The Sun.
London, England, 1804-07-11 00:00:00

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IItIPERIAL PARLI,I2,IEN7:

HOUSE Oh' PEEAS.

TUESDAY, JULY !O.

THE LORD CHANCELLOR, Earl CAMDEN, anti
Lord WALSINCHAM, sat as HIS MAJESTY'S Corn.
missioners in their robes, and declared the Royal
Assent to the Scotch Defence Biil, the ,Irish Cus-
toms and Stamp Duties, and the Linen Manufac.
turers'.Bills, and to several_ private Bills.:
The: Irish Defence Bill wAs brought tip from the
Commons, read a first time, and ordered to ,be
printed.

The B lls upon the Table were forwarded, and
the Corn Bounty Bill ordered to be printed.
Lord STANHOPE presented a Petition from Mr.
Chalmers, of Liverpool, against the BM, and pray,
ing to he heard by Counsel.. After a short conver-
sation between Lords STANAorE and WeasiNG.
HAM, the Bill was ordered to be read a second
time on Thursday, and the Lords summoned.--Ad-
journed.

HOUSE OF, COMMONS.

TUESDAY, JULY 10.

The Horse was summoned by the Black. Rod to
the Bar of the House of Lords, where the Royal
Assent was given by Commission, to the Irish Cus-
toms and Excise Duty Bill, the Irish Stamp Duty
Bill, the Exchequer Bills BM, and the Irish Linen
Manufalure Bill.

A Message was received from the Jannis, by a
Master in Chancery, declaring their Lordships agree-
ment ro the Bill for facilitating ,the Prosecution of
Fugitive Offenders.
" On the Moticin of Mr. BARNARD, it was ordered
that there Ibe laid before the l-1.1u.e, an Account Of
the Grants for forwarding the Grand Canal in Ire.
land, • since its commencement.
Mr. Tighe's Divorce Bill was read a second time,
and ordered to be committed. - •

The Hackney Coach Bill, and the' Cotton Ma.
nufaclurers Bill, were read a third time and passed
as was the Bill for the Preservatitin of the Peace in
.the Counties at large in Ireland, ind the Jamaica
-Free Port Bill. _ _

A person from the Chamberlain of .London pre.
rented the,Annu4l Account. _

The Civil List Bill was reported, and ordered to
be read a third rime to.mor row.
A Bill for removing inconventencies suffered by
the Accomptant.General tinder the Property Tax Ad
was brought in by the ATTORNEY. GENERAL, read
a first-time, and ordered to be read a second time
tormorroiv ; as were 'two Bills brought in by Mr.
ALEXANDEI ; one for encouraging the Importa-
tion of (Lk Bark for Tinning, and the other for the
-Irmtnovvracet .of the 'tract! et the fete Ntin.,
Mr. OWEN, from the East India House, present.
ed an Account of the serfrate Fond of that Corn.
pany, and the payinent thereof, from Ist of March,
1193; to ,ist March, /8°4,7-Ordered to lie on the
Table.

Mr. • POI. F, from .the Secretary of State's Office,
presented an Abstra& from the Returns of the Oier._
seers of. the Poor. (This 'Abstraitt being an im-
mense volume, which' a Single person could with
difficulty lift, was viewed with emotions of laughter,
which could not be restrained by the characteristic
gra•vity of the House.) •
Mr.. ROSE moved, that the proper Officer do in.
:sett the expetted Returns as they . come in, till the
Abstraa shogid be
_complete ; and that when cot.
plete, it should be printed.
Mr. FOST PR presented a Bill for ,warehousing
homemade spirits in Ireland, which was read a first
time, and ordered to be read a second time •to-tnor.

.row. •
.Mr. FRANCIS gave notice, that before any Irish
business was brought on to.:morrow, it was his in-
tention to draw the attention of the House to the
manner in which the Irish business was at present
cOnduEtedi •
LOYAI:Ty LOAN. •
The CHANCELLOR Of the EXCREQVIIR moved'
the Ordei of the Day for going into a Committee
to consider tile claims of the holders of Loyalty
Loan Stock.
The House having resglved into:A, Committee,
- The' CHANCELLOR' of the: EXCHEQUER
said, this subjea -had been so amply discussed be.'
fore, that it would not be necessary-for him io inter
into it at much length at vresent, further than is
state generally the circumstances of time transaCtion.
Time House was aware that this ntiney was borrow.
ed in 1797‘. and that the cause, of the present ap.
plication arose from_ a variation between the no.
tice, as prescribed in
,the Resolution • upon which
the money was advanced, and that in the Ad of
Parliament for carrying the Resolution into effeet.
s.Thc,material part. of the "tliff'-reoce was this,
the sums were to be paid off at the option of the'
holder .of the I)ebentures-two years -aftet a Defm.
nitive,Treaty of Peace] on giving notice of the
intention to claim 'such paymamt six months pre.
Vious. The words sth of April, and roth.ol
tober, in each year, were insetted'in the ACt to
gulate the payment. On notice being' liven, ac...
cording to the Resolution, the money woull he pay.
able on the.toithi of' (-).l:.iber next ; but on the con.
struttion. of the Aft it bad been iielti;'etintrary -io
the tenor of the Resolution, that the' holders were
not entitled, to give notice till the loth of Qaober
next. For iminicif, with' every revea.for those
whose business it. was to prondunce On the. eimn.,
struttion of Ails of :Parliament, he had, an hum.
ble opinion, upon rise coOstruaion of this. Att;-:-;---
He w4s, -of opinion, .that it vas not rkpired
that Ate six Inc/Wits notice shou:d be „subsequent'
to• the 'periods stated ; but that they 'may be:

(>43

I PP.ICE SIXPENCE.

convenient. . Aa Ate other. opinion. bad been held
by high 'authorities he acquiesced in that contru4-
tion of the, Aiff-; bit as the SUbsCribers who had
vanced the money-, did not ap•Ocar to have any notice..._
of the alteration from the Resolution on which the
money had been advanced, as in fita, from the trans_
fers, that probahly had t:.,ken•place.frotu theipy.„
ment till the passing of the Ad-, it_ was impossible'
that notice could have beets conveyed to all thoie‘
int", whose hands the,property may. have shifted, he.—
thought that Parliament ,Was in good faith boned.
to mlke good the conditions of the.gesoluaion. In'
a case of making good the, public faith, he did rt,,t
suppose any. one would think it necessaty to inAdire
_whether the alteration.would he attended with any
material expence ; but he:conceive& it may be, at
the same time sitisfaaory to know, that there Was,
•no reason to apprehend any material inconvenience ,
to the -PubliC,as the only ditTercuce would be, whe.
ther the payment was to take place on the t 0; h of Oft.
or sth April. There may possibly be an alteratiOia..
by the alteration of the value of *ockk ; but tylv3_.
ther it 'would be material', or on which site it
would be, nobody cowsily, ^lt she Vittle of Stock.
continued the same, it would of course be better
for the Holder to receive it on the zoth Od. than on
sth April. The Holder of Loyalty Loan Stock was
to have an appointed time to claim the .1/attic of
tool. 'in Money, in every tool. of, his, stock ; but,
as nonervstock could be counted consistentry with
good faith to the Contractors' for the present Duni
before., they should have complete 4 -their payment
(sth Jan.), the 'object would :he to give every
Holder of tool. Loyalty Loan, as much Stock as „
.would be equal to tOO% in money at that the
value to be Computed on the average price of Stock
fur to days previous. In order to guard against
the possibibity of any unfair advantage, it was
thought 'fit to keep the option‘of .the Stock to the
Commissioners of the Treasury, whether the, re_
placeotent should take place in the 5 per Ceut.
Stock, adding as much 3 per:Cent.S.tock as would
make up the value of tool. ih money, the. sr per
Cents. being now at os ; or wholly in 3 per Cent,
Stock. The 3 per C,f. t. Stock ,being more 'nezh_
tiable, it was intended, as an induceMent. to take 5
per Cent. Stock, lo give a Bonus of one quarters'
Dividend, so that they would be entitled from silt
July fo tl. Ss. on each tool.-. Supposing that there
were -any who might not wish,to avail themsdves
of this
.provision, they would remain entitled to
'unsatisfied claims on the public, to the value 'of
'every 100% in money for every tool.
,share,
interest from the milt of Odober;.! and on the next
Session, their,claims would be provided fur, with
interest from the day on which they would be en.'
titled to claim the repayment of their tool. • He
'concluded .with moving a Resolution to this efFeA.

Mr. DENT was not clear, that the Subscribers to
the Loyalty Loan'would accede !o the arrangement.
He was not pleased that the option was left to the
Lords of the Treasury, to substitute s• per Cent.
Stock. This was an unmarketable Stock ; and if to
its presest Capital of z 8 millions, the Stock being
now,. at 0, an additional •Capital. of '29 millions
should be annexed, it must. be expelled to fall still
lower. His plan W/14, that instead of 5 per Cent.
Consols. the re-placement should be in 5 per Cenr.
Reduced 'Annuities, as being more negotiable. —7
There were no rime-bargains in the former, in the
latter there were. If the arrangement proppsed by
the Right Hon. Gentleman (the CH.t'llett,Latt of
the Excu FQV FR), were allowed to stand,. he would
advise every Haider of Loyalty Stock, to accept in
preference tool. in- money on sth April., If they- ,
took Stock on toth of aflober, there was a greater
chance that it would fall than that it would rise be..
fore sth April. The 3 per Cetus.' was a more 'de_
sirable Stock to the Holders, from' its negotiable
nature ; but he heard_tbat from the great extent of
its Capital, the addition that would he Made by
the conversion of Loyalty into 3 per Cent. Stock,
would depreciate it. He hitd no hesitation to say,
that he would advice the Holders of Loyalty Stock,
to preferßedticed Annuities. to 5 per Cent. Stock.
.The CHANCELLOR 'of the EXCH•EQUE.R,
in explanation, soid,- it was impossible to give any'
opinioo whether any material alteration would take
place in the price of Stock' hints the loth of Oda.
ber to the-sth of April, or on which aide thatalte-
ration would be. There was no reason, to conclude
that there would be a considerable Loan in the next
year, or that that, Loan would be made early
'in the Sessions ; these,- points were in the same
oncertainty as.. the former. All that ceu!d be
calculated upon, as the worst that could hoipen
with any certainty was, ,the transfer of one five
per Cent, Stock to another, 22 Millions of Loyalty
Loan, added to 2.8 Millions created for Navy
Debt. If, :my objection was made US to the tranS.
ferahle 'nature of the Stock, he had only to sae, the
only difference in Ibis pniot, would be. as to the new
created 3 per. Cent. Stock, for no,difliculty on this
point would 'exist with resped-to the'five per Cent.
Sock. He hoped ,the Hon. would' re.
fled,- before be advised his customers to ,defer ac.
eepting their 'coinpensation till "April. 'The. oncy
ad vaitage proposed to
,the Public.by ;retaining, the
option, of the Stock in the Commissioners er the
Treasury was, to gnarrd against artifidAl 'depucci.t.
.tion, which might have 'tiled if t.he option Of 4!o!
compensation S,cl; was to
,be in the individual... -
*When the option, was placed, in the, Government,
the Public was secured against that pratlice, while
the indivichol would suffer no inconvenience, ,as he
would Italie the full value of tool. It was nut fer
him. to say now, whether the 'compensation was
likelytO be made.- in I per Cent.; or in Three
Per Ceet. Stock. Theofiption was left open. There
was to he ,1 101 of tl. ei. for the quarter on the
Titre per Cents. ; on- the. Three per
.Cents. 'there
was to 1); no l 3 anus, It would, besides, be pro..

per to' take into the oleulation the effetrA on
capital,. which, from the rapid progress of the
diicharge of the ('liblic Debt, may be .supposcd
tit operate more with resye.t`i to the 5 per Cent.
than the other .Strck. Ile dOnbted on these
grounds whether his Honourable Friend f,'Ar.l)erc7)
would 'ailvit-c his cu'itomeri to wait, to receive tool.
in mooeyin.April, when they might have value to •
the amount of that money on the oth of Utober.
The objt4 of these customets would he to take that
value, as soon as possible, and however they may re.
gpea the adVici of his Hon. Friend, he .doubted
whether they would sacri6ce so much, to was to
take 'tool. on The sth of Aptit, rather than tolake
the same: sum so much sooner is the loth of Oaob6.
Mr. DENT was still Of opinion, that the early
payment was more than countethalarced by. the sub.
serpent fliiiihation "of Stock. But, if the Govern.
rent would, hive it tin,. he supposed the Loyalty
HOlders. Must scraenble,
/l/r. 3.OIINSDONE was of opinion, that' the
value of 'tOol..nioney irk Stock was not sufficient
compensation, it thoie to whom it was to be given
were. to stand the. fltiNatton of six months. He
.:•alh)wed, that if the stair (*the Continent were to
become more favourable, if 'Russia • were to join •
with 'us either for Peace Or for War, the Funds
would rise ; if riot, they' would'fall between Gaober
and April.
CtiAtlcELLort of the EXCHrQUER, in ex.
!obviation, .stated, that the whole of ttie S per Cent.
.s4l;kock would be transferable ; it w,,tild he only the
-new Complimentary 3 per Cent. Stock which would
out be transferable. •

• .
After .8 fqw
,wOrtcs in explitoatitin from Mr.,
DENT to Mr, JOH AOTONE, MC RCSOIIIIIOII was
agreed to; and she Repolt ordered to beleceived to.
pturrow. , , '' • .. • • '

BUDGET.

Lord.CASTLEREAOII moved The Order of the
niy, and the House went into a Committee of the
whole House on the India Budget, • •
His Lordship ;then roie ti) submit to the House
the statement of the Finances of the tast India Coin.
piny. He observed, thin it was material, in looking
at those Accounts„ to keep in mind the periods to
which, they referred. The Home Accounts were
made up to amore advanced" period than the For
reign Acci;tants, being_ a year later. He hoped the
I would recoiled the particular circumstanOes
of the It inies, as beiaigengaged at hotrie in a new war,
the oniony betng also engaged in an extensive
Anil complicated system of hostilities in India, He
did not wa,ll at the present time to 'go 'into any kind
of diticossion on dui general golicy of theUdian War;
that waa subjeet not then before J'ailiament, and
on which all dhe Papers and Docurnenti necessary
for fortnit,g a corred judgment, were not as yet, be.
Fore the house.. He should, in. laying before Partin.
. men, the present 'statements, putsue the customary
spode, by which the Indian affairs arc divided into
she two departufents, of Foreign and Horne Concerns,
beginning with the Foreign. 1 h>s was Usually di.
aided intta 'three claseeS :, firsts, the Territorial one,
Cl attaining the Revenues and the Funds, and Charges
consequent thereon :secondly, the. Commercial,whicli
.related to the investments sent borne, • arid their FM—
cessary.concoMitants : thirdly, the'PdbrSatiti Assets
of the 'Corapany'ibroad, In the 'exiatiiination of
the itt'veuuei it, had .been usual:, :to take three
views of it, in all of which *he relt,;,assured that
the statements he should ilf
.W.ijuld.
clear and satastadory to the Hotiae-Ind to the
cou,,ny, First, the 'average Of•thr'i;years, cop.
ore(' .one }ear back : -secondly,. a ,ampariSon
pf the r6si lotted Revenues and Chargei:eoMpared
with the :,dual result : and thirdly, in
,present the
E,liattaleot the' yeor. tolkwing. -.The ,Noble Lord•
then briefly reviewed the State of Revenue in the
different l'aesidencies, and explained the very
placated carcunistaqes, ofa Military napre, which
bad produced sreafand unforeseen„ expendatures for
the carrying on the war in that Country.- He next
shewed how; in a:variety of invot(Ant ,particulars,
the War in Eitriee.tiperated to diminidtoe ptOduce
of , the. S:le Of the' et.mcpany especially in
the arric:es ofpiecegoods, and all other.fttgli.prieed,
•cotrun,.Llries, width iiad, in the event the' exist!
In ; Been y Clichaed on' the Continent to
IV 41 4.1, ititioont 'than before, and, this deficiency
he. found 'stated in thegenerid Ato,ttaet.--The
kid on, Tea, in' the -course of the late Ad.
trirw:tr,,tiiin of his. Right Hon. Fractal (Mr..AD•
p•INGINN) had likewi,e. had an operation of a simi.
tar:name', though the public demand• had justified
the imp4ition -of that Tax. On the''whole, the
Aittliciemcy in the Tea Sale; Amount,:d U.)2,060,009:
pi,undis in quantity.; and the alteraticn produced in
pr WAS
.0. pet pound ilhe NOble Lord, then,
with great aceuracy;a4ClCittneSS, WelltjtlrOgo the
'Various it ins of the Aec,unts, of which ;we. pewit
our Readers a :corrott cAly :

CENFR AL AD.,TRACT.