156] ANNUAL REGISTER, 1S14. 



although trivial, yet proved the 

 benetit which had arisen from the 

 new measures that had been 

 adopted. The assessed taxes, which 

 included some of the taxes which 

 had not been collected in 1812 — 

 in 1813, amounted to 5,880,000/. 

 and in 1814, to 6.339,000/. being 

 an increase of half a million. The 

 land tax, which was a fixed rate, 

 in consequence of the progress of 

 its redemptio'i, was not quite so 

 productive as the former j'ear ; its 

 amount in 1813 was 1,081,000/., 

 and in the last year but 1,000,059/. 

 The remaining branch of the 

 taxes was the property tax, upon 

 which there had also been a con- 

 siderable increase. The produce 

 for 1813, was 12,808,000/. ; for 

 1814, 14,485,000/.; making a 

 surplus of 1,517,000/. 



He had now stated the general 

 produce of the revenue in detail, 

 and this he thought the best mode 

 of acting, as the House would be 

 enabled to form a judgment on 

 the produce of the different 

 branches. The unfortunate event 

 to which he had already alluded, 

 namely, the fire at the Custom- 

 house, prevented him from satis- 

 fying the House upon the in- 

 crease of our trade, but he could 

 with confidence state that our 

 actual exports in the last year had 

 exceeded in a most flourishing 

 degree any other year which had 

 preceded it. The last tiling which 

 he had to advert to, was the terms 

 of the loan. He would, how- 

 ever, before he proceeded to make 

 his statement on this subject, an- 

 ticipate a question which his hon. 

 friend opposite (Mr. Grenfell) 

 would probably ask. He would 

 perhaps inquire, whether any at- 

 tt'Ujpt had been made, in nego- 



ciating the late loan, to carry into 

 effect a clause contained in the 

 Act of the 23rd of his Majesty, 

 for appropriating part of the 

 growing produce of the sinking 

 fund to the service of the year. 

 In answer to this he had to ob- 

 serve, that all the parties who bid 

 for the loan, with the exception of 

 one gentleman, were averse to 

 that proceeding. And looking to 

 this general concurrence of opi- 

 nion, it was thought that a better 

 bargain could be procured by 

 agreeing to the suggestion, than if 

 anj' opposition were made to it : 

 because, from the large amount 

 of the loan, it was not probable 

 that a great competition would 

 have been produced, if, in nego- 

 ciating it, they had acted under 

 the provision contained in the 

 clause alluded "to. Finding the 

 opinion of the contractors gene- 

 rally hostile to the proposition, 

 and seeing there was no probability, 

 that, for a loan of 18,000,000/. 

 any other bidders would come for- 

 ward, besides those who attended 

 on the occasion, it was thought 

 advisable to coincide in their 

 terms, and to make the loan on 

 the old principle. The bargain 

 was extremely satisfactory, being 

 very much in favour of the public. 

 Undoubtedly, at the present mo- 

 ment, when this country was at 

 peace with all the world, except 

 America, it was natural to expect 

 that the loan would be negociated 

 upon favourable terms, and he 

 was extremely happy to say, that 

 such terms had been obtained. It 

 was thought necessary that part of 

 the loan should be taken in the 

 5 per cent. This was not popular 

 amongst the contractors, who were 

 much better pleased with a bar- 



