HC Deb 28 March 1806 vol 6 cc571-2

Next follows the Loan contracted for this day, which, I am happy to say, is not only upon terms advantages to the public, but from what I have heared, is also beneficial to the contractors. The terms are,

For every 100l. advanced, 100 Three per cent. Consols at 60 ⅜ £.60 7 6
66 Three per cents Reduced 59 ⅜ 39 3 9
99 11 3
Amount of Discount on prompt payment 3 10 0
103 1 3

So that the Interest paid by the public is under 5 per cent. being .4 19 7

To cover the interest, one per cent, sinking fund, charges, &c. on this loan, a sum of 1,136,000l. is to be provided; which I propose to do in the following manner:—

I propose to render the Wine Duty already existing, permanent and applicable towards the interest of the Loan, which will give £.500,000
A Duty on Pig Iron of 40s. per ton. This tax was formerly in contemplation, and as the object is now greatly extended in use, and as 200,000 tons was the quantity then manufactured, I apprehend that the quantity may be estimated at 250,000 tons, which at 40s. will be 500,000
Upon this head there will be counter vailing Duties on Foreign Iron, and a fair drawback will be allowed, This tax will be under the Excise.
The third object is, a Regulation of the Duties on Tea. Formerly it was intended, for the relief of the lower classes, that no tea supposed to be used by them should fall under the tax. But the fact is, either that the lower classes, preferring a better article, do not buy the inferior kind, or the venders mix it, so defrauding both government and their customers, the inferior tea is not sold. The Equalization of the Duties on Tea is expected to produce 70,000
Next I propose, that, as there is a considerable Tax on Auctions, there should be a Tax on Appraisements; both these modes being adopted, to give the highest value that can be procured to objects sold. I estimate this tax at 66,000
One-half the Duty on Auctions.
Total 1,136,000

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