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We provided for within the current year, and he thought a furiker reduction of unfunded debt necessary to the extent of 5,500,00el. To provide for all these expenses, two loans were to be raised. One for twelve millions had already been contracted for by a priba lic competition. The other, to the amount also of twelvé miltinns, lie proposed, should be taken out of the Siking Fundr This vould be, however, for the future consideration of Parliament, dud lie should now only state, that in order to affect the Fands as little as possible, he intended to divide the twelve millions into twelve monthly payments, leaving the monthly sam 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 nionth; but in the January and July quarters only 900,000t. should be called for monthly; and in the April and Oct. quarters, in which the amouứt of the Siking Fund was lärger, 1,100,0001. This appropriation of part of the prodace of the Sinking Fund, would still leave about $10,0001s 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 about 10,600,0001. for the diminution of the unfunded debt 5,000,000k 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 adnjit trad been rendered so by the competition which had prevailed. The Loah was raised by a sabschips tion to the amount of 12 millions, for every 100k of which 80. in Consbls were to be given the interest of which was notre trospective, but would only cominence from Jūly next, so that there would be no concealed bonus in the shape of interest), and 621. 18s. 8d. in the three per cent. Redécéda 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 biddings for the Loan were as follows:-Messrs. Reid, Irving, and Co: 651. Tos: ;* Messrs. Ricardo and.Co. 65l. 25. 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 country, as taki ing the smallest portion of stock, it created the smallest charge both for capital and interest to the country. -The , Łosh 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 24,000,000l: raised, was 34,304,0001. in the 8 per cent. Stock, taken partly in the reduced, and partly in the Consols. The interest our it amonoted to 1,029, 1201.; the Sinking

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Fund to 408,5941. It would here be observed, that he had thought it right to carry strictly into effect the provision made in thể Act of 18 13 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 it loan was raised in time of peace, the operation of the Siaking Fund ought rather to be strengthened than diminished, and had complied accordingly with the provisions of the Act of 1819.19 To the sums he had mentioned, the charge for management; 10,2911. was to be added. The total charge of the loan then stood as follower

1.LLI doo ; . Interesti


EDOC €1,099,120 .: Sinking Fund: -

1,. 402,694 Management

14, 10,291 nihy yil, D: 14.1.: paypy A1,442,005

mit. 171,00 .. With respect to the charge for management, he wisbed to state, that the considered the Bank to have no claim for management on that part of the Loun' which was taken from the Sinking Fund, but only on the 12,000,0008, which had been made in the market. He had showa that the total charge of the Loan was, 1,442,0001. The rate of interest to the subscribers was 4h. As. Id. per cent. The calculation being, that the average price of the 3 per cent. Stóck would 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 61) Odi 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 items' 1. He trusted, they would not prove unfavorable to those with whom they had been negociated, though they could hardly be justified as prudent on the part of those who had agreed to them with reference to the present price of stock; there was every reasons to hope that they would ultimately prove beneficial to them. Before proceeding to the other parts of the subject, it might be well that he should bere advert to the measures which he conceived would be tęcessary in the next year. As far as it was possible for hime to judge at present, he should think that the utmost it would be necessary to raise next year would not exceed 11,000,0001. for the different branches of the public service. This sum might be wanted in addition to that of 5,000,000l. to complete the payment torbe shade to the Bank. I then: 12,000,0001, should be taken from the sinking Fund, as had been done in the present year, but


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, be 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 44,600,00017 and the Irish-Treasury Bills, payable in July next, amounting to 4,400,0001.31 These he proposed to replace by 20,000,000/. in Exchequer 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 2,500,0001.* The total amount of unfunded debt ihus created would be 88,500,000l. 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 3,000,0001. 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 Snubbar

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£1,600,000 usly doo That of the present loan boto gorgw2,442,0

° 1,442,000 Yolle Bedino to bris e sbaron a The total being gote so sto u 2017?

£3,042,000 bagismod nó babes

on rob sibat * 1990 sur being an excess of 42,000kor 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 tone side or the other without inconvenience, though it would be well to allot to them as nearly as possible the sathe proportion to the respective charge of each. He would now proceed to the particular propositions which he had

ad 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 arere intended a schedule of these had already been produced, and was iu the printer's hands. The only one of

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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 Conmittee. 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 ls. 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 8ls, 4d. had been paid for a finer sort of malt, the general purchases had been inade at 778. 4d. Hops had then sold for 241.

or 25l. per cwt. 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 gos. But hops had falled to lol. per cwt. The result then was. as follows:

Porta Regalo Malt was in 1818 per quarter.

Bogor - £3-17 0 ol

sup4001010 Hops were now so reduced in price, that the expense bisa of brewing a quarter of malt for porter, which was You !

5. 18.0 Was in the present years stadig det

5 8 Deducting the price of the present year, there remained

in favor of the brewer ved en ottel bei 010 4

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