The Sun.
London, England, 1853-04-08 00:00:00

Won by a head.

BETTING ON THE COURSE
DERBY.
10 to 1 agst Honeywood

;taken freel

..,
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2'A.TIOATAL DEBT—THE RESOLUTIONS OF THE
CHANCELLOR OF THE EXCHEQUER.
<T.
Prices
the
The rise of this morning affords no proof that
to its plan of c
the Chancellor of the Exchequer is approved in of
merits, since such an event when carried
beyond a certain Point would simply denote any given
proposition to be needlessly favourable to the fnndholder
andn
?pinio proportionably less advantageous for the country.
has
An that this is the case in the present instance
Exin fact been almost universally expressed in the city,
thhwhen it is recollected that the idea of an issue of
equer Ponds for 20 years, bearing no higher interest
at 21 per cent., was yesterday welcomed by all parties
as a measure
alike calculated to be convenient to the
capitalist and beneficial for the nation, it will be under-
stood that disappointment must have been felt at a pro-
posal
!illwhich, while it will effect a far less annual saving,
involve the contingency of adding 10 per cent, to
the greater portion of the National Debt. It appears
Ze. the resolutions now published that the first part of
ligheine provides for paying off the following stocks
f
unnecessarily at present form distinct features o
bileebpublic liabilities, namely—
beenotto.
.........
..0.!i.t.h.....e.i.i... z..,„,.,.,,...i.7.,
.. at
£3,662,784
iec:ilie
Old 3
—ou.., ..) •A. • • • 3,010,378
N-e_ _ ea Annuities at ditto
,_.,,Nii,uth Sea ditto, at ditto 2,137,984
'inn ea, ditto, 1751, at ditto
-'444 Annuities, 1726, at ditto

t
-(itidloothiat £10,000,638
s the holders of these are to have the option
instead_ more for every 1001. Stock, or of taking
821. 10s. New 3i per Cent.
reduction for 40 Stock guaranteed against
1894,
years—namely, till the sth
nuary,
atnerde.ast.haofif2l. 173. 9d. ; or,
110/. Tvvoijl-lanuarY'
and which will yield an annual
Exche per Cents., guaranteed till sth Ja-
-100/. 1894, and yielding annually 2/. 155.; or,
quer Bond, bearing 21 per cent. for 10 years
Ce namely, till Ist September, 1864, and 2t per
, for an additional 30 years—namely, till
1,.' willptember, 1894.
saving to therefore be obserVed that while the annual
the country from this conversion, supposing
Exchequer Bonds of 24 per cent. to have been slimes
21 3'. effete Bonds
Would have been 50,000/., it will, if 1101. of
of ,000, 0001.,
10 Per cent stock should be claimed for the whole
amount to 25,0001., and at the cost
.. a4diog 1,000,000/. to the principal of the debt. Be-
•Y°nd this, however it appears that all holders of Con-
-4,028,
48°94 or
which is
4Euedi.u),ced (the aggregate amount of .
any ti are to have the power, by giving notice
tune before the 10th of October next, to commute
these stocks for either of the three descriptions of new
titBeces now to be created, so that supposing the whole
to converted under this plan and the Two-and-a-Half
Per Cent. Stock to be the one chosen, the saving of inte-
rest effected would be but a quarter per cent. (since 1101.
i rvc.°-and-a-Half per Cents. would yieled the holder 21.
'B.), and a further load of 49,400,0001. would be added
tto the permanent obligations of the country. So strong
as been the feeling on this point throughout the day that
Lt has prevented the advance in quotations from being at
all equal to what would otherwise have been witnessed,
since a general impression has prevailed that its final
adoption is out of the question. For a long time there
has been little doubt that a period was approaching when
4 stock at 21 per cent, guaranteed for y
40 s would
be accepted by the parties interested in
placeeoafr Consols
or Reduced, and in finding that.these termsa
of
offered
With the unnecessary possibility of
an addition
C),000,000/, to the nominal capital of the national debt,
the public, apart from their universal and instinctive
4.rersion to such an increase, feel that they must con-
tintil it ase an act of great improvidence.
At the same
it is to be assumed that the three classes of
Bocurities can be shown to have been calculated as
Pilivalents ,and hence, although no explanation is
itel,l3' t° cause the proposition for the
.o-and-.a-
-4'
Per Cent. Stock to be tolerated, sufficient will
scaly
be urged when the Chancellor shall makeh
his statement to show that it has not been put fort
Itv'il thecnit consideration. The first of the three alterna-
CZCuatriTY 82/ 10s of a Three.and-a-Half p!i.
accordance 'for every ery 100/. of Consols, is wholly in
the same rn-
awith the tendency of public opinion ; and.
aithiles believe
able Exebe 3' be also said with. regard to the transfer
uer Bonds. Even in these cases, however,
d that the terms are unnecessarily favour-
holders
of especially that it is impolitic to give the
rom,;__ , uonsols and Reduced the unlimited power of
basl; the conversion before any partial experiment
been tried to ascertain that point. It is true,. the
h ilth
paragraph of the proposed resolutions provides that
i ° arnount of Exchequer Bonds shall be issued ex d
rlg in the whole the sum of thirty millions ; but_ the
It"seventh
Reduceara h states that every bolder of Consols
It" ud mayP commute his stock eithei;rwo-0:11d.
trew Three-and-a-Half per Cents., the vf
e....ualf per Cents., or Exchequer BtoniedNst,he
eiteeisse toot.
the
Latter
the limit merely
a fresh application tsoi
the sum named.
tile proposals for them should exceedremarked that although for
signifies
samtheant will be necessary,
111311 y; however, it may be
ling
the reasons described a strong feeling
theof disappointment
by
been manifested,power of removal
,„`'Y the simple omission is within
offer to grant the 1101.
-and d.a-Half per Cents. The. other two proposals
are stillal regarded with warm satisfaction, and it must
also be added that whatever changes may be deemed
desirable on a full discussion of the question, the mercan-
tile community are two much gratified to find a Chan-
cellor of the Exchequer departing from routine, and
boldly venturing, on original but perfectly sound experi-
Ments, to criticise them on the whole with any other
than a favourable opinion.—Times City Article.