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The only loan of this state introduced into the London market, is one for £3,500,000, contracted for in 1823, by Mr. N. M. Rothschild, at 82 per cent. ; the dividends on which are payable the 1st of May, and the Ist of November, without deduction, by Messrs. Rothschild and Sons, London. The loan is in the form of bonds of £100 each, bearing interest at 5 per cent.
The finances of the Austrian Empire are entirely under the control of the Emperor, so that very little is known of their condition ; the total annual income (after deducting expenses of collection) is estimated at about £14,250,000 sterling, part of which is derived from the mines and lands belonging to the crown, but the greater part from taxes and rates. The annual expenditure of the empire is very considerable, on account of the immense military force necessary to protect the extensive frontier. The peace establishment consists of a force of 286,000 men: it is estimated that one-third of the public income is expended on the army. It is calculated that the debt of the Austrian Empire amounts to between £76,000,000 and £80,000,000 sterling.
The Belgian bonds current in the English market were issued in 1832, in consequence of a loan contracted for by Mr. N. M. Rothschild ; the capital was £2,000,000, bearing 5 per cent. interest, payable the 1st of May, and the 1st of November, without deduction, at the office of the contractor in London; the loan was taken at 75 per cent. A portion of the debt has been redeemed by the sinking fund. The bonds are for £100 and £40 each.
Some business has of late been transacted in London, in the 4 per cent. domestic debt; the dividends on this stock are not payable in London, and are consequently subject to the fluctuations of the exchange, as are the transactions in the stock also.
The large army which the nation is compelled to support, in consequence of the still unsettled dispute with the kingdom of Holland, creates a considerable expenditure of public treasure. It
from the statement of the revenue and expenditure of the year 1834, which is here subjoined, that the cost of maintaining the army alone amounted to nearly half of the total annual income.
The loans of the Brazilian Empire, raised in England, are as under:
£3,686,200, contracted for, in 1824, by Messrs. Rothschild and Thomas Wilson and Co., at 75 per cent.
£2,000,000, contracted for, in 1825, by Mr. Rothschild, at 85 per cent.
£800,000, contracted for, in 1829, by Messrs. Rothschild and Thomas Wilson and Co.
The interest on the whole of the above loans is 5 per cent., payable on the 1st of April and 1st of October, at the offices of the contractors, without deduction. The loans were raised by the issue of bonds of £100, £200, £500, and £1,000.
The exports of the empire are valued at about £5,000,000 annually, and the imports about the same sum ; from the duties on these, and the government dues on the gold mines and diamonds, the revenue amounting to £2,500,000 annually, is principally derived. The internal debt is estimated at about £3,000,000 sterling.
The Buenos Ayres bonds were issued in 1824, by the Republic of the United Provinces of Rio de la Plata, of which Buenos Ayres is the capital, in consequence of a loan of £1,000,000. contracted with Messrs. Baring, Brothers, of London. The loan was taken at 85 er cent. The republic agreed to pay 6 per cent. interest on the capital ; but no dividend has been remitted since July, 1827.
The revenue of the provinces is seldom sufficient to meet the expenditure ; and the domestic debt is said to amount to upwards of £4,000,000 sterling.
The loans raised in this country by the government of Upper Canada, amount to £400,000, in debentures, bearing 5 per cent. interest, payable half-yearly by Messrs. Thomas Wilson and Co., without deduction, as under :
£200,000, redeemable in 1854, dividends payable April 1 & Oct. 1. 200,000,
Jan. 1 & July 1.
The debt was contracted for the purpose of improving the country by the construction of canals, railroads, and other works of public utility.
The revenue of the colony is derived from duties on imports, and in a few inconsiderable taxes ; but chiefly from the works of internal improvement belonging to the government of the province, some of which yield large returns.
The Chilian loan amounts to £1,000,000, it was raised by the issue of bonds in 1822, and was contracted with Messrs. Hullett, Brothers, at 70 per cent. The interest was 6 per cent., which has been unpaid since September, 1826.
The revenue of the republic amounts to about £320,000 annually, but the expenditure generally exceeds the income. The domestic debt is upwards of £5,000,000 sterling.
The republic of Colombia formerly consisted of the three provinces of Venezuela, New Granada, and Equator, which united for the purpose of resisting the Spanish power; the confederation is now dissolved, and the three provinces are become distinct states. The loans of the republic of Colombia raised in this country are as under:
£2,000,000, contracted in 1822, with Messrs. Herring, Graham and Co., at 84 per cent.
£4,750,000, contracted in 1824, with Messrs. B. A. Goldschmidt and Co., at 88 per cent.
These loans were raised by the issue of bonds, bearing 6 per cent. interest, and are distinguished in the London market as black and red, the bonds of the first loan being red, and those of the other black ; they are for sums of £100, £250, £500, and £1,000 each. The interest on the loan of 1822 is due from May, 1826, and on that of 1824 from January, 1826.
The debt of Colombia was contracted in consequence of the war of independence, during the continuance of which, the republic was supplied with arms and ammunition from this country, and for which, payment was made in debentures bearing 10 per cent. interest ; these were afterwards received at par, with the interest accrued upon them, in subscription for the 6 per cent. loans.
According to the arrangement proposed at the meeting of the deputies of the three states in 1835, the debt with the arrears of interest, is to be divided in the following proportions:-New Granada 50 parts, Venezuela 28, Equator 211. The subjoined statements exhibit the resources of the first two republics ; but of the condition of the finances of Equator, I have not been able to procure any account.
New Granada. The whole value of the produce of