Star.
London, England, 1818-04-30 00:00:00

LOAN BILL.

On the motion for a Com Witice on the Loan Bill,

Mr. GRENFELL gave notice, that he intended to
move in the Committee, as an amendment, the omis•
sion of the clause which gave the Bank a fee of Is.
Sd. in the pound on the 3,000,000/. and about 10d.
in the pound on the 27,000,0001. of Exchequer Bills
to be funded. He was resolved to take the sense of
the Committee on this amendment.

Mr. J. P. GRANT could not allow this opportu
city to pass without expressing his surprise that in
this the third year of peace, the Chancellor of the
Exchequer should come down to the House prol•os-
ing to borrow for the supplies of the year no less
than 14,000,000/. The Right Hon. Chancellor of
the Exchequer had never yet laid before the House
any proper statement of the Finances, but told them
that he meant to provide for the interest of the addi-
tional debt which he was year after year incurring,
not in the usual way, out of the taxes, but by taking
from the Sinking Fupd. He could not understand
the use of this nominal Sinking Fund, if we were to
go on borrowing every year, and providing in this
way for the interest of the debt. The Right Hon.
Gentleman, though he required 14,000,000/. had not
yet stated how he intended to raise it, except that
3,000,000/. of it was to be raised by way of loan.—
He therefore supposed that the Right Hon. Gentle-
man intended to raise the other 11,000,0001. by Ex-
chequer Bills. This was serving no purpose but
throwing a flimsy veil over the real financial state of
the country, which it was the duty of every Member
of the House to throw aside.
The CHANCELLOR of the EXCHEQUER said,
that as to the addition to the unfunded debt within
the last three years, he only knew of two means of
providing money for the Public service, by Taxes or
by Loan. It was true that within the last three
years we had added 18,000,0001. to the Unfunded
Debt, but that during that time a capital debt of
50,000,0001. of stock, or about 40,000,0001. in money.
So much for the operations of the three last years.—
He must admit that the arrangements for the present
year were in some degree complicated ; but the re-
sult of these operations would be, that by the con-
clusion of the year we should have diminished the
Funded Debt to the amount of 15,000,0001. without
having added to the Unfunded Debt any thing be-
yond its present amount.
The House then resolved itself into the Committee-
Mr. GRENFELL objected to the clause, allowing
the bonus to the Bank. He said that the nature of
the service performed by the Bank consisted merely
in receiving the deposits of the Subscribers to the
Loan and granting receipts to them. In addition to
this, they allowed a discount to those subscribers
who felt inclined to anticipate the time of paying up
their subscriptions. This was the whole of the ser-
vice for which the Bank was to receive the enormous

recompense allowed by the present clause. When
the immense advantages which the Bank derived in
other respects from the Public were considered, he
thought it was not too much to expect that these
trifling services should be performed without the
proposed recompense. The House, perhaps, was not
aware of the enormous sums which had been pocket-
ed by the Bank during the war, on account of this

fee on the deposits. During the last seventeen years
of the war, the Bank had received no less than
524,0001. for this fee. He also objected to the word-
in; of the clause. He wished that the question of
tlus remuneration should be referred to the conside-
ration of a Committee, and for the two last Sessions
had moved for the appointment of such a Committee.
Me had hitherto refrained from making a similar
motion this Session on account of the appointment
of the Finance Committee. But as he now under-
stood that the inquiries of the Finance Committee
were not to be extended to this subject, he intended
to move on Tuesday next for the appointment of
such a Committee. The amount of the bonus which
this clause would allow on the present occasion was
13,2001.--(Hear, hear). This was the very first time
on which such a charge had ever been made on the
Funding of Exchequer Bills. He concluded by
moving that this clause be omitted.
The CHANCELLOR of the EXCHEQUER said,
that he had no hesitation in saying that the subject
dwelt upon by the Honourable Gentleman was a
very fit one for the consideration of the Finance Com-
mittee, although he had certainly, for particular
reasons, objected to their entering upon the conside-
ration of it hitherto. As to the Bonus allowed by
the clause in question, it had in every instance since
the Revolution been ;11owed. As to a similar allow-
ance on the funding of Exchequer Bills, it certainly
was novel. But hitherto this operation had been
conducted in the Exchequer Bill Office. In the pre-
sent case the operation was of a very complex nature,
attended with a transfer of Stock, and the creation
of a new Stock, not conducted at the Exchequer
Office,-but originating at the Bank. It entailed even
more expense on the Bank, and more trouble, than
the operation of a Loan. He had, however, objected
to allowing the Bank so large a sum as was allowed
on Loans, and the Bank Directors had d to
accept an allowance of 4.001. on every magieoen, or
one-half the usual allowance on Loans. When all
these circumstances were considered, he was sure the
House would be of opinion that the allowance was

not objectionable.
Sir JOHN NEWPORT complained that the effect
of this complicated arrangement was to prevent com-
petition, and to• throw the whole transaction into the
hands of jobbers. The Right Hon. Gentleman, he
was convinced, might, by an open Loan, have made
a much better bargain for the country. As it had
been conducted, he had been obliged to alter and
modify his terms, according to the dictation of the
Stock Exchange.
The CHANCELLOR of the EXCHEQUER ob-
served, that whether a more open Loan would have
been better or not in some respects, the charge in
that case for management would have been conside-
,rabl) greater. With regard to the Honourable Ba-
ronet's observations on the subject of the Jobbers of
the Stock Exchange, and .the influence exercised by
them on the conditions of the Loan, he could fairly
state, that there never-was an operation, of this nature
&greeted more completely in defiance of their endea-
vours—Vie/Ir, hear). He did not wish to speak inju-
riously, but the whole difficulty which had been ex-
perienced proceeded from the machinations of that
class of persons. The modifications which had been
introduced into the original proposals had not In-
creme,' the charge to the Public a single shilling ;
on the contrary, they had caused upon the whole
transaction some diminution of incidental expense.
Mr. J. P. GRANT asked whether the whole expense
attending an open Loan would not have been less than
what was incurred by the present complicated plan?
The CHANCELLOR of the EXCHEQUER did
not believe it would have been possible to have nego-
tiated an open loan, without a considerable augmen-
tation of the whole charge.
Mr. GRENFELL observed, that the Right Hon.
Gentleman (ths Chancellor of the Exchequer) hid
stated that this was a charge established by imme-
morial usage. Now, if this charge were founded on
any thing ti.:e equity or justice, let it remain; but if
antiquity only could he urged in its favour, he for
one should object to it. Did not the Right Hon.
Gentleman know, that at the rate of 34 millions there
would be a permanent charge of 10,0001. per annum
on the country ? This was a charge contrary to every
principle of justice, moderation, and equity; nay, be
would say, that it was strongly indicative of that
rapacity which had long characterised the whole of
the transactions of the Bank. The term " rapacity"
might appear harsh to some, but it was an expression
which he had borrowed from a lamented Friend, a
great ornament of that House (Mr. Horner), and he
could use no other word on this occasion--(hear).
The CHANCELLOR of the EXCHEQUER said,
that the Honourable Member had fallen into an error.
He had stated that the charge to the country would
be 10,0001. per annum ; but, as 27 million.of Stock
would he cancelled, on which the Bank would lose
their charge, the increase would be only 2000 d.—
(Hear, hear.)
Mr. GREN FELL said that he did not unders.and
this argument. It was true that 27 millions of 3 per
Cents. would he converted into 27 millions of 31 per
Cents. on which there would lie no charge ; but then
there was to be funded 27 millions of Exchequer
.Bills, which were equal to 34 millions of Stock ; and
calculating them at SOO/. a million, it was evident
that the Bank must receive something like ten thou-
sand pounds—(hear, hear).
The CHANCELLOR of the EXCHEQUER rather
believed that he was wrong in his former statement
--(hear, hear). He had mistaken the 27 millions of
Exchequer Bills for Stock—(hear, hear, and a laugh).
Mr. HANKES said, he thought it a subject which
deserved consideration ; but it was a matter that
could not be properly investigated by the Finance
Committee.
The House then divided on the Clause—For it 46
—Against it 31—Majority 15.
Mr. GRENFELL then moved, that the Chairman
should leave the chair, and report progress.
On this the House divided—Ayes 25—Noes 44
Majority 19.
The other Clauses were then gone through, the
House resumed, and the Report was ordered to be
received to-morrow.
Mr. BROUGHAM moved for an Account of the number of
Commissions of inquiry into the Administration of Charitable
Funds 'maxi under the 4sd of Elizabeth, before the year 1745,
and subsequently; and also of the number of Petitions presented
to the Lord Chancellor, and all Bills filed before the Court of
Chancery respecting the abase of Charitable Funds, and of the
mines of all Charitks, touching which Comanistions of Inquiry
have been Issued.—Agreed to.
Mr. VOX brought is a Bill to amend the Act lot IltiAding

Coat and Saslow limes in Ireland.—Read a Art flaw
ordered for a second reading to-morrow.
On Mr. BEN NETS motion the House went into a Co
tee on the Meriden' Rewards' BilL—The Report was rec.
ilgui ordered to be taken into further consideration on Mot
The Pardon under the Great Seal Bill was mid a thiri
and paned.
311 r. Alderman WOOD postponed the second reigkg
Irish Parmership Bill to this day form4Mt.
Mr. BROGDRN brought up the Report of the Cretoo.
tocy Bill--Agreed to, and the Bill ordised to be ins
time to-morrow.

THE EVENING STAR.

LONDON.
THURSDAY, APRIL So, 131 R,
Aecrimiess-Dwer-Holiday at the Bask, Racleimet,,d
Elea House.

The Paris Papers of Monday arrived
ing.—The amount of the fore;,;n clairnsupun7
has at length been determined, arid the result
officially known to the Chamber of Deputies,
gross total of the claims transmitted fro/neve.
of Europe was no less than Si7teen Handre,
lions of Francs (about 66,665,RM sterling).
plying to the liquidation of this immense sum,tl
prescribed by the Convention of the 20th K)i.
the French Government found that it far excee
capital assigned for its re-irnburserneat, and
fact, much more than it was in the utmost pi
France to liquidate. Negociations were th
immediately opened with all the States inch
the Convention of the 20th November, for t
pose of obtaining a modification iti:"&e:.;
difficulties inseparable from such a prccesiiii
great, but in consequence (says the 13114
LIEU, in his address to the Charnhe., oitr
of equity which animated the .7.1;',.:.t•-rs
the negotiation, and the imparearr7
of the illustrious mediator (the 1/...'ice ,:f ;7!
TON), whom the confidence of Europe
preside over it," a conclusion has been comet°,
according to his Excellency, "finally close%
abyss, of which, in 181,-:, it was impossible t
sure the depth, and which threatened to swat
the public fortune." Instead of sixteen hand'
lions of francs, the Commissioner, on the
the people of Great Britain and other foreign
have consented to accept of an inscription of 16;
cf rente,:,, being equivalent to a capital o
320,800,000 francs : in other words, the cia
reduced to about one-fourth of their original
and France is to be allowed to go free upon
of a composition of some four or five Ihillini
pound.

This is what M. DE RICHELIEU Ca-.lathe
a courageous resignation," but what plainer.!
persons may perhaps deem neither more nor,
a national bankruptcy. It is difficult to jinni
so immense a reduction can hay e been rude
.ansoutu of the original claims, without great
rious injury having been done to man: of the
vidual claimants ; since from the very first
tune never has been, that the claims wet(
great extent, false or exorbitant, but that the
Nation Niece wholly unable to Fay all that tht
owe. The share of this composition sum whicl.
British creditors, is fixed at 3,000,900 of francs,
that taking the dividend at the ~ate of a fce- •
share of the loss by this national bankruptcy
about 9,000,000 francs, or 375,0001. sterling.
The French Minister, in concluding his con
cation of these singular results, modestly enta
pressed a hope, that since France has "fulfil
obligations, the Allies will fulfil theirs, a
draw the Army of Occupation at the end
years, as originally agreed upon, in the ere,
situation of France being then such as to
such evacuation. It is rather a curies wa;
filling an obligation to discharge only the ow
part of it ; but at the same time if the coon
France really be such as to permit of this eat
being made with safety to the general intt
Europe, we can have no desire to sec matters
worse by the longer endurance of a state of
occupation, which, continued unnecessarily,
be continued with deep and lasting injury to
ties. The decision of this important point
with the Allied Sovereigns, who, it is now
announced by the Duke of Etcastimu, are
ble forthwith.

A Flanders Mail has brought us to-da)
Papers to the 28t1t instant.
It is asserted in an article from Frank!
Mr. LAND, the English Plenipotentiary to
has, by the express orders of his Cover=
cered to Count LAS CASAS, who resides
of Frankfort, all the parcels, papers, leak
scripts, and documents, which were taker
Count on board the vessel which conveyed
the Cape of Good Hope to the Thames.
these papers, which were sent from Lond'
Count, are several remarkable pieces, ev

and plans drawn by NAroczoses own han
as a very long Report addressed by L3'
LUCIEN BONAPARTE, on the voyage to
and the abode there.

The long pending -Affair of Messrs.
CRAWFURD, has been at length
for presenting to the ktso of the N,:rit
remonstrance in improi,er rut,/ even inst.'
claiming from his Majesty the p.ty:r;:.
sum due to him by the In pia Conipany, •
cd to three year:: itopri:orm:ent and ti.c. CCs
CBAWkILIRD hay bait[ acquitted.

made
The
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is ap.

ie ruler
led the
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rover of
ierefore

ided

THE .4RMY:

alday, a strong detachment of the 79th High-
s, all fine active young men, arrived at Chat-
from Edinburgh, on their *de to France.
sicim upwards of 500 men of the latalid Depot,
ot Pitt, marched from that place to Chelsea.
'at 4Sth Regiment which sailed from the Cove of
, arrived in New South Wales in August last;
the 46th sailed from thence the follewhig moh,
adras.
AAR! ISTABLISHING CERTAIN HIGGLATIONS,
IDER WHICH UNATTACHED PAT WILL IN FUTURE
E GRANTED TO GENERAL OFFICERS :
Ist, That the rate of one pound eighteen shillings per diem,
attached to the rank of General, and the rate of bre pound
are shillings and sixpence, now attached to the rank of Lieu-
tout-General, shall be abolished, prospectively, and
promoted
not
• received by any Officers who may henceforward be
those rank', and that the Lieutenant-Generals now on the
t shall continue to rvceive their present rate of pay in the event
their becoming full Generals, and the Major-Generals now
or the list shall receive one pound five shillings per diem, with-
ei any augmentation of that rate, in consequence of their rising
t, he ranks of Lieutenant-General or Cameral.
" 2d, That all Maws who may henceforward be promoted
tt be General Officers, shall continue to retain their regimental
turamissiors, receiving tht full or the half-pay of their regimen-
tal rank, until the total number of General Officers on unat-
tached-pay shall have beat reduced to the above-mentioned
establishment, of one hundred and twenty Qificers; and that
vacancies we=ek may the:. happen in the establishment so limited,
shall be tillea up by General Officers to be selected for that
purpose.
Id, That those General Officers who are now Colonels of
Regiments shall, nevertheless, in the event of their Regiments
being reduced, be pl.:eed upon the establishment of unattached
pay, at the rates granted to their respective tasks, by our said
Viarrast of ifth August, 1814.
" Gren at our Court at Carlton House, this 18th day of Fe-
bnary, Isis, in the 58th year of his Majesty's reign.
" by cammand of his Royal Highness the Prince Regent,
the name and on the beisalf of his Majesty.
(Signed) " PALMERSTON."

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