GENERAL HISTORY 



[lo7 



jrain in the 3 per cents. ; it had, 

 however, been carried into efiect, 

 and the result would be, a de- 

 crease of charge and interest, to a 

 very considerable amount. On a 

 casual view of the subject, this 

 would not appear to be the case, 

 but a little consideration would 

 prove, that an amount of nominal 

 capital, of not less than 4,000,000/. 

 would be saved, by taking part 

 of the loan in the 5 per cent. 

 The total amount of the loan 

 was 24,000,000/. Of which 

 5,500,000/. was for the service 

 of Ireland, leaving to Great Bri- 

 tain a sura of 18 millions and a 

 half. For every 100/. in money 

 the contractors would receive a 

 capital of 30/. navy 5 per cent. ; 

 80/. 3 per cents, reduced; 23/. 

 IO5. 3 per cent, consols. To avoid 

 increasing the charge on the con- 

 solidated fund, they had, for the 

 first time, stipulated, that instead 

 of paying interest for the six pre- 

 ceding months, it should only 

 begin to run from July next in 

 the navy 5 per cents., and from 

 April last in the consols. This 

 system would produce a reduction 

 from the 5 per cents.of 2,500,000/., 

 and from the consols, of 1,500,000/. 

 Calculating the loan on these 

 terms, the uiterest would be found 

 not to exceed 41. \2s, \d. per cent. 

 The first dividend, being ex- 

 empted from the property tax, 

 formed a respectable bonus ; and, 

 as it was intended to meet the 

 charge created by funding for the 

 service of the present year, by 

 cancelling redeemed stock in the 

 manner provided for in the last 

 session of parliament, the neces- 

 sity of burdening the consolidated 

 fund with any additional charge 

 would thus be avoided. The 



most remarkable circumstance 

 connected with the present loan, 

 and one which he believed had 

 never before occurred, was the 

 improvement which took place in 

 the state of the funds, at a time 

 when it was known that so large 

 a sum of money was about to be 

 borrowed. The actual biddingfs 

 became, in consequence, so much 

 more favourable, that almost a 

 million of stock was saved to the 

 public, which, if government had 

 closed with the contractors on 

 Wednesday last, must have been 

 given to them. When the funds 

 rose so high, at the period when 

 a loan was pending, it proved the 

 flourishing state of our public 

 credit, and, at the same time, held 

 out the most flattering hope, that 

 they would continue, for the re- 

 mainder of the year, equally ele- 

 vated. The interest of 4/. 12*. \d. 

 to which were to be added the 

 sinking fund charge, and the other 

 incidental expenses, made a total 

 of something more than 8 per 

 cent. It was his intention to 

 move a resolution for cancelling an 

 amount of stock sufficient to 

 bear this charge ; and even when 

 that was done, not less than 

 50,000,000/. of surplus stock 

 would still remain applicable to 

 the service of the country. The 

 right hon. gentleman then moved, 

 " That it is the opinion of this 

 Committee, that, towards raising 

 the supply to be granted to his 

 Majesty, the sum of 24,000,000/. 

 be raised by annuities; the charges 

 of 18,500,000/. whereof shall be 

 defrayed by Great Britain, and of 

 5,500,000/. by Ireland." 



A conversation then followed 

 between the Chancellor of the 

 Exchequer and Mr. Grevfell, in 



