GENERAL HISTORY. 
curred in naming 44/. in the 3 
per cent consols, as that which 
ought to be the bidding. The 
bonus which the subscribers had 
was tobe estimated in this man- 
ner :— 
The 130/. given in the 
' 8 percent reduced, 
at 541, were worth £71 03 
The 10/. in the 4 per — 
cent, at 693 - - 
The 44/7. in the 3 per 
cent. consols, at 54 23 15 25 
G19 
Total - - £101 15 22 
The consols being shut, ther® 
was no money-price to them, and 
the times price was something 
more than themoney-price of that 
stock. The times price was 553; 
but from this one and a half per 
cent was to be deducted, on ac- 
count of the dividend to arise from 
the half year which was about to 
expire ; as no dividend would be 
paid to thesubscribers to the loan 
on that stock till January next. 
This, therefore, reduced the value 
of the 3 per cent consols, to 54/. 
which made the total sum given 
to the subscribers what he had 
before stated—101/. 15s.23.d ; to 
which, adding the sum which 
would be allowed them in case of 
prompt payment, made an addi- 
tion of 2/, 13s. 73d. and the total 
104/. 8s. 103¢., including the 
whole of the discount allowed to 
any who might pay the entire 
amount of their subscriptions at 
once. But it was obvious, the 
loan being on so large a scale, it 
would not be fair to expect that 
80 many could do this as had so 
come forward on former occa- 
sions, and that when the monthly 
[41 
instalments were so considerable, 
there was less probability of pay- 
ments in advance than when a 
smaller loan was called for. On 
this account he thought that not 
more than half the discount, at 
the utmost, could be estimated as 
a bonus tothe contractors, which 
would reduce their advantage to 
no more than 3/.2s, per cent.— 
The bargain therefore was not 
unreasonably favourable to them, 
and there was reason to rejoice 
that such a loan could be obtain- 
ed at a period like the present on 
such terms. He would now pro- 
ceed to explain the grounds on 
which he took the surplus of the 
consolidated fund at three milli- 
ons. The actual surplus of that 
fund, in the year ending 5th of 
April 1815, after deducting all 
charges, had been 3,647,000/., 
and would therefore have justi-« 
fied an estimate to the same ex- 
tent for the current year, suppos- 
ing the revenue to remain equally 
productive, and the additional 
charges to be covered by the pro- 
vision made by parliament for 
meeting them. As howeverthere 
remained the sum of 284,000/, 
granted for the service of the 
former year still, due on the 5th 
of April, thesum which would re- 
main for the service of the cur- 
rent year would be no more than 
3,363,000/. In another mode of 
estimate, the result would be still 
more favourable. The amount of 
taxes applicable to the consoli- 
dated fund of great Britain in the 
year ending 5th of April, 1815, 
was 38,702,000/. spre 
Adding the War taxes 
appropriated to the 
Consolidated Fund 2,706,000 
