The bills to bear interest till the 12th of December, and the dividends to commence with the respective funds, viz. The 3 per cent. consols The 5 per cents. The 4 per cents. from November last. from Michaelmas last. According to this scale the average of the bonus upon all the classes of bills stood as follows: 1 in the 3 per cents. 24 in the 4 per cents. The chancellor of the exchequer then stated, that, in addition to the outstanding navy bills, there were also exchequer bills unfunded to the amount of two millions and a half. These exchequer bills did not become due till the 5th of July, but he thought it advisable to put them on the same footing as the navy bills. He therefore proposed to fund them at the rate of one and a half per cent. interest, which corresponded nearly with the terms allowed for the different classes of navy bills. He concluded with moving for provision to be made for satisfying all the bills payable at the navy office which had been made out, on or before the 27th of October, 1796, amounting to the sum of 11,993,1677. 19s. 9d. Mr. Hussey strongly contended that the terms offered to the billholders were extravagant in the extreme, as the man who took government bills at 14 per cent. discount purchased into the 3 per cents. at 49. He thought that the conduct of ministers was highly reprehensible in incurring debts which they had not the means of paying off. Mr. Fox rose, and observed, that in the first budget of the preceding session the house had heard of a million and a half of navy bills; in the next they heard of four millions, and now they were told of a sum exceeding ten millions. He contended, that the house had a right to know, in the first place, what interest those who received government bills in the month of September at 14 per cent. discount would receive if they chose to fund them in the 5 per cents., He took 14 as the medium of the discount. Those who about sixty days before had advanced 861. had now a claim of 100l. In the first instance then, they gained the whole 14 per cent. discount; in the next place they received 5 per cent. for they were to be allowed 2 upon the then market price, which was 88, besides the 4 per cent. interest, which they had during the sixty days. With the discount and interest, therefore, they actually had at the rate of 1037. per cent. per annum interest for their money! per cent. Mr. Pitt, in his reply, defended the measure as the best which could be adopted under the existing circumstances. He then produced several criterions of the general prosperity of the country, notwithstanding the pressure of temporary embarrassment; first, that while the funds were sensibly affected from the scarcity of money, the revenue still continued high, and, during a périod of war, approached very nearly to what it had been in the most flourishing æra of peace. Secondly, the credit of British merchants remained on the most respectable footing, and this reputation was supported, not by confining themselves to a contracted scale of trade, but by launching into the most extensive operations of commerce. But it was evident, that in proportion to the extension of trade, and the increase of capital, the expenditure became greater. When the first question had been put and carried, the second question was proposed, that provision be made for satisfying all the exchequer bills made out by virtue of an act of the preceding session of parliament for enabling his majesty to raise the sum of 2,500,000l. for the uses therein mentioned. This was also carried, and bills were soon afterwards introduced into the house of commons conformable to these resolutions. Mr. Hussey, on the 21st of December, while the house was in a committee on the bill for the more speedy payment of navy, transport, and victualling bills, objected to the regulations therein mentioned, which, in his opinion, would not enable the public to go to the market with advantage, but would, on the contrary, have the effect of encouraging injurious speculation. The chancellor of the exchequer The first India budget was introduced into the house of commons by Mr. secretary Dundas, on the 20th of December. He said the accounts which he had to state would not take up a considerable portion of time, because they were comprized in a narrower compass than upon former occasions, in consequence of some regulations which he had introduced into the accounts of estimates from the presidencies abroad. The papers were upon the table for the information of the committee, and for the sake of elucidation he brought forward the results of the accounts applicable to each settlement, separately; and then he introduced the accounts of all the settlements combined; afterwards the separate accounts of the East India company at home were brought forward; and lastly, an enumeration of them all, the foreign and domestic being combined in crder to deduce the general result. He proceeded to enter into the necessary details, observing that he had divided his statements into three classes. The first class, according to his usual practice, consisted of the average statements of the three last years, with a view of enabling the committee to judge of the past. The other account was to lay before the committee a comparison of the estimates, and actual amounts of the charges and revenues of the last year; and the third class class contained the account of what ever expenses or disbursements might arise in a future year. He wished the members to recollect, that the accounts he then laid before them came over in the course of the preceding spring, and observed, that if they desired to have an accurate account of the whole revenues to the latest period of the year to which these accounts belonged, he should produce another statement, in the course of the ensuing spring, by which time he hoped to have them transmitted. The statements of the India budgets being in general exceedingly prolix, we have confined ourselves to a review of the general results in the several presidencies. General State of the Revenue and Charges in India for the Year 1794-5, This sum, he said, might be considered as a free disposable sum for the purchase of investments, or for any other purpose; but previous to such an application a deduction was to be made of different items, as follow. Deduct interest on debts to be paid from the surplus. Hence the net surplus from the territorial revenues would be 1,522,590 To which it was proper to add the amount of the sales of imports, certificates, &c. (No. 15.) And the amount which would be applicable to the purchase L. of investments, payment of commercial charges, would then 2,084,767 be The sum of 3,084,6761. remained applicable then to the purposes which he had stated, and accordingly it was his duty then to add the disposition of that sum, the accounts of which he understood had been made out with the utmost accuracy, and which he believed appeared thus: Disposition of the surplus from the territorial revenues. L. No. 18, At Bengal, investments, including charges, &c., 1,108,449 No. 19, Madras, ditto No. 20, Bombay, ditto No. 22, Bencoolen, ditto 530,808 166,636 26,552 1,838,445 This total was short of the amount applicable to the pur-} 246,322 chase of investments in the sum of The committee, he observed, would perceive that the sum of 1,838,445l. was payable partly from the produce of the territorial revenues, and partly from the proceeds of the estimates, but that there still remained a sum of 246,3227. applicable to any other purpose This sum he understood had been applied to the purchase of rice, and to the profit and loss account upon internal trade. He said that the committee had not yet a full account of the investments, for it was perfectly obvious that part had been taken from the assets, which were comprehended in a paper (No. 22) under the title of cargoes invoiced to Europe in 1794-5, to the amount of 2,178,118. He had now stated what the amount of the receipts and disbursements of the presidencies were in detail; he next proceeded to state them in a general view. General view of the result of the estimates for 1795-6, collectively. L. Net revenue of the three presidencies for the year 1795-6 1,852,573 Amount estimated to be applicable to the purchase of inin-1,795,166 vestments, &c. Which was less than the actual amount of last year by DEBTS IN INDIA. No. 16 amounted last year to amount this year to Decrease 289,601 L. 7,305,462 6,813,737 491,715 Debts No. 21, Assets in India, consisting of cash, goods, &c.} 8,8 8,807,601 last year Ditto by the present statements 8,867,266 Increase of assets 59,665 Adding the increase of assets to the increase of debts, the 551,390 the} company's affairs in India were better by Having stated the affairs of the company abroad, which was the only part for which he was responsible, he proceeded to give the state of their affairs at home, which were more immediately under the charge of the directors. Since the renewal of the company's charter, in 1793, it became necessary to know from the nature of their estates abroad, how much they could allow to government for the renewal of that charter. The result of the accounts was prepared under the inspection of Sir Francis Baring. With respect to the participation of government in the profits of the company, it would appear, from the combined state of the accounts at home and abroad, that the fairest expectations might be formed. HOME ACCOUNTS. The produce of the sales, up to the first of March, had far (8,158,495 exceeded expectation; the whole amount was The sales of the company's goods were estimated at 5,517,500 6,588,969 The actual excess therefore was 1,071,469 The charges and profits on private trade were estimated at 60,000 148,417 Being more than the estimate 88,417 GENERAL RESULT. Balance of cash estimated to be deficient last year $71,838 Actual balance remaining this year, after paying off 498,2251. of the bonded debt, and having borrowed 150,000l. from the bank } 459,398 THE |