Second Loan concluded this day Making together the sum of It would here occur to many gentlemen that he had not taken credit for the consolidated fund; but the reason of this was, that it fell so far short in the last year from what might have been expected from it; and therefore he thought it wiser to permit its growing profits to accumulate for some future time, than to make any further charge upon a fund which had disappointed their expectations. The right hon. gentleman then stated that in the Customs duties there had been a deficiency; but from the unfortunate fire which had happened at the Custom-house, he was not able to state on what articles the deficiencies had arisen. The amount of the Customs duties réceived was 9,818,000l. which was two millions short of the expec tation that had been formed. In the Excise the produce had been considerably greater, and all the other branches had been comparatively flourishing. The stamp duties to the 5th of April, 1815, 508,545 22,000,000 18,500,000 67,708,545 amounted to 22,957,000l. and for the last year 23,971,000l. which gave an increase of about a million. The beer was not quite equal to the last year. In 1813, it produced 2,699,0001. and in 1814, but 2,585,000l. The produce of malt, for 1813, was 4,440,0007., and for 1814, 4,875,000l. making an increase of about 430,000l. The produce of British spirits for 1813, had been 2,632,000. and for 1814, 2,969,000l. an increase of 300,0007. On Foreign spirits an increase had also taken place; in 1813, the produce was 2,325,000l., in 1814, 2,521,000l. being an increase of nearly 200,000l. Foreign wines, in consequence of the destruction of the vineyards in Portugal, had not been productive for many years, but there had been a rise in the last year from 947,000l. to 1,013,000. Upon teas there had been an increase from 3,547,000%. to 3,652,000Z.; and on the Postoffice an increase from 1,265,0007. to 1,289,000l., an increase which, although trivial, yet proved the benefit which had arisen from the new measures that had been adopted. The assessed taxes, which included some of the taxes which had not been collected in 1812in 1813, amounted to 5,880,0007. and in 1814, to 6,339,0007. being an increase of half a million. The land tax, which was a fixed rate, in consequence of the progress of its redemption, was not quite so productive as the former year; its amount in 1813 was 1,081,000l., and in the last year but 1,000,0591. The remaining branch of the taxes was the property tax, upon which there had also been a considerable increase. The produce for 1813, was 12,868,0007.; for 1814, 14,485,000/.; making a surplus of 1,517,000/. He had now stated the general produce of the revenue in detail, and this he thought the best mode of acting, as the House would be enabled to form a judgment on the produce of the different branches. The unfortunate event to which he had already alluded, namely, the fire at the Customhouse, prevented him from satisfying the House upon the increase of our trade, but he could with confidence state that our actual exports in the last year had exceeded in a most flourishing degree any other year which had preceded it. The last thing which he had to advert to, was the terms of the loan. He would, however, before he proceeded to make his statement on this subject, anticipate a question which his hou. friend opposite (Mr. Grenfell) would probably ask. He would perhaps inquire, whether any attempt had been made, in nego ciating the late loan, to carry into effect a clause contained in the Act of the 23rd of his Majesty, for appropriating part of the growing produce of the sinking fund to the service of the year. In answer to this he had to observe, that all the parties who bid for the loan, with the exception of one gentleman, were averse to that proceeding. And looking to this general concurrence of opinion, it was thought that a better bargain could be procured by agreeing to the suggestion, than if any opposition were made to it: because, from the large amount of the loan, it was not probable that a great competition would have been produced, if, in negociating it, they had acted under the provision contained in the clause alluded to. Finding the opinion of the contractors generally hostile to the proposition, and seeing there was no probability, that, for a loan of 18,000,000%. any other bidders would come forward, besides those who attended on the occasion, it was thought advisable to coincide in their terms, and to make the loan on the old principle. The bargain was extremely satisfactory, being very much in favour of the public. Undoubtedly, at the present moment, when this country was at peace with all the world, except America, it was natural to expect that the loan would be negociated upon favourable terms, and he was extremely happy to say, that such terms had been obtained. was thought necessary that part of the loan should be taken in the 5 per cent. This was not popular amongst the contractors, who were much better pleased with a bar It gain in the 3 per cents. ; it had, however, been carried into effect, and the result would be, a decrease of charge and interest, to a very considerable amount. On a casual view of the subject, this would not appear to be the case, but a little consideration would prove, that an amount of nominal capital, of not less than 4,000,000. would be saved, by taking part of the loan in the 5 per cent. The total amount of the loan was 24,000,000/. Of which 5,500,000l. was for the service of Ireland, leaving to Great Britain a sum of 18 millions and a half. For every 1007. in money the contractors would receive a capital of 301. navy 5 per cent.; 801. 3 per cents. reduced; 231. 10s. 3 per cent. consols. To avoid increasing the charge on the consolidated fund, they had, for the first time, stipulated, that instead of paying interest for the six preceding months, it should only begin to run from July next in the navy 5 per cents., and from April last in the consols. This system would produce a reduction from the 5 per cents. of 2,500,000l., and from the consols, of 1,500,000l. Calculating the loan on these terms, the interest would be found not to exceed 47. 12s. 1d. per cent. The first dividend, being exempted from the property tax, formed a respectable bonus; and, as it was intended to meet the charge created by funding for the service of the present year, by cancelling redeemed stock in the manner provided for in the last session of parliament, the necessity of burdening the consolidated fund with any additional charge would thus be avoided. The most remarkable circumstance connected with the present loan, and one which he believed had never before occurred, was the improvement which took place in the state of the funds, at a time when it was known that so large a sum of money was about to be borrowed. The actual biddings became, in consequence, so much more favourable, that almost a million of stock was saved to the public, which, if government had closed with the contractors on Wednesday last, must have been given to them. When the funds rose so high, at the period when a loan was pending, it proved the flourishing state of our public credit, and, at the same time, held out the most flattering hope, that they would continue, for the remainder of the year, equally elevated. The interest of 47. 12s. 1d. to which were to be added the sinking fund charge, and the other incidental expenses, made a total of something more than 8 per cent. It was his intention to move a resolution for cancelling an amount of stock sufficient to bear this charge; and even when that was done, not less than 50,000,000l. of surplus stock would still remain applicable to the service of the country. The right hon. gentleman then moved, "That it is the opinion of this Committee, that, towards raising the supply to be granted to his Majesty, the sum of 24,000,000. be raised by annuities; the charges of 18,500,000l. whereof shall be defrayed by Great Britain, and of 5,500,000. by Ireland." A conversation then followed between the Chancellor of the Exchequer and Mr. Grenfell, in which the latter expressed his regret that the right hon. gentleman had not applied a part, at least, of the sinking fund in lowering the amount of the loan. He was surprised at the reason offered for this, which was, that they who came to bid for the loan were against such a proceeding; as if it were necessary to take the advice of those who were deeply interested in the amount of the loan. The right hon. gentleman admitted that one of the contractors was of a different opinion from the rest. He knew the person alluded to, and believed that no man in the country had a greater prac tical knowledge of the subject than he had. The Chancellor of the Exchequer, in reply, said that he had procured a much better bargain by agreeing to the terms offered by the contractors, than he could possibly have obtained by the system to which his hon. friend was so partial. The resolution proposed was then agreed to, as were two others, relative to the terms of the loan, |