Star.
London, England, 1820-06-01 00:00:00

l'art r, sE: -PEN( E.

and of which three days' notice had been given w
the Public. He should therefore move the Order of
the Day, for the House to resolve itself into a Com-
mittee of Ways and Means.
The House then resolved itself into 'a Committee
accordingly.
The CHANCELLOR of the EXCIIEQUER then
addressed the Committee. He could not state the
transaction in question sooner than this day; nor
could he even have foressen that it would have been
in his power to do it so soon, as he did not expect
it would have been so soon completed. The con-
tract, however, having been made, he should, ac-
cording to the usual practice, give an account of it
to the Committee ; and he was satisfied they would.
most readily ratify what the Treasury had done.—
The general terms of the bargain were these
notice had been given on .Friday last, that .a sub-
scription would be opened for the purpose of fund.%
ing seven millions of the F.xcheqtter Bills that were
now outstanding, and which amounted to mote than.
thirty five martens; and this sum, added to the un-
funded debt of Ireland, made the whale outstanding
debt of the United Kingdom amount to thirty-
nine millions. The amount was now less by nine
millions than the amount of those that were out-
standing at the corresponding period of last year.—
Of the thirty-five millions of Exchequer Bills issued
for the service of Great Britain, fourteen . nillions
were in the possession of the Bank of England, and
so there remained about twenty-one millions in the
hands of the Public. As it was intended that a loan
to a certain amount should be made, it was consi-
dered that the best mode would be, Erst to call in
seven millions of the outstanding Exchequer Bills,
and convect the same into stock. On a future day
he should state the amount of the sum that was in-
tended to be raised by. loan. It only now remained
for him to la/ before the Committee the particulars
of the bargain which had been made that day ; it
was, that for every £99 in Exchequer Bills, the per-
son paying the same was to receive £lOO five per.
cent. stock. According to t;is arrangement, consi-
dering the price of the 5 per cents. at the present
day, and the fluctuations they were likely to expe-
rience, the profit accruing to the subscribers would
be about £2 per cent. A very eager competition
took place that day among numerous persons who
came forward to make this bargain ; and the whole
was completed in half an hour, instead of two or
three days, the time usually taken up in arrangirg
a business of that kind. He now had a Resolution
to propose, the object of which would be to confirm
what had been done. He then moved his Reso-
lution, declaring it as the opinion of the Committee,
that those whit subscribed the seven millions of Ex-
Rills, shoed have £lOO in the 5 per ceuti.
capital stock for every L 99 in Exchequer Dills.
Mr. GREN'ELL said, he understood the eager-
ness of the competition was so great, that the parties
wishing to subscribe, rushed forward that morning
at the personal risk of their lives. His object in now
rising was, to know, from the Right Hon. Gentle-
man, whether what he had heard was true, that,
although seven millions were now funded, the same
number of outstanding Exchequer Bills were still
to be kept np?
The CHANCELLOR of the EXCHEQUER re-;
gretted very much, that the competition at the Bank
had that day caused so much danger, which he was
in hopes the precautions taken at the Bank would
have prevented. In answer to the question put by
the Honourable Gentleman, he had only to repent
what he had already stated, that the present amount
of the unfunded debt was thirty-nine millions, and
in this sum there was to be a reduction of ten mil-
lions and a half.
. Mr. MABERLEY said, it appeared by accounts.
on the table of the House, that the whole amount cf
the Unfunded Debt on the 6th of January last was
46 'millions. Besides, tbcie was a deficiency of Land
and Malt Tax, and therefore he wished to know nu
what ground the Right Hon. Gentleman could state
the Unfunded Debt at 39 millions? The Consoli-
dated Fund was also seven or eight millions.in arrear
last January ; and now it-was nearly ten millions in
artear. How the Dividends in July wcre therefore
to be paid he could not conceive, unless money shoed
be borrowed from the Bank. It was his (Mr. Ma-
fierley's) intention to bring in a Bill, authorising the
Bank to advance money on the Consolidated Fund,
and enabling them to repay themselves from the
succeeding Quarter of the Revenue. This would he
a much better and safer measure in every respect for
the Bank.

Mr. JOHN SMITH said, that the question put by
an Honourable Friend of his, respecting the seve,l
millions of Exchequer Bills which were to be issued
in lieu of those funded that day, had not as yet been
answered. He (Mr. Smith), by the Exchequer Bills,
confessed that he did not understand, the explanatien
given by the Chancellor of the Exchequer, because
he, and the Public too, understood that the Bight
Hon. Gentleman would have filled up the vacuum
caused by the funding of the Exchequer Bills whiai
were voted last year, and which it was said would
have been applied to the set vice of the present year.
The question of his Honourable Friend was cpil.e
clear, and he apprehended, was capable of an ex,
plicit answer. With respect to the confusion said
to have taken place at the Bank that morning,
regretted very much that it should have taken place.
The effect of it was, that the friends of the Rigtlt
lion. Gentleman were the successful applicants. .
The CHANCELLOR of the EXCHEQUER de-
clared himself ignorant of any confusi-on or ttitritz:.i.•
having taken place at the Bank. It was known t.,
the House, that, the terms of the transaction w e:e
known to the Public since Friday last, and all pc-c•
sons had an equal opportunity'of presenting the;;;_
selves. The whole was conducted with tl.e tames
lair nes, and he believed he could not give the Haus::
a stronger assurance that it was so, than by statir.g.
`that the Bank L'hcctors had the managment 01