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Brought forward.

£57,662,821 There was, however, a further income, derived from

other sources, as will be hereafter explained, amounting to

5,208,479

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in page 138

pages 141-3

During the same financial year the ordinary expenditure was —

Charges connected with national debt, viz. Unredeemed

£27,230,790 Sinking fund.

5,486,475 Interest of unfunded debt

829,498 Half-pay and pension annuity sold to the Bank

585,740

£34,132,503 Charges connected with the collection of the revenue 5,597,432 Pensions by Act of Parliament charged on the consolidated fund

366,028 Civil list

1,057,000 Miscellaneous, as per

261,846 in 139

page Finance Accounts

301,084 in 2,216,082

2,779,012 Salaries and allowances

87,641 Officers of Courts of Justice

98,642 Mint

14,749 Bounties relative to the growth of hemp and flax in Scotland

2,957

203,989 Army

7,579,631 Navy

5,849,119 Ordnance

1,567,087 Making the ordinary expenditure to be

59,131,801 There was, however, a further expenditure, as will be hereafter explained, amounting to

3,572,133 So that the whole expenditure was

62,703,934 And as the whole income amounted to 62,871,3001., it

follows that there was an excess of income over expenditure to the amount of

167,366 Sum equal to the whole income

£62,871,300 Some explanation must now be given respecting the sum of 5,208,4791., represented in the above accounts, as an extra source of income.

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.

EXTRA INCOME. Received from the Clerk of the Hanaper

£2,000 from the East India Company, towards the

half-pay and pensions of the King's forces. 60,000 from the Commissioners for the employment of the poor, as repayments of money lent

208,307 from the Trustees of Naval and Military Pensions, &c.

4,507,500 N.B. This large item of income being connected with the Dead Weight Annuity,a separate explanation will be given thereof at the end of this statement. Received from Ireland, being repaid from the advances

made for public works and improvements in
that part of the United Kingdom

210,389
from the Exchequer, as the amount of imprests
and other monies repaid thereto

220,283 From which it appears, that the amount of the above

sums exactly equals that which was given as the extra income requiring further explanation, viz. •

£5,208,479 We have now to explain the circumstances connected with one of the preceding items of extra income, amounting to 4,507,5001., stated to have been received from the trustees of naval and military pensions. The late wars had left, as a dead weight' on the national resources, a certain expenditure for pensions and half-pay, which, in 1822, was assumed to be five millions per annum ; the whole of which, from the nature of the expenditure, consisted of lifeannuities, payable to several thousands of persons. After excluding all new pensions, or half-pay allowances, an estimate, on the ordinary laws of mortality, was made to ascertain the probable future amount of this five millions at the end of each subsequent year. By this estimate, the original sum of five millions would have been diminished to the sum above-mentioned, 4,507,5001., in the year 1825. Upon similar principles of calculation, it was estimated that 2,800,0001., continuing as one uniform annuity for forty-five years, would be the equivalent of the diminishing life-annuity, The bank, or any other corporation, therefore, might purchase the uniform annuity, and furnish government every year with the estimated diminishing sum. To effect this commutation, parliament appointed trustees, who were empowered to sell a long annuity of 2,800,000l., terminating in 1867; the purchasers contracting to şupply the sums, estimated in the manner already explained. As yet the trustees have sold an annuity of 585,7401, only, consequently the remainder of the annuity has not as yet been called into

existence,

existence, amounting to 2,214,2601. This sum deducted from 4,507,5001. leaves 2,293,9401., and that identical sum was paid up, in 1825, by the Bank, who had purchased the portion abovementioned for 13,089,4191., and, prior to the year 1825, had paid up 4,624,3291. Since the year 1825, the Bank has also paid 2,165,7401., and has to pay still 4,006,1101., which will form part of the

ways and means for the year ensuing. As the sums 2,214,260l. and 2,293,2401., forming 4,507,500l., will also appear in the subsequent explanation as to extra expenditure, another observation is necessary. In one part of the public accounts, 4,507,5001. appear to have been received from the trustees, and in another part 2,214,2601. appear to have been paid to the same persons ; consequently 2,293,240l, was received beyond what was paid. In point of fact, the latter sum only was received ; and the other sum of 2,214,260l. was neither paid over to, nor received back from, the trustees. · Its insertion on both sides of the public accounts magnifies both the income and the expenditure of the country by so much above the actual amount of each. The exhibition of this, however, is necessary, in consequence of the financial operation, familiarly known by the name of the dead weight annuity,' created in 1822.

We come now to the items forming the extra expenditure, which we stated to amount to 3,572,133l.:-Paid to the Trustees of Naval and Military Pensions, as already explained

£2,214,260 to the Royal Exchange Assurance Company, in

repayment of a loan on account of the new street 100,000 for silver for new coinage of Ireland

500,000 for building new churches in Scotland

50,000 to the Bank of England, for unclaimed dividends more than received

49,465 to the Commissioners for the employment of the Poor

125,150 out of consolidated fund in Ireland for public works 533,258 Making the amount of extrå expenditure, as already referred to

. £ 3,572,133

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It remains to examine what was the actual income, as well as the actual expenditure, for the year 1825. From the items already given, it appears that the excess in the extra sources of income and expenditure will stand thus :

Expenditure. Received from the Clerk of the Hanaper

£2,000 Carried forward £2,000

Brought

Income.

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According to the public accounts submitted in the beginning of this article, the ordinary income from taxes was—

£ 57,662,821 The extra income from other sources has been shown to be only

2,658,680

So that the actual income was only

£60,321,501

Whilst it appears that the ordinary expenditure was £59,131,801 And the extraordinary expenses, as we have just shown, were

1,022,334

So that the total actual expenditure was

. £60,154,135

And the difference between it and the actual income would be £167,366, as was shown in the first part of these observations. The actual income being

£60,321,501 From which deduct the excess

167,366

.

Leaves the actual expenditure

£60,154,135 as already shown; and it is upon data, thus calculated, that the foregoing scale is formed, with as much accuracy as the limits of our work would admit.

APPENDIX, B. Schedules to be filled up, showing the expenditure of workmen employed in different trades and occupations, at different periods for each trade, so as to show the effect of prosperity and adversity on the comforts of the working classes, as well as the effect of taxation in diminishing these comforts.

were

ESTIMATE. Showing the Quantity, Price, and different kinds of Articles consumed, or expense incurred, by a Person employed as

and considered as a

rate workman, when his average wages, during the year

per annum : the lowest rate of wages during the year being

per week, and the highest rate

per

week. The number of persons in the family was:

£.

8. d. One Man, whose average wages per annum, in money actually

received, amounted to One Woman, who during the year contributed by her labour to

the annual income Children, of whom contributed by

labour to the annual income The total sum annually received as wages by persons working by

the day .. Or the total sum received annually, by persons working by the

piece, or task-work...

N.B. When work in the above occupation has been performed by the job, or piece, state the quantity of work generally done by the job, or piece, during a day, week, month, or year, by the person employed in this manner, and the sum of money received by him

for

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