.

FINANCIAL STATEMENTS.

From an abstract of the net produce of the revenue in the years ending
the 5th of January, 1815, and the 5th of January, 1816, the amount
appeared to be L66,443,802, showing an excess of L1,013,821 over that
of the preceding year. But notwithstanding this excess the chancellor of
the exchequer announced his intention of proposing an income-tax of
five per cent., there being no mode, he observed, less oppressive, or so
economical. With a view of gaining over the great mass of the people, he
declared himself ready to exempt all incomes under L150 per annum, and
farms paying less than that sum in rent. But the people were not thus
to be bribed. Such a storm of opposition was raised against it by the
nation at large that when a motion for the continuance of the income-tax
was made, it was negatived by two hundred and thirty-eight against two
hundred and thirty one. Thus defeated, the chancellor of the exchequer
had recourse to a loan; and this loan was increased by L2,000,000,
by the voluntary relinquishment of the war-tax on malt, which tax was
relinquished in order to afford some relief to the agriculturists, who
were at this time labouring under great distress. In bringing forward
the budget on the 27th of May, the chancellor of the exchequer announced
that the surplus of the preceding year's grants in hand amounted to
L5,663,755. The supplies for the year were estimated at L39,400,000,
and the ways and means to meet them as deficient about L2,500,000;
which deficiency was made up by a loan of L3,000,000, obtained from the
directors of the Bank of England, at three per cent. The amount of the
army estimates provoked a long and vehement discussion; but ministers
were successful in their favourite object of maintaining a large
standing army, their principal argument being that the situation of
the continent rendered such a measure necessary. The number voted was
176,615 men, including 30,000 stationed in France; and a vote of 33,000
men for the navy was also agreed to, after a violent debate. Out of the
large military force voted 25,000 men were to be stationed in Ireland,
in order to keep that country in awe. The necessity of such a force
naturally excited some surprise, and led to some animadversions on the
measures of the existing cabinet. But no cabinet: which has ever existed
can fairly be charged with all the evils and the abuses which have
plagued that country. Generally speaking, th