Star.
London, England, 1826-03-14 00:00:00

e wilt

dcla the large
r red ions in t • , Oe
tried. .I have stat4i the benefit wash, I
iaroY.L FG
tile.Cointry.iipst have derived from those re-
knit. j have also sliewn bow, out of that diminution,
will arise the mesfis of carrying it much farther.
twofer such circumstances, and with this inspieesion
my mind, chat I now proceed to state to the Com-
nee, what I estimate the amount of our et penditure
in the present year: and, secondly, the Ways and
Means by which it is to be provided for. Our expendi-
ture I take as follows :

EX PEND IT U R E.
The beads of expence are—
For
the Interest and Management of the Public Debt X 27,117,1211
For the Interest of the Deficiency Bills . 5.0,000
F* the Civil List, and Pensions of a permanent na-
ture charged on the Consolidated Fund, and not
the subject of an annual rate
For the Half-pay
For the Sinking Fund

2,065,000
2,20_0,000
5,565,235

The whole Charge of the Consolidated Fund is,
therefore, • . . . e 37,617,421
Then comes the Annual Supply—
For the Army . .
Navy .
Ordnance . .
Miscellaneous Services .
Interest of Exchequer Bills

.

. 7,747,000
. 6,155,000
. 1,754,000
. 2,225,000
$50,000 .

Which being added t. the Permanent Charge, raises
the total Expenditure of 1826 to . X 56.748,421
I now proceed to state die Revenue on-which I calculate to meet
this expenditure. In the first place, stands a small item which,
being the surplus of last year beyond the demand of the Sinking
Fund, I consider myself entitled to make available towards the ex-
penditure of this year. This sum amouats to 167,0001. The
Customs and Excise I shall take together. lials course is rendered
necessary by the tranfer to the Customs of a large proportion of the
duties formerly collected by the Excise. These Items it is impos.
Mile to separate wltheut confusion.
I therefore estimate titer joint produce at
The Stamps •
The Assessed Taxes, inchidlng the Land Tax
The Post Office
Miscellaneous Items
Surplus of 1825

• '07,446,000
• 7,400,000
. 4,000,000
• 1,550,000
. 1,360,000
167,000

The total Income from these sources, therefore, is . .f. 52,723,000
To which, if there be added the Payment from the
Commissioners of the Half•pay and Pensions,
amounting to . • • 4,320,000
The whole Sum to be received during the present
year, will be raised to . . . .6'57,023,000
If from this Sum be deducted the Expenditure,
amounting to . . 56,328,421
There will remain to be dealt with, as we think Ht, a
clear surplus of . . 714,572
After providing for all the expenditure of the year
(cheer:). I will now state what are the grounds 'on
which I rely, in estimating this amount of revenue. It
may appear that I am calculating on a receipt higher
than many Hon. Gentlemen may think likely to be
realised ; I will therefore fully explain on what I build
my expectations regarding the current year. 1 begin
by laying down, as the basis on which I proceed, the
actual receipt of the past year, making such variations
as the cbange of circumstances may appear to require.
The actual gross receipt at the Customs and Excise of the
United Kingdom, taken together, during the year 1825,
amounted to 37,546,000/. but it happened that in the
course of last year the net receipt of these branches of the
revenue was affected by circumstances which operated
upon it to a much greater extent than I anticipated.
I allude to the amount repaid in consequence of the
reduction of the Wine Duty to the holders of the stock
on hand. This repayment amounted to 1,050,0001.
.This sum will not be withdrawn this year, as in 1825;
and to this extent., therefore, I stin entitled to assume
the revenue will be increased. The reduction last year
arose from a casual occurrence, which cannot again
come into operation. I calculate also treon a small ad-
dition to the receipt of the present year, by the measures
introduced by my Right Hon. Friend (Mr. Huskisson),
in order to get rid of divers bounties; and which, I may
observe, have been carried into effect with so much sue-
' cess and benefit to the commerce of the country.—
This saving will amoufit to 50,0001. Another circum-
stance which most unexpectedly affected the Customs
last ye ir resulted accidentally from the extensive alter-
ations and amendments made in the Lawsof Customs.
Several hundred statutes were, by the labours and ex-
ertions of my. Hon. Friend (Mr. Herries), the Secretary
of the Treasury, and the Gentlemen Who assisted him,
removed from the Statute-book, and the whole of their
provisions, as far as they remain in force, compressed
within the space of six clear and intelligible Acts of
Parliament. (Hear.) It is nor wonderful that in
going through so great a task some minor omissions
wok place ; and it happened that by one of these venial
errors the Revenue was affected. The duty on Tobacco
was 4s. per lb. at the beginning of the year. By the
strange mischance to which I allude, one sliming of
this duty lapsed. From the sth of July, 1825, w the
sth of January, 1826, the duty was reduced VI three
shillings. This omission cost the Revenue 450,0001.
Adding these three sums together, viz.

The Repayment on account of the reduction of the
Wine Duty"
The Saving by the Repeal of Bounties
And the amount of the Tobacco Duty lost

Z 1,050,000

& total fun was produced equal to
Which, being added to the actual produce of the
Customs aud Excise of 18245

1,550,000

37,546,000

Would have raised it altogether to

X 39,096,000

But it is obvious that to calculate on so large a receipt
of the Excise and Customs, after so great a reduction

of taxes has recently been made, would be preposterous,
and I am quite ready to admit that it is not likely we
shall realize it.during the present year. It is our duty,
therefore, to estimate what is the amount of reduction
we ought to expect. In the first place, there will be
the further loss resulting from the reduction of taxes
made last year. The statement of the views of Govern.
ment having taken place at snearly a period last year,
the effect of the reductions began to be felt almost as
soon as they were announced. I calculated then that
three quarters of the whole amount would be lost
during that year. All that we, shall lose during
the present year, from that source, will be the
remaining quarter, which I estimate at $50,0001.
—I stated the reduction of taxation last year to have
amounted to 5,148,0001. and, compared with the pro-
duce of the previous year, to that extent the reduction
was in fact carried. Yet, in calculating the actual loss
to be sustained the Revenue, an allowance should be
made for the increased consumption resulting from the
reduction. The total amount of the real pure loss of
1826 was 1,500,0004 of which one-fourth is to be ab-
stracted from the Meow of the present year, I am
very sensible that, under all the circumstances attending
the late derangement and confusion of the Money
market, and the consequent stagnation of the external
commerce and internal industry of the country, it would'
be unsafe to frame any estimate of the Revenue,withoto
dedorroing for the great loss to be expected from dimi-
nished consumption, which I estimate at 1,300,0001.