Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1852-05-15
FROMoURLoNDON CORRESPONDENT

again icaoneu tht PAY Palue, OF1VV, mas turned HQch
probability THAI thsE Govsrn,sent viii avail tiGn-
selves Of e opbortu3ity 10 reduce the rate bf inter
est upon some Wtidns Of the patouXl debt, as such
reductions haYe frequently been made, when the
rate OF interest, as at present, has been low
The funds, between the years 100 and 1900,
were liable to great fluctuations and principally
from political causes such were the depressions in
sl700, Ills, LAS, 1882, and 1897. The highest
point was reached in 1892, when consols stood at
OH; the lowest was in 1897, the price being, in
September Of that year, All !; the most depressed
state judging by the funds, in the fortunes Of the
country.
Some Of the chief fluctuations within the last half
century have arisen however from other than polti
cal causes. The revolutions in France in 1880 and
l848, and the Parliamentary reform agitations, no
doubt very forcib!y affected prices, but nothing in
proportion to what similar events would have done,
had they occurred fifty years sooner Excessive ercan
tile specuations and their natural results extensive
failures; such as those OF lS245 and l845 1885, and
l847 more Oppressive than eithero OF the French
youons the discussions and agtahons about reform
The occasional redundancies Of capital and necessarily
in the rate ofnteres which occurred
n1737 l749 1892 1924 and 1874 generally, but not
always the consequence Of Of peace and tran
quilty. After the peace Of Utrecht in 176, Mr. McCUI
states that Sir ROBERT WALpoLE effected saving
the annual interest OF the national debt to the amount
Of 1885, by Offering to pay of the public creditors
Money could then be obtained lower prices than the
Government had borrowed at and therefore the Minis
ter's terms were accepted Mr. PELHAM made the next
great reduction Che interest Of the debt after
Of fx Ia Cnapeuc in 1748. This reduction amounted to
one per cent 457, 900, 600 or e570OOO. Sir john
Barnard great London merchant, and good man In
many more senses than the mercantile one was Mr. PEI
HAMS able supporter and adviser under all the difficulties
which attended SO bold measure. Mr., PITT who, in
the early part Of his career especially prided himself
his financial talents was preparing to follow Mr. PEI
HAMS example, when in 1792-nine years after peace
with the United States-conso had advanced (rom 5S&
in 1882 to 95 but this intention frustrated by the
French revolution No other opportunity than this one
Of 1872 offered the least chance Of successfully accom-
pishng reduction Of the interest upon the national debt
between 1749 and the peace Of 1875 We find the fol-
lowing enumeration Of reductions which have since the
latter date, been made by subsequent Ministers:
In 1922 Mr. Vansttar hen Chancellor Of the Exchequer
reduced the navy FIVE per cents which then amounted
to Gl42, to fonr per cent. stock, making an
annual saving of,...... .-..Gl ,230, 900
Mr.. F. Robinson (now Lord Ripon) reduced in
1924 the four per cents to 81 thus efecting
on an amount Of 975,000,000 an annual
SAVING OF. $4,000
Mr.. Goulburn, in 1880, reduced the four per
cents to 81, and saved annually ......... 775,000
He also, in 1874, reduced the 81 per cents to
81 for ten years; and afterwards to 8 per
cent, efecting by the entire measure an ~
nual saving $50, 600
These successive reductions of interest," by whch-ad
ding ON those made by Sir ROBERT WALpoLE and Mr..
PELHAM-no less amount of annual charge upon the
debt than "a 456 has been saved to the public
turaly make people speculate, that consols have
reached high price, upon the probability of further
reduction Of interest There appears be two circum-
stances necessary to render such operation proaby
practicable. One is that money should be plentiful and
the price Of funded stock high this has occurred The
other is that such state Of things should continue and
the rate of interest be consequentyow Another circum
stance be noted is that the present conso
dated g8s0 900 000 exceeding 900
the largest yet operated upon and increasing
the difficulty in proportion. 5t tE trt
Parliament re-assembled after the Easter vacation on
Monday evening In the House of Lords the Lord Chan
ceor very ably initiated chancery reform by bringing in
bill to do away with the Office of Masters in Chancery
and Of substituting other officers in their stead All the
business referred the masters is in future to be
taken charge Of by the Master Of the Rolls and the three
Vice Chancellors. Lord CRANwoRIH said that most of
the oboquy which hung about the Court Of Chance
ry had arisen from the delay and the mode Of ansacng
business in the Masters office" Lord CAMPBELL said
that the Masters in Chancery had drawn down upon
Sourt Nnhncery anu usparagement
which it labored under. The bill read first time.
In the House of Commons the Attorney General obtained
leave to bring in bill TO abolish grand uries within the
metropolitan districts Grand juries have been lightly
esteemed for long time and only last week Mr. SER
GENT ADAMS, the assistant judge at the Mddlesex Ses
sions, stated from the bench that the grand jury
perfectly useless in nine of TEN this
sble could doubt" Mr. HERRFs as President Of the
Board of Control moved for the appointment Of COM
mittee to take into consideration the affairs Of the East
India Company, in reference to renewal of their char
ter, which win expire in 1854 Mr. Herries stated the
leading features Of the charter Of 1885, which so complete
ly changed the relations Of the company, not only
respected their territorial rights but their commercial
privileges also. Before 1888 the East India Company
propeors Of the soil Of all the territory which they
held by the charter then granted that proprietorship
was renquished and the territorial rights became vested
in the British Crown and part Of the British Empire
China Was abandoned In fact they inhibited from
any trading whatever The stock of the East India Com
pany amount R6 00 to be subject to redemp
ton until 1874 and on the part Of Government u was
stipulated that IT, at any time between 1884 and 1874
the Government abrogated any Of the privileges then
granted to the company the should have the right
oreqring the redemption Of that stock at the rate OF
GOO for every E100 Of stock existing The stock is
now worth from eco 10 H70 above the E200 The COM
pany retained the entire patronage Of the Indian admin
sraon which they had possessed from the outsetthe
Governor General and the Commander-inChief alone
cepted Under this arrangement the affairs Of India had
until 1Q5d.