Star.
London, England, 1819-06-08 00:00:00

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there shotildbe an obligation to produce a Sinking
Fund, which should gradually operate
i to their ex-
tinction. From this system, however, t could not
be supposed that there was no obligation not to con-
tract any new Loan ; nor could it be Mr. Pitt's notion
that annual loans must he contracted. If, however,
any such idea prevailed, he should consider it the
first dug of the House to deliver the Public from
such a system. The present surplus income of two
millions was not such as could relieve the country
from the necessity of a Loan. But whether a part
of the Sinking Fund was applied to the service of
the year, or whether any other arrangement were
made, still he would think that an annual Sinking
Fund of five millions, would provide such an impor-
tant means of reducing the debt as must prove very
advantageous to the public credit. As yet there were
no means of judging what effect would be produced
by so great a surplus as five millions. There were,
however, some circumstances which might assist
them in estimating the extent of its operation.
In
the period from 1786 to 1792, a Sinking Fund of
one million had been provided, and from the great
effect which it produced, some idea might be formed
of the effect which would be produced by the five
millions. The effect of such an increase to the Re-
venue in the present situation, would be to raise the
Sir king Fund of five millions to eight millions—
(Hear, hear)! his would be occasioned partly by
the accumulation of compound interest on the small
Loan—partly by the increase of income during the
peace—partly by the reduction of some of the Funds
when opportunity should offer.. He could not think
that he was very sanguine, when he thought great
improvement must take place in the Revenue. But
when a clear surplus was provided by a Sinking
Fund of five millions, it would be for Parliament to
consider how they would dispose of any further sur-
pins ; and the Public might then look to be relieved
from a part of the burden to which they were now
exposed. The immediate object then of the measure
which he meant to propose to the House, was such
an increase of the Revenue as should produce a sur-
plus of five millions, applicable to the reduction of
debt: and this would be obtained by increasing the
present Revenue to the extent of three millions. By
what particular means he intended to accomplish
this increase, it would be for him to submit to the
House when the consideration of the Ways and
Means came before them. For the present, however,
he must say, that he was far from expecting that the
House would sanction so considerable an increase of
Taxes as three millions, without a statement to shew
that it was expedient and nece;sary that such an ad-
dition should be made to the public burdens. When
such a statement was made, it would be for each
Gentleman in this House to make up his mind as to
its force. There might be differences of opinion as
to the particular parts of the plan ; fcr it by no
means followed that those who approved it should
approve also of the details. All that he wished was,
that the House should take such a view of its situa-
tion as would induce it to make a great exertion. By
what particular Tax this three millions should be
raised was a point comparatively of small importance.
At the same time he felt that a great deal was to be
considered in determining upon the most fit objects
for any increase of taxation. But when the exertion
was resolved on—when the situation of the country
was found to be such as rendered such a measure ex-
pedient, it would then be for the House to consider
how the burden might be apportioned so as to occa-
sion the least inconvenience. The House might,
however, expect that he should now state what those
articles were on which it was proposed to lay the ad-
ditional duty. The House was already aware that
he proposed to consolidate various of the Custom
Duties. This would include a variety of slight al-
terations in the duties on various articles. The first,
and one of the most considerable of the articles on
which an additional duty would be laid, was foreign
Wool. The duty on that article was at present only
one penny per pound, which was thought too low,
with a view to the interest of the home grower of
that important article. He proposed that the duty
should be increased to six-pence per pound. This'
additional duty would operate as a protection to the
growers of inferior Wool in this country (Rear, hear).
By this increase of duty, he calculated that an in-'
crease of the revenue would be effected to the amount
of £250,000 or £300,000. Under the same head of
Customs, there were slight additions to the ditties onl
various small articles, which, it was estimated, would
give a further increase of about 42200,000. In all,
under the head of Customs, he proposed an increase
of duties which would produce £500,000. Remain-
ing
articles on which new duties were intended came
all under the head of Excise. In this branch, the
most considerable article was Malt. It would be re-
collected
that the war tax on Malt had ceased in i
1816. He did not now intend to propose that it
should be renewed, but he wonld shew the House
how he intended to modify it:—ln 1816, it had been
stated that great and extensive benefits would be pro-
duced by the cessation of the war tax on this article;
that it would afford relief to the Agricultural Inte-
rest, that it would even be beneficial to the Revenue,
and, above all, it wiped give great relief to the Lower
Classes. None of these expectations had been rea-
lized, and, in all points of view, the cessation of the
Tax had failed of that operation which had been pro-
mised. It appeared from Accounts before the House
that the number of bushels of nalt on which duty
had been paid in 1816, was 26,400,000; whereas in
the next year, which was the first after the cessation
of the Tax, instead of any increase, the number of
bushels fell to 17,000,000. It therefore appeared
that the consumption varied without any reference to
the amount of duty paid; and when the Tax was
taken off, instead of the promised increase of the Re-
venue, there was a great reduction. In the second
year after the cessation of the Tax, the amount of,
bushels on which duty was paid rose again to
"G,400,000; but beyond that it had never since gone.
Ile meant to increase the duty on this article to the
amount of Is. 2d. per bushel, making the whole
amount of duty 9s. 6d. per bushel. He hoped that
this increase would not only be no justification for
• - - the prices to the Public, but not even for con-
as it now was (Hear, hear !
In order to form an ac-
ibject, he must request the
the Report of the Commit-
oresented in the last Session.
rtant evidence which that

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lle meant to increase the d
, bu
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dlos. ty'lt3d.s.
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this increase would not on
raising the prices to the Pill
•
tinning the price so high as
r • from all sides of the House.)
curate judgment on this sul
attention of the House to tE
tee which had been prese.
Among the mass of impel
.