Produce of the Sinking or Confolidated Fund, according to the State of the Revenue for two Yers before April 5, 1789. Income from the old taxes (land and malt excepted) being the average of two years to April 5, 1789, New taxes impofed in 1789, after deducting 56,000l. for the fhop-tax repealed Whole income, exclufive of land and malt-tax Deduct the appropriated revenue, confifting of Civil Lift Annual charge of the public debts, including the Short Annuity of 1789, and the Tootine Intereft of Exchequer bilis on the credit of the land and malt taxes Charges on Aggregate Fund 900,000 9.335,769 £. 12,997,728 56,000 13,053,728 103,000 64,600 Appropriated duties 66.538 Intereft of 5,500,000 Exchequer bills, 155,000 10,624,907 To this fum must be added the cafual receipts from arrears of land taxes, impreft monies, &c. which are very different in different years, but cannot, one year with another, be reckoned at more than will make the annual income of the Confolidated Fund 2,550,000.' Statement of the Sum applicable to the Expences of the Peace Establishment according to the State of the Revenue for two Years before April 5, 1789. Annual produce, as juit ftated, of all the perpetual taxes, Land and malt taxes, after deducting 90,000l. for the militia, and fuppoûng their nett produce 2,600,000l. per ann.; but the average for three years to January 1789 has been only 2,533,330, 13,053,728 2,510,000 Dedu&t the appropriated revenue (10,624,9971.) and million furplus, 11,624,907 Remains the fum applicable to the Peace Eftablifh ment 3,938,821 The expences of the Peace Etablishment in the last three years have exceeded this fum more than a million and a half annually, reckoning the yearly increafe of the navy debt at 300,cool.; and, therefore, therefore, had it not been for a loan, for navy debt contracted, and extraordinary receipts from lotteries, India Company, army favings, impreft monies, &c. there muft have been a deficiency to this amount in the public receipts. And it appears, therefore, that in order to equalize the ordinary receipts and expenditure, it is neceffary either to increase the former or reduce the latter a million and a half per ann. The extraordinary receipts just mentioned have occafioned a nominal furplus. That there has not been a real furplus will appear from the following account: • Comparison of the Debts redeemed with the Debts contracted from the Commencement of the Year 1786 (when the Sinking Fund was established) to the Year 1789. Borrowed in 1786, by Exchequer bills then firft iffued, Anticipation of the Lady-day quarter of the Sinking Increase of navy debt from December 31, 1786, when it was 1,608,208, to December 31, 1781, when it was 2,216,651, Malt and Exchequer bills outstanding more in July 1789 than in July 1786, £. 1,000,000 628,982 608,443 204,000 Borrowed on a Tontine in 1789, Borrowed on 14,000l. Short Annuity in 1789, Total borrowed Deduc expenditure in redemption for three years Remains 1,000,000 192,000 3,633,225 3,000,000 L.633,225 Thus it appears that, though there have been extraordinary receipts amounting to more than three millions in these three years, yet above half a million more has been borrowed than has been fpent in paying off.' Next follows the fubftance of the Report of the Select Committee appointed in 1791 to examine the Public Accounts for the last five years. As this statement is clear and concife, and as the fubject is of great national importance, we shall copy it: • Comparison of the Public Income with the Expenditure, during the five Years next preceding the 1ft of January 1791, according to the Report of the Select Committee. This was borrowing from the Sinking Fund in the fame manner as it would be in 1789, after applying the Midfummer quarter to the current expences of the year, to take it for the fupplies of the fame year at as much as it would produce in the four subsequent quarters to Midfummer 1790.' Sum of all the deficiencies in five years £.6,330,693 Thefe deficiencies, amounting on an average to more than a million and a quarter per annum, appear from the report of the Select Committee to have been partly fupplied by the following extraordinary receipts, and partly by new loans. Refpited duties paid by the East India Com pany Arrears of land and malt tax, granted prior to 1786 Sums remaining in the Exchequer on the 5th of Jan. 1786 Impreft monies, and monies repaid Money repaid on account of an advance for foreign fecret fervice Sale of French prizes D 2 522,500 145,342 1,172,119 820,165 34,000 3,000 Army |