Star.
London, England, 1802-05-12 00:00:00

SINKING FUND.

The Calculati.ms On the (talkie& of the prorr-
ed confolidation of the old and new finking
have been prevented to the Houk of o,mtn•in..
Tilde calculations, which are very voluminous,
are prefaced with the following ohfervations

The Sinking Fund ellablifhed by the MI of tht
26th of Geo. 111. appropriates the annual film f
r,000,00a1. to be iffued, by quarterly payments, to
the Commillioners for redeeming the public debt
which ft:Wined previoufly to the year 1786: To
tkle quarterly Ales the interefts on the debt r=-
deemed are added, together with the expired and
tine:aimed annuities fcr lives, or for terms of year;.
It is alfu enac'led, by the 32.1 of Geo. 111. that The
11%ings which may arife from the reduCtion of the
4. or 5 per cent. annuities to funds bearing a lower
interelt, 111. t contlitute a part of this fund.
It apr.mrs th.lt the debt fubfifting previous to
the year r 786, was about 238,c00,cc01. and
that the Commillioners under this At had re-
demed, to the tlt February, 1802, the capital of
3 and 4 per cent. annuities of 39,885,0001. and
18,00t,0001. had been transferred to the Commit:
lioners on account of Land Tax redeemed, leaving
a Debt remaining to be redeemed by the future
operation of this Fund, of about 198,1 15.0001. the
Sinking Fund amounting, on the 'lt of February,
1802, to 2,534,1861. The future progrefs of this
Fund, in extinguifhing the remaining portion cf
Debt,. muft evidently depend on the average
price at which the capitals of the Funds may be
purchafed in the market, which are affiimed, in
the following eflimates, at the feveral prices of tool.
3 per cent. Rock at 100-92 4-13012-85 j-7ths-
-Bo—and 75 ; giving the rates of interell3-3.1-
34-31—and 4 per cent. per ann. refptClively.
'l'hefe ftveral prices are here taken as data, not
from fuppofing that the aClnal prices will in future
be confined within their limits, hut merely to fhew
what alterations in the times of redemption will
be the confequence of there affumptions.
By the 26th of Geo. lIT. as explained by the
32d of Gen. 111. it is enieled, that this Fund (hall
be continually augmented by the intereft of the
Debt redeemed and the annuities which fall in,
until its amount (hall have become 3,000,0001. not
including either the original furplus of 1,000,0001.
per ann. or loch annual or quarterly payments as
may be voted by Parliament in aid of this Fund.
After the Fund has attained to its maximum of
amount, the intereas (lithe flock purchafed by it
are to be confidered as paid off and difcharged.—
Whatever Debt may then remain, is to be dif:
charged by inflalments of 4,000,0001. each, with
the addition of Inch firms as niay be annually vot-
ed by Parliament in aid of this Fund.

The eftimates Rate the feveral periods of time
in which the whole of the Debt M ill be paid off
and difcharged by the operation of this Fund.
By the 32a1 of Geo. 111. it is enaded (Claufe
for more eftedually preventing the accumulation
of Debt hereafter in confequence of future Loan.,
that whenever any fums of money !hall b: raifzd
by Loans for public: purpofes, an additional annual
fum 'hall be iffued from the Exchequer to the
Ccmmiftioners for the reduction of the National
Debt, over and above the intereft on the Debt;--
which rum than amount to onehundreth part of
the capital flock created by the faid Loan. The
t per cent. iffued to the Comtniftioners lince the
year 179 z, in purfuance of this Al, added to the
interefts of the redeemed Debt, conflitutes the new
linking fund, and haistdeemed, to the ift of Feb.
tBoz, the capital of 3 per cents. amounting to
19,703,5961. and bearing intereft at 3 per cent.
per ann. of 591,1071.
To infer from thefe datas the periods of time in
which the feveral Leans will be redeemed by the
finking funds provided, it will be requifite to fate
the different modes in which the finking fund may
be applied to extinguilh the Debt, particularly re-
fpeding that part of it confilling of annuities for
terms of years certain, which ceafe and determine
of themfelves when the time for which they were
granted fhall have expired. If the annuities of this
defcription be not taken into the account of the
Debt redeemable by the finking fund, it will be
neceffary to confider only the capital of perpe-
tual annuities,bearingintereft at 3,4, and 5 per cent.
The 1 per Cent iffued on account of Debt created
in each year fence 1792, including Long Annui-
tics, has been employed in purchafing 3 per Cent.
Stock. Any of the Long Annuities granted dur-
ing this period will effedually be paid off and dif-
charged, according to the diredion of the At,
whenever the capital Stock purchafed, in refped
of an Annuity, and converted into money, fhall
have amounted to a film which fhall be fufficient
to redeem that part of the annuity which (hall re-
main after 45 years from its commencement; but
if it !tumid be deemed expedient to apply the Sink-
ing Fund only to the Perpetual Annuities, leaving
the Annuities for terms of years to expire of them-
felves, this will afford another ground of calcula-
tion. Different refults will alfo be the confequence,
if the 4 and 5 per Cent. Annuities thould be re-
duced to a 3 pc:- Cent. Stock, and thus form a part
of the Debt bearing intereft at 3 per Cent. per
ann. or if thefe capitals fhoPt be confidered as
redeemable, bearing their Faint rates of intereft,
or as being paid off at par, whatever may be the
price of the 3 per Cent. Funds.—The calculaticsts
conclude with the following fummary :
REDEMPTION OF THE CONSOLIDATED DEBT,
ON APRIL 7, 18os.

Amovut of Stock purehafed in 45 and 46 Yeats, at the Rates
of Intereß 31, and 4 pet Ccnt. by a Sinking Fund
of 5,585,572 L per Ann.
At Par, the Confolidated Sinking In 45 Yncr,.
Fund pnrehafes - 4.538,395,000
Confolidated Debt yds April aos 488,987,656

ht 46 reert.
550,059,00 e
488,987459
6, 071,944
639,020,,-.00
an 927,656
t sc.! 42.344
738,710,C00
4%487,656
249,732.344
42807,656
361,383,344
975,430Pe0
4/1307.656
4861442443

Surplus - - 33.407,344
At 3+ per Cent. is porch/Lied -612,737,00 e
Confolidated Debt, 7th April 1802 0417,656
Surplus 123,749.844
At 31 per Cent. Is purcharc4 707,500p00
Confolidated Debt, 7th April 2802 48Z 987,6 y 6
Surplus - 315At2,344
At 3/ per CUM. Is purehsfed 812.395,000
Confolidated Debt, 7th April 18c2. 488.987,656

- Surplus - 323.407,344
At 4 per Cent. is purchared - 93c4096,m0
Cunfolidatett Debt, 7th April rBo3 488487,656
- -

Surplus

441;10i4-44