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

forward the lest budget.

pit item be would NI

at 1,60ksoo1;. pi. Reit iipaktit• Lot.
tmy, la . . id Alio. file, en.lostiope, 4 200.4Misme
• Psneelser-(lletrs heal Wirlistiontleinsa Amid object IL
the Lottorytbeieg inaloded le-the Ways and Mean. ofs
the year. he boped.Olteselelee.otsposeil. it would inggellil
.some other eons* probesolvo tar to supply the 4141
amity. For Old Stores be peopseed •to take 151 thmod
send pound... Seethe present year. In dose of peat"' IS
world be obvious that this item:emstnemisarily declitie
fhiortime to time, 'wink to the altered circumstances
the welt". Lest year*. bad taken five hundred thee•
shod pomade es secount of the French Indemnity. 15
the unseat year he had no item 4 that sort to offer.
.714
ri iineti‘aari the accounts, between tho two countija?
ie cosi" Sdy wounl up, but various dreams , .
Keteratetttnarnt tbeiclteing brougbt forward. le Sill.
nt and, (pm tbe,delays secestsrily at-.
tomßitg such turaegoometts, Imbed beets „unable to, pre-
.t: the 1400411141 bat early halls. mg Segaloolocpat..
' siat be should be able' 4 leg llsiPte it & complete
...Ointment of their appeeptisiliftle 'The sort item was
Iliellidold of the . reparmihret imilis adianeed by She;
.. ffilemodedemeethe ismisgEwelswilser Sills spew Public
Welke, moo is twe..ie .4e 1.. les,: - - . 119400
T o
hese , . . m m
it egotljer theservice of the
Avear, Sri
$7059.4
to. • • r.,., . -.. Lt., - •, 4,961,090
ilf these eraionlftielAnanil:ll,l.yes bad as yet re-
etsietfff tiM 1111611 of Patliimeni: Mirada meeting the
supplies of thWyber, he now proposai to tole ti Lean
!tuna the Sinking Fnad - - - 4 ' 7400.000
?sleeps he 'snightbete.: as eenvoideatly as any *hem,
ate to the Comeniftee tili`tdisittir which induced' him
. 16 take So small a mil from tube' Sinking Fond. Last
/*it, iireroldil be thihditredilleflon of 'the Moose, that'
• tialrtien Millions had tieen laGii from that source, from
which it was, now prop/aid to take hat seven millions
and a half. He ungbt as well take this opportunity of
trephining the p6nciid.etio which be limited himself to
last sum on this occasion, as defer it till imbed gone
through the other.part of his statement. As he had al.
ready statert-thirtnettariblima had boon taken last year
from the Sinkiog Awl& said its •the preceding years it
lead been common to take twelve millioos. His reason
for taking no more than divans" he bad-named wars; in
the first ;dace, because lie wished that the Loan Bill, ial
stead of '°Dll°A.in CO.iinCesslaereWSore. till the sth
of July, Amish expire on, t it sth of April, The riftof this would be to bring the iObject under the conside-
red°. of Patliatnept. at. Abe earliest possible period of
the. neat Session. Prolamin ebesibat the measure to
be infra:mei obsolstexpletwemdlo sth of ,Aptil. He
limited himself in the-prier tisevens million five
bastletil: thousand pounds.' If Ire were low to take a
Junior foertplidtersi to did adme.proportipu, the total
&waist to be.required for the genies wf the'pear, from
._... • Om Simian /Pond, would be ten milltons. The reason
why he:rook:4o more tbanoln thar,*ir, of the. case be
was disposed to take,
.grew out Of. }be very considerable
reduction in the nominal .Siuldat Fend. which had
taken place is essesequeeee of the operations of the pre,
Milt Session, all pi -which were approximaioas to that
=tens which it was proposed" to resort to in the next
''don, namely, that of limiting the atnnunt "lff the
Masioal Sinking ?and to the sum actually applicable to
dm roan/doh of tke debt. Perlianieot, by an act which
had received, or was shout to receive the Royal Assent,
had antliorised the advance of two .millions eight ben-
dred thousand pounds for paynients oa seemed of the
half-pay milkier), pensiosa and rednotions, which, filling
in the Sinking Fund, if added to the ten millions taken
from the nominal Sinking Fund, woeld make a total of
twelve million eight hundred thousand pounds, heft
nearly equal to the thirteen million taken last year. By
teferft ng•t s thro eleven, pers ten and it would be seen
diet of the seven million flue hundred thousand pounds
Isetroveed from the Sinking Fund, there was taken from
• the Sinking PUnd of Great Britain, seven million three
hundred and fifty thousand pounds, and from that of
Ireland, one hundred sod fifty thousand pounds. It
was proper that he should pow call the attention of the
Committee to the terms upon which this Loan bad been
obtained. •For every 1001. sterling,loul. had been given
in the 3 per Cent. Reduced Annuities, and 241.105. 7d. in
the 3 per Cent.Colatols. Comparing the prices paid in the
present year with those of last year, it would be found
trim 1301. three per Cent. Stock had been given in 1921,
for 1001. sterling, which bad been purchased this
year by 1241. Stock. In one point of view it was
toot a_matter of public impostauco whether a loan
from the Sinking Vaud was obtaiasd at a lower or a
higher rates but it was of material importance
With a view to this public credit of the country,
in know that there was as improvement of six per
cent. He should now proceed to state what sum
wonld be'appropristed to the real purchase of stock.
It would be found from the vote come to by Parlia-
ment in 1819, and confirmed by that of the present
Session, that 'a clear Sinking Fund of at least five
sutillione should be established. The total sum that
'would be applicable to the purchase of Stork between
the sth July 1922 and the sth July 1823, was
;5.432,01101--(liour, bear.)—Last ?ear the Sinking
Fund. it was calculated, would amount to 4,415,0001
including 100,0091. to be paid by the East lodia Cum-
,any. It would therefore be seen that the sum to be,
oppli d to the reduction of debt exceeded by about
900,000/.' that reckoned upon as applicable to the
;same porpcse last year, including io both cases repay-
mews to the Bank.; and in tue present year a re-
serve fur paying the dissentient holders of Five per
tCent. Stock. •The neat item was a sum of 557,0001.
'from the East fail Company. Here it might be for
!the convenieoce of di Committee that be should en-
or into an explanation of_, the dtatmmof the claims of
the E .st Luna Compa4Y. It was welidkfillien that
during the hat two years the East India Company had
advanced considerable claims upon the Government, on
arcountof various services performed for the country,
gaud particularly on account of tue St. Helena Beta-
hlislitsierit for the detention of Napoleon Buonaparte.
, By tnroing to the psper,lientietnen would see cersiti
charges .solountine; to 1,901,000/. but the t.dal claim
set up .Irrolie Company, amounted to 5,0110,0001.—
They womb! see that various objections had been urged
against these demands. !V settle the difference, Com.
7iiii..iirinirs lied been appointed on each side. Those
111,1 he part of Uoreromeot. weetsLord Lowther, Sir
J. Clerk, and Mr. Luahingtoo I co the part of the
.0.
Company, Mr. Abercrmishie and Mr. b.aanquet. The
Consolissioners agreed ; as might have lit ed expected,
' in their srithmetical calculations, but many, .objections
. men', on the part of Government, urged to pi eticular
claims, and were not admitted.. Some were sais) •eted
to as having been already satisfied, aud othert:&ll44' of

_see *all
..„..e Government and* Compani ba(to treat in seise
measure like two independent states.. 'Those wit*
acted tot the Company had the interest of their tii•
l'lnituents and proprietors to protect : on the other bite
roe Government Commitsioners were bound to gunk
rireererests of the Tremors- and the Public. Saab
the stkie of things, it was necessary that in la-
11101a1 empire between the parties shall be fesod.w-•
Tlisampi Ft chose* was Parliament itself. As the odl
depends of the Company could not he admitted. it want
tlionght desirable that the Commintioners should apes'
ea the priticlple of cosajpremist,'alal marsh the resale
et their deliberadou to "larliameat, , After se '
commueiration had tidies place betimes the Goo
etagere, the character id which woutd be fully
'Phined by the papers pleparod to be eabrhittsd to din.
Moose; it was thought that justice would be dose hp
allowlortollet East India Company o.n_Aeil: sleigh'
a
of 5,000,00((1. the sum 1,300.0001. r, bear,
bear.).---Wbea the papers came to be read he thought
it would sot appear to the house that the Company
had been badly or illiberally dose by. He could Mate
-ou
that the coarse which had been taken was tie(
rth
-the *ea was satisfactory to the Company.' epos
'a fair view of the, subject. be thought it woad.t
*Pa-
s* red satisfactory by the House. l'in eillt
consideration would be as to the applioadon of
this sum if voted. He thought it world be Goo- 1
sidered as a most satisfactory jatlgmeat if it were
*set against Its Loan raised for the East In a COM.
peso' in 1812. It appeared to him. that g this
oils
coolie 'vivid be in perfect conformity' . tit the
Act under which that Loan was raised.—{there the
.Right Hon. °oedemas read a part of the Ant of the
524 Geo. 111. cap. 125, to which be had referred, set-
ting forth the manner in which the Loan was to be
discharged.]—Tbe amount of the debt due from the
East India Company op to the Ist of dual, 1821,1wat
1,257,000/. It bad therefore been agreed that, the
'East- India Compeer, an payment of the sum of
.557,0001. in addition to the 1,300.0001. allowed upon
theil claims should be released 'from an further
charge upon the Loan, which should heaceferward be
transferred to the Consolidated Fund. This if desir-
able for the East India Company, was. be thought,
most convenient for the public service. Although by
I this arrangement as additioeat charge of 70.000 L for
the interest wee thrown on the Consolidated Ford, no
'additional burthen would fall on the public. at least
from the centime of Stock, in conseqoeseeof the trites-
t,: of the charge in question. The mushy smug. on
the one hand be thus relieved from the claims of the
Company, sad on the other band . the Company would
be relieved from the charge of their loan, than which,
supposing the arrangement to be a (air one. he. appro.
beaded nothing could be more rstistsetory to Perna._
meat. Of the 557,0001. agreed to be paid by the East
India Company is liquidation of their debt, 27,0001.
hall already been paid to the Bank is parentage of
Mask. So that only 530,0001. retialasti. to I.4paid,
' mad (sets 557,0001. as the bplaeise of Site 111/141111141111pk.
'>M pest hem wee that for which an Ace had
ahlAsd so litany engaged the alleluia* of Partin.
hint, and which had already received,. or was 101106!
Illikeir about to receive the Royal Asseet—he meant
the Bill for enabling the COmmissioecre far payments
on account of half-pay. pensiess. its. to advance the
rem of 2,450,0001. for the public service. to com-
mence their payments is the October quarter. He
would then proceed to explain the augmentation
which bad taken place in the amount of the Unfonded
Debt. The state .of the Unfunded Debt last year
was—

---
Excheluer Bills ' 29,000,000
Irish irsasory Bills . - 1;000,000
Advancas to the Commissioners of PAU
Works and Churches - - - 368,000

Making In the whole - £30,368,000
But this was not the actual amount;' it would appear by
referring to the Paper, No. 3, that the actual amount of
ontstan4ing &charter Bills, on the sth ofJasuary, 1822
was—

For Brest Britain . •

For Ireland

April 5, 1823, would
1041 5. 182!. H.
ting this, •nd poiai
b• expected. Taking
- - 9,3181,000
1,400,000
- 10,700,000

The amount would be together -

The Enloe for Ores* Britain at
Pot Ireland

• 26,695.000
- 1,611,000

Making together • : 28,306.090
From this deducting the probate *a the Malt Tax,
he re-payments allowed for oteeh-es hand, and allow-
ing for the loss on the Salt Duty, which however
would not be much, and for the repeal of the Leather
Tax, die total to be deducted would be 2,153.0001.'
ving the actual sum to be raised upon the Esciscl
pbe
.2f6t,llls.3iotallOrs/p. Hteleps.rotcheeedepdoetto
Oessticureatetthiele pAros:
tee As-
sessed Taxes for Great Britain and Inlaid, deducting
500;000/. for the repeal of the Agricultural Horse
duties and the Irish Window Tax. He also calcu-
lated the balance in the Receiver General's hands, the
Miscellaneous Income, the Lottery, and the Old Stores.
'but the tone in which Right Hon. Geatleman spoke
rendered it impossible to follow him with accuracy.
The result was an estimated total i Demo( 53,027,0001..
to which be added the payments to be made by the
Cernmissraners for the payment of the ,Half-psy Pen.
slons,hc., bringing op the amount to 54,252,0001.
Being so Star the close of anothet half-year, it might
he asked of him what was likely to be the produce of
the reveries is the quarter commend.% the sth of
April, and ending en the sth of *July. .11 be took the
amount for the year from its produce, se made up last
Saturday, he should perhaps take w smie Battering
view of the subject than clrennistasees wituld justify.
On that day, the amount of the revenue, since the sth
of April, exceeded by 622,000/., the produce of the
correspoeding quarter of last yesr.—(Cheers.)
The amount of the revenue in that quarter,
in the year 1821, was 8,209;000
8,201.000
In the present year -
Giving andiscrease of - . - 622.600
Ile was, however, boned to state, that this modal
increase could not be expected to be realised wheti
the
accounts for the year were made op, upset of it arose
from anticipated payments. and the cessation of the
duties which bad been repealed would be more felt in
the latter quarters of the year. Therefore they could
not expect that the year's income would spew an in-
crease upon the last. If it were equal to it, when
they considered the repeal of taxes which had taken
place, it must be highly gratifyiwg. Navin 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 first place, the sum charged
for the unredeemed Debt,augurented by the 2,800,0001.
by the purchase- of the Naval and Military Pensions,
would amount to •. . 30,911,000
Miscellaneous charges upon the Consolidated
. - 2,648,000
Fund
Interrat upon Exchequer Bills, Including Arrears and
Payments in Ireland about a millioa sod a half.
akirig the menet of the army, the navy, the ord-
sauce, and miscellaneous services, die actual elm be
calculated would be - . 51,119Jir00
This deducted from - • - • 54,24,000
Left a surplus of
But this was taking a very tsafair view of the subject,
because if they had is eoaalderatiee the saving that
would accrue from the country being relieved from
the Five per Cents. the result would be very different
from that at which they would arrive from calculating
the expenditure according to the charge which the
country had to bear in January, 1822. There would
be a saving Of 700,0001. from that source, and a fur-
ther saving of 1,200,000/. from the operation of the
Centiassioners for the payment of the Army and Navy
ponsions., These added to the sum which be had al-
ready mentioned made a clear surplus somewhat ex-
eeeding five millions. That he might not be mis-
taken, be would state to the House what he calculated
as the prospective estimate of the income, for the year
ending Jan. 5, 1824. He would take the Customs for
Great Britain the same as in 1822 10,700.000
For Ireland • - 1,155,000
that bring also the tame as last year. Estimating the
produce of the Excise, and consideriog the effect of the
repeal of taxes, he would take its amount at a million
under the present year, at - . 25,000,000
The Stamps - . 6,609,000
Post-office - • - 1,300,000
Assessed Taxes - - - 7,3004000
And with the probable amount of Old Stores, tse. he
would assume the total income of the country for
the year eliding the sth of January 1824, to be
51,600,0001. To which adding the advances to be
made by the Commissioners for the payment of
naval and military pensions and other sources of
revenue. there would be 4,870,00001. making thr
total income amount to 56,470,0001. He then set '
against this the probable cbar.:e for the unfunded
debt, the miscellaneous charges on the consolidated
Fund, the Army Estimates, stated at— 7,79(v0i10
The Navy - - 5,5041,000
The Ordnance • 1,200,1 W
Miscellaneous - . - 1.500,0110

Amounting in the whole to more than 50,000,000
This deducted from the estimated income would leave
a surplus of 6,000,000/. Taking then the two years
together, the clear sum applicable to the reduction of
the debt, would exceed 1U,C00,0001. Ile therefore
hoped that he might congritotatc the house on hav-
ing realized the prospects held out to the house by
his Noble F. tend in the early part of the Session, of
gaining in the course of this year a clear Sinking
Fund of 5,000,000/. Though it 'liquid not amount
to precisely to that sum in the course of the present
year, he thought he had probed that on the most mu
Berate eslcuhttion they might expect to realize in the
course of this awl the next year a clear surplus of
ten ntiliion of pounds, always bearing is mind
the operation of the measure far the payment
of the Naval and Military Pensions—(Hear.)—
lie had already touched upon the circumstance of the
reduction of the Five per Cents. Ile could not refrain
from again calling the attention of the Committee to
an arrangement so satisfactory and henb6cial to tin
country. He doubted if any man could have ventured
to hope that a measure of sods magnitude could have
been carried into effect with so much mice, and with
• such getters, acquiescence. From every thing w•arich
• they had experienced, it would hare been expected
• that the difficulties in the way would have bceu fout:tl

. ...4.... ...- .41. . a. • ' ' • ...1.
lk .
____----;--• _ —. . _ . _— _ .._ . _
but three million for the present, year under this head, lit foeigde , • orbs Ise debt •ar fr , i ending Apr
instead of four millions on which he convicted last year midellgabitst t. e• - yid/ 1 oda. , igi • 11141rtra t ending A;
This was in consequence of the repeal of the missal were objetted to nn the part of the Cosa sy.• is a worlid italrl'ir reasons for snood
ce like *Ms in adtesturro t tooM ally siCiatimm soy almratioss might
Malt Tax, which had not beamirbis up when he henna+, of dm Customs at
means of a compromise. , Tkif Moose vat% on tit* afroizet
t........A .r.. t... hnA,...t Thics.xt item be would take _