..... 52,881 14 6 573,418 4 9 And also, for payment of age produce of the taxes repealed in 1792, amotinting, as appears by papers laid before the House of Commons on the 10th and 15th February, 1792, to about 223,000l. leaving a sum of 13,249,000l. Your Committee have also thought it proper to ascertain the average produce of the permanent taxes during the four years which immediately preceded the present war; and they find the same to have been, after allowing for the deduction of the shop-tax, and the duties repealed in 1792, about* 13,831,300l. Your Committee have the satisfaction of observing, that the actual produce of the same taxes, on the average of the four years of war (without making any allowance for the stoppage of the distilleries), exceeds the estimate formed in 1791, by above 580,000l., and is below their average produce in the four preceding years of peace only by 50,000l. And making such allowance, on either of the grounds above stated, it would exceed the said estimate of 1791, by about 650,000l., and exceed the said average produce by more than 60,000l. §2. Your Committee have next proceeded to examine the produce of the several taxes provided for defraying the increased charge of But as your Committee thought that some the public debt, from the 6th of January, allowance ought to made for the increase of 1793, to the 5th of January, 1797; distinthe duty on foreign spirits during the stop-guishing the produce of each year. page of the distilleries, they proceeded to compare the actual produce of the duty on foreign spirits in 1796, amounting to 831,241/. with the average produce in 1793, 1794, and 1795, amounting to 737,8244., from which results an excess of 93,4277. in 1796, which excess, subtracted from 557,7937. being the deficiency upon the duty on British spirits, leaves a sum to be added to the produce of these taxes in 1796 amounting to 464,3667. Upon this examination they find, that the duties continued in 1793 produced, Some allowance, however, upon this computed amount of the loss upon the distilleries, should be made, in consideration of any increase of duties upon beer which may have taken place within the same period, and on that account; but what the amount of that allowance may be your Committee have not the means of ascertaining. Upon the result of this examination, your Committee find the actual average produce of the permanent taxes for these four years, to be about 13,780,000l. To which, if there be an addition for the deficiency occasioned by the stoppage of the distilleries, as estimated upon the first principle, it will be 13,919,000l.; and upon the second 13,895,000l. Your Committee, adverting to the estimate of the probable produce of the permanent taxes made by the select committee of 1791, upon an average of the three preceding years, find it to have been 13,472,000l., exclusive of any additional allowance for the taxes imposed in 1789, or for any probable increase in the produce of the duties on tobacco. From this sum must be deducted the aver[VOL. XXXIII.] In 1793... ...... 1794 .... 1795 1796. .... £.247,638 0 0 248,858 10 6 That the duties continued and imposed in 166,813 0 ...... £.618,040 13 4플 1794 produced, In 1794 1795 ...... 822,122 9 0 That the duties imposed in 1795 produced, In 1795 ... £. 1,373,000 9 7 1,332,794 19 4 1796 .... ...... observe, that the produce of new duties within the first year of their being imposed, can seldom afford correct means of estimating their real productiveness. In some instances, the first year has been more productive than subsequent years; but, in general, the first year has been less productive; the collection of most duties not taking place before a considerable part of the current year has elapsed, and a considerable 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 collection not being brought at their beginning to their greatest degree of efficacy, an accurate estimate of it cannot be made from the amount of its produce which appears upon the exchequer account. Your Committee were, however, desirous of examining how far the produce of the taxes imposed in the three first years of the war (of which alone, at present, your committee have been enabled to form any adequate judgment) appears sufficient to defray the charges of such part of the public debt as has been funded during the same period. For this purpose they have looked to the year most distant from their commencement, as affording, for the reasons 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 interest, management, and 17. per cent upon the debt funded in 1793, was 252,812/. The produce of the duties answerable for this charge was, in the year 1796, only 166,813/. But your Committee think it their duty to observe, that this produce must have been materially affected by the stoppage of the distilleries, which prevailed from June 1795, to November 1796. If addition were made to the preceding sum, calculated upon the principles adopted upon the same subject under the head of permanent taxes, according to the first of these principles, it would be 81,820l., and the produce of the duties in 1796 would be 248,6337. Or, if made according to the second principle, the addition would be 66,1477., and the total 232,9601. In either case it appears nearly equal to defray the charges created in the year 1793. In 1794, the annual charge upon the public, on account of the interest, management, and 17. per cent of the debt funded in 1794, appears to be 773,8241. The produce of the duties continued and imposed in that year, appears to have been, in the year 1796, 818,868/. An observation similar to that made upon the year 1793, arises upon the part of these duties which was raised upon spirits, so far as the same was affected by the stoppage of the distilleries. The addition to be made in this respect, upon the first principle of calculation, would pre | be 85,6681. and would make the whole duce of these duties about 904,5361. The addition to be made upon the second principle would be 38,428., and would make the total produce about 859,2961. It appears also that the sum of 66,000 was received in 1795 for the increased duty on spirit licences, upon which nothing appears to have been received in 1796. In every view they appear to leave a considerable surplus, after defraying the charges of the debt created in the year 1794. In 1795, the annual charge upon the public, on account of the interest, management, and 17. per cent upon the debt funded in 1795, was 1,227,4157. The produce of the duties answerable for this charge was, in the year 1796 1,332,794), The former observations upon the duties imposed on spirits might here also be appli cable; but as no adequate judgment can be formed from the actual receipt in 1795, it being the first year of their commencement, your Committee have no grounds for forming an estimate upon the same principles. The new duty upon wine produced, In 1795 ... In 1796 only 736,871 0 0 432,689 0 0 The difference has probably arisen partly from the duty having been taken in 1795 upon the stock in hand, which swelled the produce of that year, and partly from the decreased importation in 1796. Estimating, however, the produce of these duties only by the actual receipt in 1796, they appear also to exceed, by a considerable sum, the charges of the debt created in that year. In 1796, the charge upon the public for the interest, management, and 17. per cent upon the debt created, was 1,851,2267. The actual receipt at the exchequer of the duties imposed in that year, was, on the 5th of January, 1797 604,644/. Your Committee, for many of the reasons above assigned, do not think it possible for them at present to form, upon similar grounds, an estimate of a whole year's produce of the duties imposed 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 observe, that no adequate judg ment can be formed of the future produce of these taxes from the actual receipt at the exchequer at the above-mentioned period. They have subjoined to this their first report, a statement of the dates at which the several taxes imposed in the year 1796 commenced, and such other documents as have been laid before them upon this subject. III.—Unfunded Debt, and Demands Out standing. Your Committee have next proceeded to examine and state the amount of the unfunded debt, and demands outstanding on the 5th of January, 1797; under the heads an act for granting 2,895,000l. out of the consolidated fund, anno 1795 *1,540,000l. And also the amount of bills issued under an act for granting 3,500,000l. out of the consolidated fund, anno 1796, 1,323,000l. 3dly. Two articles of the unfunded debt of the exchequer appear at present to be unprovided for, viz. of exchequer, treasury, army, barracks, ordnance, and navy, as stated by their respective offices, in the several accounts annexed; reserving to themselves the liberty of stating, in any future report, any farther information or observations thereupon, which a more detailed investigation may enable them to lay before the House. They have distinguished under each head;—1st, What part of the unfunded debt has been provided for;-2nd, What part, although provided for by the grants of former years, had not been paid on the 5th of January, 1797, by reason of the Consolidated fund not having produced the surplus at which it was estimated;-and Sdly, What part appears at present to be unprovided for. 1. The unfunded debt of the exchequer consists, 1st, Of bills which may be considered as provided for; viz. bills standing out undischarged for land and malt taxes of the years 1795, 1796, and 1797, amounting in the whole to 5,682,000l. Upon this matter your Committee observe, that although they are obliged to state this sum as part of the exchequer bills standing out undischarged, and as having the appearance of an unfunded debt, yet that it consists principally of an anticipation (in the usual form) of the land and malt taxes already voted by parliament, which will be re-paid by the produce of those taxes in the regular course of their collection; the only part of it which can with any propriety be called an unfunded debt, arises from the deficiencies of land and malt; these deficiencies are constituted by the interest due upon the bills, and by the difference between the amount of the sams advanced by the Bank upon these taxes, at a computed amount of 2,750,000l. per aunum, and the actual receipt upon these taxes in each year at the exchequer, after the usual deductions for collection, payments to militia, &c.; and they have uniformly made a part of the annual charge, under the head of supply. 2d. The second description of unfunded debt of the exchequer, is composed of certain Sums provided for out of funds which, upon the 5th of January 1797, were insufficient for this purpose, viz. Exchequer bills then standing out undischarged upon the land tax ..... .... of 1794 Malt tax of 1794 .... 141,000 196,000 § 4. The extraordinary expenses of the army incurred, and paid by the paymaster general from the 25th December, 1795 to the 24th December, 1796, both inclusive, appear to be unprovided for, and amount to 3,387,4761. 6s. 6d. These extraordinaries have heretofore been usually stated as part of the supply for the year subsequent to that in which they were incurred and paid. But it is necessary to observe, that this sum, when voted, will afford the means of paying the sum of 1,583, 2434, which appears *N. B. In this sum is included the sum of 1,023,000l. stated by the chancellor of the exchequer (for re-payments to the Bank) as part of the supply for the year 1797. for to have been an outstanding demand army services on the 5th of January, 1797. In like manner the sum of 150,780l. being a demand outstanding in part of the sum of 290,000l. voted by parliament for the erection of permanent barracks, would be repad out of these army extraordinaries when voted. § 5. In the barrack department there is an outstanding demand unprovided for, of 288,048/. § 6. In the ordnance there appears to be an outstanding demand, of which 136,780l. 4s. 3d. is stated to have been unprovided for, the remainder having been already granted in this session of parliament; but in the present view of this subject, the whole may be considered as unprovided for 717,7417. Os. 1d. § 7. The unfunded debt of the navy unprovided for, is 4,610,246/. 14s. 4d. But your Committee observe, that from the delay in calling for payment of many of the charges of which this debt is composed, a floating arrear, to a very considerable extent may generally be expected to subsist, according to the nature and extent of this service. augmentation of his majesty's forces, which were provided for by the taxes upon the Spanish armament, 1,213,000l. § 11. Your Committee think proper to obdue to the public upon monies impressed, serve in this place, that (besides what may be and balances from public accountants) the following sums have been advanced by way of loan, and now remain due to the public: Advance by way of loan to the emperor 1,420,000/. Ditto for relief of islands of Grenada and St. Vincent 910,000l. Advance paid on bills drawn by the treasurers of the said islands, for the purchase of provisions, &c. 140,000l. Remitted in specie to Ireland 52,500l. to be advanced to the planters of Grenada And a farther sum of 600,000l. is proposed of the supply for the present year 600,000l. and St. Vincent, included in the statement IV. ESTIMATES. Your Committee have next proceeded to examine and state the expected total amount of the public expenses for the year ending the 5th January, 1798, as far as the same can now be ascertained or estimated by the seve § 8. Two farther demands are also to be ral offices, and they find the estimates are stated here as unprovided for, viz. Hanoverian troops Brunswick ditto .... ...... 83,603 12 7 7,570 11 6 3,284,012 6 14 12,756,900 0 34 £.16,020,912 6 5% 3d. Provided for, being the anticipation, in the usual form, upon the land and malt taxes 5,682,000l. § 10. Your Committee have thought proper to compare the unfunded debt and demands outstanding on the 5th January, 1797, and the unfunded debt and demands outstanding on the 5th of January, 1793, with a view to ascertain the increase of this description of debt during the war, and they find that the unfunded debt and demands outstanding on the 5th of January, 1793, consisted of the following articles: 1. Exchequer bills 2. Treasury account ......5,500,000 0 0 685,936 1 3. Army services unsatisfied 641,176 0 4. Ordnance ditto 5. Navy Debt 81,025 5 .3,344,397 3 0 8 5 as follow, viz. 1. Navy In this estimate no future Extraordina- . ries for 1797 4,137,000 0 5th Miscellaneous services re-pay what has been so advanced. 6th. A sum, upon account, for making temporary advances by way of loan, for The annual sum now applicable to that purpose appears to amount to 3,359,7991. 6s. 2d. Consisting of the following heads: the service of the emperor 500,000, 00 Charged upon the consolidated Add to these a vote of credit, which your committee are informed is intended to be £.30,440,398 11 8 The re-payments to the Bank of 1,023,000l. stated by the chancellor of the exchequer as part of the supply for 1797, are omitted here, as having been included in the sum of 1,154,000l. stated to be a part of the unfunded debt of the Exchequer, not sufficiently provided for on the 5th of January, 1797. Annuities expired or fallen in........ £.3,359,798 The capital stock purchased by the application of the several sums appears to have been on the 16th of March 1797, 23,334,200/. proposed to parliament.... 2,500,000 00 the reduction of the debt has been calculated, § 2. The farther progress to be made in by order of the commissioners, according to the operation of the annual million, the interest of the stock redeemed by it, the amount of expired and unclaimed annuities, and an annual sum of two hundred thousand pounds in aid of this fund, granted by parliament, as applied to the reduction of the debt which existed before the war, and considered as then amounting to the sum of two hundred and forty millions. These calculations, of course, depend upon the different prices at which the several stocks in which the public debt consists may happen to be purchased. The earliest date, according to these calculations, at which the whole of the debt that existed prior to 1793, and taken at two hundred and forty millions, would be cancelled, is 33 years from the 1st of February 1797; and even the most remote date at which it would be cancelled does not exceed 54 years. Your Committee have subjoined to this part of their report copies of these several calculations. V.-WAYS AND MEANS. consist of Articles voted, viz. Land and malt .... Loan Surplus of grants And of articles estimated, viz. Growing produce of the consolidated fund... Exchequer bills §. Your Committee observe, that the said calculations relate only to the progress which will be made, upon different data, in the re•£.1,075,000 duction of the debt existing before the war, 5,500,000 by the application of the funds provided for 200,000 that purpose. Total £. 27,945,000 VI.-REDUCTION OF PUBLIC DEBT. Your Committee have farther proceeded to state an account of the progress that has been made in the reduction of the public debt since the 5th of July 1786, of the sums now annually applicable thereto, and of the farther progress which may be expected to be made, as far as the same can be at present ascertained, in the reduction of the debt now existing. § 1. Your Committee have great satisfaction upon this subject, in contemplating the large means which are now annually employed for the reduction of the public debt, and the considerable progress which has been already made towards that important end, The reduction of the debt which has been The dividend on the stock pur- 77,068 .£,1,418,479 The capital of the new debt to the reduction of which this sum is applicable, is 130,665,8961. In order to give the House fuller information upon this part of the subject, your Committee have called for farther calculations; but in the mean time they think it necessary to observe, that the new sinking fund appears |