LIBRARY OF THE UNIVERSITY OF CALIFORNIA. Class Digitized by the Internet Archive in 2007 http://archive.org/details/accountofseveralOOfairrich AN ACCOUNT OF THE SEVERAL PUBLIC FUNDS, INCLUDING THOSE CHEATED BY THE IMPERIAL AND IRISH LOANS, Transferable at the. Bank of England ; TOGETHER WITH AN ACCOUNT OF THE STOCK OF THE PRINCIPAL PUBLIC COMPANIES IN LONDON: TO WHICH ARE ADDED SEVERAL USEFUL AND EXTENSIVE TABLES, ILLUSTRATED BY OBSERVATIONS AND EXAMPLES.- STATEMENTS OF THE NATIONAL DEBT AND OF THE SINKING FUND. THE SIXTH EDITION. BY WILLIAM F AIRMAN, ■» OF THE ROYAL EXCHANGE ASSURANCE OFFICE. LONDON: PRINTED FOR JOHN RICH ARDSON, 9 ] t UNDER THE ROYAL EXCHANGE; J. M. RICHARDSON, CORNHILLJ WALKER AND EDWARDS, AND JOHN ROBINSON, PATERNOSTER- ROW. 1816. T. Davison, Lombard-street, Whiutriars, London. PREFACE. THAT very great and fluctuating differences take place between the current prices of the several Funds bearing different rates of interest, and that sure advantages may be derived from such differences, must be obvious to every atten- tive observer. The vexy great disparity, how- ever, that has sometimes remained for several days together, between the current prices of different Funds, evidently shews that the exact observers among the monied men are not nu- merous, or that they prefer the more extensive, though hazardous, speculations for time, to the certain profits that may often speedily be made by real purchases in a fund comparatively and particularly low in price. In order to furnish the means for any person acquainted with the first principles of arithmetic to make accurate observations in the Public Funds, the Tables contained in the following a c 2 IV Work have been carefully calculated ; and, that the nature and present state of them might be well understood, such information is given, de- rived from the most authentic sources, as will, it is presumed, stand the test of minute examina- tion. The favourable reception of the first Edition, which appeared in 1795, made me desirous of rendering the Work more generally useful, by such improvements as it appeared to admit of. With this view, in the second Edition, all the accounts were continued to Midsummer 1796, and every article carefully revised. The Intro- duction was improved, as we're many of the suc- ceeding articles, particularly those which relate to the different Public Companies. The second Table was enlarged, and the Tables of the Ter- minable Annuities made more complete, by ren- dering the Long Annuities in quarters, the Im- perial Annuities in eighths, and the Short An- nuities in sixteenths ; by means of which the interest made by vesting money in those Annui- ties was found with sufficient accuracy for every purpose of business, by inspection only, when- ever the distance of time from the last payment of any one of them under examination was not considerable. A new Table, shewing the annual gain on 100/. sterling laid out in Navy or Ex- chequer Bills, according to the given discount and time, was also added, but now omitted, in consequence of the new arrangement respect- ing Navy Bills. In the third Edition, published in 1798, the Appendix was incorporated with the original Work, and such additions made as appeared in- teresting to stockholders in particular, or had become necessary, in order to bring the accounts up to the time of publication. The account of the Bank of England was extended, and several other articles rendered more complete. In the fourth Edition, a Table was given of the value of the 3 per Cent. Deferred Stock for every half year, till the interest commenced ; and se« veral parts of the Work were much improved. In the fifth Edition, some new articles were introduced, and all the accounts brought up to the time of publication : and some account was given of the American Funds, a subject which has become interesting to many persons in this country. VI In each of those Editions, and particularly in the last, I acknowledged the valuable assistance of my late friend Mr. J. J. Grellier, the author of the Terms of all the Loans. In the present Edition the public Accounts are continued to February 1st, 1815, with men- tion of the increase of debt occasioned by the Loan of 36,000,000/., contracted in July 1815. With regard to the contents of the following publication, I have altogether avoided political observations and conjectures, sincerely hoping that virtue and knowledge may ever triumph over vice and ignorance; and that, " while there exists at home one object of skill or industry short of its utmost possible perfection, one spot of ground capable of higher cultivation and im- provement, or while there remains one market unexplored, or any existing market that can be extended," the nation may derive additional be- nefit thereby; and that the industry and com- mercial advantages of it may never, in any great degree, be counteracted by the interest payable from the National Funds to foreigners residing out of the British dominions, W. F. IN D E X. Page' American stock ., 200 Bank Stpck 35 Brokerage , 12 Debentures 112 Debt. Origin and Nature of the Public Debts 1 Historical Account of the National Debt 158 Statement of, in 1815 ...168*169,170,171,172 Dividends when due 6 when payable 9 on Bank Stock . .. 11 on South Sea Stock...... V 12 on India Stock 11 East India Stock 92 Annuities 25,94 Dock , J09 Exchequer Annuities 82 Bills 112 Five per Cent. Navy Annuities 14 1797 and 1802 17 Four per Cent. Consols 20 Funds, transferrable at the Bank, &c 6 Government Life Annuities « 9* Holidays 13 Imperial 3 per Cents C7 Imperial Terminable Annuities 70 India Bonds ; . . . 110 Irish 5 per Cents 70 Letter of Attorney 9 Life Annuities 83 Loan to the Emperor of Germany. <■ 67 London Assurance 106 •J Dock 107 Long Annuities , 3d Vlll Page Management, Allowance for 64 Navy and Victualling Bills 119 funded 123 New South Sea Annuities 80 Old South Sea Annuities 79 Omnium 124 Redemption of 3 per Cent. Consols 29,31,32 — of 3 per Cent. Reduced 26, 27 of South Sea Annuities » 78 Royal Exchange Assurance 104 Scrip 1 25 Sinking Fund , 1 ~G South Sea Stock , *l4 Stocks, Tax on 5 Highest and lowest Prices ( 4 Method for finding the Value of 126 Table of the Interest due for every Day in the Year 130 of the Prices of the different Funds 139 of Interest produced by the Long Annuities 147 of the Interest produced by Bank Stock and India Stock . . 146 Explanation and Uses of the Tables 152 Three per Cent. Consols Tl Three per Cent. Reduced , C2 Three per Cents. 1726 32 Three per Cents. 1751 81 Tontine Annuities 87 of the City of London 90 Transfer Days, 6. — Hours, 7. — Extra Transfers, 9. Victualling Bills 119 West India Dock „ 10S In page 62,lastline, against 1813, for 9,784,343*. 15*. read 2,784,343/. I*, HE r Of ORIGIN AND NATURE OF THE PUBLIC DEBTS INTRODUCTION. rp 1 OWARDS the close of the seventeenth century,* the expences of the state, from various causes, had increased to such an unusual degree, that it was deter- mined to defray them by borrowing such sums of mo- ney as the existing exigencies required, and to levy only such additional taxes as would suffice to pay the annual interest of the sums borrowed. This mode of raising mone} 7 , to supply the extraordinary expences of the state, by borrowing money of individuals or public bodies, and securing the regular payment of the inte- rest till the principal shall be repaid, has from that time to the present period been resorted to, and has been the means of creating the several funds # of which the national debt is composed. The debts con- tracted by government with the public creditors differ from those between individuals; inasmuch as, in the former, the lender is not at liberty to reclaim his prin- * The funds are properly the taxes or revenues upon which the interest f of the public debts is secured, though, at. present, the expression is ap- plied to the capitals upon which the interest is payable. B cipal; and therefore, if he .should have occasion for the money that he advanced, the only method by which he can obtain it is by transferring the debt due to him to some other person who may be inclined to purchase it. If the purchaser cannot, by employing his money in any other manner, make a certain gain, equal to the interest paid to the public creditors on the same sum, he will be induced to give the holders of these securities somewhat more than the sum origi- nally advanced by them ; or if, on the contrary, lie can make a greater interest by any other means, or entertains any doubts respecting the punctual payment of the interest, and the ready disposal of the security, when he may have occasion for his principal, he will not invest his money in this way, unless some advan- tage is offered, by letting him have the debt for a less sum than that for which it was contracted. The regu- lar payment of the interest on the government funds, and the number of persons in this country preferring the interest they afford to the hazardous profits of trade, occasion continual purchasers for those shares im them which are brought to market for sale. The facility also, and trifling expence, with which trans- fers are made in these funds, are inducements to pre- fer vesting money in them to laying it out on mort- gages, or other private security; which, though pro- bably yielding a greater interest, is frequently attended with trouble and uncertainty. By the term stocks, in its present acceptation, is meant the accumulated debts of government : that term, however, in strict propriety, signifies the funds raised for the establishment of com- mercial companies to defray the expences of their first institution, and enable them to carry on their respee- tive concerns. The original funds of public compa- nies having been usually raised by loans from a num- ber of individuals, the lenders became possessed of such a certain proportion of property in the joint ca- pital, as agreed with the sum subscribed for and com- pleted : in other words, each contributor became the proprietor of a certain share of the company's stock, and consequently entitled to a proportionate share of its profits. The price of the stock of a trading company ought never to be equal to that of government funds bearing the same interest, except when it is influenced by the expectation of an increase of the dividend ; for, what- ever might affect the security of the government funds must affect those of the companies in at least an equal degree, and in some instances in a much greater: be- sides which, as the dividend on the latter is in propor- tion to the profits of the company, it is liable to be diminished by losses ; whereas the interest on the government funds cannot be reduced without the con- sent of all the proprietors, who of course will not agree to a reduction, unless such terms are offered as they find it will be an advantage to accept. Another reason Avhy the price should not bear an equal proportion to that of the government funds is, that in no public company the proprietors at large are so well acquainted with the affairs of that company as every person that pleases may be with the state of the national finances ; and therefore, even admitting the security to be equal, any person would be disposed to give somewhat more for that, of which he can easily satisfy himself on this point, than for the other, with respect to which he must be content to remain in some measure in the dark : K 2 ^ the probability also of being able to realize the same principal, when he may have occasion to sell out, is certainly less, as in all trading companies there is a chance at least of a greater variation in the value of their stock than in that of the government funds; for, though prosperous circumstances may have raised their stock considerably above its original value, a series of unfortunate events might very soon pro- duce an equal, or perhaps much greater fall, of which we have had striking instances in the South-Sea and India Stock. The following statement has been given of the highest and lowest prices of Stocks, since the year 1720 : HIGHEST. 3 per Cents. . . . June 1737 . . . . .£107 4 per Cents. . . . August 11, 1791 . . . 107£ 5 per Cents. . . Ditto . 122£ Bank Stock . . . February 14, 1792 . . . 219* South-Sea Stock . May 20, 1768 . . . . Ill India Stock . . . December 29, 1768 . LOWEST. . 276| 3 per Cent. Conso Is January 25, 1798 . . o£474 3 per Cent. Redu< :ed June 1, 1797 . . . 47 4 per Cents. . . January 19, 1798 . . . 59$ 5 per Cents. . . . January 23, 1798 . • • 69| Bank Stock . . January 29, 1762 . . 91 South-Sea Stock . . February 22, 1782 . 62 India Stock . . January 14, 1784 . . ust * The price of Bank Stock here given isthe highest price previous to the lust increase of the dividend. The lowest price of 3 per Cents, during the Ameri- can war was 53|-, and of 4 per Cents. 68 £. The greatest part of the public funds consists of per- petual annuities, with regard to the redemption of which parliament has reserved a power ; the other parts consist of annuities for a certain number of years, and life-annuities. The perpetual annuities are distinguished according to the rate of interest they pay, or the time and purpose of their creation ; and when government, by a new loan, contracts an ad- ditional debt, bearing a certain fixed interest, it is usual to add the capital thus created to the amount of that part of the public debt which bears the same in- terest and name, and to add the produce of the taxes, levied for the payment of the interest of such new debt, to the fund provided for paying the interest of the former capital, thus consolidating the old and new debts, and making the old interest payable out of the general produce of the same fund; hence we have 3 and 4 per Cent. Consolidated Annuities, &c. the particular account of which will be found under the respective titles in the following work. Some persons having, at different times, strongly recommended the legislature to make the public funds liable to a direct tax similar to the land-tax *, it may be proper to observe, that this is a project which never can be carried into execution without the consent of * In 1693, a tax was levied on the stocks of public compauies at the following rates, viz. East-India Stock, 51. for every 1001.; Royal African Company's Stock, 20s. per share ; and Hudson's-Bay Stock, 51. per share. The Bank, soon after their establishment, obtained a provision that their stock should be exempt from all taxes j and, in 1698, a like provision was made in favour of the East-India Stock. the stockholders, a:> all the acts or parliament, by which the several loans have been established, provide that the respective annuities payable on them " shall be free from all taxes, charges, and impositions, what- They have, however, in common with all soever. other descriptions of income, been lately made subject to the Property Tax. The Funds transferrable at the Bank of England are at present the following, viz. Transfer Days. Tu.W.Th.&Fr.") Tu.W.Th.&Fr. Tues. & Thurs. Tues. Th. & Fr. i 5 per Cent. Navy Ann. 3 per Cent. Consols. 3 per Cent. 1726 . Bank Stock .... Tues. Th. & Fr. * 5 per Cent. 1797 and 1802 Tues. Th. & Fr. 4 per Cent. Consols. . Tu. W. Th. & Fr. 3 per Cent. Reduced . Tu. W. Th. & Fr. . Mon. Wed. & Sat. Dividends due. Jan. 5, and July 5. April 5, and Oct. 10. Imperial Ann. 25 years Irish 5 per Cent. Ann. Long Annuities 3 per Cent. Imperial Ann. Mond.Wed. kFr'l May I, & Tues. Th. &Sat. 3 Nov. 1. Tues. Th.& Sat. \ Mar.25,& C Sept. 25. Transferrable at the South-Sea House. South-Sea Stock . . Mon. Wed. & Fr. "\ Jan. 5, 3 per Cent. New S. S.Ann. Tues. Th. & Sat. > and 3 per Cent. 1751 . . Tues. & Thurs. ) July 5. 3 per Cent. Old S. S. Ann. Mon. Wed. & Fr i Ap * 5> & L Oct. 10. Transferrable at the India House. India Stock . . . Tues. Th.& Sat. 1 J T a "; 5 ^ t July 5. & Bill and Bond Securities. Exchequer-Bills. India-Bonds. Navy and Victualling-Bills are now negotiated as Bills of Exchange. Common transfers at the Bank are made between the hours of eleven and one o'clock ; extra transfers till three o'clock : at the India-House, from eleven till one o'clock : and at the South-Sea House, from twelve to one o'clock. No business is transacted on Satur- day at the India-House after twelve o'clock, nor at the South-Sea House after one o'clock. Transfers of the same stock cannot be made twice on the same day. Either the person who transfers his property in the funds, or his broker, must be known to the witnessing- clerk, or some person known must be produced to vouch for the identity of person, The seller's receipt should be kept by the buyer, as a voucher for the transfer, till one dividend has been received. Stock- holders should be particularly exact in the insertion of their names and description, and should keep to their usual mode of writing their names, as a deviation from such rules has often occasioned demur and delay. The necessary rules for transacting business at the Bank, India-House, &c. may be ascertained by inquiry in the respective offices of business. Government stock is exempt from any charge on the transfers ; but every transfer of stock in any com- pany, society, or corporation, or of any navigation or canal share, is liable to a duty, according to the amount transferred, viz. Bank or South-Sea Stock £o 1 9 8 Stock or Share in any Company, Society, or Corpo- ration, except the Bank, South-Sea, and East-India Companies : Not amounting to <£20 By Act 53 Geo. III. c. 95, cancelled . ,£46,884,600 By Act 54 Geo. III. c. 8, cancelled . 22,257,400 By Act 54 Geo. III. c. 89, cancelled . 10,272,392 79,414,392 : : c£379,327,012 : 14 : 3-L In the hands of the Commissioners for redemption of the debt . 2,157,587 : 0:0 Capital of the 3 per Cent. Consols, payable in Great Britain, Feb. 1,1815 . . . ,£377,169,424 : 14 : 3* The foregoing statement includes 38,127,625/. stock created for the service of Ireland payable in Great Britain, leaving 339,041,799/. 14s. 3|rf. unredeemed debt on account of Great Britain, which debt includes, however, 1,400,000/. stock, created on account of the East-India Company, being part of the loan of 1812; (which included 2,500,000/. for the service of the East-India Company) the other part of the same, viz. 3,000,000/. stock, belonging to the 3 per Cent. Reduced Annuities. THREE PER CENT. ANNUITIES, 1726. The amount of this stock is 1,000,000/., borrowed by Lottery, for discharging 990,000/. of Exchequer Bills issued by 8 Geo. I. for paying the arrears of the 33 Civil List. The interest was charged upon the deduc- tions of 6cl. per pound on the Civil List revenues, sala- ries, and pensions, but is now paid like the interest on all the other public debts out of the Consolidated Fund. The capital is irredeemable ; and being small in com- parison with the other public funds, and a stock in which little is done on speculation, the price is gene- rally at least 1 per cent, lower than the 3 per Cent. Consols. BANK LONG ANNUITIES. These Annuities have been created at different pe- riods and for different terms, but all extending to the 5th of January 1860, when* they will expire together. They have chiefly been given as douceurs to the sub- scribers to the loans, at the after-mentioned periods, at a certain rate per cent, and were payable in Janu- ary and July, till the year 1786, when Government thought proper to alter the times of payment. In order to effect this, a quarter's payment was made on the 10th of October; and it was directed, that from that time the payments should be made in April and October, till the quarter-day preceding the time when the annuities expire, and the quarter's annuity, for the remaining time, to be paid on the quarter-day on which it becomes due. 34 00000©0^00.o«c^ooooo a.O N® OO CN — — < 00 i-h o^oc^oogdo tO M t^ »0 »0 iO W* ^" c? •o* co* d co 2 8 - CO O O M OlClO O W t^ »o o CN <0 00 «C M ^ Tp „ O ao O »o N X io -t h ^ « ts© -* — 1 1— ! ^1 F-H i—i o to c 00 . r>. «^ ts. co c^ O CO s i GO to 00 .s • .s T3 .5 'O CO •4 C3J s o 8 - N CO (S © fi ^ CO CO H< «"rt ^ -^ ^, ^H o o £00000 gO OoQQOO 3 O 0,00005*20 2 ©~ 2 © Q d J2 d OQOOOor^O OO © "1 ^ O -Q o -" a co" K ^ s fl c? §o o o 8 I iO so © Q O Q q q d d o o q q o e gj ^OO c °0-*CO'0' f i , 0^ t OO^HOi«000»H<0 CT o o co i— i »o «s —♦ O «o iO 'O ^ >— 1 CO o GO (d 00 — t fH fH O O O ^ o o o o o o o o «o o o o 5 m w » w ta w v? ™ v> £ £ J» w vi m aiDcj(uo -|m -I-+ -K ~k ~k «l* «k «k «k ^i* ~\+ „f^ „l,. w |* OXOXKioOl ! OiO-*rtrtHXO^OXO C^OiCDNNN©©©©©^© »0 iO «5 lo^ rji Soooooooooooooooooo g 2 2 ;2 2 s s >§ 2 .§ I ts 2 § 2 5 f 2 s <5SQpSPQQQfiSSSS'p5SQ 35 BANK STOCK. *The Charter of the Bank of England was executed July 27, J 694, and, by the act by which they were incorporated, they were empowered to receive sub- scriptions, not exceeding 20,000/. in one name, for 1,200,000/.; on which sum Government paid them 8 per cent, interest, and 4,000/. per annum for ma- nagement. The subscription was completed in ten days, and 25 per cent, paid down. The term of the charter was from August 1, 1694, to August 1, 170.5; after which time the Corporation was determinable upon twelve months notice and re-payment of the sum advanced. During the re-coinage in 16.96, the Bank, being un- able to get from the Mint a sufficient quantity of the new coin for answering the daily demands on them, were involved in much difficulty, which was increased by the great discount upon all public securities. The comparatively small extent of the concerns of the Company at this period will appear from the account delivered to the House of Commons on the 4th Decem- ber, 1696, by which the outstanding demands on the Bank were as follows : To sealed bills outstanding . . . £893,800 : To notes for running cash . . . 764,196: 10 To money borrowed in Holland . . 300,000 : To interest due on Bank Bills outstanding 17,876 : Total .... £1,975,872 : 10 d 2 36 The assets to answer this debt were — By tallies on several parliamentary se- curities 1,784,576 : 16 By half a year's deficiency of the fund of 100,000/. per annum . . . 50,000 : By cash, pawns* mortgages, &c. „ 266,610 : 16 Total credits . . . o£2,101,187 : 12 Total debt . . . 1,975,872 : lO Balance in favour of the Bank . .£125,315: 2 Although the solvency of the Bank appeared from the above account, the effect of this consideration would probably have been inadequate to their relief, had not a plan been adopted which combined the re- covery of public credit with that of the Company, by reducing very materially the discount upon public securities. The Exchequer tallies and orders outstanding upon various deficient funds, in 1697, amounted to 5,160,459/. 14s. 9{d„; for which sum the Company re- ceived subscriptions, four- fifths in the tallies and orders, and one-fifth in their own bank-notes, being allowed to convert the tallies they possessed into stock to the amount of the bank-notes they received in the subscrip- tion. A considerable amount of bank-notes being thus cancelled, the remainder soon recovered their currency, and, the new coinage being completed, the credit of the Company was firmly re-established j their stock, from being considerably under par, got up to 112, and their bonds likewise bore a premium. 37 By the act for authorising the subscription, the term of the Company's charter was extended to one year's notice after 1st August, 1710, and the whole of their debts were not to exceed the amount of the increased capital*. The additional stock was gradually paid off with the interest thereon, and in 1706, the capital had been reduced to its original amount of 1 ,200,000/. ; at this time the Company undertook to circulate Exchequer Bills to the amount of 1,500,000/. for which purpose they were empowered to make a call upon the proprie- tors in proportion to their respective shares in the stock of the Company ; and thus the capital was increased to 2,201,171/. 105. They also issued sealed bills or bonds at an interest of Qd. per cent, per diem. In 1708 the Company got a clause inserted in an act of parliament, making it unlawful for any other com- pany or partnership, consisting of more than six per- sons, to issue bills or notes payable on demand, or for any time less than six months: some provision of this kind appeared necessary from the conduct of the Mine-Adventurers Company, who, soon after their establishment, had, contrary to the intent of their charter, undertaken the banking business, and made it subservient to wild and mischievous speculations. In the following year, the Bank advanced to Go- vernment 400,000/. without any additional interest, by which means their capital was increased to 1 ,600,000/. and the interest allowed became equal to 6 per cent, upon the whole, making, with trie allowance for ma- nagement, as before, 100.000/. per annum. They * By 9 Will. III. c. 3. the Bank wt re authorized, from 25th March, 1698, to pay their dividends half-ytfarly, having till that time paid them quarterly. 38 also engaged to pay off ana cancel all the Exchequer Bills then outstanding, amounting, with their interest, to 1,775,027/. 17s. lO^d. on being allowed 6 per cent, interest on this sum until the redemption of the prin- cipal ; and likewise undertook the circulation of 2,500,000/. in new Exchequer Bills issued towards the supplies for the year. In order to enable them to perform these engagements, a subscription was opened for doubling the capital stock of 2,201,171/. 10*. ; and the whole of the new stock was subscribed for in a few Lours at 115 per cent. The capital stock of the Com- pany thus became 4,402,343/. ; but the sums on which they received interest from Government amounted to only 3,375,027/. 17s. W^d. ; they must however have made considerable profit by the new Exchequer Bills ; for, over and above the interest of 2d. per cent, per diem, which the bills carried, they were to have an allowance at the rate of 3 per cent, per annum, from the time the bills were issued till the day they were discharged. It was also enacted, that the Company should continue a corporation, and enjoy their ori- ginal fund of 100,000/. per annum, till the 1st August 1732 ; but, upon twelve months notice after that day, and payment of the principal and all arrears of inte- rest then due to them, the corporation and annuity to cease. In 1710, the Bank first undertook to receive the contributions to a lottery, which consisted of 150,000 tickets, at 10/. each. On the probability of peace, Bank Stock rose from 110 to 129, and continued for some time about 124 ; but on the negociations being broken off, it fell from 123£ to 107. In 1711, a new agreement was made respecting the 39 circulation of Exchequer Bills; and, on the establish- ment of the South Sea Company, -it was thought ne- cessary, for the security of the Bank, to prohibit the new Company from borrowing money on their bills or notes on demand, or for any less time than six months; also from discounting bills or notes, and from keeping books or cash for any other persons or corporations. The convenience which Government found in issu- ing Exchequer Bills through the hands of the Bank produced another agreement in 1713, when the Com- pany undertook to circulate the new bills for raising 1,200,000/. towards the supplies, on having an allow- ance of 3 per cent, per annum, payable weekly, and a farther allowance of 8,000/. per annum, payable quarterly: on this occasion the Company got an ad- dition of ten years to their term of continuing a cor- poration; so that they were not now to be dissolved but upon twelve months notice after 1st August, 1742; and, to enable them to fulfil their engagement, they were empowered to call in money from the proprie- tors. In the following year they first received the sub- scriptions to a loan for the public service, which had hitherto been usually taken at the Exchequer ; but the Bank, being found more convenient to monied per- sons, have usually received them since: the amount of the loan was 910,000/. at 5 per cent, per annum, and the allowance to the Company 500*. with 450/. per annum for management. In 17 17, the Company not only consented to the reduction of the interest from 6 to 5 per cent, on the capital of 1,775,027/. 17*. lOjtf. for Exchequer Bills 40 cancelled in 1709, but agreed to deliver up to be can- celled Exchequer Bills to the amount of 2,000,000// principal, in consideration of an annuity of 100,000/. and to continue to circulate the remainder of Exche-i quer Bills, then existing, amounting to 2,561,025/. at an allowance of 3 per cent, per annum only, the interest on the bills being also reduced to \d. per cent, per diem : they also engaged to advance the sum of 2,500,000/. or as much thereof as should be wanted, for paying off such proprietors of the other public debts as might not consent to the proposed reduction. This sum, however, was not called for, as the proprietors acqui- esced in the reduction. The capital, on which they received interest from Government, thus became 5,375,027/. 175. \0\d. and the annuity 288,751/. 7s. W T d. exclusive of the Exchequer Bills, and the interest and allowance thereon. Upon the proposals of the South Sea Company for the subscription of the public debts into their stock being laid before the House of Commons in January 1720, the Directors of the Bank made an offer of 5,000,000/. for the same privilege: this produced a second proposal from the South Sea Company, upon which the Bank offered to give 1,700/. Bank Stock for every 100/. irredeemable long annuity. Happily for the latter company, their terms were not accepted ; but, though in their hands the project would probably have been attended with some of the consequences that actually attended the execution of it by the South Sea Company, the condition just mentioned, of giving a limited quantity of stock, would have made the temptation less, and put it much more out of the power of the Company to raise their stock to the ex- 41 travagant price to which South Sea Stock arrived, and consequently a great part of the mischief that followed would have been prevented. Amidst the general spe- culation excited by the subscription scheme, some of the more cautious persons sold out of South Sea Stock at very high prices, and bought into Bank Stock ; this naturally caused a considerable rise of the latter, which got up to 260 per cent. The transferable capital stock of the Bank was, at this time, 5,559,995/. 14s. Sd. ; and soon after, among other expedients for the relief of the South Sea Company, it was proposed that 9,000,000/. of their stock should be ingrafted into the Bank capital, and the same amount into the capital of the East-India Company : this was agreed to by each Company, and an act passed for the purpose, but it was not carried into execution. In 1122, the Bank purchased 4,000,000/. of the South Sea Company's capital, and took in a subscrip- tion for the sale of the new-ingrafted stock at 118 per cent, j so that, as 3,389,830/. 10s. produced at this rate the sum due to the South Sea Company, the Bank gained by the transaction 610,169/. 10s. Bank Stock. The whole capital due from the public to the Bank thus became 9,375,027/. 17s. 10±d. of which the additional four millions was to be 'reduced to 4 per cent, interest from Midsummer 1727; and, about three years after, an agreement was made that the interest on the principal sums of 1,775,027/. 17s. lOyl. and 2,000,000/. should likewise be reduced from Mid- summer 1727, to 4 per cent.; but the original fund of 100,000/. on the capital of 1,600,000/. was conti- nued-. In 1728, the Company advanced to Government 42 1,750,000/. at 4 per cent, interest, without any power of enlarging their capital : they were enabled to make this advance, notwithstanding the reduction of their income from Government, from the redemption of part of the principal sum of 1,175,027/. \7s. 10| .8:15 3 1796. January £l : 10 February . 6 : 10 j on 100 guineas. March This is according to the average exchange and price of gold in each month ; the highest profit is calculated at 8/. 16s. 9d. per cent.* The small amount coined at the Mint, at this period, cannot be supposed to. have equalled the amount clandestinely exported ; and, while a scarcity of circulating specie increased the demand on the Bank, the high price of bullion prevented them from purchasing to replenish their store. Towards the end of July, the Court of Directors, on agreeing to advance some farther sums for the public service, ordered a memorial to be presented to the Minister, with a request that he would lay it before the Cabinet, in which they declared that nothing could have induced them to comply with the demand then made upon them, " but the dread that their refusal might be productive of a greater evil." The amount of their notes in circulation was at that time near ten millions; on the 13th August they amounted to 10,122,150/.; on the 10th September they were re- duced to 8,818,170/.; buton the 26th November had increased to 9,914,970/., and on the 31st December they amounted to 9,204,500/. • See " Observations on the Establishment of the Bank of England* &e.' by Sir Francis Baring, Bart. p. 49. 53 The directors continued to urge a reduction of the amount of the advances to Government, and particu- larly in the beginning of February 1797, when it be- came known that it would be necessary to raise a loan here for Ireland. On this occasion, they again re- peated their apprehensions of the consequences of any measure by which money was carried out of the coun- try *. About this time, the alarm, occasioned on some parts of the coast by the fear of an invasion, made the farmers and others desirous of getting cash into their hands: this produced a run upon many of the country banks, and particularly upon those at Newcastle, who were under the necessity of deferring the payment of all large sums till they could obtain a sufficient supply of specie from London. The demand for cash upon the Bank of England, which for some time past had been greater than usual, was of course very considera- bly increased, so much so that they found it necessary to represent their situation to the Minister.? The Privy Council met on the 26th upon the subject, and the necessity that some immediate step should be taken being obvious, an order was issued that the Bank should forbear issuing any cash in payment till the sense of parliament could be taken on the subject. The Direc- tors caused copies of the order to be printed and distri- buted on the morning of the 27th, and immediately * By the Reports of the Committees of Lords and Commons, it ap- pears, that the Court of Directors, between the Hth January, 1795, and 24th February, 1797, had made ninc-and-twenty representations to the Chancellor of the Exchequer, stating the inconvenience which the Bank suffered, and the evil consequences which were likely to ensue from the large amount of their advances to Government. — Address to the Pro- prietors of the Bank of England, by A. Atlardyce, Esq. M. P. page 16. 54 complied with the requisition. On the 28th, the House of Commons appointed a Secret Committee of fifteen members to inquire into the outstanding demands on the Bank, and their funds for discharging the same ; a bill was also brought in to enable them to issue notes under five pounds. On the 2d March, a general court was held at the Bank, at which the Proprietors passed a vote approving of the acquiescence of the Directors in the order of council ; and, on the following day, the Committee of Secrecy made their first report, from which it appeared, that, excluding from the account the permanent debt of 1 1,686,800/., due from Govern- ment, and, on the other hand, the stock due to the Proprietors of nearly the same amount, there ^vas a considerable balance in favour of the Bank. On the 7th, the Committee made a second report, and gave it as their opinion, that it was necessary to provide for the confirmation and continuance of the measures taken in pursuance to the order of council, in consequence of which an act was afterwards passed for suspending the payment in cash till the 24th June. Account of the outstanding Demands on the Bank to the 25th February, 1797. To bank-notes in circulation . ,£8,640,250 Drawing account Exchequer Bills deposited Audit Roll (or unpaid dividends) Bank Stock Dividends unclaimed . 2,389,600 . 1,676,000 983,730 45,150 Dividends on East-India Annuities unclaimed 10,210 Carried over . .£13,744,940 55 Brought over . . . <£l 3,744,940 Sundry small articles unclaimed . . . 1,330 Due from chief cashier on the loan of 1797 . 17,060 Unpaid Irish Dividends .... 1,460 Ditto on the Imperial Loan . . ■ 5,600 Total .£13,770,390 The assets to answer this debt were as follows : By advances on Government securities, viz. On Exchequer Bills on Land and Malt Taxes for 1794, 1795, 1796, 1797 . .£5,937,000 On Exchequer Bills on surplus of the Consolidated Fund and Vote of Cre- dit, and bills purchased . . . 2,291,800 On Treasury Bills of Exchange . . 1,512,274 Lent to Government, without interest, July 1791, on unclaimed dividends . 376,739 <£l0,117,8l3 Interest due on the above sums . 564,690 £10,672,503 By all other credits, viz. Bills and notes discounted, cash and bullion 4,176,080 Lent to the East-India Company . 700,000 pive per Cent. Navy Annuities . . 795,800 Five per Cents. 1797 . . . .' 1,000,000 Sundry articles ...'.. 252,910 Total credits . . . <£l7,597,293 36 Total credits . . . ,£17,597,293 Total debts . . . 13,770,390 Balance in favour of the Bank, 25th Feb. 1797 . . . . . ; . c£3,826,903 Soon after the date of this account, the advance to Government exceeded the sum above stated, in con- sequence of hills accepted by order of the Lords of the Treasury, and made payable at the Bank, but which were not due at the time of making up the account, and therefore were not included in it; also by a farther advance of 600,000/., which was sanctioned by the ge- neral court held 30th March ; the amount of these advances was, however, reduced in the course of the year by the re-payment of 5,500,000/., which the Bank were authorised to retain out of the payments on the loans of 14,500,000/. and 1,620,000/. in the year 1797. Previous to the expiration of the time for which payments in cash had been suspended, it was found necessary to pass another act for continuing the restric- tion till one month after the commencement of the next session of parliament. They were, however, autho- rised to issue cash for the service of the army and navy, upon being required by an order of council stating the special purpose for which the issue was required, and to advance cash for the accommodation of the bankers of London in any sums not exceeding 100,000/. in the whole, and the farther sums of 25,000/. each for the two Banks of Scotland. Soon after the meeting of parliament, in November following, the Committee of Secrecy, appointed to in- 57 *juire into the expediency of continuing the restriction on the Bank, reported, that the total amount of out- standing demands on the Bank on the 11th November was 17,578,910/., and of the funds for discharging the same (exclusive of the permanent debt) 21,418,4-60/., leaving a balance in favour of the Bank, on the 11th November 1797, of 3,839,560/, The report also stated, that the advances to Govern- ment had been so reduced as to amount, on the lith November^ to no more than 4,258,140/. ; while, on the other hand, the cash and bullion in the Bank had increased to more than five times the value at which they stood on the 25th February 1797*, and much above that at which they have stood at any time since the beginning of September 1795. Notwithstanding this favourable account of the situa- tion of the Company, it was deemed necessary to pass another act, continuing the restriction on their pay- ments of cash until one month after the conclusion of the war by a definitive treaty of peace, during which time the}^were not to issue any sum of money in notes or cash, by way of loan or advance to Government, except such advances as were authorised by act of par- liament. In the beginning" of 1798, the Bank advanced to Government 3,000,pO0/. on Exchequer Bills, charged on the 4th, 5th, and 6th instalments of the loan ; but, instead of the advance being thus repaid, a communi- cation was made to the general court, held 19th June, * According to an account of the finances of the Bank (Monthly Ma- gazine, vol. iv. p. 250), ascribed to a very accurate writer on such sub- jects, the value of cash and bullion remaining on the 25th February 1797, w&s about 1,272,0001. 58 that Government wished the Company to receive for the bills held by them 3,000,000/. in new Exchequer Bills, charged on the supplies to be granted in the next session of parliament: this proposal was agreed to. Soon after the meeting of parliament, however, another proposition was made, that the Company should continue, for twelve months longer, the ad- vance of 3,000,000/. and that they should make a farther advance of 500,000/. on Exchequer Bills : these proposals were acceded to by the general court, held 13th December. The total sum advanced by the Bank, for the public service, and outstanding on the 7th of December, was 6,777,739/. including the three millions just mentioned. By an advertisement, dated 3d January 1997, the Bank gave notice, that they would pay in cash all fractional sums under 5/. ; and that, from the 1st February, they would pay cash for all l/. and 2/. notes dated prior to 1st July 1798, or exchange them for new notes of the same value. At the general court, held 14th of March 1799, a letter from the Chancellor of the Exchequer was read, requesting an advance of 1,500,000/. on Exchequer Bills, which was agreed to. At the same time a pro- posal was made to the Proprietors to divide the 5 per Cent, stock, held by the Company, for the million subscribed to the Loyalty Loan, and, with this view, to purchase 39,24*0/. of the same stock, to make up the sum, held by them, 1,164,240/. in order to make a dividend of 10/. 5 per Cent, stock for every 100/. Bank capital. The transfer was made on the 1st of June. In November following, a negociation was entered into for renewing the term of the Company's charter, 59 although it had then near 13 years to run. The propo- sition was communicated to the Proprietors on the 19th December, and agreed to at a general court held 9th January 1800. The conditions were, that the Bank shouJd advance to Government 3,000,000/. for the ser- vice of the year 1800, on Exchequer Bills, payable, without interest, out of the supplies to be granted for the year 1806*, in consideration of which the term of their charter was continued till the end of twelve months notice after the 1st August 1833. The amount of bank-notes in circulation had gra- dually increased since the beginning of 1797 ; and, during the year 1800, amounted to about 15,000,000/. The amount, on an average of a month, to 25th Janu- ary 1801, was 16,365,200/. consisting of 13,845,800/. in notes of 5/. and upwards, and 2,519,400/. in 1/. and 2/. notes. At the general court, held 19th March 1801, an- other occasional dividend of stock was proposed. It will be seen, by referring to the account of the effects of the Bank on 25th February 1797, that, besides the 5 per Cents. 1797, the Company held a considerable sum in 5 per Cent. Navy Annuities ; and, as the for- mer had been divided among the proprietors, the dividend was now to be made of 582,120/. of the lat- ter, at the rate of 5/. five per cent, for every 100/. Bank capital ; the proposal was of course agreed to, and the transfer made 1st May. At a general court, held 23d September 1802, it was proposed to purchase 52,422/. 13s. Navy 5 per • At a general court, held 20th March 1806, it was agreed, that the above loan of 3,000,0001. should be continued at an interest of 3 per cent, per annum, until six months after the ratification of a definitive treaty of peace. 60 Cents., which being added to 238,637/. 75. of this stock, then in the possession of the Bank, enabled them to make a dividend of 2f per cent in stock for every 100/. Bank Stock. The transfer was made 1st November. On the 25th September 1S04-, the general court agreed to another occasional dividend or bonus of 5 per cent., but as the Company had no more Government stock in their hands, this was ordered to be paid to the proprietors in money, which was done accordingly on 22d October. At the general court, held 19th September 1805, a proposal was made that an addition of 5 per cent, should be made to the next half year's dividend, which would therefore be 8y per cent. The last bonus in money had been paid by a separate warrant, but it was now proposed to be blended with the usual dividend in one warrant, and to be wholly considered as a dividend of profits. This declaration was thought necessary, in order to avoid the claims of those who were entitled to a reversionary interest in Bank Stock, whom a very high legal authority had decided to be entitled to the former bonuses, of which the life proprietors were to receive the interest only. In April 1802, the restriction on the payment of cash was continued to 1st March 1803: and by a sub- sequent Act extended until six months after the ratifica- tion of peace. In July 1814, the time was further extended until the 25th March 1815 ; and since by Act 53 Geo. III. until the 5th of July 1816. During the continuance of this restriction the Bank may receive any sums in cash, not less than 500/. upon an engagement to pay cash in exchange for their notes, to the amount of three fourths of the sum received at the times expressed 61 in the engagement ; they may likewise issue cash, in payment of any debt or demand whatever, " upon their giving five days notice, in writing, to the Speaker of the House of Commons, of their intention so to do, specifying the description of such debt or demand, which notice is to be inserted in the London Gazette?' On the 23d September 1806, the general court agreed to pay another bonus of 5 per cent., that is, to make a dividend of 8f per cent, for interest and pro- fits for the half year ending the ICth October. At Lady Day 1807, the dividend was raised to 10 per cent, per annum. Previous to the last advance of dividend, the following bonuses have been paid, viz. Per Cent. Lady Day 1799 ■ £ 10, in 5 per Gents, of 1797 Lady Day 1801 . . 5, in Navy 5 per Cents. Michaelmas 1802 . . 2 : 10, in ditto Michaelmas 1804 . . 5, in money Michaelmas 1805 . . 5, in ditto Michaelmas 1806 . . 5, in ditto At a General Court of Directors of the Governor and Company, holden on the 1st December, 1814, for the purpose of taking into consideration a proposal sug- gested by the Chancellor of the Exchequer, for sub- mitting a new bill to parliament, for authorizing a continuance of the 3,000,000/. advanced under act 48 Geo. IIL to Government without interest, and not payable till December 1814; the same on the part of the Bank was complied with, and since carried into effect, continuing the said loan without interest, and ex tending the time of payment to April 15, 1816, per act 55 Geo. TIT. 62 The allowance to the Company, of 450/. per million, for the management of the public debt under act 31 Geo. III., has by act 48 Geo. III. been reduced to 340/. per million on all sums not exceeding 600 millions; and to 300/. per million, on all sums exceeding that amount. On Life Annuities 340/. per million is allow- ed ; and for taking in contributions on Lotteries, the usual allowance has been 1000/. for each Lottery, and on Loans 805/. los. lOd. per miHion, for receiving con- tributions. In the year ending 5th April 1815, 38,798/. 19s. 2d. was the amount on 46,585,533/. 6s. 8d* for taking in contributions on Loans and Lotteries. The annual allowance made by the Lords Commissioners of the Treasury, to the Bank, for assessments on the duty upon property, is after the rate of 1250/. per million, which upon an average of 8 years, has amounted to about 3154/. per annum. The number of dividend war- rants for the year ending 5th April 1815, was 565,600/. and the amount of duty received within the same year, 2,784,343/. 155. The whole of the duties received from 1806 to 1814, amounted to 20,188,297/. Ms. 9d. being as follows :— Allowance. 1806 . -£2,401,097 : 15 : 4 . . ,£3,001 : 7 : 5 1807 2,383,763 : 14 : 7 . . 2,979 : 14 : 1 1808 2,507,025 : ; 10 :2 . . 3,133 : 15 : 7 1809 2,472,339 : : 7 :3 . . 3,090: 8: 5 1810 . 2,481,820 : 5:9 . . 3,102 : 5 : 6 1811 2,535,628 :19:0 . . 3,169 : 10 : 8 1812 . 2,622,278 i 7:8 . . 3,277 : 16 : 11 1813 . ^^784,343 : 15 :0 . . 3,480 : 8 : 7 £25,235 : 7 : 2 63 The Bank receiving cash from all the principal de- partments, in the receipt of the public revenue, as well as issuing and conducting the public expenditure, have, from time to time, to deposit the balance so re- ceived ; and the Exchequer Bills and bank-notes deposited by the Governor and Company, as cash, in the chests of the four Tellers in His Majesty's receipt of Exche- quer, ere , on H3? -[•+ HC* f>f* MM -1+ r^ Oi ^ ^t 00 O a> 00 «>- CO O) _ 00 «* f— » «— I r— 1 1—1 i-« x^- . co 3 «N "S i-+ *& <— i ^ —* -* CO CO h . i-h CO O O? ^ »o o r— a co rf« 00 >o CO •N •> »N *i •» t>- o «*» t- ^ o CM rfi *-" CM *0 CO O CO r> a « oi CT> CO CO CO »«, #H »\ »V •» »\ (N « © -i t-H CM 00 OS S 5 p-l CO • • • • t- CU «2 * • 00 o 00 B Q O O O © o o o 'o O o 8 o o M a i a a CO ^ 05!M -* «> r co i—l M pH o o CO CO 1—4 ao i— i o n .... cu • *0 of cu -fN -f* -l« fnf* >~* ~IH -H- C ^ t- Oi •-» -<* 00 O a> CO 00 t- CO A c ^5 >-H 00 l-H r-4 CO "co CM CM j5 — < O ""5J 1 — « CU cu CU * — -1 •* O a. cu CO CUD pa r-i co O 0* fa rj< »o o H3 .s h O^ ir^ ^ G^ »ft °ls CO -3 G *fT urT l> ^ cu tc co* ^ 0) CO 5 cr 1 co o> O ^o rS -^ r- -^ CU (j .c ^00 ^ N °^ co^ 00 J3 S Of 00 s CO* r-i* a JT C"" W ^ ^ O CU fcfl *4 *t». • • • • CU r; ^3 r* -A g c- j~ j 41 co CM CU >n to S -4 s >> •• " " •• •• o -Q «\ co Oi -_( 00 CO O CJ 3 24 1—1 r- >— 1 CO CO CO •9 CM 00 —1 01 00 1— » a G 03 &H ^ rH "* ^ o % >^ O o o ' • CO S-t 3 '3 O o o CO o a • .. .. .. o g "O • • 3 O a* a a o o 8 o W5 Co ^ *c3 S 1 o^ IT CO CO be of CM o ^ CO CM a o o ^ *5b c c3 t«-l o c3 • c*5 O • CS CD ^3 • c CJ cd CD > c3 cd > o ctf • o > S3 4J ' J-i O • CD > cS (4-1 • o V- • J3 o o •""* > o o o -4»» 4J ♦-> 5-( cS +J -*J • CO *® 1 CO ,0 • ,£ >> *4-< >> S-l o .2 '-*-! 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The sum to be raised was a million, in shares of 100/. each, for which the subscribers were to nomi- nate lives. The annuity was 10/. for the first seven years, and after that time 7/. to be increased by the annuities which might fall in by deaths ; the whole annual sum being equally divided among the subscri- bers, in proportion to the shares subscribed by each, till there should be only seven nominees living, and then upon the death of each nominee his annuity to cease. This scheme did not succeed, the sum contri- buted being only 108,100/. and the annuity payable 7,567/. which was partly owing to ■<>. condition, that, if the whole was not subscribed within a certain time, the remainder might be made up by 14 per Cent. An- nuities on single lives, which were generally preferred. The last nominee died hi 1783. In 1765, a plan was formed for funding Navy and Victualling Bills, by allowing the proprietors to sub- scribe a part into 3 per Cent. Stock, or 3 per Cent. Life Annuities, with benefit of survivorship. The lat- ter were divided into six classes of 50,000/. each, making, in the whole, 300,000/. of which every 100/. was entitled to an annuity of 3/. during the life of the nominee; which annuities, as they fell in, were to be divided among the class to which they belonged, and, when there should be only one surviving nomi- nee in any class, the annuity to cease at his death. 88 Only 18,000/. was subscribed on these terms, on which the annual payment is 540/. Of the Tontine formed in the year 1789, we shall give a more particular account. The original sum proposed and subscribed for was 1,002,500/. to be raised by 10,000 shares of 100/. 5s. each ; but, four shares being abandoned after the principal part of the subscription had been paid upon them, the sum was reduced to 1,002,099/. The subscribers were at liberty to name either their own life or that of any other person, and the whole number of shares was divided into six different classes, entitled to the following annuities : 1st class, under 20 years of age, to an annuity of . . . .^£4:3:0 2d class, from 20 to 30 . . .4:5:6 . 4 : 8:6 . 4 : 13 : 6 . 5 : 1:6 . 5 : 12 : 3d class, from 30 to 40 4th class, from 40 to 50 5th class, from 50 to 60 6th class, above 60 Upon the death of every nominee, the annuity fall- ing in is to be distributed equally among the several persons interested, whose nominees are living in the respective class to which the life deceased belonged, until such time as the annuities of that class shall have increased by survivorship to 1,000/. per annum on each remaining share of 100/. 5s., from which time no farther benefit is to arise from survivorship, but each annuity of 1,000/. to cease upon the extinc- tion of the life entitled to the same. The annuities are 89 payable at the Exchequer half-yearly, at Lady Day and Michaelmas. The whole of the subscription was to be paid by the 29th January 1790, and a discount was allowed for prompt payments, which amounted on the whole to 1,124/. 35. lOd. The compensation to the Bank for receiving the contributions and paying them into the Exchequer was 2,000/. ; and, as the first half-year's payment of the annuities was not to become due till the 5th April 1791, the subscribers were allow- ed interest for their money for a year and a quarter, which became due on the 10th October. 1790, and was paid 11th March 1791, amounting to 50,104/. 19.?. As the plan of this Tontine was not generally approved, the subscribers were afterwards allowed to exchange their shares for Long Annuities of 4/. 5s. for 69^ years, and, in order to place those persons who retained their shares of the Tontine on the same footing they would have been if the whole number had been filled up, the Commissioners of the Treasury were empowered to nominate lives for the shares exchanged, who were to be selected from the peers of Great Britain or Ireland, baronets, justices of peace, governors of public cha- rities, &c. and to be distributed among the several classes in the same proportion as the nominees appoint- ed by the subscribers. In consequence of this altera- tion, the amount of the annuities retained by the sub- scribers, and of those which became the property of Government, was, on the 5th April 1791, as follows: 90 Amount of annuities on lives nomi- nated by the subscribers . . £18,180 : 3:11 Ditto on lives nominated on the part of government . 24,681 : 17 : 1 £42,862 : 1 : This is not the exact proportion in which the annui- ties are payable at present ; the annuity on the lives nominated by the subscribers was, on the 1st February 1815, 18,847/. 4s. 11?*/., and on the lives nominated by Government, 26,584/. 155. OJc?. ; and must Vary ac- cording to the proportion of deaths among the . ublic nominees, to those of the nominees of Goverr, nent. Some variation must also be caused by forfeitures; as such annuities as remain unclaimed for two years are divided among the survivors of the class to which they belong. In the beginning of the year 1797, the City of Lon- don proposed to raise 816,000/., by way of Tontine, viz. 204,000/. at Midsummer 179^, and a similar sum at Midsummer 1798, 1799, and 1S0O. The scheme for the year 1797 was as follows: Classes. Capital of each Class. Rate per Cent. per Annum. Under 12 years . ^34,000 . . £6 : 1:6 From 12 to 24 . . 34,000 . . 6 : S : 6 24 to 36 . . 34,000 . . 6 : 7:6 36 to 48 . . 34,000 . . 6 : 15 : 6 48 to 60 . . 34,000 . . 7 : 16 : 6 60 and upwards . 34,000 : . 9 : 0:0 £204,000 91 The annuities are payable half-yearly, and each class is to enjoy the benefit arising by the falling in of the annuities of deceased nominees in the class to which they belong, until the surviving annuitants, in each respective class, enjoy 1,000/. per annum, which is to continue without any farther increase during the re- mainder of each surviving annuitant's life. Under this head, it may not be improper to caution the public against Tontines for a short term of years. The difference between simple and compound interest in the period of six or seven years, which is the usual term of these projects, is very inconsiderable, nor can much advantage be expected to accrue from survivor- ship, particularly as the nominees are generally young healthy lives ; and even this small profit is reduced, and sometimes overbalanced, by the charges of ma- nagement. Experience has fully shewn the inutility of these speculations ; for, on several which have lately expired, the division to the subscribers has been consi- derably less than the amount of their contributions. GOVERNMENT LIFE ANNUITIES. Payable at the Bank of England. By acts of the 48th, 49th, and 52nd Geo. III. the Commissioners for the reduction of the National Debt are empowered to grant life annuities to persons who may be disposed to transfer to the said Commission- ers either 3/. per cent. Consolidated or Reduced Bank Annuities, when those stocks shall be at, or above 50 j but no person can be admitted as a nominee who 92 shall be under the age of 35 years, nor can any sum be transferred less than 100/. stock. It is also provided that no person who shall not be a native of and resident in Great Britain or Ireland can be the nominee in respect of any life annuity to be purchased by or on the behalf of any other person or persons. The amount of stock transferred by the purchasers of life annuities under the aforesaid acts on the 1st February 1815 was 2,795,340/.; the annuities payable on account of which were 185,878/. 6s., which, on an average, is very nearly after the rate of Gl. \3s. for every 100/. stock. INDIA STOCK. Queen Elizabeth, in the year 1600, granted the fir&t patent to a Company for trading to the East Indies, who fitted out four ships for this new branch of trade; and, being successful in their adventure, were encou- raged to continue the commerce. The stock of this Company was only 72,000/., in shares of 50/. each, which were united into a joint stock in 1613. In the reign of James L the East India Company received a new patent, and enlarged their capital to 1,500,000/.; their profits at this time were not very great; and, about the year 1655, Cromwell dissolved the Company and laid open the trade; but the mischiefs that fol- lowed obliged him to re-establish the Company about three years after : their joint stock was now 739,782/., of which only one half, or 369,891/., was paid in, and was properly their capital. In 1676, Charles It 93 Laving revived and supported their charter, the shares were increased, by adding the profits to the capital, to 100/. each. In consequence of the increase and success of their trade, which enabled them to make large -dividends, their stock in 1680 sold at about 300 per cent, and they could borrow money on their bonds at 4 or 5 per cent, interest : these great profits, and the doubtful authority on which they held their exclusive privileges, being a great temptation to individuals, in- terlopers, who had often given them much trouble, became again very numerous ; but the Company found means, in 1683, to obtain a new charter, by which all ther former privileges were confirmed, and some far- ther powers given them. Their stock, at this time, was sold or jobbed from 360 to 500 per cent. In 1693, the charter of the Company became void, from default in payment of the duty imposed upon their stock, but it was renewed upon condition of being determinable upon three years notice. A New East India Company was established, in 1698, by charter, dated the 5th September, 10 Will. III.; and, in 1702, the Old Company was united with it. The New Company, at the time of their incorporation, advanced 2,000,000/. to Government, at 8 per cenr> interest, payable quarterly; and, in 1708, the United Compa- nies, upon an extension of the term of their exclusive trade, lent to Government a farther sum of 1,200,000/. without any additional interest, by which means, their capital was augmented to 3,200,000/., bearing 5 per cent, interest, which was reduced, in 1730, to 4 per cent. Upon this reduction of the interest on their capital, and the payment of the sum of 200,000/., the exclusive trade was continued till the year 1766. In 94 1744, they lent to Government a million at 3 per cent, in consideration of the term of their charter being extended to Lady-day 1783; after which time the Company was to cease upon three years previous no- tice being given by parliament, and repayment of the 4,200,000/. with all arrears of interest. It; 1749, the interest on their capital was reduced to 3 per cent. One of the conditions upon which the Company consented to this last reduction of interest was, that they were empowered to raise money towards the dis- charge of their bond debt by the sale of 3 per Cent. Annuities to the amount of the debt of Government to the Company. The capital of the annuities sold was 2,992,440/. 5s., the dividends on which were paid at the East India House, the Company receiving from Government 1,687/. per annum, for management. These annuities are now consolidated with the 3 per Cent. Reduced Bank Annuities. — See page 25. On the 26th November 1755, the General Court agreed to a reduction of the dividend from 8 to 6 per cent, from the 25th December following, which of course lowered the price of their stock considerably ; and in the following year the war produced a further depression, the price being, in May, 140, and in July 133, from which it fluctuated, in 1757, to 142. In 1758, after the Midsummer dividend, it fell to 132, in July 1759, to 123, but before the end of the year it rose considerably. In January 1760, it was at 134, and in May 1761, had advanced to 144, from which price it fell rapidly in the course of a few months, being, in December following, at 123; and upon the extension of the war, it fell, in February 1762, to 114, but soon after got up again considerably. 95 Early in 1764, the receipt of very unpleasant news from Bengal immediately caused India stock to fall 14 per cent. The general administration of the Com- pany's affairs, both at home and abroad, became after- wards the subject of much discussion; and, on the 29th August 1766, the Court of Directors received a notice from the Secretaries of State, that an investi- gation would take place in the next session of parlia- ment ; in consequence of which the price of their stock fell from 230, at which it had been sold a few- days before, to 206, but soon after rose again; and, in the course of the next year, the dividend being in- creased to 10 per cent., it got up considerably, the average price of the whole year being 254. At this period an agreement was entered into for the payment of 400,000/. per annum to Government, in considera- tion of the territorial acquisitions and revenues in the East Indies remaining in possession of the Company ; and this contribution was accordingly continued for several years, the agreement being renewed, in 1769, for the term of five years ; but, in 1773, the Company, labouring under considerable difficulties, were unable to make the said annual payment, and obliged to ap- ply to parliament for relief; in consequence of which an act was passed for advancing them 1,400,000/. by way of loan; and, until this sum should be repaid*, the dividend to the proprietors was not to exceed 6 per cent, after which it was not to exceed 7 per cent., until their bond debt was reduced to 1,500,000/. From these circumstances the price of the Company's stock fell considerably from the latter part of 1772 * The loan was repaid in about three years. 96 till February 1774, when their affairs began to wear a brighter aspect. On the 1st of March 1776, 980,000/. of the loan from Government had been repaid, and the remainder being afterwards discharged, and the affairs of the Company otherwise a good situation, the dividend was raised, at Christmas following, to 7 percent., and, in J77S, to 8 percent., from Christ- mas 1777, the bond debt being reduced to a million and a half, agreeably to the above conditions, by the 24th June 1778; in consequence of which an act was passed in the next session for continuing the territo- ries and revenues in the East Indies in the possession of the Company for one year, from the 5th April 1779, which, in 1780, was again continued for an- other year. At a Court of Proprietors, held the 25th June 1781, it was agreed to offer to pay into the Ex- chequer 400,000/., in full discharge of all claims of the public upon the Company up to the 1st of March \ and as, in the preceding year, notice had been given, conformably to the act of 17 Geo. II., that the 4,200,000/. and all arrears would be paid off on the 10th April 1783, a new agreement was made with Government, by which the Company were to continue to enjoy their exclusive privileges to the 1st March 1794, then to cease and determine, upon the former conditions of three years previous notice, and repay- ment of all sums due to them. The surplus of their nett profits, after paying their dividends, were appro- priated, three-fourths for the service of Government, and one-fourth to be retained by the Company ; and they were restricted not to increase the dividend of 8 per cent, more than one per cent, in any year. This restriction was however soon found unnecessary; for, 97 the nett profits of the Company, from the 1st March 1781, to the 1st March 1782, did not amount to so much as a dividend of 8 per cent, on their stock by 22,023/. ; in consequence of which it became neces- sary for Government to allow a farther time for the payment of 396,466/. 2s. 6d., which was due from the Company for customs, besides a part of the sum they had agreed to pay in 1781; and they were at the same time empowered, notwithstanding the above defi- ciency, to continue their dividend at 8 per cent. In the following year, the war in India, and other cir- cumstances, increased the embarrassment of the Com- pany's affairs ; and, by a statement of their accounts from the 1st March 1782, to the 1st March 1783* it appeared that the nett profits of that year did not amount to a dividend of 8 per cent, by 255,81 3/. i which dividend they were nevertheless authorised by parliament to continue ; and, to enable them so to do, Government issued Exchequer Bills, amounting to 300,000/., which the Bank undertook to lend money upon to the Company. These circumstances caused a considerable fluctuation in the value of the Com- pany's stock, which fell from 145, in February 1783, to 1 18y, in January 17S4. The total amount of the sums due from the Company to Government had increased at the last-mentioned period to 1,023,519/. 55. 2d. ; the bill and bond debts of the Company, also, at this time considerably exceeded their usual amount, in conse- quence of which the Commissioners of the Treasury were authorised to extend the time for payment of the sums due to Government to the 1st January 1786. By 26 Geo.IIL c. 62, the Company were empowered ii 98 to increase their capital by creating 800,000/. new stock, on which they raised 1,240,000/., at the rate of 155 per cent.; and, in 1789, they obtained another act, enabling them to add a million to their capital, which was effected at the rate of 174 per cent., and preference given to such persons as were stockholders at the time of subscription. The capital of the Com- pany thus became 5,000,000/. the dividend on which continued 8 per cent, till 1793, when, in pursuance of an agreement with Government for the renewal of their charter, they were to add another million to their capital, and raise the dividend on the whole to 10 per cent. They also entered into an engagement to pay to Government 500,000/. per annum, provided a certain surplus remains beyond their dividends and other regular payments. This contribution, however, has not been paid since April 1794. The new stock, created in 1193, was sold at 200 per cent., preference being given to stockholders, as on former occasions; and the money thus raised was to be applied to the discharge of 600,000/., then due from the Company to the Bank, and in the reduction of their bond debt in Great Britain to 1,500,000/. By the act 33 Geo. III. c. 47, the de"bt of 4,200,000/., due from the public to the Company, was cancelled, by consolidating the same with the 3 per Cent. Re- duced Bank Annuities ; and, by 33 Geo. III. c. 52. the exclusive trade is continued under new regulations for twenty years from the 1st of March 1794, with a proviso, that if, after the expiration of that term, their right to the sole trade shall cease, in conse- quence of three years notice being given by parlia- ment, and the repayment of such sums as may be 99 then due from the public, they shall continue a cor- poration notwithstanding, with power to carry on a Free trade in common with other persons. On the 26th October 1796, a general court was held, to consider of an application to parliament for liberty to increase the capital stock of the Company, upon condition that the power of issuing bonds should be reduced the same amount as the capital should be increased. As some opposition was made to this measure, the farther consideration of it was post- poned to the 2d November, when it was agreed uponj 2,000,000/. being the amount of the proposed aug- mentation. On the 20th December, a petition was presented to parliament for leave to bring in a bill for this purpose, and the act received the royal assent ort the 7th March 1797, but has not yet been carried into execution. By act 47 Geo. III., the Company were empowered to raise 2,000,000/. on bonds, instead of increasing their capital. After raising 4,000,000/. the Company are re- strained from raising further money on blonds. Under act 50 Geo. III., 1,500,000/. were raised by Exchequer Bills, for granting a sum of money to be applied to the relief of the Company ; and by act 52 Geo. III., 2,500,000/. was raised by way of loan for the service of the Company, on account of the Indian debt, being a part of the loan of 22,500,000/. raised in 1812, on ac- count of which 3,000,000/. Three per Cent. Reduced, and 1,400,000/. Three per Cent. Consols were created ; the Company being under engagement to pay after the rate of 800/. per million out of the sums to be advanced and paid to the Company, in order to reimburse the charges to be incurred in and about the receiving and ft 2 100 paying upon the same. Also the Company, on account of interest, are to pay into the Bank 90,000/. by two equal half vearlv payments, on account of the Reduced Annuities ; and 42,000/. on account of the Consolidated Annuities together with 55,410/. by two equal half yearly payments, for the reduction of the Reduced Annuities; and the like payments for the reduction of the Consolidated Annuities. The interest on the capi- tal purchased upon the said loan amounted, on the 1st February 1815, to 9,987/. 195. 9d. In a statement laid before Parliament in the last sessions, The territorial debts of the Company were stated at ,£5,001,531 And the Assets ... at 1,757,050 The Commercial Debts at 2,251,395 And the Assets ... at 18,473,569 ,£3,224,431 16,222,174 Difference 12,977,693 And deducting present Home Bond debt 4,392,392 Renders a Balance in favour of the Com- pany of £8,585,301 The value of goods in England unsold, as mentioned in the said statement, amounted to the sum of 5,063,591/. and the amount of cargoes from England not arrived in India and China, (at the dates of the several quick stocks,) was rendered at 2,123,301/. The silver ex- ported to China in 1814—15 amounted to 101,004/. 101 The total capital stock of the Company, with the rates at which it has been raised, is as follows : Capital. Per Cent. Money advanced. 1708 . . 0^3,200,000 at 87£ . . . £2,800,000 1786 . , . 800,000 .155 . . 1,240,000 1789 . , . . 1,000,000 . 174 . . . 1,740,000 1793 . , . . 1,000,000 .200 . , , . 2,000,000 ,£6,000,000 o£7,780,000 On the 21st July 1813, an act was passed for con- tinuing to the East India Company, for a further term, the possession of the British territories in India, toge- ther with certain exclusive privileges for establishing further regulations f6r the government of the said territories; for the better administration of justice within the same ; and for regulating the trade to and from the places within the limits of the said Company's charter. According to which act, [53 Geo. III. c. 135,] the term and the exclusive trade is to cease and deter- mine on the expiration of three years notice by Parlia- ment, to be given any time after the 10th April 1831, and payment of what is due from the public to the Company. Under this act, none but the Company, or persons by their licence, are to trade in tea. But His Majesty's subjects, from and after the 10th April 1814, may trade to and from the United Kingdom, f rom'and to the ports and places within the Company's present limits, except in China, in ships navigated according to law, which determines that no ship under -350 tons shall clear out for, or be admitted to entry at any place 102 within the limits of the Company's charter. The former territorial acquisitions in India are secured to the Company by this act, with the late acquisitions on the Continent of Asia, or in any island north of the Equator. The revenues of the territorial acquisitions in India are to be applied, first, in maintaining forces; second, in paying interest of the Indian debt ; third, in defraying expences of establishment; fourth, in liquidation of ter- ritorial debt, or as the Court of Directors, with the ap- probation of the Board of Commissioners, shall direct. The profits of the Company in Great Britain are to be applied, first, in paying Bills of Exchange; second, in paying debts, except principal of bond debt ; in paying dividend of 10 per Cent, till the separate fund is ex- hausted ; and then 10f per Cent. ; fourth, in reduction of the Indian debt, or the bond debt at home. The home profits are not liable to territorial charges, till after dividend provided, except to bills and certificates for value received in India ; and to interest and sinking fund, on loan of 1812, from the public to the Company : and if home funds are insufficient, after dividend, to discharge bills drawn, for interest of existing debt, the deficiency to be paid as Parliament shall direct. Monies received at home, on credit of bills drawn on territorial funds, or for advances in India, to be applied to territorial charges in Europe ; and if commercial profits at home be not sufficient in any one year for dividend, the deficiency to be made good out of the surplus territorial revenues of preceding years. When the Indian debt shall be reduced to a certain amount, an application of the rents, revenues, and pro- fits, are to be deemed and taken for a fund, in order to secure to the Company a dividend at the rate of ten 103 shillings per cent, per annum ; and after the fund shall have exceeded the sum of 12 milllion pounds sterling, that one-sixth part of such excess shall be retained by the Company for their own use; and the remaining five-sixths shall be the profits of the public, and at the disposal of Parliament. And so much of the act of 37 Geo. III. as directs that the said dividend of ten shillings per cent, per annum, upon the increased stock to be raised by virtue of the said act, shall be repealed. The said dividend to be paid out of the aforementioned fund till exhausted. And when the said separate fund shall become insufficient for the payment of the whole of the said dividend, the residue of such dividend shall be paid out of the nett proceeds of the said Company's profits in the manner herein beforementioned. The number of proprietors who were entitled to vote, and their several qualifications, as they stood on the 8th April 1800, were as follows : 1683 proprietors qualified to give single votes . . 1683 342 two votes . . . 684 87 .... three vetes . . 261 51 . . . < four votes * . 204 2163 Proprietors Votes 2832 1,000?. India Stock entitles the proprietor to a vote at the general courts, but he must have been in pos- session of it twelve calendar months, unless it shall have come to him by bequest, marriage, or inherit- ance. 2,000/, is the qualification for a Director 5 104 3,000/. entitles to two votes ; 6,000/. to three votes ; and 10,000/. to four votes. The dividends on India Stock have varied consider- ably, as appears in the following statement: Lady Day . . 1709 . . . . 5 per cent Michaelmas . . 1709 . . . . 8 Michaelmas . . 1711 . . . . 9 Christmas . 1716 . . . . 1Q Midsummer 1722 . . . . 8 Christmas . , 1732 . . . . 6 Midsummer . 1733 . . . . 7 Christmas . . 1755 . . . . S Christmas . . 1766 . . . . 6 Midsummer 1767 . . . 10 Midsummer . 1769. . . . . 11 Midsummer . 1770 . . . . 12 Midsummer . 1771 . r . . m Christmas . 1772 . . . . 6 Christmas . 1776 . . . . 7 Midsummer . 1778 . . . . 8 Mid su mmer . 1793 . . . . iaj ROYAL EXCHANGE ASSURANCE. This Company was established by an act 6 Geo. L, c. 18; and, by their charter, executed the 22d June 1720, they were empowered to assure ships and goods at sea or going to sea, and to lend money on bottomry, and to raise for this purpose a capital of 1,500,000/., on con- dition that, upon three years notice being given by parliament, at any time within thirty-one years from 105 the date of the charter, and repayment of the sum of 300,000/., which the Company had agreed to pay to Government, the Corporation should cease. In the fol- lowing year they obtained another charter, dated the 29th April 1721, by which they were authorised to as- sure lives, and also to assure houses and goods fvom Jire 9 and were empowered to raise a farther capital of 500,000/. making, with the former sum, two millions. It was also enacted, that, in consequence of the Company haying paid into the Exchequer 1 1 1,250/., and having covenant- ed to pay the farther sum of 38,750/. within three months, they should be released from the payment of the remainder of the 300,000/. The whole capital of 2,000,000/. was subscribed, but it was thought necessary to call for the payment of only 500,000/. ; which, after paying the 150,000/. to Government, has been found sufficient for carrying on the extensive concerns of the Company. A new branch was added to their business, by an act, obtained in 1793, enabling them to grant and purchase Annuities on Lives, either immediate or in re- version ; and, in 1801, the Company obtained an act for assuring vessels and their cargoes on canals and inland navigations, in which act the London Assurance Com- pany are likewise included. The dividend to the proprietors, which has gradually increased from 3 to 10 per cent., becomes due at Christ- mas and Midsummer, and is usually paid about the 12th January and July*. The transfer days are Tuesdays * At Midsummer 1802, an occasional dividend was made in stock, being 101., Five per Cents, 1797, for every 100Z. of the Company's stock; at Mid summer 1807, an addition of 90 per cent, was made to the capital of each proprietor; for every 100/. stock; at Christmas 1808, 20/. for do.; at Midsummer 1811, to 10/. for do.; and at Midsummer 181 2, ten per Cent, three per cent, reduced annuities for do. 106 and Thursdays, between the hours of eleven and one, The dividends are paid on Mondays, Wednesdays, FrU days and Saturdays, from ten to two. LONDON ASSURANCE. The charters of this Company were granted at the same time with those of the Royal Exchange Assurance, for the same purposes, and upon similar conditions j one of which is, that no person possessing stock in either Company can purchase stock in the other, under penalty of forfeiting the share so purchased. The principal dif- ference in the business of the two offices is, that the Lon- don Assurance confine themselves to sea and fire assur- ances, very beldom assuring lives, and not being em- powered to grant annuities. Their stock is 1,000,000/., divided into shares of 25/. each, on which 12/. 10s. has been paid in, making the whole sum paid in 500,000/. The dividend has been raised to 20s. per share per an- num, and becomes due at Lady Day and Michaelmas, and the Company pay the property tax. The transfer days are Tuesdays and Thursdays, from eleven to three o'clock. The dividends are paid on Mondays, Wednes- days, and Fridays, from eleven to three. In January 1805, a bonus or occasional dividend was paid, of5s» per share. 107 LONDON DOCK. This Company was established by an act of 39 and 40 Geo. III., passed 20th June 1 800, by which they were empowered to raise n capital stock of 1,200,000/., and, if necessary, to borrow at interest the further sum of 300,000/.; but a larger capital being found necessary for completing the undertaking, they applied to par- liament for leave to augment their capital stock by 500,000/., and have since obtained another act for rais- ing a further sum of 500,000/. ; so that the total capital stock which the Company are authorised to raise, if it shall be found necessary, is 2,200,000/. The Company is under the management of twenty four Directors, who are elected annually. Two general courts of proprietors are held every year, at which all persons are entitled to vote, who possess 500/. stock or upwards, as follows : .£500 and under £ 1,000 . . one vote. 1,000 ... 5,000 . . two votes. 5,000 . . . 10,000 . . three votes. 10,000 and upwards .... four votes. The dividends on their stock are restricted to 10 per cent, per annum, and have hitherto been paid on the 1st January and 1st July : the present dividend is 5 per cent, per annum, and the Company pay the property tax. The dividends are paid and transfers made on any day except holidays. 108 The Company was required to complete the Blocks, within seven years, which was afterwards enlarged to twelve years. On the 24th January 1805, they gave notice by advertisement that the bason at Bell-dock and the dock communicating therewith, and also part of the warehouses, vaults, and quays, were ready for the re- ception of ships and landing their cargoes, in conse- quence of which the Dock was opened for public use m the following week. WEST INDIA DOCK. This Company was established by an act of 3D Geo* III.* passed 12th July H99, and was empowered to raise a joint stock of 500,000/., with liberty to increase the same to 600,000/., by consent of the majority of pro- prietors at a general meeting. This increased capital was however found inadequate to complete the under- taking ; and, in 1802, the Company were authorised to add 200,000/* to it, making the capital 800,000/., which has since been increased to 1,200,000/. Of this, sum, 1,127,500/. has been called for, and a further subscrip- tion of 2| per cent, was added in January 1808. They were to pay 5 per cent, interest for the money advanced, until the Docks were completed, and afterwards to make dividends not exceeding 10 per cent, per annum. The Company is under the management of twenty- one directors, eight of whom must be members of the Corporation of London. They are elected annually, five going out every year for three years, and six tfcm 109 fourth year. Two general meetings of proprietors are t© be held every year in January and July, at which all persons are entitled to vote, who hold 500/. stock or sipwards, as follows : «£500 and under <£2,000 . . . one vote. 2,000 . . . 5,000 ... two votes. 5,000 . . . 10,000 . . . three votes* 10,000 and upwards . + . . . four votes. y Votes may be given by power of attorney* The present dividend is ten per cent, per annum, and becomes due 1st January and 1st July, and the dividends are payable every day. The transfer days are Mondays and Thursdays, and do transfer can be made of less than 100/. The Dock was opened 27th August 1802. EAST INDIA DOCK. This Company was established by an act of 43 Geo. HI., passed 27th July 1803, and was authorised to raise a capital of 200,000/. divided into shares of 100/. each, with liberty to increase their capital to 300,000/., if found necessary. In 1806, they were empowered to add 100,000/. to their capital, making, with the former sum, 400,000/., nearly the whdle of which has been rais- ed. They were to pay 6 per cent, interest on the mo- ney advanced, and after the Docks should be completed, to make dividends not exceeding 10 per cent, per annum. 110 The Company is under the management of thirteen directors, who must be holders of at least twenty shares of the Company's stock, and four of them must be Di- rectors of the East India Company. They are elected annually in July, and three go out every year. Two general meetings are held yearly, in January and July, at which proprietors of five shares and up- wards are entitled to vote as follows : 5 and under 1 5 shares . . . one vote. 15 . . . 30 two votes. 30 ... 50 three votes. 50 and upwards ..... four votes. They must also be Directors of the East India Com- pany, or have been so within two years, or be an agent, husband, consignee, or owner, to the value of 500/., or upwards, of East India shipping: The last dividend was at the rate of 7 per cent, per annum, and is payable at Lady Day and Michaelmas, every day except Fridays, between the hours of eleven and two o'clock. The transfer days are Tuesdays and Thursdays : no transfer of less than 50/. is valid. The Dock was opened in August 1806. INDIA BQNDS. India Bonds are generally for 100/. each, and bear 5 percent, interest, payable the 31st March and the 30th Ill September. * In selling them, the interest due «p to the day of sale is, with the premium, added to the amount of the bills, which forms the sum to be paid by the purchaser. The premium, which is therefore the variable part of the price, is influenced by the price of stocks, the number of bonds in circulation, and other circumstances. From 1763 to 1776, the amount of bonds outstanding was near 3,000,000/. but Govern- ment have thought proper, at several different times^ to require that the bond-debt of the Company in Great Britain should be reduced to 1,500,000/. ; which it appears had been effected in June 1778. In 1783, they were empowered to borrow a farther sum of 500,000/. upon bonds; and in 1788, 1,200,000/, ia addition to the 1,500,000/. By the conditions ©H which they were permitted to increase their capital in 1793, they were again to reduce their bond debt of 3,200,000/. to 1 ,500,000/. beyond which it was not to be increased in future without the approbation of the Board of Commissioners for the Affairs of India, and in no case was to be increased to more than two mil- lions. But this reduction was not completed; for, in the next session, the Company obtained an act, authoris- ing them to continue their bond debt at 2,000,000/, ; * They formerly bore 3 per cent*, interest, which was raised from the SOth April 1778, to four per cent.; from the 1st of June 1783 to 4£ per «ent. ; and, in 1784, to 5 per cent. From the 31st of March 1787, the interest was reduced to 4 per cent., and, from 30th June 1796, was raised again to 5 per cent. From the 30th June 1804, the interest paid was threepence halfpenny a-day, being 51. 6s. 5%d. per annum ; but in conse- quence of the Company being required to deduct the property tax, this rate has been discontinued, and the interest paid is again 5 per cent. per annum. 112 and,' with the consent of the Commissioners, at any time hereafter, to issue bonds to the amount of another million. And by act 47 Geo. III. the Company were em- powered to raise a farther sum on bonds to the amount of 2,000,000/. instead of increasing their capital. By the 68th clause of the property tax act, the Company are to account to Government for the tax on the interest on their bonds which shall become due after the 30th of September 1806; it has there- fore been thought proper to discontinue the interest of S\d. per day, and to pay from the said 30th Sep- tember at the rate of 5 per cent, per annum, without any deduction being made by the Company for the tax, which arrangement renders it unnecessary for the holders of these bonds to make any return of them in their statements of income. These bonds being receivable by the Company as cash when there is six months interest due on them, are a very marketable security ; and are therefore par- ticularly convenient for such persons as have money to lay out which they may have occasion for at an uncertain time; and likewise for public companies and societies to keep in hand to answer emergencies. EXCHEQUER BILLS AND DEBENTURES. The first bills of this kind were issued in 1696, amounting to 2,700,000/. * to serve as a temporary substitute for cash during the re-coinage at that period ; # Some of these bills were for the small sums of 101. and 5!. each. 113 but they have been since issued by Government yearly* for obtaining part of the money necessary for the expenses of the current year. The suni of 2/750,000/, is usually raised in this manner on the credit of the Land and Malt Tax, although it is well known that these taxes never produce so much, the deficiency being always made good out of the next supplies. The sum to be issued out of the produce of the Con- solidated Fund may likewise be raised by these bills, charged upon the growing produce of the surplus of the said fund ; also other sums for ordinary and extra- ordinary expenses, by bills charged upon the first supplies of the next session; so that of late years the total amount of outstanding Exchequer Bills (exclusive of those charged on specific branches of the revenue) has usually been about twelve millions. The Bank, since 1706, have contracted with Government for the circulation of these bills at a certain premium. The interest they carry has been at various rates, from 7/. 12s. to 3 per cent. ; those at present in circulation bear interest at the rate of S\d. a-day per cent., which is computed up to the day of sale, from the. respective dates of the bills. They are frequently for 100/. each, but those issued of late years have been chiefly for 1000/. each, and they have sometimes been made out for much larger sums : they are numbered arithmetically, and registered accordingly, for the purpose of paying them off in a regular course. They are paid at the Exchequer Bill Office in St. Margaret's Street, and the time of payment is notified by advertisement. The daily transactions between the Bank and the Exchequer are chiefly carried on by bills of 1000/. each, which are deposited by the Bank in the Exchequer to 114 the amount of the sums received by them on Govern- ment account ; the bank notes and cash thus received by the Bank being retained by them, as the detail part of the money concerns of Government is all transacted at the Bank. The instalments on loans are paid into the receipt of the Exchequer by these Exchequer Bills of 1000/. each, which are received again by the Bank as cash, either for the amount of dividends due, or in repayments of advances; and as, while deposited in the Exchequer, they are considered merely as a pledge or security, they of course continue to bear interest till the advance on which the Bank first received them is paid off. In October 1796, the 5 per Cent. Exchequer Bills, issued on the vote of credit, being at a considerable discount, it was thought proper to fund them; and the terms agreed upon were as follows: — The holders to be entitled for every 100/. to either of the following capitals : 176/. 19s. 91(1 in the 3 per Cents. 137/. IBs. l\d. in the 4 per Cents. 118/. 69. 10^/. in the 5 per Cents. The amount of the bills thus funded was 1,433,870/. and the capital stock created in the different funds, 2,374,333/. 14j. &d, In November 1801, it was again found necessary to fund a considerable part of the outstanding Bills, which was effected on the following: conditions: for each 100/. principal to receive the undermentioned proportions of stock : 215 Estimated Value. 25/. Three per Cent. Consols £\1 : l : iof 25/. Tliree per Cent. Reduced 16 : 16 : lOi. 50/. Four per Cent. Consols . 42 : 1 : 6 25/. New Five per Cents. . . 24 : 15 : Is. 9d. Long Annuity ... 1:14:4 ,£102 : 15 : 7 and the proprietors to have the liberty of subscribing SO/, additional in money for every 100/. in bills, to be applied in paying off the sum of about 2,400,000/. in Exchequer Bills held by the Bank. The amount of the Bills funded and redeemed was 8,910,450/. In 1808 Exchequer Bills amounting to 4,000,000/. were funded in the 5 per Cents, and 4 per Cents, creating a capital of 4,001,352/. 105. in the former ; and 237,900/. in the latter stock. In 1809, Exchequer Bills amounting to 7,932,100/. were funded in the 5 per Cents, and 4 per Cents, creating a capital of 7,873,308/. 125. in the former; and 3S0,236/. 5s. in the latter stock. In 1810, Exchequer Bills amounting to 8,31 1,000/. were funded in the 5 per Cents, creating a capital of 8,581,107/. 105. stock. *In 1811, Exchequer Bills amounting to 7,018,700/. * This funding was originally intended to complete the sum of 12,000,000/. in Exchequer Bills, but only 7,018,700/. was subscribed, the terms being 103/. 14s. stock in the Fives for every 100/. in Bills; and therefore, to complete the remainder of the 12 millions, a loan of 4,981,3001. wasraised in the Navy 5 per Cent. Annuities, which created 5,166,319/. 14*. 3$s. Sd., of which 1,347,500/. was subscribed on these conditions, and the remainder, being 152,500/., was made up by money: of the whole sum, only 18,000/. was subscribed into the Tontine Annuities. The amount of the unfunded debt at the conclusion of the American war caused Navy Bills, towards the end of the year 1783, to be at a very great discount : on the 8th January 1784, it was as high as 21 percent., and continued very high even after it was known that a considerable part of the bills would be funded. The Navy, Victualling, and Transport Debt, on 31st December 1783, amounted to 13,368,523/., but the funding included only bills prior to the 30th June J 782, which were converted into stock, at 107/. 10s. 6d. five per cent, stock for every 100/. The amount of bills funded was 6,397,900/. The discount becoming again considerable in the beginning of 1785, it was deemed necessary to fund nearly the whole amount of the bills then outstanding; which was effected by allowing 111/. 8s. five per cent, stock for every 100/. The amount of bills funded was 9,865,941/. 18s. 4d., the stock created was consolidated with the 5 per Cents, created by the last funding, and made irredeemable till 25 millions of the public debt, bearing 3 or 4 per cent, interest, should be redeemed ot* paid off. 1C2 la the beginning of the late war, the navy debt soon increased to an inconvenient amount; 1,907,452/. 5s, 7d. was therefore funded, in 1794, at 101/. five per cent, stock for every 100/.; and, -in 1795, 1,490,647/. 6s. 6d. was funded, at 108/. five per cent, stock for every 100/. In April 1796, it was resolved to fund all the Navy, Victualling, and Transport Bills, (except those in the hands of the Bank,) made out on or before the 30th September 1795; but, as it would have been an unfair advantage to allow the holders of those last issued to fund them on the same terms as those nearly due, they were divided into two classes, the first con- taining the bills made out on or before the 31st of May, which were allowed 105/. five per cent, stock for every 100/. ; and the other class containing the bills made out from May to the 30th September, which were allowed 104/. five per cent, stock for every 100/. The amount of bills funded was 4,226,736/. 145. Notwithstanding so large an amount of these bills had been thus taken out of the market, the discount soon increased again considerably : on the 3d August following, it had got to 10 per cent., and the bills of September were issued at from 13^ to 15! discount, in consequence of which it was found necessary to have recourse to the same expedient. Accordingly, on the 26th October, a meeting was held at the London Tavern, of the principal holders of Navy, Victualling, and 5 per Cent. Exchequer Bills, when the following proposals for funding them were agreed to : The Navy and Victualling Bills to be divided into four classes, according to their dates, and to be funded in either 3, 4, or 5 per cent, stock, at the option of th§ 123 holders ; the stock to be taken at the following prices, which were regulated by the current price of the morn- ing on which the meeting was held, Oct. Novem, Decern. Jan. Feb. Mar. April May, June, July . . August, Septem. Oct. These proposals being agreed to, an act was passed for carrying them into execution, pursuant to which bills amounting to 11,595,529/. 8s. were cancelled, and converted into stock in the following proportion : In the 3 per Cents. . . «f 16,441,809 : 4 : 4 per Cents. . . 765,427 : 11 : 6 5 per Cents. . , 2,034,889 : 11 : 1 3 per 4 per 5 per Cent. Cent. Cent. 1195 ; 56 . , 72 . 84 1796 . 561- ■ . 72^ . 84-; . 57 . 73 . 85 . 57i , i 73^ . 85j .£19,242,126 : 6 : 7 In 1794, all Navy and Victualling Bills were made payable on a certain day to be expressed in each par- ticular bill, which day was not to exceed fifteen months from the date of the bill ; but the bills now issued from the Navy and Victualling Offices are at 90 days date, bearing interest at 3d. per cent, per diem, commencing from the date of the bill, and payable with it; and these bills, being negotiated as bills of exchange^ of course cannot be bought and sold at a discount. In negotiating these bills, the whole property tax on the 90 days interest is deducted, and the interest for the time they have to run is taken on the nett sum. OMNIUM. When a loan is simply a certain sum lent at any fixed rate of interest, it is evident the gain of the sub- scribers must entirely depend upon the market price of stock, bearing the same interest, being higher, when they may have occasion to dispose of their new stock, than the price at which they made their agreement with the Minister ; but frequently of late years, the terms of the loans have general^ consisted of several distinct articles : as 3, 4, or 5 per Cent. Annuities, and some- times with a certain proportion of terminable annuity ; and the term Omnium, which appears in the stock lists for some time after every new loan, includes all the several articles in the contract between Government and the original subscribers. The Omnium in the loan of 36,000,000/., contracted for in June 1815, consisted of .£130 three per Cent. Reduced Annuities 44 three per Cent. Consols, and 10 four per Cent. Annuities for each 100/. sterling subscribed. / Those who wish for farther information on this head, are referred to " The Terms of all the Loans which have been raised for the Public Service, with Observa- tions on the Rate of Interest paid for the Money bor- rowed, &c." By J. J. Grellier. 3d Edition. 125 SCRIP. The loans to Government are advanced by instal- ments, the first of which is usually 10 or 15 per cent, deposited at the time of subscribing, and the following payments are generally fixed at about a month's dis- tance from each other. Some of the subscribers pay their whole subscription at the time fixed for the first or second payment, and their shares become imme- diately transferrable stock, but the greater part dispose of the several articles that make up the terms of the loan separately ; and, in this state, the 3 or 4 per CenT7 Consols, &c. are distinguished by the name of Scrip, till the whole sum has been paid in upon them pi The payments on the loan contracted for in June, 181 5, were fixed as follows, being for 36,000,000/. viz. 10 per Cent. . . . 17 June. 10 ■. 21 July. 10 18 August. 10 15 September. 10 20 October. 10 17 November. 10 C 2Q .December. 10 17 January, 1816. 10 16 February. 10 15 March. * Persons who purchase Scrip should be careful to receive the divi- dends which may become due thereon. A great proportion of the un- claimed dividends arises from neglect in this respect, as the dividends on Scrip are much more liable to be forgotten than on stetck. 126 The value of Scrip, after any given number of pay- ments have been made thereon, may be computed by deducting the amount of the remaining payments from the amount at the market price of the same stock. EXAMPLE. What is the sum to be paid for the purchase of 1,000/. 3 per Cent. Scrip, at 65±, on which there remains six payments of 10 per cent, to be made ? 1,000/, Scrip, at 65k, is . . . £655 Supposing the stock originally taken at 64,7 qqa the six remaining payments will be . 3 Sum to be paid . . . 271 The price at which the stock was taken may always be ascertained from the Scrip receipts. As there is generally a discount allowed during the time of pay- ment, this also ought to be deducted, in order to obtain the nett cost of the stock. A general Method for finding the Value of any Quantity of Stock sold or purchased. Rule. — Multiply the price of the stock by the quantity, observing, instead of the fractional part of the price, if any, to affix the respective figures agree- ing thereto, in the following scale, with a point on the left side; then, for the Perpetual Annuities, as 3,4, 127 or 5, per cents. &c, point off two more figures from the product than were affixed for the fractional part of the price, and the figures on the left side of the point will be pounds ; the remaining figures, being multiplied by 20, and the same number again pointed off, will be the shillings, if any; and the remaining figures being multiplied by 12, and pointed off, as before, will be the pence, if any,* which pounds, shil- lings, and pence, make up the whole of the purchase- money. For the Terminable Annuities, as Long or Imperial, &c. mark off so many figures only, in the products, as were affixed for the fractional part of the price. SCALE. 1 TT ,0625 9 TT ,5625 T ,125 s ,625 TT ,1875 l l TT ,6875 l * ,25 3 T ,75 TT ,312,5 1 3 TT ,8125 3 T ,375 i ,875 7 TT ,4315 1 1 TT ,9375 T ,5 12S EXAMPLES. What is the purchase of S16/., Three per Cent, Consols, at 63y per Cent. ? 63,625 816 381750 63625 509000 519,18000 20 3,60000 12 7,2000 Answer . . . £519 : 3 : 7 What is the value of 893/. Five per Cent. Annuities, at 93| per Cent,? 93,875 * 893 281625 844875 151000 838,30375 20 6,07500 12 ,90000 4 3,6000 Answer . . . £S3S : 6 : Of * It is immaterial whether the price or the quantity of stock be made the multiplier. 129 What is the value of 87/. Long Annuity, at 14|i years purchase ? 14,9375 87 « 1045625 1 195000 1299,5625 20 11,2500 12 Answer 3,0000 . c£l299 : 11 : 3 Some of the usual methods of finding the value of any quantity of Stock are as follows, viz. Let it be required to find the purchase of 725/. five per Cent Annuities, at 93i per cent. 10s. i- 725 93 674-25 181 679)68 15 20 Answer 13,75 12 9,00 .£679 13 Let it be required to find the purchase of 37/. Long Annuities, at 14 j years pur- chase. } 37 14 148 37 18 10 .£536 10 Answer . ,£536 : 10 : 130 TABLE I. Shewing the Interest due on 100/. in the 3, 8J, 4, and 5 per Cent. Public Funds ; and upon 1/. per Annum in the under-mentioned Annuities , for every Day in the Year. > ■ r« o . -o ^ cL s > a as ? T3 s o © a m I V V — V S — c W o 5^ oo O (A O O < 2 S • - 6 u • V O V a. CO fa 6 & ■ a. 1 a, a C1MMO CI CI o * «o £ 5. d. ■f. d. *. rf. S. rf. *. rf. s. d. *. <*. t. , 3 c o» 'O . T3 / £. c 3 - £« ■^ - = ■M 5 ft £ 1-6 T* -o 5 s. d i'. '/. i. i. j. d. s. d. . d s. rf. A d. Feb. 1 4 6 19 4 5 3 5 3 '5 9 7 5 (> 5 5 i g 4 8 19 6 15 5 5 5 26 7 9 6 6 5 2 3 4 10 19 « 15 7 5 7 26 2 8 6 7 5 2 4 5 $ i9 10 I > 9 5 10 25 5 8 3 6 7 5 3 5 5 J 20 15 11 6 26 8 8 7 6 8 5 3 6 5 4 20 2 16 1 6 2 26 10 8 10 6 9 5 4 7 5 6 20 4 6 jj 6 5 27 1 9 1 6 9 5 5 8 5 8 20 6 16 5 6 7 27 4 9 5 6 10 5 6 9 5 10 20 8 16 7 6 9 27 7 9 8 6 11 5 6 10 6 20 10 I'i 9 f> 11 27 10 9 11 6 11 5 7 11 6 2 21 16 11 7 2 28 10 3 7 5 8 12 6 4 21 2 [7 1 7 4 28 3 10 6 7 1 5 8 13 6 6 91 4 :7 3 7 6 28 6 9 7 1 5 9 14 6 8 21 6 l~ 5 7 9 28 8 U 1 7 2 5 10 15 6 9 21 8 r7 7 7 11 28 11 11 4 7 3 5 10 16 6 11 21 10 17 9 8 1 29 1 11 7 7 3 5 11 17 7 1 22 17 11 8 4 29 4 11 10 7 4 6 18 7 3 22 2 18 1 8 6 29 7 12 2 7 5 6 1^ 7 5 22 4 .8 3 8 8 -'9 i0 12 5 7 5 6 1 20 7 7 22 6 18 5 8 11 i0 12 8 7 6 6 2 21 7 9 22 9 18 7 >.-/ 1 30 3 13 7 7 6 2 22 7 11 22 11 18 9 9 3 30 6 13 3 7 7 6 3 23 8 1 23 1 18 11 9 6 iO 9 13 6 7 8 6 4 24 8 3 23 3 :9 1 9 8 30 11 13 10 7 9 6 4 2.5 8 5 23 5 \9 3 9 11 31 2 14 1 7 10 6 5 26 8 7 13 7 19 5 '0 1 31 5 14 4 7 10 6 6 27 8 9 23 9 19 7 id 3 31 8 14 8 7 11 6 6 28 8 11 23 11 19 9 10 5 31 10 14 U 8 6 7 Mar. 1 9 1 24 1 19 11 10 8 32 1 15 2 8 6 8 2 9 3 24 3 CO 1 10 10 32 4 15 6 8 1 6 8 5 9 5 24 5 20 3 1 1 32 6 15 9 8 2 6 9 4 9 7 24 7 .0 5 11 o 32 9 16 8 2 6 10 $ 9 9 24 9 20 7 11 5 33 16 4 3 3 6 10 6 9 11 24 11 20 9 11 7 33 3 16 7 8 4 6 11 7 10 1 25 1 80 11 11 10 13 5 16 10 8 4 7 8 10 3 25 3 21 1 12 33 8 17 2 8 5 7 /10 5 25 5 21 3 12 2 33 11 17 5 8 6 7 I U 10 7 25 7 21 5 12 4 34 1 17 8 8 6 7 1 11 10 9 25 9 11 7 12 7 34 4 17.11 8 7 7 2 12 10 11 25 11 21 9 12 9 54 7 18 3 8 8 7 3 13 11 1 26 1 21 11 19 11 34 10 18 6 8 8 7 3 14 11 3 26 3 22 1 13 2 35 18 9 H 9 7 4 15 11 5 26 5 : ^2 2 13 4 35 3 19 1 8 10 7 5 16 11 7 26 7 22 4 13 6 35 G 19 4 3 10 7 5 17 11 9 26 9 •2 6 13 9 >5 8 19 7 8 11 7 6 16 11 11 26 11 22 8 13 11 35 11 19 11 9 7 7 132 per Cent. Consols. ditto . J 726. ditto . 1751. do. New S. S. Ann. 1 -3 . gCO s ° < d S c V U s- 0) Pi u CO to" on 1 a o U fl 6 U u. X c B la a) a. £ 'a a a < kg 1 1 i a its El V a, S CO CO CO CO CO CO CO CO ^ *0 -J HH 5. d. 5. d. s. d. j. d. s. d. s. d. ?. d. s. d. Mar.19 12 1 27 1 22 10 14 1 36 2 20 2 9 7 7 20 12 3 27 3 23 14 4 36 5 20 5 9 1 7 8 21 12 5 27 5 23 2 14 6 S6 7 20 9 9 2 7 9 22 12 7 27 8 23 4 14 8 56 9 21 9 2 7 9 23 12 9 27 10 23 6 14 11 37 21 3 9 3 7 10 24 12 11 28 23 8 15 1 37 3 •21 7 9 4 7 11 25 13 1 28 2 23 10 15 3 37 6 21 10 9 5 7 ll 26 13 3 28 4 24 15 6 37 8 22 1 9 5 8 27 13 5 28 6 24 2 15 8 37 11 22 4 9 6 8 28 13 7 28 8 24 4 IS 10 38 2 22 7 9 7 8 1 29 13 9 28 10 24 6 16 1 38 5 22 11 9 7 8 2 30 13 11 29 24 8 16 3 38 7 23 2 9 8 8 3 31 14 1 29 2 24 10 16 5 58 10 23 6 9 9 & 3 April 1 14 3 19 4 25 16 8 39 1 23 9 9 9 8 4 2 14 5 29 6 25 2 16 10 39 4 24 9 10 8 5 3 14 7 29 8 25 4 17 39 6 2i 4 9 11 8 5 4 14 9 29 10 23 6 17 2 B9 9 24 7 9 11 8 6 5 14 11 30 25 8 17 5 40 24 10 8 7 6 15 1 2 25 10 17 7 3 25 2 1 8 7 7 15 3 4 26 17 9 5 25 5 1 8 8 8 15 5 6 26 2 18 .0 8 25 8 •0 2 8 9 9 15 7 8 26 4 18 2 10 26 3 8 9 10 15 9 10 26 6 18 4 ■ 1 1 26 3 3 8 10 11 15 11 11 26 8 18 7 1 3 26 6 4 8 11 12 16 1 1 1 26 10 18 9 1 6 26 10 4 8 11 13 16 3 1 3 27 18 11 1 8 27 1 5 9 14 16 5 I 5 27 2 19 2 1 11 27 4 6 9 1 15 16 ' 7 i n 27 4 19 4 2 2 27 7 6 9 1 16 16 9 1 9 27 6 19 6 2 4 27 U 7 9 2 17 16 11 i n 27 8 19 9 2 7 28 2 8 9 3 18 17 1 2 1 27 10 19 11 2 9 28 5 8 9 3 19 17 3 2 3 28 20 1 3 28 9 9 9 4 20 17 5 2 5 28 2 20 4 3 2 29 10 9 5 21 17 7 2 7 28 4 20 6 3 5 29 3 10 9 5 22 17 9 2 9 28 6 20 8 3 7 29 7 11 9 6 23 17 11 2 10 28 8 20 11 3 10 29 10 11 9 7 24 18 1 3 28 10 21 2 4 I 30 1 1 9 7 25 18 3 3 2 29 21 4 4 3 30 5 1 1 9 8 26 18 5 3 4 29 2 21 6 4 6 30 8 1 1 9 9 27 18 7 3 6 29 4 21 8 4 8 30 11 1 2 9 9 28 18 9 3 8 29 6 21 10 4 11 31 3 1 3 9 10 29 18 11 3 10 29 8 22 1 5 1 31 6 1 3 9 11 30 19 1 4 29 10 22 3 5 4 31 9 1 4 9 11 May 1 19 3 4 2 30 22 5 5 6 32 1 1 5 2 19 5 4 4 2 22 8 5 9 32 4 1 5 1 3 19 7 4 6 4 22 10 5 11 32 7 1 6 1 133 Consols. 1726. 1751. S. S. Ann. S 3 S i c < en a c < d, S t— < to 'p i >> > <>> £ 3 m e li PI & a a . 'w % . 55 « ** .~ ,t2 S-T3 T3 — a u c 1 a u E O CO S U &> c > >» 6 . 1* «J 1 H lo 11 45 7 4 2 8 20 27 6 12 2 s B 2 1 16 2 45 10 4 1 2 9 21 27 8 12 3 8 4 12 3 16 5 46 2 4 1 * 9 22 27 10 12 5 8 6 52 6 16 7 46 5 4 2 2 10 23 28 12 7 8 8 5 2 8 16 10 46 8 4 2 2 11 24 28 2 12 9 8 K >2 10 7 47 4 3 2 11 23 28 4 12 il 9 33 1 17 3 47 3 4 4 3 26 28 6 13 1 9 £ 33 8 17 5 47 6 4 4 3 1 27 28 8 13 4 9 4 33 5 17 8 47 9 4 5 3 1 28 28 JO 13 5 9 5 VI 8 17 10 48 1 4 6 3 2 29 29 13 7 9 7 Vi K) 18 1 48 4 4 6 3 2 30 29 2 15 9 9 9 54 18 4 48 7 4 7 3 3 July J 29 4 13 11 9 11 J4 3 18 6 48 11 4 8 3 4 2 29 6 14 10 I >4 5 18 9 -19 £ 4 8 3 4 3 29 8 14 2 10 3 14 7 13 11 49 5 3 5 4 29 10 14 4 10 5 34 10 19 2 49 9 4 9 3 4 5 30 14 6 lo 7 5 19 4 50 4 10 3 6 6 2 14 8 10 9 2 19 7 3 4 11 3 7 7 4 14 10 10 I 5 19 9 7 4 H 3 8 8 6 15 n li 1 7 o 10 5 i 3 8 9 8 15 2 11 3 9 20 3 1 ] 5 1 3 9 10 10 15 4 li 5 11 5 1 4 5 I 3 10 11 1 5 6 11 7 1 2 8 1 8 5 2 3 10 12 2 15 8 1 9« 1 4 20 10 • 11 5 3 3 11 13 4 15 10 11 1 1 6 :l 1 2 -J 5 3 4 14 6 15 11 1 > 1 1 9 21 3 2 S 5 4 4 15 8 16 I 12 3 1 11 21 6 2 9 5 4 4 1 16 10 16 3 12 2 1 21 8 3 i 5 4 1 17 U 16 5 la 7 21 11 3 5 5 6 4 2 18 2 I 16 7 12 9 2 6 2 x :> fi 5 6 4 3 19 2 3 16 9 i« li s 2 4 3 li .i 7 4 3 20 2 5 16 11 13 1 -' 10 22 7 4 1 5 8 4 4 21 2 7 17 1 13 2 3 1 22 9 4 I 5 8 4 5 22 2 9 7 3 1.3 4 23 4 7 5 9 4 5 23 2 11 17 5 13 6 3 5 2 5 2 4 II 5 10 4 6 24 3 1 17 7 13 S ,3 9 2- 5 5 2 5 10 4 7 25 8 3 17 9 13 10 .> 10 23 7 5 5 > 11 4 7 26 3 5 17 In U 2'1 10 5 F U 4 8 27 3 7 18 14 2 4 2 4 6 6 4 9 28 3 9 14 4 4 4 4 3 (5 :-, 6 1 4 9 29 3 11 18 4 14 6 +- 7 m >; 6 f, h ! 4 10 30 4 1 is 6 14 8 4 9 A 8 o 10 6 2 4 11 31 4 3 18 8 14 10 4 11 24 11 7 1 6 3 4 11 Aug. 1 4 5 18 10 15 5 2 25 1 7 4 6 3 5 2 4 7 19 15 2 5 4 25 4 7 7 6 4 5 1 3 4 9 I 19 2 15 4 5 C 25 6 7 11 6 5 5 1 135 c ■ ■n §.«■ c s "5 § a < E i— « ■ ■ c £1 > >» 2 OS a ?! 1 s s . or? • & c in c a 1 0) W o QO 5 in ■ 3 < '-. c * Z c ft. a ■fi s J w d en p; IT! « « 00 rp 5. d. f. rf. s. d. s. d. i. d. s. d. 5. rf. s. d. Aug. 4 4 11 19 4 15 6 5 8 25 9 3 2 6 5 5 2 5 5 l 19 6 15 8 5 11 25 11 8 5 6 6 5 3 6 5 3 19 8 15 10 6 1 26 2 8 8 6 7 5 3 7 5 6 19 9 |6 6 3 26 5 9 6 7 5 4 8 5 7 19 11 16 2 6 5 26 7 9 3 6 8 5 5 9 5 8 20 1 16 4 6 8 6 10 9 6 6 8 5 5 10 5 10 20 3 16 6 6 10 27 9 9 6 9 5 6 11 6 20 5 16 8 7 27 3 10 1 6 10 5 7 12 6 2 20 7 16 10 7 3 27 5 10 4 6 10 5 7 13 6 4 '0 9 16 11 7 5 27 8 10 7 6 11 5 8 14 6 6 20 11 17 1 7 7 27 10 10 10 7 5 8 15 6 8 21 1 17 3 7 10 28 1 11 2 7 5 9 16 C 10 21 3 17 5 8 28 4 11 5 7 1 5 10 17 7 2] 5 17 7 8 2 28 6 U 8 7 2 5 10 18 7 2 21 6 17 9 8 4 28 9 11 11 7 2 5 11 10 7 4 2| 8 17 11 8 7 28 11 12 3 7 3 6 20 7 6 21 10 18 1 8 9 29 2 12 6 7 3 6 21 7 8 22 18 3 8 11 29 4 12 9 7 4 6 1 22 7 10 ■22 '2 IS 5 9 2 29 7 13 1 7 5 6 2 23 8 22 4 18 7 9 4 29 9 13 4 7 5 6 2 24 8 2 22 6 18 9 9 6 iO 13 7 7 6 6 3 " 25 8 4 22 8 18 11 9 8 JO 3 13 10 7 7 6 4 26 8 6 22 10 19 1 9 il 30 5 14 2 7 7 6 4 27 8 8 23 19 3 10 1 30 7 14 5 7 8 6 5 28 8 10 >3 2 19 5 10 S 10 10 14 8 7 9 6 6 29 9 23 4 19 7 10 6 31 1 14 11 7 9 6 6 30 9 2 23 5 19 9 10 8 31 3 15 3 7 10 6 7 31 9 1 23 7 19 11 10 10 31 6 15 6 7 10 6 8 Sept. J 9 5 23 9 20 1 11 31 8 15 9 7 n 6 8 2 9 7 23 11 20 3 11 3 31 11 16 8 6 9 3 9 9 24 1 20 5 11 5 32 2 16 4 8 6 10 4 9 11 24 3 •20 7 11 7 32 4 16 7 8 1 6 10 5 10 ) 24 6 20 8 11 10 32 6 16 10 8 2 6 11 6 10 3 24 7 20 10 12 32 9 17 1 8 2 6 11 7 10 5 24 9 21 12 2 33 17 5 8 3 7 8 10 7 24 11 21 2 12 4 33 2 17 8 8 4 7 1 9 10 9 25 1 21 4 12 7 33 5 17 11 8 4 7 1 10 10 11 25 3 21 6 !2 9 33 7 18 2 8 5 7 2 11 11 1 25 4 21 8 12 11 33 10 18 6 8 5 7 3 12 11 3 25 6 21 10 13 1 34 18 9 8 6 7 3 13 11 5 25 8 22 13 4 34 3 19 8 7 7 4 14 11 7 25 10 22 2 23 6 34 6 19 4 8 7 7 5 15 11 9 26 22 4 13 8 34 8 19 7 8 8 7 5 16 11 11 26 2 22 6 13 11 34 11 19 10 8 9 7 6 J7 12 1 26 4 22 8 14 1 35 1 20 1 8 9 7 7 .. 12 3 26 6 22 10 14 3 35 4 20 5 8 JO 7 7 136 "3 • en ^o © t- gco "8 5 o a £cO < d. e ■m CO 9 > £ ■ 1 c 1 * CO • s a. „J CO a V U 6 CO CO (J = '3 c c < ■— s a 5 . — .t: 6 99 to 1-dM 31 5 ?0 CO CO CO r. co CO •* >o J s. d. *. r/. 5. d | d *. of. 5 d. ^. it. s. d. Sep. 19 12 5 26 8 23 14 5 35 6 | :o 8 8 11 7 8 20 12 7 26 10 | 23 2 14 8 35 9 20 If 8 ,1 7 9 21 12 9 27 23 4 14 10 35 11 .'1 2 9 7 9 22 12 11 27 2 : 23 6 | 15 36 2 21 6 | 1 7 10 23 13 1 27 3 1 23 8 15 3 36 5 21 9 9 1 7 11 24 13 2 27 5 23 10 15 5 36 7 22 9 ') 7 11 25 13 4 27 7 2+ J5 7 36 10 22 3 9 2 8 26 13 6 ! 27 9 24 2 15 9 37 22 7 9 3 8 1 27 13 8 27 11 24 4 16 37 3 22 10 § 4 8 1 28 13 10 28 1 24 5 16 2 37 5 23 I 9 4 8 2 29 14 28 3 ■ 28 5 : 24 7 16 I 37 8 23 4 9 5 8 2 30 14 2 24 9 16 7 37 10 23 8 9 6 8 3 Oct. l 14 4 28 7 24 11 16 9 38 1 23 11 9 6 8 4 2 14 6 28 9 25 1 16 11 38 4 24 2 9 7 8 4 3 14 8 28 11 25 3 17 1 38 6 24 5 9 8 8 5 4 14 10 29 $5 5 17 4 38 9 24 9 8 8 6 5 15 29 2 25 7 17 6 38 '1 •25 9 9 8 6 6 15 2 29 4 . 25 9 17 8 19 2 25 3 9 9 8 7 7 15 4 29 6 25 11 17 11 39 I 25 7 9 10 8 8 8 15 6 29 8 26 1 18 1 39 7 2D 10 9 11 8 8 9 15 8 29 10 26 3 18 3 39 9 16 1 9 11 8 9 10 15 10 30 26 5 | IS 5 40 ( 26 4 10 8 10 11 16 2 26 7 18 8 3 26 8 1 8 10 12 16 2 4 26 9 18 10 5 16 11 1 8 11 13 16 4 6 26 11 19 8 27 2 2 9 14 16 6 8 27 1 19 3 11 27 5 3 9 15 16 8 10 27 3 19 5 1 2 27 9 3 9 1 16 16 10 1 27 5 19 7 1 4 28 Q 4 9 2 17 16 11 1 2 27 7 ■ 19 9 1 7 28 3 t) 5 9 2 18 17 1 1 4 27 9 '20 1 10 23 6 5 9 3 19 17 3 1 6 27 11 20 2 2 28 10 6 9 3 20 17 5 1 8 28 1 20 4 2 3 29 1 7 9 4 21 17 7 1 10 28 2 20 7 2 6 29 4 7 9 5 22 17 9 2 28 4 30 9 2 9 29 7 8 9 6 23 17 11 2 2 28 6 20 11 2 11 29 11 9 9 6 24 18 1 2 4 28 8 21 1 3 2 30 2 9 9 7 25 18 3 2 7 28 10 21 4 3 5 30 5 10 9 7 26 18 5 2 9 29 HI 6 3 7 30 8 11 9 8 27 18 7 2 11 29 2 21 8 3 10 31 1 9 9 28 18 9 3 1 29 4 21 10 4 1 31 3 1 9 9 29 18 11 3 3 29 6 22 1 4 4 31 6 1 1 9 10 30 19 1 3 5 29 8 22 3 4 6 31 10 1 2 9 11 31 19 3 3 7 29 10 22 5 4 9 32 1 J 2 9 11 Nov. 1 19 5 a 9 30 22 8 5 32 4 1 3 10 2 19 7 3 11 2 22 10 5 2 32 7 1 4 1 3 19 9 4 1 4 23 •1 5 5 32 11 1 4 1 137 c n • • * 3 2 ^ *-> *j ^ ■3 t5 «o to co co eo Nov. 4 5 6 7 9 10 1 13 13 14 15 16 17 18 19 20 21 22 tB 24 25 96 27 23 29 30 . 1 2 B 4 5 6 7 8 9 10 U 12 13 14 15 16 17 18 IP Dec s. 19 20 20 20 20 20 20 21 21 21 21 21 21 22 22 22 22 22 22 23 23 23 23 23 23 24 24 24 24 24 24 24 25 25 25 25 25 25 26 26 26 26 26 26 27 27 ■2 9 13 co S 2 S O 9 o -— *-> a. 73 co co 5. tf CO ii c 6 CO i O o > 1 ft G & '5 c a 1 * U o o* <-> o L> CO CJ o < CO S .5 .5 c ss CO 6 Is bti cu s.-o tj *c a. -a a. Mw B. J co co co co CO CO CO CO f «o 5. rf. s. d. 5. rf. s. d. s. d. s. d. S. d. 8. amount to the Purchase Money. April G , 1815. October 11, 1813. Years Purch. Annui receive d. Interest pro the reserve is duced when improved at Interest produced when the reserve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. £. s. rf. £. s. d. £. s. d. £. s. d. £. s. d. 19 5 5 3 4 8 8 4 12 9 4 8 3 4 12 5 18| 5 6 8 4 10 1 4 14 2 4 9 8 4 13 10 * 5 8 1 4 11 6 4 15 7 4 11 1 4 15 3 i 5 9 7 4 13 4 17 1 4 12 7 4 16 9 18 5 11 1 4 14 6 4 18 7 4 14 1 4 18 3 17| 5 12 7 4 16 5 1 4 15 7 4 19 9 i 5 14 3 4 17 8 5 1 9 4 17 3 5 1 5 i 5 15 11 4 19 4 5 3 5 4 18 11 5 3 1 17 5 17 7 5 1 5 5 1 5 7 5 4 9 161 5 19 4 5 2 9 5 6 10 5 2 4 5 6 6 i 6 1 2 5 4 7 5 8 8 5 4 2 5 8 4 I 6 3 5 6 5 5 10 6 5 6 5 10 2 16 6 5 5 8 5 5 12 6 5 8 5 12 2 15$ 6 6 11 5 10 4 5 14 5 5 9 11 5 14 1 i 6 9 5 12 5 5 16 6 5 12 5 16 2 i 6 II 1 5 14 6 5 18 7 5 14 1 5 18 3 15 6 13 4 5 16 9 6 10 5 16 4 6 6 L 2 148 . April 6 , 1810. October ll'lSHV 1 Interest produced when Interest produced when Years Purch. Annuity received. the reserve is improved at the reserved improved at d 4 per Cent. 5 per Out. 4 per Ct nt. 5 per Cent. £. s. £. s. d u £. s. d. £. s. d. £. s. rf. 19 5 5 3 4 7 10 4 12 1 4 7 5 4 11 8 18| 5 6 8 4 9 3 4 13 6 4 8 10 4 13 1 i 5 8 1 4 10 8 4 14 11 4 10 ° 4 14 6 i 5 9 7 4 12 2 4 16 5 4 II 4 16 18 5 11 1 4 13 8 4 17 11 4 13 3 4 17 6 17| 5 12 7 4 15 2 4 19 5 4 14 9 4 19 i 5 14 3 4 16 10 5 1 1 4 16 5 5 8 f 5 15 11 4 18 6 5 2 9 4 18 1 5 2 4 17 6 17 7 5 2 5 4 5 4 19 9 5 4 16| 5 19 4 5 1 11 5 6 2 5 1 6 5 5 9, i 6 1 2 5 3 9 5 8 5 3 4 5 7 7 i 1 6 3 55 7 5 y io 5 5 2 5 9 5' 16 6 5 5 7 7 5 11 10 5 7 2 5 11 5 15! 6 6 11 5 9 6 5 13 9 5 9 1 5 13 4 § 6 9 5 11 7 5 15 10 5 12 5 16 3 I 6 11 1 5 13 8 5 17 11 5 13 3 5 17 6 15 6 13 4 5 15 11 6 2 5 15 6 5 19 9 April 6 ,1817. October LI, 1817. L ' Interest produced when Interest produced when Years Purch. Annuity received. the reserve is improved at the reserve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. £. s. ft £■ s. d. £. s. d. £. s. d. £. s. d. 10 5 5 3 4 7 4 11 3 4 6 7 4 10 10 18! 5 6 8 4 8 5 4 12 8 4 8 4 12 3 § 5 8 1 4 9 10 4 14 1 4 9 5 4 13 8 * 5 9 7 4 11 4 4 15 7 4 10 11 4 15 2 18 5 11 1 4 12 10 ' 4 17 1 4 12 5 4 16 8 17! 5 12 7 4 H 4 4 18 7 4 13 11 4 18 2 h 5 14 3 4 16 5 3 4 15 7 4 19 10 % 5 15 11 4 17 8 5 1 11 4 17 3 5 1 6 17 5 17 7 4 19 4. 5 3 7 4 18 11 5 3 2 16! 5 19 4 5 I 1 5 5 4 5 8 5 4 11 $ 6 1 2 5 2 11 5 7 2 5 2 6 5 6 9 i 6 3 5 4 9 5 9 5 4 4 5 8 7 16 6 5 5 6 9 5 11 5 6 4 5 10 7 15! 6 6 11 5 8 8 5 12 11 5 8 3 5 12 6 1 6 9 5 10 9 5 15 5 10 4 5 14 7 * „6 11 1 5 12 10 5 17 1 5 12 5 5 16 8 15 6 13 4 5 15 1 5 19 4 5 14 8 5 18 11 149 April 6 , 1818. October )1, 1818. Years Puroh. Interest produced when Interest produced when the reserve is improved at i fie reserve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. £. s. d. £ t. d. £. s. d. £. s, d. £. s. d. 19 5 5 3 4 6 1 4 10 6 4 5 7 4 10 1 m 5 6 8 4 7 6 4 11 11 4 7 4 11 6 * 5 8 l 4 8 11 4 13 4 4 8 5 4 12 11 * 5 9 7 4 10 5 4 14 10 4 9 11 4 14 5 13 5 11 1 4 11 11 4 16 4 4 115 4 15 11 174 5 12 7 4 13 5 4 17 10 4 12 11 4 17 5 * 5 H 3 4 15 1 4 19 6 4 14 7 4 19 1 £ 5 15 11 4 16 9 5 1 2 4 16 3 5 9 17 5 17 7 4 18 5 5 2 10 4 17 11 5 2 5 m 5 19 4 5 2 5 4 7 4 19 8 5 4 2 4 6 1 2 5 2 5 6 5 5 1 6 5 6 i 6 3 5 3 10 5 8 3 5 3 4 5 7 10 16 6 5 5 5 10 5 10 3 5 5 4 5 9 10 154 6 6 11 5 7 9 5 12 2 5 7 3 5 11 9 i 6 9 5 9 10 5 14 3 5 9 4 5 13 10 i 6 11 1 5 11 11 5 16 4 5 11 5 5 15 11 15 6 13 4 5 14 2 5 18 7 5 13 8 5W 2 H| 6 15 5 16 5 6 10 5 15 11 6 5 i 6 17 11 5 18 9 6 3 2 5 18 3 6 2 9 April 6 , 1819. October 11, 1819. Interest produced when Interest pro duced when Years Purch. Annuity received. the reserve is improved ai the reserve is improved at 5 per Cent. 4perCf nt. 5 pet Ct nt. 4 per Cent: £. s. d. £. r. d. £. s. rf. £. s. d. £. s. d. 19 5 5 3 4 5 1 4 9 8 4 4 7 4 9 2 184 5 6 8 4 6 6 4 11 1 4 6 4 10 7 I 5 8 1 4 7 11 4 12 6 4 7,5 4 12 i 5 9 7 4 9 5 4 14 4 8 11 4 13 6 18 5 11 l 4 10 11 4 15 6 4 10 5 4 15 174 5 12 7 4 12 5 4 17 4 11 11 4 16 6 § 5 14 3 4 14 1 4 18 8 4 13 7 4 18 2 i 5 15 11 4 15 9 5 4 4 15 3 4 19 10 17 5 n 7 4 \7 5 5 2 4 16 11 5 1 6 164 5 19 4 4 19 2 5 3 9 4 18 8 5 3 3 § 6 1 2 5 1 O 5 5 7 5 6 5 5 1 * 6 3 O 5 2 10 5 7 5 5 2 4 5 6 11 16 6 5 5 4 10 5 9 5 5 4 4 5 8 11 154 6 6 11 5 6 9 5 11 4 5 6 3 5 10 10 i 6 9 5 8 10 5 13 5 5 8 4 5 12 11 i 6 11 1 5 10 11 5 15 6 5 10 5 5 15 15 6 13 4 5 16 2 5 17 9 5 12 8 5 17 3 144 6 15 7 5 15 5 6 O 5 14 11 5 19 6 i 6 17 11 5 17 9 6 2 4 5 17 3 6 1 10 i 7 4 6 2 6 4 9 5 19 8 6 4 8 150 *■ April 6, 1820. October 11, 1820. Interest produced when Interest produced when Years Purch. Annuity the reserved improverlat he reserve is improved at received. | 4 p< r C\f r 1 :»• t!:e reserve is improved at \> pei Cent. 5 per Cent. £. s. d. 4 per Cent. 5 per Cent. £. s d. £. 5. d. £. s. d. £. s. £. 19 5 5 3 4 3 4 7 8 4 2 5 4 7 2 m 5 6 8 4 4 5 4 H 1 4 3 10 4 8 7 I 5 8 1 4 5 10 4 10 6 4 5 3 4 10 i 5 9 7 4 7 4 4 12 4 6 9 4 11 6 18 5 11 1 4 8 10 4 13 6 4 8 3 4 13 17| 5 12 7 4 10 4 4 15 4 9 9 4 14 6 i 5 14 3 4 12 4 16 8 4 11 5 4 16 2 i 5 15 11 4 13 8 4 18 4 4 13 1 4 17 10 17 5 17 7 4)5 4 5 4 14 9 4 19 6 16! 5 19 4 4 17 1 5 1 9 4 16 6 5 1 3 i 6 12 4 18 11 5 3 7 4 18 4 5 3 1 I 6 3 5 9 5 5 5 5 2 5 4 11 16 6 S 5 2 9 5 7 5 .5 2 2 5 6 11 15! 6 6 11 5 4 8 5 9 4 5 4 1 5 8 10 $ 6 9 5 6 9 5 11 5 5 6 2 5 10 11 1 6 11 1 5 8 !0 5 13 6 5 8 3 5 13 15 6 13 4 5 11 1 5 15 9 5 10 6 5 15 3 H! 6 15 7 5 13 4 5 18 5 12 9 5 17 6 i 6 17 11 5 15 8 6 4 5 15 1 5 19 10 I 7 4 5 18 1 6 2 9 5 17 6 6 2 3 14 7 2 10 6 7 6 5 3 6 6 4 9 151 April 6 , 1822. U October 11, 1822. [ntercst produced when] Interest produced when Years Purch. Annuity received. the reserve is improved at thn reserve is improvedat 4 per Cent. 5 per Cent 4 perOni 5 per Cent. £. s. A £. s. d. £. s. d. £. : d. £. %. i. 19 5 5 3 4 1 10 4 6 6 4 1 3 4 5 11 18* 5 6 8 4 3 3 4 7 11 4 2 8 4 6 4 * 5 8 1 4 4 8 4 9 4 4 4 1 4 8 9 4 5 9 7 4 6 2 4 10 10 4 5 7 4 10 3 18 5 11 1 4 7 8 4 12 4 4 7 1 4 11 9 174 5 12 7 4 9 2 4 13 10 4 8 7 4 13 3 i 5 14 3 4 10 10 4 15 6 4 10 3 4 14 11 i 5 15 U 4 12 6 4 17 2 4 11 11 4 16 7 17 5 17 7 4 14 2 4 18 10 4 13 7 4 18 3 164 5 19 4 4 15 11 5 7 4 15 4 5 i 6 1 2 4 17 9 3 2 5 4 17 9 5 1 10 i 6 3 4 19 7 5 4 3 4 19 5 3 8 16 6 5 5 1 7 5 6 3 5 1 5 5 8 15| 6 6 11 5 3 6 5 8 2 5 2 11 5 7 7 * 6 9 5 5 7 5 10 3 5 5 5 9 8 * 6 11 1 5 7 8 5 12 4 5 7 1 5 11 9 15 6 13 4 5 9 11 5 14 7 5 9 4 5 14 144 6 15 7 , 5 12 2 5 16 10 5 11 7 5 16 3 * 6 17 11 1 5 14 6 5 19 2 5 13 11 5 18 7 * 7 4 5 16 11 6 1 7 5 16 4 6 1 14 7 2 10 5 19 5 6 4 1 5 18 10 6 3 6 I9| 7 5 5 6 2 6 6 8 6 1 5 6 6 1 "■"■ " April 6 1823. October t, 1823. Int^rtst (irjdurert » ie Interest pr<» duced when Years Purch. An mity •vn s. r< < is ,. . r v d-at • t- 1 tsrrvf M improvedat rcceivr 4>er Corn. 5 p; r Ce itt i^ per Cent. 5 i.erCent. £. s. d. £. v. ,/. £. s. • w et T3 ., 3 c p ho O ag o rG Pi © a o CO s 6 rS !-. . *»^ s 1 o 8 » I-H O tt ►> CO o ^ 2 c -*»» T3 co 4> CJ 8 O C 5. c u . a c ! 1 i 1 D ; s. *-> ) H 1 * 2 IS s s a. CJ 40 o £ •: Cm p« c 6 E 5 E- 6 < p l-H el *"rt O £ K 3 O j- c 5 P P 3 •- C a? u C i < K 60 157 M a A -§ -2 i Q Oh w 9 o e 4? »J3 C o 0> - — < Vt cu O CO 13 CO CO O) «3 0) X © c- ^^ 10 >o O 1— 1 CO Ir- 5 i- "j ^ o co to * 8 & c. £j . i-i CJ TS o 3 s-< § CJ 3 °> a -ts ^ c ft CO ,3 « M o CU ° a to CJ -J G CJ a o CJ O CO & I CJ J 153 THE NATIONAL DEBT. From an early period in the history of this country, we find that occasional debts were contracted by the Government, or, at first more properly, by the Sove- reign, who, when his hereditary revenues, with the assistance of such additional impositions as could be occasionally raised, were insufficient to supply any extraordinary ex pence, frequently obtained temporary assistance from rich individuals or societies. For the money thus borrowed a very high interest was gene- rally paid ; and, though the conditions of the contract were not always punctually adhered to, as the trans-* action was of a private nature, without the concur- rence or guarantee of Parliament, it seldom became a burthen to the succeeding reign. Charles I. obtained very considerable sums under the name of Locrns, though this appellation was often improperly applied to forced contributions, when there was no intention of paying interest or returning the principal. Charles II. borrowed money at high rates of interest ; and, in 1671, an act was passed imposing a tax of 15s. per cent, on all money lent to the king at more than 6 per cent, interest, which shews it was thought an exorbi- tant interest had been paid for some of the money thus obtained. In this reign a final stop was put to raising money on the mere authority of prerogative, by an act which made the levying money without the consent of Parliament high treason ; the foundation was also laid of the present control of Parliament over public loans, by a resolution of the House of Com- 159 mons against advancing money upon credit of the king's revenues without the approbation of Parlia- ment. Nothing contributed so much to facilitate the rais- ing of money on credit of the resources of the coun- try, as the Parliament taking the management of the national finances into their own hands, and superin- tending the application of the supplies they grant ; for, previous to this, the security of the public credi- tors was little to be depended on ; a striking instance of which occurred in 1672, when the Exchequer was suddenly shut, and 1,328,526/. detained, which the bankers and others had advanced to the king in anti- cipation of the revenues. The income of James II. exceeded that of his predecessor; and though at the time of his abdication there were some arrears due to the army, and some advances on the revenue to be repaid, the hearth-money, with the other taxes in the hands of the receivers, and the cash in the Exchequer, were probably sufficient to satisfy these claims; so that at the Revolution there were no debts existing contracted with the authority of Parliament, nor any which it was deemed necessary to make good as debts of the Government, except 60,000/. due to the ser- vants of Charles II., which was provided for soon after, and the sum before-mentioned due to the bank- ers, which had been charged by letters patent from Charles II. on the Hereditary Excise. No provision was made by Parliament for this debt till 1701 •, when, instead of the stipulated payments and the arrears thereof, the Hereditary Excise was from 26th Decem- ber HOo, charged with a perpetual annuity of 3 per 160 cent, redeemable upon payment of 664,263/., being half the original principal. The war which began in 1689 being very expen- sive, and the liberal grants of Parliament not supply- ing money so fast as it was wanted, the expedient of mortgaging part of the public revenue was adopted. The first regular loan upon parliamentary security was in 1690, when, certain duties having been granted to William and Mary for the longest of their lives, 500,000/. was borrowed at 8 per cent, on the security of these duties, which, however, were only mortgaged for three years, as it was supposed in that time both principal and interest would be paid off: 500,000/. was also borrowed the same year on the subsidy of tonnage and poundage. The practice thus adopted was soon improved upon, and in the succeeding years large sums were raised on life annuities and annuities for long terms ; and the funds established for payment of the annuities being generally inadequate to the charge upon them, occasioned great deficiencies, which, at the conclusion of the war, amounted to upwards of five millions, and were charged on the continuation of various duties that had been granted for -terms of years. The total amount of the funded and unfunded debts of Government at the end of the year 1697 was 21,515,742/. 13s. ScL, which, at the death of William III., in 1702, had been re- duced by payments, and the falfing in of annuities, to 16,394,701/. Is. l^d. The great expence of the war during the reign of Queen Anne was chiefly defrayed by the sale of an- nuities for different terms, but mostly for 99 years f 161 and money was not only borrowed to pay the interest of loans, but often to pay the interest of that interest ; or, what is much the same thing, the arrears of interest were converted into principal, by which means, and from great mismanagement of the public finances*, the debt rapidly increased; and, in 1714, was stated at 53,681,076/. 5if. 6cl. This amount, though some- what reduced in 17 17, was then considered, in the language of the King and Parliament, as an insup- portable weight, and the House of Commons expressed their determination to apply themselves, with all pos- sible diligence and attention, to the great and neces- sary work of reducing by degrees this heavy burthen, as the most effectual means of preserving to the public funds a real and certain security. . In consequence of this disposition, all the existing taxes, except the Land and Malt, were made perpe- tual; and, having been distributed into three classes, called the Aggregate, South Sea, and General Funds, the surplusses remaining, after satisfying the charges upon these respective funds, were formed into a sepa- rate fund, called the Sinking Fund, for the express purpose of discharging such national debts as were incurred before the v 25th December 1716. The re- duction of the interest of such of the public debts as carried 6 per cent, to 5 per cent, was one of the prin- cipal measures taken for the establishment of the fund, and Government was enabled to carry this into effect by means of loans from the Bank and South Sea Company, at 5 per cent, for paying off such proprietors * At Christmas 1710, there was no less than 35,302,107/. of the public money which had not been accounted for. M 162 as would not consent to the reduction. The first debt discharged by the fund was in 1719, when 750,000/. in Exchequer Bills were paid off by it ; and though in this and several following years it was found necessary to borrow different sums towards the supplies, the Sinking Fund was at the same time regularly applied to the discharge of former debts. The period, however, of its strict application to the original design did not exceed ten or eleven years: the Minister, under whom it had been established, set the example of innovation, which was afterwards so frequently followed, as to render the Sinking Fund, ultimately, a mere nominal distinction. The South Sea scheme was to have furnished a con- siderable sum to be employed in the reduction of the public debts; instead of which it increased their amount by an addition to the capital of 3,034,769/. lis. lltf., while the annual charge was rather augmented than diminished by the allowance for management on the increased capital. The reduction of a part of the inte- rest was, however, secured ; and, as the Company's capital was redeemable, a further reduction of interest might be effected at a more favourable period. The whole sum paid off by the Sinking Fund, from its establishment to the year 1739, was only 8,328,354/., and the total amount of the debt at this period 46,449,568/. The war which began this year, in- creased the debt to 78,293,313/.; but the rise of the funds on the peace enabled Government, in 1749, to lessen the annual charge by reducing the interest of 4 per cent, on 57,703,475/. to 3 J- per cent, till the 25th December 1757, and thence 3 per cent. This reduc- tion produced a saving of 612,735/. per annum, and 163 i with the salt duties, amounting to about 220,000/. per annum, formed an important addition to the Sinking Fund, the yearly produce of which, on an average of ten years previous to this augmentation, was 1,356,578/.; an income sufficient to have effected a very considera- ble diminution of the public debts, if it had been ap- plied to the purpose for which it was originally design- ed, but being constantly taken towards the yearly sup- plies, scarce any progress was made in the reduction of the debt. The total amount of the National Debt, at the commencement of the seven years war, in 1756, was 75,077,264/., and the annual interest 2,654,018/. ; at the end of the war, including the loan of 1763, the debt amounted to 139,191,313/., and the annual charge to 4,640,703/. During the succeeding twelve years of peace, the whole sum paid off was less than had sometimes been borrowed in one year of the war, being only 11,983,552/., and the debt was by no means dimi- nished even this amount; as, during the same period, a new debt of 5,052,500/. was contracted, by borrowing money on 3 per cent, stock, in order to redeem 4 per cents. The American war was entered into with a funded debt of 132,343,051/., on which the annual interest was 4,368,821/.; and, as the expenses of this war greatly exceeded those which had preceded it, the increase of the debt was much greater than had ever been incurred by any country in the same space of time, and far exceeded what any one, previous to the war, would have believed could be the consequence of it. M 2 164 The following statements will shew the extent of t'h«- sums borrowed, and of the additions thus made to the public debt. Money borrowed. Debt created. 1776 . .£2,000,000 . . c£2, 1 50,000 J 777 5,000,000 . 5,000,000 1778 6,000,000 . . 6,000,000 1779 . 7,000,000 . 7,000,000 1780 12,000,000 . . 12,000,000 1781 . < , J 2,000,000 . , 21,000,000 1782 13,500,000 . 20,250,000 1783 12,000,000 . 15,000,000 1784 . . 6,000,000 . 9,000,000 .£75,500,000 .£97,400,000 From which it appears, that a nominal capital of 21,900,000/. was added to the sum actually borrowed. The interest payable on the whole amounted to 4,119,125/. per annum, being equal to 5/. 9s. id. per cent, on the sum borrowed. In addition to the above sums, a very considerable amount of Navy Debt was funded after the conclusion of the war, which being properly part of the expenses of it, the total debt incurred by the American war may be stated as fol- lows : 165 Debt created. Interest. Tn 3 per Cents. . . ,£64,648,000 . ,£1,939,440 4 per Cents. . . 32,750,000 . 1,310,000 5 per Cents. . . 17,869,992 . 893,499 Terminable Annuities . . . 869 623 <£ 115,267,992 <£5,0 12,562 The whole amount of the funded and unfunded debts, including a valuation of the Terminable Annuities, was, on the 5th January 1786, 268,100,379/. 18s. Sd., and the total of the annual interest 9,512,232/. 7s. 9d. The great augmentation of the debt, and the con- sequent low price of the funds, appear at this period to have engaged the serious attention of Government ; in consequence of which some new taxes were im- posed, in order to raise the revenue to such an amount as might admit of the application of an annual sum to the liquidation of the debt. In the year 1786, the new Sinking Fund was established ; but although the revenue was represented as sufficiently productive to furnish a surplus for this purpose, it was found ne- cessary, in 1789, to borrow 1,002,140/. on a Tontine, and 187,000/. on Short Annuities. The total amount of the public debt, including these sums, as it stood in 1792, being the year previous to the war with the French Republic, was, according to the official account, 238,231,248/. "5s. 2\d., but including the value of the Terminable Annuities, and the amount of the un- funded debt, the total was 268,267,272/. U, Id., the annual interest and charges of management on which 166 amounted to 9,752,673/. 145. Sd. From this amount, however, a deduction of more than eight millions is to be made for the stock which had been bought up at that period by the Commissioners for the reduction of the debt. The magnitude of the sums borrowed in the course of the war which began in 1793, to the year 1802 in- clusive, and the circumstance of the loans being made chiefly on 3 per cent, stock, caused an unparalleled increase of the national debt, attended with a great depreciation of the current prices of the public funds, and obliged the Government to pay a very high in- terest for the money borrowed. The amount of the loans raised in each year was as follows : Years. 1793 . 1794 . nsfs . 1796 . 1797 . 1798 . 1799 . 1800 . 1801 . 1802 . Money borrowed. .£4,500,000 11,000,000 18,000,000 25,500,000 32,500,000 17,000,000 18,500,000 20,500,000 28,000,000 25,000,000 ,£200,500,000 Debt created. . £6,250,000 . 13,750,000 . 24,000,000 . 36,889,625 . 48,399,843 . 34,000,000 . 32,749,250 . 32,185,000 . 49,210,000 . 32,990,625 £310,424,323 To which must be added the amount of stock cre- ated by funding Navy and Exchequer Bills, making 167 the total amount of the funded debt incurred by the war to that period as follows: Debt created. Interest. In 3 per Cents. . .,£301,54.2,599 . .£9,046,277 4 per Cents. . . 16,975,085 . 679,003 5 per Cents. . . 32,608,046 . 1,630,402 Terminable Annuities .... 320,462 <£351, 125,730 .£11,676,144 Which amount is exclusive of the Imperial Loans. 168 ■JJJ ~h *B ~h -H- m|n ■*> o 00 CM CO C3 CM o o Oi O — h o ^ ■*-> en • • •• •• 4-> J "* *0 «o Ci * o o o O a> . —. i— ( *-* *"" I— 1 VI S , . .. ri « c ©J O CO CO cm 3 Tf» 0* CO I> •G 1-1 r— < oo *o •o o o 00 Oi r- *0 CO cs* t5* CO co^ a> 00 •4-> co~ cc r*< — " d? o^ cT tr* 00" fJ* "1 CO *o co t- oo CO >o CO <* CM as CO^ ^r cs O* co"* CM* eS 03 *i • CM *-. o . • . . . , . . . PS CO o 3 1> JO eS -3 p t- *o CM -',•4- GO 00 o o m|h >> 1^ Q i— ( .. .. 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PI 172 s E '3 pq -k 5 *> a — • V- CO O - -a e -a o - a B -C DO ~k ~k O C? 51 N f tJ< — CO t- >* o «o 00 ©i r* o ~» »\ »\ «N •-* — ■ CO 00 01 CO t^ >H CO^ CM h 3 * s O O 00 Oi GO O CO t- «5 V) O h O o ^ i- o^ vo o r- oo o oo co 0% CO CO r- o 01 a ~1 ^ r^ (0 • B = D js S e cu cu o 5 o o o •C bo M bo +, *bb W) bO » § c o o •& O .fi ^ *B o * O CJ 4-> 4J s bo o c S "§° o o O 9 s ~> _> -j-j ■*■> o *■» ** .*j 2 5 5 5 *-+ tti o3 oS CU a £2 '2L cu o3 o U *»k *C X O <£> O co O oo GJ V5 oo' CO <* *n CM ^ o O f- o> Oi o fc- T* CM CM CO rh 00 *o •—1 CM GJ rH 1—1 o * IQ pS c r- Ol CM OJ o* B tH V .r: t- :; co Q r*- B CM t- , c o S U3 CU 03 B 3 hD cr c CU jC T3 o c X was taken from the fund to make good the loss to the Treasury from the reduction of the value of gold coin ; and within twelve years from its establishment, it was charged with the interest of new loans k In 1733, the gross sum of half a million was taken from it towards the supplies, at which time the medium annual pro- duce of the fund for five years had been 1,212,000/.; but, the alienation of it being continued, no greater part of the public debts than about eight millions and a half were discharged by the fund from this period to the year 1786*; when, in consequence of a new arrangement of the public accounts, the distinctions of Aggregate, South Sea, General, and Sinking Funds were abolished, being all included under one general head, called the Consolidated Fund f. In the same year, a new scheme for liquidating the public debts was proposed, formed upon one of three different plans, communicated to Mr. Pitt, by the late Dr. Price, and which have been since published by Mr. Morgan, in " A Review of Br. Price's Writings^ $c." In order to establish this plan, which, like the * See Dr. Price's Observations on Reversionary Payments, vol. i. p. 230. &c. f The amount of the national debt, at the establishment of the Sink- ing Fund in 1717, was about 48,000,0001.; in 1786, it was upwards of 466,000,0901. N 178 former Sinking Fund, consisted in the application of the principle of compound interest, the surplus of the revenue, which was stated to be 919,291 /., was, by new taxes, raised to one million, which annual sum is, by 26 Geo. 111. c. 31, placed in the hands of Com- missioners, who are, the Speaker of the House of Commons, the Chancellor of the Exchequer, the Master of the Rolls, the Accomptant-General of the Court of Chancery, and the Governor and Deputy Governor of the Bank, for the time being respectively. This million is to be issued in four equal quarterly payments, and is to be applied either in paying off such redeemable annuities as shall be at or above par, in such manner as shall be directed by future acts of parliament, or in the purchase of annuities below par at the market price. The dividends- on the sums re- deemed or purchased, with the annuities for lives or terms that fall in or expire, and the sums that may be saved by any reduction of interest, were to be added to the fund *, which, according to the original act, was to continue thus increasing till it amounted to four millions annually ; which, at the time of its esta- blishment, was computed would be about the year 1812, when upwards of 56 millions of stock would be redeemed. From this time the dividends on such capital as should in future be paid off or purchased by the Commissioners, with such annuities as might after- wards fall in, were to be at the disposal of parlia- ment. * It has lately been thought expedient to deprive the fund of the amount of the Terminable annuities which expire after June 1802, and likewise of the savings by any reduction of intere«t. 179 The Commissioners are directed by the act to make their purchases " in equal portions, as nearly as may " be, on every day (Saturdays and Mondays excepted) " on which the same shall be transferrable." So that they purchase in four days in every week, in which there arc no holidays. They are empowered to sub- scribe towards any public loan, to be raised by act of parliament, upon Perpetual Annuities, subject to re- demption at par : and an account of the sums issued to them, and of the stock purchased to the 1st of February in every year, is to be annually laid before parliament, on or before the I5th of February. The purchases, at first, were all made in the. 3' per Cents.*, probably with the view of redeeming the 5 per Cents, if the state of the pubiie funds should render such a measure prac- ticable, or of inducing the proprietors to agree to a reduction of the interest at the time when they should become redeemable. The progress of the fund to the year 1791 will ap- pear by the following statement : Total amount of 3 per Cent, stock purchased by the Commissioners to Feb. 1,1791 . . • «£6,772,350 : : For which the sum paid was . 5,424,592 : 4 : 1 The sum applicable to the purchase of stock was 1,254,804/. 14$. 6d., as follows: • On the 3d Norember 1795, the Commissioners began to purchase w the 4 per Centt. N 2 180 Annual million .... ,£1,000,000 : 0:0 Interest on stock purchased . 203,170 : 10 : Annuities of 1777 . . . 25,000 : 0:0 Annuities unclaimed . . . 22,030 : 14:6 Annuities expired . . . 4,603 : 10 : c£l,254,804 : 14 t 6 On the 17th of February 1792, the Minister pro- posed that the sum of 400,000/. should be issued in addition to the million, for the purpose of accelerat- ing the operation of the fund; and stated that, in consequence of this and future intended additions, it might be expected that 25 millions of 3 per Cents, would be paid off by the year 1800; and that, in the year 1808, the fund will have risen to four millions per annum, being the sum to which it was restricted by the original act. The accumulation, however, was not to cease till the interest of the capital dis- charged, and the amount of expired annuities, should, together with the annual million only, and exclusive of the proposed additions, amount to four millions. But the most important improvement was a provision, that whenever in future any sums shall be raised by loans, on Perpetual Redeemable Annuities, a sum, equal to one per cent, on the stock created by such loans, shall be issued out of the produce of the Con- solidated Fund quarterly, to be placed to the account of the Commissioners : and if the loan, or any part, is raised by annuities, for a term longer than 45 years, or for lives, a computation is to be made of what will be, at the end of 45 years, the actual value of such part of 181 the annuities as may be then outstanding, and the sum to be placed to the account of the Commissioners is to be equal to one per cent, on this computed future value. By this means the immediate progress of the fund was accelerated, and future loans were put into a regular course of redemption. The total amount of the purchases of the Commis- sioners,. at the end of each year from the establishment -of the fund to 1794, was as follows : On 1st August 1787 . . £1,343,100 Stock. 1788 . . 2,874,150 1789 . . 4,447,150 1790 . . 5,997,900 1791 . . 7,568,875 1792 . . 9,441,850 1793 i . 11,196,165 1794 . . 13,617,895 This amount of 13,617,895/. Three per Cent, stock, cost 10,599,265/., or nearly 78 per cent, on the whole, but the fall of stocks afterwards greatly increased the operation of the fund. The extent of the loans during the late war, and the terms on which they were made, though it greatly increased the capital of the public debts, at the same time considerably augmented the fund appropriated for their discharge, in consequence of the one per cent on the capital created, applied to this purpose, pursuant to 32d Geo. IIL c. 55, and which, upon the stock created by loans, and the funding of Navy and 182 Exchequer Bills, from the commencement of the war to 1st February 1802, amounted to 2,660,443/. Os. 5d. per annum, exclusive of the one per cent, on the Imperial Loan of 1797. A separate account was directed to be kept of the stock redeemed by the new fund, from which it ap- pears, that the capital of 3 per Cent-, bought up to the 1st February 1802, was 20,490,00.3/. and of Imperial 3 per Cents. 30^,727/. The capital of stock redeemed by the Old Sinking Fund, to the same period, was 39,885,308/. The original fund had, on 1st February, increased to 2,534,187/. Is. 9d., and the new fund 3,275,143/. 2s> 2>d. It was now deemed expedient to unite the two funds, and to apply the whole amount indiscriminately to the reduction of the debt, without any distinction of old or new. With this view, the injudicious limitation of the fund to four millions per annum was done away by an act passed the 22d June 1802, which directs that the produce of the two funds shall continue to accumulate,' without any limitation as to its x amount, and be from time to time applied, according to the former provi- sions, in the redemption or purchase of stock, until the whole of the perpetual redeemable annuities, existing at the time of passing the act, shall have been completely redeemed or paid off. The usual annual grant of 200,000/^ per annum was made a permanent charge, to be paid quarterly out of the Consolidated Fund, in the same manner as the million per annum; and the united produce of the two funds was directed to be regularly applied to the pur- chase or redemption of t stock, " so as that the whole 183 " of the several redeemable public annuities, now " charged upon the public funds of Great Britain, shall " be paid off within 45 years from the respective " periods of the creation of such respective charges " and public annuities." From this period to the 1st February 1807, the an- nual amount of the fund was as follows : On 1st February 1802 . . .£5,809,330 : 4 : 1803 . . 6,093,421 : 3 : 6 1804 . . 6 ; 311,626 : 7 : 1805 . . 7,240,138 : : 10 1806 . . 8,07.5,786 : 11 : 1 1807 . . 8,802,946 : 19 : 8 184 O o co O CO r-J Oi o o o 00 o 00 o o O O 1— 1 ■* o o .. •• o c o o Oi oc GO 52 o 00 CO o o oc o Oi 05 f Oi o ft Tj4 o 5 00 © 00 CO CO^ 8 o "*' *o CO © -+■ -* K- CO CM o *o C-J CM CM *t> o — o O^ cm •* — ' 6> oo 0) _ CO rT 00 fa ^ , . « • 35 -a o o bJD c a a C c o CJ s 9 -A © .JC ■3 • - CJ h © • • ? > CM © bq O) = cj 03 c3 9 0) 03 CI o oo O j- o ^ -O .- CL> C 3 C 3 <5 00 0j 5 1 X © •fi w © 6 If © o M W re rt a> O <5 W O c^ Cl- ew •"** © c« '5 .- C 3 c a ^^ 2 a 3 © w ». a. .3 0) a- a c »3 5 CL p <5 ed o 185 Amount of the different descriptions of stock redeemed. Consolidated 3 per Cent. Annuities Reduced 3 per Cent. Annuities Old South Sea Annuities . , . New South Sea Annuities . . . 3 per Cent. Annuities, 1751 . » Consolidated 4 per Cent. Annuities ^48, 897,200 58,623,258 3,681,000 2,899,000 722,000 2,617,400 Consolidated 5 per Cent. Annuities . . 142,000 Total* £i 17,581,858 The whole sum which had been paid for this amount of stock was 72,857,046/. 5s. 3d. The original fund of 1,000,000/. with the addi- tional sum of 200,000/, and the appropriation of 1 per cent, on the capitals created, are issued from the Exchequer in quarterly payments, which, with the dividends on the stock redeemed, makes the sum received for each quarter by the Commissioners up- wards of two millions. This sum is employed in the purchase of stock in equal portions on all the transfer days of the succeeding quarter ; and consequently at the commencement of each quarter, a very consider- able part of the sum received cannot be employed for some time to come ; this amount gradually decreases, but there is always in the hands of the Bank a large balance on account of the Commissioners, as will * The amount of Imperial 3 per Cent. Annuities redeemed by the Commissioners to the same period was 734,604f. for which the sum paid was 426,187/. 8*. lOrf. 186 appear from a statement of the average weekly balance during the quarter ending 5th January 1807. 11th October 1806 18th October . 25th October . 1st November 8th November 15th November 22d November 29th November 6th December 13th December <20th December 27th December 3d January 1807 Average .£389,197 ■2,496,574 2/297,038 2,217,171 2,116,363 1,914,899 1,713,367 1,511,815 1,310,444 1,108,881 907,222 806,542 655,436 .£19,344,949 £ 1,488,073 * The circumstance of such considerable balances lying idle, although belonging to a fund, the essen- tial principle of which is accumulation at interest, at length attracted the notice of Government, and the Committee on the Public Expenditure, in their Second Report, laid before the House of Commons, 10th August, 1807, recommended that the sum of about one million should be issued in the middle of the next or of some subsequent quarter, to the Commissioners, to be" applied by them to the object ot buying up stock in the course of souk- succeeding months, in addition to the regular and accustomed purchases. The means of 187 Carrying on the regular purchases will be furnished by issuing to the Commissioners, on the quarter day subsequent to the issue of the million, a sum less by one million tbafti that which would have been paid to them according to the accustomed course, and by issuing a further million six weeks alter that quarter day, by which time the Exchequer will be able to supply it. A§suming tint the same mode of issuing all sums due to the Commissioners at half-yearly, instead of quarterly payments, may continue, the effect of the proposed measure will be to give, in the year in which it takes place, . £ 1, 200,000 : 0: > . £ 1,200,000 : 0: % 5th 300,000 : : ex- 54,880 : 14 : 1 7 . 25,000 : : 194 Brought over . Debentures outstanding January, 1814 Annuities for 99 and 96 years ex- pired 1792 Ditto for 10 years expired 1787 Life Annuities unclaimed for three years at 5th January 1815 . 30,5S9 : 7: Ditto of which the nominees shall have died prior to 5th July 1802 21,146 : 6 : 1 Dividend on 236,406,718/. at 3 per cent. .... 7,092,201 : 10 : 10 Dividend on 7,796,400/.* at 4 per cent 311,856 : : Dividend on 142,000/. at 5 per cent 7,100: 0: Annuity of 1/. per cent, on part of capitals created since 1st Feb. 1793 to 1812 both inclusive . 5,604,091 : 13 r 0^ Annual amount for reduction of 12,000,000/. from 1807 . . 626,255:10: 5 Dividend on 9,009,102/. three per cent, purchased by the Commis- sioners in respect of the said 12,000,000/. .... 270,273 : 1 : g£ Carried over . . ,£15,543,394 : 3 : Of * The average price which the above funds were bought in at was 3's at about 62f 4's ditto 84£, and 5's ditto 89$. 195 Brought over . . £ 15,543,394 : 3 : 0^ Dividend on 2,795,340/. three per cent, transferred for purchase of Life Annuities . . . 83,860 : 4 : ,£15,627,254 : 7 : 0$ Life Annuities 48 Geo. III. . . £[ 85,878: 6:0 Charge of Loans and Exchequer Bills funded pur- suant to 53 Geo. III. and subse- quent acts . . 5,782,969 : 14 : 7 * ,£5,968,848 : : 7 Deduct charge for Sinking Fund for said loans and bills . . 1,666,354: 8 : 9\ 4,302,493 : 11 : 91 £l 1,324,760 : 15 : 3 * The amount of the charges estimated towards the cancelment of stock on three fundings, viz. — Under acts 53 Geo. III. chap. 95, 54 Geo. III. chap. 8, and 54 Geo. III. chap. 89, being respectively as follows, viz. £2,845,084 : 7 : 9f 1,175,674 : : 1,762,211 : '6 : 9f £5,782,969 : 1*4 .• 7 o 2 196 Sums annually applicable to the Reduction of the Debt of Ireland, Germany, and Portugal, as it stood Feb. 1st, 1815, viz. IRELAND. Annuity of 1/. per cent.-on capitals created from 1 797 to 1814, both inclusive .... .£873,984 : 19 : H Dividends on 14,264*055/. three per cents. . . . . 427,921 : 13 : Total . . • £1,301,906 : 12 : 9ir GERMANY. Annuity of 1/. per cent, on capitals created by loan anno 1797 . £36,693 : : Dividend on 1,622,584/. three per cent 48,677 : 10 ; i£ Total .... £83,370 : 10 : 4£ PORTUGAL. Annual appropriation . . . £30,000 : 0:0 Dividend on 293,751/. three per cent. Consols . . . . 8,812 : 10 : 7 Total .... ^38,812 : 10 : 7 197 Total annual sums applicable to the Reduction of the Debt payable in Great Britain on February 1st, 1815. On account of Great Britain . .£11,324,760 : 15 : 3 On account of Ireland . . 1,301,906 : 12 : 9^ On account of Germany . . 85,370 : 10 : 4i On account of Portugal . . 38,812 : 10 : 7 Total . . . .£12,750,850 : 9 : 0| An Account of monies paid out of the receipt of his Majesty's Exchequer in the year ending 5th January 1815, towards satisfying the charges of the Public Debt of Great Britain and Ireland, and the Imperial and Portuguese Loans. Annual issue per act 26 Geo. III. £ 1,000,000 : : Ditto 42 ditto . 200,000 : : Annuities for terms of years ex- pired prior to 5th July 1802 . 79,880 : 14 : 6 Ditto on lives on which the no- minees are certified to have died prior to 5th July 1802, or that have been unclaimed for three years . . . 52,250 : 8 : 1 Interest on debt of Great Bri- tain redeemed, exclusive of 12,000,000/. part of 14,200,000/. pro anno 1807 u ' . . 3,342,432 : 18 : 2 Carried over . . ,£4,674,564 : : . 240,6.69 : 1 : 11 . 386,536 : 10 : <> . 45,405 : : 6 * 7,525 : 7 : 7 I out- s and . 290,000 : : 198 Brought over . . <£4,674,564 : Interest on part of 12,000,000/. pro anno 1807 Ditto for Ireland Ditto for Imperial Ditto for Portuguese . 1/. percent, on 29,000,000/. standing Exchequer Bill: on Debentures Ditto on part of capitals created since January 1793 . . 4,928,486 : 19 : 2\ Part of the annual appropriation for redemption of 12,000,000/. part of 14,200,000/. pro anno 1807 626,255 : 10 : 4 l/. per cent, on capitals created by loans for the service of Ireland ..... 818,916 : 4 Ditto Imperial Loans . . 36,693 : Ditto Portuguese ditto . . 30,000 : Ditto stock created by loans 38, S9, 39 and 40, and 42 Geo. III. 867,963: 0: One half of the interest of the sums raised in the years 1813 and 1814, which exceeded the sum applicable to the reduction of the debt, at 1st February 1813 ..... 1,091,066 : 7 : 2 -I Interest of stock transferred for Life Annuities ', . . 74,759 : 12 : 11 ^14,1 18,840 : 15 : 10 199 The gross amount received and applied towards tbe redemption of the Public Funded Debt is as follows, viz. Money paid out of the receipt Qf the Exchequer as above stated Add, returned from account of Life Annuities, the nominees having died prior to its being set apart for payment And, Life Annuities unclaimed for 3 years and upwards, per act 52 Geo. III. chap. 129 And, The sum applied towards the redemption of the Debt borrowed for the East India Company . ,£14,118,840 : 15 825 1,296 120,807 : 19 : 9 Total . £ 14,24 1,770 : I© : 1 The following is the amount of the sums annually applicable to the reduction of the Debt of Great Britain since the year 1807, at February 1st in each year, via. 1808 1809 1810 1811 1812 1813 1814 1815 £9,312,392 : 18 7 9,865,644 : 14 : 1 10,714,388 : 19 5| 11,171,949 : 13 44 11,590,452 : 6 i h 13,013,914 : l 11,3)30,452 : 11,324,760 : 15 : 3 200 AMERICAN STOCK FUNDED DEBT OF THE UNITED STATES. At an early period from the establishment of the principal British colonies in America, they adopted the plan of raising money for extraordinary expences, on bills of credit, which were generally intended to be discharged out of the produce of a particular tax imposed for this purpose. As the cultivation and commerce of the country increased, complaints of the scarcity of money became frequent, and attempts were repeatedly made to supply an additional circu- lating medium by bills of credit ; but the almost in- variable consequence of these issues was a rise in the price of commodities and of exchange, or a distinction between the value of articles in paper cur- rency and the value in money. The war in which the colonies engaged with Great Britain requiring pecuniary exertions far beyond their immediate means, it was soon found necessary to at- tempt to raise money on credit. In 1775, Congress authorised the emission of bills of credit to the amount of 3,000,000 of Spanish dollars, for the purpose of defraying the expences of the war, and the twelve confederated colonies were pledged for their redemp- 201 tion. This resource was employed very freely, as long as it was found possible to maintain the circulation of the bills ; but at length the immense quantity of paper in circulation causing it to decline in valne very ra- pidly, Congress, in 1779, came to a resolution not to exceed in their emissions 200,000,000 of dollars. The mischiefs occasioned by such an enormous amount of paper money however continued, their agents could no longer obtain supplies on credit, and in 1780 it became necessary to attempt other means of carrying on the war. These were, chiefly, requisitions on the several states, between whom and the general govern- ment accounts were to be regularly kept, and to be finally settled in Spanish milled dollars. In 1783, Congress pledged the honour of the United States for the payment of all the public cre- ditors, and in 1787 passed an ordinance for establish- ing a board of Commissioners for settling the accounts between the United States and the individual states ; but it was not till 1790, that the depreciated paper currency of the war was actually funded by an act of Congress for M making provision for the debt of the •United States." By this act the duties on imports find -tonnage (after reserving 600,000 dollars towards the support of the Government) are appropriated to the payment of the interest on the foreign debt, and on such further loans as might be raised for discharg- ing the arrears of interest thereon, and the whole or any part of the principal. In order to provide for the domestic debt, a loan to the full amount of it was to be opened at the Treasury of the United States, on the 1st October 1790, and the sums subscribed thereto to be payable in certificates of debt according to their 202 specie value: all persons subscribing to the loan were to have a certificate purporting that the United States owe to the holder or his assigns, a sum equal to two thirds of the sum paid, bearing interest at 6 per cent, per annum, and subject to redemption by payments not exceeding in one year, on account both of prin- cipal and interest, the proportion of eight dollars upon one hundred of the sum mentioned in the certificate; and to another certificate for one third of the sum paid, which, after the y e»r 1 800, shall bear interest at 6 per cent, per annum, subject to the like redemption. The United States axe not bound to make such re- demption, but only have a right so to do. For making provision for the debts of the respective states, a loan was opened of the amount of £1,500,000 dollars, the subscriptions to which were received in the certificates or notes issued by the respective states; the subscribers having for two thirds of the sum sub- scribed a certificate for two thirds of the said two thirds, bearing 6 per cent, interest, and a certificate for one third, bearing 6 per cent, interest from 1800, both subject to redemption by paymeats not exceed- ing for principal and interest 8 per cent, in each year. For the remaining one third of the sum subscribed, a certificate bearing interest at 3 per cent, per annum, subject to redemption at par, whenever provision should be made for that purpose. Considerable progress was thus made in reducing the various descriptions of floating securities into the form of a regular funded debt ; but from the holders of these securities being dispersed through such an extensive territory, and some of them probably unac- quainted with the measures which had been adopted, 203 or disapproving of them, a considerable sum remained unsubscribed. As a means of ascertaining its amount, provision was made that such creditors as did not sub- scribe should, on having the amount of their respec- tive demands registered at the Treasury, receive a rate per cent, as well for principal as interest, as should be equal to what was payable to the subscribing cre- ditors. It was however found necessary, in order to bring the unsubscribed debt to a settlement, to pass an act in 1794, limiting the time for presenting claims for destroyed certificates of certain descriptions; and, by an act passed 3d March 1795, all certificates com- monly called loan office certificates, final settlements, and indents of interest, then outstanding, were to be presented at the Treasury on or before the 1st January 1797, for the purpose of being registered, and those not thus presented to be for ever after barred or precluded from settlement or allowance. The act last mentioned directed a loan to be opened to the fuil amount of the existing foreign debt. The subscription, which was to continue open till 31st December 1796, was receivable by way of exchange, in equal sums of the principal of the foreign debt, and the sums so subscribed were to bear an interest equal to the rate of interest then payable on them, with an addition of one half per cent, per annum. Certificates were issued to the subscribers similar to those for the domestic funded debt, and the interest was made payable quarterly at the same periods : the principal of this loan is redeemable at any time at the pleasure of the United States. By this judicious mea- sure, the interest on the principal part of the foreign debt became payable in America instead of Europe. 204 By an act passed 8th July 1797, a loan of 800,000 dollars was raised, which the Bank of the United States agreed to advance at 6 per cent, interest; the principal to be redeemed by instalments in the course of five years. In 1799, a loan was raised on 8 per cent, stock redeemable at the option of the United States, on giving the proprietors six months notice, at any time after the 31st December 1808 ; and in 1803, a loan to the amount of 11,250,000 dollars was raised on 6 per cent, stock, towards the purchase of Louisiana. The total sum to be paid by the states as the purchase money for this extensive province was 15,000,000 dollars, of which two millions was paid out of the surplus of the revenue ; and of the remainder 1,750,000 was the amount of American claims assumed by the convention, and for the payment of which authority was given to raise a further loan if it should be neces- sury. The above capital of 11,250,000 dollars is irre- deemable for fifteen years, and then reimbursable in the four following years by four equal payments. The interest is receivable half-yearly in London, and is payable at the time it actually becomes due, that is, on the 1st of January and 1st of July in each year. It has likewise other recommendations to the European stockholder above the previously existing American funds, as the interest is payable free from all commission and charges, the risk of bills being taken by the United States : the certificate is also ex- changeable at any time for a certificate bearing interest quarterly, payable in America. While the total of the public debt has thus been occasionally augmented by loans deemed necessary 205 for the security or advantage of the states, the esta- blishment of a regular and efficient plan for its gra- dual reduction has not been neglected. By the act of 4th August 1790, the proceeds of all future sales of lands in the Western territory, which then belonged or may hereafter belong to the United States, were appropriated towards sinking or discharging the debts then existing, " and shall be applied solely to that use, until the said debts shall be fully satisfied." By another act passed about the same time, the surplus of the duties on goods imported and on tonnage was directed to be applied to the purchase of the public debt, at its market price, if not above par. And by an act of 8th May 1792, the future management of the Sinking Fund was placed in the hands of five Commissioners, with other regulations, which put it nearly on the same footing with the Sinking Fund of this country. The Commissioners are, the President of the Senate, the Chief Justice, the Secretary of State, the Secretary of the Treasury, and the Attorney General, for the time being respectively; any three of whom are authorised, with the approbation of the President of the United States, to purchase the public debt at its market price, if not above par. The in- terest on such part of the public debt as had then been, or should afterwards be, purchased or redeemed on ac- count of the United States, with the surplus of any sums set apart for payment of the interest on the debt, which should remain after paying such interest, were appropriated and pledged firmly and inviolably to the purchase or redemption of the public debt, to be ap- plied under the direction of the aforesaid Commis- sioners in the following manner, viz. 206 1st, To the purchase of the several species of stock constituting the debt of the United States, at their respective market prices, not exceeding par, and as nearly as may be in equal proportions, until the an- nual amount of the funds, together with any other provisions which may be made by law, shall be equal to two per cent, on the whole amount of the out- standing funded debt bearing a present interest of six per cent, per annum. 2dly, To the redemption of the last-mentioned stock, according to the right for. that purpose reserved to the United States, until the whole amount thereof shall have been redeemed. 3dly, After such redemption, to the purchase, at its market price, of any other part of the public debt which shall then remain unredeemed. By an act of 3d March, 1795, some additions were made to the Sinking Fund, which, with all former provisions, " shall be and continue appropriated to the said fund, until the whole of the present debt of the United States, foreign and domestic, funded and unfunded, including future loans which may be made for reimbursing or redeeming any instalments or parts of the principal of the said debt, shall be reimbursed or redeemed." 207 Statement of the Public Debt of the United States, on the 1st January 1805. J Dollars. Foreign debt • 4,065 } 0D0 Deferred Stock, 6 per Cent. 13,672,966 3 per Cent. Stock 19,094,231 Old 6 per Cent. Stock 28,190,862 5$ per Cent. Stock . 1,847,500 4| per Cent. Stock . 176,000 6 per Cent. 1796 80,000 6 per Cent. Navy 711,700 8 per Cent. Stock . 6,462,300 Bank of United States Loan 700,000 Louisiana Stock, 1803 Dollars » 11,250,000 Total . . 86,250,559 The capitals here stated are exclusive of the sums redeemed by the Commissioners of the Sinking Fund, which at the above period amounted to 11,689,366 dollars. The interest or dividend on the above funds becomes due quarterly, on the 31st March, 30th June, 30th September, and 31st December, and is regularly paid, either at the Treasury of the United States, or at the loan offices in the different States, as may suit the con- venience of the purchaser. The dividends may like- wise be received in Great Britain or Holland, by au- thorising the Bank of the United States to receive them, who will remit them to their agents in London or Amsterdam, at the current rate of Exchange. The 208 expences attending the receipt of dividends in thii way are only the small commission of one half per cent, on the amount of the dividend, with the charge of postage and receipt stamp. The dividends payable in London are remitted to Messrs. Baring, Brothers and Co., by whom they are paid on any Monday, Wed- nesday, Thursday, or Saturday, between the hours of ten and two. Every purchaser of American stock receives a cer- tificate declaring that the United States are indebted to him or his assigns the amount therein specified, and the assignment of these certificates is the mode of making transfers in these funds. The holder of such certificates may [at any time have them registered in his name in the books of the Treasury at Washington, or at the loan office of any particular state, and re- ceive a new certificate in his own name ; this transac- tion is however attended with some expence to persons residing in Great Britain, as it is usual to employ a notary. From the circumstances of America in a financial point of view since the above statement was rendered, it has not been thought useful to collect the present amount of their debt, and the circumstances connected therewith. On the purchase of American Stock in London, the particulars, with a receipt for the money, are usually given in the following form : 209 Mr. John Smith, Bought of W. Brown and Co. " The following American 3 per Cent. Stock, with " the dividend from 1st October last. Dolls. Cents. Certificate No. 251 470 : 16 252 2415 : 72 254 6765 : 33 259 1019 : 34 10,670 : 55 equal to 2400Z. 17*. 6d } m ££1320 : 9 : 7 at 55 per cent. " Received of Mr. John Smith, one thousand three " hundred and twenty pounds nine shillings and seven