FINANCIAL STATEMENTS, ETC.
Notwithstanding the distress of the country, the financial affairs of the present year exhibited an encouraging aspect. The chancellor of the exchequer indeed, after providing for the interest on the £20,000,000 granted to West India proprietors, had a disposable surplus of £1,620,000. From various alterations about to be made in the state of taxation with respect to spirits and beer, the estimated surplus might be taken at £1,815,000. Under these circumstances, the chancellor of the exchequer made the following reductions in taxation: in the house-tax, which was wholly abolished,£1,200,000; customs,£200,000; starch, £75,000; stone bottles and sweets, £6000; almanacks, £25,000; small assessed taxes, £75,000—leaving still a surplus of about £230,000. But this surplus would be further reduced by a change which was proposed in the spirit duties. The duty on spirits distilled in Ireland had for several years been fixed at the same amount as in Scotland. That policy was now to be departed from, and the duty on Irish spirits was to be reduced from 3s. 4d. to 2s. 4d. per gallon. After a few words from Mr. Baring against the views of the chancellor of the exchequer, the resolutions proposed were adopted by the house. Subsequently, an important measure of finance was attempted in a plan for the reduction of the four per cent, annuities created in 1826. All holders of that stock who should not signify their dissent, were to have, for every £100, three and a half per cent, in a new stock to be consolidated with the existing three and a half per cent, annuities, which were not liable to redemption before January, 1840. The dissentients were found to be a greater number than had been anticipated. Before the 9th of June, nine hundred and sixty-nine had expressed their dissent, and they held stock to the amount of £4,600,000. In order to provide funds for paying off these dissentients, a resolution was passed on the 7th of June, authorising the commissioners of the national debt to pay them out of the monies, stocks, or exchequer-bills which they held under “the savings’ bank act.” The dissented stock was from the tenth of October following to be considered as converted into an equal amount of three and a half per cents., which were to be vested in the commissioners, and placed in the bank-books to the account intituled “funds for the banks of savings.”