under confideration now; but taxes to the amount of 1,600,000l. were pailed almoft immediately after the Budget was opened. A quarter of a year has elapfed fince, and I do not fuppofe that I ftate too much, when I fay that the new taxes will, in the five quarters ending the 5th of April next, equal three full quarters. The taxes impofed in December laft, will make the total amount of Revenue 19,903,000l. befides the Land and Malt of 1796, 1,500,000l. Of which 900,000l. is to be repaid to the Bank. There ftill remain outstanding Dutch prizes to the amount of 800,000l. and a further fum, according to the account. of the Committee of, 200,000l. Thefe will fwell the whole to 21,703,000l. against which we are to fet the whole amount of the debts and intereft on the Loan. The total amount of the intereft and charges on the debt, including the last Loan of Eighteen Millions, is Other permanent charges, fuch as the Civil Lift, This makes the total £16,580,000 1,100,000 1,100,000 £ 18,780,000 But befides this, in the laft Loan we gave a whole year; but there is half a year's intereft to be added, the Loan being made in October. This will make an addition of 550,000l. making the total thereby 19,330,000l. This will leave a furplus of growing produce of 2,401,000l. but I do not mean to take it at this amount, becaufe there is a deficiency of 600,000l. in two quarters, which must be deducted. This will leave a fum of above 1,800,000l. but I will take credit for two millions as the growing produce of the Confolidated Fund. The Committee will then find that £ 26,370,000 "The total amount applicable to that purpofe is 16,500,000l. which added to former fums,makes the total of Supply, 42,766,000l. Having concluded this ftatement, I have to inform the Committee, that the Loan I have proposed is for eighteen millions, but as far as this country is concerned, it is only for fixteen millions and a half. The agreement therefore, that I have made exceeds by one million and a half that fum. In confequence of the representations which his Majefty's Minifters have received from Ireland, they have thought it proper to recommend it to No. 33. the the House to make an advance of one million and a half for the fervice of Ireland. In like manner, two millions, or two millions and a half, are for the fervice of his Imperial Majefty. This would leave fourteen millions and an half applicable to the services that have been enumerated, independent both of Ireland and the Emperor. But of thefe fourteen and a half, I have proposed that one and a half fhould be raised on his Imperial Majefty's account, to enable him to repay the 1,500,000l. to which he is engaged. The Loan, therefore, on our account, will be fourteen millions, or fourteen and a half for British services. But as to the two millions for the Emperor, and one and a half for Ireland, I wish to keep them distinct, except as far as relates to the condition of the Loan; that there fhall be a proportional diminution of long annuity for every million raised fhort of eighteen. Upon the fubject of any farther advances to his Imperial Majefty, his Majesty's Minifters wished to fufpend any decifion until the Secret Committee had prefented their Report on the causes of the ftoppage of the Bank. As far as those advances are connected with Foreign Remittances I was peculiarly anxious for the difcuffion. But if I can ftate to the Committee that a moderate advance at fo critical a period as the prefent can be made without any drain of money, and without effecting the exchange, I will venture to believe, that our feelings for that faithful Ally, and for our own intereft, as connected with his, will induce us to think, that we ought not to hefitate one moment in acceding to any thing that comes under the defcription which I'have stated. But fo far as the Emperor can make any expenditure in this country, will furely be free from any of thofe objections to which I have alluded, efpecially when we can produce to him without remittances the fame effect as if we did remit. I therefore conceive, that as far as relates to the half yearly dividend of 200,000l. the Houfe will be inclined readily to furnish a fum to that limited amount. I think too, that at such a moment, when decifion on the fubject has perhaps unavoidably been protracted, whoever looks at the awful events that are now taking place, will not be surprised that his Imperial Majesty should not be able to a day to fulfil the engagements into which he has entered. I therefore mean to ftate diftinctly that I fhall hold it to be my duty to propose by a separate vote that 200,000l. be furnished as a feparate advance, to be applied towards the payment of the half-yearly dividend of the Imperial Loan already raised. "With respect to the reft, I fhall propofe the new Loan, but I fhall leave it as a fubject for confideration on a future day, probably on Monday next. Having ftated this to the Committee, I fhall now trouble them with the terms of the Loan. need not fay what I have feverely felt, that however strongly I the the neceffity of the cafe required the exertion, yet I could not be fanguine enough to fuppofe, after the long and painful ftruggle we have made, that I fhould be able to bring forward the new Loan, except upon terms more unfavourable than any upon which money has ever been borrowed in this country. Yet, thefe terms I would not have propofed if I had not used all the affiduity in my power, and if I had not had an honeft conviction, that I was performing a duty to my country. The terms are. For every 100l. fubfcribed, the Subfcriber is to have. 1251. 50 3 per Cents. 3 per Cents. Reduced. 20 4 per Cents. 6s. 6d. Long Annuity. Subject, however, to the diminution of fixpence Long Annuity for every million lefs than eighteen. I took the Funds at 50l. for the 3 per cents. 641. for the 4 per cents. and the Long Annuity at 14 years purchase. I found fome difficulty in making the contractors admit this ftatement both upon the 3 and the 4 per cents. but I conceived that the Stocks had nearly found their level, and I fee no reafon to fuppofe that they have not done fo, or nearly. The value of 1251. Three per Cents is . 62 10 25 0 12 16 4 II 104 17 "The profit of 4l. 175. is one, which except in a period of fuch difficulty as the prefent, would be larger than I should be willing to allow; but this is not the whole of the profit; there is the discount to be added, which I have felt it my duty to make higher than ufual; the common rate was three per cent.; I propofe to make it four per cent. and the grounds of my doing fo are thefe--it is my wifh to encourage prompt payment upon the Loan, and as a higher intereft might be got in the Funds at prefent, it was neceflary that there should be a higher rate of difcount; but what is decifive is, that if the dif count had been left at three per cent. it would be better worth the fubfcribers while, to hold back their inftalments, than to make a prompt payment. Confidering the difcount, therefore, on thefe grounds, Gentlemen will find that the four per cent, amounts to 21. 8s. on every rool. paid up. The bonus on the whole is not fo much, unless the whole were paid up. To thofe, however, who do not make prompt payments, there is another 72 1218 PARLIAMENTARY CHRONICLE. [COMMONS. another kind of bonus; reckoning every man to pay 100l. by inftalments, the intereft will be fix per cent. which is a bonus of 11. 18s. I will ftate the bonus, therefore, at a medium between 21. 8s. and 11. 18s. which will be 21. and thus 61. 178. will be the whole amount of the bonus. fore the circumstances under which the Loan has been raised-.. Confidering, thereconfidering all the peculiarities of our prefent fituation, that it is poffible the termination of the war may make the bargain more favourable than at prefent, yet, as every fpeculator who runs a great risk, expects that the fcale will be turned in his favour, I do not, under all these circumftances, feel that I am doing any thing inconfiftent with my duty in propofing this profit to the fubfcribers. One more fact refpecting the Loan requires a particular Refolution. The circumftances that induced me to put off the Loan, made it material for us to avail ourselves of the right vested in us by law of ifluing Bills payable at three months diftance. But thefe Bills were attended with a discount. It did, therefore, occur to me to avoid the difcredit by doing what was confiftent with our power, to have the benefit of thefe Bills without the discount. I therefore did propofe, that the Bills fhould be iffued at par, and that those fo iffued fhould be received in the first payment on the Loan as cafh. The Bills amount to 400,000l. circumftance, therefore, will require a specific claufe. I have This thus included in the fupply every fum neceffary. I have stated the amount of the Navy debt, and the Army Extraordinaries; in addition to this there are unliquidated claims of the East India Company for feamen abroad. But fubject to thefe obfervations, I have endeavoured to make provifion for every thing. I fhould ftate, that over and above the intereft of the Loan, there is another article of annual additional expence. The total intereft of the Loan is 61. 7s. 6d. befides the intereft of the fum to the Commiffioners for the National Debt, which is within a trifle of 21. making the whole charge 81. 7s. 4d. the Loan, therefore, is adopted upon the terms I have proposed, If of one million and a half for Ireland, and two millions and a half for the Emperor, the total charge, in the first inflance will be, thirteen millions to this country, of which three are in diminution of five millions and a half of Exchequer Bills. Thefe Bills bear an intereft of five per Cent. the difference, therefore, between that intereft and the whole charge on the Loan, is 31. 75. 4d. The intereft, therefore, of ten millions, will be 81. 75. 4d. and of the other three millions 31. 75. 4d. will amount to the fum of 959,000l. One million and a half This has been allowed for the Navy Debt, befides a floating debt of four millions, which, as long as the war lafts, cannot be dimi nifhed, nifhed, inafmuch as it does not confift in Bills; the intereft is not more than 5 per Cent. I allow therefore for it a fum of Then there have been Taxes given up £175,000 100,000 There is another circumftance which will be for the confideration of the Houfe, how far under the circumftances of the last Loan, the great discount upon it ought to be fuffered to remain as a lofs to the fubfcribers, who, principally from motives of patriotifm, I believe, were induced to fubfcribe. I fhall feel it my duty to bring forward fome allowance to them, and to make the lofs be divided between the public and the fubfcribers. I have fuppofed the Taxes up to 1796 to be equal to the charges upon them; I have fuppofed the Taxes impofed in 1796 to be equal to the estimate. NEW TAXES. "I now proceed to enter upon that unpleafant task which falls to my lot, of propofing to the Committee the general outlines of fuch fources of taxation, as have appeared to me leaft objectionable, and beft calculated to produce the means of meeting all the difficulties of our prefent fituation. The Committee muft not suppose that there can be any taxes whatever which will not be liable to many objections; but I trust that when they confider the neceflity of railing taxes to a certain amount, and of providing for unavoidable expences, they will agree with me that those which fhall appear to fall moft lightly upon all defcriptions of people, ought to be chofen in preference to any others. I hope that while the Committee meet the propofitions I have to make with a firm determination to difcufs them, they will alfo confider that it ought to be their first object to obtain effectual taxes. Among the different branches which form the objects of taxation in this country, there is one great fource of productive revenue, extenfive in its operation, not preffing on any particular description of perfons, and least of all upon the lower orders of people, a fource of taxation which is fafe and expeditious in the mode of collecting it, and what is ftill more advantageous, will not require any additional expence either with refpect to new officers or increase of salary to thofe already employed in performing that part of the public fervice, This fource of revenue is the general branch of the STAMP DUTIES, which, for the last fifteen years, has been rapidly increafing; and has been doubled fince the laft war. My general object in laying additional duties on this vaft branch of revenue, is to make a diftinction between different articles, fome of which I fhall tax in a greater proportion than others, while fome are to be exempted |