Star.
London, England, 1822-07-02 00:00:00

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slk
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•%•\:4; • Nib '141%. 4.11. • •

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now same to the next irtat head of' national expea-
elitttret. awn*, the.r.hatekincurred by the reduction
of the Debt, the items of which were:
Sinking Fund on Exchequer Dills - -
Provision for paying the holders of i per Cents.
in England - - - -
Ditto Ireland - " - -
Deficiency of Ways and Means since 321

4290,000

039,000
N,°..
ga0,456

Total A 51,456
He would now explain how that deficiency had come
to stand over since last year. It would be recollected,
that is proposing the Estimates fur last year, he had
stated, that certain expenses would be incurred fcp•
the Out-pensioners of Greenwich Hospital. Hither&.
the whole expenses of that Establishment had beeii•
borne by funds belonging to the Hospital itself,
arising out of a stock created by the prize-money got
during the war. During the last year, low/crier, such
a diminution had taken place in the fund, that the
King in Council had decided that no mort payments
should be made. out of it, and that the whole expense
Of Greenwich Hospital should, in louse, be defrayed
by the Public. As the question was not then settled,
and the opinion of the Crown Lawyers had not been
taken upon the proposed arrangement, he had only
sahl,that the funds would be insufficient, and that it
was pNbahle sin application would be made to Par-
liamerit, in order to get the necessary provision, by
an issue of Exchequer Bills. About 260,0001. of the
whole amount had been so raised, and the remainder,
which constituted the deficiency since last year, had
incurred expenses of an ordinary nature, which were
sanctioned by different Acts of Parliament, and the
particulars of which would be found in the papers
before the House. Adding, then, the amount of
these three items, which made 3,381,000/. to the ex-
pense of the Army, Navy, and Ordnance, which
amounted to 17,815,0001. the total to be provided
for would be '21,196,456/. He had now come to the
Ways and Means by which these supplies were to be
made good. Some of them had been already sanc-
tioned-by Parliament, and these he should distinguish
from the others which he should have to apply to the
Ilouse for. The first item among these was the An-
nual Taxes, which were voted this year at 3,000,0001.
being less Ly 1,000,0001. than the same vote of last
year, in consequence of the remission of the Malt
Tax. The next item was the Tea Duties, amounting
to 1,500,0001. Then came the Lottery, amounting
to 200,000/.—(Cheersfrom the Opposition benches).—
Gentlemen might cheer ; but if they would do away
with the Lottery, he hoped it would be only by the
substitution of some other Tax. The next item was
the Naval Old Stores, which made 151,0001. There
was in the latter item, this year, a diminution of
12,4001. as compared with last year, and that was
occasioned by our having receded farther from a
period of war. There was last year an item of
500,0001. arising from the French indemnity. There
was no such item in the accounts of this year; and
the reason was, not because the payment had not
been made, but because of the unfavourable state of
the exchanges, the accounts had not been wound up,
and were not in a state to have them laid before the
House. He hoped, however, early the next Session,
to shew in what manner this sum had been appfo-
priated to the service of the pre'ent year. The next
item was the sum repaid by the Commissioners for
issuing Exchequer Bills for Public Works, which
amounted to 111,0001. making altogether 4,961,0001.
being the whole that had been yet voted for the ser-
vice of the year. But to complete the supply, he
proposed a Sinking Fund Loan of 7,500,0001. and
he should now state why he would not call for a
larger sum. The Committee would see that last
year 13,000,0001. had been taken from the Sinking
Fund, and 12,000,0001. for the two preceding years.
However, no more than £7,500,000 would be required
this year, and one reason was, because it was his wish
that the Sinking Fund Loan for this year, instead of
being extended to the sth July, should close on the
sth of Arril, in order that early in the next Session
a general revision of the fund should take place—
(Hear, hear, hear). It was therefore inconvenient
to tie up the Commissioners to so late a period as the
sth July. Supposing then the average at four quar-
ters the same as last year, the whole amount would
be ten millions, leaving 7,500,000/. for three quar-
ters. Another reason fur a smaller loan this year,
was the great reduction of the nominal amount of
the Sinking Fund, which had taken place in conse-
quence of certain financial operations that had re-
ceived the sanction of the House this Session ; and
also with a view of making that Sinking Fund avail-
able to the public set vice, not as to its nominal but
its actual amount—(Cheers.) This House had already,
by an Act which had not yet received the Royal As-
sent, charged upon the nominal Sinking Fund, a
sum of 2,800,0001. annually, for the payment of the
Pension and Half-pay List ; and consequently its no.
minal value was so much less this year. Taking,
then, this charge of 2,800,000/. and adding it to
7,500,0001. the average of three quarters, it would
be found that the whole amounted to 12,800,0001.
which was nearly equal to the loan of last year.—
Having stated the amount of the loan, which was for
Great Britain 7,350,0001. for Ireland, 150,0001. alto.
gether making 7,500,0001. it now remained for him
to shew what effect it had upon the mar ket. Consi-
derable saving had accrued to the Public by the man-
ner in which the loan of this year had been made;
for, taking the Consols as a sample of the market at
80s. it would be found that while the Sinking Fund
Loan of last year requited 1301. for every lON. of
Stock, it was raised this year at 1241. It would,
therefore, be observed, that this increate of public
credit made a difference this year of six per cent. as
compared with. the last. In No. 11. of the papers be
fore the douse would be seen what part of the Sink-
ing Fund was applicable to the purchase of Stock for
the redemption of the debt. In 1819 it was intended
to have a clear surplus of five millions for the pur-
chase of Stock. The whole amount of the Sinking
Fund this year was, for Great Britain, 14,788,0311.
up to the 6th of July, 1823, of which there was
5,038,0311. available, butthe purchase being 934,9261.
more than last year, and, consequently, leaving
9,750,0001. to the purpose of a Sinking Fund Loan
for the service of the year. It was out of this latter
sum that he proposed to take the loan in question, as
also the amount necessary to repay the Bank for the
-advances they had made to enable the Government to
pay off the 5 per cents. The next item was the East
India Company's Debt, including the charges at st.
Helena for the custody of Bonaparte. If Gentlemen
would look to the papers, they would see the sum