the principal of which would be discharged in the course of the present year. This item, though large, the committee would look upon with satisfaction, when they considered how much the improved state of public credit lessened the charge thus incurred in providing for the ways and means of the year. A proper idea of this might be formed, when it was considered, that what cost the country almost 2,200,000l. for the service of 1816, would in the present year create but a charge of 1,900,000l. upon an amount of principal considerably increased; and when it was further borne in mind, that a few years ago the same operation would have occasioned an expense of 2,500,000l. The sinking fund on the money thus kept floating as unfunded debt would amount to 330,000l. making a total charge on amount

of exchequer bills of 2,230,000l. On winding up the accounts between the English and Irish exchequers an advance had been found necessary in order to clear up all demands on the consolidated fund of Ireland to the 5th of January last, from which period they had started on a new account. This had caused a grant to be called for (in order to make good the permanent charges of Ireland up to that time), of 246,5081. Τοwards the reduction of the navy and transport debt, a supply was demanded of 1,660,000l. There was thus, it would be seen, a new total of 4,136,508l. to provide for the charges of unfunded debt, or to make good previously existing deficiencies, which formed no part of the supply necessary for the service of the year. The different items and the grand total were as follows:

He had now to call the attention of the committee to the manner in which he proposed to meet the above demands. The first article which he should notice was the annual duties on malt, sugar, tobacco, and some other articles which had been taken at the usual amount of 300,000l. The committee were aware that those duties always produced considerably more than the sum of 300,000l. charged upon them, and that the surplus was carried into the consolidated fund.

He next proposed to avail himself of the ways and means for 1815 and 1816 exceeding the amount of the supplies which remained to be paid out of them. The sum for the former year was 15,7491. and for the latter 1,849,810l. These sums formed what, in the language of the exchequer, was called surplus of ways and means. He did not, however, mean to take credit for them as a genuine surplus, as in in fact they became disposable only in consequence of parliament having, since they were granted, made a different provision for great part of the supplies charged upon them; whereby they became applicable to the service of the present year, instead of those for which they were originally provided. The whole, after retaining a sufficient sum to pay the supplies charged on them, amounted to 1,865,5591. arising in great part from the temporary excise duties, upon which 3,500,000l. had been granted in 1816, but of which sum only 1,494,5921. had been received on the 5th of April last. There remained, therefore, to be received on that day

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2,005,408l., and it was estimated that before the 5th of April 1818 they would produce the further sum of 1,300,000l. for which, therefore, he should take credit as the next item in the ways and means of the present year.

He should in the next place advert to the amount of the consolidated fund remaining at the disposal of parliament on the 5th of April last. In this case also a surplus had been produced by the recent proceedings of parliament. A considerable deficiency had accrued in the produce of the consolidated fund on the 5th of January, but that deficiency having been made good by subsequent votes of the House, and all grants affecting the consolidated fund having been cancelled by act of parliament, its surplus produce on the 5th of April remained disposable for the service of the present year. The sums now remaining in the excliequer of Great Britain and Ireland, and which he should propose to vote on this account, amounted to 1,225,9781. or in round numbers 1,226,0001.

The lottery was taken at 250,000l. and though this might appear a larger sum than that of last year, yet, when the whole account was compared, it would be found that the lottery was reduced 50,000l. instead of being so much higher, as one third of the profit of the lottery had last year been reserved for Ireland, according to the practice which had prevailed ever since the union, whereas this year the whole estimated profit was carried to one account. The whole amount was therefore taken at 300,000l. in 1816, and at only 250,000l. in the

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first place, endeavour to explain to the committee how the account of the 3,600,0001. Irish treasury bills stood. The House would recollect that before Easter there had been a grant of 4,2000,000l. for repaying certain Irish treasury bills. Upon communication with the bank of England and the bank of Ireland (the whole of the treasury bills being held by them), it was found that the directors of those establishments were disposed to exchange the bills they held for new bills. Two hundred and fifty thousand pounds had however already been paid to the bank of Ireland, and as that body required 5 per cent. interest, it was not thought adviseable to renew the whole sum now outstanding, but to pay off, as occasion offered, such bills as were held by the bank of Ireland. Only a small part of the Irish treasury bills in their hands were however due till December and January next, and it would therefore be time enough to make arrangements for paying them off after the next meeting of parliament. The remaining sum of 9,000,000l. he proposed, as he had already stated, to raise by exchequer bills; and he was the

thought it better not to avail himself of it, and to take the chance of making a more advantageous arrangement, in which he had succeeded even beyond his expectations. He had indeed found the state of the market such, that by issuing exchequer bills gradually in preference to borrowing in one sum upon the same sort of security, he had saved 300,000l. in annual interests. The power of the money market to take off 9,000,000l. of exchequer bills, he thought could not be questioned, when it was considered, that of the 42,000,000l. previously granted by parliament 27,000,000l. had already been put into circulation in the course of the present session. There were, therefore, only bills to the amount of 15,000,000 l. further to be issued. The 9,000,000l. he now proposed to add would make 24,000,000l. and, all things considered, he apprehended that there would not be more thrown into the market than could be easily absorbed. It ought at the same time to be recollected, that as the interest had been reduced from 54 per cent. to 31, there was a saving in that respect of 11⁄2 per cent. From the measure he pro

tion of the deficiency in that way, as the bank of England in its negociations would be satisfied with a more moderate rate of interest than was paid in Ireland. Before the meeting of parliament he could have borrowed twelve millions by an advance upon exchequer bills from one set of contractors, and on terms which then appeared favourable; but from the appearance of the money market, he

expect great advantage both to the agriculture and commerce of the country, and he doubted whether it would have been possible to derive equal benefit from any other arrangement. Although the revenue, from causes over which his Majesty's ministers could have no control, had fallen short six or eight millions, there had been an evident improvement in our public credit, It might be recollected, that