799,300l. or to take the next round sum 800,000l. It was intended to make up that deficiency by issuing 3,000,000l. more of exchequer bills, which would make the amount of those in circulation, equal to what it was last year. He trusted that the committee would not accuse him of increasing the unfunded debt unnecessarily and without limit; but when it was considered how low he had taken the surplus of the consolidated fund, it might be reasonably expected that it would produce considerably more, which would tend of course to reduce the unfunded debt; and in consideration of that circumstance, he trusted that the money market would experience no inconvenience from leaving the amount of exchequer bills the same as last year. The next article of the ways and means, which had been for the first time introduced into it last year, was the sale of old naval stores. On this subject his right hon. friend, the chancellor of the exchequer for Ireland, had represented to him that Ireland was in justice entitled to her share of the produce of those sales. That claim he had admitted; and the amount of naval stores sold being this year 601,908., would leave for the service of England, after deducting the Irish proportion, 531,096. The ways and means to meet the current expenses of the year, would be completed by the loan of 21,000,000l. he had contracted, forming a total of 68,806,1967. leaving over and above the supplies a sum of 120,2541. The right hon. gentleman then recapitulated the different items of the supplies and ways and means in the following order: He had already apprised the committee, that he would acquaint them with the motives which had induced him to take the surplus of the consolidated fund at so low as 500,000l. The committee was aware that there had been last year a deficit in the revenue of 1,500,000l. which, together with the additional charges laid on that fund last session, had occasioned a deficiency of 3,281,000l. in the surplus of the consolidated fund, as estimated for the year ending the 5th of April, 1813. This deficit had been principally felt in £.68,806,196 the malt and excise duties, where it had amounted to between two and three millions; and the other branches of revenue must have been proportionally prosperous in order to cover it in so great a degree. This was principally the case in respect to the war taxes; and the committee must be aware that great improvement might also be expected in the collection of duties recently laid, as they became better understood, and better regulations framed to collect them. It should be observed, besides, that the deficit on the articles to which he had alluded, was owing to the depressed state of our manufactures,, which considerably checked consumption; the use of sugar in distilleries had also lowered the produce of the duty on malt, and in the first quarter of the present year the dearness of that article had prevented its being used for that purpose; but all these causes were not likely to operate again on the consolidated fund, and, from those considerations, he had taken the surplus of the consolidated fund for the present year at the average of three years, and omitting in that average the year ending the 5th of Customs April last. From that average he should estimate the surplus of the consolidated fund for next year at 3,889,000l. but as the surplus of last year fell short of the estimate by 3,284,000, that sum was to be made good by the surplus of this year, leaving a nett produce of 608,000l. which he would, however, take at the round sum of 500,000. The right hon. gentleman then proceeded to give the committee a detailed view of this component part of the consolidated fund, and of the estimated amount at which he would take each of the items. CONSOLIDATED FUND. Estimated Receipts for the present year. ..........£. 5,607,000 18,835,000 6,200,000 5,176,000 1,400,000 100,000 135,000 1,051,000 75,000 24,000 20,000 170,000 38,793,000 Estimated Surplus of Consolidated Fund 3,889,000 3,281,000 Surplus remaining for present year £.608,000 The right hon. gentleman proceeded to show in what way he had formed his estimates of the war taxes. The Customs and Excise averaged in the ......... 9,502,965 And there remained to be granted for the It remained for him to state the conditions on which the loan had been contracted. These he thought were so far satisfactory that all parties ought to be satisfied. They did not impose a greater burthen on the public than was necessary, and if beneficial to the contractors, it was not so much so, as to give 21,020,666 them an unfair advantage. For every 100%. subscribed they received 110%. in the three per cent. reduced annuities, 601. in the three per cent. consols, and 8s. 6d. in the long annuities. The charge to be provided for was very considerable. The capital debt created was 35,700,000l. the interest 1,160,250l. the one per cent. to the sinking fund 536,999. To this was to be added for management, 11,379.; making a total charge of 1,708,6281. The total debt created by funding in the present session, was 54,780,4231.; the interest on it was 2,062,0667. 18s. 4d. The per centage to the sinking fund amounted to 763,9147. 1s. 1d. the charge for management was, 17,1037. 2s. 6d.; and the total charge to the public was 2,845,0847. 1s. 11d. The House would understand that he meant to propose to cancel such part of the debt as the sum in the hands of the commissioners was sufficient to cover. On this subject, he however thought it at present unnecessary to trouble the committee, as other opportunities would occur for going into it; reserving to himself, therefore, the right of giving any explanation that might appear necessary, he should trouble them at present no further. The right hon. gentleman then moved his first resolution, which, as well as all the others, passed without any discussion. IRISH BUDGET.] Mr. William Fitzgerald said, it was his duty now to address the committee. If ever any man had to solicit the indulgence of the committee it was for him to do it, being not only for the first time to bring under the view of parliament the financial situation of Ireland, but being called upon to provide for a demand beyond that of any former year, and to supply not only the means for the coming time, but to make up the deficiencies of that which had been truly stated by his right hon. friend Mr. Vansittart, to have been a year of unexampled expenditure. He would not occupy too much, he hoped, of the time of the committee, yet he feared he could not avoid trespassing at what some would deem too great length upon their attention. He would now proceed to state as briefly as he could the different items of the supply. They were as follows: |