CHRONICLE. 



207 



mittee, a transaction which, in all 

 its parts, he trusted would be satis- 

 factory to the public. The sum 

 to be raised was in all 22 millions. 

 It was agreed, that for every lOOZ. 

 of this in money, there should be 

 given 110/. in the 3 per cents re- 

 duced, and that the bidding should 

 be in the consols. The con- 

 tractors had accordingly bid 67/. 

 in the consols ; and this offer had 

 been accepted by Government. 

 He trusted, that upon the whole 

 the terms would be deemed emi- 

 nentlyfavourable to the public. The 

 interest to be paid upon it would be 

 considerably less than that of the 

 loan of June last. The interest 

 on that loan was 5l. 10s. 6d. per 

 cent, but the interest on the present 

 would be only about 51. 6s. The 

 amount of the boiius on the former 

 loan was about 4/. per cent while 

 in this it would amount only to 31. 

 6s. ; and yet he had the satisfac- 

 tion of learning that the loan was 

 likely to be beneficial to the con- 

 tractors, as it was already at a pre- 

 mium ofSl^per cent. He certainly 

 had to congratulate the Committee 

 and the public on a bargain so ad- 

 vantageous in all respects. Instead 

 of bearing any resemblance to a 

 forced loan, it seemed, from the 

 readiness of the contractors, and 

 the eagerness of many worthy 

 friends, rather a loan forced upon 

 the Treasury. 



Besides the increase of the an- 

 nual charges, on account of the in- 

 terest of this loan, it had been 

 settled by the law, that in all cases 

 where, in addition to the loan of 

 the year, it should be necessary to 

 raise a supplemental loan, that a 

 sinking fund should be created at 

 the same time for its redemption 

 equal to one half of the interest of 

 such loan. Now, as the annual 



interest of the present loan would 

 amount to 1,168,200/., there must 

 be a sinking fund added to the 

 amount of one-half that sum, which 

 would be 584,100/. The charges 

 of management would amount to 

 11,600/. more, which would make 

 the total of the increased annual 

 charge created by this loan amount 

 to 1,763,900/. Now, as to the 

 Ways and Means to meet this 

 annual charge, he believed, that it 

 would be easy to anticipate, that 

 he meant to conform to the act 

 which he had before alluded to, 

 and throw this charge upon the 

 stock remaining in the hands of the 

 Commissioners for the redemption 

 of the National Debt. The capital 

 stock which was created by the 

 present loan was 24,200,000/. in 

 the reduced 3 per cents and 

 14,740,000/. in the 3 per cent 

 consols. As he was not aware 

 that any objection was intended to 

 be made to the propositions which 

 he intended to submit to the Com- 

 mittee, he thought it unnecessary 

 at present to offer any more obser- 

 vations in support of them. He 

 was, however, happy to state, that 

 the general state of the revenue was 

 better than it had been last year, 

 and that the receipts of the last 

 quarter had exceededby 1 ,700,000/. 

 the amount of the receipts of the 

 corresponding quarter in the last 

 year. 



The resolutions were then put, 

 and agreed to by the Committee. 



On Nov. 17, the House of Com- 

 mons having gone into a Commit- 

 tee on the subject of foreign sub- 

 sidies. Lord Castlereagh rose, and 

 expressed his regret that he had it 

 not in his power to lay before the 

 House the whole of the documents 

 to which he must refer, but he 

 hoped, when all the circumstances 



