44] 
of the naval debt, 2,000,000/. 
more ; for bills of credit and ar- 
rears of subsidies, 3,000,000/; 
‘forthecommissariat departmentin 
Portugal, not less than 2,500,000/. 
—These sums together made 
. 195,100,000. The 2,000,0000. 
for the army extraordinaries, 
which he had mentioned, were 
for the former year, though in- 
cluded in the grant for the pre- 
sent. The payment of the sum 
which continued due on account 
of the commissariat in Portugal, 
beyond what had been already 
discharged, had been suspended 
during the war. The parties in- 
terested hadacquiesced cheerfully 
in the arrangement made, and 
consented to receive the interest, 
without complaining thatthe prin- 
ciple would not be paid. This 
was satisfactory, as it showed that 
the monied men of the country 
(for the greater number of the 
creditors were British merchants) 
hadtheinterest of the nation more 
at heart than their own private 
profit. They had made a consi- 
derable sacrifice, as the state of 
the exchange would have given 
them a great advantage, which 
must be wholly lost to them by 
this arrangement ; which how- 
ever would prove beneficial tothe 
public service, and from its effect 
upon the exchange greatly pro- 
mote economy in those depart- 
ments in which our service had 
hitherto been conducted abroad at 
an immense expense ; and thus 
our operations would be carried 
on with new vigour. Thecom- 
mittee must see with pleasure, 
that even under the pressure of 
present circumstances, theprecious 
metals had been reduced in price 
since last April. Gold, which had 
ANNUAL REGISTER, 1815. 
then been 5/. 7s. the ounce, had 
been reduced to 5/. 5s. and the 
price of dollars had sunk within 
the same period to 6s. 3d. per 
ounce. He stated this to show 
that we had been enabled, not 
only to meet, but in part to sur- 
mount the difficulties of our si- 
tuation, Returning from this 
digression, he observed, that he 
had brought up his statement of 
the charges which the country 
must have borne, if a new 
war had not broken out, to 
19,500,0007. One million more 
was to be added asthebalance due 
to the achievements of our brave 
army, for the capture of stores.— 
Five hundred thousand pounds of 
the sum called for in the present 
session would also have been 
necessary in aid of the civil 
list. Thus this made up the 
21,000,0007. he had mentioned, 
which weretobe provided for in the 
present year, which did not arise 
from the renewal of war, and 
must have been borne had no 
such event taken place. He was 
aware it would be asked, if the 
war should continue, how would 
such expenses be met in a future 
year ? He would not say that 
there would be no difficulties to 
contend with, but it was not.pro= 
bable that those difficulties would 
be of equal magnitude with those 
surmounted in the present year, 
He could hardly think it possible 
that this country would be en- 
gaged in an extensive naval 
war, while making such exer- 
tions asshe was now displaying 
on the Continent. Either the at- 
tention of France would be so 
much directed to the confederat- 
ed armies, that she would not be 
able to make any great effort with 
