The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-04-22
GREAT BRITAIN.

The Chancellor OF The Exchequer's proposed measure
Tor The reduction OF the national debt excited much alien
lion IN financial circles.
fhe details of The plan were submitted TO the House
on Friday night, the Slh. The plan. said the Chance
or was divided into three portions The first dealt with
MINOR stock chiefly and the debt due 10 The South Sea
Company, which amounted the whole to f9,500. 600
WIN respect to these II was proposed to undertake
compulsory operation, for il the holders did not accept
ihe equivalent offered TO them they should be paid of
fe~ing the balances now at command of the govern
ment t6is might be considered safe operation, while
the comnniatton OF those stocks would effect quarter
yer cent inieest, representing annual reduction OF
11o,ooo ne second part OF the plan related 10 The Is
sue OF exehequer bonds anlhe ,hird the voluntary
comnulanon OF he three per stocks, representing
capital OF f5oo,ooo,ooo <eolh these plans had u
innate object. to layfhe Foundation OF a pemanen
system OF reteemable pdbc debt bearing u Der cent
Interest Exchequer bonF, which he proposed to ISSUE
would be transferable by smpe delivery and without cost
they woald bear interest firstly at f2 l5s per share for
gwen tune 10 be hereafter named, and subsequently
me rate Of E2 ios per csnt After 1891 they would be
Fedeemabe, and lastly these bonds should no, exceed
$4,000 600 in amount THE bonds would be exchange
able with excheqner bills from which he anticipates pay
ing aIednced a'e OF interest Exchequer bonds might
De sold by government and The proceeds invested in pur
chase OF stock ioi the purpose OF cancelling ii.
Ihe next point the voluntary conversion of the
threepeT cent stock any time between the passing OF the
aci anu 'he ION OF next October 10 exchange them into
eSeheqner bonds twoand a. halt per-ce stock he
al-o proposed TO limit The iwoand-a-hai per Cents
ESQ 100000, and BY this provision the national debt
would only be increased by nominal addition OF about
f3 100000 This would be but small compare
vey, while The object OF government would be gained
IN making lneieendbe the txo.snd-a alt-per-tent
stock These We're the man features OF the scheme
Alter remarks by several members, chiefly laudaofy Of
The plan The resolutions passed in committees and, on he
House resnmns we're ordered TO be brought up on the
Monday folowng
The other business D Parliament has not been rp)t.
ant. The Chancellor of the Exchequer stated that gov
eminent had no intention presanl of adopting a ci-.
nal cure cy although admitting the Importance, and ~
an exen The desrableness Of such STANDARD ttss
would assent toiis bsIng referred 10 committee Mf
Oilvera brought forward his motion 10 reduce the
port duty French wines to shilling sterling NJ
ion. The Chancellor OF the Exchequer declared II
possible financial ground accede TO the proposal aud
so the motion Withdrawn The Chancellor, however,
would make further statement on the 18th.
bill 10 punish assaults committed women ali
children under discussion, and Ierd Pamerslon
made some effective remarks agans corporeal punish
ment
On Thursday both houses voted addresses of congatu-
laton TO the Queen. ,.#
The following a detailed abstract OF the quar--
teIs than thai received last mail Accounts
made 5h Arrii inclusive, aud the balauce OF n-
crease compared with the corresponding period OF
preceding Year. f4 1913, which is accounted for thus