Page:Encyclopædia Britannica, Ninth Edition, v. 8.djvu/256

Rh 244 ENGLAND [FINANCK. Capital of the national debt from 1862 to 1877. The following table exhibits the amounts of capital of the debt, distinguishing funded and unfunded, during each of the sixteen years from 1861-62 to 1876-77 : Financial Years ended 31st March. Capital of Funded Debt. Capital of Unfunded Debt, Tutal Capital of National Debt, nclusive of Termin able Annuities.

1862 788,229.618 16.517,900 824,136,394 1863 787,422,928 16.495,400 824,635,055 1864 781,712,401 13, 136, 000 821,290.829 1865 780,202,104 10,742,500 816,352,974 1866 773 941,190 8,187,700 807.563,924 1867 770,188,625 7,956,800 805^666,938 1868 741,844,981 7,911,100 806,572,884 1869 741,112,640 8,896,100 805,480.164 1870 741.514,681 6,761,500 801,406,561 1871 732,043,270 6,091,000 796,104.155 1872 731,756,962 5,155,100 792,661,132 1873 727,374,082 4,829,100 785,761,762 1874 723,514,005 4,479,600 779.283,245 1875 714,797,715 5,239,000 775,348 : 386 1876 713.657,517 11,401,800 776,970,544 1877 712.621.355 13,943 800 775,873.713 Termin able an nuities and sink ing fund. Compari- son of revenue and ex pendi ture. local taxation The amount of terminable annuities, included in the total capital of the debt, by computation in 3 per cent stock, varied considerably in different years, through additions being made to them, as in 1864, when .5,000,000 of the funded debt were converted into terminable annuities, and again in 1875, when 4,000,000 of Suez Canal bonds were added. The total computed capital of them amounted to .49,308,558 on the 31st of March 1877. By the provi sions of an Act of Parliament passed in the session of 1875, the national debt will be gradually reduced by the establish ment of a new permanent sinking fund, maintained by annual grants. The grants, by the same Act, were fixed at 27,400,000 for the financial year 1875-76, at 27,700,000 for the year 1876-77, and at 28,000,000 for every subsequent year after 1877. There is a somewhat remarkable harmony between the chief sources of revenue and the principal branches of ex penditure. Thus in the financial year 1876-77 the first source of revenue, excise &amp;gt; productive of 27,736,000, almost exactly covered the first branch of expenditure, interest and management of debt, amounting to 27,992,834. Again, in the same financial year, the receipts from customs and stamps paid, with a surplus left, for the cost of the army and navy; while the produce of the taxes, including income tax, together with the post-office, discharged the expenses of the general government. Local Taxation, Besides the national or so-called im perial taxation, a sum considerably surpassing the total receipts from the excise is raised annually by local taxation. In the financial year ended March 31, 1874 the last for which returns were published at the end of 1877 the total amount raised by taxes, and from other sources of income, for the purposes of local government, in each of the three divisions of the United Kingdom, was as follows : Local Taxes Division?. Levied by Rates. From Tolls, Dues. Ac. Total of Taxes. England and Wales Scotland (partlyestimated) Ireland

19,773,122 1,908,210 2,640,737 - 4,105,907 464,347 355,272

23.879,029 2, 372, 557 2 996 009 Total for United Kingdom 24,322,069 4,925,526 29,247,595 In addition to the sums here specified, the local authori ties raised in the financial year 1873-74 the amount of 1,552,555 from sales and rents of property, 2,404,675 from Government contributions, 8,480,486 by loans, and .3,848,504 from miscellaneous sources. The total local receipts, including taxes, amounted in the year to 45,533,815, of which 37,731,193 was contributed by England and Wales, 3,202,714 b^ Scotland, and 4,599,908 by Ireland. From a parliamentary paper, comparing imperial and Taxatio local taxation in the United Kingdom, issued in the session P er lieai of 1876, it appears that the burthen of local taxation is much higher in England and Wales than either in Scotland or in Ireland. If spread evenly over the three divisions of the United Kingdom, it amounted in 1873-4 to 2, 18s. lid. per head of the total population. Cost of tne arm anclnav : X. Army and Navy. About one-fifth of the entire national expenditure is for the maintenance of the army, and an additional one-seventh for that of the navy. In the army estimates for the financial year ending the 31st March 1878, sanctioned by parliament, the total amount to be expended on account of the army was fixed at 14,583,700, of which 12,643,900 was for &quot; effective services,&quot; that is, the actual maintenance of the regular army, as well as auxiliary and reserve forces, and 1,894,800 for &quot;auxiliary services,&quot; comprising rewards, pensions, and superannuation allowances. The regular army was composed, according to the army Armye estimates of 1877-78, of 7153 commissioned officers, J,^^ 16,968 non-commissioned officers, and 109,599 rank and 73 file, being a total of 133,720 men of all ranks, as follows : Branches of the Military Service. Officers Xon -com missioned officers, trumpeters, and drummers. Rank and file. Officers on the General and j Departmental Staff : General staff 01 90 Army accountants 288 Chaplain s department Medical department, .. Commissariat department, &c. ... 78 531 448 Total Staff 1 436 90 Regiments : Royal horse artillery, including ) riding establishment Cavalry, including life and horse guards 129 620 226 1,378 2,738 10,928 Royal artillery 694 1 638 17 144 Royal engineers 392 722 4 162 A rmy service corps 8 500 2 506 Infantry, including foot guards .. Army hospital corps . . . 3,304 45 6 842 262 68,590 1 288 West India regiments 102 150 1 580 Colonial corps 22 61 566 Total Regiments 5 316 11 779 109 502 Staff of Militia: Artillery 32 575 Infantry 264 3 960 Total Militia Staff. 296 4 53 r &amp;gt; Miscellaneous Establishments : Instruction in gnnnery,&c Royal academy, Woolwich 10 7 63 22 69 9 Royal military college, Sandhurst Staf college 28 6 19, o 17 2 Regimental schools 14 76 Manufacturing establishments ... Various ditto .. 16 94 45 137 Total Miscellaneous 105 464 97 Total force, officers and men, the cost, of which is defrayed from Army Grants&quot;. 7,153 16,968 109 599