The Express.
London, England, 1866-05-10 00:00:00

AUSTRIA.

THE GOVERNMENT BILL FOB THE CREATION
OP TIMMINABLS ANNUITIES.

The following is a copy of the Government bill
to provide for the creation of certain terminable
annuities :
" Whereas it is expedient to make further providon for
the gradual reduction of the national debt : and whereas
by en act passed in the twenty-sixth year of her present
Majesty, chapter twenty-five, it was enacted, that in
place of certain capital stock of annuities standing in the •
names of the Commiesioners for the Reduction of the
National Debt for Savings Banks, and by the said act
cancelled, a charge should be created and be written into
the books of her Majesty's Tremouy, and at the receipt
of the Exchequer, for savings banks, of 24,000,0001.
sterling, bearing interest at 31. per matt= per
annum, payable out of the ommolidated fund : and
whereas it is expedient for such purpose to convert the
said sum of 24,000,0001. and interest payable thereon into
an equivalent annuity for a term of years, and also to
provide that the amounts which will be payable to the
eoramissioners for the reduction of the national debt on
account of such annuity shall in like manner be applied
to the creation of further terminable annuities from time
to time :—Be it therefore enacted by the Queen's most ex-
cellent Majesty, by end with the advice and comsat of the
lords spiritual and temmesal, end tweassesi, in this present
parliament assembled, and by the authority of the ewe :
" 1. 'The Commissioners of her Majesty's Treasury may,
by warrant under their hands, order and direct that the
and charge of 24,000,0001. on the Consolidated Fund shall
be cancelled in the books of the Treasury and in the hooks
of the Exchequer ; and upon the issue of such warrant
such charge shall be so cancelled accordingly, and
all interest thereupon shall thenceforth cease to be
payable, and in place of such charge and the
annual interest thereon, the Commisioners of her Majesty's
treasury shall by such warrant create for urines banks a
terminable annuity for such number of years not less than
eighteen and not exceeding twenty as shall to the said
commissioners appear to be expedient.
" 2. The commissioners for the reduction of the national
debt may apply from time to time any parts of the said
terminable annuity, and of any other terminable annuities
created under the authority of this act which shall not be
required to pay the demands of the trustees of savings
banks, in the purchase of capital stocks of pupated
annuities to be held for savings banks.
"3. The capital stocks of perpetual annuities held by
the said commissioners under the authority of this act may
from time to time be cancelled by warrants of the com-
missioners of her Majesty's treasury, and such warrants
shall create equivalent terminable annuities in lieu there°
not extending in any cue beyond the fifth day of April one
thousand nine hundred and five.
" 4. The terminable annuities created by authority of
this act shall be charged upon the consolidated fund, and
shall be payable to the Commissioners for the Reduction
of the National Debt out of the said consolidated fund,
or out of the growing produce thereof, at such quarterly
or half-yearly periods as shall be fixed by the warrants
creating such annuities.
"5. The power to create terminable annuities under
this act shall subsist until the sth day of April, 1885,
unless it shall sooner determine by authority of perils- •
went.
"6. The amount of the said equivalent terminable
annuities so to be grunted shall be certified to the said
commissioners of the Treasury under the hands of the
Comptroller-General or Assistant-Comptroller, and of the
actuary of the national debt office acting under the said
Commissioners for the Reduction of the National Debt,
and shall be ascertained according to the tables for the
time being in force in relation to the grant of annuities
by the said commissioners under the act of the 10th year
of Xing George Pir., cap. 24.
"T. The terminable annuities created under the an.
thority of this sot shall be inscribed by the Go-
vernor and Company -of the Bank of England in
the books of the said governor and company for the
Commissioners for the Reduction of the National Debt for
savings banks, and the warrants of the commissioners of
her Majesty's Treasury issued under the authority of this
act shall be sufficient authority to the said governor and
m mmiothe books of
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r for
so yinthueigotiraie:dooicond
copies
of
all
such warrants shall be laid before both Houses of Parlia-
ment, if parliament shall be then sitting, within ten days
from the dates thereof, and if not sitting, within ten days
from the next re-assembling of parliament."

.-(THIS DAY.)

10, 0 A. Y.