1796. | 
The fourth clafs comprehending the 
months of Auguft, September, and Oc- 
ROber WH 7OG) 
- Upon his communicating, he faid, with 
many gentlemen on the fubjeét, they com- 
puted 
“i bhi: 2 percents. at.cS. 
The 4 per cents at 75. 
The 5 per cents, at 88. 
He then propofed that the holders of 
navy bills th_uld have their option of any 
of the three kinds of ftock, with the fol- 
lowing abatement on the prefent prices : 
For the firft clafs, 
Of 2 per cent. in the 3 per cents, 
Of 3 per cent. in the 4 per cents. 
Of 4 per ceat. in the 5 per cents, 
For the fecond clafs. 
Of 1% per cent. in the 3 per cents. 
Of 23 per cent, in the 4 per cents. 
Of 33 per cent. in the 5 per-cents. 
For the third clafs. 
Of t per cent. in the 3 per cents. 
Of 2 per cent. in the 4 per cents. 
OF 3 per cent. in the 5 per cents: 
For the fourth clafs. 
Of $ per cent. in the 3 per cents. 
Of 15 per cent. in the 4 per cents. 
Of 23 percent. in the 5 per cents. 
The bills to bear intereft. till the 12th 
ef December, and the dividends to com- 
mence with the refpective funds, viz. 
The 3-per cents. confols 
The 5 per cents. 
The 4 per cents. from Michaelmas laft. 
In addition to this aggregate of navy 
bills, there were outflanding exchequer 
bills to the amount nearly of two millions 
and a half: thefe were to become payable 
in July; he propofed, therefore, to fund 
them in nearly the fame loans as the navy 
bills, viz. 
~_ ¥5 per cent. in the three per cents. 
25 per cent. in the 4 per cents, 
37 per cent, in the 5 per cents. * 
Wir. Pitt withed to be underftood, that 
if, for the future, navy and exchequer 
bills fhould be found neceffary.to be iflued 
for the public fervice, they thould be iffued 
for fo fhort’' a period as not to incur any 
confiderable lols by difeount. 
“He concluded with moving, ‘* That his 
majelty be enabied to tatisfy all the bills 
payable in the navy, victualling, and tran{- 
port fervice, to the 27th of O&.17096.” 
Mr. Huffey made fome excellent re- 
marks on the plan propofed by the Chan- 
cellor of che Exchequer ; he reprobated it 
as lavifhing the public money, and aug- 
Menting the netional debt in an unpre- 
cedented manner. Mr. Fox adopted the 
fame ftrain of reafoning, and proved that 
from Nov. laft. 
Public Affairse—Great Britain. 
by the fyfiem of Mir. Pitt, the holders of 
navy and exchequer. bills would receive at 
the rate of 1031. intereft per cent. per an- 
num for their money ! He faid it was im- 
poflible for any member of that houfe to 
fee thofe tranfactions, and not call the at- 
tention of the committee to a firuation fo 
difaftrous, and to circumftances fo unex~ 
ampled. “Uf I, faid, Mr. Fox, .** un- 
derftand the propofitions, it is, that thofe 
who have received bills at 14 or 15 per 
cent. difcount, fhall ftand in the fourth 
clafs; I confine myfelf for the prefent to 
the five per cents. Hence thofe whohave 
received bills 14 or 15 per cent. difcount, 
in September, what intereft will they have 
made for their money? They will have 
had the bills in their poffeffion about fixty 
days: for rool. they advanced 861. they 
they wul, therefore, in the firft inftance, 
have gained 14]. and they will receive 
851. ros. five percent. ftock. Firft, they 
receive 14l. for difcount, and then 2]. 10s, 
for the difference of ftock ; nor is this all; 
they go on receiving 4 per cent. for a 
longer period ; and thus when you calcu- 
late the annual profit, you muft include 
this 4 per cent.. intereft. “They receive, 
therefore, 16. ros. for fixty days’ poffeffion 
of the bills. Calculate the amount of fix 
times fixty days, and you will find that 
thefe holders will have received at the 
rate Of 1031. intereft per cent. per an- 
num.” i | 
Mr. Fox then contended, that the com- 
mittee ought to have a detailed account of 
the neceflity that exifted before they vo- 
luntarily added two per cent. dnterefi on {fo 
great a fum as fifteen millions to the bur- 
den of the nation. 
After a debate, however, of confade- 
rable length, the refolutions were read and 
agreed to, | 
On the 31ft of O€toher, the houfe went 
into a committee again on the fame bufi- 
nefs. They divided on pafting of the firft 
refolution, (Ayes \208,.. Noes 46-4 Phe 
other refolution alfo paffed. 
‘The two houtes of parliament for feve- 
val days following did little more than 
haften the above: mentioned bill, and feve- 
ral others, whith we have mentioned as 
brought in by the minifter rhrough their 
feveral ftages, all of which, at length, re- 
ceived the royal affent by commiliion. 
The uncertainty concerning the iffue of 
the negociations for peace, and feveral other 
circumftances at this period, rendered a 
fhort interruption of the feffion defirable 
to the minifter 5 on his requeft, therefore, 
z 
S25 

