officers, receiving together 160,000l.; and then the retired list, including 1500 naval and marine officers, receiving together 280,000l. per annum. Besides these, there are military and civil pensions and allowances, causing a total expenditure for non-effective services of 1,300,000l. A considerable portion of this expenditure might doubtless be spared; and, if for the moment this be impossible, care should be taken for the future to limit or to abolish altogether the number of officers receiving pay whilst not in active service. Much might be said on the administration of the naval expenditure, on the cost of manning ships, and on the expenses and service of ships in ordinary; but this would lead us to much minute and lengthy examination. Notwithstanding some apparent or essential shortcomings, we cannot help feeling a conviction that no reckless or wasteful expenditure is now voluntarily incurred, and that the abuses which still exist are chronic diseases exceedingly difficult to remove. In 1859 our naval forces consisted of 383 screw, 212 paddle, and 439 sailing ships, making a total of 934; of which 93 were ships of the line, 126 frigates, and 715 other ships. These ships are scattered all over the world. There is a division on the African coasts, a division in the Brazils, one in the Pacific, one in North America and the West Indies, and one in the Mediterranean. Some ships are in China; some in Australia; and then there is the Channel squadron. A considerable amount of our navy expenditure is incurred for the protection of our large and scattered colonies. The extent of the forces required on these different stations naturally depends on the state of our relations with foreign Powers. The constant additions made to the French navy have naturally excited the greatest anxiety. It is a singular fact, that in a few years France has organized a steam fleet which, with a proportion of large transports,* The comparative number and condition of British and French ships of war, in 1858, was as follows: would enable them to carry an army of 60,000 men, with horses, provisions, and materials for one month. When we consider the unsatisfactory state of politics, the expansion of commercial interests which often demand the presence of armed vessels at distant stations, and the low pay granted to all ranks as compared especially with the value of labour in this and all countries, we can scarcely indulge in the expectation of any material reduction in the navy expenditure. The following is the amount of navy expenditure since 1801: ONE CHAPTER VII. INTEREST OF THE PUBLIC DEBT. NE of the most important portions of national expenditure is the payment of the interest of the national debt. Following the progressive increase of the debt, it is unnecessary to note how, from 200,000l. in 1691, the amount of the interest rose to 32,000,000l. in 1816. The advance has been continuous from year to year; and though some reduction has since been made, the charge is still upwards of 28,000,000l., upon a total capital of debt of about 800,000,000l. The number of persons entitled to various amounts of dividends in the several stock in the public funds has in late years been somewhat reduced. In 1831 the number of fundholders was 281,000; in 1859 it was 267,000; the decrease having taken place in the number receiving sums between 10l. and 50l., for whom other modes of investment are now provided. The number receiving sums exceeding 2000l. has, on the other hand, increased from 172 in 1831 to 223 in 1859, owing to the extension of insurance offices, which generally have large investments in the public funds. In estimating the future payments on account of the interest of the debt, we are first met by the falling due, in November, 1860, of another 1,000,000l. of Exchequer bonds, and by the financial arrangements of 1858, whereby the redemption of the Exchequer bonds of the other amount of 2,000,000l. was set aside till 1862 and 1863. In the present state of the national finances it is idle to indulge in the expectation of any immediate prospect of annual surplus of revenue over the expenditure, so as to reduce somewhat the capital and interest of the national debt; and the only glimpse of light we possess is the falling in of another considerable amount of annuities in 1867. The interest of the debt is paid through the Bank of England, which receives for the management 340l. per million on 600,000,000l., and 300l. per million on 180,363,5291. From this sum, however, there are deducted 188,0787., which the Bank pays for its privileges. There are, however, other charges for the expense of the National Debt Office, which swell the amount paid for management to 90,000l. Number of Persons entitled to various Amounts of Dividends |