From 12 July 1828: The Chancellor made his financial statement on Friday, in a style of candour and clearness which pleased all men. Its substance was this: that the state of the revenue is flourishing; that there will neither be new taxes imposed nor old ones reduced; and that the sinking-fund shall be limited to three millions: not the real, but the desired actual surplus of revenue, which it is not in future years to exceed. The expenditure of 1828 is, in round numbers, 32 millions for the permanent charges, and 18 millions for the military establishments, the latter being one million less than the amount of last year. Sir Henry Parnell doubted whether it is advisable, in the present state of the taxation of the country, to endeavour to raise any surplus revenue for the purpose of reducing debt.
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