FINANCIAL STATEMENTS.
The budget was opened by the chancellor of the exchequer on the 11th of July; and it was opened with a clearness and simplicity that disarmed even the opposition of Mr. Hume, disposed as he was at all times to cavil about figures. The total ordinary net revenue of the year 1827 was £49,581,576; but to this were added £4,245,000 received from the Bank on account of the dead-weight, and the sum of £660,081 under the head of extraordinary and miscellaneous, making a total revenue of £54,486.657. The chancellor of the exchequer said, that the total ordinary revenue for the year 1828 might be considered as amounting ta £50,381,530, to which must be added £3,082,500, to be received from the trustees of military and naval pensions, together with miscellaneous payments of £438,000, making a grand total of £53,902,030. The expenditure he calculated as £50,104,522, which, being deducted from the revenue, left a surplus of £3,797,508 From this, however, was to be taken the advances to public works, £708,000, so that the clear surplus was only £3,088,708 instead of £5,000,000 to be applied as a sinking-fund. It was considered impossible in the present circumstances of the country, to supply this deficiency of the sinking-fund by additional taxation; so that it was agreed to limit the said fund to the amount of such a balance as might remain after the expenses of the year were liquidated. It was stated by the chancellor of the exchequer that, in the course of the last eleven years, the amount of debt redeemed was £29,000,000. It must be acknowledged, however, that the existing system of incurring debt with one hand, and redeeming it with the other, was a delusion.