394 ANNUAL REGISTER, 1818. 



whole expenditure would amount, according to the foregoing esti- 

 mate, to cf. 66,068,000 



In which is included, for the redemption of debt (by 



estimate) 14,981,000 



Leaving c£.5 1,087,000 



as the amount of the expenditure, exclusive of the sinking fund ; 

 which being compared with the estimated revenue, amounting to 

 52,500,000/., there will appear to be a balance of 1,413,000/. of in- 

 come, beyond the probable expenditure in the year ending the 5th 

 January 1820. 



It tlius appears, that with respect to the year 1818, the income 

 may be considered as very nearly balancing the expenditure, exclu- 

 sively of any increase or diminution of debt ; and that in the year 

 1819, after making allowance for the probable increase of expense 

 unavoidable upon an event, which, under the treaty of peace with 

 France, must occur, if not in the next year, within little more than 

 two years from the present time, the expenditure (exclusively, in 

 like manner, of the sum to be applied in reduction of debt) will be 

 within the probable income : from whence it will follow that any im- 

 provement of the revenue beyond the limits of the estimate, on the 

 one hand, and every diminution of expense that may be made in 

 future years, on the other, would have the effect of creating a surplus 

 annually applicable to the diminution of the public debt ; an object 

 to which the wisdom of parliament, and the exertions of the govern- 

 ment, cannot be too stedfastly directed ; which has, ipdeed, taken 

 place to some extent in each of the two years, whereof the actual 

 expenditure has been under the consideration of your Committee, al- 

 though not effected by income belonging to the ordinary receipt of 

 the year, as they have specifically pointed out in their fourth Report, 

 as well as in the present ; and to the furtherance of which your 

 Committee are willing to believe, that the measure to which they 

 alluded at the close of their fourth Report, viz. the reduction of the 

 interest on the 5 and 4 per cents, must, under a continuance of the 

 present favourable prospects, and with the growing abundance of 

 capital in the United Kingdom, materially contribute at no distant 

 period. 



25 May, 1818. 



(It has net been thought necessary to add the appendices.) 



THE FINANCE 



