the best and most effectual answers we can make to the insolent threats of the enemy. Knowing, therefore, from the best sources of information, that the spirit of this nation is rising with an energy incalculable, that every day furnishes additional proofs of the generosity and patriotism of every part of the country, I am rather fearful of under-rating the resources which this spirit may call forth, than of computing them above their amount.→ In many parts of the country the most liberal contributions we know to have been made, the precise amount of which cannot yet be ascertained. Of the whole sum subscribed at the bank, two-thirds may be taken as voluntary contributions, which on the present amount will be 1,350,000l. As it is impossible to calculate the extent to which this system so happily begun, may be carried in different parts of the country from which no returns have yet been received, I am sure the committee will not think the calculation exorbitant, if I take the article of voluntary contribution at 1,500,000l. It would give me pleasure to find that it will exceed the sum at which I state its probable amount; but in all the circumstances I feel a considerable confidence that to this extent we may look to it as a certain resource.

The next article for which I propose to take credit, is one which has not yet been submitted to parliament, but which I entertain a sanguine hope will meet with their approbation. It is an object, which in a considerable degree had occupied the attention of the commercial and mercantile world. It includes more to recommend it to the attention of the house, with less of solid objection, than any measure which for some time has been submitted to parliament. It will be attended with an additional protection to our trade, and without imposing any new burthens upon the country, it will secure an additional resource for the support of the war. It is my intention to propose this measure only as applicable to the war, and to a war such as the present. A considerable part of the recommendation which it possesses, arises from the particular nature of the contest in which we are now engaged. It has this farther advantage too,

that a considerable part of it will be paid by foreigners. It will take from the enemy one of the resources of maritime rapine, which has been the only employment and encouragement for their marine in the absence of legitimate commerce. The plan to which I allude then is, to adopt some regulations respecting the convoy of our trade, and to impose a certain tax upon exports and imports, in such manner as not to risk the diminution of our commerce; a tax too that will be repaid by the decrease in the price of insurance, which will fall upon the consumer, and diminish the number of prizes which our extended commerce has held out to the predatory spirit of the enemy. I am aware that this subject will require considerable discussion. On the face of it, however, it is one to which no objection occurs. I do not propose to take it, supposing it should receive the approbation of the house, for more than a year, or for the interest of the loan. But when our increased and increasing trade requires additional protection, it cannot but be desirable to adopt a plan which will not only secure this important object, but afford a considerable resource to the support of the present contest. In this way, then, from the best general estimate that can be made on this subject at present, I think I may venture to state this object as capable of producing the sum of 1,500,000%.

In the statement which I made in November last, I took credit for 500,000l. upon the consolidated fund. Upon looking at the consolidated fund, and the produce of the taxes, so far as they can be ascertained up to April, I have the satisfaction to see that the sources, from which the consolidated fund is supplied, are amply productive. Still, however, as the charges on the payments to be made on the loan will, in the course of the year, come upon the consolidated fund, I do not think it proper to include in the ways and means any supply to be derived from this source. I propose, therefore, to leave it to provide these objects, and to redeem the arrears of charges upon the grants of 1797. At the same time, however, I shall proceed to state from the most authentic papers, the amount of the revenue up to the present period, as far as those parts, which have been more recently

YOL. II.

imposed, can be ascertained. I am the more anxious to enter into this statement, that, from a comparison of the permanent revenue with the permanent charge, gentlemen may be able to judge of our whole situation, and the adequacy of our resources The total to support the efforts we are called upon to exert. amount, then, of the old revenue, exclusive of the taxes imposed in 1797, was 18,570,000l. The amount of taxes imposed in 1797, to the extent of about three millions, is to be added. It cannot be expected that these taxes should yet be placed in a state of collection by which their produce could accurately be ascertained. About 1,500,000l. has already been obtained on account of these taxes. From the best calculation which can be made, it is computed that their permanent produce will be 2,900,000l.

The tax upon legacies was estimated at 120,000l. which, from its nature, must require time to come up to the estimate. It has yet produced only between 50 and 60,000l. I entertain a hope, that when it finds its level, it will appear that it was not overrated in the estimate. I shall, therefore, now state it at 100,000%.

The next is an article upon which various opinions have been entertained as to its produce. It certainly has hitherto fallen short of its estimate. One principal cause of this is, that rumours had been circulated that the tax was to be repealed, which prevented people from renewing their stock. I am of opinion, it will in time advance much farther, than those who disapproved of it ever imagined. It has of late advanced considerably, and is continuing to advance ;-I mean the article of wine. If the house shall think proper to persevere in the continuance of that duty, I am of opinion, that the revenue will benefit nearly to the extent which I originally stated; I shall, therefore, estimate the produce of this duty at 400,000l. more than it has hitherto yielded to the public. These sums, being added together, will afford a total of 20, 70,000l., including the supposed increase of 1797, the legacy duty, and the article of wine.

I have proceeded in this way to judge of the permanent revenue by the produce of the last year only of an expensive war; and now, Sir, if gentlemen will take the trouble to look at this

revenue, and add to it the land and malt, they will find no less a sum than twenty-three millions sterling to be set against the permanent charges, which amount to 23,295,000l.; and they will also find, instead of a diminution of the permanent taxes, a permanent revenue, amid all the burdens inseparable from a state of war, balancing all the permanent charges that can be set against it.

I have neither mentioned the lottery, nor the probable returns expected from India, in aid of the voluntary contributions; but I think it right to state these objects to the committee, for the purpose of fairly shewing the flourishing situation of the public revenue. I beg leave to observe, that I have taken the permanent revenue on the supposition that the peace estimate would be calculated on the same grounds as previous to the war. The estimate before the war was sixteen millions, and the addition of 7,295,000l. since will give the gross amount of 23,295,000l. The surplus of the lottery is 200,000l. ; and I believe I have now, Sir, mentioned every article which it may be necessary for the committee to consider, but the loan. The loan, it is now fully understood, consists of fifteen millions, exclusive of two millions to be advanced to Ireland. The committee will see that the different items of the ways and means stand thus :

which within a trifle meets the amount of the supply.

The next circumstance to be considered is the terms of the

loan; and upon that subject it is not necessary that I should de

tain the committee for a long time, because the discussion of another subject, in which this loan was incidentally mentioned by me, brought forward the general terms of that loan; and it was then noticed in a manner that has rendered it unnecessary for me to say much upon it now. It is, however, matter of great satisfaction to me, and must be so to this committee, to reflect that we have a loan upon such terms at the present moment. It must give us all great satisfaction to find so much confidence in the monied men; and here I cannot help observing, that I do believe that much of the advantage which the public derive from this bargain has arisen from the confidence which monied men have, that the plan now before parliament for the sale of the land-tax will be adopted. Much satisfaction as I have from this, I have a still greater satisfaction in reflecting that the people of England feel they are safe, because they take such measures as ought to save them. The people of England, and the monied interest among them, shew the enemy that, while they alarm us with threats of invasion, we have taken measures for our own security, in a manner calculated to meet our danger. This is a circumstance for congratulation to us all; inferior to it, although important, is the detail.

In the former, latter, 50%. was

When the bargain was concluded the 3 per cent consols were at 483 and the 3 per cent. reduced were at 47 150l. was valued at 727. 11s. 3d.; and in the taken at 227. 16s. 3d., which, with the market price of 131 years of long annuity, or 41. 4s. 6d. made 991. 12s. 04. So that on the face of the bargain, the subscriber takes less than his 1007. The discount is certainly a different matter, and was calculated at the rate of 5 per cent. as was the case last year. But there are two ways of considering this; the advantage to the contractor arises from the anticipation of future instalments by prompt payment, and there the discount is of course greater; but with respect to those who wait for the fixed period of future payment, the advantage is less. The first gain by prompt payment 1021. 48. 6d. for 100l., and the last only 1017. Os. 7 d.; so that there is a bonus of 21. 4s. 6d. to the one, and but of