The Sun.
London, England, 1822-02-21 00:00:00

[BRITISH TRESS.]

A Message from the Lords pf the Treasury
was delivered yesterday at the. Stock Exchange
by Mr. Hase, of the Bank of England, expressing
a desire that the principal bankers and others,
the holders of Navy five per cent. stock, should
wait upon the Earl of Liverpool and the Chan-
cellor of the Exchequer at Fife House on Friday,
at twelve o'clock. The terms of the Message
imply the determination of the Ministers to pro-
ceed immediately towards the execution of the
plan announced by the Marquis of Londonderry,
of reducing the five per cent. stock. The inti-
mation, although it could not have surprised the
Gentlemen of the Stock Exchange, as if it
were a matter now started for the first time,
nevertheless produced, as we are told, a very
lively sensation in the market, but its effects

upon the prices of the funds were scarcely
perceptible. The firmness of the market augurs
favourably as to the result of the project, for it
cannot be doubted that if the prices of the va-
rious denominations of stock maintain their pre-
sent relative proportions, a very large saving in
the way of interest will be effected for the
country. On this point, however, much will
depend upon the means that are to be adopted
by the Lords of the Treasury for accom-
plishing their object. It were idle now to in-
dulge in speculation upon'the probable details of
the plan, or to tiotice 64 various- reports that
are afloat concerning them ; a few hours will
determine the result, and until this be known
with certainty, it matters very little to the public
to be told that one set of speculators conjecture
that the project will be effected by raising loan
in the three per cents. for the payment of the
five per cents., while others think that it will be
accomplished by inducing the holders of the five
per cents. to accept an equivalent by way of
transfer in the three per cents. The following
table will chew the influence which the Message
exercised upon the state of the market:— •
Prices of Stocks on opening in After the Message.
the morning.
Navy .5 per Cents. -103 ii
4 per Cents. - -98 i 981:}
Reduced - - -791 t 78i 79
Consols for Money & Acc. 713 i 781

[MORNING POST.]
A message was delivered yesterday at the
Stock Exchange, by Mr. Hase, from the First
Lord of the Treasury and the Chancellor of the
Exchequer, stating in substance, that Lord Liver-
pool and Mr. Vansittart were desirous of seeing
the principal .Bankers and others, holders of
Navy Five per Cent. Stock, at Fife House, to-
morrow (Friday) at twelve o'clock. The object
of the Ministers is to annihilate the Five per
Cent. Fund, by offering a bonus to the holders to
go into other descriptions of Stock. Doubtless
there are some difficulties in the way of the exe-
cution of this project ; and ,at. all events it will
probably prove a work of time. In the year
1766 a reduction was planned of Four into Three
per Cent. Stock, to the amount of about 3,500,0001.
but it was. not then thought practicable to re-
duce more than a quarter of the sum in one year,
which thus extended the operation over four
years ; and had a war broken out the plan must
have been frustrated. But the amount of the
Five per Cent. Stock is nearly 142,000,0001. and
as holders of this Stock are. dispersed not only
over Great Britain, bitt also over the colonies,
the East and West Indies; 'a notice of several
months will in all probability be demanded in
their behalf. The Four per Cent. Stock ap-
pears to be that in which it would be most ad-
vantageous to the nation to effect the operation
of the proposed plan. By changing the Fives
into Fours, a saving of a fifth part of the
interest now paid on the former would be ob-
tained, which saving would amount to nearly a
million and a half per annum. It may be ob-
served that what the nation would save, the
holders would lose by this operation. But inde-
pendently of the bonus to be granted (which will
indemnify from loss), it ought to be taken into
consideration, that when the five per cents. were
created, the nation paid to the purchaser a larger
interest than it would otherwise have paid, for
the express purpose of having the right of paying
them off at par. Injustice in the trlnsaction is
therefore entirely out of the question.

[MORNING CHRONICLE.]
We were not a little surprised, that Lord El-
lenborough, at the Surrey Meeting, on Monday
last, should have affected to believe the equivo-
cal character of the Scots Representatives as a
body, at all a reflection on the nation. Truly his
Lordship paid a poor compliment to the under-
standings of the Scots, if he supposed that his
language on that occasion could he acceptable to
them. The Representatives of Scotland are
chosen by between two and three thousand indi-
Viduals, to many of whom the franchise is no
doubt sufficiently profitable, and who are of
course exquisitely sensible to observations on this
subject ; but it would be singular, indeed, if the
rest of the nation, who suffer from this state of
things, over which they have no controul,
should deem their honour concerned- in main-
taining the purity of character of those whom
corruption fattens at their expellee. A French
Liberal might take offence at hearing the
Ultras characterized as wise, enlightened, and
friendly to civil and religious liberty ; but he
would hardly quarrel with any one who ascribed
to them qualities directly the opposite• of these ;
—an Irish Catholic might be very ready to take
offence at hearing the moderation of the Orange-
men made the subject of praise ; but he would
hardly quarrel with those who thought less fa-
vourably of them. Why then should his Lord-
ship libel the Scots by treating them as more
weak and foolish than any other people ? We
have too favourable an opinion of his Lordship's
understanding to suppose him in earnest on the
occasion, or that he meant any thing more than
startling his hearers by what he might think a
dexterous paradox ; but we should have had a
higher opinion of his judgment, if he had
shewn more respect for the understanding,
both of those of whom he was speaking, and
of those to whom he addressed himself.—
With respect to the Scots—if their Representa-
tion has given such increased power to corrup-
tion in England, it may at the same time be said,
that English corruption has been the means of
retaining them in their thraldom. From the pe-
riod of the Reformation down to that of the
Union with England, they were engaged in con-

ACTUAL INCOME fOl 1821
ADD,
Saving to the Customs by tile transfer
of the Coast Blockade to the Navy 80,000
Saving in the Revenue and other De-
partments, by deductions from Offices
and for Superannuations, &c. 100,000

DEDUCT,
By Repeal of the Horse Tax - 480,000
French Indemnity, less in 1822 than
in 1821 - 300,000
Monies repaid for Public Works in
1821 - - - - 219,000

Deduct Expenditure, including Extraor-
dinary Expenditure for Ireland -

SURPLUS -

31,650,060

1,500,000

7,748,346
5t500,000
1,200,006
1,700,0:.;

.49,618,34 a
35Q.,00*

X 49,968,346
'THislO7.