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whether there was a surplus or deficiency on the year, and necessarily based on actual payments; and by so doing you take no account of an alteration recently made in the system of accounts, whereby extra receipts collected by the War Office and the Admiralty are no longer paid into the Exchequer—an alteration recommended by the Public Accounts Committee, of which Sir Henry Holland was chairman. I take my figures from the account at pp. 10 and 11, which places each year's account on the same footing, and is therefore the only account useful for comparison.
II. A. I demur to the inclusion as expenditure of the outlay on Fortifications and Local Barracks which has been met by loan, and which, amounting in the last four years of the Conservative Government to 2,300,0001., happened to be very heavy.
B. I include it for more reasons than one :-). There is no difference between those works and other works which appear in the ordinary estimates.
2. Borrowed money spent is as much expenditure as spent
3. To make this clear, the charge, certainly not large, has since 1880 been met out of revenue and treated like any other ordinary expenditure.
A. But the loan out of which the expenditure under this head in 1877–80 was defrayed, is being paid off by sums which appear in the national accounts. To debit the country with the sums applied out of the loan and the sums expended in repaying the loan, would be to charge them twice over.
B. This argument is untenable. I deduct from each side the amount of debt paid off. Therefore I do not debit the country with the sum subsequently expended in paying off the loan. Moreover, the late Government did not merely borrow what they required for Fortifications and pay off the loan at once ; on the contrary, the present Government are now paying it off.
III. A. I maintain that there is a fallacy in your contention that, whereas the Conservatives only paid off 11 millions of debt, the Liberals have paid off 25 millions, in four years. The Conservatives spent in interest, management, and reduction of debt 113 millions during their last four years of office; the Liberals have spent on this account in a similar period 118} millions.
B. You would leave it to be inferred that the difference between these sums is the difference between the two Governments; but you omit the fact that the Liberals have borrowed nothing, and that the Conservatives borrowed largely. Your contention apparently is that,
in stating the financial position of a country or of an individual, you may leave out of question any sums which may have been borrowed during the period in question. If you pay off 1,0001. of debt with one hand and borrow 8001. with the other, you cannot take credit for having diminished your debt by 1,000l. After this transaction, you owe 800l. ; therefore you have only reduced your debt by 2001.
I showed on the fairest basis and latest approved mode of stating the liabilities of the Government, that in 1880 they showed a reduction on the four previous years of 11 millions, and in 1884 a reduction of 25 millions. If you want to dispute this fact you must dispute the figures, and until you have shown that they are wrong, the fact must remain ; and while the fact remains unshaken, I am entitled to deduct the amounts by which the debt has been reduced from the unproductive expenditure of both Governments.
A. I still hold that to debit the country with the loan expenditure and also with the sum expended in repaying the loan would be to charge the amount twice over. I take my original illustration: If I borrow 1001. in March, and spend it in buying a boat, and then in October I repay the loan, my expenditure is 100l. and not 2001.
B. I think, as a matter of fact, you would in such a case find yourself debited in your pass-book with an additional expenditure of 2001., viz. 1001. for paying your boat-builder, and 100l. for repaying your bankers six months later. But that is of little moment. Where you are in error is, in supposing that what the Government borrowed for Fortifications in March it repaid in October. The Government only raise a loan for charges which their annual income will not meet. The Government are now paying off what the late Government borrowed for Fortifications. So the contention about a double charge is contrary to facts.
Downing Street: November 21, 1884.
The Editor of THE NINETEENTH CENTURY cannot undertake
to return unaccepted MSS.
INDEX TO VOL. X VI.
The titles of articles are printed in italics.
Bilston family, the, 569–575
manity, last Words about, 826-839 Bishops, the question of retaining, in the
Black Death in East Anglia, the, 915–934
Bombay, leprosy in, 224
Bowstead (Dr. T.), his account of an
tion, its Necessity, 764–787
Brabourne (Lord), What will the Peers
Brussels, International Congress of deaf-
Burns and Goethe, a parallel, 761-762
England versus their Naval Officials, 479-480
Buxton (Sydney), Over-Pressure, 806–
Byron (Lord), compared with Heinrich
YAMERON (J. A.), Storm-clouds in
the Highlands, 379–395
leprosy in, 212
relative to Irish immigration, 771-
Canterbury, pilgrimages of lepers to,
Baden-Powell (George), The E.x lieve over-population, quoted, 784
Cape of Good Hope, leprosy at the, 225
the deaf and dumb, quoted, 579
leprosy, 222-224, 226
Charters of the City Companies, 52–53
Chatterton (Lady), her account of a
religion of, 363, 830
Donne (Dr.), letter of, to Christina,
of the United States, 1020-1022 Douglas (John), Imperial Federation
from an Australian Point of Viev,
Dudley (Robert, Earl of Leicester), sur-
future political relations of, with Queen Elizabeth in Shakespeare's
dan, quoted, 36
a Market Garden, 598-610
E 4ST, English Supremacy in the, 490-
East Grinstead Nursing Sisterhood, 347-
Education, Technical, Report of the
Egypt, the Surrender of, 156-167
Egypt, causes of the financial difficulties
Egyptian Campaign, an American Cri-
ticism of the, 228–237
Elementary schools, the cry of orer-
pressure in, 806-825
Elizabeth (Queen), supposed allusions
to, in Shakespeare's love sonnets, 254–
Emigration, State-directed, its Necessity,
Something better than, 991–998
England as a Market Garden, 598-610
- the People of, versus their Naral
Eridge Forest, 334
Estimates, lengthened discussions of the,
Ettrick, statistics of farmholding in,
Evolution, a Limit to, 263-280
Exeter, the leper hospital of St. Mary
Magdalen at, 479
Experiment, an, 619-623
to the Oceanian lepers, 223
supposed connection of, with Shake deduced from the Customs Statistics,
Federal States of the World, 96-117
from an Australian Point of for the deaf and dumb, 589-590
Hallam (Mr.) on the old City guilds, 51
Cathedral for Liverpool, 901-914 Hamilton (Lady George), Mission
the Prussian Government, 658–659
Harrison (Frederic), Agnostic Meta-
- Mr. Spencer's replies to, 3-26, 826
cism of the Egyptian Campaign, 228– Heine (Heinrich), the Letters of, 118-
tion of a permanent council, 457 ing deaf-mutes, 581-586
field's Irish Policy, 663-670
supposed connection of, with Shake-
apprenticeship schools of, 312, 314 Hereditary principle of the Constitution,
186, 453-454, 741-742
Hewlett (Henry G.), County Charac-
Highlands, Storm-clouds in the, 379-3395
Ilildesheim, the antiquities discovered
Hlawacek (Dr.), his régime for Karls-
Hong-Kong, value of, to Great Britain,
Hornby (Sir E.), account of an appari-
A Farm that pays, 568-575 Howell (George), The House of Lords
IIumanity, Religion of, 10-23, 369 378
Agnosticism and the, 826-839
cratic Victory in America, 999–1026
financial administration, 1036–10:38 Wages, 630-638
importance of, to British com-
Ireland, the franchise in, 170-171
Vere Foster's system, 546-547
W. H.), Visiblé Apparitions, 68-95 771-772
port on the British operations in INDIA, leprosy in, 215-216, 224