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the soil of New Granada, according to official accounts for the year ending the 30th of June, 1834, was estimated at $3,250,000, (about £650,000.)
No statement has been officially given of the amount of the domestic debt of New Granada, but it is estimated at about $3,000,000, (£600,000.)
The estimated expenditure during the year ending June, 1834, was $2,657,000, and the receipts in the same period, including the balance in the Treasury in 1833, were estimated at $2,530,000.
Venezuela.—The average revenue of Venezuela, for the two years ending July, 1835, amounted to $1,290,000 per annum, and the expenditure to $1,375,000, leaving an apparent deficiency in the revenue of $85,000, against which the state possessed a fund of $250,000, which was employed in the tobacco monopoly, since abandoned by the government.
The domestic debt of Venezuela in 1835, amounted to about $1,000,000.
The loan raised in this country for the island of Cuba, was for the
purpose of constructing a railroad, from the city of Havana to the town of Guines, under the direction of the Royal Commercial and Agricultural Association of Cuba ; the revenue of this association, which is derived from a duty on the imports and exports of the island, as well as the receipts of the railroad, is specially pledged for the payment of the interest, and for the redemption of the loan. The income of this association as stated in the prospectus of the loan, amounted in 1831 to $263,228, in 1832 to $265,520, and in 1833 to $300,985.
The loan was contracted in 1835, and amounts to £450,450, issued in bonds bearing 6 per cent. interest, which is payable by Messrs. Wright and Co., on the 5th of March and the 5th of September. The bonds are to be redeemed by a sinking fund before the end of the year 1860, commencing in 1839, either by purchase or payment at par by drawing lots. The loan was taken at 91 per cent.
The following statement shews the increase of the revenue of Cuba during the past year :
Reals. Receipts from the Customs duties 6,184,801 Various sources
In the year ending January, 1837
Increase in 1836
In 1822 a loan of £3,000,000 was raised in this country for the kingdom of Denmark, bearing 5 per cent. interest, which was taken at 771 per cent. ; this loan was redeemable at the option of the King of Denmark at par ; a new loan was raised in 1825, bearing 3 per cent. interest, in order to pay off the unredeemed
per cent. bonds, amounting to £1,330,000, and for other purposes. The loan was for £5,500,000, of which sum £3,500,000 was contracted for by Messrs. Thos. Wilson and Co., at 75 per cent. ; and the remaining £2,000,000 was reserved by the Danish Monarch, to be sold as occasion required. The dividends on the bonds are payable the 31st of March and the 30th of September, by Messrs. Thomas Wilson and Co. The revenues of the kingdom of Denmark amount to about £1,500,000 annually ; the total debt is upwards of £10,000,000 sterling
The Danish Budget, for the Year 1835.
£361,111 House tax
The public debt of France on the 1st of January, 1834, was as follows:
The revenues of France have for several
been insufficient to meet the expenditure of the government, and it was stated at the commencement of the year 1836, by M. Humann, minister of finance, that the debt of the nation had been augmented since the revolution in 1830, by the addition of about 800,000,000 francs, entailing a charge upon the country of 40,000,000 francs per an
The deficiency in the revenue in 1834 amounted to 167,000,000 francs, in 1835 to 38,000,000 francs, and in 1836 to 21,000,000 francs: a deficiency is also expected in the revenues of the current year; and it has been proposed to curtail the expenditure by a reduction of interest on the 5 per cent. rentes. The revenue usually amounts to about £40,000,000 sterling.
The estimated revenues of the year ending December 1837, amount to 1,076,419,150 francs. The expenditure was estimated at the commencement of the present
year at 1,061,037,122 francs, but subsequent grants amounting to 418,800,792 having been made, the expenditure will be about 1,479,837,914 francs, leaving a deficiency of 403,418,764 francs, or £16,136,000 sterling. The whole of these grants, however, will not be payable during the present year.
The only French securities negotiable in the English market are the rentes, of which there are four descriptions, bearing respectively 5,41,4, and 3 per cent. interest; these loans were principally contracted in France, and are in the form of perpetual annuities ; the method of calculating the value of which is as follows :—1 franc of rente in the 5 per cents., represents a capital of 20 francs, that sum yielding at 5 per cent. interest the annuity of 1 franc, this capital of 20 francs is then calculated at the market price, say 110f. 25c. per cent. the result is 22.05, which is to be converted into sterling money by dividing it by the exchange on Paris ; (suppose 25.50) the value of the perpetual annuity of 1 franc in the 5 per cent. rentes, will thus be found to amount to 178. 3d. The same system is pursued in computing the cost of the other rentes, the 41 per cents. representing a capital of 22.22 for each 1 franc of rente; the 4 per cents 25, and the 3 per cents. 33.33. The annexed tables exhibit the value of 100 francs de rente in each description, at various prices, and rates of exchange.
These rentes are either in bonds of various amounts, payable to bearer, or are inscribed in the name of the holder in the great book of the public debt of France ; in the former description the security passes from hand to hand without any written assignment; and the dividends are payable by Messrs. Rothschild, at the exchange of the day, upon the coupons (which are attached to the certificate) being left for a few days at their office. In the case of the inscribed rentes, a power of an attorney is necessary in order to effect a transfer, which must be executed by the seller, authorizing some party in Paris to sign the transfer of the rentes in the great