ANNUAL RE 
The sum due to the East India 
Company was due upon a claim of 
several years standing, which had 
been submitted to commissioners in 
1803. One million had been alrea- 
dy paid, and another would be cal- 
Jed for in the course of the present 
ear. ; 
The interest on exchequer hills 
had not hitherto been provided for 
when they were voted, but left to 
come in as part of the supply of the 
following year. It was theught ad- 
visable, however, at present, to 
bring that expence within the year, 
and to provide for it accordingly. 
The grant of one million from the 
proceeds of ships captured prior to 
the declaration of war, was part of 
the droits of admiralty, which his 
majesty had been advised by his late 
ministers, graciously to apply to the 
public service of the state. 
The Joan, which had been nego- 
ciated that morning, consisted of 
twenty millions, eighteen for Eng- 
and, and two for Ireland, and had 
been obtained at the rate of £.4 
19s. 7d. of interest for every £.100. 
War taxes.— The beneficial effects 
of raising a great part of the sup- 
plies within the year, was strongly 
eximplified by the fact, that during 
the last war, the average increase of 
the national debt had: been at the 
rate of 25 millions a year, while the 
average increase in the present war, 
was at the rate of only 12 millions a 
year; a difference to be attributed 
solely to the system, of war taxes, 
which had not been introduced in 
the late war til! Wear its close. “Uhe 
war taxes had been taken for the 
last year at fourteen millions and a 
half, and they had produced more 
than thirteen mitfions. It was in-: 
tended to raise them for the current 
year to ninetcen millions and a half, 
rr 
GISTER, 1806. 
of which five millions were to be 
raised by making the property tax 
more productive, and one million 
from the excise and customs, 
The property tax was proposed 
to be raised from six and a half to 
ten per cent, and most of the pre- ° 
sent exemptions to be done away. 
It was thought more advisable to 
raise this tax at once to what might 
be termed its natural limit, than to 
increase it gradually, which might 
lead to the supposition that it was 
a fund to be drawn upon to,an in- 
definite extent. Besides this addi- 
tion to the rate, it was expected, 
that the tax might be rendered more 
productive by judicious regulation, 
Great frauds and evasions were now 
practised, and the mode of exemp- 
tion furnished the greatest facility 
to such attempts. Jt was proposed, 
therefore, iu future, that the tax 
should in the first instance be paid, 
and that those entitled to exemptions 
should afterwards, on making good 
their claims, be repaid from the tax 
office. It was stated with great sa- 
tisfaction that the governors and di- 
rectors of the bank had agreed to 
reccive the duty on the dividends at 
the bank. As to the quantum of 
income to be made liable to the tax 
it was proposed that ten per ‘cent 
should be paid on all property above 
fifty pounds a year, but that a scale 
of abatements should be introduced 
in favour of small tradesmen and 
small annuitants, whose income was 
Jess than une hundred a year. Some 
regulation would also be made in 
favour of hospitals and charitable 
institutions. The total sum ex- 
pected from these alterations in the 
property. tax was estimated at five 
millions. 
Another million was to be raised 
from the customs and excise. It 
was 
