reform of parliament, embracing every religious perfuafion, as the fure and only means of rendering this kingdom profperous and hap py. AR. JOHNSTON, Chairman, ED. POTTINGER, Secretary. FINANCIAL STATE OF THE NA TION. Report of the Secret Committee appointed to enquire into the Financial State f the Nation. I.-The public Funded Debt. By and on the behalf, and at the debts, as they stood upon the defire of four thousand eight hundred and three freeholders of the county of Down, who fubfcribed their names to the above petition. Return to the Order of the Honourable Houfe of Commons, of the 24th of March, 1797, for an account of the Advances made, or ordered to be made, for the fervice of his Imperial Majefty, fince the 13th of December, 1796:And alfo of the fecurities for the repayment of the fame; together with an account of the dates of the advances reSpectively. ADVANCES MADE. Tdebts, 5th of January, 1793, appears to have been, in funded capital, L. 238,231,248 5 2 And the total of the annual intereft and charge of the public funded debt at that period amounted to L. 9,325,866 4 3 The public debts which arofe between the 5th day of January, 1793, and the 5th of January, 1797, appear to have been created by the raifing of 59,000,000l. fterling upon loans, and by the funding of navy, victualling, and tranfport bills, to the amount of 7,624,8961. 6s. 1d. fterling; amounting in the whole to the fum of L. 66,624,896 6 1 And it appears that, in consequence thereof, the total amount of the public debts created between the 5th of January, 1793, and the 5th of January, 1797, was in funded capital L. 88,840,122 14 0 And the total of the annual intereft and charges upon the above increase of debt, was L. 3,181,623 IS 8 The total funded capital of the public debt was therefore, upon the 5th of Jannary, 1797, was L. 327,071,370 19 2 And the total annual intereft and charge of the public funded debt, L. 12,507,489 0 11 Your Committee think it neceffary further to ftate, that in order to fhew correctly the complete amount of the annual charge, the fum of 1,000,000l. ifhed to the commiffioners for reducing the national debt, fhould be added to the intereft and charges of the debt exifting on the 5th of January, 1793: and that a further annual fum, in respect of the 11. per centum per annum, on capital funded fince the 5th of January, 1793, payable to the faid commiffioners, amounting to 923,1541. 19s. 4d. fhould be added alfo to the intereft and charges of the debt created fince that period. Thefe being taken together, viz. 1,923,1541. 19s. 4d. and added to the former fums, viz. 12,507,4891. 17s. 114d. the total annual charge of the public funded debt, including the fums applicable to the reduction thereof, as it stood upon the 5th of January, 1797, was L. 14,430,644 17 34 Your Committee alfo beg leave to obferve, that neither the amount of the flock created by funding certain Navy, Victualling, Tranfport, and Exchequer bills, in the courfe of the prefent feffion, nor by the loan of eighteen millions for the fervice of the year 1797, are noticed in the statement; as they neither are nor, by the courfe of the Exchequer, could be included in the account made up to the period marked out by the inftructions to your Committee. Your Committee, in concluding this part of their enquiries, think it right to obferve, upon the total of the capital ftock fo created and so conftituting the public funded debt, 1ft, That its amount is not to be confidered as if it could only be extinguifhed by a redemption at par; inafmuch as the progreffive reduction of the national debt by the prefent finking fund conftantly operates, by buying up the debt according to the current price of the ftocks; the effect of which they have entered into more fully in a fubfequent part of this report. 2dly, That the funded capital of the public debt includes in it the amount of the capital purchased by the commiffioners for reducing the national debt. And, 3dly, That the annual charge upon the public, by way of intereft and annuities for terms, includes in it the intereft of the stock purchafed by the commiffioners, and alfo of the annuities which have expired. 35 Your Committee think it also proper to ftate here, that by ftatute $5 George III, chapter 93, provifion was made for guaranteeing the payment of the dividends on a loan of 4,600,000l, on account of the which statute there has been created Emperor; under the authority of In capital ftock, 31. per cents. L.3,833,333 6 8 And in annuities for twenty-five years, from the 1st of May, 1794, L. 230,000 00 Taxes. The Committee proceed first to ftate the produce of each of the four years, preceding the 5th of January, 1797, of the permanent taxes which exifted previous to the 5th of January, 1793. Upon From this fum must be deducted the average produce of the taxes repealed in 1792, amounting, as appears by papers laid before the Houfe of Commons, on the 10th and 15th of February, 1792, to about 223,000l. leaving a fum of L. 13,249,000 Your Committee have alfo thought it proper to afcertain the average produce of the permanent taxes during the four years which immediately preceded the prefent war; and they find the fame to have been, after allowing for the deduction of the fhop-tax, and the duties repealed in 1792, about L. 13,831,000 Your Committee have the fatisfac. tion of obferving, that the actual produce of the fame taxes, on the average of the four years of war (without making any allowance for the ftoppage of the diftilleries) exceeds the estimate formed in 1791, by above 530,000; and is below their average produce in the four preceding years of peace only, by L. 50,000 Your Committee have next proceeded to examine the produce of the feveral taxes provided for defraying the increafed charge of the public debt, from the 5th of January, 1793, to the 5th of Jauary, 1797; diftinguifhing the produce of each year. L. 604,644 9 2 In ftating the produce of these feveral taxes, your Committee think it neceffary to obferve, that the produce of new duties within the first year of their being impofed, can feldom afford correct means of eftimating their real productiveness, In fome inftances the first year has been more productive than fubfe quent years; but, in general, the firft year has been lefs productive, the collection of most duties not taking place before a confiderable part of the current year has elapfed, and a confiderable part of the produce of the fraction of the current year not being paid into the Exchequer till after the termination of that year, and the modes of col lection not being brought at their beginning to their greatest degree of efficacy, an accurate eftimate of it cannot be made from the amount of its produce which appears upon the Exchequer account. Your Committee were, however, defirous of examining how far the produce of the taxes, impofed in the three first years of the war (of which alone, at prefent, your committee have been enabled to form any adequate judgment) appears fufficient to defray the charges of fuch part of the public debt as has been funded during the fame period. For this purpose they have looked to the year moft diftant from their commencement, as affording, for the reafons above given, the best means to judge of their productiveness. In 1793, they find that the annual charge upon the public, on account of the intereft, management, and 11. per cent. upon the debt funded in 1793, was L. 252,812 The produce of the duties anfwerable for this charge was, in the year 1796, only L. 166,813 But your Committee think it their duty to obferve, that this produce muft have been materially affected by the ftoppage of the diftilleries, which prevailed from June 1795 to November 1796. 1796 In 1794, the annual charge upon the public, on account of the intereft, management, and 11. per cent. on the debt funded in 1794, appears to be L. 773,824 The produce of the duties continued and impofed in that year appears to have been, in the year L. 818,868 In 1793, the annual charge upon the public, on account of the intereft, management, and 11. per cent. upon the debt funded in 1795, was L. 1,227,415 The produce of the duties anfwerable for this charge was, in the year 1796 L. 1,332,794 In 1796, the charge upon the public, for the intereft, management, and 11. per cent. upon the debt created, was L. 1,851,226 2 The actual receipt at the Exche quer of the duties impofed in that year was, on the 5th of January, 1797 L. 604,644 Your Committee, for many of the reafons above affigned, do not think it poffible for them at prefent to form, upon fimilar grounds, an eftimate of a whole year's produce of the duties impofed in 1796; neither do they think it adviseable to delay this their first report, by entering into any detailed examination of the particulars; they feel it, however, their duty to obferve, that no adequate judgment can be formed of the future produce of thefe taxes from the actual receipt at the Exchequer at the abovementioned period. III.Unfunded Debt and Demands outfianding. Your Committee have next proceeded to examine and ftate the amount of the unfunded debt and demands outstanding on the 5th of January, 1797, under the heads of Exchequer, Treafury, Army, Barracks, Ordnance, and Navy, as ftated by the refpective offices in the feveral accounts annexed, referving to themfelves the liberty of ftating in any future report any further information or observations thereupon, which a more detailed inveftigation may enable them to lay before the Houfe. They have diftinguished under each head-1ft, What part of the unfunded debt has been provided for; 2d, What part, although provided for by the grants of former years, had not been paid on the 5th of January, 1797, by reafon of the confolidated fund not having produced the furplus at which it was eftimated; and, 3dly, What What part appears at present to be balances from public accountants) unprovided for. Totals of the Unfunded Debt. 1. Charged on funds which were infufficient on the 5th of January, 1797 L. 3,284,012 6 12 2. Unprovided for 12,736,900 0 3 L. 16,020,912 6 5 3. Provided for, being the anticipation, in the ufual form, upon the land and malt taxes, L. 5,682,000 0 0 Your Committee think proper to obferve in this place, that (befides what may be due to the public upon monies imprefted, and the following fums have been ad- propofed to be advanced to the Your Committee have next proceeded to examine and state the expected total amount of the public expences for the year ending the 5th of January, 1798, as far as the fame can now be ascertained or eftiniat ed by the feveral offices; and they find the estimates are as follow, viz. 1. Navy L. 12,935,496 0 0 In this estimate no future charge is included for neutral cargoes, as the value has not yet been afcertained by the affeffors appointed by the Admiralty Court. 2. Army. L. 6,897,958 5 } 11,034,959 5 0 The extraordinaries of the army for the current year appear now to be brought forward, for the first time, by way of eftimate, having always conftituted a part of the charge of the fucceeding year. 3. Barracks 4. Ordnance 5. Mifcellaneous Services 449,076 0 0 1,321,024 9 2 1,149,843 17 6 In this fum are included 600,0001. proposed to be lent to perfons connected with and trading to the 26,890,398 11 iflands of Grenada and St. Vincent, and also a further fum of 464,9201. 17s. 6d. for articles which it has been ufual to pay, in the first instance, out of the civil lift, and to propofe afterwards to parliament to vote a fum fufficient to repay what has been fo advanced. Brought |