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stipulations was brought in by treaties of a like nature might be Mr. Huskisson, and was passed concluded by his majesty with without any opposition, except other states of South America, not what was founded on oppositions yet possessed of any national merto the general principles of com- cantile marine, the same provision mercial policy, of which parliament was extended, in the same terms, had so repeatedly and deliberately, to states with which such treaties approved. The duration of the might be formed.us sko soit privilege was limited by the star

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،LI , 1 ; ,fi ,FINANCE.-The Budget Mr. Maberly's Resolutions on the National *** Debt Mr. Hume's Motion on the State of the Nation, and Fortyfive Resolutions regarding the Finances Opposition to the Navy Estimates-Mr. Hobhouse's Motion to reduce the Army-Discussion on the Expense of the Diplomatic Establishments."

1、 N the 13th of March, the which might be estimated at opened the budget. Not confining mitted various assessed taxes for himself to the mere statement of Ireland to the amount of 236,0001. the

ways and means of the year. In 1819 the policy pursued by of the money to be expended, and parliament was of a different chathe modes in which it should be racter. A very considerableincrease raised-he took a large review of of taxation, amounting to more the whole financial system, parti- than 3,000,0001. was that year cularly of the reductions which, made. In 1820 no change in the during several successive years, had amount of our taxation took place. been made in taxation, and of the In 1821 the agricultural horse tax effect of these reductions on the was remitted to the amount of productiveness of the revenue. The 480,000l. In 1822

the following reduction of taxes had begun in duties were taken off :1816 with the repeal of the pro- Malt

.£.1,400,000 perty tax. Government unquestion- Hides

300,000 ably had been anxious that, in the Salt

1,295,000

160,000 circumstances of the country, that Tonnage duty::

Hearths and Windows, Iresource of revenue should have been

land ...

200,000 retained for two years longer; the House had thought otherwise; and, Total, repealed in 1822....£.3,355,000 whether government had been In 1823, there were repealed wrong or parliament right, the Various Assessed Taxes in people gained all the advantage of

England

£.2,250,000

100,000 the repeal of this tax, the amount of Ireland, the whole

Spirits, Ireland and Scotland 800,000 which was no less than £.14,320,000 customs, Reduction in In the same year (1816)

several minor Branches.. 50,000 there were repealed :The War Malt Duty 2,790,000 Total, repealed in 1823 .. £.3,200,000 The War Customs, Tonnage, &c.

In 1824, the following taxes

828,000 Hearths and Windows, Ire

were repealed : land 35,000 Rum

£.150,000 Malt and Spirits 315,000 Coals

200,000 Law Stamps

200,000 Making a total of Taxes re

Wool

350,000 pealed in 1816 ........£18,288,000 Silk

527,000

Union Duties, from 1822.... 300,000 In 1817 there were repealed or diminished taxes in England, In all

£.1,727,000

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year 1816 of

In the year 1825 the following man in the kingdom could never Duties were repealed :

have had the confidence to an Remainder of the Salt,

ticipate. In 1823, upon an estiabout

£200,000 mate founded on the basis of Hemp

100,000 the revenue of the preceding year, Coffee, &c.

150,000 he had assumed that the customs, Wine

900,000 the excise, the stamp duties, the British Spirits and Rum 1,250,000 Cyder

20,000

post office, the assessed taxes, for Assessed Taxes

276,000 England and Ireland, and sundry Customs on various minor

miscellaneous items, taken together, branches of Commerce,

would produce an income of about amounting in all to 250,000 52,200,000). The taxes repealed Total repealed in 1825 3,146,000

in the course of that session So that the total of taxes

amounted to about 3,200,000). repealed from 1816 to

During the period of the same 1825, amounts to the sum

session, he had calculated that there £.30,712,000

would be a loss to the devenue of From which must be deducted the amount of

1,500,0001. arising from various Taxes imposed in 1819.. 3,190,000 causes ; so that, in point of facts

the calculation would have been Leaving therefore a total re

entirely verified, if the receipts for mission of Taxes since the

£.27,522,000

1823 had been 1,500,0001. less than

52,200,000l. Now the actual reWhile twenty-seven millions of ceipts of the year were 52,018,0001., taxes had thus been reduced, that being less than the sum at which reduction, so far from affecting he had estimated them previously, the revenue of the country, and and less, let it be observed, notdiminishing the productiveness of withstanding the amount of taxes its various branches, had, in fact, repealed in that year, by the sum given to them new energy, and of 182,000l. only. In regard to justified every anticipation. He the year 1823, therefore, no expecthad been accused, he said, of utter- ations had been held out, which ing promises of prosperity which were not amply fulfilled. In the had not been fulfilled, and hold- following year, the revenue which ing out prospects of increasing re- he had anticipated upon the same sources which had ended in dis- items, was 51,265,0001. He had appointment; but the results of proposed the repeal of taxes during the last three years, 1823, 1824, that twelvemonth to a very conand 1825, would sufficiently shew, siderable amount, and calculated that he had erred neither in his that the amount of loss, which the calculations, nor in the facts and revenue would sustain that year, principles on which they were made. would be 530,000l. But the actual A reference to the finance accounts produce of the year's receipts, notwould prove, that, in respect of each withstanding such a reduction of of them, not only were the expect- taxes, was positively more than the ations which had been held out to original estimate ; for, the estimate the House in 1823 completely being 51,265,0001., the actual realized by the event, but that they produce was 53,562,0001; so that were absolutely exceeded in - the actual produce of 1824 yielded degree which the most sanguine very nearly 1,300,0001. above the

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estimate which he had formed, Tea

20 although a considerable reduction

Leather.

29 of taxes had taken place. Again, British Spirits

Malt

50

53 as to the year 1825 ;-—the estimated Sugar.

19 revenue was 51,975,000l. On ac- Coffee..

43 count of the taxes remitted, and Tobacco.

13

Wine other causes, he had expected

88

Wool that the loss upon the year's in

44 come would be somewhere about In the expense, too, of collecting 650,000l.; and yet the actual the revenue, a large saving had receipt, notwithstanding the losses been effected. In 1818 that exoccasioned by the commercial diffi- pense had amounted to 4,353,000l.; culties that began to be felt at the in 1825 it had been reduced to. latter end of 1825, was upwards 3,832,000l., being a diminution of of 52,250,0001., being very con- more than half a million. siderably more than the original While taxation, and the cost of estimate founded

upon

the
assump-

collecting, had been thus diminishtion that there would be no ed, both the principal, and the reduction of taxes at all. The yearly charge, of the debt had result of all these statements was, likewise been reduced. On the that,

5th of January, 1823, the funded

debt amounted to 796,530,000l. ; The estimated amount of revenue for the last three years taken together, the funded debt was reduced

on the 5th of January, 1826, was ......

155,440,500 The actual receipts for the

to 778,128,000l., being a reduction, same period ..., 156,838,500 in the three years, of 18,401,000l. ;

or at the rate, in each year, of Exceeding the Estimate

6,133,0001. On the 5th of Jan. therefore by

1,398,000

1823, the unfunded debt was And yet, during these three years, 36,281,000l. ; on the 5th of Jan. taxes to the amount of no less than 1826, it was only 31,703,000l.; eight millions had been repealed. being a reduction of 4,577,000/. Thus, even more than what had The reduction in the total charge been promised, had been performed; of the debt, is the true way of and it had been distinctly proved estimating the real reduction that the reduction of duties on

effected in the burdens of the articles of consumption had raised country, rather than by looking the produce of such duties by in- only at the reduction in the capital creasing that consumption, and had of the debt. Now on the 5th of

the thus kept up the revenue, while it Jan. 1823, the charge on added largely to the comforts of funded debt was 28,123,000l. : on the people. The increase of con

the 5th of Jan. 1826, it was only sumption in different articles in 27,117,000l. ; being a reduction of 1825, as compared with 1816, was 1,107,0001. On the 5th January, various, but it was uniform. Some 1823, the interest on Exchequer.. of them were as follows:

bills was 1,100,000l.; on 5th Jan.

1826, it was 800,000l.; being a On the consumption of

reduction of 300,0001. Taking Beer, the increase in 1825 was 164 Candles ..

36 both together, the charge on the Paper

55 funded and unfunded debt was on

per cent.

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In the year 1825 the following man in the kingdom could never Duties were repealed :

have had the confidence to an

ticipate. In 1823, upon an estiRemainder of the Salt,

mate founded on the basis of about

£200,000 Hemp

100,000 the revenue of the preceding year, Coffee, &c.

150,000 he had assumed that the customs, Wine

900,000 the excise, the stamp duties, the British Spirits and Rum 1,250,000 Cyder

20,000 post office, the assessed taxes, for Assessed Taxes

276,000 England and Ireland, and sundry Customs on various minor

miscellaneous items, taken together, branches of Commerce,

would produce an income of about amounting in all to 250,000 52,200,000. The taxes repealed Total repealed in 1825

3,146,000

in the course of that session So that the total of taxes

amounted to about 3,200,000l. repealed from 1816 to

During the period of the same 1825, amounts to the sum

session, he had calculated that there of

£.30,712,000

would be a loss to the revenue of From which must be deducted the amount of

1,500,0001. arising from various Taxes imposed in 1819.. 3,190,000 causes ; so that, in point of fact,

the calculation would have been Leaving therefore a total re

entirely verified, if the receipts for mission of Taxes since the

1823 had been 1,500,0001. less than year 1816 of ...... £.27,522,000

52,200,0001. Now the actual reWhile twenty-seven millions of ceipts of the year were 52,018,0001., taxes had thus been reduced, that being less than the sum at which reduction, so far from affecting he had estimated them previously, the revenue of the country, and and less, let it be observed, notdiminishing the productiveness of withstanding the amount of taxes its various branches, had, in fact, repealed in that year, by the sum given to them new energy, and of 182,0001. only. In regard to justified every anticipation. He the year 1823, therefore, no expecthad been accused, he said, of utter- ations had been held out, which ing promises of prosperity which were not amply fulfilled. In the had not been fulfilled, and hold- following year, the revenue which ing out prospects of increasing re- he had anticipated upon the same sources which had ended in dis- items, was 51,265,0001. He had appointment; but the results of proposed the repeal of taxes during the last three years, 1823, 1824, that twelvemonth to a very conand 1825, would sufficiently shew, siderable amount, and calculated that he had erred neither in his that the amount of loss, which the calculations, inor in the facts and revenue would sustain that year, principles on which they were made. would be 530,000l. But the actual A reference to the finance accounts produce of the year's receipts, notwould

prove, that, in respect of each withstanding such a reduction of of them, not only were the expecte taxes, was positively more than the ations which had been held out to original estimate ; for

, the estimate. the House in 1823 completely being 51,265,0001., the actual realized by the event, but that they produce was 53,562,0001 ; so that were absolutely exceeded in a - the actual produce of 1824 yielded degree which the most sanguine very early 1,300,0001, above the

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