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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 698: 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.

On the 17th of June Mr. Vansittart, the new chancellor of the exchequer, brought forward his budget, which had been nearly arranged by his predecessor. The charges were stated at £7,025,700 for Ireland; and £55,350,648 for Great Britain. This was a terrible extent of charge, he said; but great as it was, the resources of the country were still equal to it. By an enumeration of ways and means, he produced a result of £55,390,460, including a loan of £15,650,000; but there had been previously a loan of £6,789,625; which, added to the new loan, and to exchequer-bills funded this year, created an annual interest of £1,905,924. To provide for this Mr. Vansittart proposed to discontinue the bounty on printed goods exported, and to increase the duties on tanned hides, glass, tobacco, sales by auction, postage of letters, and assessed taxes. The aggregate product of these increased duties were estimated at £1,903,000. The augmentation of the duty on leather was strongly opposed; but the whole budget received the sanction of the house.