The British Press; or, Morning Literary Advertiser.
London, England, 1820-06-05 00:00:00

FLIVANC A.

No west connected with Inonied operations in the City
has palely cleated a greater sensation than the footling of
Exchequer B,lls iu 5 per cent. stork ; and there cautiot be
stronger evidence of the favourable light iu which the terms
proposed were ►egarded by the great capitalists than the
avidity that was manifested to close with them. The cor-
rectness of their judgment lies since been proved by the pre-
mium ow snip, which closed on Saturday at 1* per coot.
The teamsaction has been stated by the Chancellor of the Ex.
chequer as extremity beneficial to the Government, on ac-
count of the diniutwtios of the capital of debt, by the crea-
tion of no more than 09/. stuck for every Exchequer Bill
tef 1001.; bet this 'testi must be weakened, if not remov-
ed, warn it is couridered that an increase of nearly two per
amt. is made in the interest, the holder of the Exchequer
Bill receiving about three per cent- and that subjected of
late to some irregularity in the payment, while in the 5 per
cent. stock the dividend is payable at fixed periods, and the
produce is only deficient by a ter), smell fraction of It per
cent. on the capital expended. If, fur the sake of a more
clear and intelligible state:new, the difference is expressed
as between 3 and 5, the interest paid by the Government on
7,000,000/ Ex( bcquer Bills will be 210,0001. annually, and
un 7,00(1,0101/. 5 per cent. stock 360,0001 making an ail.
dit'unql charge on lb. Ways and Means fur the year of
1110,000/. Two other modes have been suggested for ergo-
Intim; the funding of Exchequer Bills. Instead of throwing
open the contract generally to the holders of Exchequer
Bills of all dates, and even of the mere capitaliet who 114111.
messed gone of those securities, bat trusted to complete bit
subscription by the payment of money, or by collecting bills
iu the market at a low premium, the preference should have
been gi.en on the Grit day to those boas Bids holders of Ex-
chequer Bills dated more than twelve mouths back, which
would have put them iu poseession of their arrears of in-
terest. Had this proved insufficient, the second slay might
have heels eel n put for all other hills, and the third, if the
list wan still incomplete, to subscriptions of mousey. The
other mode we would factotum, is the funding, by contract,
is the saint manner as when is loan is concluded, the person
trunsentin to take the lowest amount of 5 per oast. stuck
to be els-eared the contractor. The first of these plans,
equity out of the question, would Lave prevented the crowd-
jug soul confo.ino that took place; and tile latter, it is pro-
bable, would Lave produced better terms fur the public.

The answer yesterday to the numerous inquiries
after Mr. GRATTAN'S !width, we regret to stile,
WUs very unfavourable. He is niticli weaker than
on his arrived.

A atom the list arrivals at Bath are—
The Ltd of Breekrork, Lady P.. Guwer, Sir C. Ilartopp,
Rea. Mrs. Beryl, and Galicia' Hardy.
There was uerer a liner prospect of an abundant
harrest than tho women,. The late rains have-breit
toestelleMl to all Ittaids of greet, and a full average
trap may be expected. The crops of grass are
likewise greatly improved.—Motaprisire Tele-
.
graph./
. We understand Lord MET.vtI.LE has intimated
his intention of bringing a Hill into Parliament,
fur polling down Rochester bridge, and building a
new one across a more ode and convenient part of
the Sled w.ty.
Al •
The bathe, or 4,ymbril of the Bath; accuroingio
PINE, and the best authorities, is it the collar of
the Order, prudent to one of the white knots; but
recently it has been town as if suspended !rout one
of tier crowns—whach is curtest!