Star. — London, England, 1801-11-17 00:00:00

F FRANCE. PARIS, NOVEMBER tt. General of Brigade, LE st.sr, Commandant at Dunkirk, has fent notice to the Mayor of that city,' that he had received orders from Government to oppofe no obßacle to the free entrance of Englilh aid Ruffian merchant-fhips into that port. Letters from Bruffels, of the 7tl, inflant, Rate, that the merchants of Offend have already renewed their commercial relations with the ports of Co. runna, Seville. Cadiz, Malaga, and of feveral other maritime towns of Spain. The grand Sluice of Slyckens, deftroyed in part by the Englifh, at the time when they landed on thefe coalls, being now completely repaired and in the befi fate, the merchants of Bruges are alfo preparing to carry on a direct trade with foreign countries as hereto fore. For fume days paft feveral Engin merchant fhips, or flags of truce belonging to that nation, dained for the ports of Flufhing and Middle burgh, have fucceffively entered the Wellern Scheldt. A communication is now eflablifhed be tween the different divilions of the Dutch fleet.— A part of the divifion in the Meufe has gone to the Mel, and another has enteredthe port of Flufhing. HAVRE, NOV. 7. An Englifh brig, the Tribly, Captain JAMBI CROSBY, from Sunderland, with coals on account of Citizen Lou is FOREL, has jull entered this port, and feveral other vciTels are in fight. The Treaty ofPeace with Portugal will have a happy influence on our commerce. Our cloths and woollen fluffs will be admitted into that kingdom without pay ing higher duties than the Englifh ; the improve ment of our manuf.alures, In as to be able to fell them at a cheaper rate than other nations. mull de pend on ourfelves : in this manner we may main. tam a competition, and at length obtain the prefer ence ; for in commerce national caprice and pre judices cannot long (land in oppofition to cheap nets. The French cloths will be preferred if they retain their foperiority, and if they are foldcheaper than the Engiith. FROM THE PARIS PAPERS. VIENNA, OCT 25.—The French Amhafrador has renewed his political relations with the Chargé d'Affaires of the Sublime Porte : the latter was one of the firft who appeared at the Hotel de France, on the day when the Ambatrador received his rifits of ceremony. It appears by the lift letters from Conftantino ple, that the Porte protxrfes to give a new form to the government in Egypt, the moil fertile and molt opulent province no doubt ix the Ottoman Em. pire : its intention, it is believed, is to diminifh the number and power of the Beys, who had ufurped almoft the whole Sovereignty, and got polfeffion of all the wealth in the country: other changes advantageous to agricultgre and commerce will alto be made. Butt's, Ocr. as.—Yellerday her Majefly the (ly►ill arrived here from Potfdam, to give an audience to Lady CAI Ysroar before her departure. Her Matttry afterwards went to the play and returned to Potfdam in the evening, Lord CARYI. roar will fet out with his family tomorrow for England. Though be has leave of abfence only for four months, it is believed here that he will go Arnbalfador to Ruflia. M. CAS/MAJOR, &CM traY• to the Embairy, will, in the mean time, dif charge the fun liens of Amba ff ador, as Charge d'AfFaires until the arrival of a new Mininer. His Highnefs Prince CHARLII3 of Courland, died at Konigiberg on the 16th of this month, at the age of 74, in eonfequence of a iiroke of the apoplexy. PARLIAMENTART PROCEEDINGS. MOUSE OP LiaDfi, MONDAY, N0Y.16. Sir Edward Law, his Majeity's Attorney General, was heard is behalf of die Appellant in the Caufe of Appeal from the Court of &Son, Philips ...Blair and Mr. Adam, for the Re. (panda*: .Mellrs. Blair anti Ma con fold to Mr. Phillips, on time, a number of puncheons of fpirits 'rhefe puncheons of fpirits were not d. livered agreeably to the bargain. Phillips fiord for dainages.—Thefe the Court of Salon in Scotland re. fufeil.—Phillips appealed. The Hoerr, on the motion of the LORD CIANCILLOO. rewired the fentenee of the Court Of deffion, and remitted the cattle to that Court, with dirediona to oeL f, damages upon the party that had failed in fulfilling the contraeL A Petition for a Naturalisation Bill was prefented, and the Bu! ordered in Deceived and one firft time. '1 no other in, were read a fecund time, and committed for to-eiorrow.—Ad)onmed. HOUSE OF COMMONS. The Rak ei ßill wu ham& up and read a fisil and fecon3 time, and ered to ha committed to- morrow. The M..it and the Penfion Duty HM went thremah Committees, and the Report was ordered to be received to- MO:TOW. Mr. Marawsvittc brought up the Report of the Commit tee to %kW. had been referred the appilemion for making s C,mm. reial Road, from the Wet Docks, in the ilk of Dogs, -0 Whiteelsaxi. In purfuanee of the Report he obtained leave to bring _in a Bill for making the fame. Mr. VAPISITI ART moved that the kilt Lottery Aft mould b.: Teed ; isis oby..‘t was, be raid, to comet en Meonfittency -.which appeared oo the L ace of the Ad, bccaufc in encisart it ;imported to fet forth all the Prizes, and in another part, it appeared that Mere were other Prizes far Tickets drawn on particular days ; he therefore moved for leave to bring in a Bill to retffify the Laid Ait.—Leave was granted. Mr. VAIIIITTART moved, that an bumble Addrefs be pre femoloseis lideridisf, plying that be would be pleated to give +orders that there he laid before the Houfe an account of all the rims of money iffued in confequence of Addreffes of that Houk, and not made good by Parliament. The Motion was agreed to, and the Addrefs was ordered to be preferred to his Maießy by fuck Members u were of the Privy Council. WAYS AND WEANS. The Committee of Supply was deferred to Wed neftiay next on the Motion of the CMANCILLOR of the Excutosta. He then moved the Order of the Da;- for the Houle to refolve itfclf into k Com mittee of Ways and Means for railing a Supply. The Houle ha‘ ing refolved itfelf into a Commit. tcc f the whole Houle accordingly, 'llle Cotaseettot of the Excusopta raid, the Ili.ule having Jetermined, for reafons that appear ed to him moil wife, to continue, during a period of three monshs, the Naval and Military - E:flablilh . recut of the lad year, or rather to provide the rum' by which the Naval and bfiliraryliflunent night be defrayed for that period, k became therefore aecefary to provide Ways and Means for raifing Supplies to carry into area the Mien .iod of the Houfe. The Supplies already voted, were For the Army - £.5,332,000 and upwards. For the Navy . 3.5 62 . 000 Ordnance 4 0 0Pco Mileellancona Services - sorscax. Z.6.4944 0 : 0 In addition to the EnglA, there was for the Army of Ireland 40.0ne • Making in all upwards of Seven Millions. The Ways and Means which had been already voted by theHoufe, towards railing tilde fup plies,was the Land and Malt,which was 2,750,0001. It was for laying the foundation for the further Supply to meet the whole of the demand already voted by the Houfe, that he was to lay before the Committee a propofition, the general nature of which he had already hated, but he thought he , ought to remind the Committee of two drum fiances, which appeared neceffarily and unavoid ably to have diminifhed the Supplies of the year, or, to (peak more correctly, to have enhanced the expences ' and aggravated the weight of the bur thens of the preceding year. One arifing from the fcarcity of the feafon, and the amount of which was confiderable, for it had been thought cape dient to give ample encouragement to the Impor tation of Corn into this Country. No credit had lab year been given for this Importation, for the bounties on it, the amount of which would be con fiderable, but not fuch as fome perfons might perhaps imagine. He thought that would not be found to exceed the fum of Seven Hundred ! Thoufand Pounds. A large fum, undoubtedly, and Irk, he believed, than might have been imagined. Another very confiderable article of Expenditure was here to be mentioned, and for which the Houfe had been in the habit of making large provifion, but the demands on which had been greater on this than on any former year: he, meant the Navy ; and this arofe from the circum fiances of the times, for not only all the articles of War, of the wear and tear of a Navy, but in dependently of all Marine preparations, the ex pences mutt he confiderably greater than at any former period; but when it was recollefted how that marine had been made ufe of—how that fer vice had been performed, he thought the Com mittee would make -up its mind to voting largely for that head of Expenditure, provided it fhould appear (as he trufted it would) that the augmen tation had in no inhance arifen from want of vi gilance or inattention. What he had to propofe to-day-Owes not for the propofe of fupplying imme diate Ways and Means, but to remove an impedi ment in obtaining Ways and Means, in the way which appeared to him the moll defirable. There were, as he hated on Friday lab, three modes of fupplving the wants of Government :— Either to 'foe 'freflt Exchequer Bill—or funding thole - ready outliandin—or that of a Loan ; on which points he had to fubmit, (hortly, fome obfervations to the Committee. The objeCtion to the latter op peered to him to be this : two Loans within the year had always been held to operate very inju rioufly on the public Funds. The payment of the inftalments operated unfavourably. Happily, he raid, we could not now anticipate what will be the amount of our Expences ; this he Paid, becaufe the Definitive Treaty may enable us to diminifh our expences by laming the demands of the Pub lic Service. This plan which he had to propofe, would enable us to limit our iffues of Exchequer Bills according to the demands of the public Ser- 1 vice; whereas by another mode, that of ilfuing Ex chequer Bills now, the whole fum voted mutt be railed, and it might afterwards turn out that much more was railed than was neceffary, by which he fhould have incurred an unavailing expence. Be tide, whenever a Loan was effeaed, it caufed more Stock to be fold than was neceffary. Thefe con tiderations, he hoped, would jullify the preference he had given to the mode which he was now about to fubmit to the Committee ; the objca of which chiefly was, to take out of the Market a large pro portion of Exchequer Bills to anfwer the demands at a lets rate of interefi. The Bills were not to be chargeable on a particular branch of the revenue. The amount of the Bills which he propofed to be funded was B.soomool. Of which 2,300,e001. and odd were held by the Bank, and 6,000,0001. were in the hands of individuals. It had been propofed to make an arrangement conformably to the vales of individuals by whom the larger turns are held, for the Bank could wait until they could demand payment, or take Stock on the terms and condi dons held out to others. The }lank, according to a fyftens which they had followed for a number of years, required that they should be paid, not in Stock, but in fpecie. We were therefore to fund 6,000p00L A Committee appointed by the holders of Exchequer Bills he had occafion to meet. The pro_ polition was this, that they thould agree on be half of themfelves, and thole whom they reprefent ed,"to fund 6,500p001. and that each perfon who accepted Rock Otould advance yol. towards con- Rituting a fund to fatisfy the Bank. However, that was not agreed on. On Wednefday loft he had a fecond communication, and then the terms agreed on were thefe. He Mould, however, pre• mile, that it is not con fi dered as an indifpenfable obligation that they (hould advance 501. but that they thould be at liberty to do it; and the terms on which it was made, (hould be fimilar to thofe ' of the Exchequer Bills of individuals. The terms which he had entered into, fubjed to the approba tion of the Committee, were theft; : 25 of Coolish - a 64 4.17 t 10 as Reduced - a 67/ :6 t 6 lot 13 New Fives . a t 9 24 15 0 5o tour ptv Cents a to: 42 7 6 is. psi. Ann. a Apt 1 2 4 cosC. ls 7 and the Proprietors to hsvc tbc opportunity of falifcrib i ng 3 01. additional for every tut 11.11, to be appiird for raiment" the funs of about 2,400ac0t. 2W. bold by the Beak of Ean t Lind. It would be recolleded by all thofe who had had an °ppm tunfty of obferving the hate of Stock, and the pike a Exchequer Bills, that fame time pre vious to arrangements being made as to Exchc quo' Bills, and perfons knowing of plans being in ag;tation, that they iron a confiderable premium He wee now referring 'to a p2tiod befOtle s this— twelve fkillings. he thoeght, was the premium (he took it at the loweft), and they were taken readily at that premium: but he contended that that pre mium ought to be deduded out df the amount of the bonus, and therefore the bargain muft be con fidered, as far as that premium went, as advanta geous to the public, and he was entitled to take credit for that, be it more or lefs. This led him to another confideration, a little, perhaps, out of place, which was, that the alteration in the price of Exchequer Bills !ince the contrail was made, furnifhed another proof of the benefit of the con trait: and here he obiervcd, that it was the with of Government, and he believed it was the with of Parliament, not only in its liberality, but in its wifdom, to fee that thole bargains were beneficial to the individuals, while they were prudent on the part of the public. He hoped they would appear to the Committee prudent, on the part of the pub lic at leaft. He was fully aware that there was in the minds of many well-informed men, a prejudice in favour of invefting in the 3 per cents, and that funding Exchequer or Navy Bills should be in that Stock ; but he wifhed Gentlemen to confider very I fully the whole extent of their opinion on that fub jea, and the probable effect of carrying it into ex ecution. He was aware that funding in the 3 per cents was plaufible, for that the amount of in tereft was lefs, and he was ready to admit, he could have engaged, on the part of the public. at a lower rate of intereft, by funding in that Rock. He had reafon to believe an arrangement could have been made by which a difference of 6s. gd. could have been made in the intereft to be paid in the Bills funded. The funding he propofed, was in the whole amount of intereft on the diffe tent films. 4 16x. 9 d. • s. d, !Lanett. £.25 Confots a 17 x to( £.o r s o as Reduced a a 6 16 zoi ois o so Fours a az 7 6 s o o ss New Fives a 24 15 0 I I 0 Is. 9d, Long Mo. 114 4 0 1 9 ,C. 102 IS 7 4 s 6 9 He laid he had reafon to know' that he could have effeeted a bargain at 4 los. that confequent• ly 6s. 9d. was the excels of the intereff to be paid in confequence of the bargain, which, on the part of the Public, he had concluded, comparing it with that which might have been concluded in the 3 per Cents. But now he had to hate the confi deration which operated upon his mind in the choke he made. Firft, he confidered, and the Committee would he &ewe, there is no Stock fo marketable as the 3 per Cents. and whenever a large Loan waste be negotiated for, there was no Stock fo immediately depreffed as that of the 3 per Cents; for much of it always was and would be in the hands of individuals who were more confidera ble in the Stock market than others, and they would have compelled him to have negotiated it at a confiderable difadvantage. By funding in the Stock where the Capital already yelled was the el fs, the whole amount would be to,6:5,000l. whereas if invelted in the 3 per Cents. where the Capital already invefied was larger, it would amount to t 2,750,0001. of the whole of Capital Stock created, making a difference of Stock of above 2,100,4=1. By funding, according to the prefent plan, the interell together with the Sinking Fund amounted to 61. as. citd. and in the other with the Sinking Fund it would be 61. making a difference of is. 91d. Oppofite to this fum 91d. he had to Rate the inconvenience which would have arifen in the arrangements of a future Loan, and that of creating upwards of 2,00ch0001. more of Stock.—lf Gentlemen conlidered thole things and compared them, he was perfuaded they would fee that he had reafon for the preference he had given to the Stock in which he had made the bargain now before the Committee.—He was un willing to fay much upon this fubje& of preference to a particular Rock, but he could fatisfy the Com mittee that hg was aeluated by reafons which acre not lightly taken np. The 4 per Cents. appeared to him the Rock bell adapted for the largeli por tion of funding, for leveret reafons, but chiefly 'stealth it was the haft marketable.—The five per Cents. created in 1797, had this advantage, that they could be paid off at par, or, as by A& of Par liament, at the option of the holder, by taking the three per Cents. at 751. with the addition of a third. This always created an unwillingnefs on the part of certain individuals to enter into large negotiations in this flock ; and all thefe tranfac. tions mull, in a great mealure, depend on the dif polition of the Bill-holders.2Taking all circum• fiances into confideration,and weighing the fubje& as attentively 4s he was able, lie came to a conclu fion, on the general died of which he had Rated what occurred to him, particularly as to what the effed would have been if this fum had been funded in the 4 per cents. Hs was unwilling to trouble the Cemmittee, by going through again all the calcu lations, and the ltatement of the propolitions : he could only fay, he was perfealy ready to give an fwers to any quellions that might be put to him, his main objed being to explain it fatisfaitorily, and his with being that of (hewing clearly that it was a contra& that was perfeiftly fur between the parties. The refources of this Country did not require any contra& that was otherwife; nor did he think that true policy would diEtate any contra& between , Government and individuals, that was not bene ficial to filch individuals. All that was necefary on the part of the Public was, that the contraift fhould be prudent. The only queßion then was this, Whether under all the circumfiances, he had, or had not, mule a fit, (nimble and fair bargain for the Public 2 If he had done In, the Corirmittee would confirm it ; if the Committee did not, it would be fubjeft matter of great reproach to him, which he hoped would not fall to his lot. He had already felt the titisfaftion of its being approved by tbofe whole judgments were allowed to have qualified them to form opinions upon it, who had been pleafed to fay, they thought it was, on the part of the Public, not an improvident bargain.— He Mould, therefore, conclude with a motion, which he fhould read through, it being long, and being in the form that was ufual in there cafes.— He then moved the refolution to confirm the terms oldie bargain, &c. ' Mr. DENT raid he did not rife toolVilt,fbecnctbE;tetv don before the Committee, but merely to r na , „l fome obfervations on the fubjeft, as he co u ld r) , agree altogether in the itaternent made by theki q l l u o e n r. . Gentleman, I e 6 m s An d , the e ers of i Chanc e llor ,ltere Chancellor of the Exchequer in the bargai n un der conlideration, however fmall i t m i g h t appra at the fiat view of it, would am ount up t•:' tj. whole of the fum to be funded, to the aran!al fur l ' of 28,6161. with which the public were to h e b,., thened. He thought if the bargain had been read. by competition. there would have been a bitter chance for obtaining an advantageous one. knew the Hon. Gentleman's predeceffor was fun of competition. Befides the is. gd. in the Lop,. Annuities the holders of every tcol. o f the . chequer Bills to be funded, would get a bonze,;, ; 21. iss. 6d. and if they thought proper to take al vantage of the dire° int of gs. 6d, to be for prompt payment, it would he found that then: was a clear gain of 41. ga. per Cent. erclu::ve z: he before Rated of the is. gd. Long Annuity,_ He thought a mare advantageous method for t;.i public might have been adopted. He eocld r t .; agree with the Right Hon. Gentleman in fik menu on the fubjea of the 3 per Cent. Confuls.— His opinion was, that it would have been better to have made a loan for the purpole of paying off the Exchequer Bills propofed to be funded, than to make a bargain fo dig .. .advantageou s to the public. The Right Hon. Gentleman had ohicc. ted to making Two Loans within the year, a, the payments of the inlialments on the one would terfere with the other, and that it would have the effeft of lowering the funds. The difficulty, he thou_ght, might he very eatily obviated. Surely the Right Hon. Gentleman could have formed an idea of the fum likely to be wanted ; and might have made a Loan for the whole at once. He was perfuaded the Houle would readily have concur. red in granting fuch aid as the public fervice re. quired. For his part, fuch meafttres as were likely to be advantageous to the Country, Pao ll id ever have his fupport. He wifhed it at the fame time to be underttood, that he did not recommuol a Loan as the belt meafure that cool.' be purfued; he only recommended it, provided an advanta. geous bargain for the public could not be made, after a fair competition, which he thought did not take place in the cafe Wore the Committee. next adverted to the condua of the Bank of England. He thought it a little extraordinary, that they fhould refute to fund the 2,.t00,0001. of Exchequer Bills in their poffeffion ; if it was cor.. trary to their Charter to hold fo large a flare tf flock, there was even a remedy for that. He re. collefled when the Loyalty Loan was contWted for, the Bank of England had an Aft of Parl:a. ment to enable them to fubfcribe t,000,0001. to. wards that . Loan. One ftrong objeftion, in his mind, was the increafing the S per Cents. which Government flood pledged to pay off in two years after the war, at the rate of I tot. for every lock ' He thought the Holders of that Stock could not be pleafed with the increafe made tb it by the pre. fent bargain. He contended that the Long An. nuities were given above the market price ; and obferved, that by the agreement of the individual; holding Exchequer Bills, to pay 5o per cent, for the purpofe of difchargiag chore held by the Bank, if each of the holders conformed to that part of the bargain the fum raifed would be 9,50ch000i. which will leave a furplus of upwards of 1,000,c,0c1. He had riot a doubt but the Right Hon. Gentleman, the Chancellor of the Exchequer, had made the belt bargain he could, according to the mode be had purtued, as he was ready to concur in the ge neral fentiment, what every body fads mull be true, and the integrity of the Right Honourable Gentleman is generally admitted." Mr. Dent then obferved that he thought this country ,would be expofed to heavier expences in the approaching than in any former peace. .France had become a Military Republic ; but the war being over, would put an end to promotion in their immence armies, and great diffatisfaetion would be the natural rep fult, which would make it necelary for this coon ' try to be prepared againA any event that might occur. _ The Ciiiiiicattoit of the Exca Foyle rofe in re ply to Mr. Dent. The Honourable Member had anfinuated that fonsething like a partiality had laltit (hewn to the Bank of England in the bargain con eluded on this occafion, but to this he could an Ewer, that the infinuatipn was unfounded, and th part of the bargain which had been concluded wi the Bank was precifely an a fimilar principle wit all former bargains under fimilar circumflances. The difference between the Bank and the othe holders of Exchequer Bills, was precifely this: the former accepted payment in fpecie without an advantage, the latter payment in funds with a bon But the Rank, in hi s opinion, had aited difcreedy their difcretion over their own property was tan quellionable ; and it was not fair to attach bla to them in this infkance, when it was itriftly con formable to what had been always done befor and an eitablithed euilom. He differed from principle laid down by the Honourable Member that to raife the whole fum wanted by loan, WA preferable to Exchequer Bills, and be objcited t railing even the fmall fum of two millions by 1 in pre ference to Exchequer Bills, becaufe happil the present fituation of the country was fuch taught him to hops the whole fum for which felt it his duty to provide, would not become cam y in expenditure, and therefore by iluinj Exchequer Bills only to the amount which exiget r . cies called for, would obviate the neceffity of is curring a debt of interell upon a much greater 1 "I than would be requifite. The Honourable Mem ber had laid, his predecefor in office was a friend to competition, and expected a with that mon room for competition had been given in this cafa As it would have afforded opportunity of a betua bargain for the public. His predeceitor, he knew was a friend to every meafure which a great an liberal mind like his ought to embrace. But th Honourable Member, before he attached blame him for the want of competitioa in this cafe, ough to have confidered that it Arofe from the nature 4 bufinefs which Afforded no room for competitio and not from any thing blameable in his condo A el