The Sun.
London, England, 1812-02-15 00:00:00

ARMY ESTIMATES.

Lord PALIIISTONE said, that in consequence of
the absence of the Right Hon. Gentleman (Mr.
Tieriv...y), who was prevented by an accident trom
coming down to the House, and who wished to be
present at the voting of the Army Estimates, he was
desirops to, postpone them.

. .
Mr. WHITBREAD said, that though the Right
Hon. Gentleman was at present unfortunately de-
tained by the accident, there was every hope that
he would be ab:e to come down on Monday, to
which day he. would. recommend the postponement
at the Estimates,

They were dccordingly postponed to Monday.
The Committee of Supply was postponed to Mon
day next.

FUNDED EXCHEQUER BILLS.
The House having resolved itself into a Commit•
ee of Ways and Means,

The CHANCELLOR of the EXCHEQUER said, he
Jad given notice yeste►day of his intention to move

in that Committee a Resolution for funding Exche-
quer Bills in the Navy 5 per cents. It was not, he
conceived, necessary to enter into any detailed view,
and hp should therefore proceed to state the terms
to the. House. The first proposition was, that for
every 1001. of Exchequer Bills, dated between the
Ist of Marcho 8 1 , and the 18 t h of February ,1912,
funded in the Navy. 5 pet cents, the person so fund-
ing them, should receive mi. in the 5 per cents.
the interest or Cie bills to be paid up to the gth of
March, inclusive. The calculation was taken on
the 71h of February, the day on which he first sent
the notice to
,the LCity, at which period the
5 her cents. were at 94, which would give the
acceptor 1011. i os. 3d. for every 1001. fund-
ed, besides a bonus-of the interest, up to the gth
of March, of 7s. Bd. on each, 1001. making, on
the whole, tl. 17s. 11d. per cent. bonus. The.
5 per cents. were consequently depressed in some
measure since the propoaition had netn originally
made. They were this day reduced to g 3 1-Bth, at
which Nice the bonus'experienced by the funding
would be 17s. 7d, instt....id of. .11. 17s. lid. which,
however, he' thought sufficient profit to induce
the holders of Exchequer Bills to the amount of
fourteen millions (tA,e sum to which he intended

to limit the acceptance) to fund. The state of the
Fund, as he had already observed, was not so fa-
vourable as at the time when the offer was made,
but there were various contingent benefits to which
the. House might lob k on the following year, espe-
cially •in the event of peace. It was his intention

likewise to propose that the amount of Exchequer
Bi►ls to be so funded should not exceed 14,000,0001.
He hoped, notwithstanding the present depression,
that no considerable disappointment would take

place, and that it not the emirJ, a considerable pro-
portion of that amount would be funded in the Five
per Cents. He had reserved to himself, in case of
failure, the power of creating Five per Cents. to
meet he deficiency by the Loan to be raised for the
service of the present year. The Right Hon. Gen-
tleman concluded with moving two Resolutions—
the one providsng that every -person who funded
Exchequer Bills, dated between the Ist of March,
1811, and the 18th of February, 1812, in the Navy
5 per Cents. should be paid the interest up to the
gth• of March inclusive, and entitled for every tool.
to 1081. N.,vy 5 per Cents. The other limiting the
sum to tie so funded to 14,000,0001.
Sit T. Tpwrohi said he was quite at a loss to sup-
pose how the Right Hon. Gentletna\tt could expect
to add the sum of 14,000,0001. to a fund which
must have eiperien.'ed a great depression. He ap-
proved of die principle of dividing as much as pos-
sible the sums to be raised among the diffeient
Funds. lithe Right Hon.:Gentleman's, object could
be accomplished, he saw no objeetion to it, but he
must put out of his calculation entirely any advan-
tages likely to 'result from a state of peace; to that

. •
!rope, .after the declaration of an elocjuent Statesman,
that " war was now the element io which we
must live and moire." The consequence of the
present. proposition, he believed, would be, that
the stock would become a. heavy stock,.. But after
all, In": would ask, w ':at a loan werelhey to cxped
this year ? for this was but the comMencetneet, the
prjude to ehe grand dramti to Which we .were still
to look:
Mr. BARING said; that ahe rii.e of reocks in the
list year, justified the Right Hon. G:talentait to
propo•log the addhien at that period, but there wag
a material difference bet weer, the la-t, and present
year, notwith4landittg ..bleb, the Right /lo Gtfn-
tlernan propOsed to depress the funJ sill tUrilir, tear
his own att.
Mr. SNii-ra said, from all he could learn; he did
not think the Wein Hon. Gentleman would be ab!ts
to lued the Excheqeer Bills this year to the amount
praposed, and therefore he
.thought it better not to
attempt' it. He'was also appreheosive that the sys.
tem might. be carried too far.
The t.;‘I4ANCELf.oIi of the. ExCumiuEtt said; there
was hardlk an arguoient resorted to by the Hong
Baronet (Sir T, Turbot)), on, toe present occasion,
whi"ch be did not urge against the proposition of the
former year. He appeired to think th4t there was
some dirferenCe between the noric,s of both years
tO the City, but he would state that, in point of
faet,-there.was none. It was true, there was-a greater
depreciation in the pres'eht, but the excess preposed
above the former did not amount .to
.more than
,000,0001. Tire Hon. Baronet might .ay that be
did not succeed in his proposition last year. II 'wes
true he did not obtain the entire sum immediately,
but he made up the deficiency only by enlarging the
time. The Hon. Gentleman who s;eake list g 'ye
reason to suppose that the calculation had varied ainee
the valuation was made; but he believed, th ft since
the otter went into the city, no diminution had taken
place in theYalue of Echequer Bills. The other
Hon. Gentleman feared that the principle might be
carried too far. He (the Chancellor of the Exche-
quer) allowed that it might; .but. the question was,
whether it was so in this instance ? It would be tound,i
that if the 5 per cents. were depressed, the 3 pee
cents were depressed also, and that the .5 per vents.
had kept .up their relative-value, notwithstanding the
operation of the Sicking Fund on the per cents.
which never operated on the 5 per cents. The hir
and competent way to compare them, he thought,
was to take them at a period before the presen't mea-
sure was in contemplation, in which case they woold
find that his statement was correct, and that the
present comparative state of those Funds afforded no
ground for assuming that the, measure was carried to
an extreme. His impression was, that it was doing
material service to the general state of the Fonds tee
divide the Loan into different parts and different
periods. It was giving encouragement to those who
funded Exchequer Bills, and incressinr he credit
of Exchequer Bills themselves. It we atural to
wish that the field should be extended as much as
possible, and in that view he was sure that the House
and the country agreed. He was confilent that this
plan held forth greater• advantage to the holder of
Exchequer Bills than lie could obtain by disposing
of them in any other way. He had never stated.
positively iliac the whole would be obtained, but he
hoped it, would, and if nut, at least he expected that
it would be realized to a greatextent.
After some further conversation between Sir
T. Turton, Mr. Bring, and the Chancellor of the
Exchequer, the 11::.solutions: were agreed to, and
the Report ordered to be received otk Monday
next.

Mr. W. WYNNE moved for Returns of 'the Es..,
tablishmtnts of the differrnt corps of Local Mikis
and Volunteers serving in the different Coun-
ties, and of their Number, at the last returns.--
Ordered.

Mr. VANSITTART moved for an Address to his
Royal Highness the Prince Regent, praying that he
would be graciously pleased to order a Copy of the
Report presented to Lord Liverpool from the Com-
missioners of African Inquiry, bearing date the
9th of July; 1811, to be laid before the House.--•
Ordered.