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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 1163: FINANCIAL STATEMENT, ETC.
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 STATEMENT, ETC.

The ministerial budget was brought forward on the 15th day of May. The total income of the year 1840 amounted to £47,685,000, and the total expenditure £49,300,000; leaving a deficiency of £1,457,000. With a view of meeting this deficiency, however, a vote of £1,000,000 of exchequer-bills had been taken, which reduced the balance to £457,000. Mr. Baring calculated the expenditure of the current financial year to be £49,432,000, and the income £46,700,000. To meet the deficiency he proposed to increase the assessed taxes fen per cent.; the customs and excise five per cent.; to lay an additional duty of fourpence per gallon on all spirits, British, colonial, and foreign; and to take a vote of credit of £395,000. He, expected, also, that by a more strict collection of the assessed taxes he should obtain £150,000. His income and expenditure would thus be made equal; but as the increase to be derived from raising the duties would not be available to the full extent this year, he thought it would be necessary to take a vote of credit for £350,000. He concluded by moving resolutions authorizing him to make the proposed additions to the taxes.