FUNDS. 
of the taxes imposed for payment of the in- 
terest of such new debt being carried to the 
fund established for paying the interest of 
the former capital, the old and new debts 
are consolidated, and the whole interest 
made payable out of the general produce 
of the fund ; hence we have three or four 
per cent, consolidated annuities, according 
to the rate of interest payable on the ca- 
pital. 
The interest on all the public debts was 
formerly paid at the Exchequer ; but the 
Bank being found a much more convenient 
place for. this purpose, nearly the whole is 
now payable there, the company receiving 
a certain allowance from government for 
managing all business relative to the public 
funds. The different denominations of the 
funds transferrable at the Bank of England, 
with the days on which the transfers are 
made, and the times when the interest or 
dividend becomes due, are at present as 
follows : 
Funds. 
Consolidated 3 per Cent. Annuities 
Three perCent. Annuities, 1726 .... 
Navy 5 per Cent. Annuities 
Bank Stock 
Five per Cent. Annuities, 1797 and 1802 
Four per Cent. Consolidated Annuities.. 
Reduced 3 per Cent. Annuities 
Long Annuities 
Imperial 3 per Cent. Annuities 
Imperial Annuities 25 years 
Irish 5 per Cent. Annuities 
Irish Terminable Annuities 
Transfer days. 
Tues. AFed. Th. and Fr. 
Tues. and Thurs 
Mon. Wed. and Fr 
Tues. Th. and Fr 
Tues. Th. and Fr 
Tues. Th. and Sat 
Tues. AFed. Th. and Fr. 
Mon. Wed. and Sat... 
Mon. Wed. and Fr 1 
Tues. Th. and Sat j 
Tues. Th. and Sat 3 
Tues. Th. and Sat £ 
Dividends due. 
January 5, and 
July 5. 
April 5, and 
Oct. 10. 
May 1, and 
Nov. 1. 
March 25, and 
Sept. 25. 
Transferrable at the South Sea House. 
South Sea Stock 
New South Sea Annuities 
Three per Cent. Annuities, 1751 
Old South Sea Annuities 
In these several funds, but particularly in 
the Consolidated 3 per Cents., which is by 
far the greatest in amount, much business 
is transacted daily both at the Bank and 
at the Stock Exchange, a building erected 
expressly for the buyers and sellers of the 
public funds to assemble in. Persons hav- 
ing occasion to invest money in the funds, 
usually employ a broker, who finds a seller 
of the stock wanted, and having agreed 
upon the price, delivers the particulars of 
the transfer, to be made to a clerk in the 
proper office at the Bank, and fills up a 
receipt to be signed by the seller for 
the money paid. The transaction is com- 
pleted in a short time, with very little 
trouble to the parties, and this facility of 
buying into or selling out of the funds in- 
duces many persons to lay out their money 
therein in preference to all other securities. 
The transfer from the seller to the buyer is 
made free of all expence to the parties, on 
all the government funds ; but transfers of 
the funds of any company or society are 
Mon. Wed. and Fr 5 January 5, and 
£ July 5. 
Tues. Th. and Sat } January 5, and 
Tues. and Thurs £ July 5. 
Mon. Wed. and Fr \ Ap /w 5 ’,^ nd 
l Oct. 10. 
liable to a duty. Transfers are made at the 
Bank between the hours of eleven and one 
o’clock; but may be made till three o’clock 
on payment of a small fee to the clerks. 
Besides the business which arises from 
the continual sale and purchase of property 
in the funds, a species of gambling has been 
engrafted on the fluctuations of their cur- 
rent price, commonly termed stock jobbing. 
This consists principally in making con- 
tracts for stock, to be fulfilled some weeks 
dr months after, without any payment or 
transfer being made at the time, -and gene- 
rally without an intention of any transfer of 
stock being made at all ; the object of the 
transaction being merely to pay or receive 
the difference between the current price of 
stock at the time of making the bargain, 
and the price it may be at on the day fixed 
for settling the account. Bargains of this 
nature are expressly declared by an act of 
7 and 8 Geo. II. to be null and void to all 
intents and purposes whatsoever, and per- 
sons concerned in them are in some cases 
