,he should explain to the House, why he
took but three millions for the present year under this head,
instead of four millions on whith he had calculated last year.
This was in consequence of-the repeal of the annual Malt Tax,
which had not been given up when he brought-forward the last
budget. , The next item he would take the same as lase year ' •
namely, the Tea Duty, which he would estimate at 1,500,0001.
The next item, the Lottery, he should also take as last year, at
200,0001.—(Hear, hea-rehear !)--elf Gentlemen-should object to
the Lottery being inchided in the Ways and Means of the year,
he hoped those who opposed it would suggest some ,other
equally productive tax to supply the deficiency. For Old
Stoies, he proposed to take 151,0001. for the present year. In
time of peace'it would be obvious that this item must necessa-
rily decline from time to time, owing to the atired circum-
stances of the service. -Last year he had taken 500,0001. on
account of the French Indemnity. In the present year he had
no item of that sort to offer. ' -It. was not that the accounts be.
tween the two countries were completely wound up, but various
circumstances operated to prevent their being brought-forward
-on the present occasion ; -and, from the delays necessarily at-
tending such arrangements, he had been unable to prepare the
accounts; but early in the next Session of Parliament he should
be able to lay before it a complete statement of their appro-
priation. The next item was furnished' by the repayment of
sums- advanced by the Commissioners for issuing Exchequer
Bills upon Public Works, amounting to 110,000 -
the
eseyeral sumsl .. ...
gave,.together, for the . .
service 0f‘1,11.,,0
e6reaor6
i sum of
Of these items only, the Annual Taxes had as yet received the
sanction of Parliament.- Towards meeting the supplies- of
the_ year, he now proposed to take a -Loan from the Sinking
Fund of " - • - 7,500,000.
Perhaps he might, here, as conveniently as any where, state. fo -
the Committee the reasons which induced him to take so small
a sum from the Sinking Fund. Last year,.it would be in the
recollection-of the House, that thirteen millions had been taken
from that source, from which it was now proposed to take but
seven millions and a-half. He might -as well take this oppor-
tunity of explaining the principle on which he limited himself
to that sum On this:occasion, as defer it till he had guile through
the `other part of his statement. As he had already stated;
13,000,0001. had been taken last year from. the Sinking Fund,
and in the preceding years it had been common to take twelve
millions. His reason for taking na,more than the sum he had
named was, in the first place, because he-wished that the Loan
Bill, instead of continuing in force, as heretofore, till the sth of
July, should expire 'on the sth April. The effect of this would
be to bring the subject under the consideration of Parliamentat
the earliest possible period of the next Session. Proposirl then
that the measure 'to beentroduced should expire on. the oth of
April, he limited himself in the present year to 7,500,0001. if
he were now to take a Loan for four- quarteie, in the game
. proportion, the total amount' to be required for the ser-
vice of. the year, from the Sinking Fund, would be 10,000,0001.
The reason why he took no more than, in that view of the case
he was disposed to take, grew out of the very considerable-
reduction in the nominalSinking•Fund, which had taken place
in consequence of the operations • of the present Session, all of
which were approximations to that system to which it was pro-
posed to resort in the next Session, namely, that-of limiting
the amount of the nominal Sinking Fund to the sum actually
applicable to the reduction of the debt.' Parliament; by an. Act-
which had received, or was about to rebeive, the - Royal: Ase
sent, had authorised the eidvence of two millions eight hun-
dred thousand pounds for payments on- account of the half-
pay enilitary pensions. and reductions, which, falling on the
Sinking Fund, if added to the ten'millions taken from the no-
:mind Sinking Fund, would make a total of 12,800,0001. lie-
: ing nearly equal to the 13,000,0001, taken last year. By refer-
rine to the , papers 10 and 11, it would be - seen that of the
7,500,0001, borrowed from the Sinking Fund, there • was. taken
from elle Sinking Fund of O-reat Britain, 7,350,0001. and from
that of Ireland, 160,0001. It was proper that he should now.
call the'attention of the Committee to the terms upon which
this Loan. had been obtained. 'For -every
.1001. sterling, 1001.
had been given in the 3- per Cent. Reduced Annuities, and
241. 10s. 7d. in the 3 per Cent. Consols. • Comparing ehe prices
paid in -the present year with those of lege year, it-would be
found that 1301. three per Cent. Stock had-been given in 1021,
for 1001. sterling, which had been purC4ased this year by 1241.
Stock. In one paint of view it'was not-a matter of public im-
portance whether a loan from the Sinking Fund was obtained at
a lower or a. higher rate ;- but it was of material importancewith-
a view to the public credit of the country, to know that there'
was an improvement of six per cent. He should now 'proceed
to state what sum would be 'appropriated to the real purchase
of It would be found from -the vote come to by Par-
liament in 1819, and confirmed by • that of the present Session,
that a clear Sinking Fund of at least five -millions • should. be
established. The total sum that would be applicable to the
purchase of Stock between the sth July 1822 and the sth July
1823, was 5,432,0001.e-(Hear,_ hear.)—Last' year the Sinking
Fund, it, was calculated, would amount 'to 4,415,0001., includ-
ing 100,0001. to be paid-by the East India Company. Itwould
therefore be seen' that the sum to be applied to the reductien
of debt :exceeded by about .900,0001. that reckoned upon
apPlieable to the seine purpose last : year, including in
both cases repaymente- to the Bank ; and in the present
year a reserve for paling the dissentient holders of Five
per Cent. Stock. The next item was a sum of 557;0001.
from. the East, India Company. Here it might be for .the
convenience of the Committee that he should enter, into an
explanation of the state.. of the claims of the East'lndia Com-
pany: It was well known that during the last twoyears the
East India Company had advanced considerable- claims upon
the Government, on account of various services performed
for the country, and particularly on 'account of the St.-Helena
' Establishment_for the detention of Napoleon Buonaparte.- By
• turning. to the paper, Gentlemen would see certain charges
amounting to 1,900,0001: but the total claim setup bythe Com-
pany, amounted to 5,000,0001. They would see that verioue.
: objections had been 'urged against- these demands. To-Settle
the difference, Commissioners had been . appointed on each side.
Those. on the part of 'Government, were Lord- Lowther, Sir G.
Clerk and Mr. Lushington ; on the part of the Company, .Mr.
Abercrombie and Mr. Bosanquet. The Comniissioners agreed,
as might have beenexpected, in their arithmetical, calculations,
but many objections were, on the part of Gclvernrnent, urged
to particular,claims, and were not admitted. Some were -ob-
jected to aslaving been -already satisfied,- and others as being
ill founded. On the other hand, some of the charges made against
the Company by the PaymastereGeneree were objected to on
the part of the Company: -In. a -case like this an.adjustment
could-only be effected by means of a compromise., The House
would see that the Government and the-Company had to treat
in ,some measure like two • independent states. Those' who
acted for the Company had the interest of their constituents

PRICE SEVENiEiNICE.

. .
and proprietors to protect : on the other hand the Governthent
Commissioners were bound to guard the interests Odle Trea-
sury and the public, Such being the state of things, it was
necessary thaf an impartial umpire
,bet Ween the patties should
be found. The umpire chosen was Parliament itself. As the
full demands of the CoMpani could not be idinitted, it was
thought desirable that the Comthissioners should agree on the
principle of compromise, and subthit the result of their deli-
berations to Parliament. After Much communication had.taken
.place between the Commissioners, the character of which would
be fully explained by the papers prepared to• be submitted to
the-House, it was thought that justice would be done by allow-
ing to the East India Company on their claims of 5,000,0001.
the sum of 1,300,0001.—(Har, hear, hear l)--When the papers
came to be read, he thought it would not apPear to the House
that the Company had been 'badly or illiberally done by.' He
could state that the course which had been taken was such that
the result Was Satisfctorito the Company, and upon a fair
view' of the. subject, he it would be considered satisfac-
tory by the House. The next consideration would be as to the
application of this suni,• if voted. He thought it would be con-
sidered as a most satisfactory adjustment if it were set against
.the Loan raised for the East India
,Company in 1812. It ap-
peared to him, that taking this course would be in perfect,eon-
fortuity with the Act under which that Loan was raised—
[Here the Right Hon. Gentleman read a part of the Act of the
52d Geo. 111. cap. 125, to which lie liad referred, setting forth
the manner in which the Loan was to be discharged.] Theamcitints
of the debt due from the East India Company up to theist of
June, 1821, was 1,857,0001. It had therefore been agreed that
the East India Company, on payment of the sum of 556.0001'...in
addition to the 1,300,0001. allowed upon their claims, should
be released from all' further charge upon that Loanl/4Whieli
• should henceforward be transferred to 'the, Consolidated Fan&
This if desirable for the East India Company was, he 'thought,
most convenient for the public service. Although. by this ar-
rangement an additional charge-Of 70,0001. for the interest was
thrown on the Consolidated Fund, .na_additionalburthen *Odd
fall'on the public, at least from the creation of Stock, in conse-
quence of the transfer of the charge in question. The cotintry
would, on the one hand, be thus relieved from the claims Of the
Company, and on the other hand the Company would be re-
lieved from the charge of their loan, than which, supposing the
arrangement to be a fair one, he apprehended nothing .could
be more satisfactory to Parliament. Of
.the 557,0001. agreed
to- be paid by the East India Company in liquidation -of 'their
debt, 27,0001. had already been paid to the Bank' tri purchise
of stock. So that only 530,0001. remained to be paid,..and
not 557,0001. as the balance of the accounts gave. The -next
item was that for which-an Act had passed, and had so lately
engaged the attention Of Parliament, and which 'had already
received, or was immediately about to receive, the Royal As-
sent—he meant the Bill for enabling the Commissioners` for
payments on account of half-pay, pensions,. &c. to advance the
suni of 2,450,0001. for the public service, to eommencelheir
payments in the October quarter. . He would then proceed to
explain the augmentation which had taken placa in the amount
,of the Unfunded Debt. The state of the Uhfunded Debt, last
year was—
Exchequer Bills - - - • 29,000,000
Irish Treasury Bills - - 1,000,000
Advances to ,the Commissioners of Public -Works
and Churches - - - • 368,-,00

Making in the whole - - 1.30,308',000
But this was not .the actual amount ; it would appear by re-
ferring to the Paper, No. 3, that the actual amount of out-
standing Exchequer Bills, on the 6th of January, 184 was—
For Great Britain - - - - 31,566;550
For Ireland - - - - - 1,105;181

Making the total amount - X32,671;731
The reason why this =bunt exceeded 29,000,0001. was that
the. Unfunded LOan was not 'payable to the sth of July; thOitgli
the services to be covered by it were, to be provided for ham.
Under these circumstances, an additional issue of txche4iter
bills became unavoidable ; which made-the real amount eXceed
-the nominal' one by the sum be had. stated. llis purpose
ferring to the actual amount of the unfunded.debt, was
before the Ifouse ,the exact proportion in which it had.heeti in-
creased by the several measures that bad received their sanction
in the course of the Session. The amount of -unfuntled debt in
Jan. 1822 was, 32,600001. Adding to this the sum 3,,,ifain
the present year (290,0(l01.) to. cover the deficiency in the Mys
and Means of 021, and the grant for payment. of the holders
of the live.per cent. stock, amounting together to-3,100;0001.
made the total amount of unfunded debt come to sonietbing
about 35,0%1,0001. Therefore the increase of unfunded :debt
by the measures alluded to, in the present year, tho'.noriiiiiilly
5,831,6701. was really only about 1,000,0001. That Was,:iffere
would only be about 1,000,0001.9 f Exchequer bills more in. the
market this year than there were last year.. He hoped he'had
made the different items clear, and the total amount of .the
Supply, it would be seen, was - X16,6L400
But including the Interest of Exchequer Bills
_1,520,00

It would amount to .- - - - £:17,8t5,000
And further, including the Sums required for the re-
duction of Debt, amtßuning to

3,3R.,4516

Gave a total of: • :421,10,456
The Ways and Means which he- had enumerated.to.meet, the
Supply, amounted to - - - £21,2y ,G%O
Having gone through the Supply and the Ways and•MeAns of
the year in the usual form, he should perhaps best dO his duty
by bringing under their consideration the probable anoorii, of
the yearly income and expenditure in, the least Officiat.
man-
ner. would take the produce or this year at the actual
produce- of the last. lie would assume, if no extraordinary
circumstances interfered, that the produce in the year ei4ling
April sth 1823, would be the same, as. that ending ApriNith,
1822. He would state his reasons for assuming this, andpOmt
out where Any alterations might be expected. Takinkthe
amount of the Customs at - - , - 9,300,i04t)
Irish Customs • - - , - • 1,400;81.10
The amount would be together- - - £10,700,000

The Excise for Great Britain at
For Ireland -

26;00.floo
1,011,000

Making together - , - ~.,428,366;000
From this -deducting the. produce of the Malt Tax, and..the- re-
payments allowed for stack on hand, and allowing for the•loss
on the Salt Duty, which however would not be pitch, and for
the repeal of the Leather Tax, the total to •be dediteted
would be 2,153,0001.; leaving the actual sum to be raised upon
the Excise to be 26,153,0001. He proceeded to estimate the
produce of die Stamp. .duties, the Post Oftice, the. MSeised
Taxes for Great Britain and Ireland, deductin, 500, 0001: for
the. repeal of the Agrictiltural Horse duties. and the Irish Win-
doW 'fax. Ile also calchlated the balance in the Receiver Ge-
neral's hands, the Miscellaneous income,. the Lottery, and the
Old Stores, but thee tone •in which the Right Hon. Gentlethan
spoke rendered it imposSible to follow him with accuracy. The
result was an estimated total income of 53,027,0001.; to which
he added the payments to be made by-the Gorrimissioners-foT the
payment of Half-pay Pensions, bringing up-.the inoint
to 54,252,000. Being so near theslcse of another half-year, it
might be asked of him what was likely to be the praduce of the
revenue in the qUarter commencing the sth of April, and end-
ing on the sth of July. If he took th'e amotint for the yas: from
its produce, ,as made up last Saturday, he should ptrhaps take
a more flattering view pf the subject than drcuinstances would.
justify. On that day, the amount of the revenue, since the.sth
of April, exceeding by 622,0001. the produce of the correspond-
ing quarter of last year.—(Cheers.)
The amount of the revenue in that quarter, in the •,..
year 1821, was - - - - - - £8,269,000
,In the present year - - - 8,831,000

Gibing an increase of - - • - - , 1:921,990
He was, however,-bound io state, that this amount of increase
could not be expected to be..realised when the accounts, for the
year were made up, as part of it arose from anticipateitpay-
ments,and the cessation of the duties which had'heen reikaled
would be more felt in the latter quarters of t 4 Year. There-
fore they could not expect thatithe year's income would shew
an increase upon the last. If it were equal. to it; when, they
considered the repeal, of taxes which had 'taken place, it must
be highly gratifying. Having 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 fi4.bt,placc, the
sum charged for the unredeemed Debt, augMented. by the.
'2,800,000/. by the purchase of the Naval- and Military Pen-
sions, would amount to • - - - 41;0,911,000
Aliseellabeous charges upon the Consolidated, Fund , 2,648,000
interest.nport. Exchequer Bills, including Arrears aria Fay-
inents in Ireland about a million and a half. Taking the ex-
pence of the army, the navy, the ordnance, and miscellaneous