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would recollect, that when he proposed the vote in the last session for the Sicilian subsidy, he founded his application not alone upon a treaty then subsisting, but upon one at the time in a state of progress, which as soon as it should be received in this country, he pledged himself should be laid before the house. That treaty had been received during the recess; and when he proposed the vote on a former day for the Sicilian subsidy, he thought that the treaty had been laid upon the table. It was not till within a few days that he discovered his mistake, and as he should be able within two or three days to lay it before the house, he trusted he should be pardoned for the unintentional omission of which he had been guilty.
The joint charge for the supplies which he had already enumerated was, as the committee would rerecollect, 54,374,4851. The separate charge for Great Britain was for loyalty loan, 1797, 113,4161.; interest of exchequer bills, 1,600,000l.; total separate charge, 1,713,4161.:-making in all a total charge of 56,021,8691. If from this be deducted the sum of 6,569,0001. there will remain to be provided for the service of Great Britain 49,452,8691.
He came now to state the ways and means by which he proposed to meet these various items of supply. The first article he should mention was the amount of the annual taxes, which he took at the usual sum, 3,000,0001.; surplus of the produce of the consolidated fund last year over its estimated produce, 1,363.7801.; surplus of the consolidated fend for the present year, estimated at 5,000,000l.
Before he should go into explanations, he conceived it would be desirable for him to state all the items after which he should take occasion to enter into a detailed consideration of any articles which might seem to require explanation. The war taxes he should take at 20,000,0001.; lottery, 300,000l.; exchequer bilis, part of the seven millions which had been funded this session, 4,000,000l.; the remaining three millions not being to be re-issued, but to be set against the vote of credit of last year: the vote of credit for the present year, 3,000,000l.; loan in the 5 "percent. stock, 4,981,300l.; in the 3 and 4 per cents. 7,500,000l.; making together, 12,461,3001; naval stores, 420,3641.; making a total of ways and means of 49,55,53791.; giving an excess of 102,000l. above the supplies of the year.
He should now, with the permission of the committee, proceed to state the grounds upon which he was led to estimate the surplus of the consolidated fund for the present year at five millions. The produce of the consolidated customs he had, upon an average of the two preceding years, esti mated at 4,485,5381. but they had actually produced 4.987,3911. being an excess of the produce above the estimate of more than 500,000l. Taking the two last years average as the basis of his estimate for the present year, he felt himself warranted in taking the produce of the consolidated customs at 5,000,000l. The consolidated excise, upon the average of the two preceding years, he had last year estimated at 16,880,6251.; whereas, in point of fact, it had
produced 17,399,3121.; upon the average then, of the last two years, he felt justified in taking the excise for the present year at 17,167,000l. In each of these two items of the consolidated fund revenue he estimated, according to the scale supplied by their progressive improvement, an increase of full 200,000, The assessed taxes had produced last year 5,781,8311. and it could not be thought, therefore, too much to estimate their produce in the present year at 5,800,000l. The produce of the stamp duties he estimated at 5,300,000l. though it had actually in the last year amounted to 5,302,000l. And in this place he trusted he should be allowed by the committee to advert briefly to the circumstances which took place last year, when he had submitted to the house his view of the probable produce of these duties. It would be recollected, that in consequence of the very abundant increase which had taken place in the produce of these duties, particularly from some additions and regulations which he had himself suggested in a former session, he was enabled to defray the whole charge for the loan of the year without having recourse to any new taxes, out of the excess of these duties, without any reduction of their ordinary amount. At the time he had submitted a proposition for that purpose, and submitted an estimate of the probable produce of these duties, after defraying the charge of the loan, he had been accused of being too sanguine, and told that the inerease in the preceding year was an extraordinary excess, and would not warrant any rational expectation that the duties would conti
nue to be equally productive in any subsequent year. The estimate which he proposed last year was, 5,193,000l. but the actual produce of the duties amounted to 5,302,000l. and with such a confirmation of the propriety of his former estimate, and the steady productiveness of the stamp du ties, he hoped he should not be thought too sanguine in calculating the produce for this year at 5,300,000l.
The revenue of the post-office he had estimated last year at 1,276,000l. this year he proposed to estimate its produce at 1,280,0001. But in passing he could not omit to notice the gradual and progressive improvement of this branch of the revenue. In the year ending the 5th of April, 1809, the post-office revenue produced 1,083,000l.; in 1810, 1,194,000). and in the year ending the 5th of April, 1811, 1,276,000l. Thus it appeared that this branch of the revenue had within the last three years been improved to the extent upon an average of 90,0001. a year; and that without any addi tion of duties, but by the natural growth of the revenue, in conse quence of the augmented and increasing business of the nation. This increase was the more satisfactory, because if it should be the pleasure of the house to grant any relief to the persons in whose behalf his noble friend (Lord Binning, we suppose) had presented petitions with respect to tolls on mail coaches in Scotland, that relief might be conveniently af forded out of this growing produce of the post-office duty. The duty on hawkers and hackney coaches, together with all the other
items of the income of the consolidated fund, he estimated at the same amount as last year; so that the whole estimate of the produce of that fund would amount in the present year to 36,317,000l.; to which was to be added the sum of 2,246.000l. transferred to the consolidated fund from the war taxes, which would make the total receipt 38,563,000l. The charges upon this fund he estimated the same as last year, 3,291,300l., which, deducted from the total receipt of 38,563,0001, would leave a balance of 5,049,000l.; so that, in taking the estimated surplus for the present year at five millions, he would leave an excess of balance of 649,000l. applicable, either to cover any unexpected deficiency, or to be carried to the service of a future year. But he had to state to the committee still further reasons for his estimating the surplus for the present year so high as 5,000,000l. The actual surplus last year amounted to 5,753,750., being a much larger surplus than had been produced in any preceding year since the year 1803.
When the committee considered the circumstances in which the country had been placed whilst this surplus had risen to such an amount, he was persuaded that it would not appear to any honourable member that he had taken too sanguine a view of the probable produce of the fund in the estimate he had submitted.
The next item he had to bring under consideration was the estimated amount of the war taxes, which he felt justified in taking at 20,000,000l. The grounds upon which he formed this calculation he would proceed to explain to
the committee. The average pros duce of the war duties, of cus toms and excise, for the last three years, was 9,296,8051.; vie amounted in the last year to 9,727,2131. He should take the average of three years as the estimate; to which was to be added 400,000l. due from the East India Company, on account of these duties, and the whole estimate would then be 9,696,805). The produce of the property duty on the 5th April, 1911, was 11,800,000l. being 400,0001. more: than he had estimated it last year, though it was less than had been received in the preceding year, in consequence of the large amount of arrears received in that year. There was at present outstanding and due as arrears of the property duty from the year 1804 to 1810, a sum of 2,086,2681, which could not be considered any large arrear upon a revenue of such an amount. The net assessments, as he had already observed, amounted on the 5th of April, 1811, to 11,500,0001. of which 4,864,2671. had actually been received, and 6,935,733 İ. was still to be received; which, with the amount of arrears since the year 1804, made an amount of arrear to be received of 8,622,0001. If this sum be added to the assessment for the present year, of 11,800,000l. the whole would amount to 20,422,000l. If from this aggregate was to be deducted the arrear for 'last year of 6,935,733 1. it would leave an amount of 12,886,2671. to be received in the present year. Add to this sum the estimate of the produce of the excise and customs, 9,696,000l., and the whole amount would be 22,592,0001; from
which, deducting the two millions
Having disposed of these two heads of the supplies and ways and means, he came next to state to the committee the terms upon which he had contracted for the loan, and the ways and means by which he proposed to provide for the charge to be created thereby. The committee was already in possession of the terms upon which a loan had been in a former part of the session effected, and exchequer bills funded to the amount of twelve millions in the whole. The amount of capital stock created by these operations was 12,244,7111., the charge for in terest 622,3351, the amount of sinking fund 124,4471. and charge of management 3,7331.; making in the whole a charge to be provided annually of 760,4161. The loan which he had contracted for that day would require an annual charge of 465,4031. 10s. The loan had been effected in the 3 per cent. reduced, the 3 per cent. consols, the 4 per cents. and the bidding taken in the long annuities. The terms were, for every 1001. subscribed the contractors were to have 1001. 3 per cents. reduced, 201. 3 per cent. consols, 201. 4 per cents. aud 6s. 11d. in the long annuities. The nature of this con
tract, and the terms upon which it had been effected, would be best appreciated by the committee, if he were to state the money value of the stock, taken according to the prices of the respective stocks in the day preceding the contract. At 64, 1001: 3 per cent. reduced was worth 641. 2s. 6d.; at 65}, 201. 3 per cent. consols. was worth 131.; and 201. 4 per cents. was worth, at 80, 161. 6s, making to*gether 931. 3s. 6d.; to which was to be added, the money price of 6s. 11d. long annuities, which, at 17 years' purchase, was 51. 18s. so that the whole amounted, for every 1001. subscribed, to 991. 1s. 4d. There was, however, a discount for nine months, from the date of the engagement, of 31. which would give a bonus to the contractors of 11. 1s. 10d.
These were the terms upon which he had contracted for the loan, and he apprehended that, under all the circumstances of the times, it could scarcely have been expected to be obtained on more favourable terms. He had, however, the satisfaction to acquaint the committee, that the gentlemenwho had taken the loan were not likely to lose by it, as he understood that it was already at a premium of one and a half per cent. The calculation upon which those gentlemen had acted, was, that from the present state of the funds, there was rather a rise to be expected than any fall to be apprehended. The interest upon this loan was 355,9371, the charge for sinking fund 106,1221. and charge for management 3,3441. making a charge in the whole of 465,4031. Add to this the charge on the sum borrowed in the 5 per cents. and exchequer
exchequer bills funded, 760,4161. and the whole charge to be provided for this year would be 1,215,819l. It might be satisfactory to the committee to be informed, that the total charge per cent on the loan was 61. 4s. 14d. that on the twelve millions bor rowed in the 5 per cents., and on the exchequer bills funded, was 61. 58. Od. The rate of interest upon the loan was 41. 14s. 11d. the rate of interest upon the former twelve millions, 51. 3s. 84d. Though there appeared this difference between the rate of interest upon both, if the amount of the sinking fund upon each were con sidered, it would be found, that very little difference indeed existed between them. Here he must be allowed to express the satisfaction he felt at having been able to obtain so large a portion of the sums wanted for the service of the year in the 5 per cents. He must recall to the recollection of the committee how he had persevered, even with an appearance. of pertinacity, in pressing this measure. The house would be gratified to find, in consequence of the steadiness with which the 5 per cents. maintained their value, with how small a difference a larger sum was raised in that stock this year than last year. When the sum raised in the 5 per cents. last year was only 8,500,0001. the charge created upon it was 61. 4s. 74d.; whereas, upon 12,000,0001. raised in the present year, the whole charge was but 61. 5s. 02d. being only 54d. per cent. more than the charge of last year. This arose from the 5 per cents. not, having any depression correspondent to that which the 3 per cents.. had undergone. The difference
was greater between the charge on the sums respectively raised in the 3 per cents. in consequence of the alteration in the price of that stock. Last year the charge had been 51. 13s. 3d, this year it was 61. 4s. being about 10s. higher. He felt the more satisfaction in the advantage derived from borrowing in the 5 per cents. because it confirmed the policy with which, with a firmness which might have been construed into obstinacy, he had persevered in his determination to take a large portion of the loan in that fund.
It now remained for him to put the committee in possession of the ways and means by which he proposed to provide for the charge which he had just explained to the house. But before he should proceed to that part of the question, he thought, it might be as well for him to state, his intention to abandon a tax which had already been some time, in existence. The tax he alluded. to was that upon hats. (hear! hear!) Ever since he had been in office he had found that this tax was the uniform subject of complaint, and eternally represented as productive of great inconvenience to the fair dealer. In giving it up, which it was now his intention, he would acknowledge that he did not propose to give up much; because though the tax when first laid on had produced 60,0001. it had since gradually fallen off. In 1809, it produced 38,000l.; in 1810, 31,000l.; and in the year last past only 29,3321.; so that when this decreasing ratio was taken into consideration, it would be obvious, that he was not abandoning a productive tax, but releasing the sub-. ject from an inconvenient duty,; which was gradually wearing it