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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 911: 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 by the chancellor of the exchequer on the 11th of July; and it was opened with a clearness and simplicity that disarmed even the opposition of Mr. Hume, disposed as he was at all times to cavil about figures. The total ordinary net revenue of the year 1827 was £49,581,576; but to this were added £4,245,000 received from the Bank on account of the dead-weight, and the sum of £660,081 under the head of extraordinary and miscellaneous, making a total revenue of £54,486.657. The chancellor of the exchequer said, that the total ordinary revenue for the year 1828 might be considered as amounting ta £50,381,530, to which must be added £3,082,500, to be received from the trustees of military and naval pensions, together with miscellaneous payments of £438,000, making a grand total of £53,902,030. The expenditure he calculated as £50,104,522, which, being deducted from the revenue, left a surplus of £3,797,508 From this, however, was to be taken the advances to public works, £708,000, so that the clear surplus was only £3,088,708 instead of £5,000,000 to be applied as a sinking-fund. It was considered impossible in the present circumstances of the country, to supply this deficiency of the sinking-fund by additional taxation; so that it was agreed to limit the said fund to the amount of such a balance as might remain after the expenses of the year were liquidated. It was stated by the chancellor of the exchequer that, in the course of the last eleven years, the amount of debt redeemed was £29,000,000. It must be acknowledged, however, that the existing system of incurring debt with one hand, and redeeming it with the other, was a delusion.