82 



ANNUAL REGISTER, 1809. 



committee, and it was with satis- 

 faction he should state the terms 

 upon which the loan had been con- 

 tracted for, that morning. The 

 whole of the loan for the year 

 was fourteen millions six liundred 

 thousand pounds, of which three 

 millions were for Ireland, and six 

 hundred thousand pounds for the 

 Prince Regent of Portugal, so that 

 the loan for the service of Eng- 

 land was 11,000,000/. This loan 

 had been taken in part in the four 

 per cents, partly in the three per 

 cents, and partly in the long an- 

 nuities. The particulars for every 

 100/. subscribed were, 



£. s. d. 



4 per Cents 60 



SperCents 60 



Long Annuities 8 10 



The amount of interest that 

 would thus be paid on each 100/. 

 by the public, calculating it upon 

 the present prices of the respective 

 funds in which the loan was con- 

 tracted for, would be 4/. 125. lOd. 

 a rate of interest, at which the 

 public had never before been able 

 to borrow money — a rate at which 

 It was hardly possible for any in- 

 dividual, however well secured, or 

 prompt his payment might be, to 

 procure a loan. 



In a former part of the session 

 he had submitted a proposition for 

 funding eight millions of exche- 

 quer bills, which proposition had 

 received the sanction of that house. 

 The capital created by that opera- 

 tion amounted in the five percents 

 to 7,877,308/.; in the three per 

 cents 386,336/.; amounting in 

 the whole to capital created 

 8,253,654/. The total charge 

 for management and sinking fund 



upon this capital was 495,221/,; 

 the total charge upon the loan 

 was 651,345; making the grand 

 total charge upon both operalion.s 

 1,146,566/. Lord H. Petty had 

 suggested the propriety of sus- 

 pending the progress ot taxation 

 for three years. All those who 

 supported the proposition of the 

 noble lord, would, he was sure, 

 approve the adoption of the prin- 

 ciple for the present year, and 

 think it a wise policy to abstain 

 from new taxes to meet the 

 charges arising out of the financial 

 arrangements of the present year. 

 It was not, however, proposed 

 that the whole of the charge 

 should be defrayed out of the war 

 taxes. There was a bill at present 

 before the house, for the consolida- 

 tion of the customs, by the opera- 

 tion of which, he expected to 

 obtain an addition to the perma- 

 nent taxe« of 105,000/ : an addi- 

 tion, to nearly the same amount, 

 was to be expected from the 

 operation of the consolidation bill 

 in the war taxes. The sum so 

 gained would be applied in di- 

 minution of the annual charge : 

 so that he should not have to 

 apply to the war taxes for much 

 more than one million. He had 

 suggested the propriety of taking 

 a vote of credit for three millions 

 for England. An explanation of 

 the manner in which that sum 

 might be applied tvoufd not be ex- 

 pected. There was, however, one 

 circumstance arising out of the 

 present state of the Continent 

 which he conceived to be his duty 

 to communicate to the house. It 

 was not, at the present moment, 

 thought desirable that any de- 

 finitive arrangement should be 



entered 



