Star.
London, England, 1818-04-21 00:00:00

gtock into Irish ter, with prgc:ely the came lit- ;
act.sacrifice of one-seventh of the .
ioninal capital. e w
tact, only making a SaaCri
was
much confirmed in his
H
pinionpinionby the favourable results that had occurred.
it bad been acted on to the amount of about half a
pillion in the last autumn ; the Subscribers having
oly the option of being paid with. interest a Dublind
had of London, for the sacrifice they had mahaief.
ie had thought, therefore, that a ree an a
Sock would be acceptable in London. In the no-
' given to the Bank it was only held
.out, that the
subseibers had the option of paying at certain pe-
riods, different from Those in the
_.former notice,_ for
el purpose of raising a part of the o
. supply the
rar ; therefore it was proposed to give the parties
the option of funding Exchequer Bills to the extent
If double the amount of the transfer of their Stock.
...To dsew bow favourably this plan had been re-
keyed, he could assure the Committee, that. in the
first three days, 6,000,000/. had been subscribed ;
that the opportunity was given them of increasing
hequer
mueßilhl s to
their subscnptions, and ft,nding
the amount of 27,000,0001. 1 his Excwas so ap-
proved of, that nearly the whole sum
,had been
'raised. The effect would be, to create a three and
a half per cent. Stock to the amount of 27,272,0001.
and a three per cent. Stock given as a compensation
for Exchequer Bills, to the amount of 34,900,000/.
from which was to be deducted the amount of the
Bills; so that the real amount of the three per cents.
would be 7 or 8,000,0001. and the total sum funded
three and a half. TO the three per cent. Stock .
be extended the privilege of a transfer to the Ir'
three and a half per cents. which he .believed wete
now at about 93, being a full comparative propor-
tion to the English three per cent. The total amount,
of the Stock to be created was 3i,999,000/. g
R7;4'2,0084 in the 31, per cents. and the remainder
athe 3 per cents. 'use total amount of interest
would be in the S per cents. 1,047,207/. the differ-
ence between the S and Si percents. would be136,3t6/.
making, a total charge of interest oT 1,183,1354—
Toe combined rate of interest received by the pro-
rear would be on the whole operation of the Bills
and subscriptions in mosey 91. 18s. 2id. a rate ex-
ece.r.gly low, compared with the magnitude of the
treeaction. On the new 3 per cents. created, a Sink-
ing Fund arose, which was calculated, in the Act
of 1513, of one per cent. and had a charge of
431,4121. The total charge on tie whole operation
was 1,625,0001. so that, compared with many for-
mer transactions of this kinds the difference appeared
striking indeed. It was about the same distance of,
time atter the American war, that Mr. Pitt, in 1785,
fanded the Exchequer Bills ; but he funded them in
the 5 per cents. But the actual price of the three
per cents. was then .56 or 67, and he only made a
bargain for 10,000,0001. while we had actually con-
cluded one for 30,000,000/. at 78 or 79. We had
adoebtedly been able to do this from the high opi-
um of the Sinking Pond. Its applica-
tin enabled Government tojrommand in a.great de-
ET, the operations of the money market, and of
which advantage he had already stated his hopes to
the House. He was aware of one circumstance, btu
it made no material erect en the transactioa. There
ea an option left to the Subscribers whether they
scald or not accept the offer of funding Exchequer
Mils; but he believed this to be the most effectual
mode, and he never recollected a loan being con-
tacted for, in which the contracting parties shrunk
from doing their utmost to carry the arrangement
ino effect, or concluding the optional part of it. It
ey remained for him to state the means by which
this additional charge remained to be defrayed. It 1,
weld be remembered, that when the plan of 1813'
festive to the interest of the Sinking Fund was laid
before the House, he 'mentioned the pro'. riety of
keying a Reserved Fund of ninety millions for future
interests, and of which about eighty-four millions
had already been advertised in the Gazette—(hear.)
Re should not recommend materially to reduce the
Stock in the hands of the Commissioners ; but he
only wished to shew that we were not driven to the
necessity of imposing any new burdens on the people,
for meeting the charge of the present year. This-
yds, however, an anticipation of the question that
heel been put to him as to the mode in which the
charge was to be provided for ; and he had answered
it by pointing out the source from which it would be
&ma. The following summary would give a clear
ides of the comparative amount of the Supplies and
ways and Means of the present, as congested with
thee of the last year, to all the items of which he
had alluded in the course of his b • o servattons
Canted for
SUPPLIES—taIe.
s,sts,srs Army, exclusive of Troops in France 21t.,470,000
;594322 Np.,y - . 6,4..46,600
470,696 Ordnance - 1;245,600
1,795,000 Illsceilancoas - . zo,ooo

1t0,074,091 Total SuTpllea - -
2 „ . Inutrvt on FachequerßillaXZ,ooo,ooo
Sinking Tund on ditto 560,000

18,392,400

2,160,000

22,3".4,091

20,952,400

EXTRAORDTNARY PAYMENTS.
Fortifications lo the Ne-
therlands - A 725,681 11 3
(No provision is intended to be made
for this sum, sebicla is to be defray. 4
out of the pecuniary Indemnities
payable by France.]
=llTreaty - -
ene), of Ways and
Means, 1817

259,06

be eaten
three ant
now at a
toll to tt
of the St
the 3
would I*
race Ig'
ruling
The com
ram*
and subs
tea!"..-41
trusac
erg Fury.
1513,
431,11'21
was 1,6'4
rev Liar
striking
time atti
fended t
tbe 5 pe
1 per mg
▪ bargain
• chided
endoebi
• eni
• tin ens
th
• ;he Ho;
• k made
vas an
rrald
• ;
mode,
tame
front ;
km el
r
tits ad
scald
tie&
keom
L-ving
inner
t lad 21
rle Ile sh
Stock
Sys
wen
It for n
Lal wu
bad b
Ist i charg
at it by
so deny!
ar- idea
ons war
ion hoe
sac- I had
nce Gray
ar.) u
tre je,l
ten 2,s
itch 1,7
iple
per 2,2
Per
rery
sr.lll ee,3
rice,
ten ;
aS
Per
ent
•12
at
arm
Line
e ar
is
0!.
,000
ng
1 •
tsv '
co
the
!As t
upp '
tb
3 / •
1. 11
•
e 5 '
•