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The History of England in Three Volumes, Vol.III. / From the Accession of George III. to the Twenty-Third Year of the Reign of Queen Victoria cover

The History of England in Three Volumes, Vol.III. / From the Accession of George III. to the Twenty-Third Year of the Reign of Queen Victoria

Chapter 1010: FINANCIAL STATEMENTS.
By Edward Farr
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About This Book

The volume traces British political, parliamentary, and military developments from the accession of George III through the early nineteenth century, chronicling changes of ministry and cabinet, debates over colonial taxation and the American conflict, parliamentary controversies involving figures such as Wilkes and Warren Hastings, questions of Catholic relief and slave-trade abolition, and responses to the French Revolution and Napoleonic wars, including major naval and continental campaigns, the union with Ireland, and domestic legislation on finance, civil liberties, and parliamentary reform.

FINANCIAL STATEMENTS.

The budget was opened on the 1st of April. As this was the first occasion of bringing any financial statement before a reformed parliament, the chancellor of the exchequer said that he thought it right to state what progress had been made in redeeming that pledge of economy on which the administration had taken office. In the number of places abolished, he showed that there had been a saving effected of £192,000, and he said that the diplomatic expenses had been reduced by £91,735. A saving of £28,000 had also been effected by bringing a number of persons from the retired list in the revenue department, and placing them on active service. The state of the finances was more satisfactory than during the last session. The chancellor of the exchequer stated that the amount of the income and expenditure of the year was respectively £46,853,000 and £45,366, leaving an excess of income over expenditure of £1,487,000, an excess which would be more than sufficient to cover the deficiency of £1,240,412 of the preceding year. He estimated the revenue for the present year at £46,494,128, and the expenditure at £44,922,219, which would leave a surplus of about £1,572,000. He thought it desirable, he continued, that a reduction of taxes should be made to the extent of this surplus. He proposed to make the reductions on taxes chiefly which fell on industry; and he selected tiles, marine insurance, advertisements, the assessed taxes, cotton, and soap, as the taxes to be reduced. The estimated loss to the revenue by these reductions was £1,056,000, which would leave a surplus for the year, after the above reductions, of £516,000. Mr. Hume thought the reductions were neither sufficiently great nor sufficiently numerous; they ought to be pushed at least to the extent of the estimated surplus. On the contrary, Sir Robert Peel was disposed to think that the chancellor of the exchequer had carried reduction too far: it was dangerous, he said, to reduce taxes to such an extent as might affect our ability to keep faith with the public creditor. He concurred, however, in the general view the noble lord had taken of the subject: he had acted wisely in maintaining the system of taxation as it stood at present. The financial statements of the chancellor of the exchequer appear to have given general satisfaction, for there was no discussion on the details.