The British Press; or, Morning Literary Advertiser.
London, England, 1804-07-11 00:00:00

LOYALTY LOAN

The CI-lANCi...LLoii of the EXCHEQUER
moved, that the House do resolve itself into a Com-
mittee of the whole House, on the subjea of the
L iyal.7 Liao ; which was accordingly done. Ile
then said, that the subjeL had been so well dis-
cussed in the beginning of the Session, it would be
only necessary for him to trouble the House with a
very few words on the present occasion. The
Committee would recollea, that the cause of this
present proceeding originated in a variation between
the notice and the resnlntimi, and the holders of the
Loan, called the Loyalty Loan, thought themselves
aggrieved in cot being paid at the time specified in
the Resolution. With respea to his own private
opinion, he thought the Als might have received
such a constreetion, as to perfetly reconcile it with
the words of the Resolution; but it had been held
by high authority, that the words of the Aa were
not conformable to the Resolution ; and it became
therefore necessary, to adopt some measure like the
present, in order to do justice to all parties, and to
settle the point in question. It appeared to him,
that in a question of good faith, Parliament should
adhere to the original agreement ; and the only dif-
ference is, uheth:r the parties shall be entitled to
pe.vnier.t, on the 10....1 Otiober, or the .ith of April;
and that difference Lan only be rr.iiterial, as it may
happen to be affeaed by the difference in the price
of stocks. According to the Resolution, the holders
of the Loan are entitled to receive payment un the
10th of Oat)* next; but, accor.ling to the notice,
not till the sth of April. In such a case, there was no
other expedient but that of providing a fair and
equitable mode between the public and the creditors,
by which those who wished to be paid in Oaober,
might be gratified. It was therefore proposed,
that every person, who wirles to be paid in
on,b:r, and rhall signify such his intention,
in a stipulated time, shall receive s r much
stock, by way of transfer, as will amount to
accorshng to tile different value of the
several fAnds, 1.,r every 1001. hr has to receive.
T:re partkular retsoa for this w is, because the.e
is at present an im;sossibilitv to pay i,s cash, from
t e 213 idry n..t having been provided for out of
toe Lot 1 Wars and Means for the present
jeer. Thv.e ssuo sersised, Watch:ire, to be paid in

OOober, must agree to take stock is such funds as
Government shall appoint, making a fair allowance
for the difference there may be in the relative value
of each fund. lf, for instance, they take the stock
in the 5 per rents. they shall be entitled to one quar-
ter of a year's interest, so that, in whatever stock
they took it, there should be no loss or gain to indi-
viduals, but what arises merely from the fluduation
of the price of stocks after that time. He conakided
by moving a resolution accordingly.
Mr. DENT said,that though he had originally
br,Hight forward this measure, and had expressed a
desire that the original agreemun should be com-
plied with, he could by no means be certain that the
Subscribers to the Loyalty Loan would he so ready
to accept the terms proposed, as the Right Hon.
Gentleman seemed to suppose they would. At pre-
sent, the .5 per Cents. wire a very unmarketable
Stock, and he believed, very few of the Subscribers
in question would like to deal in them. lie then
went into several caleulatinni to spew the difference
in their value, aecor hag to the quantity of each in
the market. He said, that it was probable there
would be another Loan before Christmas, and that
',timid cause a great depression in the price of Stocks.
7the platy thin wellid have been more agreeable to
thisubicribera would have been to have bad their
own choice of the Stock, and not to have left that
to the Lords of the Treasury. The Hight Hon.
Gentleman seemed to think, there would be no ma-
terial alteration in the price of Stocks ; but on that
that, as well as many other parts of the plan, he
thought he would have occasion to alter his opinion
before the 10th of

Mr. Pll7 said, the Hon. Gent. bad him
to have given an opinion that no m;ttesial alsetation
would take place in theprice of Stocks. He had,
however, never "mentioned any thing of the kind,
but had merely said, that the subscribers cntttd feel
no loss but what afterwards might happen from the
difference in the price of stocks. The Hon. Gen-
tlensan had also assumed that there would be a new
loan before Christmas. It was impossible,
to foresee what erigetwiea 'might hereafter inse ;
but that he, at present, saw no ground to suppose
there would be a considerable loan early in the
ensuing session. With regard to giving tho
choice to Government of appointing the stock out
of which the subscribers are to be paid, he thought
it was an advantage which he ought to give the
public, as a security against their lowering the
stocks, if they were atlowed the choice by their pro-
ceedinzs in the market. The difference of the 5
per cents. would be ii. ss. so that every subscriber
receiving his money in that stock, would be en-
titicd to 1011. ss. and in the three per cents. I°ol.
so that in both cases the parties would receive stock
which at a market price would sell for 1001.
After a few words from Mr. Joao 9TOIIII, the re-
solution was read and agreed to, and the report
ordered to be received to-mcrrow.

A pence from the Secretary of State's Office,
brought up an Abstraa of the rc-turus of tbs Over-
seers of the Poor.

Mr. ROSE observed, that many returns vrcra still
to be made. He therefore moved, that the proper
officer do make such additions from time to time to
the Abstran, ►f entering the same as they should
►e sent in ; and that the said Abstract do lie on the
Table and be printed.
Mr. Fosr Le brought up the till for Warehousing
Home Made Spirits in Ireland for •exportation,
which was read a first time, and ordered to be read
a second time to-morrow.

Mr. FRANCIS said, that, from the manner in
which he had for some time observed the business
relative to Ireland was carried on in that House, he
thought it necessary to give nntice, that, before any
further Irish business wa, proceeded on, he should
bring the subjet under the consideration of the
House.

Lord CASTLtRtiVitt moved that the papers just
Presented by Mr. Owen, be referred to a Committee
of the whole House.—Ordered.
He then moved that the House do resolve itself
into a Committee of the whole Hou.e. which was
done accordingly.