Star.
London, England, 1819-02-09 00:00:00

FTYINCE.
Lord CASTLEREAGiI rose to propose the ap.
„Ointment of a Committee of Finance for the present
' trod Though he was then about to propose the ap-
F`.m
io orent of a Finance Committee, he did not think
d be necessary, he said, to appoint one the
ear subsequent to the presert, if our affairs went on
Much good had al-
,the same prosperous
:2,4 resulted train.
i from the Reports of former Commit-
,o o
f the same description with that about to be
posed at present. The principal thing to be looked
lin
the appointment of such
.Committees was, that
,
eir
labours must arford considerable light in carry-
forward the great business of rettenchment and
on •
only ; and though much had been already done,
4even of late. for reducing the burdens of the
ware, vet it was necessary that the inquiries of the
Face Committee should be continued until the ex-
esf the Government were brought within the
co He would remind the House
of the country. . .
tohesituation of the Empire at present was sum-
. 9 what was experienced at the end of the Ame-
-r; cm For nearly three years after that period,
•nreiditure was found considerably to exceed the
orHe; so that our financial situation since the ter-
.ration of the late war, was not of that novel or un-
tedented kind that ought to excite either gloom
jeFrondency. The reasons, which led to the ap.
;itinent of the Committee of Finance last year, were
same with those by which Government were in-
erced in wishing for its re-appointment at present.
Ile must inform the House, that even already the
at desideratum which was aimed at in all the
ors of the Committee had been accomplished;
it rould appear, from the statements which he
ala4t to submit to the House, not only that our
.:ndieure was within our income, but that there
an actual surplus of income over the expendi-
-e. This could not be made quite certain until
different accounts were laid on the table ; and
House was aware, that these could not be ex-
:ted before the end of the year. Until then, there-
c, it would be impossible, so far as the details were
learned, to enter into a close comparison of the
penditure of the present year, as contrasted with
Lose that preceded it. But in a general way, he
atlel give the House a few statements on the subject.
;bat then, it might be asked, was the income of the
;vary at the end of the year, which terminated on
sth of last January ? It amounted to 54,630,000/.
file on the sth of January, 1818, it was only
~668,010/. thus giving a considerable increase and
iprovement. But in the account of the sth of Ja.
airy, 1818, there were included arrears of the pro.
qty tax to the amount of 9,300,000/. whereas the
fears of the property tax, on the .sth of January
ast, amounted to no more than 565,000/. Sub.
I,:ting these arrears from the gross income, it
(Ad appear that the clear receipts in January, 1818,
nounted to 49,334,000/. whereas, on the sth of last
theclear receipts rose so high as 53,497,0001.
eviag a balance of no less a sum than 4,163,0001.
ifavoar of the last year. This certainly was a great
important improvement. But the balance was
:11greater, as a sum of about 600,0001. arising
.:rn Duties on sugar in 1818, ought to be subtracted
can the income of that year, and added to that of
se rear 1319. This would raise that income to the
451,097,000/. and would reduce that of the
:ar ending on the sth January,lBlB, to 48,734,0004.
ftus it would appear that the surplus of the present
le:r over the preceding would amount to 5,363,000/.
Ler these statements, he would ask, could they have
:::e encouraging prospects? For.did not this sur-
:, of neatly five millions aad a half in favour of
present year, entitle him to call the prospects of
country most flattering and encouraging ? But
;e should not do his duty fully to the House if he
did not inform them, that there were only two ar-
cles is the entire range of the revenues on which
there was not in favour of the present year, a consi-
derable increase; and the produce of these two ar-
ticles amounted only to 13,0001. On all the other
articles there was a considerable and a progressive in-
crease. The increase in the present year on the ar-
ticles of brick and tiles, alone afforded the best proof
of the increasing prosperity of the country. From
the former Reports of the Finance Committee, it
would appear that they estimated the expenditure
for the year ending January 5, 1818, at 51,087,0001.
and the income for the same year, at 52,500,0001.;
leaving a balance in favour of the income of about
fourteen hundred thousand pounds. The income of
the year 1819 they estimated at 52,500,000/. whereas,
point of fact, it would appear, from the statements
he had already made, that the real amount of that
Income exceeded, by more than one million and a
the calculations and estimates of the Finance
1-ammit.ee. But hereafter it would be made znani-
t!st, he was persuaded, that the financial situation of
t't country was not only better, by more than one
billion and a half, than the Committee had pre-
c'k'ted, but that there would be, at the end of the
Present year, that is, in January, 1820, an actual sur-
. .3s of income over expenditure, applicable to the
reduction of the debts of the country, of no less a
`act than 3,558,000/. He would not, however, con-
teat himself with this statement of the prospects of
Vie present year from the receipts of the last, but
elate' inform the House even so far as we had
$O .e into the present year, namely, from the sth of
.anuary to the sth of February, that experience con.
armed the flattering prospects to which he had
already alluded. On the first month of the present,
compared with the first month of the last year, there
'vas an increase of from between 300 to 350,0001.
—And it ought to be borne in mind, that even in the
ha year, the first month was a month of increase,
thropared with the corresponding month of the pre-
year What then was our present financial
' •
lon ? Why it would appear, not only that
"Jr expenditure was brought within our income, but
f,at there was an actual surplus of about three
mil-
b.ns and a halt; which was disposable for the liqui-
elation of our debts. Thus, then, had the: great ob-
ieet of the Finance Committee, namely, the bring-
of our expenditure within our income,' been more
ttan realized, as much more than this had been ac-
c3'nigished, when so large a surplus as that already
s. ..11e4, remained after the payment of all the expenses
ant: the country. Such, then, were the bright hopes
prospects that sprung up before us ; and he was
`"re that they must be contemplated with greater
z=fara
nce aad satisfaction, when we considered the
great solidity of cur resources, and the manly cha-

ratter of the indestry of the country. Nor would these
prospects, he was persuaded, be temporary, as he
hoped that every .successive year would be marked
by increasing improvements. The Noble Lord pro-
ceeded, in the next place, to give a short outline of
the different reductions that had lately taken place,
previously to entering upon which, he stated, that it
would not be necessary to impose any new taxes in
the course of the present year. From the reductions
that had taken place, he trusted that the Right Ho-
nourable Gentleman opposite (Mr. Tierney) would
see, in the matter of economy, that he and his Ma-
jesty's Ministers had profited by the advice which he
(Mr. Tierney) had given them last year. For his
own part, he was unwilling to quarrel with the
Right Honourable Gentleman on the subject, but
would be ever ready to take all the advice he could
from him. They were blamed last year for not
going more extensively into economy ; but the Go-
vernment could not then have prudently econo-
mised more than they did, considering how they
were circumstanced both at home and abroad.—
The expenses of the Army for the present year, were
formerly estimated by the Finance Committee to be
£8,967,000. Besides this, there was for Officers on
Half-pay, &c. a sum of about £300,000. But, after
all, it would appear, that, even exclusive of this last
sum, there would be, if the Report of the Finance
Committee was compared with the actual reductions,
a saving of no less than £567,000 on the Army alone,
for the present year. In the Navy, the actual saving
would be £lOO,OOO, and £lOO,OOO also for the Ord.
stance; so that in the three services, the actual saving
would amount to £767,000. Owing, however, to
the distance from home, at which some Regiments
were placed, and to other circumstances, some tem-
porary expenses were unavoidable, as Regiments
could xot be always immediately reduced. These
expenses, in the present year, would amount to about
£330,000, but next year would be wholly unneces-
sary. The expenses of this description, last year,
amounted to a much more considerable sum, for they
went so high as a sum of about £740,000. With re-
gard to the reductions, in point of men, he would
state them at 22,120 rank and file of the Army in
France, and 9,122 rank and file of the Army at home,
making a total reduction of 31,20 rank and file.
Were Officers included, it would amount to about
35,000 altogether. The reductions in the Ordnance
were 2,020. The total expense of the Army, Navy,
and Ordnance for the present year, was estimated by
the Finance Committeeat £16,237,000. Out of this.
four millions would be saved by the reductions. The
direct expense would be only about twelve millions.
There were, however, pensions amounting to about
£4,300,000 ; but of these, it may be calculated, that
about £130,000 would fall in annually. From these
statements, the Noble Lord proceeded to remark,
that there was a principle of powerful elasticity in
the resources of the country, which was gradually
and vigorously rising into action, in spite of the
pressure of all our former burdens. This was par-
ticularly evident in the improving commercial con-
dition of the Empire at present, as might be seen by
the state or our exports and imports. In fact, this
was the greatest year of British commerce, for it far
exceeded all those on record, even the great year
of 1815. The amount of our exports, from January
to October, in 181 i, was £35,231,000. In 1816, for
the same period, it amounted to upwards of twenty- ,
eight millions. In 1817, to £32,000,000 ; and in '
1818, to £33,325,000. From the promises of the
early part of the present year, there could be no
doubt but that the amount would exceed any of the
preceding. These prospects, surely, ought to dis-
pel gloom, but not to prevent exertion. After a few
remarks on proper economy, the Noble Lord said,
that he should now propose the re-appointment of
the Finance Committee of last year. As two Mem-
bers of that Committee were not in the present Par-
liament, he should substitute the name of Mr. John
Smith, for that of Mr. Smith, of Oxford; and the
name of Sir George Hill, for that of Sir Thomas
Ackland. This Committee, he trusted, would wind
up the business of these Financial Reports, from
which the House had derived so much assistance in
their proceedings ; and, he was sure, from their ta-
lents and experience, that they would stamp on their
Reports, all the prominent features of our financial
condition. He concluded by proposing the appoint-
ment of a Committee, to inquire into and state the
Income and Expenditure of the United Kingdom for
the year, ended on the sth of January, 1819, and also
to state the probable Income and Expenditure (so far
as the same can now be estimated), for the year end.
ing on the sth of January, 1820, and to report the
same, together with their observations thereon ; and
also to consider what further measures may be
adopted for the relief of the country, from any part
of the said Expenditure, without detriment to the
public service.
On the Motion being read by the SPEAKER,
Mr. TIERNEY rose and said, that he was wholly
taken by, surprize by the Noble Lord, who had, con-
trary to all expectations, opened a Budget, instead
of moving for the appointment of a Financial Com-
mittee in the usual manner—(Hear, hear.)—He could
hardly believe, that this was to be the last occasion,
as hinted by the Noble Lord, on which this Commit-
tee should be appoibted. He expressed his satisfac-
tion at hearing that Ministers thought proper to
adopt any of his suggestions ; but he might ask, if
they were not the suggestions of the Government it-
self, inasmuch as they appeared on the face of former
Reports. The Committee, however, at present, will
have to make not a mere dry Report of Finance, but
also to enter into the details of economy. The state-
ments of the Noble Lord were merely those of a pro-
bable revenue. He had been giving the House the
Budget by anticipation—(Hear, hear.)--In fact, the
Noble Lord anticipated even the Report of the Com-
mittee, who would be ready in a few weeks te re-echo
back in black and white the entire substance of
the Noble Lord's speech—(Cries Herr, hear.)—
He was not nom able to meet the Noble Lord, armed
as he was with accounts and figures on the commer-
cial state of the country ; but he would tell the Horte.
that all the Merchants with whom he had conversed,
and they were not merely of his side of that House,,
were of a very different opinion. An over-issue of
pa per money had rendered capital very plentiful,
and labour very cheap ; but be could not see that
great commercial prosperity for which this year was
to rank above all those we ever knew. He had no
doubt, however, but that the Committee would, in
their Report, re-echo back this greet and unequalled

prosperitt Of our trade and coMMerce--(kear, .tar):
lie was but a practical man, and was disposed .tar):
much
to differ from theorists on the subject. He was, how-
ever, ready to adMit that there had been a consider-
able improvement in the Revenue. This, however,
was an event that was. looked for, as it was stated in
one of the Finance Committee's Reports. The real
improvement this year, had been stated by the Noble
Lord at £3,500,000, hich, he said, would be avail-

able for the reduction of the National Debt. But he

feared the Right Hon. the Chancellor of the Exche-
quer, when he came to inquire into it, would find no
mole than £2,400,000 fairly available for the Sink-
ing Fund. It appeared rather strange that the Noble
Lard said • nothing about the Sinking Fund. From
the inquiries he had made, and the statements which

he saw, he was of opinion that the surplus of the
Consolidated Fund would amount to no more than

about £214,000. So late as the sth of last January,
there w•as an old debt of £3,300,000 on the Co:isoli-

dated Fund. This debt surely must be paid off be-
fore it Was fair for us to indulge in all those sisions
of prosperity, with which the Noble Lord had that
evening been delighting the House, and which, he
was afraid, would not be hereafter realized. This
year we must have an improvement of about, at
least, two millions above the Eve millions stated by

the Noble Lord, before the income and the expendi-
ture of the country can be expected to correspond,
in January, 1820. This year, therefore, there can
be no surplus of the Consolidated Fund. The Land
and Malt Taxes, making about i.:3,000,009, and
some others added to these making a total of about
£7,000,000, were all that he knew to he available
_ _

for the year. lie might ask, as the Noble Lord
wished to slur it over silence, what had become

of the million, which we had been so often promiseil
from Prance ?—(//ccr, hc:zr,/-111 was sorry the
Right Honourable Gentleman (the Chancellor of
the Exchequer) wets silent, and made no sign.—
The Noble Lord had said, that he and his colleagues
profited by his (Mr. Tie:ney's) ad: ice ; but he would
tell him, that they profited by the advice of the Ge-
neral Election ; for the Electors of Great Britain,

from one end of the kingdom to the other, spoke a
language not to be misunderstood, and countersigned
the advices he had given.—(Hear, hear.)—Last year
the Noble Lord, though mach pressed, would not
consent to reduce 5000 men ; but this year he comes
forward with a voluntary reduction of 9000, besides

the reductions in our army in France. This was the
magic of the General Election, that great and effi-
cient adviser of Ministers.—(Hear, hear.) By the
saving then in the army being stated at sit hundred
thousand pounds, and the other reductions at four
hundred thousand, the general aggregate amounted
to one million sterling. Now, this being taken for
granted, it must be still remembered, that out of
twenty-one millions of expenditure, there remained
Ito be provided the sum of twenty millions ; and it
was now confessed, that by the Noble Lord's own
,shewing, there was no more than seven millions pre
I pared to meet this. From all these calculations, how-
ever, the Sinking Fund,
.by a singular process, was
exempted. Did the Noble Lord mean to say, he was
not to provide for the thirteen millions that remained
'of the expenditure? and did he now mean to say, that
the provision for the Sinking Fund was to be made
up by a single million of reauclion ?—(Hear,hear.)—
, The effect 9f the Noble Lord's argument was nothing
More than a delusion ; and it was to be regretted,
that he was but too much countenanced in his state-
ments by the House. flow could the Noble Lord
have attempted to tell the House and the country,
that the revenue of the country exceeded, or was
equal to, the expenditure? The amount of your in-
come, said he, was so much, and the amount of your
disbursement was so much, leaving the little item of
fourteen millions and a half of Sinking Fund all the
time in a parenthesis, as a matter quite unnecessary
to be looked at. He did not mean to undervalue the
uses and effect of the Sinking Fund. There was not
in the country a more zealous and persevering friend
to that Fund than he (Mr. Tierney) had uniformly
been. He had hitherto avoided making any obser-
vation upon the part of the Finance System connec-
ted with that Fund, as he was willing not to interfere
with the Administration in whatever measures they
thought fit to adopt, but he would now speak out—
(Hear, hear, hear.) He would say, it was a subject
of wonder to him that the Noble Lord could have
talked about the flourishing state of the country,
when, by his own statement, he acknowledged that
it was necessary at this moment to borrow a sum of
thirteen millions for the current expenditure—(hear.)
The Sinking Fund was to be provided for besides,'
and the Chancellor of the Exchequer had it in con-
templation to ask a vote of twenty-four millions of
Exchequer Bills, to provide for those that remained
outstanding. It was now time for the House to de-
mand that some definite arrangement should be made
upon the Finance Department. In vain did the Noble
Lord exert himself to exhibit statements, the effect
of which was solely to delude the country into a false
idea of its prosperity. The country was actually in
a frightful condition--(Hear, hear.) ' The I louse had
a formidable task before it. The public creditor was
to be satisfied, and what was the preparation made
for the purpose? Truly, did the Noble Lord say,
when he talked of the prosperous appearances of the
country, that the world would be astonished at us.—
Mankind surely must wonder at the condition to
which we should be reduced, if the present system
of things was to be persevered in—(bear, hear.) If,
the Noble Lord or his colleagues couhi have secured
to us the continuance of peace for ten or fifteen years
to come, then, indeed, might the principles of the
Finance System, as now acted on, have had some
apology. But neither the country nor the Ministers
could work wonders. Come a war in one or two
years, and there was no word in the language could
come near a just expression of what the state of
the country inevitably would be—(hear, hear, hear.)
—As to think of obtaining money by loan, from.
merchants here or anywhere else, why the. Minister
might as well haie thought of raising the dead to
life, as of raising .a single guinea in this manner—
(Hear, hear).—ft signified nothing that flourishing
speeches were made about commerce, and trade, and
revenue, and so forth. Ministers did nothing but
talk. When economy was mentioned before them,
then they were all anxiety, all readiness for economy.
When the Bank Restriction Act came before them,
the; had sainething else to.employ their eulogies on.
not they would :never,what the/ clight_o4l°,
come forward in:arair4 candid,manner, and