This being the case, there being a balance in favor of the brewer of 10s. 4d. on the price of brewing a quarter of malt, Mr. Barclay was of opinion that the duty proposed might be borne without inconvenience; and he was further of opinion, that, if the present season should turn out as favorably as at present there was every reason to hope it would, the public might reasonably look forward, as he (the Chancellor of the Exchequer) had stated on a former evening, to a diminution of its price. (Hear, hear, hear!) He hoped, whatever might be the difference between the calculations of various persons, that the House would find the general result the same, and be satisfied that his position that the present duty not only did not go to justify a rise in the price of porter, but was compatible with a diminution of price, after a time, was fully borne out. The only remaining article to which he had to call the attention of the Committee was the duty on home distilled spirits. It was not his intention that this measure should extend to Scotland or Ireland. The present duty on wash for distilling spi rits, which paid 1s. 9d. on the gallon, he proposed to add Sd. to, and charge in future with a duty of 25. The sugar wash, which now paid 2s. 6d. per gallon, he would render liable to a duty of 3s. 3d. The duty on spirits he calculated would produce an increase to the Revenue of 500,000/. If the effect of this tax should be to diminish the consumption of spirits and increase the consumption of the wholesome produce of the brewery, no man would more rejoice at the effect of the measure than he should; and With this feeling he had thought it right that a tax on spirits should accompany the new duty on malt, to protect both the health and the morals of the people. Those concerned in the spirit trade had however urged, that this measure would give the traders in foreign spirits an advantage over them if some duty were not imposed on spirits imported.-On this subject he had come to no decision, but he might hereafter find it necessary to come forward with some adhen ditional measure to protect their interests from the injury they might sustain, if undue advantages were conceded to the foreign article. Having gone through the different subjects he had wished to press upon the attention of the Committee, he begged to say, if on any point he had not been distinctly understood, he should be happy to afford any explanation that might be required, Mr. Grenfell upon having observed across the table, that he . had not quite understood what the Right. Hon. Gentleman had said regarding the 11,000,000, the Chancellor of the Exchequer further stated he was happy that his attention had been recalled to this point, especially as it was connected with what he was about to have stated. He had said that he hoped the present would be the last time he or his successors in office should have to discharge 1 the duty of calling for a loan and for additional taxes. With reference to the 11,000,0007., he had observed that 13 millions were required to balance the expenditure of the present year with the income, but that he hoped in the next year, partly from reductions of charge, principally on the unfunded debt, and other causes, the sum to be borrowed would not exceed 11 millions. Supposing therefore the House should think it safe next year, to resort to the Sinking Fund for a loan of 12 millions, four millions in addition from private sources would be all that would be required to complete the payment of the remaining 5,000,000l. to the Bank of England as far as Ministers were able at present to see, 4,000,000l. of loan or of Exchequer Bills beyond the sums which might safely and without inconvenience be borrowed from the Sinking Fund, would be the utmost that would be necessary to complete the supplies for the next or for any future year. (Hear.)-This effort to avert the repetition of the evils of loans and taxes hereafter having been made, Hon. Members would return to their homes with the satisfaction of having performed their duty; and he trusted that the exertions would be rewarded by the approbation of their constituents, even though some momentary feeling of distaste might prevail as to the particular taxes. Without trespassing further on the time of the House, he proposed his first resolution, which was "that towards the supplies of the present year 12 millions be raised by way of annuity." No. I. The following Official Tables are illustrative of the several Items of Account referred to by the Chancellor of the Exchequer in the substance of the foregoing Specch. 1819. 12'018,570,95L Total Supplies 18,477,000 2,000,000 Interest on Exchequer Bills 1,570,000 560,000 Sinking Fund on Ditto .430,000 20,477,000 10,597,000 By reduction of Unfunded Debt Is gone,05 0, tus mom reja ? c# £31,074,000, 14o' II CU BGHMAS 3,000,000 traneng adt to coilqque ads abis Old Stores Loan 240,000 334,000 7,074,000 12,000,000 Loan from the Sinking Fund 12,000,000 golf sbag et No. IL CHARGE in respect of the Additions to the Public Funded Debt of the United Kingdom, created for the Service of the Year 1819; calculated on the Principle directed per Act 53 Geo. III. Cap. 35, Sec. 5. Capital and Charge created by 12,000,000l. borrowed, and by Loan of 12,000,000 from the Sinking Fund. 15,666,797 Amount of Sinking Fund at) on 5th January, 1819, on Capitals created. Interest. Sinking Fund. Management. Total. which a Sinking Fund of 22,393,075:3:6 671,792:51 223,930: 15:0 6,717 18:51 902,440: 18:61 108'07 Cone per Cent. is calculated. 8,333,203 Excess beyond the Amount, '20'20s of the Sinking Fund at 5th January, 1819, on 3'000'003 which a Sinking Fund of half the Interest is calcu 1812 Qelated, 801., 37. per Cent. Consolidated Annuities. 6,666,562: 8:0 199,996: 17:51 99,998; 8: 8 1,999: 19: 41 301,995: 5: 61 621.: 18:8. 91. per Cent. }5,244,362: 8:6 157,330: 17:51⁄2 78,665; 18418 Reduced Annuities. :0:0 1,029,120:0:0 402,594: 12:54 10,291:40 1,442,005 : 16:51 The Rate of Interest per Cent. to the Subscribers The Rate per Cent. paid by the Public, including all Charges |