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An Account of the Receipt and Expenditure of £1,591,924 5s. 22. in one year, from the 7th of January, 1836, to the 5th of
January, 1837, by the Commissioners appointed by 26th Geo. 3rd, for the reduction of the National Debt.
The said Commissioners with the Governor and Company of the Bank of England.
» per D. G. K.
7,603 10 7 Ditto per 4 Geo.
£. s. d.
78,682 0 2 By Cash received at sundry times from
1,583,788 9 11
from Hon. Mr. Langley
1,000 0 0 92,500 0 0 Reduced 85,243 5 0
for forfeited deposits, Bishops-
61 1 4
105 9 4
Six Months' Interest on £216,118
1s. 8d. Consols, (4 Geo. IV., c. 19) cents. due 5th of January, 1836
3,241 15 5 s New
„ on £13,301 5s. ld. Reduced 239,5090 0 cents.
Annuities, (4 Geo. IV., c. 19) due
199 10 4
567,339 11 6 „ on £216,118 ls. 8d. Consols,
3,241 15 5
256 3 5
s Reduced 3} per 100,226 3 8
3 per} 238,784 6 2
£1,591,924 5 2
£1,591,924 5 2
N. B. The Act 4 Geo. IV., c. 19, referred to in the above Statement, relates to the Fund created by Donations and Bequests, towards reducing the National Debt.
An Account of the saving to the public by the conversion of Stock from a higher to a lower rate of Interest.
1822. Navy 5 per cents., after deducting £2,794,318 dissents New 4 per cents., including the bonus of £7,481,393
£. 149,627,825 157,109,218
1826. 4 per cents. after deducting £6,149,246 dissents £3 10s. per cents. the same amount.
£150,344,051 Five per cent
1834. 4 per cents., 1826 The same Capital in 3} per cents.
The different Stocks constituting the public debt on the 5th of January, 1837, are as follow:
Consolidated 3 per cent. Annuities.—This stock originated in 1751, when several 3 per cent. annuities were consolidated by Act of Parliament, amounting together to £9,137,821 5s. 1d., the total amount of stock which had been created in this fund from 1751 to the close of the last war was about £490,000,000, the unredeemed amount on the 5th of January, 1819, was £363,520,902 198. 2d., on the 5th of January, 1835 it was reduced to £346,309,087 4s. 3d., and on the 5th of January, 1837 the amount of this stock was £357,166,317 4s. 11d.
Reduced 3 per cent. Annuities.—This fund was formed at the same period as the consolidated 3 per cents., viz. in 1751, when it amounted to £17,701,323 16s. 4d. On the 5th of January, 1819, the amount unredeemed was £134,654,932 10s. 5d.; on the 5th of January, 1835, it had decreased to £122,638,036 11s. 9d., but by subsequent additions it had increased on the 5th of January, 1837, to £125,141,486 16s. 5d.
Three per cent. Annuities, 1726. — The original amount of this stock was £1,000,000, it was created by a lottery in 1726, in order to pay off Exchequer-bills, which had been issued to defray certain charges accumulated on the civil list. On the 5th of January, 1837, it amounted to £825,262 158. 6d.
Debt due to the Bank of England.—At the establishment of this Corporation in 1694, the sum of £1,200,000 was lent to Government by the company, in consideration of certain privileges conveyed by the charter; the interest allowed was 8 per cent. per annum, the amount of the debt on the 5th of January, 1837, was £11,015,100, bearing interest at 3 per cent; the particulars of the advances made by the Bank to government, are given in the account of the Bank of England.
Three and a half per cent. Annuities, 1818.-The title of this stock expresses the date of its creation, which was by the transfer of reduced 3 per cents. and consols, and the funding of Exchequer-bills. Subscribers on transferring £100 consols or reduced, and paying £11 in money, were entitled to £100, 31 per cent. stock, and also to fund Exchequer-bills at 64 per cent. for 3 per cents., to an amount equal to the sum of 3 per cent. stock subscribed. The original amount of this stock was £25,356,573 12s. 3d., which had been diminished by the 5th of January, 1837, to £10,725,232 9s. 5d.
Reduced 3} per cent. Annuities.-In 1826 the old 4 per cent annuities were converted into 31 per cent. stock, by which this fund was formed; it amounted at that time to £70,105,403. On the 5th of January, 1837, it had decreased to £66,273,320 15s. 5d.
New 35 per cent Annuities. This stock originated in 1830, by the conversion of new 4 per cents. ; the holders had the option of receiving £100 of this stock, or £70 5 per cent. stock for each £100 4 per cents., or of being paid off at par; the amount of 3) per cents. thus created, was £150,344,051. About half a million of 5 per cent. stock was taken, and the amount of money paid to dissentients was about £2,500,000. Notwithstanding the addition of upwards of £10,000,000 stock to the new 35 per cents. in 1834, by the conversion of 4 per cents. 1826, and their consolidation with this stock; the amount on the 5th of January, 1837 was £146,229,682 4s. 8d., which is a decrease of £4,000,000 since the fund originated in 1830.
New 5 per cent. Annuities. This stock arose from the reduction of the interest on the new 4 per cents. in 1830, when the stockholders had the offer of £70 5 per cent. stock for £100 4 per cents., the 5 per cent. stock thus created amounted to £474,374, and the holders were guaranteed from any reduction in the interest for forty-five years, viz.--until 1875; on the 5th of January, 1837, this stock amounted to £438,240 13s. 4d.
South Sea Stock and Annuities.--The origin of the South Sea Company has been briefly noticed in a preceding page ; it was from the capital stock of the company that the old and new annuities originated. The capital of the Company at its establishment in 1711, amounted to £9,177,967 158. 4d., which was entirely deposited in the hands of government, and was subsequently greatly increased, so that in 1720, it amounted to £37,802,203 5s. 6d., the whole of which was lent to government; in this year the capital was reduced by a part being paid off by government, and the conversion of a portion into government stock; by this arrangement the old and new South Sea annuities were created, and in 1751 another stock originated by a loan raised to pay off those who dissented from the reduction of interest to 3 per cent., which was made at that period in the old and new annuities. The respective amounts of these stocks on the 5th of January, 1837, were as follow :
d. Capital Stock of the South Sea Company 3,662,784 8 6 Old South Sea Annuities
3,497,870 27 New South Sea Annuities
2,460,830 2 10 South Sea Annuities, 1751
523,100 0 0
The total amount of these is
£10,144,584 13 11
for which the Government pays 3 per cent. interest.
Irish Funds.—The amount of the public debt under the management of the Bank of Ireland on the 5th of January, 1837, was £33,463,343 5s. 2d., the occasional alteration in which, is in consequence of the Irish stocks being transferable from the Bank of Ireland to that of England, and also by the conversion of English into Irish stock at the option of the stockholders. The various stocks and debts constituting the above amount, are particularized in the subsequent statement of the condition of the public debt, on the 5th of January, 1837.
Unfunded Debt.-The unfunded debt of Great Britain consists entirely of Exchequer-bills, which are receivable for duties at the Exchequer, after the 5th of April succeed