CHAP. V. The Budget.-The Irish Budget.-Mr. Perceval's New Plan of Exchanging Stock in the Public Funds for Annuities for Life.-Conditions on which a Sum of Money was advanced to Government, by the Bank of England. House of Commons, April 11. The chancellor of the exchequer rose, pursuant to notice, to bring forward the BUDGET. Having gone through the various items of supply, which had been voted in the present session, under the various heads of navy, army, barracks, commissary general's department, extraordinaries, ordnance, miscellaneous services, and. Swedish subsidy, he stated, that the whole of the sums voted amounted in the aggregate to 48,653,1701. from which was to be deducted the proportion to be furnished by Ireland, viz. 5,713,6011. which would leave a sum to be defrayed by Great Britain of 42,933,6011. These sums he stated upon a rough estimate, which, however it might vary from perfect accuracy, would yet be found to correspond pretty exactly with the actual state of the ac counts. Having gone through the supplies, it next became necessary for him to state to the committee the various ways and means, which had hitherto been provided for covering these supplies. The house had already voted upon malt and pensions three millions. The sum usually voted was 2,750,000 1.; but it was thought more expedient to take the amount of the tax at the round sum of three millions, which it produced; the effect of which would only be to reduce the surplus. of the consolidated fund by the sum of 250,000l. the difference between the vote of three millions and the usual amount at which the malt and pension tax was estimated.The advances from the bank amounted to 3,500,0001. The unappropriated surplus of the consolidated fund, was on the 5th of April 726,8701. Upon the rough estimate he was warranted in taking the war taxes at twenty millions. The committee would be aware, that the duties to be levied under the orders of council were applicable to the war taxes, and therefore he felt the more confidence in taking their amount at twenty millions. The lottery he should state at the sum of 350,0001. It would be in the recollection of the committee, A budget of papers relative to the public income and expenditure. that that the sum of four millions of exchequer bills had been funded in the course of the present session; and that in submitting that measure to the house, he had stated that it was intended to issue four millions of exchequer bills in place of those funded, as part of the ways and means for the year. By adding to these different items the sum of eight millions, which was the whole of what he apprehended would be wanted for the service of the present year, the aggregate amount would be 39,576,8701. To this aggregate was to be added the surplus of the consolidated fund, which he proposed to take at the amount voted last year, viz. 3,750,000. which would carry the ways and means to 43,076,000l. yielding a surplus of ways and means above the supplies of 137,000l. The surplus of the consolidated fund, the committee would recollect, had been taken last year at 3,750,0001. but had produced a further sum of 726,8701. making all together 4,476,870 1. But the increased vote upon malt and pensions would diminish the produce of the consolidated fund, to the amount of 250,000l. and however sanguine his views might be of the state of the trade of the country, he could not but admit that, from the measures of the enemy, and the consequences of the course in which that trade was now to be carried on, some reduction might take place, though not to any material extent. He was of opinion that the surplus ought to be taken at the same amount as last year, though he was confident that would be found below what it would produce. Having stated the supplies, and the ways and means by which they were to be covered, it was, in the next place, his duty to state by what means he purposed to provide for the interest, charges, and sinking fund, of the exchequer bills funded, and of the proposed loan, which amounted to a sum of 750,0001. There existed at present a sum of 380,000l. applicable to that purpose, being the amount of the short annuities which had fallen in. There was likewise a saving upon the management of the public debt, of 65,0001. By the new arrangement with respect to the assessed taxes, a sum of 125,000 I. would be produced; and the arrangement which he meant to propose, for an improved mode of col lecting the duties on stamps, would be calculated to yield 200,000. The whole of these sums would amount to 770,000l. being a small excess above the sum actually required. He came next to state the view upon which he grounded the arrangement he had to propose with respect to the stamp duties. The committee were aware that, in the course of the last year, a principle had been recognized by parliament, founded upon the suspension of all taxation for three years, and for resorting to the war taxes to cover the necessary charges of loans. The policy of this principle had met with the concurrence of all sides of the house, though some of the provisions of the measure founded upon it had been canvassed. Having stated this, he was bound to explain to the house why he had thought it necessary to depart from the principle in the present instance, by proposing to lay on additional taxes to the amount of above 300,000l.: and it certainly was not because he bad ad considered the principle laid own by the noble lord who preeded him unwise. He had felt ow desirable it was to consolidate e different acts relative to the asessed taxes and the stamp duties, nd considered that a good opporuity, when making improved reulatious for the collection of both, o make a small addition in certain tens. He had already done so with respect to the assessed taxes, and he was now to propose a simiar course with respect to the stamp Buties. If, by these means, without dding considerably to the burdens of the public, they could contrive o provide for the present year, they might in the next and followng years resort to the principle which had been so generally approved of; unless upon a review of the state of the taxes, whoever might fill the situation he occupied, should be of opinion that, by regulation or modification, a supply could be obtained without increasing the pressure upon the public, and to relieve the war taxes. The addition to the amount of the stamp duties, he said, would arise from an application of the ad valorem principle to other instruments than those to which it at present applied. It had on a former occasion been in contemplation to apply that principle to all conveyances of real property, by making the instrument invalid if the stamps were not of the legal amount; but, as it would be hard to render an instrument of no effect merely because of the stamp not being of the legal amount, the design was abandoned. He did not mean to carry his provision to that extent, but that a specification should be made of the amount of the consideration, VOL. L. and that the duty on the stamp should be in proportion. And he proposed to apply this principle, not only to all conveyances of real estates, but to the admission to offices of courts and government. At present the duty was 204. upon all offices of the courts, without regard to the income. He should propose to reduce the duty upou the lower offices, and to raise that upon the higher offices. Upon all offices, the income of which should not exceed 60l. no duty would attach; upon all over 607. and under 1507. the duty would be 81.; upon all over 150l. and under 300l. it was to be 201.; and so in proportion upon higher incomes. It was also proposed to make some alteration in the duty on indentures, but not to carry it higher than it was before the year 1804, and in some cases to reduce it lower. There was likewise some addition expected from the duty on attorneys' indentures. The duty at present on articles of indenture, to an attorney of the superior courts, was 1107., and of the inferior courts 551. The same duty which applied to indentures to solicitors in chancery, should also apply to proctors, for he could not see why, when the advantage was equal, the parties should not be subject to similar duties. He proposed that the duty of 557. should extend to indentures to the writers to the signet in Scotland. In the duty on collations and donations, a small alteration was to take place; for where they gave the right as fully as induction and institution, the duty, which did not at present attach, was to apply. With respect to infeoffments, a small addition was to be made, the duty being at present only 17, 10s.: it was pro[H] posed posed to raise it to 31., the duty applicable to another mode of conveying real estates by lease and release. An addition was also proposed to the duty on the grant of honours and preferments; the duty was at present but 207. in all cases. In Ireland, the duty on the creation, of a duke, marquis, or carl, was 2007.; on the creation of a viscount 150l.; and on the creation of a baron 100/.; and he could see no reason why this country should not adopt the same rate of duty which existed in that. Some slight alteration was to be made in the duty upon the grant of leases of crown lands; at present it was 207, and where the lease was beneficial, that was not an improper duty; but as under the present regulations, the leases of crown lands were not more beneficial than those of any private individual, the duty ought not to be levied unless where the lease was beneficial. The public would not be a loser by this reduction, because the party always paid less in proportion to the amount of the duty. for a licence. The duty upon suck notes was at present three-pence each, and he proposed to raise the duty upon all to fourpence each; but when the notes were payable only in one place, the duty was to be sixpence each. Another alteration was intended relative to the manner of transferring the shares of joint stock companies. At present the duty was collected only in proportion to the nominal value, but it appeared to him that it should be in proportion to the real value. As to law proceedings, they were already so highly burthened, that no addition could possibly be made to them. There were only some small instances, which we could scarcely consider but as omissions in the year 1804. Thus he proposed a duty of one shilling on all summonses before a master in chancery. With respect to probates of administration in Scotland, the duty was to apply in the same manner as in England. As to legacies, the duty applied on all above twenty pounds, except a residue, and then the duty did not attach till the reUpon the grants of money and sidue amounted to 1007. It was pensions, it was proposed that the proposed that the duty should ap duty should attach upon the ad ply indiscriminately to residue and valorem principle on the higher legacies. It remained for him only grants, though it would apply on to explain how the principle he a reduced scale to the lower. A stated was to apply to conveyances. duty was also to apply to policies The duty at present was thirty shil of insurance on lives, which had lings on all conveyances of land. been exempted in 1804, though This duty be proposed to lower on there was no reason why they should conveyances of smaller property, be so exempted. Another head to and to raise it in proportion to the which he wished to call the atten- value on the higher degrees of protion of the committee, was the case perty. In all cases where the conof promissory notes re-issuable, is-sideration should not exceed 1507. sued by persons calling themselves bankers. He proposed that every person issuing such re-issuable notes should pay twenty pounds a year the duty was to be one pound; between that and 3001. one pound ten shillings; between S007, and 500!. two pounds ten shilling; between 500l. and 7501. five pounds; between 750l. and 1000l. seven pounds ten shillings; but in no instance to exceed one per cent. on the consideration. Upon these instruments and the re-issuable promissory notes, he calculated for an advance in the amount of the stamp duties, to the extent of two hundred thousand pounds. And he had brought this forward before the recess in order that gentlemen might have the longer opportunity of considering the different parts of the measure by referring to the schedule which they would have in their hands. The chancellor of the exchequer concluded with moving his first resolution, stating the unappropriated surplus of the consolidated fund, on the 5th of April 1808, to have been 726,870l. On the question being put, Mr. Biddulph declared his ópinion, that the arrangements for the service of the present year might and ought to be made without any additional taxes. He recommended the creation of a contingent fund by the sale of crown lands, to which the public might become tenants. The sums for which crown rents might be sold were almost inconceivable. One hundred pounds had been demanded of him for a rent of 8s. 9d. Such parts as might be sold to advantage, might be disposed of, and the sum of 600,0007. might easily be created, so as to be available after the first dividend ; the surplus of the consolidated fund to be brought in aid, whenever any deficiency should require it. The resolutions moved by the chancellor of the exchequer being agreed to, bills were drawn up for carrying them into effect, and having gone through the usual stages in both houses, were passed into laws by the royal assent 2d of July. House of Commons, June 8.Mr. Foster moved, that the house should go into a committee of ways and means. Mr. Foster briefly stated the dif ferent heads of the sums required for the service of Ireland for the year 1808, amounting in all to 9,767,000l. remarking that this was a very large sum indeed for that country. To meet this he enumerated the following items: the ordinary revenue four millions eight hundred thousand pounds; the loan for Ireland contracted in England two millions seven hundred and eighty thousand pounds Irish currency; loan from the bank of Ireland, one million and a quarter; loan proposed to be raised in Ireland, seven hundred and fifty thousand pounds, making together the sum of 9,768,0001. With respect to the loan raised in Ireland, it had been contracted for in the three and half per cents. and at an interest not exceeding the interest of the loan raised in Great Britain, viz. 41. 14s. 6d. per cent. The charges of interest and sinking fund on the three loans would be per annum as follows: Loan raised in Ireland Irish bank loan Loan raised in England for the use of Ire- Total £45,562 75,900 59,900 181,362 |