Parliamentary Register;

OR,

HISTORY

OF THE

PROCEEDINGS AND DEBATES

OF THE

HOUSE OF COMMONS;

CONTAINING AN ACCOUNT OF

The moft interefting SPEECHES and MOTIONS; accurate
Copies of the most remarkable LETTERS and PAPERS;
of the most material EVIDENCE, PETITIONS, &c.
laid before and offered to the HOUSE,

DURING THE

FOURTH SESSION of the FOURTEENTH PARLIAMENT

OF

GREAT BRITAIN.

VOL. IX.

LONDON:

Printed for J. ALMON, oppofite BURLINGTON-HOUSE,

in PICCADILLY.

MDCCLXXVIII.

The day for opening the budget.

Lord North began with explaining the terms of the loan. Lord North. He enumerated the feveral fums that had already been voted this feffion by Parliament, to which he added those that would probably be ftill voted to complete the fupplies of the current year. The monies already voted have been mentioned on the several days; we fhall therefore mention only fome of the moft material articles that have not yet appeared, viz.

For maintenance of convicts employed

༤༠

$. a.

on the Thames,

7846 0

57856 0

Deficiency on malt duty,

158000 0

Ditto of grants for 1777,

38489 o

Intereft on exchequer bills,

48440 O

There were other articles of lefs moment, which it is need

less to enumerate; but the fum total amounted to

£. 13230318 2 10

Towards defraying this expence, he reckons the land and malt tax, 1,500,000l. exchequer bills as ufual; VOL. IX.

B

and

by

and taking the finking-fund
anticipation upon a 5th quarter, at
3,000,000l. with fome inferior ar-
ticles, amounting in the whole to

7294786 0 61

* The finking-fund, from the 5th of April, 1776, to the 5th of April, 1777, produced as follows: £. First half-year, from Apirl 5, 1776, to October 10, 1776, 1907428 Second half-year, from October 10, 1776, to April 5, 1777, 985512

Year's produce, from 5th April, 1776, to 5th April, 1777, 2892940 The finking-fund produced from the 5th of April, 1777, to the 5th of April, 1778.

First half-year, from April 5, 1777, to October 10, 1777, 1700811 Second half-year, from October 10, 1777, to April 5, 1778, 944115

Year's produce, from 5th April, 1777, to 5th April, 1778, 2644926

Produce of the year, from April 5, 1776, to April 5, 1777, 2892940
Produce of the year, from April 51777, to April 5, 1778, 2644926

The produce of the year ending April 5, 1777, exceeds
the produce of the year ending April 5, 1778,
But it must be obferved, that in the year ending 5th April,
1778, there was paid 100,000l. more to the civil lift,
than in the year ending 5th April, 1777; and, more-
over, that half a year of the intereft of the money
borrowed on the tax on fervants, was paid in the year
ending 5th April, 1778, though no part of that tax was
yet levied; these together make an additional produce
in favour of the year ending 5th of April, 1778, of

The nett balance of produce in favour of the year end-
ing 5th of April, 1777, is therefore only

248014

150000

98014

Though the above figures (it is believed) are accurate, or to a trifle fo; yet it is very certain, from authentic and incontrovertible documents, that the nett receipt of the customs for the year 1776, decreased from the nett receipt for the year 175, in the amazing fum of 1,075,960. No excels in the excife, through the profufions of the war, or in any other branches of the revenue, could compenfate, or nearly compenfate, this diminution, It is therefore to be prefumed, that this period is not even yet brought forward into the public accounts; and that the produce is lying fomewhere, unaccounted for by the collectors or receivers.

So that he propofed to borrow fix mit-
lions upon the following terms: Each
fubfcriber of 100l. to be entitled to
an annuity of 31. per cent. which he
valued at

A farther annuity of 27. 10's. for 30
years; which, at 14 years purchase,
was equal to
And a proportionable fhare of 48,000
lottery tickets; that is, eight tickets
for every 1000l. fubfcribed; the pro-
bable profit on which would be 31.
each; which for every 100l. was

Total,

66 10

35 0 0

28,0

103 18 0 He obferved, that much art had been used, both at home. and abroad, by the enemies of this country (declaring at the fame time that he had no particular perfons in view) to deprefs the credit of the nation, and even to prevent the loan from being obtained altogether; for this reafon, he wifhed the advantage to the fubfcribers might be confiderable; for that it was better to grant ample terms, than to risk a bargain that might ultimately tend to our difcredit. He therefore thought it both juft and wife to give the fubfcribers fuch a bargain as might turn out a profitable one. That he had held out no falfe colours to the lenders, nor let one fyllable escape him, in regard to the probability of a war with France, the apprehenfion of which had lately fo deeply affected the public funds, that they might not have it in their power to reproach him with events that might happen; that they therefore knowingly run the risk of that contingency; that he rather chole to borrow upon worfe terms, than to hold forth flattering hopes of any kind whatever; that feveral reafons might be affigned for the prefent icarcity of money, befides the rumour of an approaching war; fuch By indulgences of this kind, fhewn to thofe intrufted with public money, thefe offices, with apparently trifling falaries, become the moft beneficial the Treasury have to beflow; and obfcure people, much to the disgrace of the finance-administration, and to the prejudice of the public (who are always in advance, and pay dearly for every fhilling they are in advance) acquire, foon, and undefervedly, princely fortunes in them, free even from the envy, and the anxious uncertainties that ever attend on the offices of the more confpicueus minifters of state.