credit, 1807, not funded. 4,021,200 Five per cents, 1797, to be paid off 153,696 5,858,741 fund at 5th April 726,876 Estimated surplus of do. to 5th April, 1809 3,500,000 Surplus of ways and means 1807 2,253,111 War taxes 20,000,000 Lottery 300,000 Exchequer bills to be issued to replace bills not funded 4,500,000 Do. for the East India company 1,500,000 Exchequer bills, part of 10,500,000l. charg ed on aids 1809, to replace the like JUNE 1.] 1 BUDGET. After thus recapitulating the various heads of supply, and of the ways and means for the year, the chancellor of the exchequer proceeded to state to the committee the terms on which he had contracted for the loan. The sum borrowed for England and Ireland was ten millions and a half, of which eight were for the service of this country. The whole sum was to be funded in the four per cents, and the contractors for every 1001. advanced to the public were to receive.1181. 3s. 6d. stock: so that the public paid for every 100l. capital 4l. 14s. 6d. interest. In consequence of the loan of ten millions and a half, there was a capital of debt created to the amount of 12,403,975l. from which, after deducting a proportion of two-seventeenths for Ireland, making 2,954,375l. there would remain, as a permanent burden upon Great Britain, 9,454,000/. and an annual charge for interest of 475,5361. In addition to this, in consequence of the measure of funding four millions of exchequer bills, there was a capital debt created of 4,239,2157. and an annual charge for interest, including the sinking fund and management, of 253,2471. So that the sum to be provided for by taxes was: For the interest of the loan For the interest of exchequer bills funded £475,536 253,217 Making a total of 728,783 For this annual charge he meant to provide in the ful lowing manner: Short annuities fallen in 875,000 Annual saving on the management of the debt 65,000 Encrease upon the assessed taxes 120,000 Stamp duties 170,000 750,000 Sum to be provided Surplus provided The Chancellor of the Exchequer next proceeded, to state the effect which had been produced by the financial measures which he adopted in the course of the year, and contended, that from funding four millions of exchequer bills, when stocks were at 631, and by borrowing ten millions and a half in the four instead of the three 728,783 1,217 per cents., there had resulted a saving to the public of four millions of capital debt; and that by the single measure of contracting for the loan in the four per cents. there was a saving of 3,100,000l. capital debt; and also a sav ing in the annual charge, of 2000l.; besides the advan tage of being able to redeem the debt at comparatively a very inconsiderable loss. He concluded his statement with moving a resolution, that it is the opinion of the committee, that towards providing the ways and means for the year, it is expedient to enable his majesty to raise eight millions by way of annuities for Great Britain, and two millions and a half for Ireland. Mr. Tierney said, he observed, that there was one million of the loan for Ireland still to be provided for. 1,500,000l. was to be by loan from the bank; but, he hoped the other million was not to be raised by exchequer bills, in which case there would be an issue, on that head, all together of six millions more than the ordinary grant. He only begged to remind the house, that this was not a thing to be carried on. As to the loan, he congratulated the right honourable gentleman on the terms on which it had been contracted; he was far from having expected any such certainly the terms were as good for the coun try as the public could have expected. He could by no means agree, however, that this advantageous bargain was to be attributed to the circumstance of its having been made in the four rather than the three per cents. Previous to the bidding, the four per cents. had stood at 84, odd; and, in contemplation of it, fell to 824. He was, therefore, entitled to ask, would not the contractors for the loan have been disposed to make an equally good bidding in the three per cents.? Would they not be willing to contract in a stock they wished, rather than in one they did not wish to bid for? Nearly about the same sum would redeem the stock in the one fund as in the other. The right honourable gentleman, however, said there was a great saving, from his mode of contracting for the loan. There was so, as the right honourable gentleman conceived it, but not as be (Mr. Tierney) viewedthe question. There was, undoubtedly; a saving as to the one per cent. if the loan had been negociated in the three per cents.; but, if this measure had been adopted," to answer the one per cent. there would have been a saving of 50,0001. per ann. As the bargain was, however, he again congratulated the right honourable gentleman on the terms on which it had been contracted; and he con gratulated the country on the pleasing consideration that there were men in it disposed to shew such confidence in the country as to conclude a loan on sitch terms. Mr. Huskisson alluded to the terms on which the two funds might be redeemed; and argued, that the bidding in the four per cents. was, from that single circumstance, more advantageous to the country. He also urged, that by this mode, the sinking fund for the next year would be encreased rather than decreased, and would amount to 1-55th part of our whole debt. He stated, as the advantage to be derived from this circumstance in providing for the exigencies of the country, and of course lessening the deprivations to which the people were obliged to submit, that, where we formerly borrowed money at the rate of 81. 7s. per cent. we now borrowed it at the rate of 4l. 14s.; so that there was here a saving of upwards of 31. per cent. per annum. A conversation then ensued, as to the sum to be granted to the East India company. Sir J. Newport contending that there was no reason why any part of it should fall on Ireland, Mr. Huskisson answered, that by the union, Ireland was entitled to 2-17ths of any surplus profit to be derived from the East India company. The present allowance was for services done to these kingdoms since the union; and he could not see on what principle the objection was founded. Mr. Perceval replied, when the resolutions were put: and agreed to. Mr. Huskisson then suggested certain diminutions of1 the duties specified in the new schedule of stamps as to licences to offices and professions, and the duties on the re-issuing of country bank notes. Sir William Elford suggested, that it would be for the advantage of the public, that petty bankers were discountenanced, and for this purpose, proposed that the licence should be made considerably higher. A conversation ensued on this subject, when Mr. Perceval moved, that the schedule as amended be recommitted for Friday. Agreed to. The house accordingly resumed, when the report was ordered to be received to-morrow. The reports of the land revenue bill, and orders of council bill, were brought up. The bills to be read a third time to-morrow. The report of the committee on expiring laws as to the British fisheries, coals, &c. was brought up, agreed to," and bills ordered to be brought in accordingly. CARNATIC QUESTION. On the motion of Sir Thomas Turton, the order for resuming the adjourned debate on the Carnatic question was read. No person rising to speak, the question was put on the first resolution, and the gallery was cleared for a division; but Mr. Sheridan having suggested to sir Thomas Turton to withdraw his resolutions of fact and distinct charges, in order to bring the whole matter more. satisfactorily to issue on the general question, whether lord Wellesley's conduct in the transactions with respect to the Carnatic, was or was not consistent with justice, or with the character and honour of the British nation; a debate arose on this proposition, on which strangers were again admitted. When the gallery was re-opened, Mr. Wellesley Pole was speaking. He had no objection to come to issue this or any other night upon any charge the right honourable gentleman opposite, or any other person, may have to prefer against lord Wellesley. He would not sit silent when it was insinuated that his noble relative or his friends wished to stifle inquiry. It was no evidence of a disposition to blink the question, that lord Wellesley's friends were desirous to come to the vote without provoking a fresh debate. The debate on the former night had closed with a speech from au honourable member (colonel Allan), who had been an eye-witness of the transactions in the Carnatic, and who was in no way connected with lord Wellesley, declaring the whole of the matter contained in the charges to be gross and unfounded calumnies. In the full confidence not only of the innocence, but of the highly meritorious conduct of lord Wellesley, he was ready to meet any thing that the right honourable gentleman opposite (Mr Sheridan), had to urge, however awful it may be to contend with the great talents and eloquence of that right honourable gentleman, matured and methodised on this question by a six years preparation. He knew the magnitude of the powers lie should have to contend with, |