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Article HOUSE OF COMMONS. ← Page 3 of 7 →
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House Of Commons.
BUDGET . Wednesday , 26 . The Chancellor of the Exchequer said , that it was with great regret he found himseif under the necessity of laying a large additional burden upon the people . It was necessary , however , under the present severe pressure to convince the enemy and the world that neither our spirits nor our resources failed us . For the sake of brevity we shall not follow Mr . Pitt through his statements of the sums wanted for the service oE the year ; but shall confine ourselves to the
following recapitulation . Navy 1 . 12 , 661 , 000 Deficiency of land and malt 1 . 350 , 000 Army 6 , 600 , 000 Bank advanced , 1795 I , ° 54 > ° o Extraordinaries , 1796 3 , 3 87 , 000 Ditto , 1796 1 , 350 , 000 Treasury bills and warrants 2 , 088 , 000 Ditto on land and malt 900 , 000 Extraordinaries , 1797 4 , 000 , 000 Ditto on exchequer bills 1 , 110 , 000 Ordnance 1623000 Deficiency on the the
conso-,, Barracks , 737 , ooo lidatedfund 2 , 177 , 000 Miscellaneous services , 929 , 000 Vote of credit for 1797 , 2 , 500 , 000 Grenada merchants 600 , 000 Loan . to the i ' . mperor 500 , 000 1 . 42 , 766 , 000 To the commissioners for pay- ing the national debt 200 , 000
Mr . Pitt observed , that this formidable sum total included the repayment of nearly all the advances of the Bank to Government , with all the expences of the present year , as far as they could beestimated . The Chancellor of the Exchequer then stated the Ways and Means to meet this large expenditure , viz . The Land and Malt 2 , 750 , 000 ! . Surplus of Grants , 420 , 000 ! . Loyalty Loan , 18 , 000 , 000 ! . Lottery , 260 , 000 ! . Exchequer Bills , 3 , 000 , 000 ! . and the growing produce of the ! Consolidated Fund , which he should take at two milioas . These
sums , with the present Loan of 16 , 500 , 000 ! . would make more than the forty-two mi : lions stated ' in the supply . Of the eighteen millions to be borrowed , one million and a half was for the sister kingdom , of which the interest was to be provided by the Irish Parliament . Another million ahd a half was to be lent to the Emperor , lo enable hirn to repay the advances- made by this kingdom , with a further Loan of two millions , if sanctioned by Parliament , to assist our faithful Ally in his present struggle of extremity . Heshould also propose a distinct vote of 200000 ! . to pay the half yearly
, dividend on the Imperial- Loan , which would be spent in this country , and prevent the necessity of sending so much money from Vienna . Mr . Pitt next discussed tbe conditions of lhe present Loan , and to repay the interest of which Loan 1 , 234 , 000 ! . remained to be raised by taxes , as follows : An increased duty on Stamps , from which he meant to except ¦ law proceedings , probates of wills under 300 I . legacies and policies of insurance . This tax he took at j 2 o , oool .
A progressive duty on Deeds transferring Property . The principle of this tax was already recognized in the Auction Tax , by which four millions annually were transferred . The property transferred by private bargains was so much more considerable , that though the duty which he should propose was no more than four-pence on every hundred pounds , he should take the produce of the tax at 170 , 000 ! . Stamped Copies of Deeds . By making every copy of a Deed produced in evidence liable to the same duty as the original , he expected to raise 40 , 000 ! .
Probates of Wills . Respecting these , he had some regulations which he expected to produce a like sum of 40 , 0001 . per annum , still excepting those un- < der 300 I . Tax on Newspapers . By laying three-halfpence on each of those fashionable vehicles of intelligence , which , he trusted , would not affect the authors and editors , he hoped for a produce of 114 , 000 ! . And from an increase of duty on Advertisements in proportion to . their length , leaving the short ones to pay ts . as at present , he expected zo , oool .
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software.
House Of Commons.
BUDGET . Wednesday , 26 . The Chancellor of the Exchequer said , that it was with great regret he found himseif under the necessity of laying a large additional burden upon the people . It was necessary , however , under the present severe pressure to convince the enemy and the world that neither our spirits nor our resources failed us . For the sake of brevity we shall not follow Mr . Pitt through his statements of the sums wanted for the service oE the year ; but shall confine ourselves to the
following recapitulation . Navy 1 . 12 , 661 , 000 Deficiency of land and malt 1 . 350 , 000 Army 6 , 600 , 000 Bank advanced , 1795 I , ° 54 > ° o Extraordinaries , 1796 3 , 3 87 , 000 Ditto , 1796 1 , 350 , 000 Treasury bills and warrants 2 , 088 , 000 Ditto on land and malt 900 , 000 Extraordinaries , 1797 4 , 000 , 000 Ditto on exchequer bills 1 , 110 , 000 Ordnance 1623000 Deficiency on the the
conso-,, Barracks , 737 , ooo lidatedfund 2 , 177 , 000 Miscellaneous services , 929 , 000 Vote of credit for 1797 , 2 , 500 , 000 Grenada merchants 600 , 000 Loan . to the i ' . mperor 500 , 000 1 . 42 , 766 , 000 To the commissioners for pay- ing the national debt 200 , 000
Mr . Pitt observed , that this formidable sum total included the repayment of nearly all the advances of the Bank to Government , with all the expences of the present year , as far as they could beestimated . The Chancellor of the Exchequer then stated the Ways and Means to meet this large expenditure , viz . The Land and Malt 2 , 750 , 000 ! . Surplus of Grants , 420 , 000 ! . Loyalty Loan , 18 , 000 , 000 ! . Lottery , 260 , 000 ! . Exchequer Bills , 3 , 000 , 000 ! . and the growing produce of the ! Consolidated Fund , which he should take at two milioas . These
sums , with the present Loan of 16 , 500 , 000 ! . would make more than the forty-two mi : lions stated ' in the supply . Of the eighteen millions to be borrowed , one million and a half was for the sister kingdom , of which the interest was to be provided by the Irish Parliament . Another million ahd a half was to be lent to the Emperor , lo enable hirn to repay the advances- made by this kingdom , with a further Loan of two millions , if sanctioned by Parliament , to assist our faithful Ally in his present struggle of extremity . Heshould also propose a distinct vote of 200000 ! . to pay the half yearly
, dividend on the Imperial- Loan , which would be spent in this country , and prevent the necessity of sending so much money from Vienna . Mr . Pitt next discussed tbe conditions of lhe present Loan , and to repay the interest of which Loan 1 , 234 , 000 ! . remained to be raised by taxes , as follows : An increased duty on Stamps , from which he meant to except ¦ law proceedings , probates of wills under 300 I . legacies and policies of insurance . This tax he took at j 2 o , oool .
A progressive duty on Deeds transferring Property . The principle of this tax was already recognized in the Auction Tax , by which four millions annually were transferred . The property transferred by private bargains was so much more considerable , that though the duty which he should propose was no more than four-pence on every hundred pounds , he should take the produce of the tax at 170 , 000 ! . Stamped Copies of Deeds . By making every copy of a Deed produced in evidence liable to the same duty as the original , he expected to raise 40 , 000 ! .
Probates of Wills . Respecting these , he had some regulations which he expected to produce a like sum of 40 , 0001 . per annum , still excepting those un- < der 300 I . Tax on Newspapers . By laying three-halfpence on each of those fashionable vehicles of intelligence , which , he trusted , would not affect the authors and editors , he hoped for a produce of 114 , 000 ! . And from an increase of duty on Advertisements in proportion to . their length , leaving the short ones to pay ts . as at present , he expected zo , oool .