Star.
London, England, 1822-05-06 00:00:00

REPUBLIC OF COLOMBIA.

The Holders of all Debentures issued by me, as Vice-Presi-
dent of the Republic of Colombia, numbered from No. 1 to 500
(both inclusive), and dated London, the Ist August, 1820, may
receive payment of the same, with the interest which will then
be due thereon, on Monday, the first day of July next, at the
Office of Messrs. C. lIIRRING, W. GRAHAU, and J. D. PA ROLES,
the Agents of the Colombian Republic, Freeman's-court, Corn-
hill, London ; and the Holders of the aforementioned Deben-
tures are requested to take notice, that the interest thereon will
cease from and after' the said first day of July next ensuing.
' P4ris, April 30, 182 t. F. A. ZEA.
STOCK EXCHANGE, ONE O'CLOCK.
Within the last hour the Market looks more brisk, and Con-
sols are a shade better.—Current prices : _ .

Bank Stock 239-3 per Cent. Reduced 773/4 78
3 per Celli. Consols 781 , % 7/8
4 per Ct. 941 A 3/4-5 per Ct. Navy Anns. 1021/s IA
Bank Long Annuities 19 11-16 13.16
India Stock 2131/2—lndia Bonds 555. 575. prem.
Exchequer Bills of £l,OOO, Is. 4s. pr.
Do. Small 2s. 7s. pr.—Cons. for Acct. 783/41h 79.

The new Financial Plan of Lord LONDONDERRY for
paying what is called the dead charge of half-pay
and pensions to the Navy, Army, &c. does not appear
at all satifactory to the Public ; and objections are
made both as to the principle of the mctsure and the
manner in which it is intended to be carried into exe-
cution. Now as to the principle, that of charging
posterity with some portion of the burden which the
unexampled sacrifices the present generationhas made,
has occasioned, we think it perfectly fair, if it be ad-
mitted that those exertions were necessary for our
national preservation, or that they will benefit the
country hereafter.

What we object to is the complicated nature of
the project, and the sacrifice which must be made
by the country to procure a temporary relief.—
The plan, divested as much as possible of all am-
biguity, is this—The country now pays five mil-
lions per annum in certain pensions which are
life annuities: this sum would, according to the ordi-
nary calculation of annuities, gradually decline until,
at the end of forty-five years, it would not amount
to more than £300,000. Now, instead of waiting
for its slow but gradual declension, the Minister pro-
poses to contract with some party who shall pay this
Lite Annuity instead of its being paid by the coun-
try. This is to be done by granting, in the shape of
annuities to the contractors, the yearly sum of
£2,800,000 for a period of forty-five years, on their
engaging to pay these pensions until they become ex-
tinct by the deaths of the individuals receiving them.
The contractors will, consequently, in the first year,
have to make good a deficit of £2,200,000, which
will gradually decline until the sixteenth year, when
the Government annuity will cover the amount of the
pensions; this profit will then increase every year un-
til, as it is calculated, that at the end of forty-five
years the last year of the annuity will yield them a
profit of £2,500,000. Thus it will be seen that the
contractor is to pay what is equal to an annuity for
fifteen years, of five millions per annum, and to re-
ceive an annuity for forty-five years, of three millions
per annum: the balance is, that he is to pay two
millions per annum for fifteen years, as the purchase
for a reversion after fifteen years, of three millions
for thirty years.
An annuity for 45 years of two millions, at five per
cent. is worth about - X 80,759,400
An annuity for 30 years, after IS years, of three
millions, at 5 per cent. is therefore worth about 2,183,200
The premium on the whole transaction is therefore
about

. 1,423,800
The immediate advantage Ministers propose from
it is, that they will, for the first year, receive from
the contractors £2,200,000; the second year, about
£2,000,000, and a smaller sum every succeeding year
for fifteen years only. Of the sum received from the
contractors in the first year, £1,800,000 is to be ap-
plied to the relief.of the country, by taking off taxes
to that amount, and the remaining four hundred thou-
sand pounds is to be reserved for payment of the sur-
plus of the dead charge, when it reaches the maximum.
The whole plan in fact is nothing more nor less than
borrowing or raising by; loan 82,200,000 for one
year (and a smaller sum for 14 years more) in the
most unfavourable terms of annuities; and instead of
reducing the expenditure of the country, leaving
£400,000 additional at the disposal of Ministers
above the sum of £1,800,000, to go to the relief of
the country in reduction of taxes : and the result is,
that the country is to raise £2,200,C00 upon un-
favourable terms, to obtain relief to the extent of
£1,800,000, and Ministers to retain the whale Reve••
nue, as before, with the addition of £4oo,ooo,with-
out any reduction in the expenditure.
The relief will be purchased by an immense sacri-
fice, which might have been saved by resorting to the