At the former period the duty was 301. per ton; at the latter 95i. The average price at the latter period 1927. 14s. per pipe: so that under both the increase of duty and the increase of price the consumption had increased. He could hardly adduce a more striking instance of general prosperity. The average consumption of tallow, for the three years ending in 1787, was 210,174 cwt. The average for the three years, ending in 1809, was 347,870 cwt. The price at the former period was 21. 88. 8d. per cwt.; at the latter period, 47. 118. being one third more. Nor did this increase in the consumption of tallow arise from any decrease in the consumption of oil. The average consumption of oil for the three years, ending in 1787, was 9,730 tons; the average consumption for the three years, ending in 1809, was 19,126 tons. The price at the former period was 197. 188. 9d. per ton; at the latter period 321. 88. The average quantity of tobacco annually imported for the three years, ending in 1787, was 6,553,000%. The annual average for the three years ending in 1809, was 12,491,0007. The price at the former period was 81d. a pound; at the latter 18. 7 d. He was aware that these details were very tedious, but he had the consolation of knowing that they were at the same time very satisfactory, as they afforded the most convincing evidence of the gradual but great increase of the riches of the country.

On the 17th July, Mr. Vansittart, the pro tempore Chancellor of the Exchequer, brought forward the budget of the year 1812, and it presented the following series of items:

The means of raising this enormous minimum, for, after all, it is but the minimum of the true amount, are taxes and inquisitions on every act of life, and on all articles either of necessity or luxury,

The balance is made up by 3 millions of Annual Duties, by subscription to Exchequer Bills 7 millions, by a Vote of Credit 3 millions, and by smaller items, producing, by the figures on the minister's paper, not more than 40,000l. excess, supposing the taxes to produce as calculated. The government have, however, for some time past adopted a means of supplying pressing necessities, by issuing Exchequer Bills, and the present amount of those in circulation is unknown.

The Loan. Bonus. Premium. Scrip. Omnium. Discount.

When a sum of money is wanted for the service of the current year, it is usually borrowed and funded, that is made a part of one of the regular funds; to which, the taxes laid for the interest are also appropriated. The minister gives notice that he shall want so much money, and the monied men, send in, written proposals of the rate at which they will advance the loan, or a part of it. The lowest rate is of course usually preferred.

The minister however does not burthen any one fund with the whole sum required to be borrowed, for this would occasion a difficulty of sale and transfer, by overloading the market with one stock; but divides it among several stocks. Thus, suppose the subscribers are to have 5 per cent. interest for their money: then if they have 100%. in the 3 per cent. consols, this will give them but 3 per cent. out of the 5, and is therefore only 601. The minister and they then agree, that they shall also have a certain sum in some of the other stocks, redeemable annuities for instance, which are valued at the current market price. It is evident that this method greatly encreases the nominal amount of the debt. Then the minister sells them a lottery ticket at its original price, and sometimes advantages were also given in the period of payment of the instalment, which gives an advantage of interest, and discount. Whatever all these items make beyond the 1007. subscribed to be paid, is Bonus. The advance which the subscribers can actually sell their bargain for in the market is PREMIUM. When they are allowed to pay by instalments, instead of the whole sum at once, and no deduction is made, then they gain DISCOUNT.

SCRIP, is the subscription to the loan or any item of it, brought into market for sale.

OMNIUM. Is the aggregate bargain made with the minister, consisting of all the items belonging to it, such as consols, redeemable annuities, lottery ticket, discount, &c. brought into market for sale.

UNFUNDED DEBT.

Certain great officers of government are allowed in the intervals between the parliaments, to borrow for the national wants such sums as may be necessary by issuing exchequer bills, navy bills, and ordnance debentures. During lord North's administration, these used to be issued payable at 12 and even 18 months; of late years, they are payable at much shorter dates, as 90 days. These are transferable in the stock market. Every now and then, when the quantity issued and thrown into circulation affects the price of stocks, the minister is compelled to fund them; that is, to annex the amount to some one or more regular aggregate or fund; and appropriate taxes to pay the interest. Thus the na tional expenditure, and national debt, can never be accurately known to the public, until the items of unfunded debt issued within the year, are known and funded.

FINANCE OF IRELAND.

Annual permanent revenue in Irish currency.

1808 Gross produce 5,531,669 Nett produce 4,417,990

The Debt of England, and of Ireland, funded and unfunded, to the first January, 1813, is already given in pages 250, 251, 252.

A TABLE

Shewing the progressive increase of the taxation, expenditure and national debt of Great Britain, from the accession of queen Anne, 1702, to the 5th of January, 1810. Also the amount of debt redeemed from the first operation of the redemption act, 1786, to the first of February, 1810. Together with the amount of all the loans from 1776 to 1810.

Taxation. Expendit. Debt. 1702 Death of William III. accession of Annel 4,212,353 5,610,987 16,394,702 1714 Death of Anne, accession of George I. 6,762,643 6,633,581 54,145,363 1727 Death of Geo. I. accession of Geo. II. 6,522,540 5,441,257 52,092,235 1760 Death of Geo. II. accession of Geo. III. 8,744,682 24,456,940 146,682,814 1784 After the close of the American war

and at the commencement of Mr. 13,300,921 21,657,609 257,213,043 Pitt's administration,

1802 After the close of the last war com

monly called the French revolution § 36,728,971 61,278,018|579,931,447

war,

1810 5th January,

70,240,226 82,027,283 811,898,081

The national funded debt 761,117,4557. 18s. Oğd. Unfunded debt, 50,780,625l. 148. 3d. Redeemed debt, 163,679,0891. Janu

ary 5, 1810.

The funding system commenced 1696, eighth year of William III. The first monies raised were laid as duties on salt and stamps, to the amount of two millions. At the death of William III. whose reign was one continued scene of warfare, the debt amounted to 16,394,7021. At the death of Anne, 1714, whose reign, the last year excepted, was war, the debt had increased more than three fold, being 54,145,3637. At the death of George I. 1727, the debt had decreased more than two millions, being at that period 52,092,235. At the death of George II. 1760, a period of thirty three years from the death of George I. in which two wars had taken place, the debt had nearly doubled, being 146,682,8147. In 1784, after the close of the American war, and at the commencement of Mr. Pitt's first administration, a period of twenty four years from the accession of George III. the debt almost doubled itself, being 257,213,0437. At the close of the year 1802, the termination of the French revolution war, a period of eighteen years, the debt had more than doubled itself by sixty-five millions, being 579,931,4477. From the close of the year 1802, to the beginning of the year 1810, a period of seven years only, the debt had increased two hundred and thirty-two millions, the whole amount of the national debt, funded and unfunded, on the 5th January, 1810, being 811,898,08 14.

Date. 1776

6,000,000 4 18

4 14

4 4

7603