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

17114., Nitt, .
t:.pgq'tltr It
.Y. 41 .4
-440

EPSOM

RACES.

-,---.Z.--

(THIS DAY.)
(BY ELECTRIC TELEGRAPH.)

STEEPLECHASE

British Yeoman
Ringleader ..
Sam H00d.......

Won by a head

BETTING ON THE COURSE.
DERBY.

10 to 1 agst Honeywood (taken freely)

NATIONAL DEBT-THE RESOLUTIONS OP THE
CHANCELLOR OP THE EXCHEQUER.

The rise of prices this morning affords no proof that
the plan of the Chancellor of the Exchequer is approved
on its intrinsic merits, since such an event when carried
beyond a certain oint would simply denote any iven
proposition to be needlessly favourable to the fundhoglder
An ?
Pr°Pertionably less advantageous for the country.
Pinion that this is the case in the present instance
11" In fact been almost universally expressed in the city,
and when it is recollected that the idea of an issue of
that
Exch
2 equer Bonds for 20 years, bearing no higher interest
i per cent, was yesterday welcomed by all parties
.
a 8 a measure was
calculated to be convenient to the eaPitalist and beneficial for the nation, it will be under-
-Bteed that disappointment must have been felt at a pro-
Pmil asal which, while it will effect a far less annual saving,
involve the contingency of adding 10 per cent, to
heme
!he greater portion of the National Debt. It appeal
cne s .
Which paying
!ern the resolutions now published that the first part o c provides for off the following stocks
unnecessarily at present form distinct features of
the public liabilities, namely—
Debt due to the South Sea Company, at
3 Per cent
X 3 662,784
isTl3led_South SeaAnnuiti 'es ayaiito 3,010,378
mouthwS9uth Sea ditto, at ditto 2,137,984
Sea ditto, 1751, at ditto
nk Annuities, 1726, at ditto

And that £10,000,638
of .
I°9/ the holders of these are to have the option
-ust .ead_. in money for every 1001. Stock, or of taking
821. 10x. 11. e
ion
New
re 31 Per Cent. Stock guaranteed against
rjanuuctary, fg44aondyears—namely till the sth
110/. Two
interest f 2/ which will yield an annual
-and_a_half° ' 17s. 9d. ; or,
per Cents., guaranteed till sth Ja-
nuarYy 1894, and yielding annually 2/. 15s. ; or,
100/. Exchequer Bond, bearing
—namely, till Ist 2peer, cent,andfa 2 rloTepaerar
Cent, for an additional Septeir, 6
30 years—namely, till
It September, 1894.
~,,,,, will therefore be observed that while the annual
z.,`T,g to the country from this conversion, supposing
Nriequer nof 2i per cent, to have been success-
-2i Y°frered, would have been 50,0001., it will, if 1101. of
10,01Porni?ent•
A stock should be claimed for the whole
of addii„-,.•,,, Only amount to 25,000/., and at the cost
3,ond 517.8 1,u00,000/. to the principal of the debt. Be-
sole "'ls, however, it appears that all holders of Con-
°r Reduced (the aggregate amount of. which is
494,028,47
Any thz
(3% 4/.), are to have the power, by giving notice
tii,.._ before the 10th of October next, to commute
rour. "de. stocks for either of the three descriptions of new
ities now to be created, so that supposing the whole
'4l be converted under per Cent. Stock to be the one
plan and the Two-and-a-Half
one chosen, the saving of inte-
rest effected would be but a quarter per cent. (since 1101.
Igw43-and-a-lialf per Cents. would yieled the holder 21.
8.), and a further load of 49,400,000/. would be added
i° the permanent obligations of the country. So strong
itash been the feeling on this point throughout the day that
41.1 aa Prevented the advance in quotations from being at
since a general impression has prevailed that its final ~.70ption is out of the question. For sae long time there
'4B been little doubt that a period was approaching when
a Itock at 2! per cent. guaranteed for 40 years would
be accepted by the parties interested in place of Consols
or Reduced, and in finding that these termsadadreitiooffnereodf
!with the unnecessary possibility of an
0,000,0001. to the nominal capital of the national debt,
the public, apart from their universal and instinctive
at ersion to such an increase, feel that they must con-
demn it as an act of great improvidence. At the same
tee it is to be assumed that the three classes of
,'"i'
--7‘aiiities can be shown to have been calculated as
equivalents ivalents ; and hence, although
noexplanation is
eIY to cause the propositionfor the Two-and-a-
-1,7,,,_,Per Cent. Stock to be tolerated, sufficient will
ti,4,015, be urged when the Chancellor shall make
vOtatenient to show that it has not been put forth.
t•-i Zit consideration. The first of the three alterna
C71,7-11arnely, 821. 10s. of a Three-and-a-Half per
accesse;tock- for every 1001. of Consols, is wholly in
the same e with the tendency of public opinion ; and
able ti,illuay be also said with regard to the transfer-
it
is bef ~e„9.,ier Bonds. Even in these cases, however,
able, le• ''' that the terms are unnecessarily favour-
hold' "d especially that it is impolitic to give the
C42llmalting °I. Consols and' Reduced the unlimited power of
49 , g the
ueen conversion before. any partial experiment
tenth tried to ascertain that point. It is true, the
no pa
of the proposed resolutions provides that
~. arnount of Exchequer Bonds shall be issued exceea
"T in the whole the sum of thirty millions ; but as the
aaeventh
el Paragraph states that every holder of
forathe ili.l-- Reduced may commute his stock either
and_ ew Three-and-a-Half per Cents., the New T.wo- b
41alf per Cents., or Exchequer Bonds, it is to e
lailatstniner ecla
be necessary,
the limit merely signifies that in the case of the
fresh application to Parliamente
willdthe sum named.
pe proposals for them should
4141 Y, however, it may be
feeling remarkedexexceed
othat
disappointment
vf for
the reasons described a stronggthinthe power of
re°lllol.
,has been manifested,
proposals
epesais
.7 the simple omissionit is
sf
within
eTohffe
Two-and -a-Half per Cents. erothtoer grtwanot
are still 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.