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for certain fortifications in the Netherlands to the extent of two millions sterling, there still remained applicable to the service of the present year the sum of 500,0001. besides a smaller amount for the next year, that would be found due on winding up the accounts with France. The next item was the repayment of exchequer bills, advanced for the execution of public works under the act of 1819. In the last year it had been 198,000l. and in the present year it appeared that the repayments were likely to amount to 125,0001. He could not pass over this part of the subject without observing upon the very important assistance given to the industry of the country by this expedient: many valuable works had been thus brought to a completion by the commissioners, that would otherwise have remained in an unfinished and ruinous condition. The committee might therefore congratulate itself that, without any additional charge upon the public, accommodation highly important, if not absolutely necessary, had been afforded. The only remaining item furnished by the resources of the present year, independent of a loan, with a surplus of the ways and means of 1820, the amount of which would be found by referring to documents on the table; it was 81,6301. The total, therefore, of what might be called the ready money produce of the resources of the year was 6,570,0301. To make this sum 20,018,2001. the amount of the supply, it had been necessary to contract a loan from the sinking fund of 13,000,000 12,500,0001. for England, and 500,0001. for Ireland. The rea

son for that division had been not only to leave a larger sum in the market, but also because the sum of about 500,000l. was necessary for the payment of the excess in Ireland beyond the amount of her consolidated fund. Perhaps it might be right here to observe, that in consequence of this diminution of the sinking fund of Ireland, which would still, however, leave a considerable sum applicable to the purchase of stock, a necessity was felt of allowing the re-transfer of stock from Ireland to England: so that a stockholder would be enabled to choose in which part of the empire he would receive his dividend. This would also be the means of producing other beneficial effects on the market. To these statements was only to be further added the increase of capital of the bank of Ireland equal to 500,0001. Irish, or 461,5391. British currency. The total amount of the ways and means would thus be, as he had already said, 6,570,0301. from the ready money produce of the year; and 13,461,5391. from the sinking fund, and the Irish bank capital, making in the whole 20,031,5691. or an excess of about 13,0001. beyond what the service of the year would require. The total amount of supply had been 18,021,8001. and the interest of exchequer bills 1,290,000l. making together 19,311,8001, To this sum was to be added 500,0001. Irish treasury bills, which would be paid off, and 206,4001. due on the bills issued for the execution of public works in the present year. In the whole they amounted to 20,018,2001. and left, as he had already shown, a small excess on the side of the ways and

means.

means. With respect to the service of the year, he had already pointed out a very large reduction. Government had most sedulously turned its attention to reduction in all departments; and he might add, that as far as was consistent with the safety and honour of the country, ministers would be ready and anxious to carry the same spirit into the next session of parliament. While he alluded to this reduction, and promised on the part of his majesty's government, every effort in their power to render it as operative as possible for the public, he must at the same time state, that there were one or two contingent circumstances which might render it necessary, even within the year, to call upon parliament to meet a further expense connected with the public service. He would now state the charge in respect of the additions to the public funded debt of the united kingdom, created for the service of the year 1821.

Money borrowed 12,500,0001. from the sinking fund in Great Britain, 1001. 3 per cent. Reduced annuities-capital created, 12,500,0001.-Interest, 375,0001. -Sinking fund, 125,0001.-Total, 500,0001.

301. 7s. 6d. 3 per cent. consols.-Capital created,3,796,8751. -Interest, 113,9061. 5s.-Sinking fund 37,9681. 15s.-Total, 151,8751.

Great Britain.

Total capital created, 16,296,8751. -Interest, 488,9061. 5s.-Sinking fund, 162,9681. 15s.-Total, 651,8751.

Money borrowed, 500,0001.British currency, from the sinking fund in Ireland, 1291. 3s. 2d. Irish 3 per cents. for every 1081. 6s. 8d. Irish being 1001. British. Capital created, 596,1151. 7s. 8d. Interest, 20,8641. Os. 94d.-Sinking fund, 5,9611. 3s. 1d.-Total, 26,8251. 3s. 10дd. Total borrowed, 13,000,0001. Capital created, 16,892,9901. 7s. 8 d. Interest, 509,7701. 5s. 9d4.-Sinking fund, 168,9291. 18s. id.-Total 678,7001. 3s. 10 d.

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The rate per cent. paid to the commissioners for the reduction of the national debt.-Sinking fund, Great Britain, 31. 18s. 21d. Sinking fund, Ireland, 41. 3s. 5d.

cluding all charges-Sinking fund, The rate per cent. paid, inGreat Britain, 41.-Total, Ireland, 41. 10s.

The following was the comparison of sums received by the commissioners for the reduction of the national debt in Great Britain and Ireland, in the year ending 5th of January, 1821; and an estimate of the sums which will be received by them in the year ending 5th January, 1822, exclusive of the sums set apart to pay life annuities.

Purchase of
Stock.

Sinking
Fund loan.

Total sums

received.

The year ending 5th Jan. 1821. £4,101,024 £12,400,000£16,501,024

For the same ending 1822

Ireland, (B. C.)

The year ending 5th Jan. 1821
For the same ending

4,160,202 12,000,000 16,160,202

645,865 174,462 665,756

1822

645,865
491,294

....

United Kingdom.
The year ending 5th Jan. 1821

For the same ending 1822

4,746,889 12,400,000 17,146,889 4,651,496 12,174,462 16,825,958

For.

For the present year he assumed the same amount of revenue as in the last, that was-£54,22,714

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£55,011,114

Some observations referred to the charges upon the consolidated fund, and the sums in course of repayment to the bank, towards which 400,0001. remained from the former year in the exchequer. The total amount for the whole services, of the present year would be 58,221,000l. Deducting therefore the assumed amount of the revenue and the payments which he had enumerated, there would appear an expenditure of 13,209,8001. over and above the income of the year. As the sink. ing fund for this year amounted to 16,800,0001. the actual amount of the reduction of debt already effected would be 3,590,0001.: so that they might fairly expect this year to show an excess of income over their expenditure of little less than 4,000,000. This too he had called upon the house to bear in mind had been attained during a period of arduous struggle and great difficulty, while there were universal complaints of a stagnation of trade and of general depression. It had been effected while the country was engaged in making, in obedience to the recommendation of the finance committee, large repayments to the bank of England. In the month of August, 1818, the amount of the government debt to the bank of England was 28,000,0001. which had been since reduced to

19,000,0001.

These repayments

ought to be viewed under all their circumstances, to enable the country to see the extraordinary difficulties which it had surmounted. In every other case in which the government had made repayments, the money so repaid went back into the general circulation of the country. But in the particular case of the repayments to the bank, the sums were actually withdrawn altogether from circulation, and were consequently unaccompanied with those exhilarating effects upon the industry and resources of the country, which could not fail to attend repayments made under any other circumstances. Indeed, looking at the amount repaid to the bank, he could not but think that it would have been impossible to have kept up the circulation of the country, had not the bank, while this process was going on, had to re-issue a part of that money in the purchase of the bullion that became necessary when preparing for the resumption of cash payments, but which was nevertheless, at the moment, of little use to the country, as the bullion so purchased lay at the time perfectly useless, and locked up in the treasure of the bank. When he took a retrospective view of these transactions, he could not refrain from expressing a doubt, whether any country had ever before passed through so severe an ordeal with such firmness, credit, and stability, or ever made such sacrifices for the preservation of its good faith, and the entire restoration of its metallic currency. They were now enjoying the benefit arising from these wise and provident

provident regulations which had been carried into effect in the midst of the greatest difficulties. They now saw the bank beginning to resume its cash payments, and returning to a system which it was confidently trusted would be permanent. They looked forward to no further restriction upon their circulation, and every thing was reasonably enough expected for the future to take its natural and undeviating course. Already had the wholesome operation of these changes diffused life and vigour in those parts of the country where such beneficial results were not a few months ago at all anticipated. The funds were feeling the benefits of this amelioration, and they gave a fresh stimulus to the return of every other species of property. Whilst the funds were indicative of this improved confidence in the financial situation of the country, money was more easily found in other channels, and flowed for the encouragement of industry in a rapid course. Nothing could show more the solid basis upon which their financial system rested than their repayments to the bank, and the effect of them. England had not suffered alone in her commercial and financial arrangement. The other countries of Europe and America were also suffering, and to a greater degree in their respective situations. It was clear, therefore, that independent of the circumstances which were local and peculiar to Great Britain, there must have been acting at the same time, and as it were in conjunction with them, a more extensive cause in which England suffered in common with the other nations of the world. He called

upon the house, in looking at the prospect which the country had of successfully encountering all the difficulties that had encompassed her, to view the beneficial progress of collateral circumstances that were still co-operating to produce those beneficial results to which all referred with so much satisfaction. Among them it was impossible to overlook the growth of savings banks, in which so laudable an accumulation of capital had been observable among the lower orders of society. They afforded a most curious barometer for ascertaining the feeling and confidence of the people upon the pecuniary concerns of the country. Their progress would be best understood upon reference to the printed document distributed on the 11th of April. Since that date the progress of these institutions had gone on with a regular increase of accumulation in every part of the kingdom. From 19,000l. to 20,0001. a week was paid into the bank of England, from the savings banks, over and above the sums paid out to those who withdrew their deposits. Although many difficulties must still remain to be encountered among the lower classes, yet still he thought it clear, from the state of those savings banks, and other facts equally conclusive, that a good deal of the distress which had unfortunately prevailed was rapidly dissipating. There never was a period when greater strides were making by the country to repair its financial concerns, and establish them upon a foundation of as permanent durability as the precautions of human foresight were capable of comprehending. The

right honourable gentleman concluded by observing that there was no country in Europe which was comparatively so little in debt, after the close of so severe, protracted, and so arduous a struggle. The war had, it was true, entailed difficulties on the country; but he was confident that those difficulties would be overcome by the zeal and energies of the people, which had already surmounted difficulties of yet greater magnitude. He trusted that, in accomplishing this desirable end, every man would do his utmost to support the fame which England had acquired, and act as became a member of this great empire. The right honourable gentleman then moved, "That it is the opinion of this committee, that a sum not exceeding 13,000,0001. be raised by annuities on the sinking-fund, 12,500,0001. for Great Britain, and 500,0001. for Ireland, for the service of the year 1821."

Mr. Maberly stated, that the observations which he would now offer on the statement of the right honourable gentleman would certainly refer, in a peculiar degree, to the supply for the year, as he could not see that there was any very great objection to the general nature of the ways and means. In the early part of the present session he had stated that a saving might be made to a very considerable extent, under the head of "Supply," and he was very sorry to see that so small a saving appeared to have been made in the supplies for the present year. Though the right honourable gentleman might take to himself great credit for such saving, it was by no means proportioned to the opportunity which

had occurred for extending it. He would endeavour to point out to the committee what the real state of the country was at the present moment, and what he conceived would have been its probable state if judicious measures had been adopted. For that purpose he would take a view of the present interest of the debt, funded and unfunded. The interest of the debt, together with all sums appropriated in various ways to the payment of interest, composed a debt of 48,328,7801., which, he apprehended, could only be diminished in one way. In that sum he included the interest of the whole of the funded and unfunded debt of the Russian and Dutch loans, and of the Irish annuities. It comprised, he believed, the entire interest on all sorts of debt, up to the 5th of January, 1821. He considered this to be a debt for which they were bound to provide, unless they proposed to be at once unjust and once unjust and ungenerous. They had borrowed the money during the great struggle in which they had been engaged; and they had borrowed it on fixed and specific terms. Amongst others it was agreed that a certain sum should be appointed as a sinking fund. He thought it was impossible to diminish that debt, except by a reduction of the 5 per cents. in a subsequent year, by which a saving of 1,400,0001. might be effected. No reduction could be made in the 4 per cents., as they were connected with a very distant period. It appeared to him that the debt thus contracted should remain without interference. It had been stated by gentlemen in and out of that house, that, to relieve the distresses of the country, particularly

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