The Sun.
London, England, 1853-04-09 00:00:00

/Z~-

LONDON, SATURDAY EVENING, APRIL 9, 1853.

riIHE BALLOT SOCIETY.
1_ 'the BALLOT OCIETT solicit communteations, addressed
to the Secretary, from friends in all parts of the kingdom.
CitsinuaN —The Hon. F. 11. F. BERKELEY, M.P.
SECRETARY—JOHN JENKINS.
BANKERS-PRESCOTT, GROTE, and Co. •
Ballot Offices, 140, Strard, London, April 7, 1853.

minster, in favour of the reduction of the duty on tea,
to ls. per lb.

Mr. PgLLATT presented a similar petition from
Southwark.

Mr. HUME presented a petition from Arboath in
favour of the bill for abolishing University Tests in Scot-
land.

LAITRENT'S CASINO, ARGYLL ROOMS.-
Lessee, CII ARLE;; E. LAURENT, Onslow•house, Fulham-
road. Open Every Evoking. The Orchestra will perform, during
the week, " The This.tl?," " Shanwoc%," "Rose," and "Amine"
the "Napoleon" (I,dop, "Le Cirque' Quadrille; "La
Valerie," Juno," and "steeplechase" Polkas.— Admission, Is.
Doers open at llalf.p•ist Eight; ti commence at Nine o'clock, and
terminate at llalf•past Eleven.

DOCKYARD. APPOINTMENTS.

Sir B. lIALL gave notict of the terms of the motion
which he intended to move on the 19th of April next.
The substance of it was that he would call the attention
of the house to parliamentary papers of the present ses-
sion, Nos. 67, 271, and 272, relating to dockyard pro-
motions and appointments, and move the appointment
of a select committee to inquire into the circumstances
connected with the cancelling, on the 9th of Aprit;l?s2,
of the circular of the Admiralty of the 26th of September,
1849, without any order or minute of the Board
of Admiralty; also into the circumstances utider which
a letter addressed by Sir Baldwin Walker to Mr. Staf-
ford, the Secretary of the Admiralty, in which letter he
tendered his resignation, and why that letter was with-
held from the board; and also into the circumstances con-
nected with the appointment of Mr. Jas. Wells as master
smith of Portsmouth Dockyard, and the subsequent can-
celling of the same, and the appointment of Mr. Geo.
Costell in his stead, and generally into the exercise of
the influence And patronage of the Admiralty in several
Parliamentary boroughs at the I .st general election.

TO ESTABLISHED ASSURANCE COM-
PANIEs'.—N Gentleman of high character, very extet,sive
connexions, and of great perseverance; at i r,set.t holdin an im-
portant situation in an old-e-t 4,1 shed office, who has been distin-
guished f r his great success In the extension of Lite assurance buSi-
m ss, is disposed to enter into an arrangement with an office of
acknowledged character for the extension of its business. Would
not object to the management of a Branch 0111,e. or to an arrary;e-
ment as Secretary or Assistant-Secretary. Would be disposed to
gua ante;: a fair amount of business. The highest references given.
Address, prepaid, to 0. P. Q., care of Messrs. Castle and Lamb,
newspaper agents, Bull-hea 1-court, Newgate-street.

GREAT INDIAN PENINSULA RAILWAY
COMPANY.
SEVENTH HALF -YEARLY GENERAL MEETING.
NOTICE IS HEREBY GIVEN That the Seventh Half-yearly
General Meetin of the Proprietors in this Company will he held at
the Offices of the Company, 3, New Broad-street, London, on Wed-
nesday, the 27th April, 1853, at 12 o'clock at noon precisely, for the
General Business of the Company, pursuant to the Ac .
( iigned)
WTI ARNCLIFFE, Chairman.
CORNELIUS NICHOLSON, Superintending Director.
3, New Broad-street, London, April 5,1853.
The Books, for the Registration of Shares, will be closed from
Thursday, the 13th, to Wednesday, the 27th April, inclusive.

HOW TO WIN MONEY BY • FAIR PLAY;
—Well, you find I was right when I informed you by public
advertisement in " Evening Sun" and " Morning Advertiser," &c.
&c., that Contentment would be certain to lose the Metropolitan—
the distance was a little too far for him;'
That Richmond was sure of a place ;
That for the City and Suburban Pancake had a private trial with
Sheravogue, and was worth backing likewise for a place.
Now, all you that have lost your money by backing Contentment, I
will tell you how to get it back again to a certainty—lnvest your
money as I shall advise in my
" Looming in the Future,"
Con'entment is sure of winniag either the Newmarket Handicap or
Chester Cup—one certainly, if not both—back him immediately. His
performance for the " Met" hears no comparison to his private trials,
I unhesitatingly assert that if the distance had been a quarter of a
mile less, he would have carried a stone more, and won In a canter.
I told his party the distance would beat him. Nerva is amiss, and
cannot w,n.

Now for a secret that is certain to win money—Ann Page
is an extraordinaty good thing, in first-rate condition, and will
be certain of a place, if not win, whatever she is intended for ;—back
her for the Newmarket Handicsp and Chester Cup, likewise for a
Place—back immediately. lam rp.t always correct, but lam certain
from the arrangements I have made, that all wt o follow my advice
for the season will find themselves good winners. Terms—Private
Subscribers, Two Guineas for the Season, or Half-a Guinea for a
Winner—the last I prefer. But take your choice; whichever way
you like, my little dears.

Address JOHN FAIRPLAY, Ipswich. Enclose a directed envelope,
Have my Derby Pick, you can win a fortune.

DINNEFORD'S PURE FLUID MAGNESIA
Has been for many years sanctioned by the most eminent
o f the medical profession, as an excellent remedy for
ACIDITIES, HEARTBURN, HEADACHE, GOUT, AND

GEORGE REEVES, 3,4, and 5, POPE'S
HEAD ALLEY, 19, CORNHILL, LONDON,
(nearly opposite the South Entrance to the Royal Exchange), being
determined to supply the Public with the very best WINES and
-.mars, at the lowest remunerating prices, begs to submit the 101-
lowing list for their consideration:—

fain the real price. The actual present price, therefore, of
the Three per Cent. unguaranteed Stock is 991. 17s. 641.,
that is, 1001. 12s. 6d., minus the 15s. which has accrued as
part of the dividend. The price of the Throe per Cents.
guaranteed for 21 years is 1021. 17s. Gd. The value, there-
fore, of your guarantee, not to reduce the interest below 3
per cent. for 21 years, in the market at the present time,
as tested by the daily transactions, is no less than 3 per
cent. Now I want to get hold of that value, if I can, for
sea the public. (Hear, hear.) Let us guarantee some of this
- stock which has now no guarantee, and let us perpetuate
for the benefit of the public the increased value which will
thereby be obtained. (Hear.) Another of the uses to which
- the Exchequer Bonds may be usefully employed will, no
-.
inferior to none of them-ever
rs borrowe
y one of these operation extend it-knowieg doubt, be that of obtaining temporary loans upon their
that our fathed money from
have had an issue comparatively simple to deal with, public at Si. and even 61. per cent., and that we bore
deposit, without any expense, and affording ample security
to the lender. This is a circumstance which will also tend,
they have marked the successive steps by which yo at 31.1iNtrent. -we assume that we are travelling , no doubt, to increase the value of these bonds. (Hear.) There
ar. ke..w,r;.; rilleanpeu.blißeuetreictiiitswaacsuriliioxerfagatnhaitt tills ell: is anther point, which I confesst I effected the great transition in respect of your debt from a vr
T.O loloViltilliPtr as
one
the present time. I think it was in 1739, 114 years ago
state of war, when money could only be raised at high '
back aaneceern= nueembenr of yearsia, awnejfind.
1 gesui,deeraoblimpfoorit.
rates of interest, to a state of peace, commercial progress, and in the month of July, that the Three per Cents., which ourselves in a period when dealings in public securi-
cts to the recollection of the committee, in ! deed, with sevriethalrnel
and general stability of etur institutions. The case is now
cal?. itsi7ewsiue ;t at par, were at the price of 1071. I wish to
• t
chesemcueritrteilees,lisb.utto
materially different. I will state very briefly the particu- 11
order that they e 'ate the real difficult attend- I foes
rt 0 entirely to! rneol yt
onlyco nfi
tn
oe d p toli b
public
y 1 stock generally, it could hardly be said that there was a
In-
lays of those'operations, for the purpose of discountenance ing an operatinmo7thie)Pret
character
which we have now in ! stock market out of London. The immense progress of
ing the supposition that any analogous effects are to be view. Now, with respect to the Exchequer bonds, I pro- I the formation of multitude of joint stock coin-
; enterprise,
expected eke pro- P at the present time. In 1823 Lord Be
pose thatthe issue of them will have the following leading panies ofdifferent descriptions-many of them of a high
• debt. He posed a commutation of a portion of the public oharacteristics, which I will in the first instance state -1 s •
on . class-investments railways to
cisely together, and without any
comment of m own. In ' 'el. year of
operated on a capital of 152,000,000/., and effected an im- the first place they will be t e . 3" .• ,or 300,000,0001., giving rise to transactions every
y ,
rans.errat.le by simple deliverY, 'i n s - et, le •nd other circumstances m lean maeni u( s, J. various .
mediate saving of 1,206,0001. In 1825 the Earl of Ripon and without cost or expense of any kind. In the second
on-
operated on a capital of 77,000,0001., and effected an inns- place they will bear interest •
in the first instance at the ; nected with the commercial condition of the country, have,
fate of 21. 15s. per cent., however, led to the establishment of regular stock markets
dints saving of 390,000/. From 1830 to 1831, my right
1. 10s. ,and I '
and subsequentl at the rate of • propose with respect to the number of - •
:in the provinces. Liverpool, Manchester, Leeds, Glasgow,
hon. friend the member for the University of Cambridge
during which the interest shall continue at 2/ 15 cars
i B:rmingliam, and other towns have stock markets, wnere
operated on a capital of 153,000,0001., and effected an im- cent. that a limit shall be fixed by „ 3. Pe?" 1 a very large amount of business is transacted; but at the
Parliament, beyond present moment, considered properly as "stock," the pub-
mediate saving of 753,000/. In 1844 and 1845 he again which that rate of interest shall not be allowed to extend, ! lie securities are almost entirely eiclutled from the pre-
dealt with the large capital of 248,000,0001., and effected and that a discretion shall be given to the commissioners t
4..‘s vincial markets. Ido not mean to thatnobody •
say in the
of the Treasury to reduce that limit before they
an immediate saving of 622,0001., which in the year 1854
the actual period for issuing the bonds, so that come
- I provinces holds public securities for the purposes of invest-
and 1855 will be doubled, and then there will be an actual give the public every advantage of the latest infoiNevneateroy went. No doubt many persons do, but they hold them
n through the medium of agents and correspondents in Lon-
permanent saving of 1,244,0001. (Hear, hear.) With re- of which the Government is in possession at the time don. lam most anxious, therefore, if it can be done, to
spect to the amount of saving and of the rate of interest, when they are called upon to afford it. The bonds will, be the into to provincialmarkets -
ing public securities e ,
64 at the latest, but per-after the Ist of September, 18 , .
from which a dissent was to be made, the case is widely
because I believe that, by enlarging the scale of demand,
haps from an earlier period than that, bear interest at the you different at the present day. So far as the history of the
rate of 21. 10s. per cent, till September, 1894. After the L'ou_yvould increase proportionatly the value of the corn-
world has yet gone, we have found 3 per cent. pretty nearly year 1894 they shall be subject to redemption, but who. _ousliitnye,n,3jausset iiiislewhen, withe eaefixededirbeur ofdubeeuyitesrs,raif.
the limit at which we arrive. The enormous mass of dis- then by the State or by the holders is a point to which I ''s
-ue so, when witha fixed amountmm of commodity
commodity you in-
sent is again such as to preclude any extensive compulsory shall presently more particularly advert. my resent pro- crease the sphere of the market and the number of the
posal is, that the question as to at whose option the buyers, you augment operations, not only under the circumstances of the pre-
and enhance the value I:,cf tlte-comemz-
bonds shall be redeemable shall not be decided by a vote dity. (Hearn gorr-
sent moment, but almost under any circumstances which
of the committee to-night, but shall be confided to the dis- not propose •to alter e irersporuessemnr mPoedrehoa transferaaw of
more public
it is possible to foresee. The debt amounts to 500,000,000/.I cretion of her Majesty's Government. I propose also that securities by personal appearance at the Bank, and the in-
more than double of what it is ever been attempted to ape these Exchequer bonds to be issued shall not exceed, under scription of a signature in the books to the same simple
preach for the purpose of reduction; and a circumstance, any authority to be conveyed by these resolutions, a sum manner to which ordinary securities
are transferred. My
of 30,000 000/. in amount. There are many other minor reply is, that Ido not see my way clear to such a measure
which may not be so generally within the knowledge of the . , .
...
importance,
mode
of . . questions, which are, however, of considerable The present
committee, btit which is yet more fatal in its bearing on with respect to these bonds, and which bear materially is the centre of monetary transactions, not only of Eng-
the position of the public debtor and the public creditor upon the value and popularity of these securities. Among land, but of the world-is as near as possible to perfection ;
is this, that of those great Three per Cent. Stocks, which I them I may mention the form in which the bonds are to it is the most rapid, the cheapest, the most secure, and the
have stated in round numbers as amounting to 500,000,0001. be drawn, the mode in which the interest is to be paid- most satisfactory, which has ever been devised. There
' ' • • a Parlia- -
the whole are secured by a provision requiring which will probably by coupons attached to the bonds- may he a mode by which, without breaking up that system
mentary notice of twelve months' duration •be fore any mea- the places at which the interest is to be paid-that is to which works so well in London, the provinces may be pro-
sure of reduction or commutation can be applied. (Hear.) say, whether at the Bank of England, or at the Bank of Ire- vided with a mode of dealing with these securities. I
I only ask the committee to recollect how serious a matter land, or also, at the branch banks, the mode of securingthese confess, however, that lam not as yet aware of that plan,
it would be for any Government, under present or „y other bonds against the possibility of forgery, and the means to and it would certainly be a very serious matter to sacrifice
circumstances, to sketch out a plan of operations affecting be adopted for replacing them when lost. Many of these the immense advantages which the great central market
so vast a capital, involving the possibility of such an enor- arrangements are of an executory description ; they will enjoys for the purpose of benefiting the minor markets.
mous payment received from you within , period of twelve require a great deal of careful consideration ; and it is not No doubt we shall achieve a great good if we can, by the
months, and including all the chance vicissitudes which we necessary now to detain the house by any details respect- means now proposed, get the public securities into the pro-
have seen happen often in the course of less than a single them. We propose that these Exchequer Bonds when vincial markets. The advantages derived would be that
year. Our present position, therefore, is entirely different issued may be used in various modes; and lam sure the you will give an increased value to the securities, and you
from this. The expectations which were then reasonably committee will forgive me for stating, in as plain language will introduce a further element of steadiness into the mar-
entertained it would not be reasonable to entertain now, as possible, the propositions containedain the resolutions, ket, for when you deal in one market only you are rendered
The plans then proposed to the house were reduced to a for the wit of man has not yet devised a mode of framing more liable to the influence of combination than you would
single and simple issue. The stocks with which you had resolutions of the kind so as to satisfy the jealous but just be by having a number of markets for the same commo-
then to deal were subject to redemption by Parliament demands of Parliament for information in cases of this day. (Hear.) Another recommendation which securities
after an offer of repayment at short notice, and as many" sort, and at the same time to frame a pleasant and what is of this kind will possess will be that they will form most
declined that offer were required to accept other stocks ten- called a readable document. (A laugh.) I propose that eligible investments for foreigners who may wish to be in
dered in lieu of those which they held. Therefore, I lay it these Exchequer Bonds shall be capable of being disposed possession of public securities, and to have the documents
down in the first instance, that a large operation of a com. of in four different modes. The first is that they shall be which constitute their right to the property in their own
pulsory character is totally out of the question. And the exchangeable against Exchequer Bills. There may be possession. These are the principal considerations which
next inquiry is, shall we, notwithstanding the impossibility- hon. members who may say, " Why not leave the Ex- have induced her Mejesty's Government to ask the house
of such extended and comprehensive operations, come to chequer Bills alone. Surely you ought to be satisfied with to give their permission to issue this description of stock.
the conclusion that a new state of circumstances has are the conditions under which you now hold so large a sum There are, however, two points of considerable difficulty
rived in which it is incumbent on the part of the Govern- as you have invested in Exchequer Bills, viz., at the rate connected with this subject, to which I ought not to omit
ment and of Parliament that they should make some effort of interest not rising above the very moderate figure of 13 to refer. The first question which may be asked is, " Are
to obtain for the public the fullest value that equity and per cent." My repry is lam perfectly satisfied with the these securities which you call ' Exchequer bonds' to be
justice will permit for the security which they give to their Present condition of Exchequer Bills. But the condition merely very long dated Exchequer bills, which at a certain
creditors, and a rigid observance of the perfect good faith of Exchequer bills is like a summer sky-it may be varied period Parliament, whether it will or no, irrespective
with those creditors which it has ever been the study and or even reversed under the influence of circumstances, in of circumstances, may be called upon to randepay? or are they
the glory of this house to maintain? (Cheers.) The opi- a very short time. The funding of Exchequer bills, when to be securities guaranteed on the part of Parliament
nion of her Majesty's Government is, that although we can- You have an opportunity of doing so, is a wise operation, against any reduction or interference for a certain Pe-
not now effect the magnificent results achieved in former and Ido not say that it would be unwise under certain cir- nod but with respect to which, after that period,
periods, yet the time has come when a beginning may be cumstances if we were to use these Exchequer bonds at the Parliament, and Parliament alone, shall enjoy the
made, and when steps may be taken which may be useful rate of 23 per cent, for the purpose of funding Exchequer power of redemption, to use, or not to use, as it
SO far as they go, and which will lay the ground where no hills which we hold at li per cent. When you can get thinks fit ?" Now, her Majesty's Government felt the
ground has yet been laid. There is another preliminary your quantity of Exchequer bills very low, then their po- difficulty of coming to any conclusion in the absence of
point on which I venture to make a remark. You have, sition becomes secure ; but when you have got it low, you that direct information which they could only receive from
on approaching a subject of this kind, a choice of difficul- are enabled thereby to strengthen greatly the position of the full expression of public opinion and the discussions
ties, and it was because I wished to put those difficulties the Government against any possible vicissitudes, and the which are elicited in the public journals and elsewhere,
clearly before the committee that I did not answer at Government are enabled to go into the market as borrow- when a plan of that kind is proposed. We felt the diffi-
greater length the question put to me by the right hon. ers, in a case of emergency, with an amount of advantage culty of coming to an absolute decision on those questions
gentleman the member for Buckinghamshire. On the one which they could not possibly obtain if the rate of Ex- in the dark. We had to choose two courses, both of which
hand, no man can admit more fully than Ido the perfect chequer bills was not low. Now, with respect to this par- were attended with considerable difficulties, and by tho
title of Parliament, and of every member of Parliament- titular proposition, which is not actually that we should adoption of either of which we might have sacrificed a
and indeed it is their bounden' uty-to maintain intact its fund Exchequer bills, but that we should exchange Ex- very considerable part of the objects which we had in view,
control over the whole of those operations. If it is our chequer bonds against Exchequer bills, I will just state to If, for example, we had said, " These securities shall be
duty to fence about with strict and rigid forms the whole the house the rate at-which previous fundings of Ex- securities absolutely irredeemable at the will of the holder"
closely into every proposi- chequer bills have been effected. In the year 1826 there -if we had determined to invite the House of Commons to
process of taxation, and to look c
tion submitted to you by a Government for raising money was a funding of Exchequer bills, and the rate at which vote such a proposition to-night, we might have run the
still from the people, it is more your duty to see that you they were commuted was 1001. Exchequer bills for 1071. risk of discrediting those securities at the first moment
no not give a blind and unreasoning confidence to a Mini- in the Four per Cents, representing a rate of interest of they were born into the world, and of thus seeing the
ster where the case is either the creacion or the commute- 41. Gs. Bd. per cent. ;in 1829,1001. in Exchquer bills upon whole plan abortive. If, on the other hand, in order to
tion of public • funds. The more the house takes on itself being funded brought 101/, eos in the Four per Cents, ensure the working of the plan, we had written expressly
those functions, the less is the burden incumbent on her thus representing a rate of interest of 41. ls. 2d. per cent. ; A in the resolutions before the committee that these securi-
Majesty's Government, and the less the anxiety which at- in 1839, 1001. Exchequer bills were commuted at the rate ties were to be redeemable at the option of the holders, we
taches to the individual on whom the duty is imposed of of 1091. and 1101. in the Three per Cents., representing a might have been told, as in point of fact we have been,
making propositions of this kind. But, on the other hand, rate of interest equal to 31. 6s. per cent„; in 1841, Ex- that the securities are so satisfactory in their character,_
while I thus state the prerogative of Parliament and of its chequer bills were again funded upon the condition of that, as permanent, irredeemable securities, there may be
members, it is an undeniable fact that when you come to being exchanged at the rate of 1001. for 1121. 2s. of many persons found who would be willing to hold them.
deal with the public creditor, his position may be mate- Three per Cents., the interest being equivalent to It appeared to her Majesty's Government, therefore, that
rially amended by conferences conducted in public with the 31. 7s. 3d. per cent. Thus, whenever you have had the wiser course was to ask Parliament to entrust thesis
Ministry, and the Finance Minister in particular, and occasion to fund Exchequer bills, the best terms with a discretion in the matter, and using the time, infer-
having reference very much to points of detail • and, there- upon which you have succeeded in doing so have been at mation, and the discussion which will be elicited between
fore, I wish to ask the committee to extend.to her Majesty's the rate of 31. 6s. per cent., and they have been funded at the present time and the period when the act is passed and
Government that degree of. confidence with respect to rates even as high as 41. 6s. 84., and that rate of interest the securities issuea, and be permitted to act for the best,
giving effect to those operations which they think moderate not representing, as in the case of Exchequer bills, a tem- as the circumstances may seem to them to require. It is
and just-that they will remember the extreme import- porary bargain, which in a few months might be modified quite plain that to get out these securities at the rate of
ante when once a matter of this kind hag been broached by the Government, but representing the contracting of a interest proposed-2,1 per cent.-it would be well worth
of carrying it forward with resolution and promptitude, new public debt, as permanent as any other portion of the while to make them redeemable at the option of the holder
and that they will be governed by those considerations in public debt of the country. These facts form, we think, a after a certain number of years. At the same time it is
balancing between the inconvenience of intrusting the justification of the request of her Majesty's Government, by uo means certain that, even by succeeding up to that
no7discharge of weighty functions to those who admit their that we may be trusted, within the limits laid down in time, we should still succeed in the principal object which
iciens„,:fineywertbily toiebear them,. and the inconve- those resoluti.ons, to exchange Exchequer bonds against we have in view, and that is bringing before the public eye,
e of doing damage to-
tl . public interests, and mar- Exchequer bills, for the purpose of funding at the rate of and enabling the public freely dealwithpublic • •
to
ring a great public object by discussing it in a spirit which 2/. 10s. per cent., thus effecting a savit flg o more than 1
e u• cent. interest, while the Exchequer bonds
bearino• 2.3 per
may be fatal to its very essence. I have been most anxious per cent. upon the rate at which Exchequer bills have ' • ,f to be iss e would in fact be long dated Exchequer bills,
to make this application at a comparatively early period of heretofore been funded. (Hear.) The next purpose for and not permanent securities. (Hear, hear.) The come
the present session, because, being aware that it is an ope- which wo propose Exchequer bonds shall be applicable is, will. see that we propose to ask for power to sell the
ration of a kind that does not aim at very great results, that they shall be exchanged against the " stocks" which, ),14 ,
ends ' in open market, and to apply theproduce of their
and being undoubtedly of necessity a novel operation, and by these resolutions, it is proposed to commute. We pro- sale to the purchase'of bills The committee
not analogous to those that have gone before, lam anxious pose, also, that Exchequer bonds may be sold by the Go- will, no doubt, of bestowing Exchequer * h
, jealous such a power upon
that the operation should go forward, and should reach to vernment, and the proceeds of their sale applied to the the Government,
They may suppose that the Govern-
some degree of effect, if it is to take effect, while Parlia- purchase of " stock, for the purpose of cancelling it, or ment will throw them or give them away, or that
ment is sitting, so that Parliament may have an opportu- to the purchase of Exchequer bills. These bonds are like- they will be stiff • away,
so in their dealings that when the full
nity of exercising a judgment upon it ere long, and so that wise intended to meet the particular case with respect tovalue •
is offered for them it will not be taken. It appears
Government may, if satisfied with the working of the plan, the small portion of the public debt which we give ab -
so to me upon the whole, that while those who have to act
come back to Parliament, if need be, for extended powers, lute notice to pay off; and this might be found the most '
before the session shall run to its dose. I come, then, to convenient mode of dealing with it - that we sell the for the State may fail in the discharge of their duty, yet,
my plan, which consists of three portions. The first of bonds, and apply the proceeds in cash to meet the demands upon the other hand, the objection would be very great to
these is certainly a minor portion of the scheme • and I of those who might require to be so dealt with, for, kee the committee now fixing absolutely the terms upon which
will enter upon it first, in order to dispose of it and it ing extreme cases in view, it might possibly occur that the- these bonds should be issued. Her Majesty's Government
out of view. It is the liquidation of certain minor stocks balance, in the Exchequer might not be sufficient to meet are your agents in the matter, and you will hamper and
which appear in the schedule of the national debt, and the the demands which might be upon it. This subject ha prevent us taking advantage of the circumstances which
very existence of which is unknown to a great portion of been one of careful and anxious consideration, a d ; may arise up to the latest moment, if you insert in these
the public, and perhaps to a great portion of this house. the great difficulties besetting questions of this n one
.o resolutions absolutely the terms upon which these Exche-
These minor stocks are chiefly connected with the South that they of necessity involv arriving atconclusionsnature is, quer bonds must be sold if disposed of in that way. Her
Sea Company. There is the debt due to the South Sea questions of groat importance with ver .7m Majesty's Government have thought, for various reasons,
Company, amounting now to 3,622,000/. ; the Old South mation. Public feeling, after all, and tlYireimo Rer'oee olfne- that the best way of meeting the reasonable desire of Par-
Sea Annuities, amounting to 2,775,000/. ; the New South commercial classes, are the tests by whichimulit'u atel the liament to be completely master of all these transactions,
Sea Anuities, amounting to 1,997,000/. ; the South Sea measure of this kind can alone be tried, and Nuvhaintiwillybue would be to ask you to confer upon the Government such
Annuities of 1751, amounting to 460,000/. • and the Bank the state of public feeling at a given time with respect to an amount of discretion as will be ample for the purpose,
and will enable them to deal freely with the securities
Annuities of 1726, amounting to 676,000/. The whole such measures is a matter upon which very opposite judge about to be created, but at the same time to limit the
amount of those stocks is about 9,500,000/. sterling. With moats, even under the most favourable circumstances will
respect to those stocks, it is proposed to take a compulsory greatly fail. I cannot blame myself for not having taken amountun of the securities. which shall be issued by them
those resolutions, and for this reason I have pro-
operation-that is to say, we shall tender a certain alterna- all the means in my power, compatible with the strict and posed that the amount to be issued shall not exceed the
tive to the holder, and at the same time inform him that absolute secrecy which those measures require, to ascertain if he does not accept this alternative, he will be paid off at what prospects, according to the best and highest • de- sum of '30,003,000/. Another limitation which is pro-
the expiration of a proper period. I think the committee ments, there of bringing out "bonds" of this kind u ' posed is, that the power to issue Exchequer bonds will
in the absolutely cease and determine on the 4th of
will agree with my view that, at this moment, this will be market. But, at the same time, it was matter ofApril,
extreme 1854• It is not that I assume either that 30,000,000/.
an eminently safe operation, But perhaps I may be asked difficulty to arrive at such certain data as would have *
jus- will be the utmost limit to which Parliament will go, or
why I touch these funds in particular. They may well be tified the Government in- absolute/ fi •
y mile upon terms of that no bonds will be issued after the day named. The
called the patriarchal stocks of the country-they have re• the proposition, from which there should be no variati fl•• • in •
mained longest on the records of the national debt-they whatever. lon object o the imitation both cases is, that we shall have
will now, however, state the grounds
have subsisted for many generations-they may be said to which we think that these " " will upon the power to try the experiment, as your agents, to a
bonds be popular cur- limited extent ; but to come back to for •
have grown hoary with age ;then why should you trouble rent securities. In the first instance, the you increased
them? I hold•that it is useful to have different descrip- fer of these securities entirely without very easy. trans- powers if we find occasion to go beyond the extent named
cost. It is very in the resolutions. (Hear.) It may be asked, what is the
tions of stock, yet it is a bad arrangement to have different difficult for us to say what may be the precise effect of that nature of those bonds, and would they constitute suffi-
descriptions of stock which have all their essential char ac- easy and rapid transfer without cost, because we have no cientl broad ' '
teristics in common, and in which there is not one that is ed t •
prec en to guide us among the various descriptions of '
y basis for the operation which we are
proposing to Parliament? To this I must say I think
opposed to the other. Again, those limited stocks create the present public securities of thecountry. We
have, not. I have said much in commendation of instruments
but a small market, and small transactions invariably bear however a partial means of forming a hon
small prices. You thus complicate the public debt with- subject, 'from the fact that there are many foreign securi- it is obvious-and it has been broadly remarked in many
out any countervailing good, together with the manage- ties current in this country, and which are transferable of those intelligent discussions on the subject which have
ment of that public debt ; because, although I believe there from hand to hand without cost. Iby no means compare alreadappeared • the resolutions were printed-that
y since
is no possible blame that can be brought against the South those f • • • with •
foreign securities those which we now propose to these bonds would not be securities of the most desirable
Sea Corporation, highly respectable° as it is, and having deal. I hope that without undue pride, Englishmen may 1 't• fo • all theparties who are at present holders of
now effectually purged itself of the recollections of its so far lift up their heads as to flatter themselves mselv s that the c escrip ionk. i• I
look
z_-pon these bonds as being in a man -
of earlier days-(a laugh)-and though there is no possibilit
3' instruments by which they secure their eclaimse upon any public stmoeercial and trading. securities, which will suit tile
of finding fault with the way in which this public debt public security in this country do, at any rate, hold a very nor
em
of the classes engaged' in commerce generally,
has been managed ; yet this is an agency without any high rank-perhaps it would not s, too much to say the purposesincluding, of course, those who are dealers iu public stock.
adequate purpose, and I think the committee will agree highest rank-among documents of a similar character iu But there are very large classes of holders of stock, who e
with me that the time has come for a different arrange- the other countries of Europe, It does happen, how- are in different circumstances, to whom it would be no
ment. It will also effect a real economy. I franldy own ever, that there are sometimes foreign securities current advantage to have the power of transferring stock
that I think with respect to this portion of the public in this country, bearing the same rates of interest cheaply and rapidly, inasmuch as they do not wish
debt we shall obtain only a moderate reduction, but and similar in almost every respect, but differing in to transfer it, to whom it would be no recom-
still a reduction, in the rate of interest, If on this this one respect - viz., that in the one case they mendation to have the interest payable ie the manner
9,500,000/. we effect but a reduction of a I per cent. in require a a formal legal process in order to their proposed, and with whom the present mode of proceeding
the interest, yet that will represent a permanent annual transfer, while in the other the transfer is effected by is perfectly satisfactory. These classes eoensesist of
who the
saving to the country of something like 25,0001. ; and, merely passing from hand to hand. I believe that lam permanent holders ofepublic stocks-of w
_hold
them in the
besides that, we are perfectly prepared to meet the views correct-and shall be borne out by the opinion of many of them as permanent property,
and who
settlements. of those who may wish to be paid in cash; and if the the best informed men-in saying that this power of easy capacity of trustees, or under pri
holders of this stock shall desire to have cash, and will and rapid transfer from hand to hand adds as much as Majesty's Government, therefore, do not propose to found
the issue of Exchequer bonds alone.
make a call for it, that call will not be inconvenient, but several pounds per cent, to the value of the securities which their operations upon
desirable, if
it
can be done
•
on the contrary it will enable us to employ in a profitable enjoy that advantage. (Hear, hear.) We propose, then, because it is obviously
without
that the willmischievous consequences, not only to improve the •
manner a portion of the balances now unemployed, and that these bonds shall possess this advantage, ey
condi-
to snake those improvements f
thereby to displace, with a debt which will carry a regular also be of a permanent character, so far as fixing a long tion, but all over all classes
lic creditors. Ther *
interest, that which now bears comparatively little or no term during which no change can take place with respect of the pub. , . efore, in order to meet the
s and
fruit. With respect to the means of paying off this portion to them. I must take this opportunity of pointing out Probahletov'elt
class to
of. the public creditorsbe-
of the debt, there will be, first, the power which I propose what an important effect, not so much in the present case longing
th •z the ermanent which I have already alluded,
to take of raising money on Exchequer bonds by deposit at as in the others, this element of guarantee exerc es vi ~p
ofcreditor, we propose that there should
n friend the mum- be a means voluntary conversion in -
the Bank, with certain exceptions • and, lastly, and alter- pi-ice of public securities. My right ho • h of, the strictest
o provided sense of the "
native stock, which we shall offer to' parties at an auction, tier for the University of Cambridge, when _ . ,
.word, the Great Three- per Cents," In .
rper Cents should be reduced, poaching this rest ap
which all will have an opportunity of attending. And that the Three-and-a-Quarte g t phalanx of the Three per Cents., de-
likewise*provided that fended as it
perhaps a doubt may have arisen in respect to most of after October, 1851, to 3 per cent., .
of twent • is by its amount, its rate of interest and the
those stocks whether Parliament is bound lsy law to give a they should have a further certain currency r _ y necessity for a twelvemonths notice, we must deal with it
notice of twelve months to the holders. The case did not years at the rate of 3 per cent., within whit term they 7 elliectely as a prudent general would when approaching a fortifi
to us entirely clear ; and, it not being clear, and should not be subject to further reduction.
~t Ipt Y. tion of the first class, and our steps ustbe directed h ca-
appearng the limited amount of the st=ocks we thought it possible to give an answer to the question7f Wha is the the utmost caution. The proposal of hell; Majesty's y
Govern-
right to allow the stockholders the benefit of the doubt, 1 the value, under presentcircumstancestoomoney and meat is to give terms which. 1 havenot
seen
and to give them the full circumstances, which, under any credit, of a guarantee by
Parliament
nott
reduce the rate as being too lib 1 t the fdh ld •
era o un o cf. I. am fully con-
circumstances, could be required. There is only one ex- of interest upon a particular
thebelow present time?' It will but at the s t* to 'ye terms too liberal •
n error. gi •
which a notice of six months is clearly defined by law, and be recollected that this, after all, is only a guarantee not very ame ime, when it is said that you would get
that notice must be signed in the handwriting of the sovo- to reduce below 3 per cent. ; but the committee has the much better terms than you are now asking, much
as I should respect the estimate which they I should
reign, and exhibited to public view on the Royal Exchange. means of testing exactly the precise value of that guarantee •form,
I have now disposed of one portion of this scheme, and I The present price of the right hon. gentleman' (M •
s r. Gaul' respect the opinion still more if it was founded upon actual
come now to the second and third. The second of these burn) Three-and-a-Quarter per Cents.-which will become account instead of being merely an estimate. The proposal
portions relate to the issue of Exchequer bonds, and the Three per Cents, after October, 1854, but will of the Government is that any person who now is, or may
third relates to a voluntary commutation dependent en- to further reduction for twenty years___" not be liable be, interested in the Three per Cont. Consols, and who shall
tirely on the option of the holders of the great Three per official records of yesterday's sales, is 1031. spears from the between the time of the passing of this act and the 10th of
Cent. Stocks-namely, the Three per Cent. Consols and having just been paid, so that that does the dividend October, 1853, signify his desire to commute any or all of
the Three per Cent. Reduced-making together the capital calculation. This perticular stock ia not enter into the his share in the stock, may have the option of exchanging
very nearly of 500,000,000/. But I now refer to both those dividends yet to receive at the s, however, three each 103. of such steels into ono of three forms. The first
plans, because both have in view one and the same ultimate It will receive one divide d present rate of 3,i per cent, of these will ba the Exchequer bonds at par, upon the ad-
object, and that object is to lay the foundation of a perma- April, and the third in
Octoberdebt-irredeemable,be 1854. As the excess of secondly, into a New Three-and-a-Half per Cent. Stock, to
mean, at the option of the holders-bearing an interest of sions is just 2s. 61, received upon each of these occa- be created. for the purpose, upon these conditions, that
23 per cent. Tho mode in which we wish to attain that order to c c for each, I must deduct that sum in 1001. of Perpetual Annuities, Low bearing 3 per cent. in-
end will appear as I proceed, but that is the ultimate end guaranteedoinpare the case of this guaranteed with the un- terest, may be exchanged for 82/. 10s. of this New Three-
which we have in view. I know there are some who think the stock, Deducting, therefore, the 7s. 6(1: due to and-a-Half per Cent. Stock, giving to the present holder
that this reduction is a very simple matter, which may be augmented dividend, it will leave as the price of the of stock an income of 2/. 17s. 9d. per cent., instead of 31.
delayed for ono or more years, but which' is sure to come guaranteed Three per Cent. Stock, 102/. 17s. 6d. That is per cent. The reduction in this case is certainly not.as
at last. Those persons are mere sanguine in their tempera- 1 exact price, according to the official sale list of yester- large one ; but the impression appears to be that even
Forhi
ment than I. Ido not say you may not entertain the ho )e ( ay. of your Three per Cet. Stock, guaranteed against any reduction will not be very readily submitted to.
it very
of effecting that object, but I say it is a subject of cons
li. further reduction for 21 years. This being so, let us now my part, I have not the least fear of seeing
mutation
clerable uncertainty; and if you hope to attain it you ou ht see what is the price of the Three per Cents not fortified extensively adopted. The advantages of this co
mit will be
not to omit the use of any auxiliary means towards th by any such guarantee-that is to say, Consols. From the are not to be limited to the rate of interest; ,
10 years-a long
end, and certainly you ought not to depend on the • le same official record, I find that the selling price of Consols fortified with a guarantee
of
no
jrisstory of national debts,
force of circumstances to effect any groat reductionsimple
was 1001. 12s. Gd., but as the dividend upon this stock is period, no doubt, bat small in the
in the payable in July, one half of the dividend, that is, 155., at the expiration of which period, insteadof b • Three
being a
interest, Not extending our view m r
no of 34 1034 redeemable
ar mwe ought to must be ded 1
uctec from the apparent price in order to aster- , per Cent, Stock, it will be o

PRICE SD.