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CHAP. VII.

Finance.-Ways and Means of the Year for Great Britain and for Ireland.-Affairs of the East India Company.-Offices in Reversion Bill. -Passed in the House of Commons, but thrown out of the House of Lords.-Third Report of the Committee of Finance.-Motion by Mr. Martin respecting Public Economy.-Resolutions on this Subject moved by Mr. Banks-respecting Sinecure Places and exorbitant Salaries or Emoluments.-Offices in Reversion Bill.-Resolutions moved by Mr. Horner, and agreed to respecting Bullion and Foreign Coins, Bank Notes, &c. &c. - Bullion Committee appointed-Their ReportTwelfth Report of the Commissioners of Military Inquiry.—Expulsion of Mr. Hunt, for Peculation, from the House of Commons.

As

S the various matters contained in the last chapter are closely linked together, in the order of cause and effect, and, as the whole arose out of the inquiry into the unfortunate expedition to the Scheldt, it has not been thought proper to interrupt that order in our narrative by the introduction of other debates and proceedings in Parliament, though prior in the order of time. We now proceed from views of past transactions, and debates, and occurrences to which these gave birth, to business of a prospective nature; and, first of all, to the important business of Finance.

House of Commons, Wednesday, May 16.--The House having resolved itself into a committee of ways and means, for examining the account of the public debt, and the other public accounts, usually referred to that committee preparatory to the budget, the Chancel

lor of the Exchequer rose to submit to the consideration of the committee general statement of the supplies and ways and means of the year. These, he said, would not only afford the best means of. forming a correct judgment how far the country was able to support its present burthens, but be the best answer to those who were accustomed to take gloomy views of the financial situation of the country. It would be highly satisfactory to know, that such had been the produce of our revenue in that very year, when men of great weight and authority in that house anticipated a failure, that instead of the deficit they apprehended, there actually had been a very considerable increase. He should therefore, without farther preliminary observation, proceed to state the supplies already voted, and also the ways and means by which he proposed to lower them.

SUPPLIES,

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Sicily..

400,000

Portugal..

.....

980,000

The total of the Ways and Means would afford a surplus of

Joint Charge. . £ 50,566,000 141,2021. above the total amount

SEPARATE CHARGES.

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1,618,776

Total Supplies... 52,185,000
Irish Proportion.. 6,106,000

Irish proportion

England.. 46,079,000

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6,106,000

To meet these Supplies, the Ways and Means were as follows:

WAYS AND MEANS.

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of the Supplies.

Mr. Perceval then stated minutely the grounds on which he conceived himself to be warranted in taking the different items in the Ways and Means at the amount above stated. As to the loan, he had contracted for it that morning, on terms much more favourable to the public than had ever been known at any former period. The amount of interest on the money borrowed was but 41. 15s. 3d. per cent.; which was fifteen shillings per cent. below the rate of legal interest.; and on

for four millions for Ireland. the same terms he had contracted From a brief survey of the manufactures and commerce of the country, the comparative amount of the exports and imports at dif. 3,000,000 ferent periods, the great public works which were undertaken throughout the country, the great 19,500,000 roads, canals, and extensive docks 50,000 which were every where establish

600,000

2,661,602 '4,400,000

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ing, with as much spirit and activity as in a time of the most profound and prosperous peace, he inferred that the state of the industry and enterprize of the country was such as to enable the nation to support the burthens it had to bear, and that there could be no reason to consider this as a falling or failing country. It was not only in our internal resources, but in our external means and strength, that the progressive prosperity of this nation was to be traced. This too had, happily, been made out to the conviction of our enemy. It was but a few years since that all he wanted was ships, colonies, an commerce. If the attainment of such objects was his wish, what progress had he made towards their accomplishment? It was only by acquisitions from this country that he was to realize any one of them; and yet all the commerce that belonged to his empire, and all the colonies, he had lost; and the few ships he had remaining, were pent up in ports, without ever daring to put to sea. Mr. Perceval concluded with moving, that the terms on which the loan had been contracted for should be approved by that committee; which was agreed to. Resolutions corresponding to the

other financial statements of the Chancellor of the Exchequer, were also agreed to, and ordered to be reported.

House of Commons, May 30. Mr. Foster rose and said, that it was his duty on that day to submit to the consideration of the

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The Orders in Council had the effect of reducing the customs of France from 2,500,000l. to 500,000l. being a diminution of 4-5ths of their whole amount.

But

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1,478,000

£.811,000

He now came to the expenses of the year, which would be found in these

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The two loans, Mr. Foster said, were unquestionably of such an extent, that he could most sincerely have wished they could have been avoided. But as Ireland had but a small capital, and was increasing in her manufactures, such a measure, by withdrawing capital from the operations of industry, might have. the effect of repressing the enter prising spirit which led to the imof manufactures in Ireland. It provement and growing progress was with great satisfaction he had to state, that though the charge upon the revenue bad increased, yet the revenue had increased in a higher proportion. The real va-, lue of the exports in 1800 was five millions; in 1802, a year of peace, eight millions and a quarter; and on the average of 1808 and 1809, twelve millions. The real value of British exports in the same years were, in 1800, forty millions; in 1802, forty-eight millions; and in 1809, forty-five 1-9th only, while the exports of millious; being an increase of Ireland had increased full 7-15ths. The exports of corn from Ireland had never been so large as last year; and the quantity of ground tilled in the present year, afforded, 4,338,000 in the event of a favourable sea son, a prospect of a most abundant crop; a source of wealth to 1,516,000 that country, and a necessary supply to this. Mr. Foster proceeded to state to the committee the ways and means, with his reasons for having recourse to them, by which he proposed to provide for the charge of the loan of the present year, which, including management, interest, and sinking fund, I 4

11,129,000

The Ways and Means then to eover the charges already specified, were

Annual Revenue....
Loan of four millions, Bri-
tish, equal to Irish cur-
rency.

6. 5,000,000

311,000

Loan of four millions four
hundred thousand pounds,
British, equal to, Irish
currency.......
Sarplus of the Consolidated
Fand applicable to the
service of the present year
Making a total of......... 11,160,000
From which deducting the
amount of charges al-
ready specified ......................
There would remain an ex-
cess of Ways and Means,
above the charges, of....

11,120,000

31,000

was

was but 51. 13s. per cent. and amounted in the whole to 331,2691. The ways and means he proposed

were--

Additional duties on
Post Office, 1d. each

letter....

....

Customs, on tea and

raisins.. Stamps for receipts and

advertisements....

....

Wines, only 3d. per
bottle..
Regulation of stores.
Window tax.

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35,000

70,000

30,000

should give 1,500,000 of the public money to the India Company. In order to shew how little claim the company had upon the public, he stated briefly the several applications that had been made by the East India Company to that House within the last thirty years; and he concluded, that as the Company had failed in all its promises to the public; as its debt and its capital had so enormously increased during the last thirty years, and as no necessity 100,000 existed for going into the commit18,000 tee till the House should be in full 85,000 possession of the requisite information, he meant to oppose the Total... 338,000 motion of the hon. gentleman, and would take the sense of the House upon it.---Mr. R. Dundas said, that he should not follow the hon. gentleman into his details for the last thirty or forty years; on this point he should only observe, that from the bon. gentleman he had heard it asserted for the first time, that it was a proof of decline for a commercial company to increase its capital for the purposes of trade. The hon. gentleman, towards the close of his speech, had admitted that there was a complete exposition of the affairs of the company down to the latest period already before the House.

Deduct interest and sinking fund on the loan..

Remains a surplus untouched......

331,269

£6,731

Mr. Foster concluded by moving a string of resolutions for imposing these new taxes, which, after some conversation, were put, and agreed to.

House of Commons, May 31. Mr. R. Dundas moved the order of the day for the House to resolve itself into a committee of the whole house upon the affairs of the East India Company. Mr. Creevy opposed the motion, on the ground, that there was not suthcient information before the house to enable gentlemen to form any correct opinion on the subject to be considered. The question to be gone into in the committee, was, whether the Parliament

For going into the committee, 43. Against it, 7.

Mr. Dundas stated the causes of the difficulties in which the company found itself involved; the chief of which arose from the number of bills presented in this country for payment upon their India debt. It had been the abject of the company, however, to confine their loans in India to

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