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be provided for within the current year, and he thought a further reduction of unfunded debt necessary to the extent of 5,500,000l. To provide for all these expenses, two loans were to be raised. Öne for twelve millions had already been contracted for by a spublic competition. The other, to the amount also of twelve millions, lie proposed, should be taken out of the Siking Fund. This would be, however, for the future consideration of Parliament, and lie should now only state, that in order to affect the Funds as little as possible, he intended to divide the twelve millions into twelve monthly payments, leaving the monthly sám to be applied by the Commissioners in the purchase of Stock as nearly equalsas circumstances would admit. The sum intended to be taken would be one million a month; but in the January and July quarters only 900,0001, should be called for monthly; and in the April and Oct. quarters, in which the amouut of the Sinking Fund was larger, 1,100,0001. This appropriation of part of the prodece of the Sinking Fund, would still leave about 310,000l. a month applicable to the reduction of the national debt. The whole amount of supplies thus raised would be 31,074,0001., leaving a surplus of

a about 10,600,0001. for the diminution of the unfunded debta 5,000,000t would be repaid to the Bank,

and 5,600,000 to the individual holders of Exchequer Bills. He had stated that the first Loan had already been contracted for. The

terms were highly satisfacfory, and he was ready to adnit had been rendered

so by the competition which had prevailed. The Loan was raised by a subscrips tion to the amount of 12 millions, for every 100l of which 80t. in Consols

were to be given the interest of which was not retrospeeure, but would only commence from July next, so that there would be no concealed bonus in the shape of interest), and 621. 188. 8d. in the three riper cent. Redaceds He trusted that these terms proved in the most satisfactory manner a spirit of se. viving confidence in the resources of the country. The other bid dings for the Loan were as follows:-Messrs. Reid, Irving, and Co. 651. 10.; Messrs. Ricarelo and.Co. 65l. 2s.6d. From this it would be seen, that the list which had obtained the preference outweighed very far those with which it had been placed in competition, in the advantages which it offered to the evuntry, as tatt ing the smallest portion of stock, it created the smallest charge both for capital and interest to the country. The Losh raised that morning, and the Loan taken from the Sinking Fund, he would regard as a joint loan in speaking of the stock created by the two operations. Considering them as a joint loan, the capital stoel created for the 24,000,0001. raised, was 34,304,000l. in the 8 per cent. Stock, taken partly in the reduced, and partly in the Corsols. The interest on it amounted to 1,029,1201.; the Sinking

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Fund to 102,5941. It would here be observed, that he had thought it right to carry strictly into effect the provision made in the Act of 1813 for forming an additional Sinking Fund, whenever the amount of the loan raised should exceed the Sinking Fund previously established. The observance of this provision might have been dispensed with where a loan was raised for the purpose of diminishing the Unfunded Debt. He had, however, felt that where a loan was raised in time of peace, the operation of the Sinking Fund ought rather to be strengthened than diminished, and had complied accordingly with the provisions of the Act of 1819.14 To the sums he had mentioned, the charge for managemenit, 10,2911: was to be added. The total charge of the loan therstood as follow

Aguinc :. Interest ...,

1,029,120 1 Sinking Fund:

402,694 Management."

10,291 ily app 7: *** :

A 1,442,005

it ;*' 711) With respect to the charge for management, he wisbed to state, that she considered the Bank to have no claim for management on thet part of the Loan which was taken from the Sinking

Fund, but only on the 12,000,000). shrich had been made in the market. He had shown that the total charge of the Loan was 1,442,0001. The rates of interest to the subscribers, was 46. As. 9d. per cent. The calculation being, that the average price of the 3 per cent. Stóck mould be 69 and a half. The total rate of about 10,000,0001. paid by the public on the Loan, the Sinking Fund included, was GlOdi ed. per cent." He thought he had a right to congratulate the House on a Loan to such an amount having been obtained by such terms.' ., He trusted, they would not prove unfavorable to those with whom they bad been negociated, though, they could hardly be justified as prudent of the part of those who had agreed to them with reference to the present price of stock; there was every reason to hopes that they would ultimately prove beneficial to them. Before proceeding to the other parts of the subject, it might be wed that he should bere advert to the measures which be conceived would be secessary in the next year. As far as it was possible for him to judge at present, he should think that the utmost it would be notessary to raise next year would not exceed 11,000,0001. for the different branches of the public service. This suin might be wanted in addition to that of 5,000,000l4 to complete the payment to be shade to the Bank. I then: 12,000,000l. should be taken from the sinking Fund, as had been done in the present year, but

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4,000,000l. would remain to be borrowed in the market. derate a Loan would produce little or no effect on the funds (if it should be necessary to raise a loan at all); and that, at all events, he thought he mightube allowed to hope, from the present aspect of Europe, would

be the last time he should have occasion to resort to the money.market in time of peace. The next branch of the subject tərlwhich he would call the attention of the House was the consideration of the mode by which he proposed to realise the pledge given by Parliament to raise 3,000,0001. by new taxes, and the object to which he purposed to apply that sum. But before proceeding on this head, being on the subject of the public debt, he wished to state the amount of the unfunded debt, and to show how it would remain after the supplies of the present year were wound up. The amount of the unfunded debt was at present about 49,000,000l. The amount of Exchequer Bills being 44,600,0001? and the Irish-Treasury Bills, payable in July next, amounting to 4,400,000/. These he proposed to replace by 20,000,0001. in Exehequer Bills, which had already been voted by Parliament, by a vote of 16,000,0001. which he should niove that evening, and by an issue of Irish treasury Bills, to the amount of 2,500,00011. The total amount of unfunded debt ihus created would be 38,500,000l. This, compared with its present amount of 49,000,0001. would give a diminution of 10,500,0001. Now, as he had already stated, it was his intention to propose that the sum of 3,000,000). should be raised by new, taxes, to strengthen the Consolidated Fund, to enable it to support the charge of the loan raised in the last and in the present year, to which, so reinforced, it would be about equal. The amount of the charge of the last loan was about anul Web Site 1 asla dopish faoThat of the present loan bøgogoro w6:142:

font 323is 1 £1,600,000

1,442,000 dlad te bie 35 dosol no bns : 2 seront 309 The total being used to it

£3,042,000 Bagisl nå bare en 64 biton sottob siba'tur og

9 1990% sul serp I 1942 bas" 03.04 being an excess of 42,000k above the sum proposed to be raised. The sum to be raised it might be proper to divide between the two loans, but as this was merely a matter of account, a little might be given to one side or the other without inconvenience, though it would be well to allot to them as nearly as possible the same proportion to the respective charge of each. He would now proceed to the

particular propositions which he had announced it to be his intention to bring forward. With respect to the consolidation of the Customs, it was impossible to go into all the minute variations that were intended-a schedule of these bad already been produced, and was in the printer's hands. The only one of

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material importance was that to which he had already called the attention of the House an increase of duty on Foreign Wool. The others were all of a very minute description, and the produce of the whole he took at 500,0001. per annumar Out of such a variety of articles as were comprehended under this head, some might produce less-- some more than he calculated upon but he had no reason to expect that the result upon the whole would be materially different from that which he had previously anticipated. The whole of the minute particulars would shortly be brought under the view of every Member, by a separate schedule, which he hoped would very soon be in their hands. He had ntentioned, on a former occasion, that a considerable proportion of the sum proposed to be raised was expected to arise from a transfer of part

of the business now jointly carried on between the Boards of Custoni and Excise.co do was intended to transfer to the Excise certain daties which were before in part colJected by the Customs. These were the duties on tobacco, tea, pepper, coffee, and cocoa-nuts. On the last-mentioned article a higher rate of duty was at present paid than on coffee, as For many years the duties on the two articles

had been the sameks But when to

it became an object to bring coffee into more general use, a difference was made in its favor, but now it was proposed that coffee

and the cocoa-hot or chocolate nust should,o with reference to od taxation, be placed on the same footing Helthen proceeded to notice

severally the articles which came under this head-tobacco, coffee, bsses and pepper. On tobacco tliepresent datiesi varied gery ma

terially. The Excise duty in American tobacco (wab 98 des per lb. econ Spanish and Portuguese tobaeco akcypand

or West India tobacco Is. To these be added the Custom duties, and the augmentation now proposed on these would make the total duty on plantation tobaccos 45.; and on foreign tobaccos and all snuffs, 6s. pr. Ib. On plantation coffee he proposed to increase the duty from 7d. to 1s. On East India coffee from 11d. to Is. 6d.; and on foreign coffee from 28. 4 d. to 28.aud 6d. per lb. The duty on pepper he would

ம் raise from 19. and 10d. to 28. 6d. per lb. The advance he had to 1991

propose on tea he had before stated, which went to raise the existing

duty from 96 to 100 per centzen. On' tobacco he looked for an in390 elease of revenue of 500,000l.; on tea of 130,000l.; on coffee adoleso

and cocoa 130,0001.; and on pepper is0,000l - The motive for 790. * bent

transferring the duties he had mentioned from the Customs to the load

Excise was this, that it went to effect a saving of nearly all the officers now employed in that branch of the public service, who had the charge and management of the Custom duties on these articles.

This arrangement would also afford considerable accommodation to merchants. Nothing was more complained of at present than the inultiplied regulations which they were forced to observe, and

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the necessity they were under of making applications on the sanie business at various places and at different periods of the day. But the principal advantage of this arrangement was this, that it would prevent the adulteration of the articles which it comprehended. Some of these were sold in very small quantities, and often ground, so that it was not easy to determine whether or not they were

genuine. By the transfer of these from the Customs to the Excise, a watch would be set over them to prevent their adulteration. On this account, as well as on others, the transfer was obviously desirable. Two other subjects were yet to be brought under the consideration of the Conimittee. The first of these was the increased duty on Malt, which he calculated would produce 1,400,0001., including the sum which it would raise in Ireland, to which he proposed all the new duties should extend, with the exception of the tax on home distilled spirits. The sum which he had mentioned he calculated would be raised by a duty of 1s. 2d. per bushel on malt, or 9s. 4d. per quarter. When he first opened this subject to the House, he had certainly entered into some details, to show that the tax which he had suggested might be borne, without an increase of the price of beer. Every inquiry he had since been able to make, had only served to strengthen the impression which he had then on his mind. For information on this subject he would refer the House to the Report of the Committee on breweries, which sat in last Session, which would be found to contain much valuable matter, especially that which had been furnished to it by a most respectable Gentleman, then a member of that House. With that Gentleman, he meant Mr. Barclay, he had recently had a communication, and he would now state to the House the view he took of this subject. Mr. Barclay had stated the

real price of malt in the last year to have been 45. below the prices which had been quoted. According to him, though 81s. 4d. had been paid for a fiper sort of malt, the general purchases had been inade at 77s. 4d. Hops had then sold for 241, Cor 25l. per cwtas Much of the barley grown in the last year was unfit for malting, and consequently the price of malt was higher now than it was then. The average price in the present year was 90s. But hops had fallep to 10l. per cwt. The result then was as follows:

bara voglia BGNS Vi brotisor Malt was in 1818 per quarter a yea

gur il-13 £3 27 0 In 1819313nold Hops were now so reduced in price, that the expenser base boss of brewing a quarter of malt for porter, which was shut a last year sod yadros

5 18.0 Was in the present year ad tada bid

8 Dedueting the price of the present year, there remained 144

in favor of the brewer w vodeben apoteltyyn bello 104

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