two years would amount to a total of about seven millions and a half.* He added, that it was clear, that the finances of the country were in a state of progressive improve ment; and he therefore anticipated á further reduction of taxation. He was not ashamed to avow, that, in his opinion, theories, which every body allowed to be unobjectionable, might, when they were attempted to be carried into practice too rapidly, with respect to such an enormous concern as the revenue of this country, be productive of the greatest mischief. If, however, government were allowed to pro ceed in a moderate course, he had very little doubt that it would find, in consequence of the acts of reduction which had taken place, the means of extending relief from taxation still further. He was glad to have received from the House the most liberal support of

the views which he and the rest of his majesty's ministers had en⚫ tertained; and he trusted that the House had no reason to think, that their support had been improperly bestowed. He had taken pains to ascertain the feelings of the coun try, with respect to the course of policy which ministers had pursued; and he had found that the people generally were completely satisfied with it.

Mr. Maberly congratulated the country on the statement which had been made by the right hon, gentleman. During the whole time that he had been a member of that House, he had never heard so open, so fair, or so candid a statement; and, indeed, it appeared to him, that the right hon. gentleman had rather under-rated than overrated the grounds, on which he founded his estimate of the present flourishing state of the reve,

3,200,000

£.22,256,202

nue, and of the hopes he enter tained of the future diminution of public taxation. By such conduct, he would secure the confidence of the country. He was also gratified at the liberal principles, which ministers seemed to have adopted, with regard to public trade; for such liberal views would materially contribute to make commerce prosper, and to render the nation prosperous and happy.

Such were the financial measures, brought forward by ministers, and carried into effect. It remains for us to mention some propositions which were rejected.

Mr. Maberly brought forward his favourite plan of substituting for the sinking fund, during seven years, an extinction of upwards of 41 millions of 3 per cent. stock, to be effected by the redemption of the residue of the land-tax. That redemption was to be brought about by offering more favourable terms to purchasers than were at present held out. And so far, undoubtedly, it deserved consideration. In that point of view, the only question which it raised was-whether the redemption of the land-tax ought not to be encouraged by allowing ⚫ increased advantages to purchasers. But it was propounded as equivalent to a sinking fund: and, considered in that light, it was altogether ridiculous; for it had not one quality which distinguished a sinking fund. The essential attribute of a sinking fund was, that its operation, while it diminished debt, was unaccompanied with any loss of revenue. The interest accruing from the debt so redeemed was left at the option of parliament, to be applied either to a further diminution of debt, to the public exigencies that might arise, or to the repeal of taxation. But,

in Mr. Maberly's plan, there was no choice left; because, while it reduced a certain amount of the public debt, it also extinguished a corresponding portion of the re

venue.

Mr. Ricardo conceived, that the scheme, considered merely as a mode of promoting the redemption of the land-tax, was advantageous; but he agreed with the chancellor of the Exchequer, Mr. Baring, and Mr. Huskisson in reprobating it as a substitute for a sinking fund. "The whole of the plan," said Mr. Huskisson, “ was to transfer 41,330,000l. of stock from the purchasers of the land tax, provided the whole 1,239,7017. were redeemed and purchased: - for what was commonly called the redemption of the land-tax, was simply the transfer of a portion of the debt from one class of individuals to another. Suppose persons were found ready to-morrow morning to conclude the whole transaction, what would be the consequence?-The public charge, and the public income would be equally diminished. By the act of 1786, each separate loan was to be considered as a separate debt. For the interest of each loan a specific sum was provided, by specific taxes for that purpose. He would ask, whether, if, with regard to any loan subsequent to 1792, any given tax-the sugar duty for instancehad been appropriated to the payment of the interest on that loan, and we were now to allow that duty to be redeemed, any advantage would be gained? It would be very easy to write off all our debt in a similar way; but, when we had done so, we should be paying just the same interest, and be liable to just the same charge as at present."

Several petitions were presented for the repeal of the duties on foreign wool: but government uniformly refused to accede to their prayer. The produce of this tax, said ministers, had risen from 250,000l., to 400,000l., while at the same time the exportation of woollens had upon the whole increased. It was true, indeed, that, notwithstanding the general increase, there were some parts of Europe to which the exportation had diminished; but it was very doubtful, whether that was to be imputed to the operation of this tax, or whether it did not arise from those causes which had affected the agriculture of the rest of Europe as well as our own. The question then stood thus: with respect to revenue, the tax was productive; while, as it regarded manufactures, it was not injurious. At the same time, they professed themselves willing to give up all the advantage of the 400,000l. a year to the revenue, provided the manufacturers would agree to the free exportation of wool; but so long as that class objected to the latter measure, they should not feel justified in giving up the tax. This, they said, was no more than fair, as regarded the interests of agriculture.

Lord Beresford had been appointed, upon the death of sir Hildebrand Oakes, to the office of lieutenant-general of the Ordnance. On the 19th of February, Mr. Hume, who had previously directed the attention of the House to the subject, moved, that, as the commissioners of military inquiry had reported, in their 13th report, that, in their belief, from the in

formation given to them, the appointment of lieutenant-general of the Ordnance was not essential to the constitution of the board of Ordnance, in time of war; this House was of opinion, that the recent appointment of lord Beresford in time of peace, was inconsistent with the recommendation of those commissioners, at variance with the professions of economy made from the throne, and without a due consideration of the situation of the country. Mr. Ward, in reply, contended, that Mr. Hume, had misrepresented the declaration of the commissioners of military inquiry; that these commissioners had misunderstood the evidence on which they formed their opinion; and lastly, that, supposing both the hon. gentleman and the commissioners to be correct, yet such alterations had taken place in the department, such an increase had been made to the business, that it was totally impossible to attend to the recommendations of the report. Mr. Hume had said, that we ought to revert to the Ordnance establishment of 1796: why did he not at the same time compare the present business transacted by the board, with that which they had to perform in 1796? The present ordnance establishment consisted of 8,000 men; that of 1796 was 4,000. Then, there were no horse artillery; now, there was the finest body of that force in the world. Then, there were no sappers and miners; now, there was an admirably-equipped corps. In 1796 the half-pay of the Ordnance was only 20,000l. ayear; now, it was 400,000l. Besides, there was the wider range of duties, which, since 1796, had devolved upon the Ordnance, from the increase of colonial business

in the East and West Indies, and from the transfer to them of the Ordnance of Ireland.

Mr. Canning confined himself to refuting some insinuations of Mr. Hume, that the office was a sinecure, which had been given to lord Beresford from parliamentary influence. He showed, that the duke of Wellington had offered it first to lord Hopetoun, and

next, to lord Hill; and that, both of these officers having declined it as too laborious, his Grace had next tendered it to lord Beresford as another of his companions in

arms.

Some of Mr. Hume's friends recommended to him to withdraw the motion: but this Mr. Canning would not permit. It was rejected by 200 Noes to 73 Ayes.

Gunfounded complaints were

REAT and apparently not

made, in the present session, of abuses in the administration of justice in Newfoundland. A motion for inquiry, which the ministers resisted on the ground that they were preparing a bill to remedy the evils complained of, was lost by a majority of 42 to 27. Some of the inhabitants of Cape Breton petitioned against the late union of that island with Nova Scotia, as injurious to their rights and privileges.

New South Wales, and Van Diemen's Land attracted a considerable share of the attention of government; and an act was passed establishing courts, and making other regulations for the administration of justice, in those remote settlements.

These subjects, however, excited little interest, when compared with the discussion of some great questions on the state of our dominions in the East and West Indies and the relations subsisting between them and Great Britain.

Sugars imported from the East Indies were subject to an extra

duty, in one instance, of 10s. per ewt., and in another, of 15s. beyond that which was payable upon sugars brought from the West Indies. On the 3rd of March, a petition was presented to the Commons from a great body of merchants, agents and ship-owners interested in the East-Indian trade, and resident in London, praying a just classification of East-Indian sugars according to their qualities, and an equalization of the duties on them with the duties imposed on West-Indian sugars, The grounds on which the justice and expediency of this alteration were defended were, that, however proper it might have been to have given the West-Indian colonies an advantage in the British market, when they were excluded by law from carrying their produce directly into the other great markets of the world, yet, now that parliament had removed the restrictions which confined their trade to the mother country, and had, by theacts 3rd Geo.4th, cap. 44 and 45, extended their commercial intercourse with the United States of America, with independent Spanish America, and the con