8,247,215 55,000 At the suggestion of Mr. Pitt, the Resolutions were ordered to be printed, and the debate thereon was adjourned to the 1st of July. July 1. On the order of the day for resuming the adjourned debate on the said Resolutions, Mr. Pitt said, that it was 150,000 his intention to propose several amendments to the resolutions moved by the hon. gentleman, and to state, in the shape 145,025 of resolutions, several additional facts in order to enable the House to judge fully of the financial state of the country. He would therefore move, that the farther discussion be postponed till Wednesday. 200,000 25,614,225 18. That the amount of 3 per cent stock to be redeemed, together with the annual interest thereon, by the tax on income, is 35,150,000l. That the produce of the tax on income, as appears by an estimate before this House, may amount to 7,500,000l. 19. That during the continuance of the tax on income, the expenditure of the peace establishment cannot be estimated at less than 33,114,2254 per annum. 20. That supposing the war to end with the year 1799, the 3 per cents to remain on an average at 70, and the tax on income to produce 7,500,000l. per annum, the sum of 35,250,000l., together with the interest payable thereon, would not be redeemed before the month of November, 1803. 21. That supposing the war to end with the year 1800, and the same sum to be borrowed on the credit of the tax upon income for the service of that year which has been raised for the service of the present year, viz. eleven millions, and to be funded in 3 per cents at 60, the total amount of stock to be redeemed would be 53,583,000l. together with the interest payable thereon; and estimating the produce of the tax on income to be 7,500,000l. per annum, and calculating the 3 per cents, to remain on an average at 70, such redemption would not be completed before the month of November, 1806. The probable annual expenditure during the first five years and a half of peace would therefore be upwards of thirty-three millions, exclusive of any charges to be incurred for sums to be paid on winding up the expenses of the war; exclusive of any increase in the naval or military establishment beyond those of the last peace, and exclusive of the interest payable on the imperial loans." July 3. The House having, on the suggestion of Mr. Pitt, resolved itself into a Committee of the whole House, to consider ofthe Income, Expenditure, and Commerce of the country, and of the progress which has been made, and may be expected to be made, in the reduction of the National Debt, and the preventing the accumulation thereof in future, Mr. Pitt rose and entered into an able examination of the several resolutions proposed by Mr. Tierney, and concluded with moving certain counter resolutions, which, after a short debate, were agreed to by the committee and ordered to be reported to the House on the 11th instant. Report on the Public Income and Expenditure.] July 11. The Resolutions moved by Mr. Tierney being read, Mr. Pitt moved the previous question upon each, which was carried. After which, the Resolutions moved by Mr. Pitt were reported to the House, and are as follow: Resolved, 1. That it is the opinion of this committee, that the amount of the public funded debt was on the 5th of January 1786, 238,231,248.; exclusive of long and short annuities and annuities for lives to the amount of 1,373,550/. :—that on the 1st of Feb. 1793, stock to the amount of 10,242,1007. had been purchased by the commissioners for redeeming the national debt; and annuities to the amount of 79,880l. had fallen in, and had been carried to their account; reducing the actual amount of the debt on the 5th Jan. 1793, to 227,989,148/. and the annuities to 1,293,670l.: and that on the 1st Feb. 1799 stock to the amount of 28,677,689/., had been purchased by the commissioners for redeeming the national debt; and annuities to the amount of 119,880l. had fallen in, and been carried to their account; reducing the actual amount of debt existing before the war, on the 1st Feb. 1799, to 209,553,5591., and the annuities to 1,253,670l. 2. That the amount of the public funded debt, created since the 1st Feb. 1793 (including the amount to be created by sums borrowed in the present session of parliament, and exclusive of 7,502,6331. 3 per cent stock, and 230,000l. per annum annuities created by advances to the emperor of Germany) was 225,602,7921, exclusive of long annuities to the amount of 283,2061. per annum; of which 12,175,000l. is on account of Ireland, and 35,250,000l. is provided for by the tax on income, leaving a permanent debt of 178,177,000/ charged on Great Britain. And that on the 1st Feb. 1799, 8,704,0821. had been purchased by the commissioners for redeeming the national debt, reducing the said permanent debt, created since the 5th Jan. 1793, to 169,473,000l. exclusive of long annuities to the amount of 283,2061. per annum, after deducting the annuities payable by Ireland. 3. That the total amount of the permanent funded debt charged on Great Britain (after deducting the sum of 37,381,771. redeemed by and the annuities fallen in to the commissioners) was, on the 1st Feb. 1799, 386,902,000l. together with the short annuities to the amount of 549,130l. and long annuities to the amount of 987,9471. after deducting the annuities provided for by Ireland. 4. That the sum annually applicable to the reduction of the national debt, in pursuance of the act passed in 1786, was 1,000,000l. being about 1-238th part of the capital of the permanent debt then existing; and for 1793 was 1,427,143/. being about 1-160th part of the permanent debt existing in 1793; and may, for the year 1799, be estimated at 4,500,000l. being about 1-86th part of the permanent debt existing in 1799. 5. That the annual charge incurred on account of the permanent debt, on the 5th Jan. 1786, was 9,297,000l. before any fund was created applicable to the reduction of the debt; and on the 5th Jan. 1793, was 10,325,000l. including 1,000,000l. applicable to the reduction of the debt. 6. That the annual charge incurred on account of the permanent debt, created since the 5th Jan. 1793 (including 316,000l. permanent interest on loan of the present session) amounts to 8,246,2157. per annum ; of which 6,426,755l. is for interest, annuity, and charges of management, and 1,819,460l. applicable to the reduction of debt; and that a farther charge of 497,7357. per annum, is guaranteed by parliament in default of payment of the interest of certain loans by his majesty the emperor of Germany. 7. That the outstanding demands on the 5th Jan. 1793, amounted to 1,327,1127. and on the 5th Jan. 1799, to 3,367,5411.; the whole of which have been provided for, part thereof in the former session of parliament, and the remainder in the present session. | 8. That the unfunded debt (exclusive of the anticipation in the usual form upon the land and malt tax) on the 5th Jan. 1793, amounted to 8,925,4221. and on the 5th Jan. 1799, to 14,137,686.; of which 1,981,6537. was provided for in the present session of parliament, leaving an unfunded debt of 12,176,0337. which increase of 3,250,611. beyond the amount of the unfunded debt on the 5th Jan. 1793, is occasioned chiefly from an addition of 1,000,000l. exchequer bills, and of an addi. tional navy debt, arising from increased demands during the war, and bearing no interest. 9. That the nett produce of the permanent taxes, existing on the 5th Jan. 1784, then amounted to 10,194,2597. and that taxes were afterwards imposed, to defray the expenses of the war ending in 1783, amounting in 1786 to 938,000l.; making together 11,132,000l. 10. That the nett produce of the permanent taxes existing previous to the year 1784, adding thereto about 983,000l. imposed, as above stated, in 1784 and 1785, and 137,000!. arising from the consolidation act and duties imposed in 1789, was, on the 5th January 1793, 14,284,000l. On the 5th Jan. 1794, 13,941,000l. On the 5th Jan. 1795, 13,858,000?. On the 5th Jan. 1796, 13,557,000l. On the 5th of Jan. 1797, 14,292,000l. On the 5th Jan. 1798, 13,332,000l. On the 5th Jan. 1799, 14,275,000l. And, on the 5th April, 1799, 14,574,300l. Which last sum (after deducting the duties arising from the consolidation act, and those imposed in 1789) exceeds the nett produce of the permanent taxes on the 5th Jan. 1784, together with that of the taxes imposed in 1784, and 1785, by 3,305,000l. 11. That the actual nett produce of the taxes, imposed since the 5th Jan. 1793 amounted, in the year ending the 5th April, 1799, to 7,272,043/.; and that, on part of these taxes, the produce for one year has not yet been received, and no part of those imposed in the present year, estimated at 316,000l. 12. That the total value of all imports into Great Britain, in the year ending the 5th Jau. 1784, was 15,122,2357. and on an average of six years, ending 5th Jan. 1784, was 11,690,8291. That the total value of all imports into Great Britain, in the year ending the 5th Jan. 1793, was 19,659,3587. and on an average of six years ending the 5th Jan. 1793 was 18,685,3901. That the total value of all imports into great Britain, in the year ending the 5th Jan. 1799, was 25,654,000l. making an increase as compared with 1785, of 12,531,7657. and with 1792, of 5,994,6427.; and on an average of six years, ending the 5th Jan. 1799, was 22,356,2961.; making an increase, as compared with the average to Jan. 5th 1784, of 10,665,4671. and with the average to January 5th of 1793, of 3,670,9061. 13. That the total value of British manufactures, exported from Great Britain in the year ending 5th Jan. 1784, was 10,409,713/. and on an average of six years ending 5th Jan. 1784, was 8,616,6607. That the total value of British manufactures exported from Great Britain, in the year ending the 5th Jan. 1793, was 18,336,8511. and on an average of six years, ending the 5th Jan. 1793, 14,771,0497. That the total value of British manufactures exported from Great Britain in the year ending the 5th Jan. 1799, was 19,771,510/. making an increase as campared with 1783, of 9,361,797/. and with 1792 of 1,434,659/. and on average of six years, ending 5th Jan. 1799, was 17,154,3231.; making an increase as compared with the average to Jan. 5th, 1784, of 8,537,6631. and with the average to Jan. 5th, 1793, of 2,383,2741. 14. That the total amount of foreign merchandize exported from Great Britain in the year ending the 5th Jan. 1784, was 4,332,909/ and on an average of six years, ending the 5th Jan. 1784, was 4,263,930l. That the total value of foreign merchandize exported from Great Britain, in the year ending the 5th Jan. 1793, was 6,568,000l. and on an average of six years, ending the 5th Jan. 1793, was 5,468,014. That the total value of foreign merchandize, exported from Great Britain, in the year ending the 5th Jan. 1799, was 14,028,000l.; making an increase as compared with 1783, of 9,695,0911. and with 1792, of 7,460,000l.; and on an average of six years, ending 5th Jan. 1799, was 10,791,000l. making an increase as compared with the avearge to Jan. 5th, 1784, of 6,527,070l. and with the average to Jan. 5th 1793, of 5,322,9861. 15. That the total sum to be raised in Great Britain in the year 1799, may be estimated as follows, viz. Interest of public funded debt, charges of management, and sinking fund on the 5th Jan. 1799, after deducting interest payable by Ireland ...18,762,024 Interest, &c. to be in curred and paid be- Interest on exchequer the year to 5th | the present session of parliament Civil government of Scotland, estimated as before Pensions on hereditary revenue, ditto .... Militia and Deserters Warrants, ditto.... Bounties for promoting Fisheries, Linen manufactures, &c.. estimated as before Charges of management of the revenue estimated as before 1,589,437 Making the total of permanent charges to be defrayed out of the gross receipt of 344,076 permanent revenue•••••••• £.22,944,467 for Supplies voted 1799, exclusive of 1,000,000l. to defray Vote of Credit 1798 29,947,000 Advance to Ireland.. 3,000,000 Vote of Credit for pro bable contingencies 3,000,000 Interest payable for imperial Loans.... 497,735 April, 1799, to.... 26,773,000 That the tax on In come is estimated to produce for the year 1799, a sum of 7,500,000 That the tax on im ports and exports may be estimated to produce a sum of That farther sums are applicable to the ser ..... vice of the year 1799 as follows: 7th Instalment Aid 1798... Surplus of Consolidat 1,500,000 on 650,000 521,000 dated fund in hand on the 5th April .. 36,444,735 .59,389,202 32,871,000 the sum of £.59,644,000 17. That, estimating the gross receipt of the permanent revenue to continue the same as in the year ending the 5th April 1799, and adding thereto the permanent taxes imposed in this session of parliament, calculated to produce 316,000l. the total amount to be raised by permanent and temporary taxes for the service of the year 1799,may be computed at the sum of 36,089,000/. an 18. That it appears by a report of a comImittee of this House, in 1791, that the actual expenditure (including the nual million for the reduction of the public debt) on an average of five years of peace, ending 5th Jan. 1791, and including sundry extraordinary expenses for the armament of 1787, and for payments to American loyalists, and other articles of a temporary nature, amounted to 16,816,9857. But the peace establishment was estimated by the said commitice at 15,969,178/. And that the expense of the year 1792, amounted nearly to that sum. That the additional permanent charge incurred by the debt created since 1793, exclusive of interest payable by Ireland is £.8,247,215 That the additional charge to be incurred for increased amount of exchequer bills outstanding, is Interest on money for satisfying increased navy debt, at 3 per cent. at 75l. That the additional charge incur- .... red for a sum annually voted for the redemption of debt, is And that the future peace establishment (exclusive of any charges to be incurred by interest on sums to be paid on winding up the expenses of the war, and of the increase which may take place in the naval or military establishments, and also exclusive of 497,000l. interest on loans due by the emperor of Germany, and guaranteed by at .... 24,723,043 19. That the produce of the tax on income was originally estimated at 10,000,000l.; and that it is highly important, for insuring the full benefit of the system now adopted, that effectual measures should be taken for rendering it productive to that amount. 20. That, during the continuance of the tax on income, after the conclusion of the war, if the produce in future years should amount, as so estimated, to 10,000,000l. the total annual expenditure may be estimated at about 34,600,000l. including therein the said sum of 10,000,000l. applicable annually (over and above all other sums in the hands of the commissioners) to the reduction of debt. 21. That the amount of 3 per cent stock created in the years 1798 and 1799, and of which the interest is to be defrayed, and the principal to be redeemed, by the tax on income, is 35,250,000l. 22. That, supposing the war to end with the year 1799, the S per cent stock to remain, on an average of three years after peace, at 801. and the tax on income to produce 10,000,000l. per annum, the capital stock of 35,250,000l. together with the interest payable thereon, would be redeemed about the month of April 1803; but, supposing the tax on income to produce hereafter only 7,500,000l. (as estimated for the present year), the same capital will not be redeemed till about the month of April 1805. 23. That supposing the war to continue during the year 1800, the expense to be the same as in the present year; 10,000,000l. to be raised within the year by the tax on income, and 1,500,000l. by imports and exports, in addition to the usual sums in lieu of the land and malt, to the lottery, and to 3,400,000l. which may be calculated to be the produce of the consolidated fund (including imprests and repayments expected in 1800), a loan will be requisite to the amount of about 15,000,000/. which (taking the 3 per cents at 60) will pro55,000 duce a capital of about 25,500,000!. of which (according to the plan pursued in the present year) about 17,000,000l. would be on the cre 120,000 dit of the tax on income; making together, with the similar capital created in 1798 and 1799, in the whole, capital stock to the amount 131,650 of 52,000,000l. to be redeemed after the peace by the tax on income. That, supposing the war to end at the con 200,000 clusion of the year 1800, and the price of the S per cent stock to be, during the first five years of peace, on an average 80%. and the produce of the tax on income to be 10,000,000/. this capital would be discharged in about four years and a half from the 5th April 1801, or nearly at Midsummer 1805; but, supposing the tax on income to produce only 7,500,000l. the same capital will not be redeemed till near Michaelmas 1807 : And that, during those periods respectively, the annual expenditure (exclusive of any, charges which may arise from winding up the expences of the war, or from any increase in the naval and military establishments beyond those of the last peace, but including the extraordinary sums to be applied, as above stated, to the redemption of debt), would be about 34,600,000l. on the supposition of the tax on income producing 10,000,000l.; and 32,100,000l. on the supposition of its producing 7,500,000l. 24. That the sums necessary to be raised by loans for the service of the years 1798, 1799, and 1800, (supposing the system for raising such a proportion of the supplies, as is before stated, within the year, had not been adopted) must have been estimated as follows:-For 1798, about 21,500,000.; for 1799 about 24,000,000l.; for 1800 about 25,000,000l.; which, supposing the price of stocks to have been at 45, would have created a capital of 160,000,000l. 3 per cent stock, and a permanent charge (including 1 per cent for the reduction of the capital) of 6,200,000l. annually; which, supposing the capital to be redeemed by about forty years, would amount in the whole to 248,000,000l. sterling, to be ultimately paid by the public. And also the produce of the tax on Would make the whole sum ul- expenses of these three years 120,740,000 Being less than the charge estimated to be created, by defraying the like expences by loans as before stated, by the sum of above 128,000,000/. sterling. 27. That supposing the price of 3 per cent stock to be, on an average after the year 1800, 90%. in time of peace, and 751. in time of war, and the proportion of peace and war to be nearly the same as in the course of the last 100 years, the average price of peace and war would be about 851. The fund applicable to the reduction of debt existing previous to 1793, will have reached its greatest amount in 1808: The whole of the capital of debt created in each year of the present war, will 25. That for every year of the war which be redeemed in about forty years from such might hereafter take place, supposing the ex-year respectively; and the whole of the capipence thereof to amount to 25,000,000l. to be tal debt, existing previous to 1793, will be redefrayed by loans, and the price of the 3 per deemed in about forty seven years from the cent stock to be at 50, a permanent charge present time. would be incurred for the interest, and 1 per cent on the capital, amounting to 2,000,000l. to remain for a period, which may be estimated to be about forty years; and that the charge which would so be incurred for any five years of war (on the same supposition) would require permanent taxes to the amount of 10,000,000l.; being equal to the amount of the estimated produce of the temporary tax, which, according to the plan now pursued, is imposed upon income. 28. That from the year 1808 to 1833 (at which time the capital debt created in the first year of the present war would be redeemed, and the taxes applicable to the charges thereof would become disposeable) taxes would be set free in the course of each year of peace (on the supposition of the price of stocks before stated) to the amount of 133,000l. and in each year of war to the amount of 168,000l. making (on the proportion of peace and war above stated) the total amount of taxes set free during that period 4,284,000l. That the amount of the sum annually applicable to the reduction of debt, would, in the course of the same period, gradually rise from 5,000,000l. to about 10,400,000l. and may, at a medium, be computed at 7,700,000l. That the permanent 577,000 loan to be borrowed in each year of war during the same period, would, according to the system now adopted, amount to the same sum. 316,000 That the interest, and 1 per cent on the capital, of such loan, may, for every such year of war, be computed at about 410,000l. and the total charge thereof would, on the supposition above stated, amount to 5,300,000l. exceeding the amount of the taxes which would be set free in the same period by about 1,000,000!. 26. That the total permanent charge for defraying the expences of the years 1798, 1799, and 1800, according to the plan now adopted may be computed as follows: In 1798, interest and charges of 7,000,000l. beyond what was borrowed on credit of the aid and contribution ..... In 1799, on 4,500,000l. beyond what was borrowed on credit of tax on income .. In 1800, on 5,000,000l. estimated to be borrowed in like manner, at 601. 323,000 Making together.. 1,206,000 Which, supposing the principal to be redeemed as before in forty years, would amount to And adding thereto, for the year 1798, raised within the year by aid and voluntary contributions and duty on exports and imports 7,000,000 [VOL, XXXIV.] 29. That, supposing the charges occasioned by each year of war during the period before stated, and the sums raised within the year, to remain as computed for the year 1800, the total amount of that part of the loan ne[4 E] |