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Foreign News March 26, 1803

The Recorder

Richmond, Virginia

What is this article about?

London report on British economic data for 1801-1802: imports rose from £15.5M to £16.4M, exports from £42M to nearly £50M; London shipping increased, but foreign vessels declined post-peace. Irish revenue up £920K. Premier eyes £1M cut for 1803 budget balance, contrasting prior deficit warnings.

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OCR Quality

95% Excellent

Full Text

Foreign Intelligence.

LONDON, Jan. 12.

The amount of imports into Great Britain in 1801, was £15,500,000l; in 1802, £16,400,000l.

Exports, 1801, £42,000,000l--1802, nearly £50,000,000l.

British ships arrived at London only, in 1801, 338 ships, of tonnage 418,631, men 23,096; in 1802, 475 ships, tonnage 574,371, men 36,251; foreign vessels in 1801, 3385, tonnage 357,677; in 1802, 1549, tonnage 214,113. (this shows the unfavorable effect of the peace as to foreign ships trading at London), sailed from London in 1801, 1331 vessels; in 1802, 1833. The revenue in Ireland has increased for the last year in which it has been computed, £920,000l.

The British Premier has stated, that if a deduction of one million, could be made from the establishment of the year 1803, which he conceived was practicable, there was little doubt that the revenue could be made to meet the expenses of the establishment.

[There must be some other way of telling the latter part of this story. It is but two years ago, since Mr. Tierney and the chancellor of the exchequer agreed in the house of commons, that the net amount of British revenue was less than twenty-three millions sterling; and that the unavoidable expense of a peace establishment could not, for many years to come, be less than thirty-six millions, or thereby. This left an annual deficit, and required an annual loan of thirteen millions. The French monarchy stopped payment, and ultimately expired, upon an annual deficit of about five millions.]

What sub-type of article is it?

Economic Trade Or Commerce

What keywords are associated?

British Imports Exports London Shipping Foreign Vessels Decline Ireland Revenue Peace Establishment Budget Deficit Financial Estimates

What entities or persons were involved?

British Premier Mr. Tierney Chancellor Of The Exchequer

Where did it happen?

London

Foreign News Details

Primary Location

London

Event Date

Jan. 12

Key Persons

British Premier Mr. Tierney Chancellor Of The Exchequer

Outcome

imports increased from £15,500,000 in 1801 to £16,400,000 in 1802; exports from £42,000,000 to nearly £50,000,000; british ships to london rose from 338 to 475, foreign vessels fell from 3385 to 1549; irish revenue increased £920,000; potential £1,000,000 deduction for 1803 establishment to balance budget, contrasting prior estimates of £13,000,000 annual deficit.

Event Details

Report details British import and export figures for 1801-1802 showing growth; increased British shipping to London but decreased foreign vessels due to peace effects; rise in vessels sailing from London; increased Irish revenue; British Premier's statement on feasible budget balancing for 1803 via cuts; bracketed commentary on past parliamentary agreement by Mr. Tierney and chancellor on revenue deficits and loans, comparing to French monarchy's fall.

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