The times., 1901-04-20
ENGLAND'S NATIONAL DEBT.
The Reduction interrupted by the
south African War.


NEW YORK. April 19.-The London cor
respondent of the Evening Post" has
this to say regarding the progress of
England's debt:
with the new British Government loan
of probably $50 100000 near at hand, il
will be interesting to recall the past his
tory of the British debt In September,
1878. when peace was signed at Paris after
Waterloo, the debt of Great Britain
amounted to $3.50 i36, S45. and was certain
ly the largest debt owed by one nation at
that time No other country has ever
shown such huge Indebtedness except
France. the funded debt OF which now eX-
Ceeds 1000 millions But in the case of
France it must be remembered that GER
tain proportion represents outlays for the
development of the railway system, and
which n time Will bring some relief to its
treasury.
Undaunted by the magnitude Of the
amount owed, British Parlaments set
themselves TO work after the Peace of
Paris. TO bring about a reduction. BY
persistent efforts in this direction they
paid off in the succeeding eighty-four
years more debt than any other coun-
try in the world excepting the United
States. In that period the debt redemP
ling, and this was effected in spite of G20
100000 being raised in 1856 for compen-
sating owners of slaves in the colonies,
E1l0O0 900 in 1S4S for the Irish famine. and
$50 500, 900 in 1861 for the Crimean war.
Inc progress Of debt reduction, except
by these relatively slight Interruptions,
was not arrested until the war with the
South African Republics broke out Since
that event issues of debt by the British
Government have been numerous and con
siderable in amount, raising the aggre-
gate. funded and unfunded, to by far
the largest total since 1883. Briefly sum-
married., the result of these operations
may be set forth as follows:
National war loan. e3oOc0,oo1
ENthepcr bonds s....,--........-...-. 4,DOOpO
Treasury ACKNOWLEDGEMENTS. l3,oooO
Floating debt. t.....--...-.........'..'' o''S''N''
Total ....-.-.-....-..-.....'-'-. @tS 'oo''V'
of these issues, the most important is
the national war loan, which was offered
for subscription at 9S1E per cent in March,
1900 and the stock of which is not re-
deemable until 1910. OF the Exchequer
bonds ten millions are redeemable in 1903,
and fourteen millions in 1905. In refer
encc 10 these issues it may be remembered
that of the ten millions maturing in 1903,
and which We're offered last August, the
United States took one-haf, by arrange
ment with the Chancellor of the EX-
chequer This course of procedure was
very unusual on the part of the British
Ministry. and so much criticism has cen
tired round the operation that it is doubt
full if it will be repeated.
The Treasury bills are all for short
dates. ranging from three to twelve
but the last few renewals have
been for the longer of these periods. The
floating debt consists of sums borrowed
from the Bank OF England, the Bank of
ireland. and various Government depart
ments. such as the National Debt Com
missloners and the savings bank authori-
ties. Adding these recent debt creations
to the amount previously outstanding, we
get a total present debt of the United
of 70S millions, or more than
double that of the United States. The
outlay in connection with the war has
not been wholly covered by these opera
rions. and a further large sum will Ger
Lainly have TO be raised within a short !
time