Another conference was held; and Rochester announced that the Lords, for the sake of the public interest, waived what they must nevertheless assert to be their clear right, and would not insist on their amendment.

[366] The bill passed, and was followed by bills for laying additional duties on imports, and for taxing the dividends of joint stock companies.
Still, however, the estimated revenue was not equal to the estimated expenditure.

The year 1692 had bequeathed a large deficit to the year 1693; and it seemed probable that the charge for 1693 would exceed by about five hundred thousand pounds the charge for 1692.

More than two millions had been voted for the army and ordnance, near two millions for the navy.

[367] Only eight years before fourteen hundred thousand pounds had defrayed the whole annual charge of government.