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IV! 112domnesto 531! ** t011,JII tiro di toethe ja

(767pini. >I910 iront vos ir basert CHA P. IH. 10.41:01 M Ft 19 (1) d'ut'

og nu FINANCE. The Budget __Mr. Maberly's Resolutions on the National 29 Debt Mr. Hume's Motion on the State of the Nation, and Forty.

five 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.

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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 3,000,000l. 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 Tonnage duty..

160,000 circumstances of the country, that

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200,000 retained for two years longer; the House had thought otherwise; and, Total, repealed in 1822....£.3,355,000 whether government had been In 1823, there were repealed wrong or parliament right, the Various Assessed Taxes in people gained all the advantage of England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several minor Branches.. 50,000 there were repealed: The War Malt Duty

2,790,000 Total, repealed in 1823 ..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,

In 1824, the following taxes &c.

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were repealed : land 35,000 Rum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.... In 1817 there were repealed

300,000 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

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

£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

in the

3,146,000 Total repealed in 1825

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

£.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

£.27,522,000

1823 had been 1,500,000l. less than

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 182,000l. 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 con= and 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 a - the actual produce of 1824 yielded degree which the most smguine very nearly 1,300,000l, above the

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although a considerable reduction Leathe

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estimate which he had formed, Tea

20

29 of taxes had taken place. Again, British Spirits

Malt

50

53. as to the year 1825;--theestimated 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

44 that the loss upon the year's income 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 52,250,0002., 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

5th of January, 1823, the funded,

debt amounted to 796,530,0001.; The estimated amount of revenue for

on the 5th of January, 1826, the last three years taken together, the funded debt was reduced 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

6,133,000l. 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 4,577,0001. 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 thus kept up the revenue, while it Jan. 1823, the charge on the added largely to the comförts 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 800,0001.; being a On the consumption of

reduction of 300,000l. Taking Beer, the increase in 1825 was ... 164 Candles.

36 both together, the charge on the Paper

funded and unfunded debt was on

per cent.

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thel 5th Jan. 1823, 29,286,000l. ; Interest and Management of and on the 5th January, 1826,

the Funded Debt ....£.27,117,186 27,946,0001. being a reduction in Interest of Exchequer Defi

ciency Bills..

50,000 the annual charge of the whole Civil List, &c. ..

2,065,000 debt of 1,339,0001., in three years. Half-pay Annuity

2,800,000 It was of no consequence in what Sinking Fund..., 5,585,235 manner this reduction of charge

* Permanent Charge :. £.37,617,421 was effected, whether by the operation of the sinking fund, or by the Committee of Supply were

The Annual Votes this year in some other means; the fact of the reduction was certain ; and it was

as follows: by the reduction of the charge

Army.

£.7,747,000 Navy

6,135,600 that we ought to estimate, if we

Ordnance

1,754,000 wished to estimate it correctly, the Miscellaneous

2,225,000 reduction of the burden of the Interest of Exchequer Bills 850,000 debt., 6 If, therefore,” said the

Annual Votes · £.18,711,000 right hon. gentleman, “while the

Add the Permanent people of this country have had

Charge

37,617,421 their burdens thus diminished, The whole Expenses of its every thing has been done by the Year

£.56,328,421 government and the legislature, The Revenue calculated on for which the honour, the security, the purpose of meeting this expenand the advantage of the country diture was composed of the followrequired ; if we have been enabled ing items :extensively to increase the means First, a small itern of a surof religious worship; if we have plus of 1825, in the Sink added to the roads, the bridges, the

ing Fund now available £.167,000

The Customs and Excise harbours, of the kingdom ; if we

37,446,000 Stamps

7,400,000 have spared something to the pro- Taxes

4,800,000 motion of science and the arts; and Post Office

1,550,000 if, during the last three years, we

Miscellaneous

1,360,000 have reduced the taxation of the

£:52,723,000 country eight millions, and have

Add the payments to the diminished the expense of the debt Trustees of Half-pay and above a million, we have at least Pensions

4,320,000 done something, and may boldly face our constituents in whatever Deduct the Expenditure

£.57,043,000

56,328,421 part of the country, and at what- Surplus for Parliament to ever time we may be called upon deal with as they may to appeal to them."

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£.714,579 - With resources this increasing The estimate of the revenue for under diminished taxation, and a the current year, considering the reduced rate of expenditure, he unfortunate state in which manustated, as follows, the proposed ex- factures and commerce had been penditure of the present year, and placed, might be considered as too the funds by which it was to be met. high, but it was taken upon the Under the first head were many following grounds :The Customs expenses of a permanent nature, and Excise yielded, in 1825, which the House had already 37,546,0001.; but in that year sanctioned by its vote, as follows:- their amount had been diminished

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by different causes, which, during below their proceeds in the last the present year, would not be in year, and due allowance made for operation. Thus, in 1825, no less other unavoidable deficiencies. a sum than 1,050,0001./of duties, There would be a deficiency of had been refunded to dealers in 350,0001. arising from the reducwine

upon the stock in their pos- tion of taxes in 1825, and a defisession. In consequence, likewise, ciency of about 1,300,0001., in the of the alterations in the system of excise, produced by diminished bounties during the preceding session, there this had been made in the ese

which had been el consumption. Allowance for all would this year be a reduction of timates, and the stamps, the post 50,0001, Another, and an unfore- office, and the assessed taxes, had seen diminution of the revenue all been taken at lower rates than had arisen from an oversight in they had yielded last year, the the new acts for simplifying the stamps being estimated at 48,0001., whole system of the customs. It the post office at 46,0001., and the had been intended that the duty assessed taxes at 190,0001., less on tobacco should continue to be than had been received from them four shillings, the rate at which it in 1825. On the other hand the stood in the beginning of the year; miscellaneous items had increased. but by some mischance, scarcely A sum of 100,000l. was due from avoidable where such a mass of Holland, under a treaty with tliat scattered and minute regulations government, and ought to have were to be dealt with, the unin- been paid in 1825. It had not tentional but practical effect of the been paid; but, having been now new acts had been, that one shil- remitted, it would go to the serling of the duty had lapsed; and vice of the current year. About the duty having thus been, for the 108,0001. would be received from latter half of the year, only three lotteries; for, although the last shillings, instead of four shillings, lottery had been contracted for that branch of the revenue fell two or three years ago, its 'exist450,0001. short of what it would ence was protracted, in consequence otherwise have yielded. These of the usual course of conducting deductions from the revenue of lotteries, for two or three years 1825 exceeded a million and a half; after they had been contracted for. yet, as they could have no place In consequence of an arrangement during the present year, they with the East-India company, ought to be added the corporation had become bound to 37,546,0001. received indepen- pay 60,000l. in consideration of an dently of them in the preceding increase of our naval force for the year; and the customs and excise security of their possessions. The would present, for 1826, a revenue new silver coinage for Ireland had of 39,096,0001. But as, in the cost the country last year 500,0001.: present state of the country, still in the present year the old coin labouring under the pressure would come back, and be available which it had felt for so many for the public service, to the months, it would be unwise and amount it was calculated, of about improvident to calculate on 400,000l. With these additions to revenue equally large with that of the usnal revenue, making every 1825, all the items had been taken allowance for the probable depres

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