resources obtained from the accession of territory, there is every prospect that, at no distant period, the treasuries will be replenished, the debts diminished, and every effect exhibited in the accounts before the committee fully repaired.

The facility procured for trade over a great additional tract will tend to promote the commercial interests of the company, and will open a more extensive market for the manufactures of this country. As from the general view of the whole situation of the affairs in the East, either as it respects the internal state of the provinces, or the connection with other powers, there is every reason to conclude, that the influence and prosperity of the company are established upon a permanent basis; the inferences suggested from the mere inspection of the present statements will be materially changed, and the attention will be directed to the advantages which I hope the committee will admit are most evidently presented.

The home affairs offer a very favourable view, whether their state be considered as directly shown by the accounts now before the committee, or by the general complection of the trade. The continuance of the demand for the produce of India fully demonstrates the advantages resulting from the measures adopted for the consignment of investments. The sales for the immediate account of the company, notwithstanding they fell short of the amount in the preceding year, have been very productive. The debts are below their ordinary level; and the value of the assets being in a far greater proportion above, are proofs of the amended situation of the home concerns. From the produce of the sales, the company have been enabled to make advances in repayment of the consignments from abroad to a great amount; of these a considerable part has been applied in the export of goods from this country. The reduction of the debts to the Chinese merchants shows, that this valuable branch (the China trade) is again restored to a flourishing state; and the immense sale of the teas furnishes a proof of the propriety of the remarks offered on the subject, on the examination of the accounts of last year.

The final result of the whole is, the financial departments in India have experienced material deterioration from the united pressure of war expenses and provision of investments, but not in a degree

to afford ground of alarm. A large proportion of the increase of the debt has been the occasion of-adding to the assets; from whence the home concern has been considerably enriched. It certainly is of the first importance to devise a method, by which the present burthens on India may be relieved; and I am happy, in being enabled to remark, that the means for accomplishing this desirable object are to be found in various ways:-in principles of economy, as to the future expenditure; and in a proper application of the increased resources abroad. An examination must likewise be made, by what mode the home treasury can contribute to the diminution of the foreign debt.-From the circumstances of the war, the establishments have been considerably extended. It will be a point of my diligent and close attention that every practicable reduction shall be carried into effect; from which, with the favourable prospect to be indulged from the stability and permanence of the resources, and the unexampled prosperity of the commerce, no apprehensions need be entertained on account of the magnitude of the present debt: I am prepared, indeed, to meet it at fourteen millions. My confidence in the means of retrieving the state of the finances abroad is further strengthened, by reference to the experience of former times. The situation of the company on the first establishment of the present system, is well known to have been such, that the full extent of their difficulties could not be ascertained till the year 1786. In the year 1797 I took occasion to offer to the committee a most flattering view of the surprising improvement brought about in the course of ten years. The reduction of the debts, and the increase of the assets, were to an amount exceeding 11,100,000l. sterling. It is true, that within that period money had been raised on additional capital, to the amount of 3,740,000l.; but it must likewise be taken into consideration, that the remainder may be termed a nett improvement, under the events of an Indian war, at one time threatening serious disasters, though finally concluded highly to the advantage of the company; under the events likewise of the present European war, during four years of the period, which caused enormous additions to the expense of freights, and of the provision of every article of equipment; and occasioned also great expenses by several

unprovided for, of 12,492,2961. exclusive of 3,000,000l. advanced as a loan to the public by the Bank, for the renewal of the Bank charter.

7. That the nett produce of the old permanent taxes existing previous to the war, was, on the 5th Jan. 1793, 14,284,000l. That the nett produce of the old permanent taxes existing previous to the war, was on the 5th Jan. 1800, 15,586,5041. That the nett produce of the taxes imposed since the 5th Jan. 1793, amounted, in the year ending the 5th Jan. 1800, to 8,205,290%. And that the total nett produce of the permanent taxes, on the 5th Jan. 1800, amounted to 23,791,794%.

8. That the total official value of all imports into Great Britain, in the year ending the 5th Jan. 1793, was 19,659,3587.; and on an average of six years, ending the 5th Jan. 1793, was 18,685,3991. That the total official value of all imports, in the year ending the 5th Jan. 1800, was 29,945,8081.; and on an average of six years, ending the 5th Jan. 1800, was 24,505,125/.

9. That the total official value of British produce and manufactures exported, in the year ending the 5th Jan. 1793, was 18,336,8517.; and on an average of six years, ending the 5th Jan. 1793, was 14,771,409/. That the total official value of British produce and manufactures exported in the year ending the 5th Jan. 1800, was 24,084,0881.; and on an average of six years, ending the 5th Jan. 1800, was 18,804,2541.

10. That the total official value of foreign merchandize, exported from Great Britain in the year ending the 5th Jan. 1793, was 6,568,3461.; and on an average of six years, ending the 5th Jan. 1793, was 5,469,014l. That the total official value of foreign merchandize, exported in the year ending the 5th Jan. 1800, was 11,906,6087.; and on an average of six years, ending the 5th Jan. 1800, was 11,677,3817.

11. That the total sum to be raised in Great Britain in the year 1800 may be estimated as follows, viz.

Interest of public funded debt, charges of management and sinking fund, on the 5th Jan. 1800, after deducting the interest payable by Ireland......£.19,307,000 Interest, &c. to be incurred and paid between the 5th Jan, 1800, and the 5th Jan. 1801, on stock created by loans in the present session to the amount of 18,500,000/ Interest on exchequer bills, estimated to be the same as paid in the year ending the 5th Jan.

1800...

.....

Civil list

...

...

Other charges on the consolidated fund, estimated to be the same as in the year ending the 5th Jan. 1800 ..........

962,850

1,021,626 898,000

239,297

......

150,000

35,686,552 2,000,000

1,400,000 497,735

£.64,404,012

12. That it appears by the report of a Committee of this House in 1791, that the actual expenditure of the peace establishment (including the annual million for the sinking fund) was, on an average of five years, ending the 5th Jan. 1791 16,816,985 That the additional charge incurred by debt created since 1793, exclusive of interest payable by Ireland, is ..... That the additional charge to be incurred for increased amount of exchequer bills outstanding, is That the additional charge to be incurred for interest of navy debt is......

That the additional charge incurred on the consolidated fund

is

That the additional charge in

curred for a sum annually voted for redemption of debt is...... That the additional charge on 18,000 seamen, the number employed in the last peace, from augmentation of pay, addition to their provisions, and increased price of naval stores, cannot be estimated at less than........ That the additional pay to the army, on the same number as in the last peace, deducting stoppages, cannot be less than That the increased charge of halfpay and Chelsea, cannot be estimated at less than That the increased charges of the ordnance, calculated on the numbers in the last peace, cannot be estimated at less than...... And that the future peace establishment (exclusive of any charges to be incurred by interest on sums to be paid on winding up the expenses of the war, exclusive of any augmentation in the naval or military establishments beyond the last peace; and exclusive of 497,000l." inter

8,582,395

55,000

150,000

131,650

200,000

351,000

170,000

130,000

49,500

est due by the emperor of Germany, and guaranteed by parliament), cannot be estimated atless than

...26,636,530

13. That the gross produce of the tax on income for the year ending the 5th April 1800 (exclusive of voluntary contributions), did not exceed the sum of 5,801,624/.

14. That the amount of 3 per cent stock (of which the interest is to be defrayed, and the principal to be redeemed by the tax upon income) created in 1798, was 16,000,000l.; in 1799, 19,250,000l.; and in 1800, 21,195,000l.; making a total amount to be redeemed by the tax on income, of 56,445,000. 15. That, supposing the war to end with the present year, the nett annual produce of the tax on income to be 6,000,000l. and the 3 per cents to be on an average at 80, the sum of 56,445,000l. together with the interest thereon, would not be redeemed until the beginning of the year 1810; and that the probable annual expenditure during the first nine years of peace (exclusive of any charges to be incurred for sums to be paid on winding up the expenses of the war, or any increase in the naval or military establishments, beyond the last! peace), cannot be estimated at less than 32,600,000l.

Mr. Pitt observed, that as far as the resolutions went, they appeared to him to be correct; but having some additional resolutions to propose, he wished that the debate should be adjourned till the 24th, which was agreed to.

July 24. Mr. Pitt's counter resolutions were laid on the table, and the debate was adjourned to the 28th.

July 28. Mr. Tierney proceeded to state to the House the tenor of his resolutions. The three first related to the funded debt; on which point he remarked, that the only material difference between his statement and that of the chancellor of the exchequer consisted in the manner of drawing up this resolution. His object was to show what was the real capital of the country. He then proceeded to make a variety of calculations, and concluded with moving his first resolution. Mr. Pitt said, he was glad to find that scarcely any real difference subsisted between him and the hon. gentleman as to figures, but that it turned merely on the manner of drawing up and stating the accounts. At the same time, he was satisfied, that the mode he had adopted was the most satisfactory. He should therefore move the previous resolution upon the hon. gentleman's resolutions, with a view of substituting his own.

Mr. Pitt's Finance Resolutions.] The first and subsequent resolutions of Mr. Tierney were then moved, when the previous question was put, and carried upon them. Mr. Pitt then moved the following resolutions, which were adopted:

FINANCE RESOLUTIONS.

1. That the amount of the public funded debt was, on the 5th Jan. 1786, 238, 231,2481. exclusive of long and short annuities, and annuities for lives, to the amount of 1,373,550l. That on the 1st Feb. 1793, stock to the amount of 10,242,100l. had been purchased by the commissioners for redeeming the national debt; and annuities to the amount of 79,8801. had fallen in, and had been carried to their account; reducing the actual amount of the debt, on the 5th January 1793, to 227,989,148/. and the annuities to 1,293,6702.; and that on the 1st Feb. 1800, stock to the amount of 32,404,8451. had been purchased by the commissioners for redeeming the national debt; and annuities to the amount of 119,8801. had fallen in, and been carried to their account; reducing the actual amount of debt existing before the war, on 1st Feb. 1800, to 205,826,4037. and the annuities to 1,253,670/.

2. That the amount of the capital of the public funded debt, created since the 1st of Feb. 1793 (including the amount to be created by sums borrowed in the present session of parliament, and exclusive of 7,502,633/, three per cent stock, created by advances to the emperor of Germany) was, on the 1st Feb. 1800, 257,787,7921.: That the amount of long annuities created during the same period was 312,664. per annum, exclusive of 230,000l. created by advances to the emperor of Germany: That of these sums, 15,315,000l. capital, and 9.7914. long annuities, are on account of Ireland, and 56,445,000l. is provided for by the tax on income, leaving a permanent tain: And that, on the 1st Feb. 1800, debt of 186,027,7921., charged on Great Bri12,328,449 had been purchased by the commissioners for redeeming the national debt; reducing the said permanent debt, created since the 5th Jan. 1793, to 173,699,343, exclusive of long annuities to the amount of 302,873 per annum after deducting the annuities payable by Ireland.

funded debt charged on Great Britain, after 3. That the total amount of the permanent deducting the sum of above 44,000,000l., redeemed by, and the annuities fallen in to the commissioners, and 12,133,37 17. transferred to the commissioners on account of land tax redeemed, was, on the 1st Feb. 1800, nearly 368,000,000l., together with short annuities to the amount of 549,130l., and long annuities the annuities provided for by Ireland. to the amount of 987,9471., after deducting

4. That the sum annually applicable to the reduction of the national debt, in pursuance of the act passed in 1786, was 1,000,000l.,