been

an article of expenditure: this has 231,935. The sum issued to the commissioners for discharging the national debt has been, as above stated 4,750,000l. exclusive of what they have received from the interest of stock bought, or of annuities expired or fallen in.

The total expence under all these heads, amounts to 88,116,916. But the total receipt for the last five years is stated to have been only 87,832,327. To this will be to be added (for reasons already explained) the amount of the deficiency of grants for 1790, which remains to be defrayed out of the ways and means of 1791 207,7281. The total, applicable to the expences of the five years will then appear to have been 88,040,055l. There will be then left unaccounted for a sum of

76,8611.

by which the disbursement will have exceeded the amount of the several articles of receipt which it has been possible in this statement to ascertain.

It would certainly have been more satisfactory if the totals now drawn up had been found to tally with perfect accuracy. It must, however, be recollected, that the accounts referred to your committee include a period when the revenue was encumbered with a variety of minute appropriations: and although the change made, by the consolidation act, in the course and practice of the exchequer, has simplified the accounts since the time when it took place, yet the intricacy of the former system has probably rendered it difficult precisely to VOL. XXXIII.

ascertain the sums brought forward, under different heads, from an antecedent period; and that difficulty may be supposed to have been in some measure increased by the interval of time which has now elapsed since that system was altered.

$ 14. In order, however, to throw still farther light upon this part of the subject, your committee have thought proper to add a brief statement of the account in a different point of view.

For this purpose they have stated as the income the several surplusses of the sinking and consolidated funds, as they stood at the end of each quarter, from the 5th of April, 1786, to the 5th of January, 1791, both inclusive; and such farther sums as appear in the ways and means of each year, taken from the accounts laid annually before parliament, shewing how the money given for the service of each year respectively has been disposed of. The expenditure is composed of such sums as have been charged in each year, in consequence of the grants of parliament, excluding only (for reasons above stated) such as have been voted in 1787, 1788, 1789, and 1790, under the head of deficiencies of the grants of the years respectively preceding. In this manner of stating the account, no notice is taken, on either side, of the fixed charges upon the income, or of the revenue by which they are defrayed; but the principal of the annual exchequer bills, and the deficiencies of the annuity funds, are included on both sides. These deficiencies were sums which, prior to the consolidation act, were an

K

nually

nually made good, out of the sinking fund, to the various other funds appropriated to the payment of particular annuities, and replaced to that fund out of the supplies of the subsequent years.

It appears by the table referred to, that the whole receipt for the last five years (so stated) has been 62,519,440l.

To which must be added 176,3471. being the sum wanting on the 31st day of December 1790, to make up what had been granted as the growing surplus of the consolidated fund, up to the 5th of April, 1791, to defray the services included on the other side of the account.

And a farther sum of 207,7281. under the head of deficiency of grants of 1790, being that by which the whole of the ways and means granted for the service of that year falls short of defraying the expences incurred in the course of it.

The total will then be 62,903,515. The amount of the grants for the same period appears to have been 62,903,5191. The difference between the totals, which may be supposed to arise only from fractions, may be entirely overlooked.

§ 15. Your committee, desirous of ascertaining in what manner the difference between the receipt and expenditure, as first stated, has arisen, by all the means which occurred to them, proceeded to examine the disposition papers of each year; and have taken the surplusses of the sinking and consolidated funds (as before) for each quarter, from the 5th of April 1786, to the 5th of January 1791, both inclusive;

deducting only the sums carried to them to make good the annuity funds, which do not appear as articles of expenditure.

As these surplusses arise after defraying the interest of the public debt, the annual million, the civil list, and all other permanent charges upon these funds, the whole of which must have been paid as they became due, at the expiration of each quarter, before any surplus could be applied to the current service of the year, it is evident that the total income arising from the permanent taxes, and other articles, carried, during this period, to the sinking and consolidating funds, must have exceeded the amount of those surplusses by a sum equal to the amount of the charges above enumerated.

Adding, therefore, to these surplusses, the charges above statedthe amount paid out of the appropriated duties for the purposes to which they are respectively appropriated-the sums separately voted as the ways and means of each year, exclusive of the principal of the annual exchequer bills-the sum wanted, on the 31st of December 1790, to complete the total for which the growing surplus had been taken, up to the 5th of April 1791-and the deficiency of grants, 1790, the total will be 88,116,9187.

In order to examine the expenditure in a similar manner, your committee have taken the totals, stated in the disposition papers, as granted by parliament, as the whole amount of the supplies; deducting only the principal of the annual exchequer bills the deficiencies of the annuity funds the deficiencies of grants for every year, except

7

It is farther to be observed, that in the year 1786, the growing produce of the sinking fund was taken up to the 5th of April, 1787, which included the surplus of five quarters, and appears to have been for the time an anticipation, to a certain extent, of the revenue of the subsequent year; and that the growing produce of the sinking and consolidated funds had, since that time, been taken from April to April. The surplus of the consolidated fund has produced, on the 31st of December, 1790 (being the day on which the account of that fund was made up) within 176,3471. of the whole sum for which it had been taken, up to the 5th of April, 1791. This sum, therefore, was, on the 31st of December, 1790, all that remained of the amount of that anticipation. Your committee having called for an account of the produce of the taxes from that day to the 5th of January, 1791, find that it amount ed to

200,468/. If, therefore, the balance had been struck upon the consolidated fund account on the 5th of January in 1791, as was done in 1786, (instead of so many days earlier than usually happens in the course of the exchequer) the produce of the three last quarters would have been rather more than sufficient to make good the whole charge on the growing produce of that fund for the supplies of the year 1790, without any anticipation.

Your committee beg leave also to remark that an alteration was made with respect to the time of payment of certain annuities, by an act of the 26th of his present majesty, cap. 34. One quarter was

paid on the 10th of October, 1786, and the future payments were directed to be made half-yearly, on the 5th of April, and the 10th of October. By this change the public availed itself, in that year, of the amount of one quarterly payment upon these annuities, which would have been payable on the 5th of January, 1787 (in addition to that issued on the 10th of October), which quarter was not afterwards to be paid till the 5th of April, 1787; and, on the other hand, the public became bound, for the future, to pay, on every 5th of April, half a year's interest, being in fact an advance of one quarter, which would not otherwise have been payable till the 5th of July following. The result of this is, that, on the 5th day of January, 1791, there had been paid, upon the whole, one quarter less, on account of the interest of these annuities, than would have been issued if the above-mentioned alteration had not taken place.

It is farther to be observed, that the abolition of all the distinct appropriations, and the charging all the quarterly issues for the interest of the public debt on one general fund, to which all the permanent taxes are carried, has produced the effect of making the whole amount of the revenue in the exchequer applicable, at the end of each quarter, to the discharge of the demands then existing; whereas, under the former system, that part of the revenue which consisted of taxes distinctly appropriated to the payment of the interest of particular annuities, could only be applied to the half-yearly payments on those annuities; in consequence of which, there remained, at the expiration

of

armament, and the sums voted for defraying it.

Credit has been taken, in making up this account, for so much of those sums as was intended to replace the stores delivered out in the course of the last year, which apparently diminishes the debt, till that service has been fully performed. Some of the works proposed in the extra estimate of 1790 having been necessarily suspended, in consequence of the exertions for the armament, left a part of the sum voted on that estimate applicable, in the course of that year, to the reduction of the debt.

A farther sum arose from the additional expence of the armament having been stated as including the purchase of hemp and other articles, which, although immediately necessary for the extraordinary preparations then made, are stated to have been in fact defrayed out of the grants of parliament for the current service of the navy. Your committee, therefore, having reason to believe that the great apparent decrease of the debt during the last year would have proved only temporary (even if the navy had continued this year upon the usual establishment), have thought proper to state the increase of the period referred to them, by comparing the state of the debt on the 31st of December, 1785, with that of the 31st of December, 1789; and, by deducting from this increase the sum of 200,000l. voted by parliament, it would then stand at 457,950. The deficiency of the grants of 1790, which falls upon the revenue of 1791, is 207,7281. But the deficiency of grants of 1785, which was defrayed out of

127,1387. The difference, therefore, must be added to the increase of the debt in the whole period, and makes a sum of 80,5901.

There appears by the ordnance account to have been, on the 5th of January, 1791, a sum due, for articles not provided for by parliament, amounting to 61,9091. which has been since voted, and must be considered as a part of the debt incurred in the five years preceding.

The whole excess of the sum applied to the discharge of the public debt, beyond those by which it has been increased (during the last five years) appears to have been, according to the above statement, 3,822,0037.

The amount of the unfunded debt arising from the exchequer bills annually issued by the authority of parliament upon the credit of the supplies, is 5,500,0001. being the same as at the commencement of this period, exclusive of those issued in consequence of the late armament, which are charged upon taxes appropriated to that purpose, and not included in the statement of the future income of the country.

The amount of the exchequer bills annually issued on the credit of the land and malt, which are now outstanding, is not stated by your committee as a part of the unfunded debt, because money applicable to the discharge of those bills is constantly in a course of collection, and no other charge is occasioned by them to the public, except the annual interest, which is already stated as a part of the future expenditure.

It is farther to be observed, that in the year 1786, the growing produce of the sinking fund was taken up to the 5th of April, 1787, which included the surplus of five quarters, and appears to have been for the time an anticipation, to a certain extent, of the revenue of the subsequent year; and that the growing produce of the sinking and consolidated funds had, since that time, been taken from April to April. The surplus of the consolidated fund has produced, on the 31st of December, 1790 (being the day on which the account of that fund was made up) within 176,3471. of the whole sum for which it had been taken, up to the 5th of April, 1791. This sum, therefore, was, on the 31st of December, 1790, all that remained of the amount of that anticipation. Your committee having called for an account of the produce of the taxes from that day to the 5th of January, 1791, find that it amount ed to

200,468/. If, therefore, the balance had been struck upon the consolidated fund account on the 5th of January in 1791, as was done in 1786, (instead of so many days earlier than usually happens in the course of the exchequer) the produce of the three last quarters would have been rather more than sufficient to make good the whole charge on the growing produce of that fund for the supplies of the year 1790, without any anticipation.

Your committee beg leave also to remark that an alteration was made with respect to the time of payment of certain annuities, by an act of the 26th of his present majesty, cap. 34. One quarter was

paid on the 10th of October, 1786, and the future payments were directed to be made half-yearly, on the 5th of April, and the 10th of October. By this change the public availed itself, in that year, of the amount of one quarterly payment upon these annuities, which would have been payable on the 5th of January, 1787 (in addition to that issued on the 10th of October), which quarter was not afterwards to be paid till the 5th of April, 1787; and, on the other hand, the public became bound, for the future, to pay, on every 5th of April, half a year's interest, being in fact an advance of one quarter, which would not otherwise have been payable till the 5th of July following. The result of this is, that, on the 5th day of January, 1791, there had been paid, upon the whole, one quarter less, on account of the interest of these annuities, than would have been issued if the above-mentioned alteration had not taken place.

It is farther to be observed, that the abolition of all the distinct appropriations, and the charging all the quarterly issues for the interest of the public debt on one general fund, to which all the permanent taxes are carried, has produced the effect of making the whole amount of the revenue in the exchequer applicable, at the end of each quarter, to the discharge of the demands then existing; whereas, under the former system, that part of the revenue which consisted of taxes distinctly appropriated to the payment of the interest of particular annuities, could only be applied to the half-yearly payments on those annuities; in consequence of which, there remained, at the expiration

of