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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 897: 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.

Mr. Canning brought forward the budget on the 1st of June. The method which he adopted in his statement, was, to state first the financial situation of the country at the end of the preceding year; then to combine and compare that one year with the several years which had preceded it; and finally, to suggest the provision to be made for the service of the present year, and the grounds on which he felt himself justified in looking forward with confidence to the result. By a review of income and expenditure during the four past years, it appeared from his statements, that, on an expenditure of £230,000,000, including the annual sinking-fund of £5,000,000, there was an apparent deficiency of £1,265,687. Against this, however, was to be placed the amount of advances from the exchequer, either in loans to carry on public works, or for beneficial purchases, which the public had in possession as available securities for repayment. The amount of excess in these advances for the four years, was near £2,000,000, so that in fact there remained about £1,100,000, as a real surplus of income beyond expenditure. Mr. Canning suggested the propriety of providing for the temporary deficiency by an issue of exchequer-bills. The supplies which he demanded for the year amounted to £57,500,000, including the sinking-fund; and the various items of which they were composed were all voted without opposition. At the conclusion of his statements Mr. Canning said, that he intended to bring the expenditure of the country to the lowest possible scale consistent with the public service, and that it was the determination of government to apply their best efforts to the matter, and to call the house into council on the subject. His financial statements, indeed, were made with such ability and candour, that they secured for him the confidence both of the house and the country.