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'That the additional permanent
At the suggestion of Mr. Pitt, the Recharge incurred by the debt created
solutions were ordered to be printed, and since 1793, exclusive of interest
the debate thereon was adjourned to the payable by Ireland, is .......
8,247,215 1st of July. That the additional charge to be incurred for increased amount of exchequer bills outstanding, is 55,000
July 1. On the order of the day for That the additional charge in
resuming the adjourned debate on the curred for interest on navy debt,
said Resolutions, Mr. Pitt said, that it was is
150,000 his intention to propose several amendThat the additional charge in.
ments to the resolutions moved by the curred on the consolidated fund,
hon. gentleman, and to state, in the shape is
145,025 | of resolutions, several additional facts in That the additional charge in
order to enable the House to judge fully curred for a sum annually voted for redemption of debt, is
of the financial state of the country. He
200,000 And, that the future peace es
would therefore move, that the farther tablishment (exclusive of any
discussion be postponed till Wednesday. charges to be incurred by interest on sums to be paid on winding up
July 3. The House having, on the suggesthe expenses of the war, exclusive
tion of Mr. Pitt, resolved itself into a Com. of any increase of naval or mili
mittee of the whole House, lo consider ofthe tary establishment, and exclusive of 497,0001. interest payable on
Income, Expenditure, and Commerce of imperial loans) cannot be esti
the country, and of the progress which mated at less than
has been made, and may be expected to be
made, in the reduction of the National 18. That the amount of 3 per cent stock Debt, and the preventing the accumulato be redeemed, together with the annual in- tion thereof in future, Mr. Pitt rose and terest thercon, by the tax on income, is entered into an able examination of the 35,150,0001.
several resolutions proposed by Mr. TierThat the produce of the tax on income, as appears by an estimate before this House, counter resolutions, which, after a short
ney, and concluded with moving certain may amount to 7,500,0001.
19. That during the continuance of the tax debate, were agreed to by the committee on income, the expenditure of the peace es
and ordered to be reported to the House tablishment cannot be estimated at less than
on the 11th instant. 33,114,225h per annum.
20. That supposing the war to end with Report on the Public Income and Exthe year 1799, the 3 per cents to remain on penditure.] July 11. The Resolutions an average at 70, and the tax on income to produce 7,500,000l. per annum, the sum of Pitt moved the previous question upon
moved by Mr. Tierney being read, Mr. 35,250,0001., together with the interest pay- each, which was carried. After which, able thereon, would not be redeemed before the month of November, 1803.
the Resolutions moved by Mr. Pitt were 21. That supposing the war to end with reported to the House, and are as folthe year 1800, and the same sum to be bor low:. rowed on the credit of the tax upon income Resolved, 1. That it is the opinion of this for the service of that year which has been committee, that the amount of the public raised for the service of the present year, viz. funded debt was on the 5th of January 1786, eleven millions, and to be funded in 3 per 238,231,2481. ; exclusive of long and short cents at 60, the total amount of stock to be annuities and annuities for lives to the amount redeemed would be 53,583,0001. together of 1,373,5501. :-that on the 1st of Feb. with the interest payable thereon; and esti- 1793, stock to the amount of 10,242,1001, had mating the produce of the tax on income to been purchased by the commissioners for be 7,500,0001. per annum, and calculating the redeeming the national debt; and annuities 3 per cents, to remain on an average at 70, to the amount of 79,8801. had fallen in, and such redemption would not be completed be- had been carried to their account; reducing fore the month of November, 1806. The the actual amount of the debt on the 5th probable annual expenditure during the first Jan. 1793, to 227,989,1481, and the annuities five years and a half of peaee would therefore to 1,293,6701.: and that on the 1st Feb. 1799 be upwards of thirty-three millions, exclusive stock to the amount of 28,677,6891., had been of any charges to be incurred for sums to be purchased by the commissioners for redeempaid on winding up the expenses of the war; ing the national debt; and annuities to the exclusive of any increase in the naval or mi- amount of 119,8801. had fallen in, and been litary establishment beyond those of the last carried to their account; reducing the actual peace, and exclusive of the interest payable amount of debt existing before the war, on on the imperial loans."
the 1st Feb. 1799, to 209,553,5591., and the 8. That the unfunded debt (exclusive of the annuities to 1,253,670l.
anticipation in the usual form upon the land 2. That the aniount of the public funded and malt tax) on the 5th Jan. 1793, amounted debt, created since the 1st Feb. 1793 (includ- to 8,925,4221. and on the 5th Jan. 1799, to ing the amount to be created by sums borrow- 14,137,686l.; of which 1,981,653l. was proed in the present session of parliament, and vided for in the present session of parliament, exclusive of 7,502,6331. 3 per cent stock, and leaving an unfunded debt of 12,176,0331. 230,000l. per annum annuities created by ad- which increase of 3,250,611l. beyond the vances to the emperor of Germany) was amount of the unfunded debt on the 5th Jan. 225,602,7921, exclusive of long annuities to 1793, is occasioned chiefly from an addition the amount of 283,2061. per annum; of which of 1,000,000l. exchequer bills, and of an addi. 12,175,000l. is on account of Ireland, and tional navy debt, arising from increased 35,250,0001. is provided for by the tax on in- demands during the war, and bearing no income, leaving a permanent debtof 178,177,0001 | terest. charged on Great Britain. And that on the 9. That the nett produce of the permanent 1st Feb. 1799, 8,704,0821. had been purchas- taxes, existing on the 5th Jan. 1784, then ed by the commissioners for redeeming the amounted to 10,194,2591. and that taxes were national debt, reducing the said permanent afterwards imposed, to defray the expenses of debt, created since the 5th Jan. 1793, to the war ending in 1783, amounting in 1786 10 169,473,0001. exclusive of long annuities to 938,000l.; making together 11,132,000l. the amount of 283,2061. per annum, after 10. That the nett produce of the permanent deducting the annuities payable by Ireland. taxes existing previous to the year 1784, ad
3. That the total amount of the permanent ding thereto about 983,0001. imposed, as funded debt charged on Great Britain (after above stated, in 1784 and 1785, and 137,0001. deducting the sum of 37,381,7711. redeemed arising from the consolidation act and by, and the annuities fallen in to the com- duties imposed in 1789, was, on the 5th missioners) was, on the 1st Feb. 1799, January 1793, 14,284,000l. On the 5th 386,902,0001. together with the short annui- Jan. 1794, 13,941,000l. On the 5th Jan. ties to the amount of 549,1301. and long 1795, 13,858,000l. On the 5th Jan. 1796, annuities to the amount of 987,9471. after 13,557,0001. On the 5th of Jan. 1797, deducting the annuities provided for by Ire- 14,292,000l. On the 5th Jan. 1798, 19,532,0001. land.
On the 5th Jan. 1799, 14,275,0001. And, on 4. That the sum annually applicable to the the 5th April, 1799, 14,574,3001. Which last reduction of the national debt, in pursuance sum (after deducting the duties arising from of the act passed in 1786, was 1,000,0001.the consolidation act, and those imposed in being about 1-238th part of the capital of the 1789) exceeds the nett produce of the permapermanent debt then existing; and for 1793 nent' taxes on the 5th Jan. 1784, together was 1,427,1431. being about 1.160th part of with that of the taxes imposed in 1784, and the permanent debt existing in 1793; and may, 1785, by 3,305,000l. for the year 1799, be estimated at 4,500,0001. 11. That the actual nett produce of the being about 1-86th part of the permanent debt taxes, imposed since the 5th Jan. 1793 existing in 1799.
amounted, in the year ending the 5th April, 5. That the annual charge incurred on ac- 1799, to 7,272,0431.; and that, on part of these count of the permanent debt, on the 5th taxes, the produce for one year has not yet Jan. 1786, was 9,297,0001. before any fund been received, and no part of those imposed was created applicable to the reduction of in the present year, estimated at 316,0001. the debt ; and on the 5th Jan, 1793, was 12. That the total value of all imports into 10,325,000l. including 1,000,0001. applicable Great Britain, in the year ending the 5th Jal. to the reduction of the debt.
1784, was 15,122,235l. and on an average of 6. That the annual charge incurred on ac- six years, ending 5th Jan. 1784, was count of the permanent debt, created since the 11,690,8291. That the total value of all im5th Jan, 1793 (including 316,000l. permanent ports into Great Britain, in the year ending interest on loan of the present session) amounts the 5th Jan. 1793, was 19,659,3581. and on an to 8,246,215l. per annum ; of which 6,426,7551. average of six years ending the 5th Jan. 1793 is for interest, annuity, and charges of ma- was 18,685,3901. That the total value of all nagement, and 1,819,4601. applicable to the imports into great Britain, in the year ending reduction of debt; and that a farther charge the 5th Jan. 1799, was 25,654,0001. making of 497,7351, per annum, is guaranteed by par- an increase as compared with 1783, of liament in default of payment of the interest 12,531,7651. and with 1792, of 5,994,642.; of certain loans by his majesty the emperor of and on an average of six years, ending the Germany.
5th Jan. 1799, was 22,356,296l.; making an 7. That the outstanding demands on the increase, as compared with the average to 5th Jan. 1793, amounted to 1,327,1121. and on Jan. 5th 1784, of 10,665,4671. and with the the 5th Jan. 1799, to 3,367,5411.; the whole average to January 5th of 1793, of 3,670,906l. of which have been provided for, part thereof 13. That the total value of British manuin the former session of parliament, and the factures, exported from Great Britain in the remainder in the present session.
year ending 5th Jan. 1784, was 10,409,713!.
and on an average of six years ending 5th Jan. the present session
Civil government of Britain, in the year ending the 5th Jan. 1793, Scotland, estimated was 18,336,85il. and on an average of six as before
111,973 years, ending the 5th Jan. 1793, 14,771,0491. Pensions on hereditary That the total value of British manufactores
55,400 exported from Great Britain in the year end. Militia and Deserters ing the 5th Jan. 1799, was 19,771,5101. mak- Warrants, ditto.... 77,635 ing an increase as campared with 1783, of Bounties for promot9,361,7971. and with 1792 of 1,434,6591. and on ing Fisheries, Linen average of six years, ending 5th Jan. 1799, manufactures, &c. was 17,154,3231.; making an increase as estimated as before 344,076 compared with the average to Jan. 5th, 1784, Charges of manageof 8,537,6631. and with the average to Jan.
ment of the revenue 5th, 1793, of 2,383,2741.
estimated as before 1,589,437 14. That the total amount of foreign merchandize exported from Great Britain in the Making the total of year ending the 5th Jan. 1784, was 4,332,9091 permanent charges and on an average of six years, ending the 5th to be defrayed out of Jan. 1784, was 4,263,9301. That the total the gross receipt of value of foreign merchandize exported from permanent revenue ........2.22,944,467 Great Britain, in the year ending the 5th Supplies voted for Jan. 1793, was 6,568,0001. and on an average 1799, exclusive of of six years, ending the 5th Jan. 1793, was 1,000,0001. to defray 5,468,0141. That the total value of foreign Vote of Credit merchandize, exported from Great Britain, in 1798
29,947,000 the year ending the 5th Jan. 1799, was
Advance to Ireland.. 3,000,000 14,028,000l. ; making an increase as compar
Vote of Credit for proed with 1783, of 9,695,091l. and with 1792, of bable contingencies 3,000,000 7,460,000l.; and on an average of six years, Interest, payable for ending 5th Jan. 1799, was 10,791,0001. imperial Loans....
497,735 making an increase as compared with the avearge to Jan. 5th, 1784, of 6,527,0701, and Making together for with the average to Jan. 5th 1793, of the service of the 5,322,9861.
year 1799 ........
36,444,735 15. That the total sum to be raised in And making in the Great Britain in the year 1799, may be esti- whole the sum of
...59,389,202 mated as follows, viz.
16. Interest of public funded debt, charges of receipt of the permanagement, and sinking fund on the 5th nent revenue (after Jan. 1799, after deducting interest payable by deducting repayIreland ......18,762,024
ments for over-enInterest, &c. to be in.
tries, drawbacks curred and paid be
and bounties in the twen 5th Jan., 1799,
natureofdrawbacks) and 5th Jan. 1800,
amounted in the on stock created by
year ending the 5th loans in the present
April, 1799, to.... 26,773,000 session, to the a
That the tax on Inmount of 15,500,000 510,000
come is estimated! Interest on exchequer
to produce for the bills estimated to be
year 1799, a sum of 7,500,000 the same as paid in
That the tax on imthe year to 5th
ports and exports Jan, 1799, including
may be estimated 204,8121. on land
to produce a and malt 356,847
1,500,000 The Civil List 898,000
That farther sums are Other charges on con
applicable to the sersolidated fund, esti.
vice of the year 1799 mated to be the
as follows: same as incurred in
7th Instalment the year ending the
Aid 1798 .... 650,000 5th Jan. 1799 and
Surplus of Consolidatadding 26,0001. for
dated fund in hand annuities granted in
on the 5th April 521,000
That the gross
Repayments from Gre
Germany, and guaranteed by nada, Imprests and
parliament) may be estimated Lottery .... 1,200,000
.... 24,723,043 And that the remain
19. That the produce of the tax on inder of the supply for
come was originally estimated at 10,000,000l.; the year 1799, is
and that it is highly important, for insuring provided for by a
the full benefit of the system now acopted, Loan on account of
that effectual measures should be taken for Great Britain on.. 15,500,000
rendering it productive to that amount. And a loan for Irc
20. That, during the continuance of the land of 9,000,000
tax on income, after the conclusion of the And by excheguer.
war, if the produce in future years should bills to be issued on
amount, as so estimated, to 10,000,0001, the the Vote of Credit 3,000,000
total annual expenditure may be estimated at 32,871,000 about 34,600,0001. including therein the said
sum of 10,000,0001. applicable annually (over Making in the whole
and above all other sums in the hands of the the sum of
£.59,644,000 commissioners) to the reduction of debt. 17. That, estimating the gross receipt of the 21. That the amount of 3 per cent stock permanent revenue to continue the same as in created in the years 1798 and 1999, and of the year ending the 5th April 1799, and ad- which the interest is to be defrayed, and the ding thereto the permanent taxes imposed in principal to be redeemed, by the tax on in. this session of parliament, calculated to pro- come, is 35,250,0001. duce 316,0001. the total amount to be raised 22. That, supposing the war to end with by permanent and temporary taxes for the the year 1799, the 3 per cent stock to remain, service of the year 1799,may be computed at on an average of three years after peace, at the sum of 36,089,0001.
801. and the tax on income to produce 18. That it appears by a report of a com- 10,000,000l. per annum, the capital stock of mittee of this House, in 1791, that the 35,250,000l. together with the interest payactual expenditure (including the
an- able thereon, would be redeemed about the nual million for the reduction of the public month of April 1803 ; but, supposing the tas dcbt) on an average of five years of peace, income to produce hereafter only ending 5th Jan. 1791, and including sundry 17,500,0001. (as estimated for the present year), extraordinary expenses for the armament of the same capital will not be redeemed till 1787, and for payments to American loyalists, about the month of April 1805. and other articles of a teniporary nature, 23. That supposing the war to continue amounted to 16,816,9851.
during the year 1800, the expense to be the But the peace establishment was estimated same as in the present year; 10,000,0001. to by the said committee at 15,969,1781. be raised within the year by the tax on in
And that the expense of the year 1792, come, and 1,500,0001, by imports and exports, amounted nearly to that sum.
in addition to the usual suas in lieu of the That the additional permanent
land and malt, to the lottery, and to 3,400,0001. charge incurred by the debt cre
which may be calculated to be the produce of ated since 1793, exclusive of in
the consolidated fund (including imprests and terest payable by Ireland is ..£.8,247,215 repayments expected in 1800), a loan will be That the additional charge to be
requisite to the amount of about 13,000,000l. incurred for increased amount of
which (taking the 3 per cents at 60) will proexchequer bills outstanding, is 55,000 duce a capital of about 25,500,000l. of which Interest on money for satisfying
(according to the plan pursued in the present increased navy debt, at 3 per
year) about 17,000,0001. woull be on the crecent. at 751.
120,000 dit of the tax on income; making together, That the additional charge incur
with the similar capital created in 1798 and red on the consolidated fund
1799, in the whole, capital stock to the amount is
131,650 of 52,000,000l. to be redeemed after the peace That the additional charge incur
by the tax on income. red for a sum annually voted
That, supposing the war to end at the confor the redemption of debt, is 200,000 clusion of the year 1800, and the price of the And that the future peace estab
S per cent stock to be, during the first five lishment (exclusive of any
years of peace, on an average 80h. and the procharges to be incurred by inter
duce of the tax on income to be 10,000,0001. est on sums to be paid on wind
this capital would be discharged in about four ing up the expenses of the war,
years and a half from the 5th April 1801, and of the increase which may
or nearly at Midsummer 1805; but, supposing take place in the naval or mili.
the tax on income to produce only 7,500,000/. tary establishments, and also
the same capital will not be redeemed till exclusive of 497,000l. interest
near Michaelmas 1807 : on loans due by the emperor of
And that, during those periods respectively, the annual expenditure (exclusive of any , For 1799, by tax on income, and charges which may arise from winding up the duty on imports and exports.. 9,000,000 expences of the war, or from any increase in And "for 1800, estimated to be the naval and military establishments beyond
raised in like manner,.: 11,500000 those of the last peace, but including the ex- And also the produce of the tax on traordinary sums to be applied, as above income, estimated as before stated, to the redemption of debt), would be during four years and half of about 34,600,000l. on the supposition of the peace, for the redemption of tax on income producing 10,000,000l. ; and 52,000,000l. capital.... 45,000,000 32,100,000l. on the supposition of its producing 7,500,0001.
Would make the whole sum ul24. That the sums necessary to be raised timately paid on account of the by loans for the service of the years 1798, expenses of these three years 120,740,000 1799, and 1800, (supposing the system for Being less than the charge estimated to be raising such a proportion of the supplies, as is created, by defraying the like expences by before stated, within the year, had not been loans as before stated, by the sum of abova adopted) must have been estimated as fol- 128,000,0001. sterling. lows :-For 1798, about 21,500,000.; for 27. That supposing the price of 3 per cent 1799 about 24,000,000l.; for 1800 about stock to be, on an average after the year 1800, 25,000,0001.; which, supposing the price of 901. in time of peace, and 751. in time of war, stocks to have been at 45, would have created and the proportion of peace and war to be a capital of 160,000,0001. 3 per cent stock, and nearly the same as in the course of the last a permanent charge (including 1 per cent for 100 years, the average price of peace and war the reduction of the capital) of 6,200,000l. an- would be about 851. The fund applicable to nually ; which, sopposing the capital to be re- the reduction of debt existing previous to deemed by about forty years, would amount 1793, will have reached its greatest amount in the whole to 248,000.pool.' sterling, to be in 1808 : The whole of the capital of debt ultimately paid by the public.
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 28. That from the year 1808 to 1833 (at cent on the capital, amounting to 2,000,0001. which time the capital debt created in the to remain for a period, which may be esti- first year of the present war would be remated to be about forty years; and that the deemed, and the taxes applicable to the charge which would so be incurred for any charges thereof would become disposeable) five years of war (on the same supposition) taxes would be set free in the course of each would require permanent taxes to the amount year of peace (on the supposition of the price of 10,000,0001.; being equal to the amount of of stocks before stated) to the amount of the estimated produce of the temporary tax, 133,000l. and in each year of war to the which, according to the plan now pursued, is amount of 168,000l. making (on the proporimposed upon income.
tion of peace and war above stated) the total 26. That the total permanent charge for amount of taxes set free during that period Jefraying the expences of the years 1798, 4,284,0001. That the amount of the sum an1799, and 1800, according to the plan now nually applicable to the reduction of debt, adopted may be computed as follows: would, in the course of the same period, graIn 1793, interest and charges of
dually rise from 5,000,0001. about 7,000,0001. beyond what was
10,400,0001. and may, at a medium, be comborrowed on credit of the aid and
puted at 7,700,0001. That the permanent contribution ......
577,000 loan to be borrowed in each year of war durIn 1799, on 4,500,0001. beyond
ing the same period, would, according to the what was borrowed on credit of
system now adopted, aniount to the same sum. tax on income
316,000 That the interest, and 1 per cent on the caIn 1800, on 5,000,0001. estimated
pital, of such loan, may, for every such year to be borrowed in like manner,
of war, be computed at about 410,000l. and 323,000 the total charge thereof would, on the suppo
sition above stated, amount to 5,300,000l. exMaking together .. 1,206,000 ceeding the amount of the taxes which would Which, supposing the principal to
be set free in the same period by about be redeemed as before in forty
1,000,0001. years, would amount to 48,240,000 29. That, supposing the charges occaAnd adding thereto, for the year
sioned by each year of war during the period 1798, raised within the year by
before stated, and the sums raised within the aid and voluntary contributions
year, to remain as computed for the year 1800, and duty on exports and imports 7,000,000 the total amount of that part of the loan ne(VOL, XXXIV.]