was, that the after-purchases of the commissioners should be employed to defray those charges. But he would not enter further into that subject at present, for that would be to anticipate the discussion of a future day. Reverting to the improvement of the revenue, he observed, that it afforded a most gratifying reflection. That improvement was indeed such in the excise, from which the condition and consumption of the people might best be estimated, that the receipt of the last quarter, compared with the corresponding quarter of last year, was improved more than 10 per cent, the increase having been 509,750l. on a revenue of 4,640,000l. The excise war duty of the last quarter exceeded in amount the corresponding quarter of the last year by near 90,000l. Nor were the custom duties less promising in their appearance than those of the excise. There was one circumstance with respect to them to which it was necessary the committee should refer the form ing their estimate of that branch of the revenue. In consequence of the additional duty of 3s. a cwt. to be paid on sugar after the 5th of January 1818, a larger portion of the sugar duties had been paid in anticipation; so that, in the quarter before the last, five or six hundred thousand pounds had been paid of those duties, which, in the fair routine of the revenue, would have been paid in the last quarter. Nevertheless, the amount of the custom duties of that last quarter exceed ed by above 90,000l. that of the corresponding quarter, and might

have been expected, if this circumstance had not taken place, to have exceeded it by six or seven hundred thousand pounds. Calculating on all these circumstances, and looking at the general improvement in the commerce and manufactures of the country (of which the committee must themselves be perfectly aware) it was impossible not to anticipate, that so large an increase would take place in the revenue before the close of the year, as to add considerably to the consolidated fund. It was not his intention, however (as he had already stated), to call on parliament for any grant from the consolidated fund in the present year: but next year he hoped, that a considerable sum might become available from it for the public service. For the charges thrown on the consolidated fund this year, he should propose no new taxes. He would at all events abstain from doing so till next year, and in the interim, he hoped the circumstances of the year, or the consequences of the great measure now submitted to the committee, would furnish the means of providing for them in a manner the most satisfactory to the public.-The right hon. gentleman concluded by moving the following Resolutions:

1. "That, towards raising the supply granted to his majesty, every person who shall, on or before the 24th of April 1818, have subscribed his name in the books of the governor and company the Bank of England, for the purpose of converting not less than 2,000l. capital stock in the 3. per cent consolidated, or 3

of

per

per cent reduced annuities, into annuities at the rate of 3l. 10s. per cent per annum, shall upon the transfer of such 31. per cent annuities to the account of the commissioners for the reduction of the National Debt, and upon payment to the chief cashier or cashiers of the governor and company of the Bank of England, at the times hereafter mentioned, of the sum of 117. in money for every 100%. of the said annuities, be entitled to 100%. in annuities, after the rate of 31. 10s. per cent per annum, which annuities shall be charged upon the consolidated fund of the United Kingdom of Great Britain and Ireland, and shall be payable half yearly at the Bank of England, on the 5th of April and the 10th of October, and shall be transferable in the books of the governor and company of the Bank of England; and the whole of the money to arise from the payment of 11. on each 100., 3 per cent consolidated or reduced annuities to be subscribed, or to be transferred as aforesaid, shall not exceed the sum of 3,000,000l.

"That every person subscribing 3. per cent consolidated or reduced annuities, into annuities bearing interest at the rate of 31. 10s. per cent shall transfer the amount of 31. per cent annuities subscribed to the account of the commissioners for the reduction of the National Debt, at the following times, viz.; every person subscribing 2,000l. and less than 50,000l. of such annuities, shall transfer 15l. per cent thereof to the said commissioners on any day between the 28th day of April, and the 4th day of May

1818, on which the books of the governor and company of the Bank of England shall be open for making transfers, and the remaining 851. per cent on or before the 2nd day of June 1818; and every person subscribing 50,000%. and upwards of such annuities, shall transfer 157. per cent thereof on the 28th or 29th of this instant April, and the remaining 85l. per cent on or before the 27th of November next.

"That the said sum of 117. in money for every 100%. of 3 per cent consolidated or reduced annuities so subscribed to be transferred to the account of the commissioners for the reduction of the National Debt shall be paid to the chief cashier or cashiers of the governor and company of the Bank of England, on or before the days and times hereafter mentioned, viz. 17. at the time of subscribing, by way of a deposit, and as a security for making the further payments, 17. on or before the 19th of June 1818, 17. on or before the 24th of July, 17. on or before the 7th of August, 17. on or before the 4th of September, 17. on or before the 16th of October, 17. on or before the 13th of November, 17. on or before the 4th of December, 17. on or before the 15th of January 1819, 17. on or before the 5th of February, and 17. on or before the 5th of March.

"That every subscriber who shall on or before the 4th day of February 1819, pay the whole of his subscription, shall be allowed an interest by way of discount, after the rate of 21. per cent per annum on the sum so advanced for completing his subscription,

to

to be computed from the day of completing the same to the 5th day of March 1819.

"That every person who shall, on or before the 2nd of June 1818, have transferred to the account of the commissioners for the reduction of the National Debt the whole of the 3. per cent consolidated or reduced annuities subscribed by him, shall be entitled to the principal sum of 88/. in annuities at the rate of 3. 10s. per cent for every 100l. 31. per cent annuities so transferred, such annuity at the rate of 31. 10s. per cent, to commence from the 5th of April 1818; and every person who shall after the 2nd day of June and before the 27th of November, have transferred to the account of the said commissioners the whole of the 31. per cent consolidated or reduced annuities subscribed by him, shall be entitled to the principal sum of 887. in annuities at the rate of 31. 10s. per cent for every 100l. of 31. per cent annuities so transferred, such annuities at the rate of 37. 10s. per cent, to commence from the 10th of October 1818; and every person who shall, on or before the 5th of March 1819, have paid to the chief cashier or cashiers of the governor and company of the Bank of England the sum of 11. in money for every 100l. of 31. per cent annuities subscribed by him, shall be entitled to the farther principal sum of 121. in annuities at the rate of 3l. 10s. per cent for every sum of 11. so paid, such annuities to commence from the 5th day of April 1818; and such annuities at the rate of 34. 10s. per cent per annum shall

not be reduced, nor shall the principal sum of such annuities be paid off, at any time before the 5th day of April 1829.

"That the commissioners for the reduction of the National Debt be authorized and required to purchase the said annuities after the rate of 37. 10s. per cent in the proportion of at least 17. per cent per annum on the capital to be created, whenever the principal sum of 100%. of such annuities can be purchased for less than 100%. in money.

"That the annuities at the rate of 31. 10s. per cent shall, under the provisions of an act made in the 57th year of his present majesty, intituled An Act to permit the transfer of capital 'from certain Public Stocks or Funds in Great Britain to certain Public Stocks or Funds in Ireland,' be transferrable into annuities at the rate of 37. 10s. per cent, payable and transferrable at the Bank of Ireland; and every person transferring such annuities payable at the Bank of England shall be entitled for every 100%. so transferred to the principal sum of 1087. 6s. 8d. in annuities at the rate of 3l. 10s. per cent payable at the bank of Ireland.

"That every person who shall have completed the transfer to the account of the commissioners for the reduction of the National Debt of the whole of the 31. per cent consolidated annuities subscribed by him, shall be entitled to a dividend or interest at the rate of 15s. for every principal sum of 100%. in such 3. per cent consolidated annuities which may have been so transferred, such +

dividend

dividend or interest to be paid at the Bank of England on the 5th of July next ensuing, provided the whole of the 3 per cent consolidated annuities subscribed by such person shall be transferred to the said commissioners on or before the 2nd of June, or on the 5th of January next ensuing provided the whole of the 31. per cent consolidated annuities subscribed by such person shall be transferred to the said commissioners after the 2nd of June and before the 27th of November next; and after payment of the said dividend or interest, the whole of the said consolidated and reduced annuities which may be transferred to the said commissioners shall be cancelled, and the dividends on such annuities shall be no longer payable.

2. "That, towards raising the supply granted to his majesty, every person who shall, on or before the 24th of this instant April, have subscribed his name in the books of the governor and company of the Bank of England for transferring to the account of the commissioners for the reduction of the National Debt 31. per cent annuities for other annuities at the rate of 31. 10s. per cent, shall be at liberty to subscribe his name in the books of the said governor and company on the 28th or 29th of April, or the 2nd of May next, for converting into 37. per cent consolidated and reduced annuities, upon the terms and conditions hereafter mentioned, any exchequer bills already issued, or which may be issued before the 1st of August 1818, and which may not have been advertised to

be paid off before the respective days of payment hereafter specified, to an amount not exceeding 100%. in exchequer bills for every 100l. of stock subscribed to be transferred to the account of the commissioners for the reduction of the National Debt; and that every such person shall at the time of so subscribing his name make a deposit with the chief cashier or cashiers of the governor and company of the Bank of England, equal to 5l. per cent at least, on the amount of exchequer bills so subscribed, as a security for delivering into the office of the paymasters of exchequer bills the amount of exchequer bills so subscribed in manner following; viz. 20l. per cent on or before the 1st of August; 20. on or before the 3rd of September; 20%. on or before the 1st of October; 20l. on or before the 31st of October : the remainder on or before the 26th of November. And that whenever the deposit shall have been made at the Bank in money as

aforesaid, the paymasters of exchequer bills shall, so soon as the subscriber shall have brought in exchequer bills to the whole amount of his subscription, return to such subscribers the amount of such deposit; or such deposit may be taken into account as a part payment of the subscription of such subscribers.

"That every person who shall have made a deposit at the Bank of England to the amount of 51. per cent on the exchequer bills subscribed by him, shall receive from the paymasters of exche quer bills a certificate or certifi cates upon which a receipt for

the