Star.
London, England, 1817-01-07 00:00:00

THE REPEN UE.

The Account or the Income of, and Charge upon
the Consolidarczl Fuod in the Quarter ended the sth
January, 1316 and 1817, together with the Amount
of War TAXf•S to 1 the Annual Dntie,, Sec. to the
same peri,.ii, has be -11 matle up at the Exchequer :
The Income of the Quarer ended on the
sth Januaxy, 1414, was 1:12,5”,438 4 4
The Inefune of the Quarter ended on the
4th January, i 4:7, is

11,118,513 iFt S:

Quarter ended 4.h January, 1817, leis than
the corretiounding Quarter •

61',403,5124 6 nf.

The Charge upon the Quarter, en.l.:d on
the sth January, 18:6, WAS •
The Charge ',putt the Quarter, emkd on
the 4th January, 1817, i. 13,e00,000 0 0
InTunie ,if Quarter ended Jaouary 1816 1'2022035 4 4
C:tArse upon it • - • .. 13,10.383 481

13,127,383 4 5

Deficiency

£604,945 0 11

Income of Qnarter enact! January 1817 X 11,118,613 18 S 3
Cloarge upon k - - t 3,200,000 0 0 .

Deficiency of Quarter ended 'emery 1817 £2,0i1,386 1 1311
The following are the Items of the Income for
the two corresponding Quarters:--
1516.

Csotoms - - -
Excise - - -
Stamps - -
Incidents, &c. - -
Surplus Annual Duties - -
Exchequer Fess -
l'ontine Money • - -
Interest Ireland -
War Taxes -
-
Reserved out of Annuity to P. of Waks

X 1,122,120 2 Hi
- 4,126,139 0 0
1,520,340 2 0
3,353,979 8 0
492,397 8
24,000 0 0
11,810 6 1
.916,115 19 10
614,035 17 4t
5,500 0 0

I

1617.

412,522,4 U 4 4

Customs - - - - X 1,317,381 15 ll{
Excise - . - - 4,132,724 0 0
Stamps - - - - 1,461,123 5 11
Incidents, &C. - - . 2,881,795 0 2
Surplus Annual Duties • 361,317 4 1
Tontine Monet - • - - 11,807 16 1}

• -
Interest, Ireland - . 944,710 12 4
Reserved out of Annuity to Prince of Wales 5,500 0 0

Total, 4141,118,613 18 3}
In the Excise there is t decrease of .E 393,415 0 0
• In the Stamps a decrease of - 30,000 0 0
In the Incidents a decrease of - 472,184 0 0
in the burplus of Annual Duties a decrease of 61,010 0 0
There are no Exchequer Fees received in last
quarter.
The Tontine Money is nearly the same in the two
quarters.
The Interest Ireland, has increased in last quarter
about seBo.ooo ; but the corresponding quarter of
1816 has, it will be seen, the advantage of a receipt
of War Taxes to the amount of £614.055. 17s. +ld.
which in the quarter just expired was replaced by the
War Customs, now made permanent, and amount-
ing to £571,917, and which have occasioned an ap-
parent increAse of the produce of the Customs be-
yond the receipt of the corresponding quarter in the
V , last year.
. The deficiency in the Receipts of Excise, Stamps,
Incidents, and Surplus Annual Duties, is £985,000,
from which, deducting the Increase in the Customs,
£189,000, and in the interest Ireland, tiSt),ooo, the
total deficiency will amount to 111766.000.
• CHARGE UPON THE QUAKTER, 1816.
Itni, rasetegverimara - - .4891,043 8 7
- - 9,687,814 13 Iti
Redemption Nadunal Debt 2,8E9,991 6 1
.Ctril lAst • . 857,000 0 0
'Pensions, am. - . 180,233 16 4
14
Total ....—..---
ae13,127,3113 4 5i
,:ikr •• 1817.
Tisch • - ,0693,036 1 4
Bank Dividends - . 9,569,050 3 it
Redemption of National Debt . 8,888,7441 15 s
Civil List • - 857,000 0 0
1 Pensions estimated at - . 256,1,86 19 5

Total a6i8.800.000 0 0
The Charge upon this Quarter is rendered greater
by the Estimate of the Pensions' &c. exceeding
the corresponding Quarter by something more than
£l$U,OOO.
WAR TAXES-1816.
Asnoout of War Taxes £4,699,452 19 91
Deduct War Tales, carried to Cons. Fund e 14,055 17 4J

War Thee for Public Service 4073,417 2 si
Amount of =les annually voted to pay
of Three lof Exchequer Mlle 927,633 0 4
&limb Sea Duty - - 1,642 IS I
Fottr and a Haffper Cent. 7,601 0 9
,65016,295 19 3;

Total
.1817.
Automat of War Taxes for Public Stevie* 414447,991 7 11
Amount of Dudes anoualiy voted to pay off
Three MIMom of Exchequer bills • 1,1111,941 8 81
South Sea Duty - 743 17 61
P er and a Half pa Rea • 6,840 16

Total A3,666,tri1t 10 si
The deficiency in the receipt of the War Tases in
the List quarter. u compared with the corresponding
Mu, is stI,S4S,M►7S. 2s. ,

THE EVENING STAR. '

LONDON. -
TUESDAY, JANUARY 7. 1817.
PM/ OF STOCKS THIS DAY AT TWELVE O'CLOCK.
Reda. 5I es—Cons. me. lea. f„,6s 64
per„Cent. 7.3f-6 pir Cent. Navy Oaf a. SW.
Eactsegaer BUN, Os. In. pr.—lndia Bonds ass. pre.

The continuation of selling Stocks was renewed
this morning. All pressing to sell, but scarcely any
buyers. They are expected to be still lower.

It is pretty well understood, that the rise which
toot place in the Funds during the last week, was
occasioned by the assurance spread abroad from cer-
tain credible quarters, that it was the intention of
blitihteru amid all their difficulties, still to persevere
in their afflicting resolution • of leaving the Sinking
Fund Co be applied, in its tall extent, to its ordinary
aatkruhtous purpose of keeping the funds at an. as-
cending price. The hopes which this circumstance
inspired, have, however, experienced a sudden eclipse.
an the COOTSe of yesterday it became officially known,
that in the Fevenue fqr the Quarter ending the Ist
of January instant, there is a deficiency of no less
than Tioo Mghons, TherfrouThousand, Three Hundred
lsightreix Pound: 1 And the immediate conse-
quence was, a fall in the S per cents. of nearly three-

quarters per cent. Assurances—pledps—the most I
confident, the most obstinate, lose di their weight
when 'thus encountered by facts which threaten to de_
prive Ministers of all choice in the matter, and to
oblige them ;o appropriate to the wants of the State.
' that fund which they seem so anxious to devote to
an artificial increase of its burdens.

The extent of the depressi.)n, which an alarm for
the efficiency of our resources has produced. is not.
however, to be measured by the mere fall of three
quarters per Cent. which has at present taken place
in the Funds. The alarm is not one of this day's or
of yesterday's growth, but one which has been of long
standing and of constant increase. The fall of to-
day is but one step of the progress—one particle Of
all the depression it has occasioned. For true it is,
however singular that truth may appear to many,
that, according to all former results of certain opera-
' tions on the Funds, the three per Cents. instead of
being at 63 or 65, would at the present moment, but

for the intervention of such circumstances of alarm,
have been even some ten or, jfteen degrees higher. An
assertion of such importance, we would not hazard
idly ; and when we state the facts on which we
ground it, we are not afraid of being thought to
speak without due authority.

For many years then, before the last, it is well
known that the money annually borrowed by Go-
vernment greatly exceeded the amount annually ap-
propriated to the Sinking Fund for the redemption of
the loans of former years; and that of course this
annual borrowing served in proportion to its excess
to depress the price of stocks more than the Sinking
Fund served to keep them up.: or, in plainer terms,
that Government always brought more stock into
the market for sale, than it took out of it by purchase,
and, by thus encreasing Ms reality, lessened the value
of stock.

In the Eve years previous to 1811, where the an-
nual loan did not on an average exceed the annual
amount of the Sinking Fund by more than Eve mil-
lions, the S per Cents. rose 'to 701 but in 1815, when

that excess had risen to more than fifteen millions,
they fell so low as 59 ; and, in consequence of an en-
creasing excess in the loans till 1815, they fell in that
year to 56*. What happened in 1816 ? The Cum'.
ssunn of the Excnanuza resolved upon the bold ex-
pedient of reusing the whole Sopplies Within the year
he would make no loan—at least no open loan which
might abstract (for such was his fancy) any capital
capable of being employed in the channels of industry.
Government of course ceased to bring any more new
Stock into the market foe,sale ; aid it alight have
been naturally supposed, that in order to equalize
matters, it would at the same time have ceased to hay,
any more Stock, or at toast have so diminished and
regulated its purchases, as not materially so cocrease
the price upon itself—that is, eacrease the price at
which it could effect its own redemption from debt.—
But no—lt was one of the ruinous absurdities of our
new Financial system, that the Sinking Fund should
still be kept up to its full extent—that Government,
though it had ceased to borrow, or, in other words,
so isll, should still continue as great a purchaser of
Stock as ever.

What was the consequence t Was it not natural
to suppose, that the excess bilng this reversed, the
price of Stocks would be raised in as great a propor-
tion as it had before been depressed ? With Owe mil-
lions of an excess agabut the Stocks they had risen

to 70—and to how much greater a price was there
not reason to expect they would rise, now that there
was not only no excess against them—no new loan to
inundate the market with new Stock;, but, on the
contrary, an excess in doeirfavenr of upwards of drums
millions, being the amount of the Sinking Fund, the
whOe benefit of which they were now to have with-1
out any drawback whatever? But what is the fast ?,
Has the rise during last year been sticb as there was
thus reason to contemplate ? It hits uot. FrOm
56: the S per Cents. have risen to some kw degrees
above par—but they have not yet risen neatly so high
as they did even when the excess was against them.
What then shall we ascribe as the cause of this in-
adequate result ? Shall we be so foolish as to sup-
pose that a want of money to invest if the cause, as
'long as it is so demonstrable a problem, that the ag-
gregate quantity of money in the counts-1; is as great
at the present moment, however varied is its anti.
tuition, as it ever was

• The cause most assuredly is not want of mosey
to ingest, but a want of the usual derma for ;smoky
it an Government security. The confidence of the
Public in that security has sunk. Suspicion has
struck (we will not say how justly) at the basis of,
the system, and all its accessary ornaments of high
interest and of rising chances are looked upon but as,
MOW dowers,
• Gaudy and vain, sod sera* to betray
, " Tbs is tbay'd make unprofitably goy !"
• And who can wonder that such suspicion should
have seized the public minds amid a gloom so deep
and troubled as that which has of late overspread our
political hemisphere ?.--Who can•wooder at doubts
and misgivings who has witnessed the embarrass-
ments of Government in all its departments—who

has listened to the thickening murmurs and remon-
strances of a suffering people—who'has beheld the
fearful symptoms of resistance which a Made-spread-
ing disaffection has exhibited in but too many guar-
.
I tors of the country ? What cause for apprehension
has not the speculator in Government securities,
above all, to entertain, who has heard so much said

and urged-4mO we twin say well urged—Ob
bands, of the necessity of reducing the interest of
nation.' securities, and of the great probability even
of more serious compromises with an empty Exche-
quer ? Ycs—it is in these circumstances the coun-
teraction lies.

Had the option of the public on the stAhility
the esi,ting order of things been as high during ti.c
past year, as it was at any time during the last ten
years of war, we should not have had to tell of such
opposite results from similar causes. The Stocks
would not have been known to rise at one time when
there was an excess against them, and to have fallen
at another when the excess was extraordinarily in their
fav•'ur.

Our Readers will not, we trust, however, make the
mistake of supposing that, because the application of
the Sinking Fund to the purchase of stock, has not
raised the price of Stocks in the same proportion as for-
merly, the effect of that application has been indifferent.
The effect of it has been to produce a very strong
reacting inSuence on those circumstances which we'
have pointed out as tending so much to the deprecia-
tion of Government Securities. It has prevented
the Funds from falling just in as great a proportion
as in other circumstances it would have contributed
to make them rise. It has been the artificial prop
which has kept up the value of funded property, at a
time when the value of all other descriptions of pro-
perty has suffered the most extraordinary depression.
It is this, and this alone, which has saved the Stocks
from sinking to that degree below par which would of
itself, by a natural progress, have effected that reduc-
tion of interest for which we have so often contended as
fair and reasonable, and necessary.
Can it be said that there is any justice in such a
state of things t Shall it be borne that this state of
things shall be deliberately continued for yet another
season of general distress and commotion t We are
persuaded that every man who has a head to think
for himself, and a heart to feel for his country, will
agree that it ought not; ;tad, looking at the ini-
quity of that system which
_would bolster' up the
Funds at the expense of the, landed and every other
species of property in the kingdom, will even feel
some satisfaction from the conviction that, from pre-
sent circumstances, there is some appearance that

the delusion, wbich bas so loog prevailed, is about to
be completely dispelled.

An Evening Coatetnporary, who persisted in
denying that there bad been any treasonable machi-
nations detected at Boerdeaux, discovered, last night,
that there had been alarm enough in that quarter.—
lts authority was a letter. copied from a Plymouth
Paper, but this letter is not new :—it was first pub-
lished in the STAR of the Ist inst. frain which it was
copied into the country papers, whence it has found
its way back again to London.