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of the committee, that the proceedings Sinking Fund on ditto........ 430,000 which had taken place with respect to the resumption of cash payments by the

20,477,000 Bank of England, led to an arrangement By reduction of Unfunded for the repayment to that body in the Debt .....

.... 10,597,000 course of two years, of the suin of 10,000,0001. Of that sum it was neces

2.31,074,000 sary that 5,000,0001. should be provided in the present year, and a further sum of

WAYS AND MEANS. 5,597,0001. would be required for the re- Annual Malt.................. 3,000,000 duction of the unfunded debt, govern- Excise Duties continued ...... 3,500,000 ment standing pledged to that proceed. Lottery

240,000 ing. For those purposes, it was proposed Old Stores...........

334,000 to raise two loans, each to the amount of 12,000,0001. One of those loans had

7,074,000 been contracted for that morning by com- Loan .....

12,000,000 petition. The other was to be derived from Loan from the Sinking Fund 12,000,000 the sinking fund, the details of which he would submit to parliament on an early

£.31,074,000 day. All that he would at present ob. He had already informed the commitserve with respect to it was, that it was tee, that a loan by competition for proposed in the arrangements relating to 12,000,000l. had that morning been cooit to press as little as possible on the tracted for. He would now state the money market; and therefore to divide it terms of that loan, and he was happy to into twelve monthly payments; those congratulate the committee and the counpayments not to be equal, but to be to try that in consequence of the competithe amount of 900,0001. a month in the tion which had been excited, those terms July and January quarters, and 1,100,0001. were highly advantageous and satisfactory, a month in the April and October and were indeed such as clearly to evince quarters. By this arrangement, nearly a reviving confidence and an increasing 310,0001. would be left monthly in the spirit in the money market. The terms hands of the commissioners for the re were as follow, viz. that for every 1001. duction of the national debt, for the pur- of the 12,000,0001., the subscribers should chase of stock; exclusive of the Irish receive 80l. stock in the three per cent sinking fund, from which nothing would consolidated annuities (the interest on be taken. The loan of 12,000,0001., by which would not commence until July, competition, and that to be derived from and was not to be retrospective), and the sinking fund, added to the Ways and 621. 18s. 8d. stock in the three per cent Means which he had already enumerated, reduced. Two other lists were offered made 31,074,000l. ; which, compared with the oneproposing to receive 65l. 10s. in the the amount of the Supplies, viz. 3 per cent reduced, tbe other 65l. 2s. 6d. 20,477,0001., left a surplus of 10,597,0001. The list preferred therefore far outto be applied to the reduction of the un- stripped its competitors, and was consefunded debt; viz. 5,000,0001. to the pay- quently accepted; as, of course, the ment of the Bank of England, and the re- smaller the sum which it was offered to maining 5,597,0001. to the individual take in the stock in which it was apholders of exchequer bills. The compa- pointed that the biddings should take rative view of the whole of the Supplies place, the smaller the charge both for and Ways and Means was therefore as capital and interest to the country. The follows :

loan thus raised, and the loan to be de

rived from the sinking fund, he would reSUPPLIES.

gard as a joint loan in speaking of the

£. stock created by the two operations. Army........

8,900,000 Considering them as a joint loan, the stock Navy

6,436,000 created for the 24,000,0001. thus raised, Ordnance

1,191,000 would be 32,304,000l.; in the 3 per Miscellaneous

1,950,000 cent stock taken partly in the consols,

and partly in the reduced. The interest Total Supplies... 18,477,000 on this stock would be 1,029,1201, the Interest on Exchequer Bills... 1,570,000 sinking fund 402,6946.; and the charge for management 10,2911.; making a total order to complete the arrangement for the of 1,442,005l. Here he thought it ne- liquidation of 10,000,0001. due to that cessary to observe, that he had strictly body. Those two sums amounted to carried into effect the provisions of the 16,000,000l. If 12,000,0001. were taken act of 1813, by which it was provided, from the sinking fund, as in the present that when the loan for the year exceeded year, there would remain but 4,000,0001. the proportion of the sinking fund already to be raised in the money market. That established, a fresh sinking fund, to the sum was so moderate, that he apprehended amount of half the interest should be there would be little difficulty or inconformed. This provision might perhaps venience in obtaining it, and he sincerely have in strictness been dispensed with on hoped and trusted, looking to the prose the present occasion, as so large a pro- pect of continued tranquillity which the portion of the loan was to be applied to present posture of affairs in Europe afthe purpose of reducing the unfunded forded, that it would be the last time they debt; but he had felt, that when a loan would have occasion to resort to the was raised in time of peace, the operation money market, during the existence of of the sinking fund with respect to it peace. And even that application might, ought to be strengthened rather than dimi- perhaps, be avoided by proper managenished; and he had accordingly complied ment when the period should arrive. The with the provisions of the act of 1813.- next branch of the subject to which he With respect to the charge for manage- wished to call the attention of the comment, he did not consider the Bank to mittee, was the consideration of the mode have a right to any allowance for the by which he proposed to realize the management of that part of the loan de- pledge that had been given to the stockrived from the sinking fund, but only for that holder to raise three millions in taxes, in which had been contracted in the money order to make up, with the two millions market. The loan obtained from the of surplus revenue, a sum of five millions sinking fund would stand as stock in the applicable to the reduction of the national names of the commissioners, and the in- debt. But, as he was on the general subterest would be applied by them in the ject, he was desirous, before he proceeded same manner as that of other funds in further, to describe the present state of their hands. He had already shown to the unfunded debt of the country, and the committee that the total charge on the the situation in which it would remain loan was 1,442,005l. The rate of interest after the arrangements of the present year to the subscribers was 41. 5s. 9d.; were wound up. The existing unfunded amounting on an average calculation of debt was about 49,000,000l. ; the interest three per cent stock to 694. The total of the whole of which was provided for by amount of charge to be paid by the votes of supply in the present year. The public (the sinking fund included), was total amount of exchequer bills outstand6l. Os. 2d. per cent. He again congra- ing was 44,600,0001.; that of Irish treatulated the public on the terms of the sury bills, becoming payable in July next, Joan, which he trusted would not be un- 4,400,000l. ; making, as he had before obfavourable to the adventurous parties with served, a total of 49,000,0001.- These he whom it had been negotiated, although proposed to replace by exchequer bills al. the terms were so low that,

with reference ready voted to the amount of 20,000,0001., to the immediate price of stock, the by a further vote of 16,000,0001., and by bidding might not at first sight appear 2,500,0001. of Irish treasury bills, which justifiable on the score of prudence. He would make the total amount of the hoped, however, that it would ultimately unfunded debt 38,500,0001. Compared prove advantageous to all parties.

with the 49 millions of unfunded debt at Before he proceeded to the other parts present existing, there would thus be a of the subject, he wished to advert to the diminution of ten millions and a half. It measures that he conceived would be ne. was his intention to propose, that the cessary next year. As far as he could three millions which parliament had rejudge at present, the amount that it would solved to raise by taxation, should be be requisite to raise next year for the dif- applied to strengthen the consolidated ferent branches of the public service fund, in order to enable it to support the would not exceed 11,000,000l. ; besides charges of the loan of the present and of the 5,000,000l. which it would be neces- the last year, to which, thus reinforced, sary to pay to the Bank of England, in he thought it would be nearly equal. The amount of the charge on the last loan, was object to bring coffee into more general about 1,600,000l. ; that of the present loan use, a difference was made in its favour ; 1,442,000l. ; making together the sum of but it was now proposed that coffee, and 3,042,000l. ; being an excess of 42,0001. the cocoa nut or chocolate nut, should, over the sum which it was proposed to with reference to taxation, be placed on raise. That sum would therefore be ap- the same footing. The remaining articles propriated to meet the charges of the to be considered were tobacco, coffee, tea, two loans; and as it was a matter of and pepper. With respect to tobacco, account, it was not very material that the the existing duties greatly varied. Ameappropriation should be exactly balanced. rican tobacco paid an excise duty of 9 d. A little might be thrown into one scale or a pound; Spanish and Portuguese tothe other without inconvenience, although bacco 25. a pound; and West India tobacco it would be well to allot to them, as nearly 1s. a pound. To this was to be added the as possible, the same proportion.

customs duty. It was intended to simplify He now came to the particular pro- all those duties, and to impose on all positions which he had announced it to plantation and East India tobacco a duty be his intention to bring forward. . The of 4s.; on foreign tobacco, and on all fo-, first was the consolidation of the customs. reign snuff

, a duty of 6s. The produce It was impossible for him to go into all of the increase of these duties he estimated the items of which that head was com. at 500,0001. Upon coffee, of the plantaposed; and it was the less necessary, as a tions, there was at present a duty of 7 d. schedule had been prepared which would a pound. He proposed to raise it to 1s. give gentlemen the fullest information on a pound. East India coffee from 11d. to the subject. It was only material to state 1s. 6d.; and on foreign coffee from 2s. 41d. the increase on the whole in the different to 2s. 6d. From the increase of these duties already existing. The only im various duties on coffee, it was estimated portant increase of duty, as he had al- that 130,0001. would be derived to the ready stated, was that in the duty on revenue, With regard to tea, he had alforeign wool; which was of considerable ready stated that he proposed to increase amount. The others were very minute in the duty 4 per cent, or from 96 to 100; their rates; and the produce of the whole from which also the sum of 130,0001. was might be taken at 500,0001. annually. In expected. The duty on pepper, which such a variety of articles, some would, of was at present ls. 104d. a pound, it was course, produce more, some less, than the proposed to increase to 2s. 6d., from which estimate; but he saw no reason to think it was estimated that 30,0001. would be that the whole would not amount to the derived. bum that he had mentioned ; and whether He had already mentioned, that by the some produced more and some less, was transfer from the customs to the excise, not material, as the whole was to be very considerable expenses of managethrown into the general mass of the con- ment would be saved to the public. By solidated fund. The articles of minute placing all the duties on one article under detail, when the schedule to which he had the management of one board, that of the alluded was printed, would be subject to Excise, all the services of the officers of the consideration of every hon. member customs employed on that particular who might feel interested in the various branch of the service would be saved to minute alterations proposed; and every the public. A most essential convenience variation of rate would be marked in it; would also be afforded by it to merchants. for in some instances the duty was re- He did not know any thing of which perduced, while in others it was increased. sons in trade more loudly complained

He had mentioned on a former night, than the multiplied regulations to which that a considerable advantage was ex- they were at present obliged to attend, and pected from transferring the collection of the necessity they were under of making several of the duties from the board of applications on the same business at varicustoms to the board of excise. These ous places, and at different periods of the were, the duties on tobacco, tea, pepper, day. All that would now be remedied. coffee, and cocoa nuts. On the last-men. But the principal advantage of the protioned article a higher rate of duty was at jected arrangement was this - that it present paid than on coffee. For many would prevent the adulteration of the aryears the duties on the two articles had ticles which it comprehended. Some of been the same. But when it became an those articles were sold in small quantities; oftentimes ground up; and it there- / said, that the real price of malt generally fore became extremely difficult to deter- averaged 4s. a quarter less than the price mine whether or not they were genuine. quoted. The price quoted last year was By the transfer of these from the customs 81s. a quarter, and that he had stated to to the excise, a watch would be set over the committee on the subject; but the them to prevent their adulteration. It general average of that year he believed was desirable also that the collection of to be 77s. a quarter. So far the difference the revenue should be placed under the of the two statements certainly diminished care of those who possessed the best the result of the comparison which he means of exercising a vigilant superin- | (the chancellor of the exchequer) had tendence over it; and the commissioners made between the last and the present of the customs had no cognizance of the year. Mr. Barclay also stated, that the subjects of taxation after their delivery average price of malt this year was 84s. from the king's warehouses.

a quarter ; but he allowed that it was of an Two other subjects remained to be inferior quality to the malt of last year, and brought under the consideration of the that it was not so good for the purpose

of committee. One, from which he ex- brewing by 68. a quarter. That 6s. ought, pected to derive a very considerable ad- therefore, to be added to the present dition of revenue, was the increased duty average price of malt (as compared with on malt. He had stated on a former the average of last year) making it 90s. evening, in his general opening, that he a quarter. But hops, which were last calculated on its producing 1,400,0001., year 24l. or 25l. a cwt. had fallen to 101. including its operation in Ireland - to The result, then, of the comparative statewhich country indeed it was proposed ment between 1818 and 1819 would stand that all the increased duties should ex- thus:-In 1818, the quarter of malt was tend, except that on home-distilled spirits. 31. 178., and the hops and other materials

The sum which he had mentioned would, necessary to brew it cost 21. 2s., making he conceived, be raised by the imposition in the whole 51. 19s. In the present year, of an additional duty of 1š. 2d. per bushel, the quarter of malt (allowing 6s. a quarter or 9s. 4d. per quarter. When he first in- for its inferiority to the malt of last year) troduced the subject of the duty on malt, was 4l. 10s.; but the hops and other mahe endeavoured to show by calculation, terials necessary to brew it would cost that the additional duty ought to cause no but 188. 4d., making in the whole only addition of price to the public. In the 51. 8s. 4d. It thus distinctly appeared, opinion' which he had expressed on that that the brewer gained a profit in the occasion, he had been confirmed by sub- present year of 10s. 8d. a quarter more sequent inquiry and consideration. He than he did last year. He thought it but wished that every gentleman who took an perfectly right that the public should interest in this subject would give them- participate in that profit ; and it was obselves the trouble of consulting the evi- vious that the proposed duty being drawn dence taken before the committee on only from the surplus profit of the brewer breweries which sat last year; the report this year as compared with the last, ought made by which, contained highly valua- not to affect the price to the consumer, ble information. He had taken the liberty which price, instead of being raised, on the occasion to which he had just ought, and he trusted would, rather be alluded, of adverting to the evidence reduced ; more especially if the approachgiven before that committee by a very re: ing harvest should turn out favourably. spectable gentleman, extensively engaged He hoped, whatever might be the differin the trade, and at that period a memberence between the calculations of various of the House. Another very respectable persons, that the House would find the gentleman thought that he (the chancel- general result the same, and be satisfied ior of the exchequer) had mistaken that that his position, that the present duty evidence. Since that period, he had had did not only not go to justify a rise in a personal communication and conference the price of porter, but was compatible with the gentleman whom he had first with a diminution of price after a time, mentioned --Mr. Barclay-in order that was fully borne out. he might correct any error into which he The only remaining article to which he had fallen ; and he would now state to the had to call the attention of the committee, committee the view which Mr. Barclay at was the proposed increase of duty on present took of the subject. Mr. Barclay home-made spirits ;-he meant spirits dis(VOL. XL)


tilled in England; for it was not his inten- | must be added the 5,000,0001. to be paid tion that this tax should extend either to to the Bank of England. If, therefore, Scotland or to Ireland. The new duties as in the present year, 12,000,0001. were he meant to impose were at the following to be next year taken from the sinking rates : The duty on malt wash he meant fund, 4,000,0001. would be all, as far as to advance 3d. per gallon; or from 1s. 9d. he could now see, that it would be neits present rate, to 2s. The duty on sugar cessary to raise by way of loan in the wash he proposed to advance to 2s. 6d.; money market, in order to complete the and that on wine wort, or wine wash, to ways and means of the year. There was 3s. 6d. The produce of those increased no reason to apprehend, that after that duties he calculated at 500,0001. If the period, it would be necessary to trouble effect of these last dutics should be to parliament or the country with a subject diminish the consumption of spirits, and so painful as loans and new taxes. He increase that of the wholesome produce trusted that having made the present of the brewery, no man would more effort to place the finances of the country heartily than himself rejoice at a change on a permanent footing, and to prevent that would be so conducive to the health the necessity of any recurrence to fresh and morals of the people. Some gentle expedients or burthens, hon. members men concerned in the distilleries, had would return home with the consciousness however represented to him, that this of having done their duty; and he trusted measure would give the foreign distiller that although some momentary feeling of an advantage over them, unless they were distaste might prevail with respect to protected by some countervailing measure. particular taxes, their exertions would be On that subject, he had not yet come to rewarded by the approbation of their conany decision ; but he might hereafter stituents, who would feel that parliament deem it expedient, to come forward with had watched over their interests with some additional proposition, which, while vigilance and wisdom, and had adopted it afforded protection to the home-trade the only course which was calculated to from foreign competition, would probably be productive of permanent good. He at the same time, augment the revenue of would now conclude by moving his first the country.-Having now gone through Resolution : viz. " That, towards raising the various topics which he had wished the Supply granted to his Majesty, the to press on the attention of the commit- sum of 12,000,0001. be raised by way of tee, he had only to add, that, if on any annuities.” point he had not been thoroughly under- Mr. Grenfell wished to preface the few stood, he should be happy to afford any observations he should make by thanking explanation that might be required. the right hon. gentleman for the very clear

Mr. Grenfell wished for some explana- statement he had that night made; in. tion, with respect to the 11,000,0001. deed it was but justice to say, that the alluded to by the right hon. gentleman in right hon. gentleman's details upon finanhis statement, relative to the loan of next cial subjects were remarkable for their year.

perspicuousness. The right hon. gentleThe Chancellor of the Exchequer ex- man had observed in the outset, that the pressed his readiness to explain that point discussions connected with this subject to the hon. gentleman. He had already within the last few days had necessarily said, that he hoped that during the con- narrowed the view it was necessary for tinuance of peace, the present would be him to take of the finances, in bringing the last time, that he or his successors in forward what was called the annual office should have the unpleasant duty of budget: it had certainly been his (Mr. calling for a loan or additional taxes, ex. Grenfell's intention to have taken some cept perhaps in the next year, for a loan part in the proceedings of yesterday and of a very limited amount. In the present the day before; but he yielded to those year, the sum of 13,000,000l. was neces. who seemed to have a prior claim. He sary to balance the deficiency of the in- agreed that it was not only desirable, but come of the country, as compared with with reference to the best interests of the its expenditure ; but he hoped that in the country, most expedient that it should next year, partly from a reduction in the possess a surplus of income beyond the charges on the unfunded debt, and partly expenditure; that it should possess, in from other causes, that the deficiency short, a sinking fund. Assuming that the would not exceed 11,000,000l. To that revenue would maintain its present level,

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