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[Tº-º: ,” . W. º ººsingº - º R. * * * - R F. R O M T H E L I B R A R Y o F professor Karl Heinrich 28.au of THE UNIVER's ITY of HEIDELBERG P R E S E N T E D TO T H E U N i V E R S I T Y O F M I C H I G A N BY Ylir, philo parsons of DETROIT 1871 A/G- fººtºººº…ass: *------> 1851. 47 's CATALOGUE OF USEFUL BOOKS *mº PUBLISHED BY EFFINGHAM WILSON, f 745 No. 11, Roy AL ExCHANGE, LONDON. /*--/ Issued for the especial use of the Visitors of the Great Eachibition of all Nations, 1851. WILSON'S HANDBOOKS OF THE N E W R O Y A L E X C H A N G E, WITH A MEMOIR OF SIR. THOMAS GRESHAM, THE Foun DER. In 1 vol. 12mo, with 18 Embellishments, in cloth, 2s. 6d. GREAT Exhibition EDITION. Sewed, Price 1s. “We are glad to welcome this Publisher back to his old place of business. 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Commerce in particular them made a gigantic stride, of which he was by no means an inactive spectator, and has been not imaptly styled the “Great Patriarch of Commerce and Commercial Finance.” With a liberality truly patriotic, he erected for the conveni- ence of Merchants, the Roy AL Exch. ANGE ; and in addition to his other extensive Charities, founded and endowed Seven Lectureships, for the Gratuitous instruction of the CITIZENs of London in the seven liberal Sciences. It is therefore confidently presumed, that few Merchants, Bankers, or Members of the Corporation of the City of London, will be without it. 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This day, in 1 vol. post 8vo. Price 6s, cloth. No. 11, South East Corner, PUBLISHED BY EFFINGHAM WILSON. 5 Partnership “en Commandite.” Partnership with Limited Liabilities (according to the commer- cial practice of the Continent of Europe and the United States of America) for the Employment of Capital, the Circulation of Wages, and the Revival of our Home and Colomial Trade. “The United States are chiefly indebted for her rapid and prodigious rise to this system of commercial association, especially in the extraordinary growth of her manu- factures, in which 6,000,000t is now invested, giving employment to more than 100,00e persons, exclusive of those engaged in the cultivation of cotton.”—Douglas Jerrold. In 1 vol. 8vo., Price 9s. in cloth. Drabwell’s Coal Tables. Improved Coal-Market Tables, for ascertaining the Value of any e quantity of coals at any price ; also, Discount and Scorage Tables. By WILLIAM D R ABw ELL, Accountant. 12mo. 5s. bols. Importance of Life Assurance. LIFE ASSURANCE; an Historical and Statistical Ac- count of the Population, the Law of Mortality aud the different systems of Life Assurance, including the validity and non- validity of Life Policies, with observations on FRIEN ply SociFTIES and SAVINGs” BANKs ; to which is added a review of Life Assurance, explanatory of the nature, advantages and various purposes to which it may be applied. By ALFRED BURT, Esq. In one 8vo. volume, price 7s. 6d. in cloth. Unreformed Abuses in Church and State; With a Preliminary Tractate on the CONTINENTAT, REVO- LUTIONS. By John WADE, Author of “History and Political Philosophy of the Productive Classes, &c. - “Mr. Wade has produced a vade-mecum---a complete hand-book---of the corruption, extravagance, and incompetence that beset this nation.”---The Morning Advertiser. (300 pp ), 2s. 6d , or Post free, to any part of the kingdom, on receipt of 36 Queen’s Heads. Anderson’s Mercantile Letters. A Collection of Modern Letters of Business; with Notes, Critical and Explanatory; an Analytical Index; and an Appendix, con- taining pro-formá Invoices, Account Sales, Bills of Lading, and Bills of Exchange. Also, an Explanation of the German Chain- Rule, as a "plicable to the Calculations of Exchanges: with a Nomenclature of Technicalities not to be found in any Dic- tionary. By W. ANDERson. “The New Edition is not merely valuable as examples of commercial style, but as introducing the reader and student, in the most familiar and intelligible manner, to the system of commercial dealings in all its branches, as carried on between this and other countries; in fact, it is a book which should be found in every counting-house and school, as the general mercantile information which it communicates and fami- liarises cannot fail to render it interesting to all classes of readers.”-Examiner. Fourth Edition, in a neat 12mo. volume, hound in cloth, price 5s. *...* In addition to the foregoing, every Commercial. WoRK of REPUTE is constantly on Sale. Royal Exchange. 6 CATALOGUE OF USEFUL BOOKS #lem and 3pprobtu ştiyool 1300ft3, With full Allowance to Schools and Private Teachers. Tate’s Elements of Commercial Arithmetic. Containing a Minute Investigation of the Principles of the Science, and their General Application to Commercial Calculations, and in accordance with the present Monetary System of the world. By W. TATE. “Its execution equals any. The rules are clear and more precise than usual. The Exercises are neatly composed, and have a greater relation to the actual busi- ness of the world than is customary with elementary books; whilst, to every branch that will admit of it, rules for mental calculations or short cuts to answers.ºre added ”— Spectator. * - Fifth Edition, improved and corrected, in 1 vol. 12mo, neatly bound, price 2s. 6d. Recently Published, - A Rey to the Elements of Commercial Arithmetic. Continuing the exposition of the principles of the science and of the more intricate portions of their application; exhibiting variations in the modes of performing arithmetical operations ; and conveying still further information respecting those com- mercial regulations, by which the pupil must hereafter be guided in his Commercial calculations. By W. TATE. Neatly bound, price 3s.6d. Just Published. Tate’s Counting-House Guide to the Higher Branches of Calculations. PART THE FIRST. Forming an Appendix to the Elements of Commercial Arith- Inetic. By W. TATE. A new and enlarged Edition, in 1 vol. 12mo, bound in cloth, 4s. Tate’s Counting-House Guide to the Higher Branches of Calculations. PART THE SEC on D. - - - Forming a Supplement and Key to the new and enlarged Edition of the Appendix to the Elements of Commercial Arithmetic. By W. TATE. In 1 vol. 12mo. bound in cloth, 68. T he two parts, bound in one, 9s. 6d. “A work of great excellence.”—Times. “Mr. Tate has spared no pains to furnish himself with the best practical data. The Royal Mint, the Bank of Fngland, Lloyd's, the Stock Fxchange, as well as the leading Mercantile Establishments, have been had recourse to. The work may be sately referred to, as a standard authority on the various matters treated upon.”- Morning Post. No. 11, South-East Corner, PUBLISHED BY EFFINGHAM WILSON. 7 Schonberg's Chain Rule, A Manual of brief Commercial Arithmetic, being an easy, simple, and efficient auxiliary in the working of difficult and complica. ted Problems; applied to Proportion, simple and compound, di- rect and Inverse; Discount; Barter; Interest, simple or com- pound; Profit and Loss; Fractional Numbers; Exchange ; Tare, &c. For the use of Schools, Counting-houses, and Self-Tuition. By CHARLEs Louis Schön BERG. “The Chain-Rule is a simple, easy, and clever system of arithmetical computation, only requiring to be known to be generally adopted, to the total exclusion of Ready Reckoners and the rule of Thumb. There is a fascination in the very arrangement of the figures; in fact, it is an amusing as well as a most useful study, and we strongly recommend the Chain-Rule as arranged and applied by Mr. Schonberg.”—Lit. Gaz. Fourth Edition Neatly bound in cloth. price is. 6d. The Story. Without an End. The Story without an End. From the German of F. W. CA Rová, by Mrs. A UsTIN. “This is a delightful fairy tale; we are all indebted to Mrs. Austin for one literary work or another, but our children's children will thank her for this. The book altogether is a literary gem.”—Athenaeum. - Appropriately embellished with 18 Wood Engravings, in the first .* the art, from the pencil of Harvey, price 2s. 6d. meatly bound. The Author’s Guide. A Guide to Authors; showing how to correct the press, according to the mode adopted and understood by Printers. price 6d. New English Grammar. An Elementary English Grammar, upon an entirely new prin- ciple, especially adapted by its simplicity and its numerous exercises, for the junior classes in schools, for private tuition, or for self-instruction. - By W. H. PINNock, B.C.L. New Edition. Price I s. bound in cloth. * Pinnock’s Grammar as issued into the world by Effingham Wilson is the best and clearest that has ever appeared, and ought at once to supersede every other book of its class.”—-United Service Magazine. History in Rhymes. Rhymes for Youthful Historians : designed to assist t' e Memory in retaining the most important Dates in Ancient History, and the principal Events in the History of England. “How many are there of the common affairs of human life, which have been taught in early years by the help of rhyme, and have been like mails fasten- ed in a sure place. * * * . It is from this principle that moral rules have been cast into a poetic mould from all antiquity.”—Dr. Watts Improvement of the Mind. - ‘You must not laugh at this, for chronologists do not pique themselves on their poetry ; they make use of numbers and rhymes merely as assistants t me mory, being so easily learned.”—Mrs Chavone. . te Fifth Edition, with 35 Portraits of Sovereigns, price is. 6d. Miss Iselin’s Poems. My Dream Book: Poems. By Sophi A Is ELIN. Price 3s. 6d. in cloth, or 5s. in silk, with gilt edges. Royal Exchange. 8 CATALOGUE OF USEFUL BOOKS A complete Course of Instruction IN THE dPrenti) ātanguage, Which obviates entirely all necessity for leaving England to learn French. New French School by M. Le Page. PROFESSOR OF FR EN C H IN LONDON. “The sale of many thousands, and the almost universal adoption of these clever little Books, by Mons. LEPAGE, sufficiently prove the public approbation of his plan of teaching French, which is in accordance with the matural operation of a child learn ing its native language.” The French School—Part 1. L’ECHO DE PARIS ; being a selection of Familiar Phrases which a person would hear daily if living in France. With a Vocabulary of the Words and Idioms. “Mons. Le Page's excellent work has, we are happy to perceive, run through several editions with all the celerity it deserved:, . His book is decidedly the best we have seen for aiding the instruction of English children in the rudiments of the French language; inasmuch as it approaches nearest to that best of all possible methods, fami- liar conversation.---Morming Post. - Eighteenth Edition, with Additions, and numerous Woodcuts. In 12mo. meatly bound in cloth, price 4s. The French School—Part 2. GIFT OF FLUENCY IN FREN C H CONVERSATION : a Set of Exercises for the Learner of the French Language, cal- culated to enable him, by means of practice, to express himself fluently on the ordinary Topics of Life. With Notes. Sºrth Edition, improved. 12mo, meatly bound in cloth, price reduced to 3s. * Mons. Le Page's Flementary works are already well known and highly appreciated, no books are better adapted to give the pupil a complete command of words and phrases, and a correct knowledge of the language, the arrangement is natural and judicious.”---Atlas. The French School—Part 3. THE LAST STEP TO FRENCH ; or, the Principles of French Grammar displayed in a series of Short Lessons, each of which is followed by Questions and Exercises : with the Ver- sification. - Fifth Edition, 12mo. neatly bound in cloth, price reduced to 3s. ** The THREE PARTs bound in ONE Volum E, price reduced to 9s. * M. Le Page’s tabulation of the verbs is as complete as it is good ; his syntax is lucid and scholarlike, and his Exercises are well graduated, and likely to exercise the student's mind with his memory.”—Gent’s Mag. “To schools and private teachers these volumes must be invaluable.”—Mon. Rev. *...* Mons. LE PAGE, encouraged by a liberal public, has also published for the use of Junior Classes, The French Master for the Nursery; Or, Easy Lessons in French for Young Beginners. New and Im- proved Edition, with additions, Royal 18mo. neatly bound ; price reduced to 3s. No. 11, South-East Corner, PUBLISHED BY EFFINGHAM WILSON. 9 Le Petit Canseur ; e Or, First Chatterings in French, being A KEY TO THE GIFT OF FR ENCH CONVERSATION, By Moms. LE PAGE, author of “L’Echo de Paris,” &c. The key gives the correct translation of the French, thereby showing which is the proper expression for every topic of life. New and improved Edition. Price 1s 6d. Mons. Le Page’s French Prompter; HAND-BOOK FOR TRAVELLING on the Continent and STUDENTS IN FRENCH. A complete Manual of Conversation, arranged in Alphabetical order, so as to obviate all difficulty of reference, each English word is followed by the phrases and idiomatic French in constant use, forming a perfect English and French dictionary, and a sure Hand-Book of Conversation, as it gives at each word all the phrases relating to it which are heard daily in polite families. Third Edition. In a neat Pocket Volume, pp. 380, price 5s. Petit Musee de Litterature Française:, . - ELEGANT EXTRACTS from the most Eminent Writers of France, in Prose and Verse; with chronological and critical Notices of French Literature, from the 14th to the 19th Centuries. By M. LE PAGE, Author of “L’Echo de Paris,’ &c. “The selections have been carefully made, and show at once the style and the power of the writer. We strongly recommend the “Petit Musée’ to all those de- sirous of becoming acquainted with the literature of France.”-Argus: In One Volume, 12mo., handsomely bound, price 5s. 6d. This Work is kept in Elegant Binding, suitable for Presents, at 8s. 6d. Ready Guide to French Composition. - - FRENCH GRAMMAR BY EXAMPLES; giving Models as Leading Strings throughout Accidence and Syntax; and presenting a Comparative View of the English and French Idioms in their principal Differences. By Mons. LE PAGE, Professor of the French Language, Author of “L’Echo de Paris,” “The French Prompter,’ &c. “We should mot think of describing an olject to make it known, when we can show it at once. Why should we think of teaching by precepts and rules when a model can be set forth P” “This work will be found a ready Guide to French composition ; each model in the accidence is followed by questions and exercises, the object of which is to bring the young learner to shape a rule himself and practise it. We can conscientiously recommend it to general adoption.”---Sunday Times. e In 12mo., neatly bound in cloth, price 4s. chervelle’s First Step to French ; Indispensable to, and in harmony with, all French Grammars; being a collection of Progressive Familiar Conversations, in French and in English, showing a parallel between the Pronun- ciation, Etymology, Accidence, and Idioms of the Parts of Speech in both Languages, with Grammatical Observations on a New Plan. ... By F. M. DE CHER verts. New and Improved Edition, with Additions, 12mo., 3s cloth. * M. de Chervelle's method of teaching interferes with no existing grammar, but s applicable to any. The conversations are written in a familiar style (very easy at first, and advancing with the progress of the student), in which no word is isolated, and thus the rules of grammar are made clear;-one page is French, the opposite English, thus showing a parallel between the pronunciation, etymology, accidence, and idioms of both languages.”--Morning Post. Royal Exchange. 10 CATALOGUE OF USEFUL BOOKS fºlí3ttllantoug. Assurance and Annuity Tables, According to the Carlisle rate of mortality, at Three per cent. By PETER GRAY, F.R.A.S., A.I.A., Author of “Tables and Formulae for the Computation of Life Contingencies,” HENRY AMBRose SMITH, F.I.A., and WILLIAM ORCHARD, F.I.A., Author of “Single and Annual Assurance Premiums at Eight Rates of Interest.” These tables afford the means of readily solving any problem in which either one or two lives are concerned. The single life values tabulated are those of the annuities and the single and annual assurance premiums for every age, and the two life values are those of the single and annual survivorship assurance pre- miums, for every possible combination of two ages. The single premiums for every other kind of assurance on two lives, and the annual premiums for an assurance on their joint continu- ance, are hence deducible by the mere addition or subtraction of tabulated values; while, by the aid of a new auxiliary table, We pass at once, with the utmost facility, from any assurance value to its corresponding annuity value, the latter being it; all cases true, within narrow limits, to four decimal places. The work comprises also the requisite auxiliary tables, for the for- mation of the values of temporary and deferred benefits. In royal 8vo., price 10s. 6d, cloth. The Devil in Turkey. Just published, in 3 vols., post 8vo., price ll. 11s. 6d. cloth. Consumption Curable. 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This Day is Published, IHIMIGIRANTS’ GUIDES TO THE BRITISH COLONIES, Price ls, each, or, Post Free, on reeeipt of 18 Queen’s Heads. By J. C. BY R N E, Esq., Author of ‘Twelve Pears' Wanderings in the British Colonies.’ Port.T NATAL, witH A TMAP, Sixth Edition, with Additions. NEW SOUTH WALES PROPER, AUSTRALIA FELIX & SOUTH AUSTRALIA. Twelfth Edition. “This small hand-book, written by a man practically acquainted with the Colonies of which he writes, is one of the best arranged, most economical and useful Guides that we have seen. Every point of real and general importance to the emigrant seems to be touched upon briefly but tersely-from the qualities of the Colony which should determine the choice of his location to the management of colonial property when it is obtained. There are not many Guide-books to Australia which we could recommend to the labouring classes in preference to this one by Mr. Byrne.—Athenaeum. T H E C A P E O F G O O D H O P E, Third Edition, with a Map. “These clever little books contain all the information an Emigrant can “sº ritic. Pub. by Effingham Wilson, No. 11, South-East Corner, Royal Exchange. A corvipARATIVE or EQUATION TABLE Shewing the relative value of the Several Funds to each other at various prices, the interest produced, and the number of years' purchase. *O - Bank India Years' % per 3 per 33 per 3% per 5 per 6 per | Stock at Stock at Pur- Interest. Jent. Cent. ent. Cent. Cent. Cent. 7 per Cent.10% per Ct. chase. 42% 51 55# 59% 85 102 119 178% 17 :#5 17 s.7d. 43; 52# 563 61} 87% 105 122# 183; 17% 5 14 3 45 54 58, 63 90 108 126 189 18 5 11 J 46# 55% 60, 64; 92; 111 129% 194} 18, 5 8 || 47% 57 61; 66# 95 114 133 1994 19 5 5 3 48; 58# 633 68} 97% 117 136, 204; 19, 5 2 6 50 60 65 70 100 120 140 210 20 5 () (? 51 # 61; 66; 71; 102} | 123 143% 215+ 20% 4. 17 6 52; 63 68} 73% 105 126 147 220, 21 4 15 2 53; 64% 693 75} | 1074 129 150% 225; 21, 4 13 () 55 66 71; 77 1 10 I 32 154 231 22 4 10 J () 56} 67; 73% 783 11.2% 135 157; 236} 22# 4 8 1 {} 57% 69 74; 80% 115 138 161 241, 23 4 6 1 | 58} 70% 76% 82} | 1.17% 141 1644 246; 23; 4 5 || 60 72 78 84 120 144 168 252 24 4 3 4 61} 73% 793 85; 1224 147 17.1% 257+ 24% 4 1 7 62% 75 81; 87; 125 150 175 2624 25 4 0 (! 63; 76# 82; 89% 127% 153 1784 267; 25; 3 18 5 65 73 84% 91 130 156 182 273 26 3 16 11 66} 79% 86, 92% 132} | 159 185% 2784 264 3 15 5 67; 8] 87; 94; 135 162 189 28.3% 27 3 14 (; 68; 82; 89; 96} | 1374 165 192% 288; 27# 3 12 8 70 | 84 91 98 140 168 196 294 28 3 11 5 71 # 85% 923 99% 1424 171 K99; 299; 28% 3 10 2 73; si" || 31|| | 101, it;" | 174 203 304, 29 || 3 9 0 73; 88% 953 103} | 1.47% 177 206; 309; 29% 3 7 10 75' 90 97; 105 150 is gio" 315 30 || 3 & s 76# 91% 99, 106; 1524 183 2.13% 320% 30% 3 5 7 77% | 93 100% 1084 155 186 217 325% 31 3 4 6 78; 94 1013 110} | 157, 189 220% 330; 31, 3 3 6 80 96 104 1 12 160 192 224 336 32 3 2 6 814 97% 1053 113; 162; 195 227# 341+ 32% 3 || 6 82, 99 }}}} | 115; 165 198 231 346% 33 3 () 7 S35/16 100 1083 1163 1663 200 234% 350 33} 3 0 0 *. • Tºss 3, - r- r *" ºversity of * N \'s Serf -4. sº.3.x. A F ORTUN E’S 44, ( H if A N º v. T : ‘. . * , EP I To M E STOCKs & PUBLIC FUNDs, ENGLISH, FOREIGN, & AMERICAN; Qe EVERY NECESSAFY INFORMATION FOR UN DERSTANDING THE NATURE OF THOSE SECURITIES, AND THE MANNER OF TRANSACTING BUSINESS THEREIN. To which is ADDED, AN Account of THE ENGLISH AND FOREIGN RAILWAYS, AND THE PRINCIPAL JOINT STOCK BANKS. SIXTEENTH EDITION, ARRANGED AND REVISED BY D. M. OR I. F. R. E.V A N S, Author of the “ Commercial Crisis, 1847–48.” L ON DO N : . LETTS, SON AND STEER, 8, ROYAL EXCHANGE, 1851. TC) G E OR G E S T E ER, Esq. THE SIXTEENTH ISSUE OF F O R T U NE'S E PIT O M E O F T H E F U N D S Is IN sca18 FD, A.S & SLIGHT TRIBUTE OF RESPECT AND ESTEEM BY THE EDITOR. P. R. E. F. A. C. E. • * g e º ſº º tº y º ºf a $ 8 & sº a ſº gº tº a tº gº 3 * THE rapid absorption of the Fifteenth Edition of “Fortune's Epitome of the Funds,” and the continuous demand for the work, has rendered it necessary to pre- pare a new Edition. In doing this, great care has been paid to a revision of the various changes which have taken place in the different Public Securities; and the additional matter introduced, will, it is believed, convey to the reader every point worthy of notice. Besides the customary alterations the English debt periodically experiences, there has been since the former edition was published, a Sardinian Loan introduced into this country, and the Creditors of Mexico have again settled preliminaries for a fresh conversion. With regard to other Foreign securities, no great movement has occurred. A partial dividend has been paid by the Agents of the Buenos Ayres Government, and New Y. PREFACE. Grenada has liquidated a portion of arrears of interest by the issue of Treasury Bills. Spain has passed a law for the arrangement of her debt, but the Bondholders are divided in their opinions upon the desirableness of ac- cepting its provisions. Railways have in several respects presented variations of moment, and the dividends de- clared in the majority of cases, have disappointed the expectations entertained. The Banking interest as represented by Joint Stock establishments, shows a steady course of prosperity, the general business trans- acted being of a lucrative nature. The Editor in future editions, will endeavour to main- tain the character of “Fortune's Epitome of the Funds” for correctness and utility; and should any errors be discovered in the present volume, he will esteem it a favor to have his attention drawn to the subject. LoMBARD STREET, August, 1851. P. R. E. F. A C E TO THE FIFTEENTH EDITION. IT is now upwards of ten years since the last Edition of “Fortune's Epitome of the Funds” was issued for public patronage. Since that date, it may be readily conceived that striking changes have occurred in the character and appearance of most of the negotiable English and Foreign Securities which then existed; and that others have been called into circulation, which were then not contemplated, as ever likely to rank in the position they at present occupy as a species of interest- bearing investment. • Without detailing at length the various mutations which have characterised this cycle, the vicissitudes the money and commercial world has experienced, or the periods of inflation and collapse that have marked par- ticular years, it will, perhaps, be sufficient to intimate that in the intervening time, the constitution of the Bank of England has undergone essential alteration; that the public debt of this country has been increased by loans and other financial arrangements, and its various descrip- tions comprised in remodelled categories; that Foreign Securities, especially those of Spain, Portugal, and the xii FIREFACE. Spanish Americas, have been converted and reconverted ; and that the influx of railway shares, occasioned by the wild mania of 1844-45, has established a department of business previously confined within extremely narrow limits. Seeing that “Fortune's Epitome” has hitherto been regarded as an authority, it having passed through Fourteen Editions, it has under these circumstances been deemed desirable to re-arrange the work, and bring the required information down to as late a date in 1850 as was consistent with full authenticity. Availing himself, so far as it would suit his conveni- ence, of the labour bestowed upon this publication by Mr. John Field, the present Editor has adopted to some extent the form in which it previously came out; but the introduction of fresh matter, and fresh materials, has caused it to assume an almost wholly different appear- ance, both in the nature and variety of its contents. The authorities consulted have been the best that could be procured, including the most recent official in- formation derivable from the several Governments whose loans and finances are dealt with. Alluding to this cir- cumstance, it affords the Editor the opportunity of mentioning the valuable assistance rendered by Mr. Richard Thornton, Mr. Thomas Thornton, Mr. Joseph Tasker, Mr. E. Haslewood, and other gentlemen whose knowledge on these subjects peculiarly qualified them to settle all disputed points. LOMBARD STREET, June, 1850. IN DE X. FA G15. ADDENDA ... * * s > - - * * * w; £ a z - - r; e ºs “t t tº ... 263 Alabama. & © tº tº & $ * * * * * * vº º º * * * * - * & ſº a ... 23i Annuities (Long) ... 3 * * Tº e a £ 6 º' * * * * * * & tº 4 ... 88 — (Term of Years) ... 8 tº º * > * * * * * * * * * * ... 89 — (Life) gº º º • * e * * * * - e. * * * * * * 3 & t ... 93 Attorney (Powers of) * * * * * * * * * * - n * - - * * * ... 29 Austria * 6 s. tº p tº * - e. * * * * * * ‘. . . * * * * * * ... 104 Bank of England ... + 3 +. + 4 & * * * * * * * * tº * * * ... 43 —Stock * @ = * * * * † 4, *: ; *. • * * - > * * e $. ... 42 Bank Returns * * * x - t * * * * * * * - - 49 - 9 a e = ... 78 of France ... t v. 5 * r * * * - - - tº ~ * - * > ... }.25 Banks, Joint Stock (London) ... * * * * - - -- : 4 * * ... 306 Brazil ... * * * * * * 4 * * ... ... * - e. - - - * * * ... 166 Belgium * * * * * * * * * * * * * * * * * * - * * * * * ... 106 Buenos Ayres # * $ * * * - p → # * * *. - - - - - 3 * * ... 172 Camden and Amboy Railroad ... ... ... ... ... ... 251 Canada Guaranteed Debt + 4 + * : 4 * - - - - - e tº e ... 97 Charge of the Public Debt -, - 4 * * * -, -- • * * * * * ... 25 Chili ... * - º 4. g. * * - - r r +. * * * * - - * * * * * * ... 178 Cuba. ... * * * * * * * * * * * * * * * * * * * * * * * * ... 197 Debt of Great Britain * * * * * S. º 4 - * - & * * * ... 14 (1786 to 1849) * * x 4 - - * : * * * * ... 25 Denmark ... e e a * - - * * * - - - * - - * * * * * * 11 I, 285 Directions (General) * * * * - - * * * * - - * - - * * * ... 27 Dividends ..., * * * * - * * * * < * * w - e. - - - $ tº e ... 33 Dutch Stock * * * - - - • * * ~ * * * - - * - e. * : * ... l 15 xiv. INDEX. Ecuador tº º ſº • * * e Equation Table ... * - ſº * * * Exchanges Exchequer Bills tº º e tº e e Five per Cents (New) §e tº e * * * § tº e Florida tº 9 tº tº º º Forgery • 4 tº * * * * e º & º º gº tº $ Fractions ... France Funds (The) Georgia & e Granada (New) Greece Guatemala Holidays Holland Illinois tº º º tº tº º * * * tº e := Income and Expenditure of Great Britain 1851 India Bonds ... ———Stock .. Indiana Kentucky Louisiana e tº º Massachusetts Maryland & s & Mexico Mississipi Michigan * c º tº 4 e * Gº & National Debt, 1688 to 1849 ———— 5th January, 1849 ... ————— 5th January, 1851 ... Naples New Orleans New York PAGE 195 I 261 90 37 248 31 ... 101 120, 268 18, 26 242 184 ... 126 ... 198 36 115 ... 252 ... 2 26 92 95 ... 232 ... 243 . 259 ... 234 ... 236 201, 282 240 ... 238 ... 25 13 ... 264 ... 130 ... 246 249, 255 INDEX. XV Ohio ... & © e e e - - * * - - - is º º * - e. - * * * - tº Omnium Pennsylvania tº 6 & - e. e. - - - tº e tº * tº e tº tº 6 Peru ... - - - & is a * * * - - - e e - * - © • * * * - - Portugal tº º º is tº e * - e. tº a Prices (highest and lowest) * - 4. • * Probates and Wills - - - - - - e - e. Railways * - - & e - - * * - - - — (of the United Kingdom) — (Foreign and Colonial) tº tº e tº º º Russia Sardinia Scrip ... * - - e tº e - * * --- * - e. * * * • * * Sinking Fund tº e South Sea Company - 3 tº • * * is tº º tº-e ‘º --- — Stock —— Annuities, 1751 ——— Old Annuities ——— New ditto South Carolina Spain e Tennessee ... e sº e - - - --- º gº º * * * Transfers Transfer-days - - - * * * Three and a Quarter per Cents. Three per Cents. Consols Reduced 1726 Trusts Venezuela Virginia • * United States (securities of) — (public debt) (Bank debentures) IPAGE ... 257 ... 98 ... 253 ... 217 ... 135 102 ... 29 ... 288 ... 291 ... 305 142 ... 287 ... 99 22 83 83 85 86 87 ... 247 155,273 245 32 ... 33 ... 38 39 40 41 30 184 244 226 230 250 JUST PUBLISHED, PRICE 10s. (FREE BY POST TO ANY PART OF THE UNITED KINGDOM,) #1tttg’g I N T E R E S T TIME TABLE S : CONTAINING 366 OPENINGS, EACH CORRESPONDING WITH THE SEVERAL DAYS OF THE YEAR, AND SHOWING THE NUMBER OF DAYS BETWEEN ITSELF AND EVERY OTHER DAY OF THE YEAR, Under the assurance of some of the best Practical Authorities in London, that Tables to show at a glance, and without any mechanical adjustment, the number of days between one date and another are much wanted, and would prove of the utmost value to Bankers, Merchants, Brokers, and others interested in Bill transactions; while the Inventions for such purpose now extant are generally insufficient, from their liability to error, we have published the following pages, not doubting that they will supply the desideratum efficiently, and at the same time we trust satisfactorily. An entire OPENING, or Two PAGES to each day is given, and (with a view to facility and rapidity of reference) every day of every month is placed uniformly in one spot. LETTS, SoN & STEER, Printers, 8, Royal Exchange. SECTION THE FIRST. THE ENGLISH NATIONAL DEBT AND ITS POSITION. THE origin, growth, and present condition of our Na- tional Debt have been treated at such length, and with such ability, by successive writers, that it will evidently be more consistent with the popular character of this “Epitome” at once to refer readers, desirous of becoming acquainted with such details, to the pages of Hamilton, Fairman, and M'Culloch, than to attempt a history which, at the best, must be meagre and unsatisfactory. So far, however, as facts and figures are concerned, a sufficient knowledge of the most important points may be derived from the tables we have inserted, several of which are now published for the first time. The table at page 25 exhibits, in one view, the amount B 2 THE ENGLISH NATIONAL DEBT of the Debt from 1688, when it first assumed a perma- nent form, to a late date, distinguishing the periods and manner of its increase. And from this summary we gather the striking and instructive fact, that of the 791 millions, of which our debt consists, 724 millions were expended in the two great wars with America and France. In the table at pp. 14, 15, and 16, we have given, from the Parliamentary returns, an account of the items of which the actual (Funded and Unfunded) Debt is composed, and of the annual charge thereon. At page 26 will be found an account of the Income and Expenditure of the Nation for the year ending the 5th of January, 1849. Of the 52% millions of revenue, upwards of 40 millions are comprised under the three heads of Customs, Excise, and Stamp duties. The Customs may be justly considered as the index of the nation's pros- perity; and their prodigious amount is not less a subject of congratulation than their rapid increase is a matter of surprise. For, even after making full allowance for the late considerable changes in the Tariff including the re- peal of the Corn Laws, it will hardly appear credible that, in the short space of little more than a century, the trade of the country should have so extended itself, that the import and export duties, which then yielded a million and a half, should, at present, produce nearly twenty- one millions sterling. And yet such is the fact. Witness the following statement: AND ITS POSITION. 3 In 1590 the Customs produced . . . . £50,000 1660 . . . . . . . . . . . . . . . . . . . . . . . . 421,000 1688 . . . . . . . . . . . . . . . . . . . . . . . . 782,000 1727 . . . . . . . . . . . . . . . . . . . . . . . . 1,530,000 1792 . . . . . . . . . . . . . . . . . . . . . . . . 4,407,000 1815 . . . . . . . . . . . . . . . . . . . . . . . . 11,360,000 1848 . . . . . . . . . . . . . . . . . . . . . . . . 20,999,132 The produce of the Excise may be accepted as indica- tive of what may be properly described as the internal prosperity of the nation, and, accordingly, here also there has been an enormous increase. In 1712 the revenue derived from the Excise was £1,000,000; in 1848 it was £14,154,000. Connected with the statement inserted in the next page, attention was drawn by Sir Henry Parnell (Financial Reform, p. 274-76) to a curious fact. By a Treasury Account of the Expenditure during the wars of 1793 and 1803 (from 1793 to 1816,) excluded from which are all payments on account of the Sinking Fund, and the interest on all the loans contracted subsequently to 1792, it appears that the excess of expenditure over the total amount of revenue, paid into the Exchequer during the same period, was no more than £172,000,000. The money raised by loan during that time it will be seen is set down at £509,000,000, so that £337,000,000 must have been expended on the Sinking Fund, and in paying the interest on the loans raised during the progress of the wars. And it further appears that the revenue ac- tually paid into the Exchequer only fell short by £23,000,000 of the whole expenditure of £808,500,000 during the war of 1803. a 16 2. Charge of * Unredeemed; Total Public Expendi- Funded Debt, and on the Un-lture, in the Year ending 3. 4. 5. 6. * funded Debt, * º º * ". Total nett Revenue º: .." ºraised 1.Jan. i. &#ive of the Total paid into the Exche- The Excess, if any, The Excess, if any 5th since 1793, as it stood on the Sinking Fund on the Debt quer in the Year 1793, of Expenditure in of Revenue in January. |5th Jan. 1793, and on the 5th due on 5th Jan. 1793, and Columns No. 1 & 2. and in each subse- Çolumn 3, . Çolumn 4. Jan.in each subsequent Year, ! . º * ºt Sº, º the 5th over the Revenue in ovels ºiture * Or r 5 º w - - |ºi W. º subse- y fell in, in that period. quent to 5th Jan. 1793. 4. d. #. s. d. #. s. d. £ s. d. 3. s, d. #: s. d. 1793 9,624,088 8 5} 7,670,108 5 2 17,294,196 13 74 19,258,814 6 4+ 1,964,617 12 9 1794 9,623,441 5 83 14,759,206 15 11, 24,382,648 1 8} 19,845,705 10 4 4,536,942 11 4} 1795 9,622,237 8 2 19,702,489 2 113 29,324,726 11 lº 20,193,074 4 6 || 9,131,652 6 7 1796 9,620,466 3 1 34,300,764 17 4 43,921,231 0 5 29,883,520 13 03 24,037,710 7 4} 1797 9,618,550 l; 0 45,814,275 8 11% 55,432,826 3 113 21,454,728 4 5} | 33,978,097 19 64 1798 9,614,818 10 1.1% 36,202,873 13 1.1% 45,817,692 4 11 23,126,940 7 1 22,690,751 17 10 1799 9,613,055 15 4. 33,279,071 18 53 42,892,127 13 10} 31,035,363 2 4} | 11,856,764 11 6 1800 9,611,688 10 8; 38,166,697 19 7| 47,778,366 10 4} 35,602,444 8 11} | 12,175,922 I 5 1801 9,609,884 13 5 39,074,449 13 1.1% 48,684,334 7 43, 34,145,584 4 1 14,538,750 3 3} 1802 9,607,659 0 8 40,690,486 9 63 50,298,145 10 23 34,113,146 18 4} | 16,184,998 11 10 1803 9,606,509 16 8 29,610,47 l. 2 3| 39,216,980 18 114 36,368,149 14 5 2,848,831 4 6} 1804 9,581,270 13 1? 28,289,364 9 0} 37,870,635 2 2 38,609,392 8 6 738,757 6 4 1805 §580.3% 3 iſ 37,876,084 9 4} || 47,456,356 12 6 46,176,492 19 8 1,279,863 12 10 1806 9,548,920 6 33 44,765,873 0 10% 54,314,793 7 2 50,897,706 5 10} 3,417,087 1 33 1807 9,538,508 1 # 45,485,499 7 0 55,024,007 8 74 55,796,086 8 2 772,078 19 63 I808 9,524,724 l 5% 43,970,956 9 8 53,495,680 Il 1, 59,339,321 19 4} 6,843,641 8 : 1809 9,104,238 8 7 49,821,335 7 0 58,925,573 15 7 62,498,191 9 73 3,572,617 14 03 1810 9,103,379 7 3 52,274,730 5 0} 61,378,109 12 34 63,719,400 18 ll 2,341,291 6 7. 1811 9,102,580 17 24 52,551,395 4 3} 61,653,976 l 6 67,144,542 18 4} 5,490,566 16 10} 1812 9,101,931 10 1.1% 58,646,377 8 3} 67,748,308 19 23 65,173,545 12 8; 2,574,763 6 6 1813 9,101,399 7 7} 60,604,064 7 74 69,705,463 15 3 65,037,850 l 7 4,667,613 lä 8 1814 9,100,154 8 1 77,406,919 8 6 86,507,073 16 7 68,742,363 6 3 17,758,710 10 4 I815 9,098,917 16 4+ 76,227,766 13 10 85,326,684 15 24 71,134,503 2 3} 14,192,181 12 10; 1816 §§§vić 6101 60,559,275 15 11}| 69,657,322 2 93 | 72,210,518 15 74 2,553,090 12 9, 22,356,723 16 83 1,027,750,537 19 9 1,254,107,261 16 53 | 1,081,513,382 0 10 195,870,641 12 11}| 23,276,761 17 2, Deduct Excess of lèevenue Excess of Expenditure over Revenue .... ſ. 23,276,761 17 2, 172,593,879 15 7; THE ENGLISH NATIONAL DEBT, &c. 5 Since the peace of 1815 few considerable additions have been made to the public debt, with the exception of the loans for the compensation of the West India slave-hold- ers and the relief of the Irish. The total amount of the West India loan was twenty millions sterling; of which flö,000,000 were raised in 1834 and 1835, and the other £5,000,000 by a creation of stock in 1836. By this ope- ration the funded debt received the following additions:— Stock. Annual Charge. f s. d. f s. d. 3 per Cent. Consols .... 11,250,000 0 0 .............. 337,500 0 0 3 per Cent. Reduced.... 3,750,000 0 0 . . . . . . tº tº £ tº * * * * 112,500 0 0 Long Annuities . . . . . . . . . . . . . . . . . . . ... 101,875 0 0 15,000,000 0 0 . . . . . . . . . . . . . . 551,875 0 0 Barbadoes, 1836, 3% per Cent. Reduced ... 1,734,363 12 7 ....,......... 60,702 7 3 Mauritius and Cape of Good Hope, 3% per Cent. Reduced .. 3,437,270 ll 10 ............. . 120,304 9 0 Charges of Management ...... ... . . . . . 6,815 11 6 Total . . . . . . . . . ..... £20,171,624 4 5 Total charge £739,697 7 9 The Irish loan of £8,000,000, taken by Messrs. Roths- child and Messrs. Baring Brothers conjointly at the rate of £89 10s. for every £100, 3 per cent. stock was con- tracted on the 1st of March 1847.* The annexed Par- * Between April and May Consol scrip fluctuated considerably, and had been quoted as low as 34 discount. In June the price recovered and supported a premium. Once more there was a reaction, and in October, when the last instalment was paid, it was marked 6 discount. Wide Commercial Crisis, Second Edition, p. 56. 6 THE ENGLISH NATIONAL DEBT liamentary return gives full particulars of all additions made to the annual charge of the public debt, by the interest of any loan contracted or annuities created during the last 10 years, and includes of course the detail of the loan just referred to, and the £2,000,000 stock sold by the Chancellor of the Exchequer (Sir C. Wood) to supply the deficiency of 1848. AN ACCOUNT of all ADDITIONS which have been made to the ANNUAL CHARGE of the PUBLIC DEBT, by the Interest of any Loan that hath been made, or Annuities created, in the last Ten Years; presented in pursuance of an Act 27 Geo. III. c. 13, s. 72; and also showing how the Charge incurred in respect of the same had been provided for. In the Year 1839; By virtue of an Act 9 Geo. 4, c. 92, ss. 50 & 51, the Commissioners for the Reduction of the National Debt, having applied the sum of £500,782 10s. in the purchase of Exchequer Bills, and the Interest thereon, on account of Savings Banks, and certified the said purchase to the Treasury on the 9th July 1839, became entitled to an amount of Stock for the same, to be placed to their account at the Bank of England, according to the conditions of the above Act. The Amount of Capital thereby created in Three Pounds per Centum Reduced Annuities, at the rate of £100 Stock for every sum of £9.2 10s. (being the average gº. price of Three Pounds per centum Reduced Annuties, . bought with the monies commonly called the Sinking Fund, in the quarter ending 5 July 1839), is.......... f541,386 9 8 And the Annual Charge created in 1839 in respect of the said Capital of £541,386 9s. 8d. Three Pounds per centum Reduced Annuities, including £1628s. 3d. for Management, at £300 per million, is ....... * tº º e º 'º º ... 616,404 0 1 The above Charge is authorized to be defrayed out of the Consolidated Fund AND ITS POSITION. By virtue of an Act 2& 3 Vict. c. 97, Exchequer Bills to the Amount of £500,000 were subscribed to be funded by the Governor and Company of the Bank of England, and the said Governor and Company and their successors were entitled for every £100 Principal Money contained in the said Bills so subscribed, to £109 5s. 10d. Capital Stock in Three Pounds per centum Consolidated An- nuities, whereby a Capital was created of ............ The Annual Charge in respect of the Annuities occasioned by the above Act is as follows; viz. – In respect of £546,458 6s. 8d. Three Pounds per centum Consolidated Annuities, including £163 18s. 3d. for Management, at £300 per million . . . . . . . . . . . . . . . . The above Charge is authorized to be defrayed out of the Consolidated Fund. By virtue of an Act 2 & 3 Vict. c. 97, Exchequer Bills to the Amount of £3,500,000 were subscribed to be funded, and the Proprietors thereof were entitled for every £100 Principal Money contained in the said Bills, so subscribed, to £110 Capital Stock in Three Pounds per centum Consolidated Annuities, whereby a Capital was created of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The Annual Charge in respect of the Annuities occasioned by the above Act is as follows; viz.— In respect of the said £3,850,000 Three Pounds per centum Consolidated Annuities, including £1,155 for Management, at £300 per million ........... g e º e º º ºs e e The above Charge is authorized to be defrayed out of the Consolidated Fund. By virtue of an Act 2 & 3 Vict. c. 97, Exchequer Bills to the Amount of £900,000 issued for the Relief of Owners of Tithes in Ireland, and £31,862 10s. for Interest thereon, were subscribed, to be funded by the Governor and Company of the Bank of Ireland (who had advanced the Amount of the Bills in Money), and who became entitled for every £100 Principal Money contained in the said Bills, and the Interest due thereon so subscribed, to £109 5s. 10d. Capital Stock in Three Pounds per centum Consolidated Amnuities, 36546,458 6 8 3216,557 13 8 £3,850,000 0 0 £116,655 0 0 whereby a Capital was created of .................... £1,018,448 l I 8 THE ENGLISH NATIONAL DEBT The Annual Charge in respect of the Annuities occasioned by the above Act is as follows; viz.- In respect of £1,018,448 ls. 1d. Three Pounds per centum Consolidated Annuities, including £305 10s. 8d. for Management, at £300 per million ................ 630,858 19 5 The above Charge is authorized to be defrayed out of the Consolidated Fund, In the Year 1840: By virtue of an Act 9 Geo. 4, c. 92, ss. 50 & 51, the Commissioners for the Reduction of the National Debt, having applied the sum of £500,164 1s. 3d. in the purchase of Exchequer Bills, and the Interest thereon, on account of Savings Banks, and certified the said purchase to the Treasury on the 10th of April 1840, became entitled to an amount of Stock for the same, to be placed to their account at the Bank of England, according to the conditions of the above Act. The Amount of Capital thereby created in the Three Pounds per centum Consolidated Annuities, at the rate of £100 Stock for every sum of £91 10s. (being the average price of Three Pounds per centum Con- solidated Annuities, bought with the Monies commonly called the Sinking Fund, in the quarter ending 5th April 1840), is . . . . . . . . . * * * * * * * * * § e º & © e º e º 'º e º & tº tº º e º 'º e £546,627 7 9 And the Annual Charge created in 1840 in respect of the said Capital of £546,627 7s. 9d. Three Pounds per centum Consolidated Annuities including £163 19s. 9d. for Management, at £300 per million, is...... 616,562 16 2 The above Charge is authorized to be defrayed out of the Consolidated Fund. In the Year 1841: By virtue of an Act 9 Geo. 4, c. 92, s.s. 50 & 51, the Commissioners for the Reduction of the National Debt, having applied the sum of #700,712 10s. in the purchase of Exchequer Bills, and the Interest thereon, on account of Savings Banks, and certified the said purchase to the Treasury on the 10th April 1841, became entitled to an amount of Stock for the same, to be placed to their account at the Bank of Eng- land, according to the conditions of the above Act. The Amount of Capital thereby created in Three Pounds per centum Consolidated Annuities, at the rate of £100 Stock for every £90 (being the average price AND ITS POSITION. 9 of Three Pounds per centum Consolidated Annuities, bought with the Monies commonly called the Sinking Fund, in the quarter ending 5th April 1841), is ...... £778,569 8 11 And the Annual Charge created in 1841 in respect of the said Capital of £778,569 8s. 11d. Three Pounds per centum Consolidated Annuities, including £233 11s. 5d. for Management, at £300 per million, is..... . £23,590 13 1 The above Charge is authorized to be defrayed out of the Consolidated Fund. By virtue of an Act 5 Vict. c. 8, Exchequer Bills to the Amount of £3,544,000 were subscribed to be funded, and the Proprietors thereof were entitled, for every £100 Principal Money contained in the said Bills so subscribed, or for every £100 12s. paid in lieu of one-half thereof in Money, to £112 2s. Capital Stock in Consolidated Annuities, at the rate of Three Pounds per centum per annum, whereby a Capital was created of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . £3,972,824 0 0 The Annual Charge in respect of the Annuities occasioned by the above Act is as follows ; viz. – In respect of £3,972,824 Three Pounds per centum Consolidated Annuities, including £1,191 16s. for Man- agement, at £300 per million.............. . . . . . . . . . . $120,376 11 3 The above Charge is authorized to be defrayed out of the Consolidated Fund. By virtue of an Act 5 Vict. c. 8, a sum was authorized to be raised by the issue of Exchequer Bills, or by the creation of Three Pounds per centum Consolidated Annuities, to complete the difference between the Monies subscribed as before stated, and paid into the Exchequer, and a sum of £2,467,432 required for the service of the year 1841. The sum so raised was £1,952,024 0s. 9d., and the Capital Stock in Three Pounds per centum Consoli- dated Annuities thereby created was ................ 362,198,371 16 7 The Annual Charge in respect of the Annuities occasioned by the above Amount of Stock is as follows; W12.-- In respect of £2,198,371 16s. 7d. Three Pounds per centum Consolidated Annuities, including £659 10s.2d. for Management, at £300 per million ................ g66,610 13 3 The above Charge is authorized to be defrayed out of the Consolidated Fund. 10 THE ENGLISH NATIONAL DEBT. In the Year 1842: By virtue of the Acts 9 Geo. 4, c. 92, and 5 & 6 Wict. c. 9, the Commissioners for the Reduction of the National Debt, having applied the sum of £722,306 12s. in the purchase of Exchequer Bills, and the Interest thereon, between the 5th July 1840 and the 5th April 1842, and certified the said purchase to the Treasury on the 7th April 1842, became entitled to an amount of Stock for the same, to be placed to their account at the Bank of England, according to the conditions of the first of the above-mentioned Acts. The Amount of Capital thereby created in Three Pounds per centum Consolidated Annuities, according to the quarterly average prices of Three Pounds per centum Annuities, bought with the Monies commonly called the Sinking Fund, during the same period of time, is . . . . . . . . . . . . . . . . . tº e º & G tº e º te ſº & e tº e º e s e e tº gº e º 'º tº º is #2807,629 14 9 And the Annual Charge created in 1842 in respect of the said capital of £807,629 14s. 9d. Three Pounds per centum Consolidated Annuities, including £242 5s. 9d. for Management, at £300 per million, is ..... . £24,471 3 7 The above Charge is authorized to be defrayed out of the Consolidated Fund. By virtue of the Acts 9 Geo. 4, c. 92, and 5 & 6 Wict. c. 9, the Commissioners for the reduction of the National Debt, having applied the sum of £341,406 13s. 2d. in the purchase of Exchequer Bills, and the Interest thereon, between the 5th January 1841, and the 5th July 1842, and certified the said purchase to the Treasury on the 22d July 1842, became entitled to an amount of Stock for the same, to be placed to their account at the Bank of England, according to the conditions of the above-mentioned Acts. The Amount of Capital thereby created in Three Pounds per centum Reduced Annuities, according to the quarterly average prices of Three Pounds per cent. Annuities, bought with the Monies commonly called the Sinking Fund, during the same period of time, is £383,547 6 11 And the Annual Charge created in 1842 in respect of the said Capital of £383,547 6s. 11d. Three Pounds per centum Reduced Annuities, including £115 1s. 3d. for Management, at £300 per million, is ............ #11,621 9 7 The above Charge is authorized to be defrayed out of the Consolidated Fund. AND ITS POSITION. 11 In the Year 1843: By virtue of an Act 9 Geo. 4, c. 92, s. 50, the Commissioners for the Reduction of the National Debt, having applied the sum of £24,100 5s. 11d. in the purchase of Exchequer Bills, and the Interest thereon, between the 5th July 1842 and the 5th January 1843, and certified the said purchase to the Treasury on the 7th April 1843, became entitled to an amount of Stock for the same, to be placed to their account at the Bank of England, according to the conditions of the above-mentioned Act. The Amount of Capital thereby created in Three Pounds per centum Consolidated Annuities, according to the quarterly average prices of Three Pounds per centum Annuities, bought with the Monies commonly called the Sinking Fund, during the same period of time, is . . . . . . . . . . . . . . e º e g e g º e º ſº tº & º 'º dº ſº tº tº e ∈ tº gº tº & © tº º 'º e #26,252 1 3 And the Annual Charge created in 1843 in respect of the said Capital of £26,252 1s. 3d. Three Pounds per cent. Consolidated Annuities, including £7 17s.6d. for Management, at £300 per million, is . . . . . . . . . tº tº º f795 8 8 The above Charge is authorized to be defrayed out of the Consolidated Fund. By virtue of an Act 9 Geo. 4, c. 92, s. 50, the Commissioners for the Reduction of the National Debt, having applied the sum of £17,542 13s. in the purchase of Exchequer Bills, and the Interest thereon, between the 5th July 1842 and the 5th July 1843, and certified the said purchase to the Treasury on the 10th July 1843, became entitled to an amount of Stock for the same, to be placed to their account at the Bank of England, according to the conditions of the above-mentioned Act. The Amount of Capital thereby created in Three Pounds per centum Reduced Annuities, according to the quarterly average prices of Three Pounds per centum Annuities, bought with the Monies commonly called the Sinking Fund, during the same period of time, is . . . . . . . . . . . . . . . . . . . . . . . . e tº dº º is tº e º e º & tº e º e º 'º ... 618,595 4 1 And the Annual Charge created in 1843 in respect of the said Capital of £18,595 4s. 1d. Three Pounds per centum Reduced Annuities, including £5 11s. 6d. for Management, at £300 per million, is ....... tº gº e º e 39563 8 7 The above Charge is authorized to be defrayed out of the Consolidated Fund. 12 THE ENGLISH NATIONAL DEBT In the year 1844: By virtue of the Act 9 Geo. 4, c. 92, ss. 50 & 51, the Commissioners for the Reduction of the National Debt, having applied the sum of & 14,658 7s. 2d. in the purchase of Exchequer Bills, and the Interest thereon, between the 5th July 1843 and the 5th April 1844, and certified the said purchase to the Treasury on the 10th April 1844, became entitled to an amount of Stock for the same, to be placed to their account at the Bank of England, according to the conditions of the above-mentioned Act. And the Amount of Capital thereby created in Three Pounds per centum Consolidated Annuities, ac- cording to the quarterly average prices of Three Pounds per centum Annuities, bought with the Monies com- monly called the Sinking Fund, during the said period of time, is . . . . . . . . . . . . . . . . . . . . . tº gº tº º e º tº ſº e º 'º º ſº tº ſº tº tº ſº tº º . £15,217 10 5 And the Annual Charge created in 1844 in respect of the said Capital of £15,217 10s. 5d. Three Pounds per centum Consolidated Annuities, including £4 lls. 3d. for Management at £300 per million, is . . . . . & £46] 1 9 The above Charge is authorized to be defrayed out of the Consolidated Fund. In the Year 1847: By virtue of an Act 10 Vict. c. 9, the sum of £8,000,000 was bor- rowed for the Service of the Year 1847, upon the following terms; viz. – The Contributors were entitled for every £89 10s. contributed, to £100 Capital Stock, Three Pounds per centum Consolidated Annuities, amounting to........ £8,938,547 9 8 And the Annual Charge in respect of the said £8,938,547 9s. 8d. Three Pounds per centum Consoli- dated Annuities, including £2,681 11s. 3d. for Manage- ment, at £300 per million, is . . . . . . . . . . . . . tº e º & tº $ tº e º e . £270,837 19 8 The above Charge is authorized to be defrayed out of the Consolidated Fund. In the Year 1848: By virtue of an Act 11 & 12 Vict. c. 125, a sum of £2,000,000 sterling, for the Service of the Year 1848, was authorized to be raised, either by the Issue of Exchequer Bills or by the creation of Three Pounds per centum Consolidated or Three Pounds per centum Reduced Annuities. AND ITS POSITION. 13 The Amount of Capital thereby created in Three Pounds per centum Consolidated Annuities, is........ £2,288,434 18 0 And the Annual Charge in respect of the said Capital of £2,288,434 18s. Three Pounds per centum Consolidated Annuities, including £686 10s. 7d. for Management, at £300 per million, is ................ £69,339 Il 6 The above Charge is authorized to be defrayed out of the Consolidated Fund. Whitehall, Treasury Chambers, - 22d March, 1849. J. PARKER. In 1816 the capital of the debt had reached its maxi- mum—the unredeemed funded and unfunded debt then standing at 865 millions: its present total is 791 mil- lions. The following tables extracted from the Government Finance Accounts for the year ending 5th of January 1849, shew the present actual position of the public debt of the country. The first series furnish the full detail of the funded debt including the various descriptions of securities so denominated, and the second supplies all requisite information relative to the unfunded debt wholly comprised of Exchequer paper issues:– AN ACCOUNT of the State of the PUT, LTC FUNDED Debt of Great Britain and Ireland, (including £2,288,434 18s. per cent. Capital Stock, created under the Provisions of the 11 and 12 Vict. c. 125, for raising the sum of £2,000,000 sterling,) and the charge thereupon, at the 5th January, 1849. DEBT. CAPITALS f transferred to and CAPITALS C APITALS. standing in the Names UNREDEEMED of the Commissioners. s GREAT BRITAIN. f s. d. .# s. d :6 s. d, Debt due to the South Sea Company, .............. at 3 per cent. 3,662,784 8 6} | . . . . . . . . . . . © tº tº a tº e º 'º º 3,662,784 8 6 Old South Sea Annuities................. . . . . . . . . . . . . . ditto . . 3,204,578 9 10 9,417 12 l 3,195,160 17 9 New South Sea Annuities ................... tº º & G tº tº e ... ditto . . 2,203,784 9 5 8,064 2 8 2,195,720 6 9 South Sea Annuities, 1751 ........ tº $ tº $ e º tº tº e º tº ſº e º e ... ditto 504,000 0 0 3,219 8 3 500,780 l l 9 Debt due to the Bank of England .................... ditto 11,015,100 0 0 | . . . . . . . . . . . . . . . . . . . . 11,015,100 0 0 Bank Annuities. 1726 ................. . . . . . . . . . . . . . . . ditto 751,275 1 7 93.1 2 7 750,343 19 0 Consolidated Annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ditto 375,183,494 6 1} 870,146 11 5 374,313,347 14 8+ Reduced Annuities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ditto 122,869,471 5 9 1,189,554 14 1 121,679,816 11 8 Total at 3 per Cent. ....................|{519,394,488 l 23 2,081,433 11 1 517,313,054 10 1; Annuities at 34 per cent . . . . . . . . ë tº º & ºn e º e º tº * * * * * * * * * g tº e º º ºs e º is e ºs 215,141,575 1 10 360,738 17 4 || 214,780,836 4 6 New 5 per cent. Annuities ........... • * e º º tº tº s e º º tº e º ºs e º e º e º e º e is 430,076 3 2 624 15 0 429,451 8 2 TOTAL, GREAT BRITAIN . . . . . . . . . . . . . . ſº tº tº g g e £734,966,139 6 2; 2,442,797 3 5 732,523,342 2 9; IRELAND, Irish Consolidated Annuities, at 3 per cent..................... 5,620,886 14 5 * * * * * e s tº º e g º e º s tº e tº 5,620,886 14 5 Irish Reduced Annuities. . . . . . . . . . ditto. . . . . . . . . . . . . . . . . . . . . . . . 120,295 16 9 . . . . . tº e s tº e & tº º gº tº e º is 120,295 16 9 Annuities at 34 per cent . . . . . . . . . . . . . . • * * * * * * * * - - - - - - - - - - - - - - - 33,123,671 2 3 * * * * * * * * * * * * * * tº e º e s 33,123,671 2 3 Debt due to the Bank of Ireland, at 3% per cent................. 2,630,769 4 8 |.................... 2,630,769 4 8 New 5 per cent. Annuities . . . . . . . . . . . . . . ſº tº $ tº ſº ºn tº º * * * * * * * * * e º e º e 3,673 11 2 . . . . . . . . . . . . . . . . . . . . 3,673 11 2 TOTAL, IRELAND . . . . . . . . . . . . . . . . . . . . £41,499,296 9 3 |..... ..... . . . . . . . . . . .641,499,296 9 3 Tº #º ºrs º . . . . . . . . . . . . . . . . .6776,465,435 15 5% £2,442,797 3 5 |#774,022,638 12 0# CHARGE. DUE TO THE PUBLIC CREDITOR. Annual Interest on Unredeemed Capital....................... Long Annuities, expire 1860 . . . . . . . . . . . . . . . . . . . . . tº e º 'º - e º $ tº tº a Annuities per 4 Geo. 4, c. 22, expire 1867 .................... Annuities for a limited term of years, per 59 Geo. 3, c. 34, 10 Geo. 4, c. 24, and 3 Will. 4, c. 14, which expire at various periods; viz. Granted up to 5th Jan., 1849 ..... . 361,690,956 19 0 Deduct, Expired and Unclaimed up to ditto, including 26.106,100, Waterloo Annuities, 59 Geo. 3, c. 34. . . . . . . . . . . . . . . . . . . . . . . . . 772,109 9 10 36918,847 9 2 PAYABLE AT THE NATIONAL DEBT OFFICE. Life Annuities, per 48 Geo. 3, c. 142, 10 Geo. 4, c. 24, and 3 Will. 4, c. 14; viz. Granted up to 5th Jan., 1849 . . . . . . 262,236,776 14 0 Deduct, Expired and Unclaimed up to ditto 1,350,737 16 0 Tontine and other Life Annuities, per? English ........ Various Acts . . . . . . . . . . . . . e tº e º e º tº º tº e © e e Irish . . . . . . tº tº e g º e Management. . . . . . . . . . . . . . . . . . . . . . . º g º q & e º e º e # * * * * * * tº e º s TOTAL ANNUAL CHARGE, exclusive of £76,145 17 5, the Annual charge on Capitals and Long Annuities, and An- nuities for Terms of Years, per 10 Geo. 4, c. 24, standing in the Names of the Commissioners on account of Stock Un- claimed 10 Years or upwards, and of Unclaimed Dividends, *- : #2 22,521,241 7 1,247,750 17 585,740 0 i ; viz. 869,097 9 2 36 S. Cº. 1,341,015 7 9 45,817 14 10 49,750 0 0 886,038 18 0 17,792 12 6 34,230 8 7 6,524 2 3 226,161,891 13 33 £1,443,107 4 10 94,741 7 4 TOTAL IN IN ANNUAL CHARGE of GREAT BRITAIN. IRELAND. Unredeemcd Debt. S. d 36 s. d. £26,256,633 0 7; and also on account of Donations and Bequests. £1,443,107 4 10 £27,699,740 5 53 ABSTRACT. CAPITALS º transferred to and CAPITALS. standing in the Names of the Commissioners. CAPITALS UNREIDFEMED. ANNUAL CHARGE OF UNREDEEMED DEBT. ſ)ue to the Public Creditor, MANAGEMENT. TOTAL. :C s. d. f s. d. GREAT RRITAIN ......] 734,966,139 62% 2,442,797 3 5 IRELAND .............. 41,499,296 9 3 $ tº 9 tº # * * * * * * * * * * * * f s. d. 732,523,342 2 93 41,499,296 9 3 iſe s. d. 26,161,891 13 33 1,443,107 4 10 iſ: s. d. 94,741 7 4 tº ſº dº º º is tº g º ºs º º is ū. f s. d. 26,256,633 0 74 1,443,107 4 10 TotAL, United Kingdom on 5 January ; £776,465,435 15 53 (a) 2,442,797 3 5. 774,022,638 12 0} 27,604,998 18 13 94,471 7 4 27,699,740 5 53 (a) On Account of Donations and Bequests . . . . . . . . . . . . ... ſ.350,517 6. 0 DEFERRED ANNUITIES OUTSTANDING on 5th January, 1849. Ditto of Stock Unclaimed 10 years or } 13ank. . . . . . 451,886 12 8 upwards. . . . . . . . . . . . . . . . . . . . . . . . . . . . . South Sea. . 20,701 3 0 4. d & g : --> Bank...... 1,576,590 0 0 * $ 8. § • 8. Cº. Ditto of Unclaimed Dividends ......? §. s. tº: 0 9 Deferred Life Annuities, per 10 Geo. IV. : 18,986 1 4 0 c. 24, and 3 Will. IV. c. 14.......... tº tº º º s 422,442,797 3 5 || Deferred Annuities for Terms of Years, tºº per ditto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 8 6 4:19,737 3 0 The Act 10 Geo. IV. c. 27, which came into operation on the 5th July, 1829, enacts, That the Sum thenceforth annually applicable to the Reduction of the Natioual Debt of the United Kingdom, shall be the Sum which shall appear to be the amount of the whole actual annual surplus Revenue, beyond the Fixpenditure of the said United Kingdom; and the following Sums have been accord- ingly received by the Commissioners for the Reduction of the National Debt, including Sums on account of Donations and Bequests; viz. National Debt Office, 5th January, 1849. APPLICABLE WITH IN. 5th April and 5th July, 1848 5th July and 10th Oct. 1848 # * * * 10th Oct. 1848, and 5th Jan. 1849 5th Jan, and 5th April, 1849 ON ACC() UNT OF The Sinking Fund. } i $ * * * * * * * * * * * * * * * * * * * * # * * * * * * * * * * * * * * * * * * * * g º Donations and Bequests. ) 1,523 10 5 3,615 1 0 1,613 19 5 3,615 1 0 * 3610,367 l l 10 # S. HIGHAM, Comptroller General. AN ACCOUNT of the UNFUNDED Dept in Excheqver BILLS on the 5th January 848; the Amount issued in the Year ended 5th January 1849; the Amount issued for paying off Exchequer Bills within the same period, and the Amount outstanding on 5th January 1849; distingushing, also, the Total Amount unprovided for, together with the Amount of Interest upon the Outstanding Bills computed to the latter Day. A MOUNT in the Year ended 5th January AMOUNT Outstanding ! 849. Outstanding ACTS. on 5th January º on 5th Jauuary 184 I SS U E D. CAN CELLE D. 1849. Various descriptions of Ex- #! f: t f chequer Bills, issued under Acts prior to and including 10 Vict. c. 19, in part...... 17,946,500 17,926,300 20,200 Supply, Anno 1847, per 10 Vict. c. 19, £18,310,700 . . . . 8,664,000 8,664,000 Supply, Anno 1848, per 11 .x. Vict, c. 16, £17,946,500 . . . . 9,102,500 * 9,102,500 Charged on Public Sup- plies . . . . . . . . . . . . . . . 17,946,500 17,766,500 17,926,300 17,786,700 West India Relief, per 6 & 7 -- Vict. c. 63 & 87 . . . . . . . . . 28,000 20,000 8,000 Charged on Consolidated und . . . . . . . . . . . . . . . . 28,000 20,000 8,000 Total charged on Supplies and Consolidated Fund 17,974,500 17,766,500 17,946,300 17,794,700 Exchequer Bill granted as Ways and Means in 1848, and charged on Aids in 1849 ... 17,946,500 Bills paid off and cancelled in the year 1848, | by Money from Aids and Supplies ...... 159,800 Amount to be provided for in the present | Year . . . . . . . . . . . . . . . . . . . . . . . . . . ... ... f. 17,786,700 Interest due on Exchequer Bills outstanding, charged on Supplies, computed to 5th January 1849. . . . . . . . * * * * * * * * * e < * * * * * * tº * * * * * * * * . £421,882 10 Issued to Paymasters of Exchequer Bills, as per Account No. 6. Money out of Consolidated Fund for payment of West India relief Bills. . . . . . . . . . Money out of Ways and Means Grants for payment of Supply Exchequer Bills. Exchequer Bills for payment of Supply Bills . . . . * * * * * * Whitehall Treasury Chambers, 8th February, 1849. £ 159,800 7,766,500 £ 20,000 17,926,300 # 17,946,300 J. PARKER. C SECTION THE SECOND. THE FUNDS—THEIR NATURE AND ORIGIN. THE term Funds is applied to the various classes of national debts. The national debt of this country dates from 1688, although what is now called the funding system did not commence till some time after. It is true that from the earliest times our kings had been in the habit of borrowing money in moments of exigency; but such loans were always considered of a temporary na- ture, and a certain limited time was fixed for their repayment, out of revenues specially set apart for the purpose. At the commencement of the reign of King William supplies were raised upon the same plan; but the war with France, which lasted from 1689 to 1697, obliged the Government to resort to various expedients for obtainſhg greater sums than it was possible to raise by taxes; and these soon assumed the shape of a perma- ment burden on the resources of the country. The gross THE FUNDs, &c. 19 amount of the sums borrowed during this period was f44,100,795; but at its close the actual debt of the na- tion was reduced to £16,394,702. Immediately after the accession of Queen Anne, hos- tilities again broke out between France and Spain, and continuing for ten years, the debt at her death amounted to £54,145,363. It was during this reign, in the year 1711, that the proprietors of certain Government debts, amounting to £9,471,325, were incorporated, by Act of Parliament, into a company for trading to the South Seas; and it was provided that these debts, which, from the irregularity of the Government payments, had fallen to a discount of 40 per cent., should for the future bear an annual interest of 6 per cent. Now, although various taxes were expressly set apart and perpetually appropria- ted to the payment of this dividend, and a power was reserved by the Government of redeeming the capital after 1716, yet, as the stockholders retained no right of demanding their money back from the Government, in any circumstances, and as the amount could not, like the smaller sums subscribed by the Bank and the East India Company, be considered in the light of a mere payment for the privileges granted to the company, this trans- action has been regarded as the first step in the funding system—that system by which the Government borrows money, not on any engagement to repay the sum bor- rowed, but by binding itself to pay a certain interest upon the debt until it be discharged in other words, C 2 20 THE FUNDs, granting the lender an annuity terminable only at the option of the borrower. Strictly speaking, a transaction of this nature can hardly be called contracting a loan, it more nearly resem- bling the purchase of an estate, on condition of a per- petual quit-rent to the seller; and it would be more correct to say, that the money is hired or rented, than that it is borrowed. The position of the Government is in truth more favorable even than that of such a pur- chaser, since it retains the power of cancelling the bargain by the return of the property at anytime and of thus ridding itself, at its own convenience of the annual payment. The early loans were nearly all contracted at the cur- rent rate of interest; but since about 1780 the practice has come into vogue of assigning to the creditor a nominal capital of stock, greater than that represented by the mo- ney actually received from him. For instance, suppose a loan to be contracted at a time when the interest of money is 5 per cent, the Government then agrees to give the lender £100 3 per cent, stock in return for every £60 he shall advance; or, in other words, to pay him or his assignees £3 a year for ever, or until the debt is extin- guished by the payment of £100. All loans are now effected under the authority of Par- liament: the Chancellor of the Exchequer first arranging the terms with the contractors, subject to their subsequent ratification by the Legislature. The course now usually THEIR NATURE AND ORIGIN. 21 followed in bidding for a loan is this:—The Chancellor of the Exchequer having determined on the funds in which the loan is to be made, gives public intimation that he will be ready, on a certain day, to receive the offers of those who may be desirous to contract for it. If a long Annuity form part of the proposed creation of stock, the other funds are offered in a certain fixed quan- tity to the lenders, and the bidding takes place on the long annuity, the loan being negotiated with those parties who are willing to accept of the smallest amount of annuity. If the loan be in different funds, but without an annuity, the capitals in all the funds except one are previously fixed, and the bidding is on that fund, the loan being made with those who offer to accept the low- est capital. The principal bankers and merchants who propose to offer having previously made up lists of persons willing to be sharers in their contract attend at the time appointed, and deliver in their terms which are opened by the Chancellor, and the loan is assigned to those who have made the most favorable tender. It generally hap- pens that an immediate profit is afforded by the market price even on the highest bidding; but although this is the case, great risk is nevertheless attendant on these large contracts, and instances of ruin to the contractors, from an adverse change in affairs have not unfrequently occurred. Another mode of creating stock is, by conversion of portions of the floating or unfunded debt; an expedient 22 THE FUNDS, frequently resorted to, whenever the amount of Exche- quer Bills in circulation becomes inconveniently large. The first operation of this kind took place in 1717, when two millions of Exchequer Bills were converted into 5 per cent. stock; and the last occurred in 1841, when three millions were funded in the 3 per cent. con- sols at the rate of £112 2s. Stock for every £100 Bill. During the latter part of the last war, Exchequer Bills were usually funded to a considerable amount every year. Much has been said and written on the merits and demerits of the Sinking Fund, and the controversy has been carried on with great acrimony, each section as usual, taking a partial view of the matter. The true state of the case would seem to be this:—to borrow money on the one hand, merely to repay it on the other, is, doubtless, a delusion, but to appropriate to each loan certain revenues yielding sufficient, not only for the in- terest thereon, but for the redemption of a certain portion every year, is most just and wise. Mr. Pitt saw the force of this, and acted on it to some extent; but his system has not been followed up, and its adoption has almost become comparatively impracticable. As our finance is at present regulated, the only true sinking fund is a surplus revenue; but that surplus ought to be a handsome one, and not the scanty parings of a specula- tive budget, in which, for the sake of popularity, the revenue is reduced to a minimum, and “the chapter of accidents” left to decide whether there shall be a surplus at all at the end of the year. THEIR NATURE AND ORIGIN. 23 The prices of Stocks are influenced by a variety of circumstances. The chief of these are the proportion of the supply to the demand, the state of the revenue, the apprehension of war or the prospect of peace, the changes in the ministry, and the condition of the money market. The highest price given for Consols has been 107 [1737], and the lowest 47; [1797]. The sale and purchase” of Stock is effected at the Stock Exchange, which is an association of brokers, who act for the public, and of a species of middlemen, called jobbers, who are always ready to buy or sell at what is called the “turn of the market.” For instance, supposing the price of Consols to be 90; (3) #, the jobber's business * Purchasers of stocks are particularly advised to give their instruc- tions to brokers in writing, the necessity for which is amply testified by the following case heard at the Mansion-house in the month of July 1849. ALLEGED FRAUD BY A STOCKBROKER.—On Wednesday G. Bevington, the stockbroker, who was some days ago brought up in the custody of Daniel Forrester, upon the charge of having defrauded a purchaser of stock, to the amount of between £200 and £300, by means of a forged receipt, purporting to be the receipt of an official of the Bank of England for the amount of stock in the Three-and-a-Quarter per Cent. Annuities, &c., was put to the bar for a second examination. Mr. Robinson, the gentleman who brought the charge in the first instance, did not appear upon being called. The Lord Mayor asked whether there were any other accusation against the prisoner? A professional gentleman said he attended upon the part of a poor widow who had employed the prisoner to purchase stock upon the dividends on which, and the fruit of her future industry, she had calculated to live in comfort during the rest of her days. By the fraudulent conduct of the prisoner, however, her hopes of independence had been entirely broken down. Elizabeth Farnam, the female alluded to, was examined and it appeared that she had paid the prisoner a sum of £263 12s. 6d. * 24 THE FUNDs, &c. is to buy at the one price or to sell at the other. The ac- commodation thus afforded to the public is of the highest value, and, combined with the insignificance of the charges attending a transfer, gives to funded property a preference over every other species of investment. to purchase stock, but as she had given no written instructions to the prisoner the case did not come within the jurisdiction of the Court. A gentleman rose in another part of the Justice-room, and said he had a charge against the prisoner exactly similar, he apprehended, to that of the poor widow. The Lord Mayor having ascertained the particulars of the second transaction, and observed a fatal similarity to the former, intimated that his jurisdiction was again rendered null and void by the neglect upon the part of the purchaser of the necessary forms in accord- ance with the Act. A third complainant thought there was a point in his case likely to affect the responsibility of the prisoner. He had em- ployed the prisoner to purchase £100 stock for him, and he had subse- quently written to the prisoner a note, expressing his wish to purchase more stock, and requesting to be informed at what time he should trans- mit a cheque for the amount. The prisoner, instead of writing, called at his house for the cheque, received it, and misappropriated the proceeds. The Lord Mayor again referred to the Act. He could not look upon the written document which the complainant referred to as the sort of written instruction meant by the statute, and he therefore could not commit upon the strength of it. It was intimated by Mr. Wontner, he was glad to see, that the friends of the prisoner were making arrange- ments for the liquidation of the sums of money of which the prisoner had so grossly defrauded his customers. It was satisfactory to know that such was the case, but, in dismissing the prisoner, it was neces- sary to state that the legal escape from punishment in not the slightest degree diminished the moral responsibility of the accused. Mr. Ro- binson, the complainant on the first transaction, was again called, and not making his appearance, either personally or by his attorney, the prisoner was discharged. It may be useful to mention, that hundreds of applications have been made, within the last few years, for warrants against brokers and agents, guilty of similar delinquency, but the fatal omission as to the written direction has shut out the unfortunate ap- plicants from the chance of redress. The Principal and Annual Charge of the Public Debt at different Periods since the Revolution.* Debt at the revolution, in 1689 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Excess of Debt contracted during the reign of William III, above debt paid off.... Debt at the accession of Queen Anne, in 1702 ................ * * * * * * * * * * * * • * c s s º a s Debt contracted during Queen Anne's reign ................. * * * * * * * * * * * * * * * * * Debt at the accession of George I... in 1714 ............ # * * * * * * * * * * * * * * * * * * * * * * * * * Debt paid off during the reign of George I., above debt contracted ............. Debt at the accession of George II., in 1727.... : ................................ Debt contracted from the accession of George II. till the peace of Paris in 1763, three years after the accession of George III. .................................. Debt in 1763 * * * * * s * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * - * * * * * * * * * * * * * - tº 4 Paid during peace, from 1763 to 1775 ........... * * * * * * * g e a Debt at the commencement of the American War, in 1775......................... Debt contracted during the American War....... * * * * * * * * * * * * • * * * * * * * * * e e e tº e º s e º e e s is a s e º e º a s e º a tº a w Debt at the conclusion of the American War, in 1784 ... Paid during peaee, from 1784 to 1793 ........................ • * * * * * * * * * e e º 'º e º e º 'º - e. Debt at the commencement of the French War, in 1793 ...... * * * * * * * * * * * * * * * * * * * * Debt contracted during the French War * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Total funded and unfunded debt on the 1st February, 1817, when the English and - Irish exchequers were consolidated................. tº $ tº 4 - © & © tº e º e º a # * * * * * * * * * * * * * Debt cancelled from the 1st February, 1817, to 5th January, 1836 ................ Debt, and charge thereon, 5th January, 1836 ..................................... * * * * * * * * * * * e º e a s e º e º e º e º a Debt, and charge thereon, 5th January, 1849 ........... rº, d Interest and Unfunded Management 664,263 39,855 15,730,439 1,271,087 16,394,702 1,310,942 37,759,661 2,040,416 54,145,363 3,351,358 2,053,125 1,133,807 52,092.288 || 2,217,551 86,773,192 2,634,500 138,865,430 || 4,852,05. 10,281,795 380,480 128,583,635 4,471,571 121,267,993 4,980,201 249,851,628 9,451,772 10,501,380 243,277 239,350,348 || 9,208,495 601,500,348 22,829,696 840,850,491 32,038,191 53,211,675 2,894,674 787,638,816 29,143,517 791,817,338 28,563,517 * This account has been partly made up from the table in Dr. Hamilton's work on the National Debt (3d ed. p. 100); partly from the Parl, ending 5th January 4849. aper, No. 165. Sess, 1834; and partly from the Finance Accounts for the Year AN ACCOUNT OF THE NET PUBLIC INCOME OF THE UNITED KINGDOM OF GREAT BRITAIN & IRELAND. In the Year ended the 5th of fº 1851, (after abating the Expexpiruse thereout defrayed * the several Revenue Departments,) and of the Actual 1ssues or Payments within the same Period, exclusive of the Sums applied to the Redemption of Funded or paying off Unfunded Debt, and of the Advances and Re-payments for Local Works, &c. - __ INooris OR REVENUB. | TOTAL, EXPEND ITURE. # or DINARY REVENUE & RECEIPTs. £ s. d. FUNDED DE BT. £ 8. d £ s. d. Gustoms ....... 20,442,170 l 7|Interest and Management of the Excise * 14,316,088 15 10 Permanent Debt...........................] 23,950,558 18 – Stamps ................................... 6,458,332 10 0|Terminable Annuities..................... 3,737,325 8 1 jº".”...] § {} }| Tºtal charge ºf the Funded Debtºx- - ; c. * * * * * * * * * * * * * * * * * * * * * * * * * * * '... " " clusive of £11,558.7s. 3d. the in- 5:...'....................] ſº; L II terest on Donations and Bequests. 27,687,884 & 1 One Shilling and Sixpence, and UNFUNDED DEBT. Four Shillings in the Pound on Interest on Exchequer Bills ............ 403,705 11 6 r Pensions and Salaries ............ 4,762 2 icºn I.......|Taggasi 2-2 *** 17 7 Small Branches of the Heredi- 16,330 15 11|Annuitiºnal Pensiºnºſºil. Nº tary Revenues of the Crown... 3. val, Military, and Judicial Services, Surplus Fees of Regulated Public 116,246 6 9 &c., charged by various Acts of Par- Offices .................................| 19.” 9 º' liament on the Consolidated Fund. 384,694 – 11 $52,177,141 3 - Salaries and Allowances .................. 284,662 19 6 Diplomatic Salaries and Pensions...... 159,285 5 8 Courts of Justice .......................... 1,089,893 15 11 OTHER RECEIPT8. sw “w 9 Miscellaneous Charges on the Con- rºº and 472,394 17 0 solidated Fund (including £248,550 Pts. . . . . . . . . . . . . . . 101,144 11 | 0s. 9d., discharge of Debt to Equi- Imprest and other Monies ......... $ alent Compan 549,443 I 5 Money received from the East Wale p y) & e g g g º is tº e g º º ſº tº $ 4, 8 º' tº w w & & 4 * 2.864,460 5 7 India Company ..................... 60,000 - -|Army .......................................... 6,401,883 – — $vvy st Unclaimed Dividends (more than Navy ............................................. 6,437,883 3 7 paid) ........................... - - - - Ordnance ....................................... 2,553,177 18 l Civil Services, chargeable on the An- nual Grants of Parliament............ 3,856,886 5 6 19,249,830 7 2 * £50,205,880 10 4 Unclaimed Dividends (more than received) .................. 25,993 18 l 50,231,874 8 5 Excess of Income over Expenditure ..................]_2,578,806 3 3 £52,810,680 l l 8 £57,310,650TTs Whitehall Treasury Chambers, 28th February, 1851. G. CORNEWALL LEWIS. GENERAL INFORMATION AND DIRECTIONS, Which if punctually attended to, will save much Time, prevent Mistakes, and expedite all Business relative to the Public Funds, Stocks, &c. ABOUT a month or six weeks previous to the day on which the dividend on any stock becomes due, the books are shut, and no transfer is permitted to be made, except under special circumstances, and by the express sanction of the Governor of the Bank. This closing of the books is doubtless an inconvenience to the public, but is absolutely necessary for the due preparation of the dividend war- rants, which have to be calculated with the utmost nicety, and to be written out in the name of each individual stockholder. The dividends are payable three or four days after the days on which they respectively become due; but transfers may be made on the very next day. These transfers are called “Private Transfers.” the books not being regularly opened till a fortnight or three weeks later. It is recommended to all persons selling stock to ascertain that they have received all dividends up to the 28 DIRECTIONS TO PURCHASERS. time of such sale. This precaution will save many from the trouble and annoyance consequent upon the appear- ance of their names in the publication denominated the Unclaimed Dividend Book. Dividends may be received on any day between the hours of nine and three o'clock. The same stock cannot, except under very special cir- cumstances, be twice transferred on the same day, either by public or private transfer: and the purchaser, if pre- present at the transfer, is advised to accept the stock then transferred directly, such process saving time, and in some measure preventing mistakes thereafter ; and also to sign, either as tranferer or accepter, always in the same manner; and to retain the first description of his or her place of abode, &c., even if one or more removals have taken place. By present rules, every one, male or female, making a transfer, must be known to be the person whom he or she represents, and requires to have his or her identity verified by the broker transacting the business, or one of the principals of the Bank. The commission or brokerage, which upon all Govern- ment Funds not terminable at any stated time, is one- eighth, or two shillings and sixpence per cent. On the terminable annuities, or those which have only a specific time to run, two shillings and sixpence per cent. on the sum laid out. And upon India Bonds and Exchequer Bills, one shilling per cent. LETTERS OF ATTORNEY either to sell stock or receive POWER OF ATTORNEY. 29 dividends, must be taken out at the office appointed for issuing them," and such letters (the expense of which is £1,1s. 6d.), when executed, must be deposited in the office of that fund or stock to which the said letter of attorney had reference, before two o'clock on the day before that on which any sale or transfer is intended to take place. In case of urgency, by application to the Accountant General, permission may be obtained to act on a letter of attorney on the same day on which it is presented at the Bank. Powers for receipt of dividends only, are not to be presented until application is made for the divi- dend, and are not required to be lodged previously. If after granting a letter of attorney for any purpose, the granter acts personally, such action revokes the power of the said letter, and it cannot be acted upon by the person appointed therein. PROBATES OF WILLs must also be deposited until re- gistered in an office set apart for that purpose. A provision may be made in the funds for the benefit of any person or persons, whether relations or others, independent of any deed or will, provided the person's name or names to be so benefited are joined with the stockholders' in a particular or separate account of stock; which upon proof being given of the death of either of the parties, becomes the property of the remaining sur- vivor or survivors. * If wanted the same day, orders must be left by half-past twelve o'clock. 30 WILLS AND TRUSTS. In Trust accounts, any one of the parties named in the account may receive the dividends. By an act passed in 1796, it was declared, that when stock stands in the name of trustees who have become bankrupts, or luna- tics; or are absent or out of the jurisdiction of the courts of equity; or who may refuse to transfer the stock so invested in them; in any or all of these cases, the court can order the said stock to be transferred either into the name of the Accomptant-general of the Court of Chan- cery, or into that of the Deputy Remembrancer of the Court of Exchequer, in trust; or to the parties who are entitled to the same. Or if one trustee is a bankrupt or lunatic, or it is uncertain if he be living, and the re- mainder are willing to act, an order may be obtained, empowering them either to tranfer the stock in question, or to receive and pay over the dividends. And in case a bankrupt refuses to tranfer stock which belongs to him, the Chancellor may (upon a petition from his assignees) order the stock to be transferred into their names; and he may likewise, in certain cases, order stock standing in the names of lunatics, or their committees, to be trans- ferred. As the Bank is a chartered body, no property vested in the funds there can be attached, except in some particular cases; when, upon application to the Court of Chancery, it will issue a Distringas for that purpose. It will be necessary for every person, when purchasing stock, to keep the seller's receipt for such stock until one WILLS AND THUSTS. 31 dividend is received upon it at least, and after that period it is the advice of many to destroy it, for fear of its creating trouble to the heirs, &c. of such persons, in searching the books of the different funds for the sum described in such receipt; but as inconvenience has been known to result from such a proceeding, old receipts should not thus be disposed of. In order to prevent any disappointment or trouble to heirs, &c., it would be best to keep a regular ledger account of all the stock bought and sold, opening a separate one for every stock or fund in which investors may have property. This account, if regularly posted, the stock bought on one side, with its value, and that sold on the other, in like manner, will present at one view the state and amount of all property so invested, together with any loss or gain that may have accrued on those transactions. Formerly the following enactments against Forgery were in force, but previous to the renewal of the Bank Charter in 1844, the capital punishment for such offences was abolished, and hence they no longer exist. “It is enacted, 1 Will. IV., chap. 66, that if any person shall forge or alter, or shall offer, utter, dispose of, or put off, knowing the same to be forged or altered, any Exchequer Bill or Exchequer Debenture, or any in- dorsement on or assignation of any such bill or deben- ture, or any East India Bond, or indorsement upon or assignation of the same, or any note or Bill of the Bank of England, or a Bank Post Bill, or any other indorse- 32 FORGERY. ment on or assignment of any Bank Note, Bank Bill of Exchange, or Bank Post Bill, with intent to defraud any person whatsoever, he shall be guilty of felony, and shall, upon conviction, suffer death as a felon. “Persons making false entries in the books of the Bank of England, or other books in which accounts of public stocks or funds are kept, with intent to defraud, shall suffer death as felons. “By the same act, the forging of any transfer, or share of, or interest in, or dividend upon any public stock, or of a power of attorney to transfer the same, or to receive dividends thereon, is made capital. If any person falsely personating the owner of any share, interest, or dividend of any of the public funds thereby transfer such share, &c. and receive the money due to the lawful owner, he shall, upon conviction, suffer death as a felon.” PRIVATE transfers may be made on other days besides those named in the following statement of the respective Stock or Funds, during the office hours, on payment of a fee of 2s. 6d. on each transfer. On regular transfer days the time is extended at the Bank from half-past two to three o'clock; South Sea House, from half-past two to three o'clock; India House, from two to three o'clock; also on payment of a fee of 2s. 6d. TRANSFER DAYS, DIVIDENDs, &c. AT THE BANK OF ENGLAND. Stock. Days of Transfer. Dividends due, Bank Stock. . . . . . . . . . Tu. W.Th. Fr. April 5; Oct. 10. 3 per cent. Reduced . . do. April 5; Oct. 10. 3# per cent Annuities. . do. April 5; Oct. 5. 5 per cent. New ...... do. Jan. 5; July 5. 3 per cent. 1726 . . . . . . do. Jan. 5; July 5. 3 per cent. Consols. . . . do. Jan. 5; July 5. Long Annuities ...... do. April 5; Oct. 10. Annuities ending 1859 do. April 5; Oct. 10. Annuities ending 1860 do. Jan. 5; July 5. Life Annuities, if transferred between January 5 and April 4, or between July 5 and October 9, payable January 5 and July 5. If transferred between April 5 and July 4, or between October 10 and January 4, pay- able April 5 and October 10. Transferred at the National Debt Office, Old Jewry. The Dividends are paid to the public three days after the above dates; if a Sunday intervenes, four days after. Hours for buying and selling, 10 to 1; and transferring, 34 TRANSFER DAYS. 11 to half-past 2; for accepting, 9 to 3; payment of Divi- dends, 9 to 3. Transfer Books in the respective Offices at the Bank of England are closed at One o'clock on Saturdays. AT THE SOUTH SEA Hous E. Stock Days of Transfer. Dividends due. South Sea Stock ....Tu. W.Th. Fr. Jan. 5; July 5. 3 per cent. Old Annu...... . . . . . . . April 5; Oct. 10. 3 per cent, New Annu. . . . . . . . . . . . . Jan. 5; July 5. 3 per cent. 1751. . . . . . . . . . . . . . . . ... Jan. 5; July 5. Transfer, 11 to half-past 2; receiving Dividends, 9 to 2. AT THE EAST INDIA House. Stock. Days of Transfer. Dividends due. East India Stock . . . . . . Tu. Th. Sat. Jan. 5; July 5. India Bonds . . . . . . . . . . do. Mar. 31; Sept. 30. Hours of transfer at the India House, 11 to 3. Divi- dends paid 9 to 3. Tickets for preparing the transfer of stock must be given in at each office before 10 o'clock. At the India House before 2. Private Transfers may be made at other times than as above, the books not being shut, by paying at the Bank and East India and South Sea House, 2s. 6d. extra for each transfer, to be left at the Bank, &c., for examination, one day before they can be acted upon; if for receiving dividends, they may be presented at the time the first divi- dend is payable. DIVIDENDs, &c. 35 Probates of Wills, Letters of Administration, and other proofs of decease, must be left at the Bank, &c., for regis- tration, for two or three days, exclusive of holidays. Expenses of transfer in Bank Stock for £25 and under, 9s. ; above that sum, 12s.; India Stock, £1 10s. ; South Sea Stock, if under £100 9s. 6d. ; above that sum, 12s. By an order of the Court of Directors, dated 18th May, 1843, it was decided “that the public and private trans- fer days be the same in all the funds; and that hence- forth the public days be Tuesday, Wednesday, Thursday, and Friday; and the private days, Monday and Saturday.” Powers of Attorney for sale or transfer of stock.-No addition of stock can be made to any account, whether such an account be in a single name, or in joint names, in which the decease, either of the individual, or of any one party, if a joint account, has taken place. The de- cease should be proved as soon as practicable. Among other public securities, transferable from one person to another, are Exchequer Bills and India Bonds. These are very proper investments for cash that is liable to be suddenly called for, being always marketable; which, with the interest due upon them up to the very day on which they are sold, are transferable to the pur- chaser simply by a note or bill from the broker or holder who sells them. Vote at Meeting of Bank Proprietors, the previous unaltered possession of £500 Bank Stock for six months clear, entitles a Proprietor to vote. D 2 36 TRANSFERS, &C. Vote at the India House, the clear unaltered possession of £1,000 India Stock entitles to one vote; of £3,000, to two votes; of £6,000, to three votes; and of £10,000, to four votes. Holidays KEPT AT THE BANK, INDIA House, &c. England. At the Bank, the only Holidays in the Dividend Offices are Good Friday and Christmas-day; in the Transfer Offices, besides the above, May 1, and November 1. East India House and Erchequer.—Good Friday and Christmas-day. BRITISH FUNDS. NEW FIVE PER CENT. ANNUITIES, At the Bank of England. DIVIDENDS, 5th January and 5th July, from 9 till 3. TRANSFERS, every Tuesday, Wednesday, Thursday and Friday, between 10 and 1, except on Holidays, or when the books are shut. SHUT, early in December and June. OPEN, about the 3d week in January and July. LETTERS of ATTORNEY, £1 1s. 6d. BROKERAGE, 2s. 6d. per Cent. on the sum bought or sold. This Fund originated from a conversion, in 1830, of the New 4 per Cent., which had already been converted from Navy 5 per Cent, and Irish 5 per Cent. in the Year 1822. Those holders of New 4 per Cent., who had not signified their dissent from accepting New 3% per Cent. for New 4 per Cent., had, within one month, the option of subscribing to a New 5 per Cent. Stock, not redeem- able until the 5th of January, 1873, receiving £70 of such Stock for every £100 New 4 per Cent. held by them. Present Capital £431,076 3s. 2d. 38 BRITISH FUNDS, THREE AND A QUARTER PER CENT. ANNUITIES. At the Bank of England. DIVIDENDS, 5th April and 10th October, from 9 till 3. TRANSFERS, every Tuesday, Wednesday, Thursday, and Friday, between l l and 1, except on Holidays, or when the books are shut. SHUT, early in March and September. OPEN, about the 3d week in January and July. LETTERS of ATTORNEY, 4:1 1s. 6d. BROKERAGE, 2s. 6d. per Cent. on the sum bought or sold. This Fund originated in a conversion, in 1830, of the New 4 per Cent, which had already been converted from the Navy 5 per Cent., and Irish 5 per Cent., in the year 1822; and has since been increased by £10,708,409 Four per Cent. 1826, which were converted into this Stock in 1834. The reduction to 34 per Cent. was effected in 1843. These annuities continue until the 10th of October, 1854, and are then to carry interest at 3 per Cent, only, and these new 3 per Cents are redeemable after the 10th of October, 1874. Present Capital, £215,777,916 6s. 2d. BRITISH FUNDS. 39 THREE PER CENT. CONSOLIDATED ANNUITIES. At the Bank of England. DIVIDENDS, 5th January and 5th July, from 9 till 3. TRANSFERS, every Tuesday, Wednesday, Thursday and Friday between 11 and 1, except on Holidays, or when the books are shut. SHUT, early in December and June. OPEN, about the 3d week in January and July. LETTERS of ATTORNEY, 4:1 1s. 6d. BROKERAGE, 2s. 6d. per Cent. on the sum bought or sold. This Fund was established in 1751, and forms by far the largest portion of the public debt. At the period when the consolidation (whence its name) of the several funds bearing 3 per cent. interest took place, it formed a capital of £9,137,821, but by various additions is now arrived at the enormous total of £373,860,824 7s. 43d. This stock, from its magnitude and the pro- portionally great number of its holders, is the most sensibly effected by all those circumstances which tend to elevate or depress the price of funded property; and on this account is the stock which is most commonly selected by speculators for their operations. Present Capital £373,860,824 7s. 4; d. 40 BRITISH FUNDS. THREE PER CENT REDUCED ANNUITIES, At the Bank of England. DIVIDENDS, 5th April and 10th October, from 9 till 3. TRANSFERS, every Tuesday, Wednesday, Thursday and Friday, between l l and l, except on Holidays, or when the books are shut. SHUT, early in March and September. OPEN, about the 4th week in April and October. LETTERS of ATTORNEY, £1 1s. 6d. BROKERAGE, 2s. 6d. per Cent, on the Sum bought or sold. Dating this fund from the time at which the sums forming its capital were reduced (as the name implies) to 3 per cent, it will be found to commence in the year 1757, having before that period borne interest at 4 per cent., viz. from 1746 to 1750, and 33 per cent. from that time until 1757, when it was reduced to 3 per cent. This stock differs from the Consols only in the time of the dividends becoming due, and in the unimportant fact of a portion of its capital having once borne a higher interest than 3 per cent. Present Capital £120,237,650 10s. 7d. BRITISH FUNDS. 41 THREE PER CENT. ANNUITIES, 1726, At the Bank of England. DIVIDENDS, 5th January and 5th July, from 9 till 3. TRANSFERS, every Tuesday, and Thursday, between 11 and 1, except on Holidays, or when the books are shut. SHUT, early in December and June. OPEN, about the 3d week in January and July. LETTERS of ATTORNEY, £1 1s. 6d. BROKERAGE, 2s. 6d. per Cent. on the sum bought or sold. The date shews the year of the origin of this fund, the capital of which is irredeemable, except by purchase. It was originally £1,000,000, and is now £750,343 19s. From the smallness of this capital, and the consequently limited amount of business, the price of this stock is generally from 1 to 2 per cent under that of the Consols. Present Capital £709,292 18s. 7d. 42 BRITISH FUNDS. BANK STOCK. At the Bank of England. Being the Capital Stock of that Corporation, flá,553,000. DIVIDENDS, 5th April and 10th Oct. from 9 till 3. TRANSFERS, every Tuesday, Thursday and Friday, between l l and l, except on Holidays or when the books are shut. COST of TRANSFERS, under £25. ................ 9s. 0d. above ditto . . . . . . . . . . . . . . . . 12s. 0d. if private . . . . . . . . . . . . . . . . . . 2s. 6d. extra. SHUT, early in March and September. OPEN about the 3d week in April and October. LETTERS of ATTORNEY, £1 11s. 6d. BROKERAGE, 2s. 6d. per Cent. on the sum bought or sold. QUALIFICATION. The unaltered possession, for six months clear, of £500 Bank Stock, entitles the Proprietor to a vote at the General Courts. For Governor the qualification is £4,000 stock; for Deputy Governor, É3,000; and for a Director, É2,000. No Proprietor is entitled to more than one vote by the possession of any sum whatever. HISTORICAL FACTS RELATIVE TO THIE B A N K OF E N G L A N D. THE Bank of England was founded and incorporated into a Society in 1694, and is managed by a Governor, a Deputy Governor, and Twenty-four Directors. Its ori- ginal capital was £1,200,000, which was lent to the Government at 8 per cent. interest, and a bonus of £4000 per annum for management. In 1696 the Bank was involved in considerable diffi- culties, and, although perfectly solvent, was even obliged to suspend payment of its notes, which were at a heavy discount. The assistance of Government, however, en- abled the Bank to get over this crisis. To increase its credit, the capital of the Bank was augmented from £1,200,000 to £2,200,000. In 1708 the profitable nature of the business of the Bank led to the attempt on the part of other persons to set on foot similar undertakings. To prevent this, and to protect the Bank in its monopoly, an Act was passed to prohibit any partnership concern of a greater number than six persons from issuing bills of exchange, promissory notes, or the like, of a shorter date than six months. This Act put a decisive check to 44 HISTORICAL FACTS, &c. the formation of banking establishments in competition with the Bank; as the profit attendant on the issuing of notes was one of the principal inducements to such un- dertakings. The Charter of the Bank, when granted in 1694, was for eleven years, namely to 1705; it was further prolonged in 1697. In 1708, the Bank having ad- vanced for the public service, without interest, £400,000, its exclusive privileges were prolonged to 1733. In 1709, the capital was increased to £4,402,343; and in 1746 it amounted to £10,780,000. In 1816, a bonus of 25 per cent. was placed to the credit of the Proprietors, and its capital now amounts to £14,553,000. The sum of 3,638,250, received from the Government in 1833, was invested by the Company in Long Annuities, instead of being distributed, as was first proposed, among the Pro- prietors of Bank Stock. Various other renewals of the Charter were from time to time granted, in consideration of advances made by the Bank to Government. The last renewal was made in 1844, when it was determined that for the purpose of placing the currency on a sounder footing, the Issue department should be separated from the Banking department, and that the establishment should be allowed to issue notes on the amount of se- curities. The correspondence, between the Government and the representatives of the Bank, which is subjoined, places in a very perspicuous manner the basis upon which the new Charter was granted. BANK OF ENGLAND. A copy of the correspondence between the Chancellor of the Erchequer and the Bank of England, relative to the renewal of the Charter of 1844. “To the Governor and Deputy Governor of the Bank of England. “Downing Street, 16th April, 1844. “GENTLEMEN,+As under the provisions of the 3 & 4 W. IV., c. 98., the 1st of August is the day after which it will be competent to the House of Commons to give a notice to the Bank as to the termination, within a limited period, of their present exclusive privileges, Her Majesty's Government judge it advisable to endeavour to come to an understanding with the Bank as to their future relation to the Government, rather than to terminate the existing arrangements by recurring to the notice required by the Act of Parliament. “In submitting to you the views of Government, I would premise that the main object of the Government in any new arrangement is one in the success of which the Bank can be scarcely less interested than the Government; namely, to place the general circulation of the country on a sounder footing, and to prevent, as much as possible, fluctuations in the currency, of the nature of those which have at different times occasioned hazard to the Bank and embarrassment to the country. “It appears highly desirable that any new arrangement should be founded on the basis of an entire separation of the business of the issue of notes from that of banking. This measure might be effected by the establishment of a public de- partment for the issue of notes independent altogether of the Bank; but Her Majesty's Government are willing, in the first 46 RENEWAL OF instance, to consider whether this can be effected by a division of the Bank into two distinct and separate departments—to con- duct exclusively, one the business of issue, the other that of banking. The first question for the Bank to consider is, how far they are willing to undertake this duty. Should they be dis- posed to administer the functions of issue, it would be desirable that the following principle should be adhered to: That a certain amount of notes should be issued on securities, and that all other notes required beyond that amount should be issued only in exchange for bullion,--that the securities should be to a certain extent of such a nature as to admit of ready conver- tability, and should not be increased beyond the amount originally fixed, except under circumstances to be stated by the Bank to the Government; and after the consent of certain members of the Government, namely, the First Lord of the Treasury, the Chancellor of the Exchequer, and the Master of the Mint shall have been signified. “It is proposed from henceforth to prohibit the establishment ef any new bank of issue, to restrict the issue of their own notes to those banks at present exercising that privilege, and to limit the issue of such banks to the amount of notes issued by them on average of a given preceding period, and in the event of their failure or liquidation, to prohibit under any circumstances the resumption of their own circulation. The void created by the withdrawal of any existing private or joint-stock bank circulation, either voluntarily or under the circumstances adverted to, should be supplied, if necessary, by the substitution of notes of the Bank of England; and, in such a case, the Bank acting in concert with the Government, as provided for in a preceding paragraph, might be authorised to make a proportionate increase in the amount of those securi- ties which constitute the foundation of the issue of paper: the whole net profit derived from this additional issue would be CHARTER OF 1844. 47 carried to the account of the Government, and would be in addition to the annual payment which the Bank may agree to make. “It is intended that a weekly publication should take place of the state both of the issue and banking departments of the Bank, and it will be required that eachprivate and joint-stock bank issuing its own notes, should make once a week a publication of the amount of their notes in circulation. “ Under such an arrangement, it is obvious that the Bank will not merely retain its existing priviliges of having no bank of more than six partners issuing notes within sixty-five miles of London, but will be secured against the competition within that district, of any new banks of issue, even with less than six partners, which might otherwise be established, and although, as the profit of any increased issue will be placed henceforth to the account of the Government, the Bank will not derive direct pecuniary advantage, yet the extension of business, and of confidence in the Bank (which must result from the extension of its notes consequent upon this further exclusion) must be to the Bank a source of no inconsiderable benefit. “I must add, that it is not proposed to continue the pro- hibition which is now in force as to the drawing, accepting, or paying bills within the sixty-five mile circle round London. “Should an arrangement on these principles meet the views of the Bank, the points remaining for consideration will be, the period for which the Bank Charter shall be renewed, and the amount of the payment which ought to be made by the Bank to the public during the period of its continuance. “Her Majesty's Government consider it advisable that the Charter should be granted for ten years from the 1st of August, 1845, and should, at the expiration of that period, be terminable at any time upon a notice of twelve months, but 48 RENEWAL OF until such notice be given should continue in force. The amount of payment to be made to the public by the Bank will depend upon a joint consideration of the benefits secured by this arrangement to the banking department of the Bank, and of the proportion of the profits of the issue or circulation department, which the public are entitled to claim. As bankers, the Bank will retain the management of the public debt, and the advantage of the Government deposits, and the balances of the several public accounts at the Bank. It must, however, be distinctly understood, that the Government retains an entire discretion as to the amount of such deposits to be left in the hands of the Bank, and as to a participation in the profits of such deposits, if they should, from any circumstances be materially increased. “With respect to the profits of the circulation department, supposing the fixed amount of securities to be £14,000,000, the profit would, obviously, be the difference between the interest received on those securities, and the expenditure required for the manufacture and issue of the notes, the keeping the accounts connected with them, and the receipt and custody of the bullion which might from time to time, come into the hands of that department. “Assuming 3 per cent. as the rate of interest, the gross profit of the circulation department would be £420,000. “It was stated by the Bank, in a paper presented to the Committee on the Bank Charter in 1832, that the expense of the circulation was at that time £106,000. It would be desirable that the items constituting this aggregate sum should be separately considered, with a view of ascertaining whether, without diminishing the advantages now offered to the public, a reduction might not be effected in the amount. I will how- ever assume it for my present purpose, as amounting to £100,000. CHARTER IN 1844. 49 “A sum of £320,000 would then remain as the profit of the circulation department, from which would be to be further deducted the amount of stamp duty paid on the notes of the Bank of England, being about £60,000, and the sum, whatever it may be, which the Bank now allows to those banks of issue which have substituted Bank of England notes for their own paper, and which I assume, for the purpose of discussion, as about £20,000. The net profits therefore, in which the public would have a right to share would be a sum of £240,000, or, if it were thought more advisable to remove the stamp duty on the notes of the Bank, £300,000. In fixing the proportion of this amount which ought to be paid to the public, I do not on the one hand put out of view the fair claim of the Bank to compensation, as managers on behalf of the public of the circulation of the country; but, on the other hand, the Bank will not fail to bear in mind, that by the advance of their capital of £11,000,000 to the public at 3 per cent., they have hitherto virtually paid to the public a sum little short of 1 per cent. on that amount; and that now, owing to the present circumstances of the country, that advance is no longer any sacrifice on the part of the Bank, nor any compensation to the public for the benefit derived to the Bank from its connexion with the Government. It may, therefore, justly, become a question, whether that debt of the public to the Bank should be continued at its present amount, or at its present rate of interest. “It appears to me therefore, that in claiming for the public an annual payment exceeding that now made by the Bank, while I reserve also to the public the net profit which may result from any addition hereafter to be made to the amount of fixed securities, I am not claiming more than the Bank will deem a just compensation for the advantages secured to them. It appears to me that the real interests of the Bank, taking E 50 RENEWAL OF a comprehensive view of those interests, will be materially promoted by the proposed arrangement. It proposes to leave to them the management of the circulation; it gives a new and decisive proof of the public confidence reposed in them, while the measure itself is calculated, by increasing the control of the Bank over the paper currency of the country, to secure them from much expense and danger to which they have hitherto been exposed. “I have the honor to be, Gentlemen, “Your very faithful and obedient Servant, “HENRY Goulbur.N.” “To the Right Honourable the Chancellor of the Exchequer, M.P. “Bank of England, 30th April, 1844. “SIR,-We have the honour to acknowledge the receipt of your letter of the 26th instant, which we have submitted to the consideration of the Committee of Treasury and of the Court of Directors, and we are desired to assure you that they, in common with ourselves, are duly impressed with the importance of an early settlement of the question affecting the circulation of the country, and are satisfied that the Bank, relinquishing its claim to the notice prescribed by law, will give its most favourable consideration to any proposal from Her Majesty's Ministers having for its object to place the circulation of the country on a sounder footing. “To the ‘entire separation of the business of issue of notes from that of banking,’ we are not disposed to offer any objection, and are of opinion that a division of the Bank into two distinct and separate departments for that object can be effected without difficulty; neither do we differ respecting the principles of the intended measures detailed in your letter. “It is now proposed to take from the Bank all the future CHARTER IN 1844. 51 advantages that may arise from the substitution of its notes for the present issues of joint-stock and private banks. We are prepared to admit the favourable impression, which the public opinion will receive from the fact of the Bank having no pecuniary interest in the more general adoption of its notes. It must however be recollected that under the arrangement of 1833, by which it was agreed to allow to the public f 120,000 per annum, very considerable advantages were held out to the Bank from the extension of its circulation : these were never realised, in consequence of the declared inability of the Govern- ment to carry into effect the measures on which that expectation was founded. “As the Government consider that “a weekly publication should take place of the state both of the issue and banking department of the Bank, and that each joint-stock and private bank, issuing its own paper, should make, once a week, a publica- tion of the amount of its notes in circulation ;’ the Court would raise no objection to that arrangement, but we would suggest for the consideration of the Government, if the publication of the banking accounts can be regarded as essential 2 “By the removal of the prohibition now in force as to the drawing, accepting, or paying bills within the sixty-five mile circle round London, the Bank may incur some loss in its banking department; but more serious inconvenience will result, if the power to accept should be exercised for the purpose of circulation, and thus interfere with the great object of the projected measures; a question deserving the most serious consideration. “On the subject of the proposed grant of the Bank Charter for ten years from the 1st of August, 1845, subject at the end of that period to terminate upon a notice of twelve months, but until such notice be given to continue in force; we would suggest as a preferable plan, that if notice shall not be given 52 RENEWAL OF by the Government at the end of ten years, the Charter should continue until after the expiration of an additional period of ten years. It seems to us that sufficient power of control would thus be retained by the Government, and that the inconvenience arising from repeated if not annual discussions on the subject, would thus be avoided. “The possession of the £11,000,000 advanced by the Bank, has ever been considered as affording additional security to the public, and contributing to that entire confidence at all times placed in the solidity of the Bank, and although at an interest of 3 per cent. the loan may not at this moment impose any pecuniary sacrifice on the Bank, we see no benefit likely to arise to the public from its repayment. We therefore think it for the public good that it should still be retained, and we would, at the same time, remark, that any reduction in the interest on this loan will necessarily diminish to a corresponding extent, the profit on the issue department of the Bank. “Referring to the estimate of the profit to be derived from the department of issue, we must remark that we calculate its actual expense at £113,000 per annum; a large outlay being incurred for the sole accommodation of the public, by Bank notes not being re-issued in London: by the complete registration of the issue and cancelment of each note; by the preservation of the cancelled notes for ten years for the purpose of legal reference, so that each note can, in case of need, be traced, and frauds thus be detected; and finally, by the ready supply of notes for bullion or coin, besides various other arrange- ments adopted solely for the public convenience. A re-issue of notes was commenced as a measure of economy, in the year 1838, but so much inconvenience was experienced by the bankers and the public, that it was abandoned; and the Bank now issues about 20,000 notes, averaging in amount from six or seven hundred thousand pounds, cancelling also the same number and value daily. CHARTER IN 1844. 53 “The allowance at present made to those joint stock and private banks under engagement to issue only Bank of England paper, will at 1 per cent., amount to twenty-four thousand pounds, as appears by the Parliamentary return, and we sub- mit the following as the correct calculation; viz., £14,000,000 at 3 per cent. . . . . . . . . . £420,000 Deduct the expenses. . . . . . . . . . . . . . . . 113,000 307,000 Present allowance to the Banks and Banking Companies . . . . . . . . . . . . . . 24,000 £283,000 before any payment is made to the Government. “In reference to the position of the Bank as having the management of the public debt and the benefit of the Govern- ment deposits, we wish to state that the advantage from the former is diminished by the great risk of forgery, and from the latter by the alteration of the Exchequer accounts in 1834, which considerably reduced the amount of the public balances; but, in reply to the proposed understanding that the Govern. ment will retain an entire discretion as to the amount of such deposits, and as to a participation in the profits arising from them, if they should, from any circumstances, be materially increased, we beg to say that we should not object to this, provided it is conceded by the Government that an allowance will be made to the Bank if the balances are reduced below their present amount. “The benefits to the Bank will also be further reduced by the expenses which will be incurred in the collection of the ordi- nary Revenue; and, in reference to these, it should be stated that, in the year 1843, the clerks of the Bank travelled on the Revenue account, 75,090 miles, with the risk attending the 54 RENEWAL OF custody and transit of £9,047,000, the money being brought immediately to the credit of the Government, saving to the public a considerable amount of interest and risk. Taking these circumstances into consideration, and bearing in mind that, under the proposed arrangement, the Bank will derive no advantage from the extension of its circulation, with all the responsibility, an abatement from the £120,000 hitherto allowed to the public, may reasonably be expected,—for if the Bank continue this payment to the Government, together with a liability to the estimated amount of the Stamp Duty on the notes issued on the fourteen millions of securities, viz. £49,000, making a total of £169,000, and incur, besides, the whole responsibility of the extended circulation without profit, the Court is of opinion that it will be called upon to make a larger sacrifice than in reason and justice can be required. “We have the honour to be, Sir, “Your very faithful and obedient Servants, “WILLIAM. Cottox, Governor. “J. B. HEATH, Deputy Governor.” “The Governor and Deputy Governor of the Bank of England. Downing Street, May 24, 1844. “GENTLEMEN, -I have the honour to acknowledge the receipt of your letter of the 30th ultimo. “It is satisfactory to Her Majesty's Government to learn that there is on the part of the Bank of England a general concurrence in the principle of the proposals conveyed in my letter of the 27th ultimo, and a readiness to co-operate in giving effect to them. “They observe with pleasure that, notwithstanding the doubts which you suggested as to its utility, you offer no ob- jection to a weekly publication of the state of the banking as well as the issue department. CHARTER IN 1844. 55 “That measure was recommended to you on behalf of the Government, under the conviction that such a publication would be advantageous to the public, and would carry with it the strongest evidence of the stability and credit of the insti- tution over which you preside, and upon the same grounds it still appears to the Government to be of essential im- portance. “I agree with you, that if the removal of the existing prohi- bition against accepting bills within the sixty-five mile circle round London should lead to the introduction of a new paper circulation, it might materially interfere with the object of the proposed arrangement. An attempt might undoubtedly be made now to guard against such an evil consequence by im- posing generally, and in the case of all banking establish- ments, a limit upon the sum for which bills to be accepted might be drawn or by extending the dates at which they might become payable. But while such a measure might fail in proving an effective check upon future evasions, it is calcu- lated to raise impediments in the way of legitimate banking business. It appears, therefore, more advisable to trust for a remedy for so serious an evil to the power of the Government, a power which will not fail to be exercised if the abuse should arise, of applying by new Legislative enactment an adequate corrective. “Her Majesty's Government have well weighed the reasons which you have urged for preferring a renewal of the Charter upon the terms granted in 1833, namely, for twenty years, with the power of terminating it at a notice given at the ex- piration of ten. “In making the proposal contained in my letter of the 27th ultimo, the Government were mainly influenced by the consi- deration to which you appear also to attach much weight, that it was not advisable unnecessarily to agitate questions 56 RENEWAL OF affecting the banking interests and the currency of the country. “We confidently hope that the arrangements now to be made will be found at the end of ten years to have satisfied public expectation, and in this case there would probably be a disposition, encouraged by the knowledge that the subject was at any time open to discussion, to forbear from proposing a change in the existing system. But, on the other hand, if the opportunity of revision afforded at the end of ten years were not again to occur till the expiration of a similar period, the necessity of renewing what was otherwise to be for so long a time irrevocable, could scarcely be denied. On these grounds Her Majesty’s Government consider that it would be more for the public interests that the Charter should be continued as proposed in my former letter. “The reasons offered by you for the retention by the public of the £11,000,000 advanced by the Bank, are entitled to con- siderable weight; and in the event of the acquiescence of the Bank in the terms proposed, Her Majesty's Government are prepared to consent to that debt remaining during the further continuance of the Charter on its present footing. “With respect to the public balances in the hands of the Bank, I deem it unnecessary to make any observation. The Government must necessarily retain an unfettered discretion as to the amount which it may be proper to keep in the Bank, and in the event of any extraordinary accumulation beyond the usual amount, it would be hereafter, as it has been here- tofore, competent to them to make any arrangement with the Bank which might appear to them conducive to the public interests. “With reference to the expense of the department of issue, I readily admit the importance of not discontinuing any one of the facilities which the Bank has hitherto afforded to the CHARTER IN 1844. 57 public, although necessarily attended with an increase of charge. Nor after a due consideration of the detail of the expenditure of £113,000 which you have assigned to the issue department, am I prepared to state that it is excessive. “But after making the deductions which you have specified, the profit of the issue department still amounts to £983,000. “Under these circumstances I cannot feel myself authorised to hold out to the Bank any expectation of an abatement from the sum of £120,000 which they now allow to the pub- lic ; nor can I admit the payment of £49,000 to be an ade- quate compensation for the sum which would accrue to the public from leaving the Bank of England notes still subject to stamp duty. The sum latterly received on this account has been, as I previously stated, £60,000. I should certainly have preferred the continued payment by the Bank of duty on the amount of notes in circulation. By the arrangement, however, which I have proposed, the public will henceforth be entitled to receive the whole net profit of any issue of notes founded on any addition to the fixed amount of se- curities. “The stamp duty on such notes would necessarily be a de- duction from the profit for which the Bank would have to account; and I anticipate considerable difficulty in the case of such additional issue of ascertaining the precise proportion of such issue which might be in circulation, and on which alone the duty would attach. I am, therefore, prepared, O). behalf of the Government, to accept as compensation for the stamp duty the sum of £60,000. “If, therefore, the Bank of England are prepared to make a fixed annual payment to the public amounting in the whole to £180,000, subject to the several conditions which I have in this, and in my former letter submitted to you, Her Ma- jesty's Government will be prepared to recommend to Par- 58 RENEWAL, &c. liament the continuance of the Charter for the period which I have specified. “I have the honour to be, Gentlemen, “Your most obedient Servant, (Signed) “HENRY GOULBURN.” “The Right Honourable the Chancellor of the Exchequer. “Bank of England, May 3, 1844. “SIR,-We have the honour to acknowledge your letter of the 2d inst., which we have submitted to the consideration of the Court of Directors; and although they are still of opinion that some abatement from the £120,000 allowed to the pub- lic might reasonably have been expected, they have resolved in order that no obstacle may be presented by them to the measures which are considered desirable by Her Majesty's Ministers to place the currency on a sounder footing, to recommend to the Court of Proprietors to accede to the proposals of the Government. “We have the honour to be, Sir, “Your very faithful and obedient Servants, (Signed) “WILLIAM CoTTON, Governor. “J. B. HEATH, Deputy Governor.” BANK OF ENGLAND. An Account of the successive Renewals of the Charter; of the Conditions under which these Renewals were made, and of the Variations in the Amount and Interest of the Permanent Debt due by Government to the Bank, exclusive of the Dead Weight. I)ate of Conditions under which Renewals were made, Permanent Renewal. and Permanent Debt contracted. Debt. £ s. d. 1694. Charter granted under the act 5 and 6 Will. III. c. 20, redeemable upon the expiration of twelve months’ notice after the 1st of August 1705, upon payment by the public to the Bank of the demands therein specified. Under this act, the Bank ad- vanced to the public fl,200,000, in consideration of their receiving an Annuity of £100,000 a year, viz., 8 per cent. interest, and £4,000 for management . . . . . . . . . . . . . . . . . . 1,200,000 0 0 1697. Charter continued by the 8 and 9 Will. III. c. 20, till twelve months’ notice after 1st of August 1710, on pay- ment &c. Carried forward ... 1,200,000 0 0 60 BANK OF ENGLAND. £ s. d. Brought forward ... 1,200,000 0 0 Under this act, the Bank took up and added to their stock £1,001,171 Exchequer Bills and tallies. 1708. Charter continued by 7 Anne, c. 7, till twelve months’ notice after 1st of August 1732, on payment, &c. Under this act the Bank ad- vanced £400,000 to Government without interest; and delivered up to be cancelled £1,775,027 17s. 10d. Exchequer Bills, in consideration of their receiving an Annuity of £106,501 13s. being at the rate of 6 per cent. . . . . . . . . . . . . . . . . . . . . 2,175,027 17 10 1713. Charter continued by 12 Anne, stat. 1, c. 11, till twelve months' notice after 1st of August 1742, on payment, &c. In 1716, by the 3 Geo. I. c. 8, Bank advanced to Government, at 5 per cent. . . . . . . . . . . . . . . . . . . . . 2,000,000 0 0 And by the same act, the interest on the Exchequer Bills cancelled in 1708, was reduced from 6 to 5 per Cent. In 1721, by 8 Geo. I. c. 21, the South Sea Company were author- ised to sell £200,000 Government Annuities, and Corporations pur- chasing the same at twenty-six years' purchase, were authorised to *mºnº Carried forward .. 5,375,027 17 10 RENEWALS OF THE CHARTER. 61 £. s. d. Brought forward. .. 5,375,027 17 10 add the amount of their capital stock. The Bank purchased the whole of these Annuities at twenty years' purchase . . . . . . . . . . . . . . . . 4,000,000 0 0 Five per cent. interest was payable on this sum to Midsummer 1727, and thereafter 4 per cent. . . . . . . . . 9,375,027 17 10 At different times between 1727 and 1738, both inclusive, the Bank received from the public, on account of permanent debt £3,275,027 17s. 10d. and advanced to it on account of ditto £3,000,000 :—Difference . . 275,027 17 10 Debt due by the public in 1738 . . 9,100,000 0 0 1742. Charter continued by 15 Geo. II. c. 13, till twelve months’ notice after the 1st of August 1764, on payment &c. Under this act the Bank advanced £1,600,000 without interest, which, being added to the original advance of £1,200,000, and the £400,000 advanced in 1710, bearing interest at 6 per cent., reduced the interest on the whole to 3 per cent . . . . . . 1,600,000 0 0 In 1745, under authority of 19 º Geo. II. c. 6. the Bank delivered up to be cancelled £986,800 of Ex- chequer Bills, in consideration of an Annuity of £39,472, being at the rate of 3 per cent. . . . . . . . . . . 986,800 0 0 Carried forward... 11,686,800. 0 0 62 BANK OF ENGLAND. In 1749, the 23d Geo. II. c. 6, reduced the interest on the 4 per Cent. Annuities, held by the Bank to 3% per Cent, for seven years, from 25th Dec. 1750, and thereafter to 3 per cent. 1764. Charter continued by 4 Geo.III. c. 25, till twelve months' notice after 1st of August 1786, on payment, &c. TJnder this act, the Bank ad- vanced into the Exchequer £110,000 free of all charges. 1781. Charter continued by 21 Geo. III. c. 60, till twelve months’ notice after the 1st of August 1812, on payment, &c. Under this act the Bank ad- vanced £3,000,000 for the public service for 3 years, at 3 per cent. 1800. Charter continued by 40 Geo. III. c 28, till twelve months’ notice after the 1st of August 1833, on pay- ment, &c. Under this act the Bank ad- vanced to Government £3,000,000 for six years, without interest, but in pursuance of the recommendation of the committee of 1807, the ad- 4. S. Brought forward .. 4:11,686,800 0 0 d. Carried forward £11,686,800 0 0 RENEWALS OF THE CHARTER. 63 £ s. d. Brought forward £11,686,800 0 0 vance was continued without in- terest till six months’ after the sig- nature of a definite treaty of peace. In 1816 the Bank, under the au- thority of the act 56 Geo. III. c. 96, advanced, at 3 per cent., to be repaid on or before 1st of August, 1833 . . . . . . . . . . . . . . . . . . . . . . . . . 3,000,000 0 0 1833. Charter continued by 3 and 4 Will. IV. c. 98, till twelve months’ notice after 1st of August 1855, with a proviso that it may be dissolved on twelve months’ notice after the 1st of August 1845, on payment, &c. 14,686,800 0 0 This act directs that, in future, The Bank shall deduct £120,000 a year from their charge on account of the management of the public debt, and that a fourth part of the debt due by the public to the Bank, or £3,671,700 be paid off “ . . . . . . 3,671,700 0 0 Permanent advance by the Bank to the public, bearing interest at 3 per cent., independent of the ad- vances on account of DeadWeight £11,015,100 0 0 • This payment was effected by the transfer of £4,080,000 3 per Cent. Reduced Annuities. 64 BANK OF ENGLAND. 1844. Charter renewed for ten years with the usual notice as stated in the Act, the privileges allowed in con- sideration of £180,000 per annum being deducted from the charge for the management of the National Debt; leaving the permanent ad- vance to the Government unaltered at . . . . . . . . . . . . . . . . . . . . . . . . . . £11,015,100 0 0 As the Charter involved great changes in the system of banking business in general, the clauses of the bill brought into Parliament, which was carried without material alteration, are here presented in a digested form :— 1. That from and after the 31st of August, 1844, the issue of notes payable on demand shall be kept distinct from the banking business, and that it shall be conducted in a separate department, to be called “The issue department of the Bank of England.” 2. That on the 31st of August, 1844, the Bank shall trans- fer to the issue department securities to the value of fourteen millions, the debt due by the public to be deemed part; that the banking shall transfer to the issue department, all the gold coin and gold and silver bullion not required; that the issue department shall deliver to the banking department such an amount of notes, as, with those in circulation, shall equal the securities, coin, and bullion, transferred to the issue depart- ment. That the Bank may not increase but may diminish the amount, and again increase it to any sum not exceeding fourteen millions. BANK OF ENGLAND. 65 3. That the Bank may not retain in their issue department at one time more silver than one-fourth of the gold coin and bullion held at the time. 4. That the notes of the Bank shall always be payable in gold on demand, at the rate of £3 17s. 9d. per oz. 5. That if any country banker shall cease to issue his own paper, the Bank of England may issue additional notes to the amount of two-thirds of the authorized issue of the said banker. 6. That a weekly report of the accounts of the issue and banking departments be published in the “London Gazette.” 7. That the notes of the Bank shall be freed from the pay- ment of stamp duties. 8. That £180,000 per annum shall be deducted from the charge made for the management of the national debt. 9. That if (under provision 5,) the circulation of the Bank shall be increased, the net profit of such circulation shall also be deducted from the above charge. 10 That no other banks of issue be allowed than those in existence on the 6th of May, 1844. 11. That after the passing of this act no banker may issue, in England and Wales, any bill of Exchange or promissory note on demand, excepting such bankers as were in existence on the 6th of May, 1844, who shall only continue to issue them under the conditions hereinafter mentioned. That the right to issue notes shall not be compromised by the admission or retirement of any partners. That no company now con- sisting of six or less than six partners, shall, if they exceed that number, be allowed to issue notes. 12. That if any banker shall become bankrupt, or shall cease to issue notes, he shall not resume the issue. 13. That the average amount of the twelve weeks' circula- tion prior to the 27th of April, 1844, shall be taken to those F 66 BANK OF ENGLAND. bankers who issue notes, and they may continue to issue them, provided they shall not, on four weeks' average, circulate more than the average previously taken. 14. That if two or more banks become united, the same principles shall apply to their issue. 15. That the average circulation of the country bankers, the twelve weeks prior to the 27th of April, 1844, shall be published in the “London Gazette,” and this “Gazette” shall be re- ceived as evidence of the circulation allowed to such banker. 16. That if two or more banks unite, the same principle shall be applicable to them; but it shall not be lawful for them to issue notes when the partners exceed six. 17. That if any country banker exceed his authorized amount, he shall forfeit a sum equal to the sum issued in ex- CeSS. 18. That a weekly account shall be sent by every banker issuing notes, on and after the 19th of October, 1844, to the Commissioners of Stamps and Taxes, of the amount in circu- lation each day of the week; and also an average amount of the said weekly circulation; and on the expiration of every four weeks, the average amount of the said notes, with the amount authorized, shall accompany the weekly account. The weekly average to be published in the “London Gazette.” Any banker rendering a false account to forfeit for each offence £100. 19. That the average amount of the issue of each banker is not to exceed that certified by the Commissioners of Stamps and Taxes. 20. That the said commissioners shall have full power to examine all books, at all reasonable times, of such bankers as issue notes, and to take copies or extracts from any such book or accounts. 21. Each banker to return his name, residence, and occupa- BANK OF ENGLAND. 67 tion, or in the case of a partnership or company, the name, residence, and occupation of every person; a copy of such return to be published. - 22. Each banker to take out a separate license for every place at which he may issue notes or bills. Any banker hav- ing such licence in force on the 6th of May, 1844, for issuing notes at more than four separate places, shall not be called on to exceed his licenses for continuing such issue in the places specified. 23. That on and after the 31st December, 1844, the Bank shall pay to certain bankers, agreeing to issue their notes, one per cent. on the account circulated. 24. That similar arrangements may be formed with other banks of issue, provided the composition be deducted from the amount payable by the governor and company to the public. 25. That all the compositions payable to the several banks which have ceased to issue their own notes under the usual agreement with the governor and company, shall cease on the 1st of August, 1856. 26. That any company of bankers, though exceeding six in number, carrying on the business of banking in London or within sixty-five miles, may draw, accept or indorse bills of ex- change, not payable on demand. 27. That all previous privileges, except such as are abolished by the act, shall remain in force, subject to redemption at any time upon twelvemonths notice being given after the 1st of August, 1845, and on repayment of all debts due from the public. The Bank has not been exempt from political and commercial panics among the holders of its notes. In 1745 the advance of the Pretender led to material incon- 68 BANK OF ENGLAND. veniences, which were happily averted by his timely retreat. In June 1780, during the prevalence of the No Popery Riots, the Bank incurred considerable danger: the apprehension then excited led to the precaution of placing a considerable military force within the interior of the establishment; a practice which has been partially continued to the present day. But the most important epoch in the history of the Bank is the Bank Restriction Act, which was passed in 1797 : this Act restricted them from paying their notes in gold and silver, and made them a legal tender, so far that no action could be main- tained in the courts of law after a tender of them for payment. In 1797, when the Restriction Bill was passed, there were about 200 country banks in existence; but so great an impetus was given to this paper circulation, that in 1813 their number amounted to 940. In 1819 a Bill was brought in by Mr. Peel to compel a return to cash payments in 1823. It must be mentioned here, that there were three panics, at distinct periods, before and after the resumption of cash payments, viz. in 1815, in 1819-20, and 1825-26, which panics caused a great many failures of country banks, if they did not originate with them, and which panics, likewise, created great embar- rassment to the Bank of England, by the run they created upon it. In 1826 a modification was made, with the concurrence of the Bank, in that part of the law of 1708, which prohibited the partnership of more than six persons to carry on banking concerns. The modification BANK OF ENGLAND, 69 then made was, to allow a greater number than six per- sons to form a partnership bank, provided it was not within sixty-five miles of London. In 1826 was prohibited the future issue of one pound notes. In the same year, and in order to supply the vacuum occasioned by the failure or secession of many country banks, the Bank of England established Branch Banks in various principal towns; and at this moment banks are established in Manchester, Birmingham, Leeds, Liverpool, Bristol, Hull, Newcastle-upon-Tyne, Norwich, Swansea, Plymouth, and Portsmouth. Previously to the year 1759, the Bank issued no notes under £20. In that year it began to issue £10 notes; in 1793, £5 notes; and in March 1797 it began to issue fºl and £2 notes. Bank notes are not now issued under a lower denomination than £5. The present capital of the Company, amounts to £14,553,000, on which a dividend of 7 per cent. per annum, has been declared for some years past. In ad- dition to this capital there is a surplus fund, or “rest” as it is called, of three millions, so that the actual working or joint stock capital exceeds seventeen millions sterling.” * Since the early part of 1847, increased dividends have on one or two occasions been declared with the view of distribut- ing the excess of “rest” over £3,000,000. BANK STOCK DIVIDENDS From 1694, to 1847, with the Rate of Discount. DIVIDENDS. From 1694 to 1697 . . £8 per cent. per annum, payable quarterly. 10th September 9th March 20th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 1698 . . 1699 . . 1699 . . 1700 . . 1700 . . 1701 . 1701 . . 1702 . . 1702 . . 1703 . 1703 . 1704 . 1704 . 1705 . . 1705 . . 1706 . . 1706 . . 1707 . . 1707 . . 1708 . 1708 . . 1709 . 1709 . . 1710 . . 1710 . . 1711 . . | : | i DISCOUNT. per cent. 8th August, 1694, on Foreign Bills .. 30th August, 1694, on Foreign Bills . . 24th October, 1694, on Inland Bills 16th January, 1695 on Foreign Bills .. 16th January, 1695, on Inland Bills 16th January, 1695, on Foreign Bills to those who keep cash at the Bank 19th May, 1695, 28th February, on For- eign Bills, pay- able at the Bank 28th February, on For- eign Bills not paya- ble at the Bank . . 22d June, on Foreign Bills . . . . . . . . £6 44 ?? 6 6 4 # : BANK STOCK DIVIDENDS. 71 DIVIDENDS. 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 29th September 25th March 1711 . . 17 l.2 . . 1712 . . 1713 . . 1713 . . 1714 . . 1714 . . 1715 . . 1715 . . 1716 . . 1716 . . 1717 . . 1717 . . 1718 . . 1718 . . 1719 . . 1719 . . 1720 . . 1720 . . 1721 . 1721 . . 1722 . . 1722 : . 1723 . . 1723 . . 1724 . . 1724 . 1725 . . 1725 . . 1726 . . 1726 . . 1727 . . 1727 . . 1728 . . 1728 . . 1729 . . 1729 . . 1730 . . 1730 . . 1731 .. per cent. I -* 2 # ; 27th October, Bills DISCOUNT. per cent. 26th July, on Foreign and Inland Bills £4 ; 30th April, on Bills and Notes . . . . . . . . 5 5 23d August, Bills .... 4 22d August, Bills . . . . 4 72 BANK STOCK DIVIDENDS. DIVIDENDS. DISCOUNT, per cent. er Cent. 29th September 1731 . . $2: p 25th March 1732 ... 3 29th September 1732 . . ; 25th March 1733 ... 2; 29th September 1733 . . 2: 25th March 1734 . . 29th September 1734 . . 25th March 1735 . . 29th September 1735 . . 25th March 1736 . . 29th September 1736 . 25th March 1737 . . 29th September 1737 . . 25th March 1738 . . 29th September 1738 . . 25th March 1739 . . 29th September 1739 . . 25th March 1740 . . 29th September 1740 . . 25th March 1741 . . 29th September 1741 .. 25th March 1742 . . 29th September 1742 . . 25th March 1743 . . 18th October, 1742, on Bills drawn with- in the Kingdom £5 18th Oct., 1742, drawn without the King- dom . . . . . . . . . . 4 12th Dec.,1744, on For- eign Bills. . . . . 5 29th September 1743 .. 25th March 1744 . . 29th September 1744 . . 25th March 1745 . 29th September 1745 . 25th March 1746 . . 29th September 1746 . . 25th March 1747 . . 29th September 1747 . 25th March 1748 . . 29th September 1748 . 25th March 1749 . 29th September 1749 . . 25th March 1750 . . 1st May, 1746, on For- eign Bills, not having more than 15 days to run. .. 4 4th May, 1746, on In- land Bills and Notes not having more than 15 days to run .... 5 :2 BANK STOCK DIVIDENDS. 73 DIVIDENDS. DISCOUNT. per cent. per cent. 29th September 1750 . . 24 25th March 1751 tº e 2; 29th September 1751 .. 24 25th March 1752 .. 2; 10th October 1752 . . 24 5th April 1753 . . 2; 10th October 1753 • * 2#. 5th April 1754 . . 2; 10th October 1754 . * 2# 5th April 1755 tº e 2# 10th October 1755 - º 2; 5th April 1756 . . 2; 10th October 1756 . º 2; 5th April 1757 . . 2; 10th October 1757 . . 2; 5th April 1758 .. 2; 10th October 1758 . e 2; 5th April 1759 - tº 2# 10th October 1759 . . 2; 5th April 1760 . . 2; 10th October 1760 . . 2; 5th April 1761 .. 2; 10th October 1761 .. 24. On Inland Bills and 5th April 1762 ... 2;| Notes, not having 10th October 1762 .. 2; more than 15 days 5th April 1763 . . 2# to run . . . . . . . . . . . . $5 10th October 1763 ... 2; 5th April 1764 . . 2#. 10th October 1764 ... 2; 5th April 1765 .. 2; 10th October 1765 .. 2; 5th April 1766 .. 2; 10th October 1766 .. 2; 5th April 1767 e e 2# 10th October 1767 . . 2; 5th April 1768 .. 2; 10th October 1768 ... 2; 5th April 1769 . . 2; 10th October 1769 ... 2; 5th April 1770 ... 2; 74 BANK STOCK DIVIDENDS. DIVIDENI)S. 10th October 1770 . . 5th April 1771 . 10th October 1771 . . 5th April 1772 . . 10th October 1772 . 5th April 1773 . . 10th October 1773 . . 5th April 1774 . 10th October 1774 . . 5th April 1775 . . 10th October 1775 . . 5th April 1776 . . 10th October 1776 . . 5th April 1777 . . 10th October 1777 . . 5th April 1778 . . 10th October 1778 . . 5th April 1779 . . 10th October 1779 . . 5th April 1780 . 10th October 1780 . 5th April 1781 . . 10th October 1781 .. 5th April 1782 . 10th October 1782 . . 5th April 1783 . . 10th October 1783 . . 5th April 1784 . . 10th October 1784 . . 5th April 1785 . 10th October 1785 . . 5th April 1786 . . 10th October 1786 . . 5th April 1787 . . 10th October 1787 . . 5th April 1788 . . 10th October 1788 . . 5th April 1789 . . 10th October 1789 . 5th April 1790 . i DISCOUNT. per cent. On Foreign Bills. . . . . . £5 On Foreign Bills. . . . . . 5 BANK STOCK DIVIDENDS. 75 DIVIDEN DS. per cent. 10th October 1790 ... 34 5th April 1791 .. 34 10th October 1791 . . 3# 5th April 1792 ... 34 10th October 1792 ... 34 5th April 1793 ... 34 10th October 1793 ... 34 5th April 1794 ... 34 10th October 1794 ... 31. 5th April 1795 ... 34 10th October 1795 . . 3} 5th April 1796 ... 34 10th October 1796 ... 34 5th April 1797 . . 31. 10th October 1797 ... 33. 5th April 1798 . 3} 10th October 1798 ... 34 5th April 1799 ... 34 10th October 1799 ... 34 5th April 1800 . . 34 10th October 1800 ... 34 5th April 1801 . . 3# 10th October 1801 .. 34 5th April 1802 ... 34 10th October 1802 .. 34 5th April 1803 ... 34 10th October 1803 ... 34 5th April 1804 ... 34 10th October 1804 . . 3# 5th April 1805 ... 34 10th October 1805 ... 34 5th April 1806 ... 34 10th October 1806 ... 34 5th April 1807 . . 5 10th October 1807 . . 5 5th April 1808 . . 5 10th October 1808 . . 5 5th April 1809 . , 5 10th October 1809 .. 5 5th April 1810 .. 5 DISCOUNT. per cent On Foreign Bills . . . . £5 76 BANK STOCK DIVIDENDS. DIVIDENDS. DISCOUNT. per cent. per cent. 10th October 1810 .. 5 5th April 1811 , .. 5 10th October 1811 .. 5 5th April 1812 .. 5 || On Foreign Bills . . . . £5 10th October 1812 . . 5 5th April 1813 .. 5 10th October 1813 . , 5 5th April 1814 .. 5 10th October 1814 .. 5 5th April 1815 . . 5 10th October 1815 . . 5 5th April 1816 . . 5 10th October 1816 . . 5 5th April 1817 . . 5 10th October 1817 . . 5 5th April 1818 . . 5 10th October 1818 . . 5 5th April 1819 . . 5 10th October 1819 . . 5 5th April 1820 . . 5 10th October 1820 .. 5 5th April 1821 .. 5 10th October 1821 .. 5 5th April 1822 .. 5 || 20th June, Bills and 10th October 1822 .. 5 Notes, not having 5th April 1823 .. 4 more than 95days 10th October 1823 . . 4 to run . . . . . . . . 4 5th April 1824 .. 4 10th October 1824 .. 4 5th April 1825 . . 4 || 13th Dec., Bills and 10th October 1825 .. 4 Notes not having 5th April 1826 . . 4 more than 95days 10th October 1826 . . 4 to run . . . . . . . . 5 5th April 1827 . . 4 5th July, Bills and 10th October 1827 . . 4 Notes not having 5th April 1828 .. 4 more than 95days to run . . . . . . . . 4 10th October 1828 . . 4 || 5th July Bills and Notes 5th April 1829 . . 4 not having more than 10th October 1829 . . 4 95 days to run .... 4 BANK STOCK DIVIDENDS. 77 DIVIDEN DS. DISCOUNT. per cent. per cent. 5th April 1830 . . 4 10th October 1830 . . 4 5th April 1831 .. 4 10th October 1831 .. 4 5th April 1832 . . 4 10th October 1832 .. 4 5th April 1833 . . 4 10th October 1833 .. 4 5th April 1834 .. 4 10th October 1834 . . 4 5th April 1835 . . 4 10th October 1835 . . 4 5th April 1836 . . 4 21st July . . . . . . . . . . £4% 10th October 1836 . . 4 1st September . . . . . . 5 5th April 1837 . . 4 10th October 1837 . . 4 5th April 1838 . . 4 15th February . . . . . . 4 10th October 1838 . . 4 5th April 1839 . . 3} | 16th May . . . . . . . . . . 5 10th October 1839 ... 3.} 20th June £5;, 1st Aug. 6 5th April 1840 ... 34 22d January . . . . . . . . 5 10th October 1840 . , 3} 5th April 1841 .. 3; 10th Qctober 1: ... }} 5th April 1842 ... 3; 7th April . . . . . . . . . . . . 4 10th October 1842 . , 3; 5th April 1843 ... 3% 29th August, 1844, Bills 2+ 10th October 1843 . . ; 29th Aug. 1844, Notes 3 5th April 1844 ... 3; 13th March, 1845, Bills 2; 10th october 1844 || 3 || 13th March, 1845. Notes 24 5th April isł5 || 3 || 20th March, Notes. 2; 10th October 1845 ... 3}| 16th October . . . . . . . . 3 5th April 1846 ... 3.} | 6th November . . . . . . 3# 10th October 1846 ... 3}| 27th August ........ 3 5th April 1847 ... 3}| 14th January . . . . . . . . 3# 10th October 1847 .. 4; 25th October, Commercial panic. The government let- ter was issued at this date fixing the Bank's minimum rate of discount at 8 per cent. The annexed Abstract of the Bank's Accounts published in accordance with Act of Parliament, present the position of the Corporation throughout the important years 1845, 1846, 1847, 1848 and 1849. - ‘oļu bāI KBAAI{8}I QUI? 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It is assumed with regard to the 5 per Cent. Stock 1841, that the conversion is completed, and with regard to the 3 per Cents, that the capitalisation is also com- pleted. The latest account of the internal debt is subjoined. INTERNAL DEBT. 6 per Cent. . . . . Reis 394 : 2005 at 54. £88,695 5 per Cent. . . . . 21,771 : 1765 , 4,898,515 . 4 per Cent. . . . . 12,776: 117; , 2,874,626 3 per Cent. . . . . 534 : 968; , 120,367 ... ? - * T -1 Reis 3,376.461s , egºsº,003 Of late years Portugal, having been comparatively free from internal disturbances, the resources of the country have been more completely developed, but still at the same time the burden of taxation has been great, and the revenue has not after all come up to a position 140 FOREIGN FUNDS. to enable the successive governments to relieve them- selves effectively from financial difficulties. The last report of the Minister of Finance, upon the budget of Ways and Means for 1850-51 gave the following results. Board of Public Credit. Treasury. Total. Contos. Contos. Contos. Expense . . . . . . . . 3,653 . . 8,938 . . 12,591 Revenue . . . . . . . . 2,845 . . 7,415 ... 10,260 Deficit . . . . . . 808 . . 1,523 . , 2,331* It was however explained on the presentation of this report, that the above deficit of 2,331 contos is to be reduced to 778 contos by the continued abatement of 156 contos from the allowances of the Royal families, deduc- tion from salaries of officials, and continued spoilation of one-fourth part of the Portuguese dividends; but it was not anticipated it appears any further reduction of the 778 contos deficit would be effected, although the report hints at a diminution of expenses in the finance depart- ments, and at other means (supposed to be new taxes) of equalizing the revenue and expenditure, which are to be hereafter considered. - - The following is a comparative statement of Portu- guese Custom-house revenue for the first half-year (July to December inclusive) of the last three financial years, as also of the estimates for the present year, which have been exceeded by 68 contos of revenue:– * A conto is equal to about £220 sterling, thus making the deficit fl77,760. - FOREIGN FUNDS. 141 Estimates. *-* 1847-48. 1848-49. 1849-50. for 1849-50. Contos. Contos. Contos. Contos. Lisbon Custom-house 1,032 1,140 1,081 1,055 SeteCasas (excise) do. 374 376 401 381 Oporto ditto . . . . 1,078 775 843 821 Total . . . . . . . . 2,484 2,291 2,325 2,257 The budget of the year 1850-51 is admitted to be clearer in its details, than many previously presented, but it does not seem to be regarded as one which in its general details would create increased confidence or tend to place the credit of the Government on a sounder footing. That however there has been an increase in the principal branches of Portuguese revenue the last six years is established by the annexed table. But it is said that notwithstanding the promised revision of the tariff, and the adoption of other means to bring the expenditure to meet revenue, so as to give the foreign bondholders their dividend without deduction, there must be at least a sweeping retrenchment in the war and other departments which at present involve an enormous outlay. Customs of Lisbon, Direct Taxes Financial Sete Casas, Corn Market, in principal years. and Oporto. districts. Contos. Contos. 1843-4 . . . . . . . . . . . . . . 4,317 . . . . . . . . . . 2,647 1844-5 . . . . . . . . . . . . . . 4,095 . . . . . . . . . . 2,861 1845-6 . . . . . . . . . . . . . 4,694 . . . . . . . . . . 2,734 1846-7 . . . . . . . . . . . . . . 3,100 . . . . . . . . . . 1,503 1847-8 . . . . . . . . . . . . . . 4,748 . . . . . . . . . . 3,200 1848-9 . . . . . . . . . . . . . . 4,801 . . . . . . . . . . 3,562 142 FOREIGN FUNDS. RUSSIAN FIVE PER CENTS. 1822. Issued at 82 per Cent. CAPITAL. . . . . . . . . . . . . . . . . . £6,451,875. CERTIFICATES £111, £148, £518, and £1,036. or silver roubles 720, 968, 3,360, and 6,720, at 3s. 1d. per silver rouble. CONVERTIBLE at the option of the holder into an Inscription in the Great Book. DIVIDENDS due 1st March and 1st September. PAYABLE in London, at Messrs. Rothschild and Sons, at the fixed exchange of 3s. 1d. per silver rouble, or at St. Petersburgh in silver roubles. - SINKING FUND 1 per Cent., which can only operate by purchase, this Fund being in the nature of a perpetual annuity, and consequently irredeemable without the consent of the proprietor. THE capitals represented by these certificates are ex- empted “in all cases from every tax,” and from seques- tration, except in special cases. These securities are dealt in to some extent on the London Stock Exchange. FOREIGN FUNDS. 143 RUSSIAN INSCRIPTIONS. AT SIX PER CENT. INTEREST. Dividends payable 1st January and 1st July, at St. Petersburgh, in the currency under which they are designated here above; viz. the Metallics in specie, and the Paper Subscription in paper money. This fund originated in a funding of paper money in 1817. Of late years scarcely anything has been done at the Stock Exchange in Russian Inscriptions. 144 FOREIGN FUNIDS, RUSSIAN METALLICS, 1820. LOAN contracted by Baring, Brothers, and Co., of London, and Hope and Co., of Amsterdam, for roubles 40,000,000 in silver, at 3s. 1d. Sterling per silver rouble. AT FIVE PER CENT. INTEREST. Dividends 1st March and 1st September, payable in St. Petersburgh, in specie; but can be received at Baring, Brothers, and Co. in London, under deduction of merchant's commission. There are two separate de- nominations of these Bonds in the market; viz. Sillem, of r. 500 each, which are payable in Hamburgh; Baring, of various amounts, payable in London. These are now little known on the English Stock Exchange. FOREIGN FUNDS. 145 RUSSIAN METALLICS, 1832. At Five per Cent. Interest. Came out at 923. BONDS of r. 500 each. DIVIDENDS 1st June and 1st December. PAYABLE at St. Petersburgh and in London, as stated below. LOAN contracted by Hope and Co., of Amsterdam. Capital, roubles 40,000,000, at 3s. 1d. sterling per silver rouble, which is the rate of exchange fixed ; but as the loan has been taken at Amsterdam, and the Dividends are payable at St. Petersburgh, this exchange, instead of being 37 stivers at the fixed one of f. 12 per £ sterling, is, by the usance between London and Amsterdam, brought to 40 stivers, or f. 2 per silver rouble; according to which rate, and the exchange of the day between London and Amsterdam, the dividends are paid in London, at Baring, Brothers, & Co., without commission. As stated in other cases, the Metallics are not usually dealt in on the London Stock Exchange. L 146 FOREIGN FUNDS. RUSSIAN METALLICS, 1833. CAPITAL, RoubLES 20,000,000. At Five per Cent. Interest. BONIOS of r. 500 each. DIVIDENDS 1st May and lst November. PAYABLE as last Loan. THIS is another loan contracted for by Hope and Co., of Amsterdam, on the same plan as the preceding one ; only the Dividends are payable at different periods; they may be received at Baring, Brothers, & Co., in the same mode as those of the former loan. FOREIGN FUNDS. 147 RUSSIAN 44 PER CENTS. 1850. Issued at 93 per Cent. CAPITAL. . . . . . . . . . . . . . f5,500,000. BONDS ranging from £100 to £1000 each. DIVIDENDS due 1st January, and 1st July. PAYABLE in London, at Messrs. Baring, Brothers. ANNUAL SINKING FUND of 2 per cent. applicable to the re-payment of the Bonds at par. THE ostensible object of this loan, was to meet the expenses required for the completion of the Railway from St. Petersburg to Moscow; but it was asserted in political circles, that the large outlay occasioned by the war in Hungary, rendered the application for assistance more urgent than otherwise would have been the case. The contractors were Messrs. Baring, Brothers, who when the loan was brought forward, issued the fol- lowing notification — 148 FOREIGN FUNIOS RUSSIAN LOAN FOR £5,500,000 STOCK, BEARING 4; PER CENT. ANNUAL INTEREST. “Messrs. Baring, Brothers, and Co. beg to state that, in conformity with the annexed translation of the ukase of His Majesty the Emperor of Russia dated the 9th of December, 1849, (old style), and in compliance with the instructions of his Excellency the Minister of Finance, and of Messrs. Stieglitz and Co., of St. Petersburgh, the bankers of the Imperial Government, they are ready to receive applications for the loan therein authorised, of £5,500,000, (five millions, five hundred thousand pounds sterling) of stock, bearing 4; per cent. interest, on the following terms and conditions:— “Bonds, in due form, executed at St. Petersburgh, will be issued in sums of £100, £500, and £1,000 sterling, respec- tively, with 20 half-yearly dividend warrants, payable the 1st of January, and the 1st of July (new style) of each year, at . the counting-house of Messrs. Baring, Brothers, and Co., and not elsewhere, and with an authorization to claim fresh divi- dend warrants, without charge. “The half-yearly dividend warrants will be respectively, for £2. 5s. On each bond of £100; for £11. 5s. on bonds of £500; and for £22. 10s. on bonds of £1,000. “The sterling amount of the bonds will be also reimbursed, without charge or deduction, at the counting-house of Messrs. Baring, Brothers, and Co., and an annual sinking Fund of 2 per cent. On the principal will be applied to their re- payment at par. FOREIGN FUNDS. 149 “The bonds to be reimbursed will be annually drawn by lottery, in St. Petersburgh, and the first reimbursement will take place in London on the 1st of January, 1852 (new style), when bonds, to the amount of £110,000, will be repaid at par, and, as a like amount will be re-imbursed annually, the whole loan will be repaid in 50 years. “All the bonds will thus be repaid at par, and they bear interest, in favour of subscribers, from the 1st of January, 1850. “The subscription price is 93 per cent., say at the rate of £93 sterling for every £100 stock, of which “ £20 must be paid two days after allotment to Messrs. Martin, Stone and Co., bankers, Lombard-street. “f 10 must be paid on the 15th of February, “$10 . . . . . . . . . . . . . . . . . . 15th of March, “#10 . . . . . . . . . . . . . . . . . . 15th of April, “$10 . . . . . . . . . . . . . . . . . . 15th of May, “#10 . . . . . . . . . . . . . . . . . . 15th of June, and the remainder, after deduction of the half-yearly dividend due on the 1st of July, must be paid on the 15th of July next. “The failure to pay all the instalments regularly forfeits all previous payments. “Subscribers may pay up all or any of these instalments, under discount of the respective maturities, at the rate of 3 per cent. per annum. Scrip receipts will be delivered with as little delay as possible on the production of the bankers’ receipts of payment of the instalment. and the bonds will, at latest, be ready for exchange against the scrip on the 15th of July next. N. “No applications for this loan will be received after 4 o'clock p.m. on Monday, the 21st of January. “8, Bishopsgate-street-within, Jan. 14th 1850.” 150 FOREIGN FUNIDS. TO THE MINISTER OF FINANCE. “To meet the expenses required for the completion of the railroad from St. Petersburgh to Moscow, we have judged proper to contract a further foreign loan, which we order to be opened by subscription to the extent of £5,500,000 sterling on the following conditions:— “1. The bonds of the Imperial Commission of the Sinking Fund (Inscriptions) issued for this loan shall be inscribed in the ledger of the public debt of Russia, and issued to bearer for a sum of £100 sterling at least, or of £1,000 sterling at most, each. “2. These bonds will bear an annual interest of 4% per cent. to be reckoned from the 20th of December 1849. (1st of January, 1850.) To each bond will be annexed 20 dividend warrants. On presentation of these dividend warrants in London at their maturities of the 19th of June (1st of July), and of the 20th December (1st of January), the interest for the the preceding half-year will be paid. At the expiration of the first ten years fresh coupons will be delivered for such bonds as shall still be in circulation. “3. The reimbursement of this loan will commence on the 20th of December, 1851 (1st of January, 1852), and for this purpose a special fund will be assigned, making each year 2 per cent. of the nominal capital. This sinking fund will be applied to the re-imbursement of the bonds, which will take place in London and at par. For this purpose the bonds of this loan will be divided into 550 series of £10,000 sterling each. “The bonds belonging to a series which will be drawn in the annual lotteries must be delivered for receipt of the prin- FOREIGN FUNIDS. 151 cipal with the remaining dividend warrants, that is to say, with those of which the payment shall not be due. “4. The arrangement for the issue of this loan will be in- trusted to the house of our banker, Baron Stieglitz, who will act in this case in conformity with your instructions. “5. The account of the sums derived from this loan will be kept (as for the former loans contracted for the construc- tion of the above-mentioned railroad) distinct from all other state revenues and expenditure. “St. Petersburgh, Dec. 9, 1849. “ NICHOLAS.” Russia extending over a sixth part of the surface of the earth, and uniting under one sceptre half Europe and a third part of Asia, is, on account of its inferior civilization, regarded as less powerful and less formidable than its gigantic proportions would incline most people to believe. At the death of Peter I, in 1725, the extent of the Russian dominions was 273,815 square German miles, and their population twenty millions; while in 1829 they had been extended by a series of conquests to 373,000 square miles, and their population to fifty-five millions.” * The St. Petersburgh Almanac for the present year, published by the Russian Academy of Sciences, contains an interesting summary of the statistics of the population of Russia. By the census of 1846 the population of the provinces and governments of European Russia amounted to 54,000,000 souls : four governments have a population of 2,000 per square mile (German), seven between 1,500 and 2,000, sixteen between 1,000 and 1,500, eleven between 500 and 1,000, eight between 100 and 500, and three have less even than 100 souls per square mile. 152 FOREIGN FUNDS, Increasing importance has however latterly exalted Russia to a high rank among the monarchies of Europe. Nearly the whole of the population are employed in agriculture, for which the soil is peculiarly fitted: im- mense tracts of extraordinary richness extend in all directions, and the land capable of cultivation might be made to yield sufficient for the support of 150 millions of people. The mines are rich, the fisheries productive, and the exports of hides, timber, tallow, hemp, and flax very considerable, and capable of increase. If the Russian budget were to be judged only by appear- ances, it would seem that no state in Europe is admi- nistered with so little expense; but not only are the elements of the public revenue very little known, but many items which in other countries would figure among either the receipts or the disbursements are not carried to account at all, either because they are, in the one in- stance, imposed on certain classes of the people, or, in the other, are made to provide for certain expenses, without passing at all through the treasury. As little therefore is comparatively understood of the actual financial position and the resources of Russia, and as no actual accounts of her debt or expenditure can be obtained, and the accredited statements of her revenue came down no later than 1843, the best approximate information must be adopted. According to Mr. McGregor, who enters into the ques- tion in his valuable work on Commercial Tariffs, the FOREIGN FUNDS. 153 revenue is chiefly derived from the following sources:— 1st. Acapitation tax charged on all male serfs and certain classes of freemen. 2d. The rent paid and all male serfs on crown estates. 3d. A tax of 1% per cent. on the declared capital of the merchants. 4th. The Customs duties. 5th. The Excise on spirits sold. 6th. The salt mines and brine springs monopolized by Government, which sells their produce at the rate of a rouble or more per pood. 7th. The revenue from Crown mines, and the duties exacted from the proprietors of private mines.” 8th. The sovereignorage on coin. 9th. Stamps, licenses, &c., and the tax laid on the sale of immoveable property. 10th. Miscellaneous items, including the sums paid by the nobles for exemption from furnishing recruits; rent of crown property onlease; the profits of crown manufactures, &c. It is asserted that the taxes are partly farmed and partly collected by government officers. In every govern- ment there is a council appointed, charged with the administration of finances. The latest official statement of the public debt we have been able to obtain is up to the 1st of January, 1839, and with the exception of the recently contracted loan by Messrs. Baring Brothers, already described, we have no reason to suppose that the alteration in its amount since that date has been material. * These of course include the gold workings of the Oural mountains, which are known to be extremely prolific, and yield a large income to the state. 154 F6)REIGN FUNDS TERMINAELE DEBTS. Foreign Debt . . . . . . . . 77,191,000 gs. or £7,075,841 Home Debt . . . . . . . . . . 142,544,570 cop. or 6,978,296 INTERMINABLE IDEBTS. 342,250,263 cop. or 29,628,939 £43,683,076 The loan contracted by Messrs. Baring in January, 1850, was . . . . . . . . . . . . . . . . . . . . 5,500,000 So that the total Debt as near as can be cal- culated, is now . . . . . . . . . . . . . . . . . . . . . . . . £49,183,076 From what can be ascertained of the operations of the Sinking Fund in general, they appear to have progressed steadily. The revenue which has been estimated at averaging forten years prior to 1840, between £18,000,000 and £20,000,000 sterling annually, has since been con- siderably increased by the advantageous terms the Russian Government in 1842, made for the renewal of certain spirit monopolies, and in 1843 the Minister of Finance estimated his total receipts under the head of ways and means as 500,000,000 roubles or £28,000,000 sterling. The payment of the dividends on the foreign debts was suspended during the years 1813, 1814, and 1815; but on the return of peace one of the first cares of the Go- vernment was to rumunerate the creditors of the state for this temporary interruption. The overdue amount was paid in new bonds, bearing five per cent. interest from the day on which they fell due. FOREIGN FUNDS. 155 SPANISH FIVE PER CENT. ACTIVE BONDS, 1834. CAPITAL about £33,300,000. CERTIFICATES ranging from £42 10s. to £1020 each. DIVIDENDS due 1st May and 1st November.” PAYABLE in Paris at 5 francs 40 cents per hard dollar, and in London at 4s. 3d. per hard dollar, fixed exchange. The Spanish Financial Commission, Tokenhouse Yard, is the Divi- dend Office of the Spanish Government. “The bearer,” or holder, “has the option of causing this Certificate to be definitely converted into an extract of inscription (in the great book of Spain,) payable in Madrid.” * The two Dividends, due November 1836 and May 1837, were not paid at maturity; but Treasury Bonds, payable at six and twelve months' date, and bearing interest at five per cent., were given in ex- change for the coupons at the option of the bondholders. These also remained for some time unprovided for. In 1841 the Spanish Govern- ment paid the Active Bondholders four years interest, from 1836 to 1840, in a 3 per cent. stock—the operation being familiarly known as the “capitalization of the overdue coupons.” Subsequently the holders of Treasury Bonds, the amount being small obtained 3 per cent. stock for their claims. The Dividends on the 5 per cent. Active have since November 1840, remained altogether in arrear. 156 FOREIGN FUNDS, SPANISH DEFERRED FIVE PER CENTS. 1834. CAPITAL about £13,200,000. Certificates in Series as for the Active Stock. This is also styled “passive debt, convertible into active debt in the space of twelve years, commencing 1838.” Commencing from the 2d May, 1838, and on the same day in every successive year till 1849 inclusive, a drawing has taken place to determine those certificates which shall be converted into active debt, in the propor- tion of one-twelfth part of the amount of this class of the passive debt. The drawings take place publicly in Madrid. These certificates are also to participate in the drawings to take place on the 2d May, 1836, for the two classes of the passive debt, as well as in all other mea- sures which may be applied hereafter for their redemp- tion, according to the terms of the law of the 16th No- vember, 1834. This Fund is formed entirely of the FOREIGN FUNDS. 157 arrears of interest due upon the Cortes Loans. A notice was issued on the 18th of March last by Messrs. J. & S. Ricardo and Co., stating, that as the whole of the deferred debt was convertible into active, the bondholders were requested to send their bonds in as early as possible to be exchanged. Presuming that advantage is taken of the opportunity, the capital of the Active Debt will then reach upwards of £46,000,000, exclusive of the arrears of interest due upon the amount which existed previous to deferred becoming Active Stock. 158 FOREIGN FUNDS. SPANISH PASSIVE BONDS, 1834. CAPITAL about £12,700,000. Certificates in Series as for the Active Stock. This Stock was created by the conversion of the foreign debt, according to the Decree of November, 1834, and is the lowest class Spanish security in the market. Until there is a general settlement of the debt, there is little prospect of its taking any position, since no interest has accrued owing to the terms of the arrangement. FOREIGN FUNIDS. 159 SP A NISH IN DEM NITY B O N DS, FIVE PER CENT. 1828. CAPITAL £600,000. INSCRIPTIONS payable to Bearer, of various amounts, from £100 to £1000 each. DIVIDENDS due 8th March and 8th September. PAYABLE in London at the Spanish Financial Commission. This Stock was issued in virtue of an agreement, dated 28th October 1828, in execution of the convention of 12th March 1823, between the Government of England and Spain, and in satisfaction of the claims of British subjects. Power is given to the British Government to make reprisals upon Spain in the event of the non-pay- ment of the dividends; and the Spanish Government has the right to redeem the bonds at the price of sixty, by giving six months' notice in the London Gazette. 160 FOREIGN FUNDS. SPANISH THREE PER CENTS. 1840. CAPITAL about £7,000,000. CERTIFICATES ranging from £42 10s. to £1020 each. DIVIDENDS due 1st January and 1st of July. PAYABLE in London at the Spanish Financial Commission, Token- house Yard. This Stock was created by the capitalization of the four years arrears of interest from 1836 to 1840, at par, and the dividends up to the present time have been pretty punctually discharged. The proceeds of the con- tract for the Quicksilver Mines of Almaden are generally appropriated for this purpose. FOREIGN FUNDS. 161 In furnishing an outline of the present situation of the general debt of Spain, allowance must be made for any inaccuracies, that may present themselves, owing to the meagre official data existing to test the calculations ordi- marily attempted. Since the consolidation of the foreign debt in 1834, little reliable information can be obtained of the progress either of that operation or the increase which has taken place in the domestic debt of the coun- try. The consolidation of foreign debt, was put on an entirely new footing by the decree of November 16th of that year, the principal articles of which are given below. DECREE, NovembBR 16, 1834. Art. 1.-All the debts contracted by the Government in foreign countries at different times, and especially the loans, as well anterior as posterior to the year 1823, are debts of the State. Art. 3.—All the foreign debt shall be distinguished in future into active and passive debt: its conversion shall be effected in the proportion of two-third parts into active and one-third into passive debt. Art. 5.-The active debt shall embrace the debt, with its interest, which the Government, in accord with the Cortes, may create hereafter, and the part of the old debt mentioned in the 3d Article, which is to participate in the payment of the interest applicable to the active debt. Art. 6.—The passive debt is composed of that part of the debt mentioned in 3d Article, which may not have been con- verted into active debt. The unpaid interest of the old bonds shall be reimbursed in securities of the passive debt. This M 162 FOREIGN FUNDS. part of the passive debt shall successively become active in the space of twelve years, to begin from the 1st January 1838, without prejudice to the other means that may be applied to the repayment of the passive debt. The bonds of the passive debt shall not bear interest: ulterior proceedings shall be adopted for its amortization and repayment. Art. 8.-A sinking fund of a half per cent. per annum shall be provisionally applied to the whole of the newly created 5 per cent, fund. Art. 9.—The sinking fund shall be exclusively applied to the active debt; but as soon as a certain sum, to be specified hereafter, shall have been purchased, this quantity shall be an- nulled, and an equivalent sum of the passive debt shall, by lot, be taken into the active debt. Art. 10.—Exempts from these provisions the French Treasury Debt 1828, the English Indemnity Bonds 1828, and the debt to the United States 1834. Under the operation of this decree, it has been esti- mated that the total amount of the four great classes of the foreign debt may be thus estimated:— Active debt (including 9 years arrears of interest.) . . . . . . . . . . . . . . . . . . f48,285,000* Deferred debt . . . . . . . . . . . . . . . . . . . . . . 13,200,000+ Passive debt . . . . . . . . . . . . . . . . . . . . . . 12,700,000 Capitalized 3 per cent, debt . . . . . . . . . . 7,000,000 #81,185,000 assº-º-º-º: * This amount does not include the bonds alleged to have been serruptitiously issued. + It will be recollected that it has already been stated that Messrs. Ricardo have issued an advertisement calling upon the bondholders to exchange deferred for active. FOREIGN FUNDS. 163 The Domestic Debt amounted, in 1834, to £9,130,000 bearing interest, in addition to £38,430,000 not bearing interest. Of its amount at the present date, and of the alterations subsequently effected in its character, we are, for the reasons already assigned, unable to give an account, but it is well known that it has been greatly augmented, a late creation by Senor Mon having taken place. About eight millions of the Active Debt was created by a loan with Messrs. Ricardo and Co., which was issued at the price of 60 per cent. The scrip of this loan, after having reached 12 premium, fell with alarming rapidity to 34 discount, in consequence partly of the military suc- cesses of Don Carlos, and a notice from his adherents and agents in London, that in the event of ultimate suc- cess he would fully recognize the old Ferdinand Loans, but would repudiate the new. The consequence result- ing thereupon, intimidated many from entering into the conversion, and they hold their bonds to the present day, amounting to between 5 and 6 millions sterling, which may be considered as waste paper. The con- version closed soon after with an intimation, that all who did not avail themselves of it, would be pre- cluded from doing so after a certain date: hence, the cause of the sudden fall in Spanish securities. New stock was created to meet the whole of the old bonds in circu- lation, and consequently the Agents held between 5 and 6 millions of the new stock, which was issued by orders 164 FOREIGN FUNDS of Senor Mendizabal, the Finance Minister ; and the market became so glutted that many operators were ruined, and many others who survived the shock, have still reason to remember the May account of 1835. It is right, however, to state that this operation of the Minis- ter so fatal to the holders of Active Bonds, was in fact a master stroke of financial policy, for in ordering the quiet sale of Active Bonds at the then ruling high prices, the agents had like instructions to buy up an equal amount of Deferred Bonds, and by these means replen- ish the Spanish Exchequer, and enable them to carry on the war without in a perspective and ultimate point of view increasing the debt. The remainder of the Active Debt arises from the con- version of the various foreign debts, and from sales of bonds, to repay advances made to the Government at various periods since 1834. With regard to the finances of Spain, and the progress lately made in the collection of her revenues, there seems to be a favourable opinion entertained in England, and their presumed steady augmentation has therefore given rise to much angry feeling among the bondholders at large, since it is perceived that no determined endeavour is made by the succeessive administrations to put their claims in process of arrangement. The payment of the interest on the 3 per cent. debt—a paltry amount compared with the various other classes of engagements, and nine years arrear of dividend having FOREIGN FUNDS. 165 further accrued upon the Active Bonds since that capi- talization—does not in the least remove the stigma inde- libly fixed upon the credit of Spain for neglecting these obligations. It has been contended by parties who seek to sustain the financial character of the Spanish nation, that the revenue, although apparently large, is insufficient to meet the current expenditure, and that the cause of the debt remaining unsettled does not result from a want of honesty, but purely from the absence of means to enable the achievement of so desirable a result. Past experience, however, leads most people to consider the contrary, the negociations carried on through committees, by memorials, and even in the presence of a paid com- missioner on the spot, having in all instances failed to bring the authorities at Madrid to a bearing, likely to produce that consideration which the justice of the foreign bondholders' claims so fully demand. Lately, the Committee of Bondholders have been negociating for the outstanding debt, reducing the rate of interest to 3 per cent., this mazimum point to be reached by a pro- gressive scale, and capitalizing the over due coupons at par; but they have not yet been enabled to obtain the consent of the Government to such an arrangement. On the contrary, a project of law has been recognized for carrying out a settlement, but only permitting the coupons to rank for half their nominal capital. The revenue of Spain is estimated at between £16,000,000 and £17,000,000 sterling. 166 FOREIGN FUNDS. BRAZILIAN FIVE PER CENTS., 1824, & 1825.” CAPITAL £3,686,400, of which a considerable amount has been redeemed. BONDS ranging from £100 to £1000 each. DIVIDENDS due 1st April and 1st October. PAYABLE at Messrs. Fletcher, Alexander and Co. SINKING FUND 1 per Cent., which may be increased at pleasure, but only while the Bonds are below 100. All the resources of the empire are applicable to the discharge of this debt; “but in order to secure the utmost punctuality” in its payment, the revenues derived from the customs are especially pledged; and a parti- cular fund is to be formed from the customs of Rio Janeiro, and the other sea-ports, from which no appropria- * There is a proposition before the Chamber for paying off a portion of the Foreign debt, but it is uncertain yet whether it will be carried. This, it is believed, includes the Portuguese loan of 1823, upon which Brazil pays 5 per cent., the dividends due the 1st of June and 1st of December, being regularly liquidated by Messrs. Thomas and William Ring. FOREIGN FUNDS. 167 tion is to be made for the general purposes of the government until an amount be remitted adequate to the payment of the interest and sinking fund of this loan. Six months' interest, and one moiety of the sinking fund to be always in London. This loan, for £3,000,000 sterling in money, was contracted in 1824, but only one- third was issued in that year by the three last houses before named at 75 per cent. The remaining portion was issued in the following year, by N. M. Rothschild at 85 per cent. 168 FOREIGN FUNDS. BRAZILIAN FIVE PER CENTS., 1829, AND 1839. CAPITAL about £1,080,000 of which some portion has been redeemed. BONDS, including those denominated small range from £100 to £1000. DIVIDENDS due 1st of April and 1st of October. PAYABLE at Messrs Thomas and William King. SINKING FUND 1 per cent. These loans it is understood were contracted for the express purpose of providing funds for the payment of the dividends on the English debt; and in order to ob- viate the heavy loss of making remittances from Brazil at the low rates of exchange which at one time prevailed. FOREIGN FUNDS. 169 BRAZILIAN FIVE PER CENTS., 1843. CAPITAL £732,000. -* BONDS range from £100 to £1000. DIVIDENDS due 1st June and 1st of December. PAYABLE at Messrs. Thomas and William King. -*-*- This was a transference of a portion of the claim of Portugal to Brazil, which was arranged through the ne- gociation of Sir Isaac Lyon Goldsmid in 1843. Brazil, “that land of wonders, whose rivers roll over beds of gold, where the rocks glow with topazes, and the sands sparkle with diamonds, where Nature assumes her richest dress beneath the blaze of tropical suns, and birds of the gaudiest plumage vie with the splendid efflo- rescence of the forests they inhabit:” this picture, drawn in dazzling, but not false colours, leaves unnoticed the greatest riches of Brazil, which consist in her almost unlimited power of producing the staple commodities of life and commerce. Possessed of the finest climate, and of a virgin soil of the richest fertility, cotton, coffee, sugar, in fact, every production of the tropics, as well as of the temperate zone, may be cultivated to any extent and at small expense. Numerous sea ports, with safe 170 FOREIGN FUNDS, harbours, and noble rivers, which at a comparatively small cost might be rendered navigable, afford the means of turning these natural facilities to the best advantage; and, judging from the rapid increase of the commerce of late years, the Brazilians are not altogether negligent in availing themselves of these sources of boundless and lasting wealth. The progress of Brazils has been remarkable during the last ten years, the revenue having been nearly doubled. The expenditure, however, has unfortunately kept pace with the increased revenues of the country, and under these circumstances, the surplus has not proved large. The punctuality of the payment of the dividends, the disposition evinced to preserve the credit of the country, and the presumption that it will be well main- tained, gives Brazilian stock a good position in the mar- ket, as an investment; and prices have not latterly ex- perienced much fluctuation. Should order and peace be preserved, these securities will continue to rank high. The revenue of the Empire for the year 1850-51 is estimated at . . . .” 27,300 : 000$ 000 The expenditure exclusive of the sink- ing fund which for many years has not been applied as intended...... 26,177 : 664$ 573 Which lºwes a surplus of .......... 1,122 : 335$ 427 * In English sterling the revenue amounts to about £3,000,000, and the expenditure to £2,900,000 BRITISH FUNDs. 171 STATEMENT OF DOMESTIC FLJNDED DEBT OF BRAZIL. Issued 6 per cent. up to 1848 Reis. 50,370 : 200 Ditto Ditto in 1848 14 : 200 - 50,384 : 400 Redeemed 6 per cent. up to 1842 3,672 : 000 - Reis. 46,712,712:400 Issued 5 per cent. up to 1848 Reis. 1,249 : 400 Ditto Ditto in 1848 Reis. 800 1,250 : 200 Redeemed 5 per cent. up to 1842 161 : 200 — Reis. 1,089 : 000 Issued 4 per cent. up to 1848 Reis. 119 : 600 Reis. I 19 : 600 Total...... Reis. 47,921 : 000 STATEMENT OF THE FUNDED DEBT on THE PRovINCE RIO de JANEIRO. Issued 6 per cent. up to Dec. 1848 Reis. 4,000 : 000 Redeemed , up to Dec. 1848 Reis. 371 : 500 —— Reis. 3,628 : 500 The foreign debt of the country is between £6,000,000 and £7,000,000; and the domestic funded debt about £5,500,000. It is scarcely possible to state the amount of the domestic floating debt, but it is believed that it considerably exceeds £6,000,000. 172 FOREIGN FUNIDS. BUENOS AYRES SIX PER CENTS., 1824. Issued at 85 per Cent. CAPITAL. . . . . . . . . . ... ... f1,000,000.* BONDS of £500 each. DIVIDENDS due 1st January and 1st July.i. PAYABLE at Messrs. Baring, Brothers and Co. All the goods, revenues, lands, and territories of the Republic are pledged to this loan, and more especially a public fund, to be formed under the guarantee of the Book of funds and public revenues. * It is, however, well known that, notwithstanding the suspension of dividends, a considerable amount of the original sum has been re- deemed. Calculating the arrears of interest, the claims of the bond- holders, including the original capital, represents no less a sum than 42,300,000. f The last payment made to the bondholders was on the coupon due July 1828, one half of the amount being discharged in accord- ance with the terms of a resolution adopted at a public meeting of bondholders held in May 1851. This distribution was advertised as payable on and after the 2d of June. FOREIGN FUNDS. 173 That ceaseless struggle for power which has been the bane of all the Spanish American Republics has had its full effect in retarding the development of the resources of Buenos Ayres. With a vast extent of fertile territory, and a city ranking the second in South America, most favourably situated for commerce, the revenues of Buenos Ayres has not proved sufficient to meet the interest of f60,000 per annum on the English loan. The differences that have latterly taken place between Buenos Ayres and the English and French governments respecting Monte Video, and the lengthened war carried on by the first and last named powers, have naturally militated against any active measures being taken within the last four years, for a final settlement of the foreign debt. Rosas, the Dictator, has however at length, after a temporary suspension, ordered the resumption of a remit- tance of $5,000 monthly, on account of the English debt, from the 1st of January 1849, and which fact has been officially notified by the agents, Messrs. Baring Brothers and Co.; and it is thought that should an amicable arrange- ment be shortly effected, through the medium of existing negociations on the affairs of the River Plate, no great difficulty will hereafter be experienced in settling out- standing claims.” The population of Buenos Ayres has never been ascer- * The news arrived early in April, that the treaty negociated by Mr. • Southern, between England and the Argentine Republic had been rati- fied, and the Minister recognized in his official capacity. 174 FOREIGN FUNDS. tained with any degree of correctness, and the calcula- tions range from 800,000 to 2,000,000; perhaps the latter might be safely taken as near the truth. The govern- ment has always expressed an anxious desire to make a settlement of the debt, when enabled to do so, but cir- cumstances have from time to time transpired to throw obstacles in the way. Considerable progress has been made in the redemption of the domestic debt, and the most satisfactory proof of the favourable position in which it stands, is, that it is currently quoted at about par. The following extract from the last message of the President to the Argentine House of Representatives, states clearly the views of the government on the subject of the English debt. The estimates for the year 1849, exhibited an expenditure amounting to $64,088,270, and receipts amounting to $64,382,163. For 1850, they show these results—total receipts $71,683,115; total expendi- ture, $71,337,005, leaving a surplus of $346,000. “In my preceding message, I informed you that, in virtue of various precedents since 1846, and of a note from the Mi- nister of the Argentine Republic in London, dated 4th May, 1847, by which he communicated important facts relating to the extraction of guano from the coasts of Patagonia, and other particulars, the Government had given instructions to the said Minister to invite Messrs. Baring Brothers, and other bondholders of the English loan, to purchase of this Govern- ment the exclusive privilege, for the period of fifteen years of disposing of the guano, and exporting it from the islands and FOREIGN FUNDS. 175 coast of Patagonia, together with saltpetre and other salts, Ayeso, barilla, metals, and fisheries (pesca de auftbios), placing the proceeds to the credit of the Government in part payment of the English loan ; the contracting parties pledging them- selves to account to the federal Government for the beneficial interest that might be derived during the period stipulated. “It is understood that the extension of the territory for this object shall be from New Bahia, in lat. 43, to the Straits of Magellan, in lat. 53. “The Government subsequently represented to the Minister of the Argentine Republic that this order was despatched by the provincial governor on the 16th Dec. 1848; that through an oversight it had not been sent to the Ministry for a fair copy to be made and forwarded; this being the cause of the delay which had occurred, and the reason of its bearing the same date as the day on which it had been prepared by the provincial governor was having taken the merit of it in the message to your excellencies, concluding it to have been already transmitted. “The Government now repeats “that it sincerely desires, as it always has done, the opportunity of coming to an arrange- ment with regard to the English loan, and of conforming to the solemn stipulations relative thereto.’ You will deign to approve of the measure which I proposed in my former mes- sage, for renewing the monthly payment of of $5,000 on ac- count of the said loan since the 1st of January. The monthly payments applicable to the present year have been duly set apart. “The government continues its exertions in gradually re- moving all difficulties, in order to establish on a solid basis a favourable result—an equitable and satisfactory arrangement for the payment of the loan; trusting that, as far as its resources will allow, and with the prudent co-operation of the 176 FOREIGN FUNDS. British bondholders, so to invigorate the public credit as eventually to extinguish this sole foreign debt of the republic. “You will defer until the 20th of March, 1850, the bene- ficial law sanctioned the 20th of March, 1848. “The public credit is a pledge for its elevation. The funds are supported at par. “The sinking fund has not progressed so rapidly, the sellers of stock having diminished. “The fund employed for this object, as ordained by the act passed on the 20th March, 1848, increases so largely that the amount of accumulative interest, added to that of the sinking fund, shows with greater force the necessity of paying off this public debt, which, as you are aware, will shortly be accom- plished. “The sum of $29,900, to which the voluntary loan is re- duced, still remains unpaid, in consequence of the creditors not coming forward after repeated public intimations.” The advices last received, furnish the following general statement of the operations of the Public Stocks from their commencement, on the 1st January, 1822, up to the end of December, 1849, together with the cash account from 1st January, 1849, to the 31st December, 1849:— PUBLIC STOCK. DR. 4 per Cents. 6 per Cents. Ds. Rs. Ds. Rs. To amount created by laws Oct. 30, 1821, up to March 28, 1840 . . . . . . . . . . . . . . . . . . . . 2,000,000 0 52,360,000 0 FOREIGN FUNDS. 177 CR. By amount of Stock unclaimed By amount of stock not in cir- culation belonging to Corpo- rations and pious establish- ments . . . . . . . . . . . . . . . . . . By amount of stock redeemed to the end of 1848 . . . . . . . . By amount of stock redeemed in the present year . . . . . . . . By balance, being amount in circulation at this date * * * * * * IDR. CASH To balance at the end of 1848 To amount received from the Customs to pay interest and sinking fund in the present year, 1849. . . . . . . . . . . . . . To amount received from the Mint, belonging to capital of sinking fund, deposited there according to law of March 20, 1848 . . . . . . . . CR. By amount of interest this year, 4 per Cents. . . . . . . . Do. do. 6 per Cents. By amount invested in reduc- ing stock in the present year Do. remitted to Customs for direct contributions this year . . . . . . . . . . . . . . . . . . By balance to next month, for interest Do. do. e e s = e < e < * * * * Buenos Ayres, Dec. 23, 1849. ACCOUNT. for sinking fund 5, 4 per Cents. 6 per Cents. Ds. Rs. Ds. Rs. 10,397 6; 7,438 0# 146,923 2; 869,045 5 846,068 13 36,221,796 34 104,856 2 2,322,978 74 891,754 3 12,938,740 74 2,000,000 0 52,360,000 0 4,720,398 6 3,755,190 6 469,327 5 8,944,926 1 39,088 6 * 820,934 # 860,015 5 2,395,008 3; 28,168 1 343,332 3+ t 318,401 #} 5,661,733 7; 8,944,926 1 N 178 FOREIGN FUNDS. CHILIAN SIX PER CENTS. CAPITAL about £940,000. CHILIAN THEEE PER CENTS. CAPITAL about £750,000. BONDS of £100 each. DIVIDENDS due 30th March and 30th September. PAYABLE at Messrs. Baring, Brothers, and Co. SINKING FUND in both cases an augmenting one, and in full operation.* THE original contract of the loan with Chili was in a 6 per Cent. Stock, issued in 1822, at 70 per cent., by Messrs Hullet, Brothers. All the revenues of the state * The Sinking Fund on 6 per Cents. was by special Decree fixed at £10,000 sterling per annum. This has been at work for about eight years. It is to be noted, however, that the Sinking Fund is an annually augmenting one. Thus the active 6 per Cent. Stock being reduced, let us suppose from £1,000,000 to £800,000, a sum of £12,000 annually saved in interest by a cancelment of £200,000 of the debt, is added to the £10,000 originally by law appropriated, augmenting the said sinking fund, say in round numbers to £22,000. Suppose in time £500,000 6 per Cent. Stock, or half the original amount bought up or cancelled, the said Sinking Fund is augmented to £40,000 annually and so on, till the whole is redeemed; an operation which if as faithfully carried on as it has been, and is still continued, will require but some fifteen to twenty years to cancel the whole, and less should the stock be below par. ; or if Chili should appropriate other and larger sums, if policy or prudence so dictate, or means allow her to do so. The 3 per Cent. Sinking Fund, started in 1848, when the first dividend was paid, with a sum appropriated of about £8,000. In three years and allowing that this Stock has been at about 50 to 55 per cent. it is calculated that about 15,000 of 3 per Cent. Stock has been annually bought up and cancelled, say about £40,000 to £50,000 in three years. The Sinking Fund in this case is also an annually augmenting one. FoREIGN FUNDs 179 were pledged for the payment of the loan, but the net revenues of the mint, and the diezmos or tithes were more specially charged with the payment of the interest and sinking fund. These revenues were to be kept sacred and regularly remitted to England at least four months before the payments fall due. The sinking fund was to be £20,000 per annum, to operate in the usual manner, but if any part of the loan remained unredeemed at the expiration of thirty years from March 1822, the government engaged to pay it off at par. No new loan was to be contracted in Europe unless one-fourth part of this loan should have been previously redeemed; or unless, in the contract for the new loan, it should be stipulated that all the bonds of the present one that shall be presented for that purpose within three months after public notice given of such new loan, should be paid off at par out of the first proceeds of the said loan. The first two dividends (September 1822, and March 1823) were retained under the contract, and the four subsequent ones were paid out of the proceeds of the loan. Those due in September 1825, and March and September 1826, were remitted from Chili by the govern- ment, but the last was not paid till December 1830. £65,100 having been redeemed, and twenty-two divi- dends being due up to the 30th September 1837, amount- ing on 9,343 bonds to . . . . . . . . . . . . . . . . . . #617,034 Adding the principal . . . . . . . . . . . . 934,900 Made the total debt at that date . . f1,551,934 180 FOREIGN FUNDS. Subsequently to the suspension of dividends, Don Xavier Rosales having been dispatched on a mission from Chili to the court of France, was also charged with certain propositions from his government to the English bondholders. Some months after his arrival in Europe, Sen. Rosales proposed to reduce the interest of the bonds from 6 to 3 per cent., to fund the overdue dividends in a passive stock, which should bear no interest till the whole of the original capital should have been redeemed by the sinking fund (some 80 or 100 years,) and that the bondholders, in consideration of these advantages, should give up their present bonds, by which the whole revenues of the country were pledged to them, in exchange for new ones assigning to them only the produce of certain specific imposts. These proposals were, notwithstanding the discouraging intimations given of the situation of the republic, through civil turmoil, and the war with Peru rejected, and the question was allowed, for a short time, to remain in abeyance. After fresh negociations with the government of Chili through the Committee of Spanish American Bondholders, an arrangement was effected in 1839-40, on the following basis: “a resumption of the original interest of 6 per cent. on the principal of the debt, and a capitalization of the arrears of interest by the issue of new bonds bearing in- terest at 3 per cent. per annum, together with the provi- sion of a redemption fund for both descriptions of stock” —“conditions,” which the committee in a recent pam- phlet remarked “have been observed with undeviating FOREIGN FUNDS. 181 punctuality, and the debt is in a gradual course of reti- nation.” It is on this basis that the stock now stands, and the faithfulness with which the arrangement has been carried out, and the thriving and prosperous condi- tion of the republic in late years of peace, have contri- buted to give both the 6 per Cents, and the 3 per Cents. a prominent station among foreign investments. Besides the satisfactory operation of the sinking fund, the Chili Government so far as concerns the 6 per Cents. retain the privilege of redeeming the stock at par of 100. Therefore, when not offering under that value, they draw certain numbers by lottery which will prevent this stock ever again going above £100. In 1845 it was as high as 1054, but the drawing sent it at once down to par. With respect to the 3 per Cents., a bonus of 10 per cent. can be claimed by a holder of 3 per Cents., if such party should prefer possessing an inscription in the local debt books at St. Jago de Chili. Thus a holder of 10,000 3 per Cent. Chili foreign debt can claim 11,000 3 per cent. local stock in exchange, should it suit his convenience. As comprised in the financial portion of Chili, the re- cent settlement of the debt due to that country from Peru should not be omitted. It appears that Peru has compromised the amount of the claim of $10,000,000 or $12,000,000, at a stipulated sum of $4,000,000. This amount is to be paid from 1852, $2,000,000, as 6 per Cents, and $2,000,000 from 1854, as 3 per Cents., and payable by the Peruvian Treasury either in St. Jago, or in London, as may be agreed upon. 182 FOREIGN FUNDS. The revenue of Chili in 1835 was about $2,050,000, but it has since gradually augment to about $4,000,000. Less attention has however apparently been paid latterly to economy, and under these circumstances, a doubt was expressed whether a slight deficiency might not arise in the budget of 1849-1850.* Prejudicial statements hav- ing been circulated regarding this presumed decline in prosperity, Don F. X. Rosales, the Chilian Chargé d'Affaires published the subjoined communication, dated Paris, Feb. 7th, 1850. “With regard to this deficiency of 500,000 dollars, as set forth by the official report presented by the Minister to Con- gress, it is important that the public should be acquainted with the mode in which it is explained in that document. “The minister, in adverting to the budget of 1849, points out that the expenditure remains estimated at . . $4,416,359 And assumes the receipts to be . . . . . . . . . . 3,897,889 Thus leaving a probable deficiency of. . . . . $518,470 Which, however, he states would happily not be felt, as the items comprised in the budget of expenditure are by no means at all of extreme urgency. This last observation has already been justified by effective reductions, which, according to the statement of the minister himself, amount to $300,000. “The diminution shown in the receipts of the Customs, under the unfavourable influence of the European events of the year 1848, sufficiently accounts for the difference which appears in the budget of 1849; but, admitting the existence of the alleged deficiency without even taking into account the * Further financial statements since published, show that the Govern- ment possessing property realizable for State purposes to the extent of 2,000,000 dollars, is in an easy and improved position. Ameliorated re- gulations recently introduced to benefit trade, will, it is also believed, assist to increase the resources of the republic. FOREIGN FUNDS. 183 reasons that may counterbalance it, it might be easily covered by the reserve fund existing in the public treasury, and in no case could it bear upon the next budget of 1850. “These are facts which speak for themselves, and the simple enunciation of them will, no doubt, immediately put an end to apprehensions which are not justified, and only grounded on inaccurate assertions. * “I do not hesitate, in my public capacity and under my official responsibility, to assure the British public that the Chilian people, as well as their government, are animated by a sincere and unanimous desire to discharge religiously, and without any interruption, the engagements they have entered into with England, even if it should become necessary to resort to exceptional measures of economy to attain that end.” Chili is a country of great natural riches, agricultural, pastoral, and mineral: its coast extends along the Pacific above 2000 miles, and includes more than thirty-five rivers. The late Californian discoveries will, it is believed, considerably improve the trade of Valparaiso. The popu- lation may be estimated at nearly 2,000,000. The divi- dends on the consolidated domestic debt, now nearly extinct, are regularly paid, and the government engage- ments strictly responded to. Few governments either in Europe or the Americans can boast of a position altogether so satisfactory and favourable as Chili may fairly claim, her general re- sources and very small national debt considered. It has been indeed pertinently remarked—“Compare this pic- ture with the Spanish debt, the Mexican, the Buenos Ayrean, the Greek or Portuguese, and alas! what a sad contrast all offer.” 184 FOREIGN FUNDS. VENEZUELA TWO PER CENTS. 1841. ACTIVE CAPITAL about £1,900,000. DEFERRED CAPITAL about £1,500,000. e BONDS ranging from £100 to £500 each. DIVIDENDS due on the Active Stock, 1st of April and 1st of October. PAYABLE at Messrs. Reid, Irving, and Co.” NEW GRANADA. ONE PER CENTS., 1845. ACTIVE CAPITAL about £3,312,000. DEFERRED CAPITAL about 3,312,000. BONDS ranging from £100 to £500 each. DIVIDENDS due on the Active Stock, 1st of June and 1st of December. PAYABLE at Messrs. Baring, Brothers, and Co.t These Stocks represent the portion of the old Colom- bian debts of 1822 and 1824, assumed by these respective states, the first of £2,000,000 at 6 per Cent. contracted * The arrears of Dividends are due since October 1847, and the government has since determined that no fresh London Agent shall at present be appointed. A Commissioner, it is however stated, will pro- bably shortly visit England to arrange for the resumption of Dividends, and place, if possible, the credit of the State on a sounder basis. + Treasury bills, receivable in part payment of import duties at the Custom Houses of New Grenada, have been accepted in liquidation of the Dividends of December 1848 and June and December 1849. Those since due are still in arrear. FOREIGN FUNDS. 185 with Messrs. Herring, Graham and Powles, issued at 84; and the second of £4,750,000 at 6 per Cent., contracted with Messrs. B. A. Goldschmidt and Co., issued at 88% per Cent. These loans amounting to upwards of £6,600,000, notwithstanding they were contracted at such favourable prices, fell into arrear, and the dividends were not in the first case paid after May, and in the second case after January 1826. The revenues of the state were, as in ordinary instances, pledged to discharge the interest, but political dissensions and revolutionary movements so distracted the country, that for years the prospects of the creditors appeared extremely hopeless. But at length peace was assured, and the division of the vast territory into three separate states—viz: New Granada, Venezuela and Ecuador, ultimately led to nego- ciations, which ended in the various republics acknow- ledging the claims of the bondholders, and in two, viz., Venezuela and New Granada, actually arranging for a settlement. In the convention concluded on the 24th of December 1834, between New Granada and Venezuela, and afterwards ratified by the Ecuador, respecting the partition of the Active and Passive Debt of Colombia, it was agreed by Art. 1. That the partition should be effected in these proportions:— New Granada . . . . . . . . . . . . . . . . 50 per Cent. Venezuela . . . . . . . . . . . . . . . . . . . . 28; do. Ecuador . . . . . . . * * * * * * * g g g º ºs & e º 21; do. 186 FOREIGN FUNDS. By Art. 2 and 3. The loans of 1822 and 1824 are accordingly divided thus— To New Granada . . . . . . . . . . f$,312,975 0 0 Venezuela . . . . . . . . . . . . . 1,888,395 15 0 Ecuador . . . . . . . . . . . . . . 1,424,579 5 0 Total unredeemed . . f6,625,950 0 0 By Art. 3 the arrears of interest is proportionably divided. Art. 6. Directs that three commissioners shall be sent to London, to make the necessary arrangements for the exchange of bonds, &c. Art. 9, 10, 11, treat of the domestic debt, of which we are enabled to give a very near estimate:— amºmsºmºmº- According to official statements laid before Congress, the Consolidated Internal Debt, at the separation of the States, amounted to— 5 per Cent. Wales . . . . . . . . . . $5,359,356 3 per Cent. ditto . . . . . . . . . . 6,939,387 — $12,298,743 Add arrears of Interest due on the above, 10 years on 5 per Cents....... $2,679,688 Ditto on 3 per Cents. . . . . . . 2,081,996 — 4,761,684 Total Consolidated Debt . . . . . . . . $17,060,427 To which should be added the Uncon- solidated Debt, viz.— Floating Debt . . . . . . . . . . . . . . . . . . . . . . 2,000,000 Debt chargeable on the Treasuries . . . . 1,000,000 Unsettled Claims . . . . . . . . . . . . . . . . . . 2,000,000 * Grand total $22,060,427 FOREIGN FUNIDS. 187 To be thus divided, New Granada . . . . . . . . . $11,036,213 Venezuela. . . . . . . . . . . . . . 6,287,222 $22,060,427 Ecuador . . . . . . . . . . . . . . 4,742,992 The rest of the convention related to the arrangement of this portion of the public debt. After some lapse of time, and proposals for an arrange- ment on the part of the bondholders, the terms offered by Venezuela, and accepted under the advice of the Com- mittee of Spanish American Bondholders, were as fol- lows:– “New bonds were issued for the principal of the debt; such bonds to bear 2 per cent. interest for the first seven years, and thenceforward to increase # per cent. annually, until the maxi- mum rate of 6 per cent. should be attained. “Bonds were issued in satisfaction of the arrears, and of the interest surrendered, for £100 for each £100 of the princi- pal of the debt. These bonds were to begin to bear interest on the 1st October 1852, at 1 per cent. per annum, and to in- crease annually # per cent. until a maximum of 5 per cent. should be reached. “A Redemption Fund of # per cent. per annum to be esta- blished so soon as the “Deferred” Bonds shall have attained the maximum of 5 per cent. The Bonds of both descriptions to be receivable, in the mean time, in the purchase of national property.” The decree of the Venezuelan government on which this arrangement was based, is dated Sept. 16th, 1840, and is subjoined. 188 FOREIGN FUNDS. JOSE ANTONIO PAEZ, President of the Republic of Venezuela, &c. &c. &c., in virtue of the authority conferred on the Executive Power by decree of Congress the 25th April, 1838, to conclude with the foreign creditors the necessary arrangements for converting into the proper debt of Venezuela the proportion of the Colombian loans of 1822 and 1824 acknowledged by her, namely, that of Two Millions pounds sterling, contracted in Paris the 13th March, 1822, with Her- ring, Graham, and Powles of London, and that of Four Mil- lions Seven Hundred and Fifty Thousand pounds sterling, contracted at Hamburgh the 15th May 1824, with B. A. Gold- schmidt and Co., of London, which from subsequent redemp- tions became reduced to Four Millions Six Hundred and Twenty-five Thousand Nine Hundred and Fifty pounds sterling. “After having examined and considered the propositions made on the part of the creditors to the government, and to their agent in London, on the 11th March and 21st July last, in opposition to those which in the name of Venezuela were made on the 9th December 1839, by the agents of the Republic, and on the 16th July by its minister. “Having examined and considered also all the informa- tion submitted by the said minister on this important subject, and desiring to do justice to the appeals of the creditors of the Republic, adhering as much as possible to their demands, and having heard the opinion of the Privy Council. I DECREE, “1. Venezuela acknowledges as her debt, denominated the Foreign Debt, Twenty-eight and One Half per cent. of the loans contracted by Colombia in 1822 and 1824, in conformity with the stipulations in the 2nd and 3rd articles of the Con- vention of the 23rd December 1834, concluded with the other two states which composed the Republic of Colombia, and for FOREIGN FLNDS 189 the conversion of which they will issue bonds in London with 6 per cent. annual interest, which is the rate stipulated in the original contracts. . “2. The new bonds for the original capital shall only bear an interest of 2 per cent. per annum for the first seven years, and from thenceforward it shall be annually increased a quarter per cent. until it reaches the 6 per cent. of the original contract, These interests shall be paid in London every six months. The first payment will take place on the 1st October of the present year, and henceforth on the 1st April and 1st October of every succeeding year. 3. In like manner Venezuela acknowledges as her debt the interests due up to the 30th of the present month on that part of the said debt which concerns her in conformity with Article 1, and in payment of which, and the rest of the interest left unpaid, in virtue of the 2nd Article bonds shall be issued at the rate of 100 per cent. on the capital, in such a manner that the new capital will be of an amount equal to the original capital acknowledged by the already cited Article 1. These bonds not to enjoy interest until the 1st of October 1852, from which day they shall commence to bear One per cent. for the first year, the rate of interest to increase by a Quarter per cent. in each subsequent year until it reaches Five per cent., the maximum of interest assigned to them. 4. If, on the part of the Government of New Granada, and the Ecuador, the conversion of the old bonds of 1822 and 1824 are not effected at the same time with those of Venezuela, there shall be indorsed on the said bonds, the delivery of the new bonds issued in virtue of this decree, in such a way that Venezuela shall be discharged from all engagement and re- sponsibility as to the Colombian bonds referred to. 5. Venezuela will give the most preferable attention to the redemption of the Foreign Debt acknowledged by the pre- 190 FOREIGN FUNDs. sent decree, but for the present she shall only be bound: 1st. To devote annually, from the period when the bonds issued for the new capital arising from the interest due and the indemni- fication conceded by the 3rd Article of this Decree, may be gaining Five per cent., a sum not less than a Quarter per cent. on the total of the bonds for arrears of interest, and for the principal sum to form a sinking fund. 2ndly. To receive the bonds issued for either the one or the other capital at par, in payment of all kinds of national property, which may be sold according to the laws of Venezuela. 6. Messrs. Reid, Irving and Co. of London, in quality of agents of Venezuela, shall have charge of all the operations which may be necessary for the execution of the present decree in London, and the issue of the bonds in the name of the Republic of Venezuela, as in like manner the payment of the interest on the terms and days already fixed. The bonds shall be signed by the Minister Plenipotentiary of the Repub- lic in London, or by whoever may be his substitute. 7. The Secretary of Finance shall annually include in the budget of his department the sums necessary for the payment of the interest, and for the sinking fund of the capital, in con- formity with the present decree, for the fulfilment of which all the resources at the disposal of the Nation for this object, are pledged. 8 The Secretary of Finance is charged with the execution of the present decree, &c. (L. S.) JOSE A. PAEZ, For H. E. –G. SMITH. Caraccas, September 16, 1840. With respect to Venezuela, the administration of Monagas, the Republic having previously enjoyed tran- FOREIGN FUNDS. 191 quility, and the dividends having been faithfully dis- charged, plunged it again into revolution, Paez taking up arms in the popular cause, and endeavouring to over- throw his antagonist. This fresh civil war naturally pressed upon the resources of the Treasury, and instead of proper supplies being forwarded to meet the divi- dends, a sum of £9,000 in the hands of the Agents was withdrawn to provide for other contingencies. The re- sources of the Republic, if properly managed, would, it is believed amply supply the funds requisite, but the state of business and the absence of a properly regulated economy, renders it questionable, whether in the long run, the Government can meet the demands which the Decree of 1840 eventually entails. According to this document, the Active Stock will reach 6 per cent, in 1862-63, and the deferred will become active in 1852-53, and reach 5 per cent. in 1868-69. The internal funded debt is not large, but the floating debt is considerable, including the portion assigned in the tripartite division. No late authentic accounts have been received, and ac- tual figures cannot therefore be given. The country being once more at peace, and Paez and his adherents thoroughly subjugated, and the English Government having demanded on behalf of British Mer- chants possessing claims on the Republic, a consideration of those obligations, there is a belief entertained, that the debt will again be brought under review. So late as November last, Mr. Milligan, the Venezuelan Consul, 192 FOREIGN FUNDS. in London, announced intelligence of progress in this direction in the appended letter:— “Consulate of Venezuela, Gresham-place, Nov. 28. “Sir, By order of the Secretary of State for Finance at Caraccas, in a despatch dated the 18th ult., and received by me this day, I have the honour to inform you that the Govern- ment of Venezuela has appropriated one-fourth of the Customs’ duties to the payment of the interest on the Home and Foreign Debt, in terms of a decree of the 1st ult., which you will find in the enclosed Gazette de Venezuela. “The Minister estimates that this one-fourth will produce annually not less than half a million of dollars, and that it will, therefore, be more than sufficient for its object. He adds, with regard to the dividends, in arrear, that the Executive will do the best to obtain from the Congress of 1850 a deter- mination thereupon that shall be satisfactory to the creditors. “I am further directed to propose that you shall appoint a duly authorised agent to receive the interest in La Guayra, such an arrangement appearing to the Government to carry more confidence to both parties than the appointment of a new agency in London; and I shall be happy to convey to the Minister your answer upon this point. I have the honour, &c. J. MILLIGAN, Consul. “G. R. Robinson, Esq. M.P. Chairman of the Committee of South American Bondholders. The revenue of Venezuela, as stated in the budget of 1849, was about $2,150,000, and the expenditure about $2,076,203. The expenditure in 1845 had reached FOREIGN FUNDS. 193 $2,782,000, and the revenue was fully equal to it, but the surplus for years past has been very small. The fact of the increasing responsibility of the Government with respect to the external debt, and the amount of remit- tances augmenting annually, was made a topic of strong comment by the Minister of Finance, who said that one of two causes must be adopted to obviate the difficulty that must hereafter arise, viz., either to increase the re- venue by the levy of fresh taxes, or make such reductions in the official expenditure, as would meet the amount required. The Committee of Spanish American Bond- holders are urging the claims of the Bondholders at Caraccas, and Mr. Lord is acting as their appointed Agent. The population of Venezuela is now estimated at nearly 1,000,000. The terms of arrangement completed with New Granada in the early part of 1845, the negociations being carried on through the Spanish American Committee, were as under:— 1. New Bonds to be issued for the principal, to carry 1 per cent. interest for the first four years, and afterwards to in- crease yearly # per cent, until it should reach 6 per cent. 2. Bonds in compensation for the arrears, and for the inte- rest surrendered as above, (so as to form a capital of £100 per cent, on the original debt,) were to be issued. These Bonds were to commence bearing interest at the end of six- teen years, at the rate of 1 per cent. per annum; and subse- quently to increase # per cent. yearly, until a maximum rate of 3 per cent. should be attained. O 194 FOREIGN FUNDS. 3. Both classes of Bonds to be admitted at par in purchases of national property. 4. The net proceeds of the Tobacco revenue, and half the proceeds of the customs’ duties, were hypothecated for the purpose of paying the interest. The Republic of New Granada has not been disturbed for several years past, but the administration of its Government has been expensive; the maintainance of a considerable army having proved a burden to the State. At the termination of the Presidentship of Mosquera, the Treasury was asserted to be lamentably impoverished, and notwithstanding the measures adopted for encourag- ing internal and external trade, great difficulty was ex- perienced in making the revenue approach the expendi- ture. Under Lopez, the new President, some reforms have taken place, which it is calculated will tend to economise the means of Government; and late estimates have shown that for 1850-51, the deficiency will be only about 1,200,000 reals; the revenue being calculated as likely to produce nearly 23,800,000 reals. It is anti- cipated that the commerce of the Isthmus will eventually greatly benefit New Granada; and that in other respects advantages will be derived from the increasing pros- perity of the other States on the coast of the Pacific. It is understood that the internal debt is large, but no actual return can for the present be obtained. The Cus- toms, the tobacco monopoly, and the mint, supply the chief revenue. The population has recently been stated, including Indians, at little under 2,000,000. FOREIGN FUNDS. 195 ECUADOH. This Republic recognises 21% per cent. of the old Columbian Debts, as already described. No terms, however, have yet been arranged for the payment of interest on the settled amount of the original capital or interest, which has since greatly augmented. Proposals have been recently made through the Ecua- torian Consul, Mr. W. P. Robertson, but of a character as loose and vague as not to be considered worthy of atten- tion. The poverty of the State and its limited resources, have been urged as reasons for the Government not having before this concluded an arrangement with its Foreign creditors. Alluding to this subject, the Spanish American Committee in their late Pamphlet, say:— “The maximum rate of interest proposed by the Govern- ment on the Bonds for the principal was to be 3 per cent. per annum, and the arrears to be capitalized at the rate of 50 per cent. on their amount; the Bonds for these. arrears (which have been accumulating since May 1826) to bear eventually a maximum interest of 2 per cent, per 196 FOREIGN FUNDS. annum. No interest on these last Bonds to be reckoned until the end of sixteen years.” It is stated that the Ecuador Government possess a desire to make terms for their debt, and that the authorities with this view, issued about the middle of 1849 proposals for a contract, giving the highest bidder the exclusive right of ex- porting tobacco for eight years, one-fourth of the amount received to be appropriated to the claims of the Bond- holders. In June 1850, the Bondholders specially autho- rised the Spanish American Committee to dispatch a Commissioner to Quito, with the view of endeavouring to effect an arrangement with the government. The break- ing out of a fresh revolution, however temporarily, inter- fered with the departure of the gentleman selected to carry out the negociation. Peace having since been generally restored, a favourable opportunity is presented for urging vigorously a settlement; and it is hoped that the necessary steps have been, or will be speedily adopted to secure that end. The debt, with arrears of interest, represents upwards of £3,000,000 sterling. FOREIGN FUNDS, 197 CUBA SIX PER CENTS. 1835, & 1837. BONDS of £100, £250, and £500 each. DIVIDENDS due 5th March, and 5th September, PAYABLE at Sir S. Scott, Bart, & Co. Mr. Alexander Robertson, Agent. These Loans were raised for the purpose of making rail-roads. Besides the receipts of the rail-roads, the payment of the interest and sinking fund is secured upon the revenues of the Royal Commercial and Agricultural Association of Cuba. These revenues are derived from a duty on the exports and imports of the Island. The prosperity of the Island is well known to have rapidly in- creased, and the revenue in 1847 amounted to $12,808,000, which after liquidating the expenditure, left upwards of $5,000,000 for remittance to Spain. 198 FOREIGN FUNDS. GUATEMALA SIX PER CENTS. 1825. Issued at 73 per Cent. CAPITAL £167,000. BONDS of £100, £250, and £500 each. DIVIDENDS due 1st February and 1st August. PAYABLE in London. The contract for this Loan was for the sum of fºl,428,571 8s., or seven millions of dollars; but no more than £167,000 was ever issued to the public. The dividends, up to February 1828, were paid out of ad- vances made in this country. Since that time no full dividend has been paid. The Republic of Guatemala comprised originally the territory known as Central America; watered by several large rivers, and possessing a line of coast upwards of 600 miles in length. Dissentions in the general Govern- ment afterwards followed, and five states were formed under separate administrations, viz., Guatemala, Nicara- FOREIGN FUNDS. 199 gua, Costa Rica, Honduras, and San Salvador. The soil of the country is fertile, and produces indigo, dye-woods, medicinal drugs, cochineal, cocoa, and tobacco : the coasts afford mother of pearl and tortoise-shell; and the moun- tains abound with mineral productions. Attention has been much directed lately to Central America, in con- nexion with the junction of the Atlantic and Pacific Oceans. Since the division of the general Government into the five states, no collected statistics show their respective situations. Under the old system of expenditure, the revenue fell short, from $200,000 to $300,000 annually. Of the five states Costa Rica seems the most flourishing, and has no burden in the shape of foreign or domestic debt, having arranged for her portion of the English claim, by exports, of produce.* The annual revenue is $120,000, and is raised by tobacco and spirit monopo- lies and land sales. Costa Rica has been free from * In 1838 the State of Costa Rica took upon itself the liquidation of the proportion of the National debt assigned it, viz., one-twelfth of the whole amount with interest, and for that purpose delivered 2000 bales of tobacco to Mr. Foster, the British Vice Consul, in Nicaragua, but the proceeds of the article which was sold in Nicaragua, being invested in Indigo for remittance to England, did not from the state of the mar- kets realise the anticipated amount, selling only £16,210, instead of £26,765, the amount with interest due. The English creditors glad, no doubt, to recover any part of the sum, accepted the amount in full of their claims against Costa Rica.”—Abridged from Dunlop’s Central America. 200 FOREIGN FUNDS. anarchy for a lengthened period. Guatemala has, with one single exception, also enjoyed tranquillity for six or seven years. Honduras and San Salvador, from continued civil war, have been much reduced in prosperity; and Nicara- gua is said to be in the most miserable condition, the Government being almost powerless. No official ac- count of the revenues of the States has been published, but they are calculated to approach as follows:—Guate- mala, $260,000; San Salvador, $127,000; Honduras, $80,000; Nicaragua, $50,000; and Costa Rica, $120,000. With the exception of the latter, “The finances of all the States, are almost always in the most disorganised con- dition, the expenditure exceeding the revenue, and as their credit is sunk to the lowest ebb, their only means of making up the deficiency is by fresh loans on money borrowed on the most usurious and ruinous terms.” FOREIGN FUNDS. 201 MEXICAN FIVE PER CENTS. 1846. (Now agreed to be converted into Mexican 3 per Cents.) CAPITAL £10,241,000. BONDS Tanging from £100 to £500 each. DIVIDENDS due 1st January and 1st July.* The last Dividend paid was by Messrs. Schneider & Co. The address of Col. Facio, the new Mexican Agent, is Great Win- chester Street, where, it is believed, future financial operations will be carried out. The dividend recently advertised (July 1851) is made payable at this place. The present Mexican debt is constituted of the con- versions of the Mexican loans, contracted in 1824, at 5 per cent., and in 1825, at 6 per cent., and the ar- rears of which subsequently accrued thereupon.; The first conversion was carried out in 1837-38, through the agency of Messrs. Lizardi & Co., and the second, which represented the debt of 1846, through the agency of Messrs. Schneider and Co. The third conversion (1851) will be effected under the superintendence of the Mexican agency. * The last dividend paid was the coupon of January, 1847. The dividend advertised, as stated above, will be paid on the certificate issued for arrears, but at the reduced rate of 3 per cent., some little delay having taken place in perfecting the conversion. + §he first loan was issued at 58 per cent. ; the second at 89% per Cent, • * 202 FOREIGN FUNIOS. The proposal offered the Bondholders, and which was accepted in 1846 on the understanding that this was to be “the final adjustment of the Foreign Debt,” was as follows: “ART. 1st.—There shall be created a new Consolidated National Debt, of the amount of £10,241,650 sterling, into which shall be converted, on the conditions hereinafter men- tioned, the Active Bonds, the Deferred Bonds, and the Deben- tures, constituting the whole of the Foreign Debt of the Republic of Mexico. “ART. 2nd.—For this purpose there shall be issued in London the corresponding amount of Bonds, subscribed by the party appointed by the Government as Commissioners for this operation, and also by me, the Minister Plenipotentiary of the Republic in London, or by the person who may be dis- charging the duties of that office for the time being. “ART. 3rd.—For the redemption of this Debt, there shall be remitted to London, in monthly payments, the sum of 500,000 dollars every year, for the purpose of cancelling the Bonds of this new Debt, which is to be effected at the market- value, so long as this shall not exceed the capital expressed by the Bond itself; but should it exceed it—that is, should the Bonds bear a greater market value than cent. per cent, the redemption shall be carried into execution by drawing lots from among the uncancelled Bonds, the Mexican Government paying for them only at the rate of cent. per cent. The Republic reserves to itself the power of increasing, at its con- venience, the amount to be remitted to London, beyond the 500,000 dollars a-year for the purpose of redemption. “ART. 4th.-The Bonds so redeemed every year shall be forthwith cancelled and invalidated in the presence of the Minister and Agents of the Republic in London, and the Com- mittee appointed to represent there the Bondholders. The FOREIGN FUNDS. 203 numbers and value of the said Bonds so cancelled shall be published in the London Gazette, and other journals agreed upon. “ART. 5th.-As guarantees for the payment of the interest, as well as for the redemption of the said new Consolidated Debt, the Mexican Republic hypothecates its entire revenues in general, and in an especial and distinct manner that of Tobacco; the duty on the exportation of silver from the Mexican ports of the Pacific ; and one-fith part of the duties of customs of the ports of Vera Cruz and Tampico de Tamau- lipas. It engages further to preserve the Tobacco revenue, and encourage it with particular care, practising the utmost economy in the management of it, so that its net produce shall at all times constitute a sure guarantee for the discharge of the said new debt, and the interest thereon. “ART. 6th.-In case that, through any circumstances im- possible at present to foresee, the Tobacco monopoly should be abolished, the Government of the Republic binds itself to make another special hypothecation of the public revenues, the produce of which may be sufficient to ensure faithfulness in the discharge of this new Consolidated Debt. “ART. 7th.--The Interest of 5 per cent. per annum which the capital of this new Debt is to bear, shall commence running on the 1st day of July of the current year, and shall be paid in London every six months, to fall due on the first day (not being a holiday) of January and July in each year. “ART. 8th.--From out of the produce of the Tobacco revenue there shall be delivered every month to the Agent or Agents, in Mexico, of the Bondholders, the sum of 117,708 dollars, towards the payment of interest and redemption of the new Consolidated Debt. But if such sum of 117,708 dollars, with the one-fifth of the Customs of the ports of Vera Cruz and Tampico de Tamaulipas, and the duty on the exportation 204 FOREIGN FUNIOS, of Silver from the ports of the Pacific, shall not be found sufficient to produce together the sum that may be necessary for meeting the payment of the half-yearly Dividends, and the Redemption Fund to the amount of 500,000 dollars per annum, the deficiency shall be supplied and made good every month out of the said Tobacco revenue. And in the event of the said Tobacco revenue being found insufficient for that purpose, such deficiency shall be made good from some of the other branches of the revenue of the said Republic, so that the provision for the payment of the said half-yearly Dividends and Redemption Fund shall be punctually and faithfully made. As Mexican dollars, on account of their different value in London, do not correspond exactly with the coin there circu- lating, the difference that may arise between the amounts re- ceived in Mexico and those paid in London, reduced into pounds sterling, shall be for account of the Republic. The monthly quota or payment for interest to diminish in propor- tion to the amount of Bonds redeemed or cancelled. “ART. 9th.-The sum which, towards the payment of the interest and redemption of the principal, is to be received monthly in the Republic, from out of the Tobacco revenue, by the Agent or Agents of the Bondholders, shall be remitted by them by each packet; the remittance to be made in Bills of Exchange at the current rate, in specie, or in bars of silver or gold, as shall best suit the convenience of the Republic, or the Government ordain. The Premium of Exchange, in the one case, and the expenses of transmission in the others, shall be for account of the Republic, in order that without detriment, and reduced to pounds sterling, the monthly amount delivered in Mexico may be received in London. The Government will pay the said Agent or Agents for whole and sole commission, on receipts, shipment, postages, &c. one per cent., should the remittances be made in Bills of Ex- FOREIGN FUNDS. 205 change, and one and a-half per cent. if in specie or bullion. The sums that the said Agent or Agents may monthly remit to London, shall be received there by the house of Messrs. John Schneider & Co., the Agents for the Republic, for the purpose of making therewith the respective payments of capital and interest, the Government allowing them one per cent. commission on payments they make in cash. “ART. 10th.—The remittances from the Duties of Customs. shall continue to be made every month, in the manner in which the same are at present made to the Agents of the Mexican Government in London. “ART. 11.—The Active Bonds shall be converted into this New Consolidated Debt, at the rate of £90 thereof for every £100 of Active Bonds, including therein the arrears of interest to the 1st July next, excepting £2 10s. per cent. thereof, which will be paid in cash. The Deferred Bonds and Deben- tures shall be converted into this New Consolidated Debt, at the rate of £60 thereof for every £100 of Deferred Bonds and Debentures.” The total amount of the Consolidated Debt created under this arrangement was £10,241,650, which was appropriated as follows: To the holders of Active Stock . . . . . . . . . . . . £5,032,485 Ditto of Deferred Bonds and Debentures. . . . 3,074,400 To the redemption of a portion of the internal obligations of Mexico, secured on the To- bacco and other sources of revenue, and the furnishing the Government with a supply of funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,134,765 £10,241,650 * 206 gººf FOREIGN FUNDS. The means stated by the Mexican Government to be available for meeting the annual charge on this debt, and the Redemption Fund, were these : The one-fifth of the duties of Customs of the ports of Vera Cruz and Tampico, estimated by the Minister of Finance to produce per annum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,200,000 The Export Duty on Silver from the Pacific . . $360,000 The monthly payment of 117,608 dollars from the Tobacco revenue . . . . . . . . . . . . . . . . . . . . $1,412,500 $2,972,500 The annual interest on the Consolidated Debt will be . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,562,500 Leaving for the Redemption Fund . . . . . . . . . . $410,000 The Mexican Government further undertook that the Redemption Fund should be made up to 500,000 dollars per annum. With respect to the Tobacco revenue, it was stated by the Mexican Government that, “the releasing the Tobacco revenue from the incumbrances upon it, was a necessary measure to enable the Govern- ment to pledge it to the Bondholders—that the sum which the Government had to receive in money from the said amount of stock (£2,134,765) did not exceed 600,000 dollars, about £120,000 sterling, a sum essential to the immediate convenience of the Government on resigning so productive a source of income as the Tobacco revenue.” And that this branch of revenue had FOREIGN FUNDS. 207 produced in 1843, a net surplus of 1,516,670 dollars, and was at that time producing 2,000,000 dollars per annum. This arrangement was accordingly carried into effect, and Bonds were issued in conformity therewith. The war which subsequently occurred between America and Mexico, threw the whole finances of the latter country into confusion, and the fleet of the United States seizing the ports of Vera Cruz and Tampico, remit- tances for the dividends were suspended.” During the progress of the war, it was felt that no appeal to the Mexican Executive would be likely to prove effective, but so soon as there appeared a probability of the termi. nation of hostilities, the Spanish American Committee •roused themselves into action, and through their agents Messrs. Manning and Mackintosh, laid the case of the Bondholders before the proper authorities. Early in 1848, as it was then definitively settled, that the United States would pay $15,000,000 indemnity money, these representations were continued, and it was endeavoured to press upon the attention of the Government, the right that the Bondholders possessed to a portion of this fund. An endeavour however was made, in the meantime, to upset the late conversion on the ground of its illegality, * Parties who wish to make themselves thoroughly acquainted with the detailed progress of the Mexican conversions, &c., should con- sult the pamphlets lately issued by the Spanish American Committee, published by Baily, Brothers; the reports of the Mexican Committee, published by Letts, Son & Steer, and Mr. W. Parish Robertson's nar- rative, published by Smith, Elder & Co. 208 FOREIGN FUNDS. but this attempt to further infringe upon the claims of the foreign creditor was resisted, and it was ultimately (August 1848) officially acknowledged. The appropria- tion of a part of the indemnity fund, was a point which it was impossible to get the Mexican Minister in Eng- land to concede, and professional opinions having been taken, which were favourably construed on behalf of the Bondholders, as regards that subject, it was deter- mined at a meeting held in September, 1848, to dispatch Mr. William Parish Robertson to Mexico, as the special Commissioner of the Bondholders to negociate for a re- sumption of dividends, and on other matters connected with the English debt. The result of Mr. Robertson's negociations was— that on the 6th of July, 1849, the following agreement was entered into between the Government of Mexico and himself on behalf of the Bondholders—the Government pledging itself to Mr. Robertson to submit the same to the National Congress without delay, and to support it in that body with all its influence. “Convention celebrated between his Excellency the Mexican Minister of Finance, DON FRANCISCO DE ARRANGOIZ, and the Agent of the Bondholders of the English Debt, WILLIAM P. ROBERTSON, Esq. “1. From the first of July, 1849, till the same date in 1859, the interest of the said debt shall be 3% per cent, instead of 5 per cent. per annum. “2. In just compensation for this diminution, the Govern- FOREIGN FUNDS. 209 ment gives up to the said Bondholders, besides the assign- ments of which they are actually in possession, and which consist of the export duty on specie at the Mexican ports of the Pacific, of the fifth part of the duties paid at the custom- houses of Vera Cruz and Tampico de Tamaulipas, and of the sum arising from the tobacco revenue, which is assigned to the Bondholders by the ninth article of the arrangements concluded with the creditors of that revenue on the 28th of January of this year—the circulation duties in the ports of the Pacific, and the circulation and export duties upon specie at the ports of the Gulf of Mexico, in order that their amount, less the burdens with which they are actually encumbered, may be devoted to the payment of the dividends and the sinking fund of the foreign debt. “3. To satisfy the arrears of interest at the rate of 34 per cent. per annum, from the 1st July, 1846, to the same date in 1849, 4,000,000 dollars shall be devoted from the American indemnity, to be taken proportionally in third parts from the portion not yet recovered, and without payment of fresh in- terest on the part of Mexico. “4. Mexico shall make the payment mentioned in the pre- ceding article at the favourable exchange of forty-six pence the dollar. “5. If the said four millions of dollars, at the above-men- tioned exchange of forty-six pence, should not suffice to satisfy the amount of the interest, at 3% per cent. per annum, which has become due from the first of July 1846, to the same date in 1849, the deficit shall be given up by the Bondholders in favour of Mexico. “The permission to import raw cotton, which the Govern- ment gave to the creditors on the 19th July, 1847, to the amount of 680,000 dollars, in payment of the sums which belonged to them, and were abstracted from the maritime P .* 210 FOREIGN FUNDS. custom-houses of Vera Cruz and Tampico, remains definitively for the account of the creditors, whatever may be the loss at which they may realise it. “7. The difference of the interest from the 1st July, 1846, to the same date in 1859, at the rate of 1% per cent. per annum. or altogether 19% per cent., is ceded to Mexico in toto, and without ground for any further claim on the part of the Bond- holders of the foreign debt. “8. In compensation for this cession, the Government pays the Bondholders 500,000 dollars for the American indemnity, payable proportionally by third parts, in each of the portions which are still pending recovery, which sum of 500,000 dollars shall be devoted to the interest already become due and not paid. “9. If in the period which elapses between the 1st of July, 1849, and the 1st of July, 1859, the dividends are not paid at the rate of 3% per cent. on their becoming due, it shall be at the choice of the Bondholders to annul the present contract, and they shall re-assume their actual rights, “10. On the 1st of January, 1859, the Government of Mexico and a Commissioner of the Bondholders shall make fresh arrangements for the payment of dividends posterior to the 1st July, 1859, more or less favourable, according to the state in which the Republic then happens to be. “11. The present arrangement shall not cause to Mexico any expense for printing new bonds, or for any other outlay arising from commissions, brokerages, &c., which may have to take place in England with reference to the said arrangement. “12. All the stipulations of the preceding articles are subject to the ratification and approbation of the Mexican Congress, and of the general meeting of Bondholders of the foreign debt. “FRANCISCO DE ARRANGoIz. “Mexico, July 6 1849. “WM. P. ROBERTSON.” FOREIGN FUNDS. 211 Subsequently this convention was modified, or rather, a new arrangement was entered into during the period of the Finance administration of Senor Payno. Mr. Falconnet having been dispatched as the new Com- missioner, he was authorized to facilitate a settlement as quickly as possible. In December last (1850) the Com- mittee" received advices that the following decree for the conversion of the debt had been sanctioned by Congress and the President, and a meeting of the Bondholders was forthwith called, and on the 23rd of that month resolutions were passed accepting its pro- visions. Founded upon the terms of this decree, the present Conversion will be carried out: “Art. I. If the creditors of the debt contracted in London, and converted in 1846, agree to the conditions expressed in the following articles, the Mexican Government will give them a draft on the United States, payable out of the indemnity, for $2,500,000. “II. The conditions are as follow":— “1. The interest of the debt shall remain indefinitely reduced to an annual interest of 3 per cent. On the capital of £10,241,650 the amount acknowledged by Mexico. “2. That, with the said $2,500,000, with what the creditors have already received up to the date of this law, and with what they may receive to the time of the approbation of this regula- tion, there shall be considered as paid all the interest due up to the date of said regulation. * It will be recollected that the management of the Mexican debt has been lately withdrawn from the Spanish American Committee, and transferred to a separate Committee, called the Mexican Bond- holders' Committee, whose offices are in Moorgate Street. 212 FOREIGN FUNDS. “3. For the payment of the interest of the new fund of 3 per cent., 25 per cent. of the importation duties of the maritime and frontier custom-houses shall be especially assigned, together with 75 per cent. of the exportation duties of the ports of the Pacific, and 5 per cent. of those of the Gulph; completing the amount of dividends with other revenues when the above- mentioned assignments are insufficient for the full payment. “4. During the first six years after this regulation, there shall not be assigned for the extinction of the debt any more than the amount which may remain from the appropriation for the interest, should there be any ; after that time there shall be annually remitted to London $250,000 for the extinction of the debt, which shall be done at the market price, when this is not above par. “III. The bondholders may, if they choose, name agents in the ports, but from the moment the said agents receive the funds, all responsibility on the part of the Government of Mexico ceases; the said Government to pay the cost of embark- ation, insurance, and freight, as is customary. “IV. The actual bonds converted in 1846 shall be changed for others to be issued by the general treasury, which shall be revised by the agent of the Republic in London. No bond of the old fund shall be issued before obtaining an old one of an equal amount, of the same number and letter. The bonds thus withdrawn shall be rendered useless immediately, by cutting out of the centre a piece, of an inch in diameter; the bond then to be deposited in the archives of the Legation, publishing monthly a specified statement of the number of bonds with- drawn. The Republic declares itself not responsible for the bonds issued without these conditions. There shall not be paid any commission, brokerage, nor duties for the conversion men- tioned by this law. “ W. The agency in London shall be conducted by commis- FOREIGN FUNDS. 213 sioners removable by the Mexican Government. They shall be Mexican citizens, the principal of whom shall be named by the Government with the approval of the Senate, and the expenses of this business shall not be more than $15,000, a year. The functions of the agents respecting the distribution of the funds shall be confined to the depositing the money remitted in the bank, and pay the dividends at the proper time.” Mexico containing upwards of 75,000 square leagues, is situated in moieties, under the torrid and temperate zones; but its climate, its soil, and the aspect of its vegetation assume, for the most part, the character be- longing to the latter. The configuration of the country is eminently adaptod for intercourse. It is intersected with rivers, and abounds, especially on the side of the Pacific, with excellent harbours. The greater part of Mexico may be classed among the most fertile re- gions of the earth. The Table Land (the climate of which is most salubrious) produces all the fruits and grains of the northern parts of America and Europe, while the low country bordering on the coasts yields in profusion all the productions of the tropics. Sugar and cochineal, cocoa, cotton, coffee, wheat, and hemp are found in the same regions which gives us silk, and oil, and wine. Mexico, moreover, is pre-eminently rich in mineral deposits, especially silver; and her mines, un- like those of most countries, are situated in the most beautiful and healthy portions of the land. This is of the highest importance; for gold and silver, in America, must not be considered merely as the representatives of 214 BRITISH FUNDS. wealth, but as staple commodities of the country, as articles by the manufactory and management of which a large population is maintained. - With such elements of prosperity at their command, it is melancholy to reflect that the leading men of the country, instead of applying themselves to the establish- ment of a sound system of legislation, which should im- prove the lax morals of the people, and give such security to property as might cause the capital of other more wealthy nations to flow in and develope the vast re- sources of the land, have consumed their energies in a ceaseless struggle for power, and have sacrificed the public good to the ignoble ends of private aggrandize ment. - The resources of Mexico are capable of great develop- ment, and would, under a just and equitable administra- tion, produce ample funds to meet their foreign and do- mestic obligations. The annexed statement will exhibit its general financial condition within the last twelve months. RECAPITULATION OF THF PRESENT DEBT OF MEXICO. Amount of Foreign Debt with interest to the 1st of June 1848. . . . . . . . . . . . . . . . . . . . . . $56,329,075 Amount of Interior Debt contracted after the Independence . . . . . . . . . . . . . . . . . . * * * * * 47,907,791 Amount of Interior Debt contracted before the Independence . . . . . . . . . . . . . . . . . . _s is e e º ºs 39,606,695 Total..... . . . . . . . . . . . . . . $143,843,561 *sº FOREIGN FUNDS. 215 CALCULATION OF THE REVENUES OF THE GENERAL GOVERNMENT. The value of the Imports, taking for a base, the Duties which were in 1843 . . . . . . . . . . . . . . $22,241,558 53 33 1844. . . . . . . . . . . . . . . 21,139,234 } % 2 3 1845 . . . . . . . . . . . . . . 14,777,672 From these it is estimated, the Import Duties will be equal to . . . . . . . . . . . . . . . . . . . . . . . . 4,488,000 To which, add the Inland revenues . . . . . . . . . . 2,224,000 Total. . . . . . . . . . . . . . . . $6,712,000 The whole of the revenues is therefore esti- mated at . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,712,000 But from this must be deducted the expenses of collection, and other sums permanently charged on the Customs. . . . . . . . . . . . . . . . 1,171,888 $5,540,112 The amount of expenditure of the Government, including interest on the Foreign and Do- mestic Debt, is estimated at . . . . . . . . . . . . $13,765,436 Amount of revenue as above . . . . . . . . . . . . . . . . 5,540,112 Deficiency. . . . . . . . . . . . . . . . . . $8,225,324 ººm-º: In June 1848, received from the United States $3,000,000 The expenditure of which were as follows:— To redeem from pledge the $5,000,000 of credits made by the contract of the 19th June, 1847 600,000 Expenses of the Federal district of the former administration, incurred before the evacua- tion of the United States' Army . . . . . . . . 87,656 216 FOREIGN FLJNDS. Debt contracted by the city of Mexico, during the occupation of the United States' Army, to ensure the safety of the Citizens ...... 150,684 For contributions imposed by the United States’ Army, upon the said district . . . . . . . . . . . . 47,712 Aid to the State of Yucatan . . . . . . . . . . . . . . . . 30,000 Sent to Europe to pay Foreign Missions, and for the purchase of Arms . . . . . . . . . . . . . . 109,609 For ordinary expenses, and extraordinary ex- Penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 623,672 The total expenditure. . . . . . $1,751,334 Received . . . . . . . . . . . . . . . . 3,000,000 Remaining . . . . . . $1,248,666 Though the treasury is in an exhausted state, Mexico exhibits evident signs of improvement; and now that the American question is settled, her revenue will, doubt- less, be more than equivalent to her internal wants. The produce of the mines has advanced greatly the last two years. The domestic debt of Mexico is large, and a por- tion of it only carries interest. The population is esti- mated at between 8,000,000 and 9,000,000. FOREIGN FUNDS. 217 PERUVIAN FOUR PER CENTS., 1849." CAPITAL about £1,800,000. In BONDS of £100 and £500 each. DIVIDENDS due 1st April and 1st October. PAYABLE by Messrs. C. De Murietta, Adam’s Court, Broad Street. SINKING FUND not less than 1 per cent. per annum. PERUVIAN DEFERRED, 1849. CAPITAL about £1,900,000. In Bonds of £100, £200, and e300 each. The loans originally contracted by Peru were con- cluded in 1822, and 1824, and 1825. The capital of the loan of 1822 was £1,200,000, of which £450,000 was issued in 1822 at 88 per cent, and £750,000 was issued in 1824 at 82 per cent. The loan of 1825 represented in capital £616,000, and was issued at 78 per cent. The rate of interest stipulated in each case was 6 per cent. * The scale of interest ascends gradually to 6 per cent., as will be perceived by the terms of the conversion. The deferred will also bear interest in time, and gradually progress until it reaches 3 per cent. 218 FOREIGN FUNDS. All the revenues were pledged to these loans, but es- pecially the net revenues of the Mint and Customs which were to be kept separate and remitted from three to eight months in advance. But notwithstanding these engagements, the Republic suspended the payment of its dividends from October 1825. Although, from that date until about two years ago, the Committee of Spanish American Bondholders persever- ingly endeavoured to bring Peru to terms, no success fol- lowed the negociations, save and except that the bonds were admitted in part payment of duties and for national property sold by public auction. It was in fact con- sidered almost a hopeless case. At last the discovery of the guano deposits, which were found to be an enormous source of revenue to the State, gave new spirit to the cause ; and after repeated remonstrances in January, 1849, rapid progress was made in an arrangement. The result was, that after a meeting of Bondholders the out- line of terms having been fully discussed, the following articles of agreement were concluded between Senor Osma in the name of his Government and the committee for the adjustment of the debt. “Art. 1. The bonds of the loans, contracted in the name of the Peruvian Government in 1822 and 1825, shall be conver- ted into new bonds, which shall commence bearing interest at the rate of 4 per cent. from the 1st day of April of the present year, 1849, which interest is to increase one-half per cent. annually until it shall reach 6 per cent, which rate of interest FOREIGN FUNDS. 219 the bonds shall bear from the 1st of April, 1853, and thenceforward. “Art. 2. In discharge of the arrears of interest due on the bonds of the aforesaid debt up to the 15th of April, 1849, inclusive, there shall be issued new bonds representing 75 per cent. of the amount thereof, which bonds shall commence bearing interest from the 1st day of April, 1852, at the rate of 1 per cent. per annum, which interest shall increase annually one-half per cent. per annum until it shall reach 3 per cent., which rate of interest the said bonds shall bear from the 1st of April, 1856, and thenceforward. “Art. 3. The Government of Peru shall establish from the 1st of April, 1853, an amortization fund for the gradual redemption of the bonds specified in Article 1, which fund shall not be less than 1 per cent. per annum on the total amount which the said bonds represent. “Art. 4. The Government of Peru shall also, from the 1st of April, 1856, establish an amortization fund for the gradual redemption of the bonds specified in Article 2, which fund shall not be less than one-half per cent. per annum on the total amount which the said bonds represent. “Art. 5. The bonds to be created in pursuance of the present agreement shall be admitted in Peru for their principal sums in all sales of national property and in payment of customs’ duties on such terms as are now granted to the bonds of the internal debt of Peru. “Art. 6. The said bonds may also be converted, at the option of the holders, into bonds of the internal debt of Peru, bearing the same interest and enjoying equal right of redemp- tion with the bonds circulating in London. In this case the conversion shall be made at the rate of $550 for £100 sterling. “Art. 7. For the performance of the stipulations contained in the preceding articles the Government of Peru specially 220 FOREIGN FUNDS and exclusively hypothecates the moiety of the net produce of the guano that may be annually exported to the United King- dom of Great Britain and Ireland, deducting therefrom the usual charges of shipping, freight, and commission on sales. The said guano being the exclusive property of the Govern- ment of Peru, it binds itself not in any manner to dispose of or alienate, either directly or indirectly, the one-half of what may be consumed in the United Kingdom which is hypothecated by this agreement. The house which may receive the guano on consignment shall pay over to the agents mentioned in Article 10 of this agreement the sums necessary for the pay- ment of the dividends every six months, fourteen days before the maturity thereof; and on the 31st of December of each year the said house shall also deliver to the said agents an account of all the sales thereof, so that they may see the net produce resulting therefrom, and shall also pay over to the said agents whatever surplus may result from the sale of the said one-half of the guano. “Art. 8. The whole of the surplus referred to in the last preceding article, which may be paid to the said agents, may be applied by them to the purchase in the market of the new bonds in the following proportions—namely, three-fourths thereof to the purchase of the bonds to be issued according to Article 1, and one-fourth to the purchase of the bonds to be issued according to Article 2. It being understood that when the Government of Peru shall establish the fixed fund for redemption mentioned in Articles 3 and 4, the said Govern- ment shall receive whatever surplus may result from the said one-half proceeds of the guano after providing for the aforesaid redemption of the new bonds. “Art. 9. The bonds which may be redeemed under this agreement shall be destroyed or cancelled in the presence of a public notary, and a notification thereof, containing the num- FOREIGN FUNDS. 221 bers of the said bonds, shall be published in the London Gazette. “Art. 10. For the payment of the dividends and the redemp- tion of the bonds according to Articles 7 and 8, the Govern- ment of Peru shall appoint an agency composed of three persons, whose nomination shall be communicated to the Committee of Spanish American Bondholders. Any vacancy that may occur in the said agency shall from time to time be filled up by the said Government, notice being given to the said committee thereof. “Art. 11. The conversion of the debt shall be made by the commissioners to be appointed by the Peruvian Government for that purpose, and with the same formalities as those observed by other states in the like cases. The new bonds or obligations that may be issued shall be signed by the Minister Plenipotentiary of Peru, and countersigned by the said commissioners. “Art. 12. The bonds that may be issued by virtue of this agreement shall represent at most the principal and interest of the debt of Peru, arising from the loans of 1822 and 1825, according to the tenor of Articles 1 and 2. So soon as the conversion shall be effected a report of the total amount of the said bonds, and of their numbers, shall be published in the London Gazette, signed by the said commissioners; and if the conversion shall not be completed by the 31st of next December a report of the amount and numbers of the bonds issued up to that date shall be published in the said Gazette. certified in like manner; and subsequently the final report of the amount issued shall be published in the like manner, in order that the public may possess an exact knowledge of the number and value of the bonds in circulation. “Art. 13. In case the revenue from the guano shall hereafter diminish or fall off, so that it do not amount to sufficient to fulfil 222 FOREIGN FUNDS. the obligations stipulated by this agreement, the other revenues of Peru shall be liable for the due fulfilment thereof, and the Peruvian Government shall enter into such other arrangements in discharge of these obligations as the state of its revenues may permit. In witness whereof the said Senor Don Joaquin J. de Osma and George Richard Robinson, Esq., respectively acting as aforesaid have hereunto set their hands, in London, this 31st day of January, 1849. “JoAQUIN J. DE OS.MA. “G. R. ROBINSON. “Signed in the presence of G. M. Harrison, notary public, London.” Of the resources of Peru it is not necessary to speak at much length. The country is fertile and possesses great mineral wealth; but the indolent and luxurious habits of the people fail to encourage their progressive development. The revenue, which is now estimated at nearly 8,000,000 dollars, is barely sufficient to meet its expenditure, and it is asserted that the home debt reaches fully the capital of the foreign debt. To this must now be added the compromise recently effected with Chili.” * “1. Peru recognises in favour of Chili for all and only debt up to this time the sum of 4,000,000 dollars. 2. 2,000,000 of this sum will be entitled to interest at 6 per cent. per annum, to commence 1st of January, 1852; the other 2,000,000, 3 per cent. per. annum, from 1st January, 1854. 3. The interest payable half-yearly, in London or in Santiago de Chili, in gold or silver, allowing for the exchange accordingly. 4. In 1853 will be arranged between the two governments the progressive redemption of the 4,000,000 of capital, FOREIGN FUNDS. 223 In the course of a few months, there will be a balance in the hands of Messrs. Anthony Gibbs and Sons, be- longing to the Peruvian Government, arising from con- tracts prior to that made for the benefit of the bond- holders, and the Legislature of Peru has authorized the Minister of Finance to raise a temporary loan of $300,000 in Peru, and $800,000 here to be repaid out of such balance. It is intended on obtaining the loan to apply the money to the construction of a mole for shipping purposes. It is to the continued augmentation of the consump- tion of guano, that the Bondholders must mainly look for the punctual discharge of their dividends; but it will be remembered, that should the fund in which they on this account participate, diminish or not produce suffi- cient to meet their claims, they have not abandoned any original rights under their first contract, and retain as heretofore for their security, “the whole of the revenues of the Republic.” As the payment of the dividends depends so greatly on this manure,it is satisfactory to the Bondholders to know:— First, that the only good Guano is obtainable from the Peru to have the same advantages as Chili, according to the original contract or subsequent agreement with the English creditors. 5. No responsibility for anything antecedent to this date. 6. To be ratified within 15 months from date. Executed by the plenipotentiaries in Lima, 12th Sept. 1848. “Signed and sealed 15th January, 1850. “MANUEL BULNES, President. “Jose JoAQUIN PEREs, Minister for Foreign Affairs.” 224 FOREIGN FUNDS. coasts of Peru; all other kinds having had the Ammonia, which constitutes their chief value washed out of them. Second, that in 1845, as many as 207,670 tons were brought from Ichaboe, in Africa, and consumed here, although a much inferior article, therefore as much could again be consumed. Third, that the consumption of Peruvian Guano, has been steadily increasing until last year it amounted to 73,567; while in 1845, it was only 14,101 tons. The Guano is said to be inexhaustable. The following table shews the gradual increase of the interest on the two debts; also, the dates when the sink- ing fund begins to act:— in ºn tº stººd, sº i; º; 4 iſ cent. i; };"|4, ditto. ; ::" a ditto. ; : ..."; 5, ditto 1 iſ cent. # 3..."; 6 ditto. 1; ditto. 1 if cent. i; º 6 ditto. 2 ditto. 1 ditto. #: *} 6 ditto. 2; ditto. 1 ditto. ; º 6 ditto. 3 ditto. 1 ditto. # tº cent. § º 6 ditto. 3 ditto 1 ditto. # ditto. FOREIGN FUNDS. 225 Under the eighth article of the agreement, the surplus arising from half the net profits of the sale of the Guano after the dividends are paid, is to be applied until the commencement of the permament sinking fund, in the purchase of the stock. And it is estimated, that, before that period the surplus will amount to £300,000 to be so applied. The estimates of the receipts for the joint years of 1850 and 1851 are £2,189,000, derived from Customs -..... £992,000 Indian Poll Tax. . . . . . £704,000 Patents........ 48,000 Property Tax . . . . . . . . 80,000 Stamps ........ 52,000 Post Office, &c. . . . . . . 82,000 Silver . . . . . . . . 102,000 Net Balance of the Government Profits on Guano after deducting all claims and liens . . . . . . . . . . . . £102,000 The expenditure is.... f. 1,837,000 Appropriated to Home Department. . . . 417,000 Finance . . . . . . £283,000 Foreign & Justice . . . . . . 180,000 War and Navy. .957,000 The balance between the excess of receipts and the expenditure is £343,000, and of this sum £233,000 is to be applied principally to the liquidation of old outstand- ing claims against the Government. There is reserved for extraordinary and unforseen emergencies £40,000, and a further sum of £70,000 may be regarded as an unappropriated balance to be applied or not, to the reduc- tion of the home debt—at the discretion of the adminis- tration.* The population of Peru is upwards of 2,000,000. * Since the above was written, notice has been issued (July 20, 1851,) of the cancelment, in conformity with the terms of the agreement for arranging the debt, of 431 bonds of the Peruvian Loan, amount- ing to £53,100, bearing interest at the rate of 6 per cent. per annum ; and also 202 bonds, amounting to £36,700 of the deferred 3 per Cents., together with the dividend warrants attached. 226 AMERICAN SECURITIES. SECTION THE FOURTH SECURITIES OF THE UNITED STATES. It is utterly impossible within these narrow limits to go into a detailed account of the finances and resources of this great country.* It will be, therefore, best to trace as briefly as possible, the general statistics which will serve as a guide to illustrate the position of the Union and the respective states, the bonds emitted on whose behalf are understood to be held largely, both here and abroad. As showing clearly, and concisely, the territory, population, and resources of the various states, the an- nexed table, compiled from official data, is introduced. * The Editor is indebted to Mr. Edward Halsewood for the chief arrangement of this part of the work; the facilities which he obtains . from his brother, Mr Lewis H. Halsewood's office, at 15, Angel Court, , Throgmorton-street, rendering his assistance of great value. Mr. D. H. Halsewood and his latefather have been engaged in the purchase and sale of the United States' Securities since their first introduction in 1797. TERRITORY, POPULATION, ETC., OF THE SEVERAL STATES. STATES. Maine . . . . . . . . . . . . . . . . . . . . . . . . . . New Hampshire . . . . . . . . . . . . . . . * Vermont . . . . . . . . . . . . . . . . . . . . . . Massachusetts . . . . . . . . . . . . . . . . . . Rhode Island . . . . . . . . . . . . . . . . . . Connecticut . . . . . . . . . . . . . . . . . . . . New York . . . . . . . . . . . . . . . . . . . . . . New Jersey . . . . . . . . . . . . . . . . . . . . Pennsylvania . . . . . . . . . . . . . . . . . . Delaware . . . . . . . . . . . . . . . . . . . . . . Maryland . . . . . . . . . . . . . . . . . . . . . . Virginia. . . . . . . . . . . . . . . . . . . . . . . . North Carolina. . . . . . . . . . . . . . . . . Mississippi . . . . . . . . . . . . . . . . e e º 'º Louisiana . . . . . . . . . . . . . . . . . . . e e tº Arkansas . . . . . . . . . . . . . . . . . . . . . . Tennessee . . . . . . . . . . . . . . . . . . . . . . Kentucky . . . . . . . . . . . . . . . . . . . . . . Ohio . . . . . & a e e s a e s - a s & e º ºs e e º e º º Illinois . . . . . . . . . . . . . . . . . . . . . . . . Missouri . . . . . . . . . . . . . . . . . . . . . . Florida . . . . . . . . . . . . . . . . . . . . . • * * Iowa . . . . . . . . . . . . . . . . . . . . . . . . . . Texas . . . . . . . . . . . . . . . . . . . . . . . . . . Wisconsin. . . . . . . . . . . . . . . . . . . . . . Oregon T. . . . . . . . . . . . . . . . . . . . . . . New Mexico. . . . . . . . . . . . . . . . . . . . California. . . . . . . . . . . . . tº e º 'º - º a tº e º Square Miles. 35,000 8,030 8,000 7,250 1,200 4,750 46,000 6,851 47,000 2,120 11,000 61,352 45,500 28,000 58,000 77,387 448,691 Population. Estimated value in dollars for 1849. Estimate for Total Debt. 1850. Crops. Manufactures. Merchandise Dollars. 615,000 13,000,000 10,000,000 5,000,000 1,008,200 308,000 9,000,000 12,000,000 3,000,000 Il O116. 310,000 15,000,000 5,000,000 4,000,000 48,487 785,000 11,000,000 52,000,000 16,000,000 6,201,586 135,000 1,500,000 13,000,000 4,000,000 233,719 340,000 9,000,000 17,000,000 8,000,000 33,212 2,880,000 79,000,000 69,000,000 53,000,000 23,937,248 425,000 11,000,000 14,000,000 5,000,000 68,759 2,220,000 55,000,000 50,000,000 45,000,000 40,424,736 85,000 1,800,000 2,000,000 1,000,000 * - - - 510,000 10,000,000 8,000,000 13,000,000 16,285,462 1,295,000 38,000,000 13,000,000 21,000,000 6,903,891 80,000 19,000,000 5,000,000 9,000,000 786,500 620,000 14,000,000 4,000,000 10,000,000 3,622,039 825,000 21,000,000 4,000,000 11,000,000 1,903,472 716,000 17,000,000 3,000,000 8,000,000 12,223,033 670,000 14,000,000 2,000,000 7,000,000 7,271,707 490,000 19,000,000 8,000,000 20,000,000 16,238,131 200,000 6,000,000 1,000,000 2,000,000 3,618,227 980,000 40,000,000 5,000,000 9,000,000 3,212,857 890,000 28,000,000 7,000,000 11,000,000 4,532,913 1,980,000 49,000,000 20,000,000 27,000,000 19,173,223 420,000 7,000,000 4,000,000 3,000,000 2,849,939 1,000,000 47,000,000 5,000,000 7,000,000 6,839,887 800,000 18,000,000 4,000,000 6,000,000 16,612,795 589,000 12,000,000 4,000,000 10,000,000 684,997 80,000 3,000,000 1,000,000 2,000,000 • * * * 150,000 2,000,000 300,000 1,000,000 55,000 150,000 2,000,000 200,000 2,000,000 11,050,201 *}} 2,000,000 800,000 1,000,000 Il OI16. QU, e - e a © tº - 4. • * * * tº g º ºr 228 AMERICAN SECURITIES. With scarcely an exception, the State Stocks have been raised for the purpose of constructing canals and rail- roads, or of forming banks; the State, however, becom- ing responsible for the payment of the interest, and the stock-holder being concerned in the success of the un- dertaking no further than as it contributes to the re- sources of the State. These securities were at first issued in the form of stock, inscribed in the name of the pro- prietor; but latterly the more convenient form of bonds payable to bearer has been adopted. In the transfer of the bonds there is, of course, no difficulty; but that of the stock is attended both with expense and delay. The process is this: the seller executes a power of attorney (generally in blank) which, with the official certificate, is handed to the buyer, together with a guarantee for the due payment of the dividends which may become pay- able to the seller before the stock shall have been trans- ferred out of his name. The power and certificate are then forwarded to America, where the transfer is made by the attorney, the buyer paying the expense. The cost of the power, guarantee, &c. falls upon the seller. The broker's commission is # per cent. On the stock at par. Dividends payable in America are remitted by the agent or attorney at the current rate of exchange, and are receivable here, subject to the merchant's charge (generally one per cent.) for commission. The resources of the country are rapidly improving; and although since the Mexican war a national debt has been incurred, it is AMERICAN SECURITIES. 229 not likely to interfere in any great degree with the credit of the Republic. The estimate of revenue and expenditure for this cur- rent year of 1850, to June 30th, was as under:- Receipts from Customs . . . . . . . . . . . . . . . $31,500,000 2 3 Public Lands . . . . . . . . . . . . 1,700,000 3 * Miscellaneous . . . . . . . . . . . . 1,200,000 $34,400,000 Loans and Treasury Notes . . . . . . . . . . . . . . 1,240,000 Balance 1st July 1849 . . . . . . . . . . . . . . . . . . 2,185,000 $37,825,000 Expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . $43,650,000 Principally consisting of Civil list Foreign Intercourse . . . . . . . . . . $11,000,000 Collecting Revenue from Customs . . . . . . 2,700,000 Army Proper . . . . . . . . . . . . . . . . . . . . . . . . 8,000,000 Navy 2 y - - - - - - - - - - - - - - - - - - - - - - - - 11,000,000 Interest on Debt . . . . . . . . . . . . . . . . . . . . 3,700,000 The population of the United States, including slaves, is nearly 20,000,000. The territory comprises 1,000,000 square miles. 230 AMERICAN SECURITIES. UNITED STATES PUBLIC DEBT. TOTAL. . . . . . . . . . $64,704,693. The principal items are:— 5 per Cents, due 1st July 1853, . . . . . . . . . . . . 6,468,000 dollars, 6 39 ,, 12th Nov. 1856, ... . . . . . . . . . 4,999,000 ,, 6 33 ,, 31st Dec. 1862, ... . . . . . . . . . 8,199,000 ,, 6 33 ,, 1st Jan. 1868, . . . . . . . . . . . . 27,767,000 , 6 sº ,, 1st July 1868, . . . . . . . . . . . . 15,740,000 , These sums are represented by Bonds and Certificates. BONDS with COUPONS attached, payable in the States, for 1000, 2000, 3000 dollars. DIVIDENDS, January and July. CERTIFCATES from 1000 to 10,000 dollars. DIVIDENDS, January and July. This amount represents the national debt of the Union, for which the Federal Government is alone responsible. AMERICAN SECURITIES. 231 ALABAMA STATE STOCK. TOTAL DEBT . . . . . . . . . . . . $10,400,000. In the form of Bonds with Coupons. COUPONS due January and July. PAYABLE at Messrs. Gowan and Marx. BONDS of £200 each. REDEEMABLE from 1858 to 1866. PAYABLE at New York, 4,300,000 dollars. BONDS of 500 dollars and 1000 dollars. REDEEMABLE from 1852 to 1866. PAYABLE in London, 1,000,000 dollars. BONDS of 1000 dollars. INTEREST 6 per cent. per annum. DUE 1850, but renewable for twenty years. Alabama debts have been incurred for Banks, which are now being wound up; but little is known of the real condition of the finances of this State. It has not de- faulted in the regular payment of its interest, or shewn any weakness. It is understood that the purchasers of its bonds are persons who are indebted to the Banks, and who use these bonds in payment of their debts. Ala- bama State is one of the largest growers of cotton: her population being almost devoted to the production of this staple. The capital of the state is Mobile, and since the alteration in the route of the West India steamers, it has become of greater importance in consequence of their touching to land passengers and letters. 232 AMERICAN SECURITIES. * INDIANA STATE STOCK. ToTAL DEBT about $15,000,000. INDIANA DEBTs consist of about 1,000,000 dollars, outstanding old bonds, supposed to be in the hands of trustees and others who have not the power of conversion, in the form of bonds with coupons attached. INDIANA STATE 5 per Cents. (paying only 4 per cent. until January 1853) about 5,000,000 dollars. INDIANA STATE 24° deferred,” to commence, bearing interest, January 1853, about 2,000,000 dollars. INDIANA CANAL 6 per Cents. ; 800,000 dollars to be redeemed out of the first proceeds of the sales of Canal lands. * INDIANA CANAL preferred 4,500,000 dollars, bearing interest from January 1847 at 5 per cent. ; and another sum of about 1,300,000 dollars, bearing interest from January 1853 at 5 per cent., provided the returns from the canal are sufficient to pay them; this stock was issued to those holders who subscribed to the finishing of the canal. INDIANA Canal deferred 1,000,000 dollars, payable. The whole of the new stocks are on certificates. Interest January and July, in New York. Indiana contracted her debts almost solely for the construction of canals. Her arrangements were made for the issue of 14,000,000 of dollars, but in the year 1841, being that of the great commercial crisis of the United AMERICAN SECURITIES. 233 States, she found herself unable to obtain from the con- tractors for the loans the balance of 3,560,000; and her canals being in an unfinished condition and therefore useless, she was compelled to suspend payment of her dividends. After being paralysed for several years, and offering to sell her public works, she finally—in January 1846—arranged with her creditors to call in all her debt and to give new bonds for half the amount, for which the State undertook to provide both the payment of the principal and the interest. For the other half of the debt she surrendered the entire of the canals and the lands appertaining thereto, to the Bondholders, with the conditions that they were to finish them and then to look to the canals for the payment of the advance, and the interest and principal on their half of the debt. Nearly the whole of the Bondholders did subscribe, and their bonds in consequence have priority over those who did not. The canals, which cost about 13,000,000 dollars, reverts to the State when the Bondholders’ claims are paid off. Indiana is now one of the most flourishing States of the Union. 234 AMERICAN SECURITIES. MASSACHUSETTS STOCKS. TOTAL DEBT to 1st. JANUARY, 1850. . . . . $5,049,555. Western Rail Road 5 per Cents., Sterling due — 1 April . . . . . . 1868 . . . . . . . . . . . . . . #135,000 1 October .... 1868 .............. 337,500 1 October .... 1869 .............. 90,000 1 April . . . . . . 1870 . . . . . . . . . . . . . . 180,000 1 April . . . ... 1871 . . . . . . . . . . . . . . 157,400 #899,900 In BONDS with COUPONS amounts £200 and £500. DIVIDENDS payable April and October, at Messrs. Baring’s. Western Railroad 5 per Cents. dollar Stock, $995,000. Eastern Railroad 5 per Cents., dollars due. 1 July . . . . . . . . . . . . . . . . . 1857 . . . . . . . . . . . . 100,000 dollars 1 Sept. . . . . . . . . . . . . . . . . . . 1858 . . . . . . . . . . . . 100,000 , 1 April . . . . . . . . . . . . . . . . . . 1859 . . . . . . . . . . . . 300,000 ,, Both are in BONDS, with COUPONS. AMOUNTS 5000 dollars, DIVIDENDS Payable January and July, in Boston. Massachusetts is one of the most solvent and best re- gulated States in the Union. Her debt has been con- tracted to aid and assist in the formation of Railroads. These Bonds are given to the different Railroads with AMERICAN SECURITIES. 235 the understanding that each one is to provide the interest and to pay the principal when it falls due for that portion of the Bonds issued to it. The State being bound to do both, should the railroads fail to fulfil its ob- ligations. The total assets of the Commonwealth amount $10,728,000, and her entire liabilities including her ad- vances to the Railroads of her Bonds is only $5,049,000. The ordinary revenue of the State is about $490,000, and the two principal items are $338,000, arising from the tax on Banks, and $87,000 dividend on the Western Railroad Shares held by the State The principal items of expenditure are, for the legislature $81,000; for salaries $72,000; for paupers $91,000, principally emigrants; and $50,150 the interest on $995,000 of Bonds issued by the state, for its own benefit, and for the purpose of paying for the Western Railroad Shares. 236 AMERICAN SECURITIES. MARYLAND STATE STOCK. TOTAL DEBT FOREIGN AND DoNESTIC. . . . . $16,140,000. The following are some of the principal items:— Issued for the Chesapeake and Ohio Canal.......... 7,194,000 Dollars. a 3 Baltimore and Ohio Railroad ........ 3,697,000 y 3 33 Baltimore and Washington Branch.... 500,000 35 35 Baltimore and Susquehanna Railroad 2,232,000 35 33 Susquehanna and Tide Water........ 1,000,000 • 9 Any portion of this debt represented by Sterling Bonds, may be converted at the option of the holder into a registered dollar stock, valuing the £ Sterling at $4,84. The Sterling Stock is represented by BONDS of £225, £250, £500, $1000 each. DIVIDENDS due January and July. PAYABLE at Messrs. Baring’s, in London. The DOLLAR STOCK principally by Certificates. There are BONDS of 1,000 dollars each. DIVIDENDS payable, January, March, July and October, in Baltimore. Maryland is one of the most deeply indebted States of the Union, if the amount of the debt and the popula- tion is alone regarded. But it was incurred to aid and AMERICAN SECURITIES. 237 assist Railroads and Canal Companies, which in time will return large profits to the State—of all the em- barrassed States, Maryland has undergone greater self denial to effect the recovery of her position than any other State, and her efforts have been crowned with success. The Sinking Fund has been already of service in reducing the amount of her debt, and it is estimated within 20 years, that it will extinguish it altogether. In December 1848, the Sinking Fund had paid off $1,786,000, and since then it has been considerably in- creased. 238 AMERICAN SECURITIES. MICHIGAN STATE STOCK. OUTSTANDING BONDS about 3,740,000 dollars. ARREARS of Interest about 2,000,000 dollars. In BONDS of 1000 and 3000 dollars each. COUPONS due January and July, PAYABLE Morris' Canal Bank, New York. DOMESTIC Debt unknown in this country about 1,000,000 dollars. MICHIGAN offers new stock, bearing 6 per cent. interest for her debt, at the rate of about $475 for every bond of $1000 each, provided the coupons from July 1841 to January, 1850, are all attached; the new stock is to bear interest from the 1st of January next after surrender, and 18 dollars is to be added to the 475 for every additional year that this old bond is kept back. The income of the State last year . . . . . . $151,000 Charges of the Government Schools . . . . 105,000 $45,000 If the whole of her debt were exchanged for new bonds it would require to pay the interest. . . . . . . . . . . . . . . . . . . . . . . . $65,000 Michigan in 1838 authorized a loan of $5,000,000, and the Governor, Stevens T. Mason, proceeded to New York AMERICAN SECURITIES. 239 to sell the bonds contracted for the sale of them, at par, $250,000 cash down, and $100,000 per month for the first twelve months, and $250,000 per quarter afterwards. Under this arrangement $1,362,000 of the bonds were resold by the Morris Canal Company, and the amount handed to the State. On this portion of the transaction the State has always fully acknowledged the debt. After the failure of the Morris Canal Company, the United States' Bank took the contract and guaranteed the pay- ment on the run arising $3,638,000 and then failed, having paid only $998,000 to the State. With unpar- donable negligence on the part of the authorities of the State the whole of the bonds had been handed to the Bank, and not delivered as paid for. The Bank availed itself of this laches and pledged the bonds in Europe as collateral security for its debentures for $3,275,000, al- though it had only paid $998,000 for them. These bonds are now held here, very few of them having been bought up and sent to the States. 240 AMERICAN SECURITIES. MISSISSIPPI STATE STOCK. TOTAL DEBT Inclusive of Arrears of Interest about $10,700,000. Issued through the Planter's Bank, $2,000,000. INTEREST 6 per cent. COUPONS unpaid since July 1840. REDEEMABLE 1841-46-51-61-66–71. COUPONS due January and July. PAYABLE in London at Messrs. Wilson & Co., under an ar- rangement. In BONDS of 1000 dollars each, with COUPONS. Issued through the Union Bank, $5,000,000. INTEREST 5 per cent. Sterling. COUPONS unpaid since Nov. 1840. REDEEMABLE 1858. COUPONS due April and November. PAYABLE in London, at the Agency of United States’ Bank. In BONDS of 2000 dollars each, or of £450. § The only pleas put forward by Mississippi to justify the repudiation of the State Bonds issued through the Union Bank, are that they were sold on a credit of a AMERICAN SECURITIES. 241 few months instead of for cash, so that the State only virtually received 98% per cent., instead of par; and that the endorsement engaging to pay the principal and in- terest in London, had not been contemplated by the Le- gislature. But it makes little difference on what grounds the Union Bank Bonds are repudiated, when the State neither pays the interest or the principal of those which she issued through the Planters Bank, and their validity she does not question. The question is notif by nice dis- tinction of law she be able to escape her liabilities, but whether she be not in justice bound to redeem them, because the purpose of issuing her Stock was substan- tially answered. R 242 AMERICAN SECURITIES. GEORGIA STATE DEBT. TOTAL DEBT. . . . . . . . . . . . . . . . . . $2,023,000. Interest 6 per Cent. BONDS, with Coupons attached, redeemable between 1853 and 1874. PAYABLE mostly at Milledgeville, but some are payable in other cities in Georgia. Almost the whole of the Bonds are issued for the Western and Atlantic Railroad, which is nearly com- pleted, and will connect her cities with the Tennessee river, and thus with the inland navigation of the States. - Her finances are so good that last year she reduced her debt $75,000, and calculates in continuing to reduce it at the same rate. Georgia Stock is very little known in Europe—for- tunately for her she did not appear as a borrower in Europe until just before the credit of the Union re- ceived the fatal blow by the failure of the United States' Bank, and only succeeded in raising the sum of £100,000. Since then she has steadily reduced the amount, and now only £16,000 sterling Bonds exist. Latterly, there have been established several factories within the State, which have been found to be very profitable, and in this particular she takes the lead of all the Southern States. AMERICAN SECURITIES. 243 KENTUCKY STATE STOCK. TOTAL DEBT . . . . . . . . . . $4,500,000. In BONDS of 1000, 2000 and 5000 dollars, with Coupons. DUE January and July. PAYABLE in New York. This State owns $1,270,000 of Bank Stock, about 400 miles of Turnpike Road, 29 miles of Railroad, and 290 miles of Slack Water navigation, all of which yield up- wards of $100,000 per annum : this, with a portion of the annual taxes, pays the interest on the public debt. 244 AMERICAN SECURITIES. VIRGINIA STATE STOCK. ToTAL DEBT . . . . . . . . . . . . $7,500,000. In CERTIFICATES bearing 6 per Cent. Interest. TRANSFERABLE in Richmond. DIVIDENDS payable in Richmond. The State holds property producing nearly as much income as the amount it has to pay for interest. There is, however, an additional sum of $6,000,000 which under existing laws may be called for out of the Treasury, and about $5,000,000 of which will, it is thought, be certainly demanded in the course of a few years; hence this sum, though not now a subsisting debt, will become so, and ought to be taken into the estimates of the liabilities. This sum of $5,000,000 will be expended in aiding public works. AMERICAN SECURITIES. 245 TENNESSEE STATE STOCK. TOTAL DEBT . . . . . . . . . . . . $3,300,000 Bearing 6 per Cent Interest. BONDS of 1000 dollars each. PAYABLE in New York. Total amount received ............ 374,000 dollars 369,000 ,, The amount of productive property held by the State is $4,837,000; of unproductive property $1,101,000. 246 AMERICAN SECURITIES. NEW ORLEANS CITY DEBT. Second Municipality, TOTAL DEBT $1,700,000. BONDS of 1000 dollars each. PAYABLE at Messrs. Barings. SINKING FUND 68,650 dollars per annum. The Citizens of the three municipalities of New Or- leans, have just rejected by the ballot the re-union of the municipalities. The second municipality will therefore continue to pay its interest, and to purchase portions of its debt without the interference of the other muni- cipalities. AMERICAN SECURITIES. 247 SOUTH CAROLINA. TOTAL DEBT . . . . . . $3,000,000. 3.5 per Cent. Sterling in Bonds of £250 and £500 each, with Coupons. PAYABLE January and July at Messrs. Palmers, Mackillop and Dent. #25 per Cent. Sterling in Bonds of £250. COUPONS due January and July. PAYABLE at Messrs. Baring Brothers. The taxes for 1827 were :- on 347,468 Slaves at 55 Cents. . . . . . . . . . . $191,107 ,, 2,544 free negroes at $2:00 . . . . . . . . 5,088 ,, Goods, wares &c. . . . . . . . . . . . . . . . . 24,464 ,, Professions. . . . . . . . . . . . . . . . . . . . . & 6,894 » Lots. . . . . . . . . . . . . . . . . . . . . . . . . . ... 43,985 » Lands . . . . . . . . . . . . . . . . . . . . . . . . . . 31,189 Double Taxes and arrears. . . . . . . a. * * * * * * * * 749 $303,430 248 AMERICAN SECURITIES. FLORIDA SIX PER CENTS. Pedeemable 1858,-60,-62, and 64. CAPITAL about $1,000,000. * In BONDS of 1000 dollars each, with Coupons. DIVIDENDS stipulated to be paid in January and July, but none liquidated for some years past owing to the State having repu- diated. The money was raised for the purpose of establish- ing the Union Bank, which was privileged to borrow $2,000,000 more on the faith of the territory but scarcely any was secured. The State having suspended its divi- dends, it is believed little of the Stock remains in this country, it having been principally bought up under 30, and remitted back in release of Mortgages. AMERICAN SECURITIES. 249 * NEW YORK CITY DEBT. TOTAL DEBT . . . . . . . . . . . . . . $11,600,000. IN CERTIFICATES. DIVIDENDS payable in New York quarterly. Almost the whole of the Debt bears interest at 5 per Cent. The total amount of direct taxes collected in New York City, for State and City purposes is $3,100,000. The Levy for 1848 was the State Tax. . . . . . . . . . . . . . 5 To make good the deficiency between the Interest due on the Loans for the Croton Aquaduct, and the re- ceipts from Water Tolls . . . . . . . . . . . . . . . . . . . . . . 17 Water Pipes and laying the same . . . . . . . . . . . . . . . . 3 Common Schools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Police . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Alms-Houses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 All Accounts for City Government . . . . . . . . . . . . . . . . 32 Deficiency of 1847... . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Other small sums ............ ſº tº e º e º e e e º e s e e < * * * 3 108 Being One per Cent. Tax on the entire property of the City. 250 AMERICAN SECURITIES. UNITED STATES’ BANK DEBENTURES. £900,000. . . . . . . . 6 per Cents. Sterling. IN DEBENTURES of £100, £250, £500, £1000, due 1841, A, 1842, A A. Payable at Messrs. Rothschilds, in Paris. About £600,000 are now outstanding, the remainder having been surrendered, and the collateral security withdrawn. Each Bond of £1000, is entitled to the following amounts:— A. AA Pennsylvania . . . . . . . . . . . . 1,61307 1,45849 Ditto Dividend Certificates... 209” 18913 Mississippi . . . . . . . . . . . . . . 1,91008 1,727 Indiana Bank . . . . . . . . . . . . 14112 12760 Indiana Canal . . . . . . . . . . . . 24332 220 Illinois Canal . . . . . . . . . . . . 13139 11880 Illinois Int. Imp... . . . . . . . . 3.04.15 275 Michigan . . . . . . . . . . . . . . . . 1,750% 1,57410 AMERICAN SECURITIES. 251 UNITED STATES’ BANK DEBENTURES. f'800,000 . . . . . . . . 6 per Cents. Sterling. I DEBENTURES of £500, £1000, £2000, due 1842, Red, 1842, Black, payable at Messrs. Denison & Co. About £250,000 only are now outstanding, the re- mainder having been surrendered, and the collateral security withdrawn. Each Bond of £1000 is entitled to the following amounts:— Pennsylvania. . . . . . . . . . . . 4,3813? 3,74772 Mississippi. . . . . . . . . . . . . . 1,09890 1,098% Michigan . . . . . . . . . . . . . . 1,11375 1,11375 The Certificates issued by Pennsylvania for the two years and a half, during which she defaulted in paying her interest in cash, has been funded into Stock. CAMDEN AND AMBOY RAILROAD. #210,000. . . . . . . . 5 per Cents. Sterling. f250,000. . . . . . . . 6 per Cents. Ditto. BONDS due 1864, #200 and £500. COUPONS, due February and August. Payable at Messrs. Palmer, Mackillop, and Dent. $800,000........ 6 per Cents. dollars. BONDS due 1864, #1000. COUPONS due January and July, payable in New York. 252 AMERICAN SECURITIES. ILLINOIS STATE STOCK. TOTAL DEBT . . . . . . . . . . . . . . . . . $16,600,000. STERLING BONDS of £100–£300. DIVIDENDS payable in London, at Messrs. Magniac, Jardine, & Co. CERTIFICATES of 1000 dollars each, transferable in New York, representing the original debt. CERTIFICATES of 1000 dollars each, also transferable in New York, representing the overdue interest on the debt. INTEREST on the above to the following small amount only have been paid. Illinois is slowly improving its position. In 1845, being then much embarrassed, her canal unfinished, and her credit very low, she appealed for assistance to her Bondholders, who advanced $1,600,000 dollars. Since then the canal has been finished, though for so short a time that the returns of income from the toll on the boats passing through it, do not as yet furnish any criterion for future calculations. A donation of large sections of lands was made by Congress conditionally that the canal was made; these lands have been claimed, and are now being sold for the benefit of the Bondholders, who did subscribe towards the $1,600,000 loan, and within the last few months, one-fifth of the amount has been repaid to them. AMERICAN SECURITIES. 253 PENNSYLVANIA STATE STOCK. TOTAL DEBT . . . . . . . . $40,511,173. REDEEMABLE at various periods. DIVIDENDS due February and August. PAYABLE at Philadelphia. CERTIFICATES of various amounts, TRANSFERABLE on the great book by Power of Attorney or in person. The dates at which the stock is redeemable no longer creates a difference in the prices in this market arising from the wording of the certificates, which are redeem- able at the pleasure of the State, after certain periods, and until redeemed they bear 5 per cent interest. Pennsylvania has laboured hard to restore her credit; but as long as she continues to deduct from the amount she undertakes to pay her creditors for dividends an in- come tax of one quarter of 1 per cent., the value of her stocks must remain depreciated. 1849. 1848. 1847. Taxes on real and per- sonal estate . . . . . . } 1,293,000 1,350,000 1,587,000 Canal & Railroad tolls... 1,628,000 1,550,000 1,380,000 Other sources . . . . . . ... 1,121,000 791,000 790,000 Loans . . . . . . . . . . . . . . 391,000 140,000 220,000 4,433,000 3,831,000 3,977,000 Balance in Treasury. . 577,000 680,000 384,000 $5,010,000 $4,512,000 $4,361,000 254 AMERICAN SECURITIES. Expenditures Interest . . . . . . . . . . . . . . 2,007,000 Sinking Fund . . . . . . . . 100,000 Public improvements ... 951,000 Expenses of Government 237,000 Other expenditures .... 789,000 2,005,000 2,002,000 996,000 690,000 230,000 200,000 704,000 788,000 4,084,000 Balance in Treasury. . 926,000 3,935,000 3,680,000 577,000 680,000 $5,010,000 $4,512,000 $4,361,000 Should Pennsylvania adopt the New York banking and make her own stock, the basis on which the Banks may issue notes, then her condition would rapidly improve. AMERICAN SECURITIES. 255 NEW YORK STATE STOCK. TOTAL DEBT . . . . . . . . . . . . . . $24,000,000, REDEEMABLE from 1850 to 1865. DIVIDENDS—mostly January and July. PAYABLE in New York City. CERTIFICATES in dollars only, and for various amounts. TRANSFERABLE on the great book by Power of Attorney or in person. The stock having the longest periods to run commands the highest prices, because although payable after cer- tain dates, yet the custom of the State heretofore has been invariably to pay them off as soon as the dates arrived. New York State Stock was formerly very largely held in Europe; but within the last ten years it has been steadily returning to America, not from any distrust here, but from the action of the New York banking law, which requires all persons who may commence any new Bank to deposit with the comptroller of the State 100,000 256 AMERICAN SECURITIES. dollars of New York State Stock for every 100,000 dollars of Bank notes which they may issue. In addi- tion they must have ready to meet their issues 10 per cent. in coin. If ever the Bank fails to redeem its notes on demand, the comptroller publishes the fact, declares the bank broken, proceeds to sell the stock deposited and redeem the Bank notes. This law has entirely restored confidence in the New York Banks, and during the last thirteen years it has worked admirably well for the bene- fit of the community. AMERICAN SECURITIES. 257 OHIO STATE STOCK. ToTAL DEBT . . . . . . . . . . . . $16,880,982. REDEEMABLE from 1856 to 1870. CERTIFICATES registered in New York. INTEREST, January and July. Nearly the entire of the debt bears 6 per cent. per annum interest. The State received 7 per cent, premium to renew the Stock due 1850, for an additional twenty years. dollars. Total cost of her canals . . . . . . . . . . . . . . . . . . 15,022,503 ,, Income from them in 1833 .......... 187,026 32 32 ,, 1848 . . . . . . . . . . 785,000 The State of Ohio is nearly two-thirds the size of Eng- land and Wales, and contains about 25,000,000 of acres; the half of it has been sold, and the remainder appro- priated for schools, colleges, works of internal improve- ment, &c. To uphold her credit during the years 1844, 1845, 1846, a tax of 7 per cent. in every 1000 of the S 258 AMERICAN SECURITIES. entire valuation of every description of property was levied: but for the years 1847 and 1848, 3 in 1000 per annum was found to be sufficient. The interest on her debt annually amounts to 1,025,000 dollars, while her State expenses, including the governor's salary, legis- lature, judges, and all and every description, amount to only 240,000 dollars. She expends annually a school fund of 200,000 for the purpose of furnishing to the meanest of citizens at least the first rudiments of educa- tion. In 1826 the total taxable property was valued at 59,000,000 dollars; in 1848 it amounted to 421,000,000 dollars. AMERICAN SECURITIES. 259 IOUISIANA STATE DEBT. DEBT PROPER. . . . . . . . * * * * * * $4,000,000. LIABILITIES FOR BANKS. Issued through the Union Bank, $3,500,000. REDEEMABLE 1850 and 1852. INTEREST 5 per cent. PAYABLE in London, February and August. Issued through the Planters' Bank, $1,400,000. INTEREST 5 per cent. - PAYABLE in New Orleans, June and December. REDEEMABLE 1854,-57,-60,-63, and 1866. BONDS for arrears of Interest 350,000 dollars. REDEEMABLE 1850,-51-52,-53, and 1854. Issued through the Citizens' Bank, £1,500,000. INTEREST 5 per cent. PAYABLE in London and Amsterdam, February and August. BONDS for arrears of Interest, 160,000 dollars. Since the year 1841, Louisiana has materially reduced the amount of her liabilities. Her debts were contracted in the form of Bonds, and given to different Banks, to be by them sold in London, and thus raise a banking 260 AMERICAN SECURITIES. capital. When the crisis occurred, and the Banks could no longer pay the regular interest, the State found her- self unprepared to do, and instead of immediately taxing her people, she thus far denied her obligation that the Bond was not due against her until the Bank was wound up, and found unable to pay; although the tenor of the Bond was perfectly clear, that the state of Louisiana was indebted to the bearer of it without any reservation. For several years interest was not paid on any of the Bonds, but they were bought up at depreciated prices, and delivered to the Bank by parties indebted to it at par. In December 1848, two of the Banks made arrangements with their creditors; new Bonds being given for the arrears of Interest. The Bank of Louisiana never de- faulted in its interest, or failed to pay the principal of the debt as it fell due. Its debt is now all paid off. EXCHANGE. 261 EXCHANGE. THIS is a term in commerce signifying the receiving or paying of a sum of money in one country for its equivalent in another, which is commonly effected by means of bills of exchange. The nature of these is too well known to need description. The par of exchange—signifies the equivalence of a certain amount of the standard currency of the one country in the standard currency of the other. Thus, according to the mint regulations of Great Britain and France, £1 sterling is equal to 25 fs. 20 cents, which is said to be the par between London and Paris. So, when a bill for £100 drawn on London is worth fis. 25,20, and conversely, the exchange is said to be at par. When £100 in London buys a bill on Paris for more than fs. 25,20, the exchange is said to be in favour of Paris, and against London ; and when, on the other hand, £100 will not suffice to buy a bill for fis.25,20, the ex- change is against London and in favour of Paris. The course of exchange—is the current price between two places, which is always fluctuating, being sometimes below par, according to the circumstances of trade, and 262 ExCHANGE. the consequent debt due to or from one country, from or to the other. For, though among cities or countries having any considerable intercourse, the debts mutually due, generally approach to an equality, yet there will be occasionally a sudden increase or diminution of the bills drawn by one upon the other, and the rate of exchange will thereby be materially affected for the time. When the coins circulating in a country are so worn as to have sunk considerably below their mint standard, or when paper money is depreciated from excess, or want of credit, the exchange is at real par only, when it is against such country to the extent to which its coins are worn, or its paper depreciated. The cost of conveying bullion from one country to another, forms the limit within which the rise and fall of the real exchange between them must be confined. If one per cent sufficed to cover the expense and risk at- tending the transmission of money from London to Paris, it would be a matter of indifference to the merchant, whether he paid one per cent. premium for a bill of exchange on Paris, or remitted the amount in bullion. If the premium were less than one per cent., it would clearly be his interest to make his payment by bills in preference to remitting in cash, and that it could not be more is obvious, for every one would prefer re- mitting money to buying bills at a greater premium than would cover the expense of its remittance. ADDENDA. THE ENGLISH DEBT. The annexed Tables, extracted from the Government Finance accounts for the year ending the 5th of January 1851, show the latest actual position of the debt of Great Britain and Ireland, funded and unfunded on the 5th of January, 1851. AN ACCOUNT of the State of the PUBLIC FUNDED DEBT of Great Britain and Ireland, and the charge thereupon, at the 5th January, 1851. DEBT. GREAT BRITAIN. Debt due to the South Sea Company.....................at 3 per cent. Old South Sea Annuities............... ......... ditto ... New South Sea Annuities .......................................... ditto ... South Sea Annuities, 1751 .......................................... ditto ... Debt due to the Bank of England............................... ditto ... Bank Annuities, 1726 ....................................... ditto .. Consolidated Annuities........... . ditto ... Reduced Annuities ... ditto ... * * * * * * * * * * * * * * * * * * * * § º Total at 3 per Cent. ................................. Annuities at 34 per cent,......................................................... New 5 per cent Annuities ...................................................... TOTAL, GREAT BRITAIN “. . . . . . . . . . . . . ... “... •. IRELAND. Irish Consolidated Annuities, at 3 per cent.............................. Irish Reduced Annuities, ditto Annuities at 34 per cent ......... & e º 'º e º 'º e º e º 'º e s is e e º e º e º 'º - e º e º e º g º e º sº e º 'º e º 'º e º 'º tº e e Debt due to the Bank of Ireland, at 34 per cent. ..................... New 5 per cent Annuities ...................................................... * * * * * * * * * * * e º e o e sº e º e º e s tº e º see ToTAL, IRELAND es e e s e s see e s a se e s a e s e o e º e º e s e º 'º e o so a TOTAL, UNITED KINGDOM, on 5th January, 1851............... } • * * * * * * * * e e s a se e º p * * * * * * * * * CAPITALS transferred to and CAPITALS CAPITALS. standing in the Names UNREDEEMED. of the Commissioners. f s. d. # s. d. £ S d. 3,662,784 8 63| – * *-w - 3,662,784 8 64 3,010,378 9 10 11,067 12 1 2,999,310 17 9 2,137,984 9 5 11,815 13 5 2,126,168 16 — 480,200 - ** 3,219 8 3 476,980 11 9 11,015,100 — -- - - - - 11,015,100 — — 709,202 18 7 93.1 2 7 708,361 16 — 373,860,824 7 44 928,398 8 3 372,932,425 19 1} 120,237,650 10 7 1,357,998 1 11 118,879,652 8 8 # 515,114,215 4 3; 2,313,430 6 6 512,800,784 17 93. 215,777,916 6 2 380,605 7 7 215,397,310 18 7 431,076 3 2 624 15 0 430,451 8 2 # 731,323,207 13 73 2,694,660 9 1 728,628,547 4 6# 5,578,579 – 7 - * - * 5,578,579 – 7 106,290 12 5 - - --- - 106,290 12 5 32,325,702 7 7 * -*. * - 32,325,702 7 7 2,630,769 4 8 - -- * - 2,630,769 4 8 2,673 11 2 *- *4 *w- - 2,673 11 2 36 40,644,014 16 5 -- -e - -- 40,644,014 16 5 4, 771,967,222 10 —# 2,694,660 9 i 769,272,562 – 113 CHARGE. TOTAL tº-- IN IN ANNUAL CHARGE o GREAT BRITAIN. HRELAND. Unredeemed Debt. DUE TO THE PUBLIC CREDITOR. d 38 s. d. #6 s. d. f S - Annual Interest on Unredeemed Capital ................................. 22,405,958 14 5 1,313,342 – 34 Long Annuities, expire 1860 ................................................... 1,227,963 11 4 65,424 18 10 Annuities per 4 Geo. 4, c. 22, expire 1867............................... 585,740 - - Annuities for a limited term of years, per 59 Geo. 3, c. 34, 10 Geo. 4, c. 24, and 3 Will. 4, c. 14, which expire at various periods: Granted up to the 5th Jan., 1851...... £1,694,507 15 6 Deduct, Expired and Unclaimed up to ditto, including £106,100, Waterloo Annuities, 59 Geo. 3, C. 34.............................................. 799,919 2 2 — via. 843,388 13 4 51,200 - - #894,588 13 4 PAYABLE AT THE NATIONAL DEBT OFFICE. Life Annuities, per 48 Geo. 3, c. 142, 10 Geo. 4, c. 24, and 3 Will. 4, c. 14; viz. Granted up to the 5th Jan., 1851...... *:::::::: º 6 Deduct, Expired and Unclaimed up to ditto ... ,434,581 * 979,143 16 ; Tontine and other Life Annuities, per English ............ 15,246 5 various Acts... ...: } Irish * @ Q 6 tº 0 & © tº º & © tº $ tº 34,230 8 7 6,524 2 3 £26,091,671 9 9 £1,436,491 l 4; Management • * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * 92,287 6 7 ToTAL ANNUAL CHARGE, exclusive of £84,119 4 74, the Annual charge on Capitals and Long Annuities, and An- nuities for Terms of Years, per 10 Geo. 4, c. 24, standing in the Names of the Commissioners on account of Stock Un- 4:26,183,958 16 4 £1,143,491 1 4} #27,520,449 17 83 claimed 10 Years or upwards, and of Unclaimed Dividends, and also on account of Donations and Bequests. ABSTRACT. CAPITALS transferred to and standing in the Names of the Commissioners. CAPITALS. ANNUAL CHARGE OF UNREDEEMED DEBT. CAPITALS UNREDEEMED. Due to the Public Creditor. MANAGEMENT. TOTAL. . 38 . 8. GREAT BRITAIN ......... 731,323,207 13 IRELAND .....................' 40,644,014 16 | ToTAL, United Kingdom on 5 January, 1851, | 771,967,222 10 £ s. d. 2,694,660 9 1 (a) 2,694,660 9 | tº € $ tº s sº-º-º- £ s. d. 26,183,958 16 4 1,436,491 1 43 92,287 6 7 |* 17 8; :9 s. d. 92,287 6 7 e < * * * * * * * * * * * * * * * * * * 39 s. d. 26,091,671 9 9 1,436,491 1 43 27,528,162 11 13 £ 8. g 728,628,547 4 63 40,644,014 16 5 769,272,562 – 113 tº $ tº (a) On Account of Donations and Bequests.................. #390,435 11 1 DEFERRED ANNUITIES OUTSTANDING 5 January 1851. Ditto of Stock Unclaimed 10 years º Bank ...... 494,695 6 5 upwards ....................................... “ i. Sea. #; 13 9 f £ s. d * * tº e &Ilk . . . . . . 1,734,100 — — Deferred Life Annuities, per 10 Geo. IV. * Ditto of Unclaimed Dividends ......... | south sea. "49.2% 17 10 | c. 24 and 3 will.iv. 1: ........ ; 32.625 4 6 *mºmºsºm. Deferred Annuities for Terms of Years, ) 1,230 11 6 £2,694,660 9 l per ditto ............................................. } ‘’ l £33,855 16 - The Act 10 Geo. IV. c. 27, which came into operation at the 5th July, 1829, enacts, That the Sum thenceforth annually ap- plicable to the Reduction of the National Debt of the United Kingdom, shall be the Sum which shall appear to be the amount of the whole actual annual surplus Revenue, beyond the Expen- diture of the said United Kingdom; and the following Sums have been accordingly received by the Commissioners for the Reduc- tion of the National Debt, including Sums on account of Dona- tions and Bequests; viz. National Debt Office, 6th January, 1851. ON ACCOUNT OF APPLICABLE BETWEEN | The sinking Fund. Donations and Bequests. 5th April and 5th July, 1850 £524,531 10 6 2,230 5 11 5th July and 10th Oct. 1850 634,697 17 9 3,787 3 7 10th Oct. 1850 and 5th Jan. 1851 859.589 14 4 2,118 14 2 5th Jan. and 5th April, 1851 865,788 13 3 3,818 10 11 2,884,607 15 10 11,954 14 7 A. Y. SPEARMAN, Comptroller-General. UNFUNDED DEBT. AN ACCOUNT of the UNFUNDED DEBT in ExchEQUER BILLs on the 5th January 1850; the Amount issued in the Year ended 5th January, 1851 ; the Amount issued for paying off Exchequer Bills within the same Period, and the Amount outstanding on 5th January 1851; distinguishing, also, the Total Amount un- provided for, together with the A mount of Interest upon the Outstanding Bills computed to the latter Day. ACTS O AMOUNT In the Year ended 5th January 1851 : O º º utstandin lı ing on 5th .#. ISSUED, CANCELLED. 5th jš. Various descriptions £ s. d. £ 8. d. £ s. d. £ s. d. of Exchequer Bills, issued under Acts prior to and includ- ing l? Vict. c. 20 (in part)...............]17,758,700 - - - - – 17,703,800 - - 54,900 – 4- Supply, Anno 1849, #17,786,700, per 12 Vict. c. 20........ — — — 8,532,800 — — — — — . 8,532,800 - - Supply, Anno 1850 £9,200,000, per 13 Vic. c. 10 ............} - – - || 9,168,900 — — — — — 9,168,900 — — Charged on Public|— Supplies............ £17,758,700 – – 17,701,700 – – 17,703,800 – – 17,756,600 – – Exchequer Bills granted as Ways and Means in 1850, and charged on Aids in 1851 ............................... 17,758,700 - - Bills paid off and cancelled in the year 1850.................................... By Money from Aids and Supplies... 2,100 — — Amount to be provided in the pre-— sent year................................. £17,756,600 - - Interest due on Exchequer Bills out computed to 5th January, 1851..... Issued to Paymaster General, as per Account No. 6: d S. Cº. Money out of Ways and Means, Grants for payment of Sup- ply Excheqr. Bills Exchequer Bills for payment of Supply Bills .........|17,701,700 - - 2,100 e e º e g º g tº 17,703,800 f s. d. * * standing charge on Supplies, 276,439 13 9 G. CORNEWALL LEWIS. Whitehall Treasury Chambers, 28 February, 1851. " 268 STATE OF FRENCH FINANCE. F R A N C E. STATE OF FRENCH FINANCE. The report of the committee on the budget for 1850 was published towards the end of March, showing the latest position of French Finance. The report states that the efforts of the committee were directed to the esta- blishment, as far as possible, of an equilibrum between the receipts and the expenses, by the increase of the one and the diminution of the other. The committee com- mences by drawing attention to the fact, that in its report on the budget of expenses it proposed a saving of more than 40 millions of francs on the ordinary expenditure, and of more than 44 millions on the extraordinary ex- penditure for the year. In going further it would have compromised the efficiency of the public service, for which it was necessary to provide. To show this, it gives in detail the nature of the estimated ordinary expenses for 1850, which amounts to 1,408 millions of francs. In this amount is included 264 millions of francs, which are STATE OF FIRENCH FINANCE. 269 écritures d'ordre, and which do not constitute a real charge; then comes 43 millions of expenses for advances on the recovery of revenues, and 326 millions represent- ing the interest on the public debt. From this it follows that there remains to meet the whole expenses of the Government of France, only the sum of 735 millions of francs; and it was on this sum of 735 millions that the committee proposed a reduction of 40 millions. The committee felt that in this state of matters it could not propose any further reductions, and that it could only apply itself to the increase of the receipts. The com- mittee calculates the ordinary receipts for the year at 1,251,523,967 francs. In this sum is included the money derived from the sale of a portion of the domains of the old civil list, amounting to 9,150,000 francs. The com- mittee proposes the abrogation of the decree of 1848, which authorises the Minister of Finances to sell the woods, forests, and lands belonging to the old civil list, and which now constitute the domain of the State; and proposes, besides, that an additional clause should be in- troduced into the bill respecting the budget, to the effect that none of the property belonging to the State should be sold without a special law passed to that effect. The committee states that the reduction of the duty on salt has been a great loss to the Treasury. For the first two months of 1850 the receipts on salt are 3,550,000 francs. less than for the corresponding months of 1849. Admitting that there will be an increase in the consumption, this 270 STATE OF FRENCH FINANCE. loss will not be covered, and the advantages derived from the measure are not so great as expected. Under the old law the revenue from salt would have been seventy millions, while under the present law it will not amount to 29 millions of francs; so that the loss will be forty-one millions. The tax upon potable liquors in 1849 was less by nine millions of francs than that received in 1846. For the present year the proceeds of that tax are estimated at 100 millions, and the committee disapproves of any change in it. The revenue derived from Algeria is estimated at 15,340,000 francs. Miscellaneous taxes are expected to produce 32 millions, and the Post Office 8 millions. These are the whole of the ordinary revenue. The ex- traordinary receipts amount to 84 millions, of which 10 millions are derived from the sum to be reimbursed by the Great Northern Railway, leaving a debt still due by that Company of 35 millions; 3,000,000 francs. from the droits de mutation of the estate of Madame Adelaide; and 71,895,150 francs. from the sinking fund. The com- mittee expresses a hope that the sinking fund will soon be re-established, as a duty owing by the State to the public creditor. The committee calculates the amount of the ordinary expenses over the ordinary revenue at 588,873 francs; but since then there have been further credits already voted, to the amount of 14 millions; so that the total deficiency will be at least 14,588,970 francs. The following is the present amount of the floating debt:- STATE of FRENCH FINANCE. 271 Deficients previous to 1848... . . . . . . . . . . . . . . . f.227,656,361 Ditto of budget of 1848............ tº e º e º e s a º 16,079,471 Ditto of budget of 1849 . . . . . . . . . . . . . . . . . . . . 290,000,000 Sum still due to depositors in the savings bank. 31,035,000 Sums to be expended in public works in 1850. . 58,000,000 f.622,770,832 This is besides the additional deficiency which may exist at the end of 1850. The resources at the disposal of the Treasury to meet this floating debt were, on the 1st of March, 1850, as follows:— Borrowed from the communes and public esta- blishments . . . . . . . . . . . . . . . . . . . . . . . . . . f.110,814,529 Ditto from the receivers-general . . . . . . . . . . . . 66,560,685 Ditto from the funds of the marine invalids. . . . 3,855,531 Ditto from the depôt de consignations . . . . . . . . 37,523,640 Ditto from the savings banks. . . . . . . . . . . . . . . 49,415,546 Ditto from the compensation account . . . . . . . . 33,613,512 Ditto from the fund which the Treasury holds in anticipation of the receipts. . . . . . . . . . . . . . 70,000,000 Total. . . . . . . . . . . . f.371,783,443 Besides this the Treasury can have recourse to the following:— Loan by the Bank of France on Treasury bonds, at four per cent . . . . . . . . . . . . gº º º ſº e º 'º e º º f.50,000,000 Loan by ditto on the 150 million loan ........ 50,000,000 Private loans on Treasury bonds . . . . . . . . . . . . 104,000,000 Total. . . . . . . . . . . . f.575,783,443 272 STATE OF FRENCH FINANCE. This shows a deficiency of 50,000,000 francs, but part of the money will not be required till the end of the year; and 100,000,000 francs are still at the disposal of the Government on the Bank's loan of 150,000,000 francs. SPAIN–SETTLEMENT OF THE DEBT. 273 SPAIN. Settlement of the Debt. The Spanish papers of the 1st of April published the following Royal Decree:– “Article 1. Having before my eyes the different projects for the adjustment of the public debt, prepared by the last com- mittee, as also the project, already drawn up by the Govern- ment, which was to have been presented last session, and having, moreover, consulted the delegates, whom the holders of Spanish securities in the different places where those se- curities are sold thought proper to appoint, I have decreed that the Directing Junta of the Public Debt shall forthwith proceed to prepare a new project, which will be submitted to the examination and approbation of the Government. “Article 2. The Government shall examine that project, and, after introducing in it the modifications it may deem ex- pedient, shall submit to the Cortes the measures necessary to effect and facilitate the adjustment at the opening of the next session of the Legislature. - “Article 3. Persons competent to decide in financial mat- ters, whom I may think proper to name, shall participate in the labours of the Directing Junta of the Public Debt.—Given at the Palace, on the 30th day of March, 1850. Signed by the Queen, and Juan Bravo Murillo, Minister of Finance.” T 274 SPAIN–SETTLEMENT OF THE DEBT. On the 19th of April the Official Gazette was filled with an exposition and project of law respecting the ar- rangement of the Public Debt. The exposition occupied eight columns; but the points of chief interest to the cre- ditors may be stated in a few words. Senor Bravo Murillo, after entering at length on the different principles upon which the arrangement of the debt might proceed, de- cides that the only principle which is practicable is that of applying to the purpose such a sum as may be calcu- lated on from the general resources of the State over what is absolutely required for its own obligations, and he fixes that sum at eighty millions of reals, which surplus he hopes to obtain by means of economy and in- crease of revenues, and proposes to apply it to the ar- rangement of the debt in the following manner:—The whole recognized debt, not including that proceeding from treaties, is stated at 12,531,067,461 reals, which will be increased by the stock to be received by the owners of lay tithes, and of various other credits, which, however, are to be the subject of a special law. The Three per Cent. Stock is not to be meddled with at all. The amount of stock to be dealt with, including debts pending liquidation and conversion, is computed (Table No. 2) at 12,508,965,511 reals, of which the Four and Five per Cent. Consolidated amount to 4,313,325,089 reals. The Minister proposes to strike off two-thirds of the capital of the Five per Cents., and to give New Three per Cent. Stock for the other third; in other words, to SPAIN-SETTLEMENT OF THE DEBT. 275 * give 33} Three per Cent. Stock for each 100 of Five per Cents., four-fifths of that amount for Four per Cents. and Consolidated Wales; and he proposes to convert the other stocks in a similar manner, i.e., taking off two- thirds of the capital, and giving them such a proportion of New Three per Cent. Stock for the other third as is equivalent to their average value compared with Five per Cents. in the Spanish market for the year 1849. The details of the first operation of reducing the debt to the standard of Five per Cents. are given in table No. 2, in which the amount of the different stocks is stated or computed, together with their average price in 1849, and the amount to which they would be reduced in Five per Cent. Stock. The result is, that the capital would be reduced to 7,876,154,211 reals, which, striking off two- thirds of the capital, i.e., converting it into Three per Cents., at the rate of 33% per cent, gives 2,625,384,737 reals of new stock, the annual interest of which would be 78,761,542 reals, the surplus to be applied to the re- demption of the debt. The average prices on which the preliminary operation of reducing the other stocks to Five per Cents., previous to the reduction of two-thirds of the capital and conversion of the other third into Three per Cents., are given in table No. 2, as follows:— The average price of Five per Cents. for 1849 is stated 1096-100; Four per Cents., 10.07; Wales Non-Consoli- dated and Deuda Corriente, 5.50; Home and Foreign Passive Debt and Deuda Provisional at 4.00; Coupons 276 SPAIN–SETTLEMENT OF THE DEBT. at 6.58, &c. This plan is not a definite one, as the board is charged to draw one up; but, should their project be similar, as the Fives are to be reduced by two-thirds, and the remainder converted into Threes, it amounts to an in- terest of 1 per cent. on the Fives, four-fifths on the Fours, two-thirds per cent. on Coupons, and rather more than one-third per cent. on Passive Debt. The plan is also based on two principles:–First, that the dividends on the new stock are to be paid in Spain alone; and, secondly, that the conversion is to be voluntary, though the Minister tells the creditors that it is utterly in vain for them to expect that any better offer can be made to them. As for the ways and means of meeting the additional eighty millions per annum, they are chiefly expected through the sales of convent property, quit rents, &c. Certain portions are now paid in money, and all future sales are to be for money, the purchasers paying, in twenty annual instalments, 6 per cent. for the first ten years, and 4 per cent. for the remaining ten. Induce- ments are also to be given to incline the parties who have already purchased to pay in stock to pay in cash, giving them some advantage with regard to its price in the market when their instalments fall due. Sixty millions are ultimately expected from all these sources, and the other twenty millions are looked for as the result of economies, and of increase in the revenues. The following is the Project of Law:— SPAIN–SETTLEMENT OF THE DEBT. 277 “Article 1. All the credits against the State contained in any of the existing categories of the Public Debt shall be converted into Three per Cent. Annuities, issuing new docu- ments for the purpose, in bonds payable to the bearer, or in transferable inscriptions at the choice of the parties interested. “The debt proceeding from treaties with foreign powers, which shall not be subject to the dispositions of this law, is excepted. - “The home and foreign Three per Cent. Debt created, or which may be created under existing laws, the which shall preserve its present situation without change, is also excepted. Article 2. The conversion shall be realized at the type of 33 1-3 per cent., i.e., with the reduction of two-third parts of the capital of the Convertible Debt, the capital of each class of debt being taken or reduced in order to effect that reduc- tion in the following manner:— “The capital of the Active Foreign Debt, and that of the Interior 5 per Cent., shall be taken for the whole of their nominal value. “That of the Four per Cent., and Consolidated Wales com- prised in it, shall be taken at four-fifth parts, or 80 per cent., according to the relation of their interest with that of the Five per Cents. “The capital of the Coupons, due and not paid, nor capi- talized; of the Active Debt; and of the Five and Four per Cent. Internal Debt; the Deuda Corriente of Five per Cent. with interest in paper; the Non-Consoldated Wales; the Passive Foreign Debt and the Debt without interest, shall be taken for as much as corresponds, according to the re- spective and proportionate value of the same effects, with that of the Five per Cent. Internal Debt, which results from the average price which the one and the others have been quoted at the year 1849. 278 SPAIN–SETTLEMENT OF THE DEBT. “The Deuda Provisional shall be taken divided into two classes, for the conversion; that proceeding from capitals which enjoyed interest, and that which derived its origin from other bonds. It shall have option to convert itself, as Deuda Cor. riente, con interes a papel, increasing or lowering the type of conversion of this latter in proportion as the said interest ex- ceeds or falls below that of the Five per Cents. Of the second, that proceeding from securities given, deposits, salt, and tobacco taken possession of, capitals coming from America, or others of which the Government of the respective epoch took possession without title, shall be converted as the Non- Consolidated Wales. The rest shall be converted as debt with- out interest; and the same shall be done with the unliquidated interest of the Deuda Corriente, of the Life Annuities, and of the Deuda Provisional proceeding from capitals with interest. The Life Annuities shall be capitalized at 3 per cent., and the capital which may result shall be taken and converted as that of the Five per Cents. ; but in place of inscriptions or bonds of perpetual annuities, certificates shall be issued, payable during the life of their possessors. “Article 3. The credits against the State still pending liqui- dation, shall continue belonging to the corresponding classes of debt, according to the disposition in vigour, and the new values shall be convertible at the will of their holders in the New Three per Cent. Annuities, according to their class, under the rules established in the preceding article. “Article 4. The certificates of the Old Debt, denominated Deferred, issued at Paris in 1831, shall have the option of coming into the new conversion, their capital being taken as that of the Passive Debt. “Article 5. The documents of the Old Foreign Debt of Five per Cents., which were not converted in virtue of the law of 1834, in consequence of not having been presented SPAIN–SETTLEMENT OF THE DEBT. 279 within the periods assigned, shall also have option for the conversion. “These credits shall be recognized now, and be taken with respect to two-third parts of their representative value in Active Debt, and one-third part in Passive Debt. “Article 6. For an equal reason the capitals of the Old Foreign Three per Cent. Debt, which were not presented at the epoch referred to, shall be admitted for conversion, being taken as Active Debt on two-third parts and as Passive Debt on the other third, after deducting two-fifth parts, correspond- ing to the difference between the Five and Three per Cents. “Article 7. The Coupons due up to November, 1833, and the cedulas of premium which were not presented for conver- sion at the proper time, shall also be admitted for conversion, taking them as Active Debt for two-thirds, and Passive for one-third. “Article 8. The conversion shall be voluntary on the part of the creditors. “Article 9. The interest of the New Three per Cents. shall be paid half-yearly, on the 30th of June and 31st December of each year, and its payment shall be effected in Spain. “Article 10. The conversion shall begin from the 1st January, 1851. The new interest shall begin to date from that day for those who present themselves for conversion be- fore the 1st of July of that year. Those who may present themselves subsequently shall only have right to interest from the half-year following that in which they effected it. “Article 11. The Government is authorized to create, be- sides the New Three per Cents. necessary for the conversion, those strictly required for meeting the legal obligations ema- nating from the conversion of 1834, and those which may have been unpaid, giving account to the Cortes of the use they might make of this authorization. 280 SPAIN–SETTLEMENT OF THE DEBT. “Article 12. The Government is equally authorized, under the same obligation, to give account to the Cortes to arrange and compromise the accounts of the old loans which should be still pending, in the terms which it may consider most equit- able and advantageous to the State. “Article 13. The result of the conversion and the number of the new documents which may be issued, and their amount, shall be published periodically in the Madrid Gazette for the satisfaction of the creditors. Article 14. Beyond the amount actually destined for the debt which in reality enjoys interest, and the increase which that sum must have in fulfilment of the dispositions in vigour, there shall be consigned in the general estimates of the State the sum of eighty millions of reals for the payment of the in- terest and redemption of the New Three per Cent. Annuities, applying especially to the second object the surplus which after paying the interest, may result in each year out of the said eighty millions. “Article 15. The faculty which the purchasers of national property now enjoy of giving money in certain cases equiva- lent to the stock in payment of the price, is extended to all cases, permitting them to pay what they owe for the instal- ments now due, or which become due, in stock or money. “In the first case they may realise it in the values actually signalised, or in the New Three per Cent. Stock, admitting it with the interest proportionate to the reduction which those values should have suffered through the conversion. “In the second case they shall deliver in money the sum corresponding to the effective value of the stock, according to the quotations of epoch in which the payment takes place, or that which may result from the average price of the same stock for the five years from 1845 to 1849, at their option. “Article 16. In future, all the sales of national property SPAIN–SETTLEMENT OF THE DEBT. 281 which may be alienated under the dispositions in vigour, shall be made for money. The price shall be paid in twenty yearly instalments—6 per cent. in each of the first ten years, and 4 per cent, in each of the remainder. Article 17. The products in cash of the sales of estates effected in consequence of the two preceding articles, as well as the amount of the promissory notes payable in cash, given by the purchasers of the estates of the secular clergy, and which has not been disposed of up to this day, saving the responsibility to which they are affected, shall have special application to the payment of the interest and redemption of the New Three per Cents., forming part of the annual sum of eighty millions which has to be assigned in the budget for that object, with reference to what is disposed in article 14. “Article 18. All the surplus which may result for the future, after covering the obligations of the budget of the respective year, shall be applied to the redemption of the debt. “Article 19. The Colonial Debt, the credits of the pos- sessors of offices alienated, those of capitalizations, and others whose recognition and payment are now pending, shall be the object of a special law, which the Government will submit op- portunely to the Cortes. “JUAN BRAVO MURILLO. “Madrid, &c.” 282 MEXICO –MODIFIED CONVENTION. MEXICO. MODIFIED CONVENTION. By the American steamer which arrived on the 14th instant, the following modified report on the Robertson convention was received and published. “Articles of the projet de loi (dictamen) of the committee of public credit on the foreign debt. “1. A national fund will be created of £10,241,650, at 3 per cent. annual interest, with the exclusive object of converting the English debt into that stock. “2. To this effect the necessary bonds for the sums specified shall be emitted in London, signed by the agent of the Republic, and countersigned by the Minister Plenipotentiary in England, or by the persons representing him. These new bonds will be exchanged for those of the Five per Cent. Consolidated Fund, and no new bond shall be issued till an old one of equal value, number, and initial, shall be withdrawn. The bonds thus collected shall at once be cancelled, and shall be deposited in the archives of the Legation, publishing monthly a specific notice of the liquidated bonds. The Republic declares that it is not responsible for bonds emitted under other than these precise conditions. “3. In the act of ratification by the bondholders of the MEXICO—MODIFIED CONVENTION. 283 present arrangement the Government shall deliver to them an order drawn on the United States of North America for the sum of $2,000,000, part of indemnity money due in May, 1851, and another order for $1,500,000, part of the same pay- ment due in 1852, under the condition that on approval of this arrangement the said sums, together with those that have been received, and may be received to the 30th of June, 1850, the dividends now overdue, and those falling due up to the said 30th of June, shall be considered as paid in full. “4. For the punctual payment of the new fund of three per cent. there shall be specially appropriated 30 per cent. of the import duties of all the maratime and frontier Custom- houses now established, or which may be hereafter established in the Republic. The payment of the interest shall be made half-yearly, and if on making the remittance of the second annual dividend any sum shall be wanting to complete the whole, the Government shall give an absolute preference for its payment from its ordinary revenues. “5. The bondholders may name agents in the ports ac- credited by public appointment, but, as soon as they receive the funds, all responsibility on the part of the Government shall cease, and which shall only pay the usual charges on the transmission of the specie remittances. “6. Six years from the creation of the new fund of three per cent. the Government shall commence to remit $250,000 annually as a sinking fund, the bonds not to be redeemed at a higher price than par. “7. Besides the agent and Secretary named by the Govern- ment in London, a bookkeeper shall be appointed in Mexico, the expense of the whole not to exceed $15,000, and to be reserved from the 30 per cent. fund. “8. The nation, through the medium of its representatives, shall present a vote of thanks to the English creditors for the 284 MEXICO-MODIFIED CONVENTION. concessions which they made in favour of the Republic in the conversion of 1837, the convention of 1842, and the conversion of 1846. “XAVIER ECHEVERRIA. “JOAQUIN NAVARRO. “PIQUERO. ** PAYNO. “ARANDA. “Mexico, April 1.” This report was read a first time in the Chamber of Deputies on the 6th of April. A report dated the 10th of April, made to the Chamber of Deputies by a separate finance committee, concludes with the following article:– “Of the American indemnity money $3,500,000 are assigned to the arrangement of the foreign debt, $2,500,000 to the arrangement of the domestic debt, and the remainder to the general expenses of Government, which is restricted from disposing of more than $250,000 monthly.” IDANISH FIVE PER CENTS. 285 DENMARK. Danish 5 per cents., 1850. CAPITAL . . . . . . . . . . . . tº º e º 'º e ge . 6800,000. BONDS ranging from £100 to £1000 each. DIVIDENDS due the 1st of March and 1st of September. PAYABLE in London at Messrs. Hambro & Son. This loan was brought out by Messrs. Hambro & Son in March, 1850, at the price of 90, the provisions of the contract being on the same principle as that concluded in 1849. The money was required to supply the de- ficiency in the revenue of Denmark, to meet the expen- diture occasioned by the Schleswig-Holstein war. Annexed is the official notification published at the time of the negociation of the loan. “ DANISH LOAN For £800,000 STOCK BEARING FIVE PER CENT. INTEREST. “Messrs. C. J. Hambro and Son beg to announce that, in conformity with the authority given by the Danish Diet on the 9th of March, 1850, they have contracted with the Danish Minister of Finance for a loan of £800,000 sterling, bearing interest at five per cent. per annum. “The loan is to be on the same footing in every respect as that contracted for in the year 1849. The subscription price is £90 per cent. payable as follows:— “ £20 per cent. two days after allotment. “ £20 95 on the 15th of April. “ £10 y 5 15th of May. 286 DANISH FIVE PER CENTs. “ £10 per cent. on the 15th of June. ** E10 9? 15th of July. “ 4:10 25 15th of August. * E10 { { 14th of September. “A discount of three per cent. per annum will be allowed on the payment in full of the above instalments. Provisional certificates will be issued, if required, to parties paying in full. “Any failure in the specified payments forfeits all previous instalments. “The land-tax is especially applied to the payment of in- terest, and gradual redemption of the loan. “During the five years ending 1847, the revenues arising from this tax gave an annual average of rbd. 2,423,983 62, or at 9:# per £..... & © tº e e s e s e e s e e < e e s e < * * 265,642 0 10 “Of which rbd, 438,000 are required for the interest and redemption of the five per cent. loan of 1849, at 95 per £........ . . 48,000, 0 0 - “Leaving a balance of . . . . $217,642 0 10 which are specifically applied to the present contract, in addi- tion to the general revenues of the state. “The sizes of the Bonds will be as follows:— “A 5,000 at £100 each £500,000 “B 400 at £500 each 200,000 “C 100 at £1,000 each 100,000 £800,000 “The first half-yearly coupon will be payable on the 1st of September next. “70, Old Broad-street, March 16th, 1850.” 287 SARDINIAN FIVE PER CENT. LOAN FOR f3,600,000 STERLING. Dividends payable 1st of June & Dec., at Messrs. C. J. Hambro & Son. This Loan was broughtforward in July 1851, by Messrs. C. J. Hambro & Son, the rate of interest being Five per Cent, per annum, in conformity with the law passed by the Sardinian Parliament on the 17th June, which received the royal sanction on the 26th June, the amount to be appropriated to the completion of the Railway from Genoa to Turin, and from Genoa to the Lago Maggiore towards Switzerland, now in course of con- struction. The Subscription-price was payable in instal- ments between July and December. The sum of Thirty- six Thousand Pounds sterling, or one per cent. of the nominal capital of the Loan, together with the Interest saved, would, it was stated, be annually appropriated to the redemption of the Loan—the redemption to com- mence in the 9th year from the date of the contract. The Sardinian Government reserves to itself the right of pay- ing off the Loan at par, at the expiration of twenty years. The Railway from Genoa to Turin, and from Genoa to the Lago Maggiore towards Switzerland, constructed and to be constructed, are mortgaged as special security for this Loan, in addition to the general revenues of the Govern- ment. The total debt of Sardinia, internal and external, does not exceed £25,000,000—about one-fourth of which is an old debt prior to 1834. This security heretofore has been but littleknown in this market owing to its being a registered Stock—and also being partly irredeemable. The New Stock will be in the form of Bonds with Coupons attached, principal and interest payable in the country, and with a specific pledge that the Railroad and its revenues are hypothecated for the due payment of principal and interest. The old debt of Sardinia was much larger formerly, but it has been steadily reduced by the action of the sinking fund, which has been regularly applied to the payment or purchase of the debt. f 288 R. A. IL W A Y S. If any facts are wanting to prove to how great an ex- tent the capital of the country has been absorbed in railway projects, the Parliamentary returns recently printed, may be safely appealed to. According to the collated contents of those documents, it appears that the number of railways in the United Kingdom, at the close of 1848, was 213, and that the total length for which the companies promoting them had obtained powers, was 12,084 miles. Up to December 1850, 6,621 miles of this length had opened for traffic, leaving in course of con- struction, 551; and the extent not commenced, though fully authorised, was about 4,800 The amount of share capital actually paid up on the 31st of December 1848, was £156,508,579, and the ad- ditional sums raised by loan shewed a further amount of £43,664,480, representing in gross the enormous total of £200,173,059. The amount of share capital raised in 1848, was, it is asserted, £30,359,102, which, augmented by loans to the extent of £2,875,716 comprised alto- 289 gether £33,234,818. The unexhausted powers to raise capital, granted in 1848, were £17,580,161, and pre- viously to 1848, £126,137,612, constituting the total of unpaid capital, £143,717,773; and the grand amount of authorised capital for the 213 companies, £343,890,832. The amount authorised in 1849 was comparatively trifling being merely £3,155,332, and in 1850, £3,254,032, thus giving the gross capital represented by the railway interest, £350,300,196.” Like the mode in which business is done in English and Foreign Stocks, so also can business be done in rail- way shares—i.e. bargains can be effected either for money or the aecount. The money business is that which is at once effected independent of periodical fluc- tuation in prices, and concluded and perfected at the date when the contract is made, and when the particular shares pass through the intervention of the brokers from the seller to the buyer, and vice versa according to the character of the operations. The transactions which take place for the account are those properly denominated “time bargains,” arranged at the conclusion of about one fortnight, “the days of * Persons who desire to make railway investments and their results a careful study, should not fail to consult the half-yearly volume of “Railway Intelligence,” published by Mr. Mihill Slaughter, the Secretary of the Stock Exchange Railway Department, the only really standard work of reference on the subject. From the facts and figures contained therein, the Editor of Fortune's Epitome, in correcting the present Edition, has collected the greater part of his information on railways. U 290 settlement,” as they are termed, being usually the 15th and 30th of each month. Speculators then ascertain according to the position of “differences,” or the ex- treme fluctuation of the market, whether those parties who have purchased for an advance or those who have sold for a fall, have proved the most successful in their anticipations of the probable state of prices, and above all, whether each have either gained or lost by their own particular course of dealing. Subjoined is the scale of commission as charged by the authority of the Committee of the Stock Exchange — s. d. Shares under the value of £5 . . . . . e s e e s e º 'º e s e 1 3 Amounting in value to £5 and under £20 . . . . 2 6 3 3 3 9 £20 and under £50 . . . . 5 0 $ 2 35 £50 and above, 10s. per cent. upon the amount. RAILWAYS OF THE UNITED KINGDOM. z \rº-Axe war, ,- TITLE. No. of Shares. Amount Haid. Last re- turn for Investm. ABERDEEN, authorised Capital. Shares, £1,259,667 ; Loans, £419,888 ; total, 391,679,555 Original. . . . . . . . . . . . . . . . . . . . . . . . • * * e º e º e e Preference. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Preference Shares No. 2.... . . . . . . . . . . . . . . ARBROATH AND FORFAR, authorised Cap. Shares, #210,000; Loans, £56,666; total, £266,666. Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . * e - tº º Half Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . y • * * * * * g º e º ºs e º 'º - º 'º we e is e º 'º e º 'º tº e º 'º 8 a 4 - > New £5 AMBERGATE, NOTTINGHAM, BOSTON, AND E. JUNCTION, authorised Capital. Shares, £1,932,000; Loans, #643,666; total, 16,600 33,200 30,000 £2,575,666. Shares. . . . . . . . . . . . . . . . . . . . . . . . • * * Default in the payment of Calls has ma- terially reduced the number of Shares, which may perhaps attain to 60,000 as a maximum. A Dividend of 1s. per Share was given for the Half Year ending 31st of December last. ASHBURTON, NEWTON, AND S. DEVON, authorised Cap. Shares, £130,000; Loans, £43,333; total £173,333. . . . . . . . . . . . . . . . . . BELFAST AND BALLYMENA, authorised Capital. Shares, £385,000; Loans, £128,333; total, £5 13,333. . . . . . . . . . . . . . . . . . . . . . . . . . . . BELFAST AND COUNTY DOWN, authorised Capital. Shares, £500,000; Loans, £166,666; total, #666,666. . . . . . . . . . . . . . . . . . . . . . . . . . . Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . The greatest number of Shares issued appears to have been 7,850, of which rather more then 4,000 seem to constitute the actual register. A Dividend of 10s. per Share was declared out of profit, for us Half-Year ending 1st February 1851. 5,200 7,700 20 25 50 & 50 35 Per cent. ; i Last re- TITLE. No. of Shares. Amt, per Share. Amount Paid. turn for Investm. BIRKENHEAD, LANCASHIRE, & CHE- SHIRE JUNCTION, authorised Capital, C. & B. Shares #2799,990; Loans, £100,000; B. & L. £1,395,000; Loans, £465,000; total #2,759,990. BIRKENHEAD, LANCASHIRE, & CHESHIRE JUNC- TION - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - tº e º e CHESTER AND BIRKENHEAD. . . . . . . . . . . . . . . . . Do. £20 Shares . . . . . . . . . . . . . . . . . . . . . . . . . . Bolºgy, BLACKBURN, CLITHEROE, & T YORKSHIRE,authorised Capital. Shares, #1,000,000; Loans, #333,333; total, :61,333,333. BLACKBURN, DARw EN, AND BOLTON, or No. 1 Shares. . . . . . . . . . . . . * * * is s e º º e º e º e s e e s e e g e is BLAckBURN, CLITHEROE, & North WESTERN, or A Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Do.—Preference, No. 1 or B. Shares........ Do.—Preference, No. 2 or C Shares. . . . . . . . BRISTOL AND EXETER,authorised Capital. Shares, #2,905,000; Loans, 36967,600; total, 323,872,600 #20 Preference Shares. . . . . . . . . . . . . . . . . . . BRISTOL AND SOUTH WALES JUNC- TION RAILWAY & FERRY, authorised Capital. Shares, £280,000; Loans, £93,333; total, £373,333. . . . . . . . . . . . . . . . . . . . . . . . . . . CALEDONIAN AND DUMBARTONSHIFE JUNCTION, authorised Capital. Shares, 3.650,000 ; Loans, 4:216,600; total, 4.866,600. CALEDONIAN. £10 Guaranteed Stock. ...... © tº e º 'º e º tº tº e º 'º CLYDESDALE JUNCTION Preference.......... GLAsgow, GARNKIRK, AND CoATBRIDGE. Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Quarters Original £25 Shares. . . . . . . . . . . GLAsgow, PAISLEY AND GREENock, authorised Capital. Shares, £735,000; Loans, £264,998; total, 30999,998. Original. . . . . . tº e º 'º º tº tº º º ſº e º e º & e º e º 'º e º 'º º te s Half Shares. . . . . . . . . . . . . . . . . . . . . . . . . . tº gº tº ſº Preference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GLAsgow, BARBHEAD, & NEILSTON Directau- thorised Cap. Shares and Loans, £300,000. Original. . . . . . . tº dº tº e º e º g º e s is e e º e º e º is a e º ºs e e New Preference 365 per Cent. ............ WISHAw &ColTNEss, authorised Cap. Shares, 4.320,000 : Loans, £106,000; total, #426,000. £25 Shares . . . . . . . . . . . . . . . . e e º ºs e º e º e º 'º e º & DUNDEE, PERTH AND ABERDEEN JUNC- TION, authorised Cap. Shares, (including 3.190,000, Dundee and Newtyle) £790,000; 45,000 30,000 15,000 12,000 £ 25 25 25 20 25 12% 7, 25 25 25 #. 26 f 15:18:4 174 25 25 25 12% 10 50 25 6} 25 Per cent. 3} ; i Nil. 293 Last re- TITLE. No. of Amt. per Amount turn for Shares. Share. Paid. Investm. £ 4. Per cent. DUNDEE, PERTH, &c., continued— Loans, (including £46,666, Dundee & New- tyle) fºg,599; total, 321,036,599. Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 25 25 Nil. New. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 25 25 tº gº & º New Quarters (Scrip).................... 24,000 6} 6} 5 DUNDEE AND NEwTYLE Original. ............. '• * * * * * * * * * * * * * * * * * * 748 50 50 e #30 Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,534 30 30 e CAMERON'S COALBROOK, AND STEAM COAL, AND SWANSEA, AND LOUGHER RAILWAY, authorised Capital. Shares, #200,000; Loans, £66,666; total ; £266,666. 20,000 10 10 CHESTER AND HOLY HEAD, authorised Capital. Shares, £3,255,000 ; Loans, $1,084,332; total, 304,339,332. Original. . . . . . . . . . . . . . . . . . . . . . . . . . tº tº E & © e e 42,000 50 50 Nil. Preference. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,000 15 15 tº tº gº e Preference No. 2. . . . . . . . . . . . . . . . . . . . . . . . . 42,000 ſ.69: 12:6] .... º 42,000 |4:2:17:6 MoLD, authorised Capital. Shares, £180,000; Loans, £60,000; total, £240,000....... . . . . 12,000 I5 15 COCKERMOUTH AND WORKINGTON, authorised Capital. Shares, £80,000 ; Loans, £26,666; total, 38.106,666. Original. . . . . . . . . . . . . . . . . . . . . . . * tº e º 'º e º 'º º e 4,000 20 20 l; Preferential Thirds...... © tº tº e º º e º is e º 'º º º # * * 237 63 63 5 CORK & BANDON, authorised Cap. Shares, £240,000; Loans, £80,000; total, £320,000. 3,650 50 50 gº CORK, BLACKROCK, AND PASSAGE, au- thorised Cap. Shares and Loans, #226,663. 6,090 20 18 NiI. CORK & WATERFORD, authorised Capital. Shares, £1,500,000; Loans, 36500,000; total #2,000,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 25 30 CORNWALL, authorised Capital. Shares, 21,700,000 : Loans, #533,333 ; total, 362,233,333. . Original. . . . . . . * e e º ºs e º 'º e º is & © e º & tº e º 'º . . . . . . . . 20,000 50 74 * @ Halves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 25 33 e COVENTRY, NUNEATON, BIRMINGHAM, AND LEICESTER, authorised Cap. Shares 3:270,000: Loans; £90,000; total, £360,000. 13,500 20 I0 DERBYSHIRE, STAFFORDSHIRE, AND WORCESTERSHIRE JUNCTION, au- thorised Capital. Shares, #400,000; Loans, #133,300; total, #533,300. . . . . . . . . . . . . . . . . 11,500 20 3} DIRECT LONDON AND PORTSMOUTH, authorised Capital. Shares, £1,600,000; Loans, £500,000; total, #2,100,000........] 30,000 50 5} * tº e DUBLIN AND BELFAST JUNCTION, au. thorised Capital. Shares, £950,000; Loans, 3:316,666; total, 1,266,666. . . . . . . e e º 'º e º º e s : tº e º 'º 50 45 2} 294 p - EAST & W. INDIA DOCKS & BIRMINGHAM JUNCTION, authorised Capital. Shares, 3.650,000; Loans, £200,000; total, £850,000. Last re- TITLE. No. of Amt. per Amount turn for Shares. Share. Paid. | Investm. £ £ Per cent. DUBLIN, BELFAST, &c., continued— Shares.—The Register appears to comprise about 13,000 only of the original 19,000 DUBLIN, BELFAST, AND COLERAINE JUNCTION, authorised Capital. Shares, #642,400; Loans, £214,133; total, #856,533 25,696 25 H DUBLIN, & DROGHEDA, authorised Capital. Shares, £953,000; Loans, £317,333; total, 421,270,333 Original. . . . . . . . . . . . . . . . . . . . . . . . tº - e. e. e. e. e. s is s 6,000 75 75 2 Thirds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 25 25 • * * * DUBLIN & KINGSTOWN, authorised Cap. Shares, £500,000; Loans, £182,200; total, #682,200 Halves Extension........................ 4,000 50 10 8 Quarters do . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 25 5 - ºr e > DUNDALK, & ENNISKILLEN, authorised Cap. Shares, 3.406,800; Loans, £135,600; total, £542,400. . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 30 30 2} DUNDEE & AR BROATH, authorised Cap. Shares, £216,700 ; Loans, £72,233; total, £288,933.. Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 25 25 No. 1. to pay off Loans................. 2,000 25 25 No. 2. to alter the gauge................ 2,000 25 25 No. 3. Scrip Thirds, . . . . . . . . . . . . . . . . . . . . 8,000 1$ 16s. 8d. EASTERN COUNTIES, authorised Capital. Shares, £9,874,700; Loans, £3,431,566; total, #13,306,266 . . . . . . . . . . . . . . . . . . . . . . . . Extension Stock No. 1, Preference Shares, Guaranteed 5 per cent. in perpetuity. 144,000 63 6; 5 Extension Stock, No. 2.......... ......... 144,000 já # 5 NoFTHERN AND EASTERN Original........ | *:::: ; ; ; Quarters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,208 12% 12% 5 New £50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. 50 43 5 EAST & WEST YORKSHIRE JUNCTION, authorised Cap. Shares, £200,000; Loans, #66,600; total, #266,600. Original. . . . . . . . . . e e s e º e s • * * * * * * * * * e º e e º e 8,000 25 25 Nil. Preference Fifths . . . . . . . . . . . . . . . . ........ 8,000 5 5 6 EAST ANGLIAN, authorised Cap. Shares, * #884,400; Loans, 36294,800; total,361,179,200. LATE LYNN, & ELY, & LYNN, & DEREHAM. ... 22,800 25 25 Nil ELY AND HUNTINGDON. . . . . . . . . . . . . . . . . . . . . . 10,800 18 lS e - © e DO-NeW. . . . . . . . . . . . . . . . . . . . . . . . . . . tº e º 'º e - 34,28. 3% 3% º New Preference........................ ! i; # # . Preference Scrip. . . . . . . ................ 37,552 £7: 17 2 tº e º e 295 Last re- TITLE. No. of Amt. per Amount turn for Shares. Share. Paid. l Investm. f #. Per cent. E. & W. INDIA DOCKS, &c., continued— Origina tº tº e º 'º e º 'º e e º e º e s tº e s tº º te e s tº ... ...| 12,000 50 50 tº º New £50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 50 5 * * EASTERN UNION, authorised Cap. Shares, #1,860,000; Loans, £620,000; total, 42,480,000 EASTERN UNION, CLASS A... . . . . . . . . . . . . . . . . 14,330 25 25 Nil DO. DO. Class B. . . . . . . . . . . . . . . . . 14,909 25 25 * * * * DO. DO. Class C. . . . . . . . . . . . . . . . . 20,049 25 25 Scrip exchanged for Cambridge and Ely... 1,928 * * * g. * Preference. ........ te e º 'º g º 'º e º & e º is tº tº & e º a s tº º 15,000 20 20 Preference £5. . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,365 5 5 tº º Preference, No. 2, £5. . . . . . . . . . . . . . . . . . . . 25,000 5 & º e gº tº Debenture Shares.. . . . . . . . . . . . . . . . . . . . . . . . . 26,500 10 * CoLoRIESTER, STOUR VALLEY, SUDBURY AND HALSTEAD, authorised Capital. Shares, 4,615,000; Loans, £228,000; total, #843,000. 10,000 25 20 EAST LANCASHIRE,authorised Cap. Shares, #2,849,375; Loans, £540,925; total:63,440,300 Old; viz. 7,200 Blackburn & Preston, 28,235. 83,600 25 25 2 Original, & 48,165 New Shares of £25 each ; 2,186 of these Shares remain unissued. Quarters PRESTON EXTENSION. . . . . . . . . . ... 34,720 6} 6} 6 New Preference Quarters Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . e e e is a tº 46,140 6} 6# 6 tº 35,724 3 & Preference Fifth Shares...... s e e º e s is e º 'º 25 #! 5 | 4}. 6 EDINBURGH AND GLAsgow, authorised” 2 Cap. Shares, £2,671,300; Loans, £816,925. total, #3,448,225. STIRLINGsHIRE AND MIDLAND JUNCTION, all- thorised Capital. Shares, 36150,000 ; Loans, 3650,000; total, £200,000 ...... * * * * * * * * * * * * 7,500 20 20 5 STERLING AND DUNFERMLINE, authorised Capital. Shares, £390,000; Loans, £130,000; total, £520,000. . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000 15 13; Nil EDINBURGH & BATHGATE, authorised Capital. Shares, £250,000; Loans, £83,000; total, £333,000. . . . . . . . . . . . . . . tº e º tº e º 'º e º 'º e º ſº * * * * * 2,000 25 15 Nil AIRDRIE&BATHGATE,authorised Cap. Shares, 3:300,000; Loans, £100,000; total, #400,000. 12,000 25 2}. Nil EDINBURGH, PERTH & DUNDEE,authorised Capital. Shares, 42,475,260; Loans,á825,051; total, 383,300,311. . New £25 Shares (1847). . . . . . . . . . . . . . . . . . . 8,191 25 13# * g e New £15 do. do. . . . . . . . . tº e e g tº ſº a º ºs º a e 6,499 15 8# * * gº LATE EDINBURGH, LEITH, & GRANTON, No. 1, 2,664 20 12 * * * * Ditto Ditto No. 2. 2,600 20 8 g e e #20 Shares ge tº º ºs º gº e is s a e º e º e º e º 'º e º 'º e 9 s e º is a s 5,350 20 20 * * * * GRANTON Quarters (1847). . . . . . . . . . . . . . . . . . . . 20,200 5 10s. 5 Scrip . . . . . . . . . . . . . . . . . . . . . . e e e º te tº e º e º a c e º a 110,000 5 5 5} EAST of FIFE, authorised Capital. Shares, £253,500; Loans, £84,500; total, £388,000. 10,140 25 5 ; 296 TITLE. t EXETER & CRED1TON, authorised Capital. Shares, £70,000; Loans, #23,333 ; total, £93,333. £25 Shares .......... e g º e º e º 'º s e º ºs e e º is tº e º sº FLEET WOOD, PRESTON, & WEST RIDING JUNCTION, authorised Capital. Shares, #270,000; Loans, £90,000 : total, 4:360,000. FURNESS, authorised Cap. Shares, £275,000; Loans, £91,933; total, £366,933. Original . . . . . . . . . . . . . . . . . . . . . . . . . . tº º e º 'º e º s Extension, 1st issue . . . . . . . . . . . . . . . . . . . . . . Preference, or 2d issue.................... GENERAL TERMINUS & GLASGOW HAR- BOUR, authorised Cap. Shares, £200,000; Loans, £66,666; total, 26.266,666 .......... GLASGOW AND SOUTHWESTERN, author- ised Capital. Shares, £5,091,500 ; Loans, #1,395,366; total, £6,486,866. G. P. AND A. New Preference Shares. . . . . . PAISLEY, BARRHEAD, AND HURLETTS . . . . . . . . GLASGOW, KILMARNOCK, & ARD ROSSAN, -authorised Capital. Shares and Loans, £1,117,333. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . GREAT NORTHERN, authorised Capital. Shares, £6,483,000; Loans, £2,161,466; total, 328,644,466. Original. . . . . . . . . . . . . . . . . . . . . . . . . § - tº gº tº dº º tº s Preference Scrip.............. e º 'º e º 'º e g º e º º BOSTON, STAMFORD, AND BIRMINGHAM Roy STON AND HITCHIN, authorised Capital. Shares, 39.333,332; Loans, £Ill,110 ; total, £444,442. . . . . . . . . . . . . . . . . . . . . . . . . . º e º “ º $ a SHEPRETH EXTENSION ...................... EAST LINCOLNSHIRE, authorised Capital. Shares, £600,000; Loans, £200,000; total, £800,000. . . . . . . . . . . . . . . . . . . . . . . . . * * * * * * * * * GREAT NORTH of SCOTLAND, authorised Cap. Shares, £1,500,000, Loans, £500 000; total, £2,000,000 .......................... GREAT WESTERN, authorised Cap. Shares, £11,920,000; Loans, £3,972,662. £17 Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . g Preference . . . . . . . . . . . . . . . . . . . tº º tº e º $ tº ſº º tº ſº tº Windsor £20 . . . . . ..................... tº º SouTH WALEs, authorised Capital. Shares, #3,000,000 ; Loans, £1,000,000 ; total, 364,000,000. Original & º º 'º e * * * * * * * * * * * * * * * e e s e º e a s a s tº New Shares . . . . . e e g º g a s & e º e s e s e º e s a e s a c e e Oxford, WoRCESTER, AND WOLVERHAMPTON, authorised Capital. Shares and Loans, £3,426,333. Last re- No. of Amt. per Amount turn for Shares. Share. aid. Investm. & f Per cent. 2,800 25 25 22,500 12 8 1/10 1,500 50 50 2% 5,000 20 20 • - - - 1,375 20 20 5 8,045 20 10 Nil. 25,000 10 10 6 9,200 25 2; 28,000 25 10 192,329 25 25 Nil. 103,454 12# 12% 5 12,600 20 £7 : 4 32,000 # 6# 6 10,668 63 3# 5 24,000 25 25 6 27,686 50 2# 69,700 17 17 4 10,000 50 6 Nil. 6,500 20 8 4 56,000 50 50 Nil, 51,566 50 iº & º $ Last re- TITLE. No. of 4— Shares. GREAT WESTERN, continued— Original Shares . . . . . . . . . . . . . . . $ e º ºs º is tº e º us is 30,000 New £15 Preference Scrip . . . . . . . . . . . . . . . . 56,666 WILTS, SoMERSET, AND WEYMoUTH, author- ised Capital. Shares and Loans, £2,320,000. Original £50 Shares . . . . . . . . . . . . . . . . . . . . . .] 30,000 GLouc EstER AND DEAN FOREST, authorised Capital. Shares, 26254,000; Loans, £84,666: total, £338,666. Shares. . . . . . . . . . . . . . . . tº gº e º e º 'º e º sº e º s is tº e s ∈ º & 10,160 CHELTENHAM & OXFORD. . . . . . . . . . . . . . . . . . . . 30,000 BIRMINGHAM, Wolve RHAMPTON, & DUDLEY, authorised Cap. Shares, £750,000; Loans, #249,996; total, #2999,996. Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,000 BIRMINGHAM AND OXFORD JUNCTION, au- thorised Capital. Shares and Loans, £1,333,333. 50,000 . GREAT SOUTHERN AND WESTERN, author- ised Capital. Shares, £3,165,000 ; Loans, 301,054,630; total, #4,219,630. Original Shares . . . . . . . . tº e e º tº e º & tº º & © tº e º is tº e a 50,000 New One-eight Shares . . . . . . . . . . . .• * e g º e º & º 50,000 IRISH SOUTH EASTERN, authorised Cap. Shares, 26864,000; Loans, #280,000; total, £1,144,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,500 KEN DAL AND WINDERMERE, authorised Capital. Shares, £175,000; Loans, £56,666; total, £231,666. Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,468 Six per cent. Preference . . . . . . . . . . . . . . . . . . 5,000 KILKENNY & GREAT SOUTHERN & WES- TERN IRELAND, authorised Capital. Shares, £225,000; Loans, £75,000; total, £300,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,250 KILL ARNEY JUNCTION, authorised Capital. Shares, £375,000; Loans, #125,000; total, £500,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,000 KILLARNEY & VALENCIA, authorised Cap. Shares, £300,000; Loans, #100,000; total, #400,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000 LAN CASHIRE AND YORKSHIRE, authorised Capital. Shares, £12,098,913 ; Loans, 322,743,432; total, £14,842,345. - - MANCHESTER & LEEDS QUARTERS .......... 19,500 Ditto Fifths . . . . . . . . . . . . . . 126,819 F. 20 . . . . . . . . . . . . . * e g g tº º º º is º & e g a s e º e º e º 'º e s e 48.444 WEST RIDING UNION . . . . . . . * * * * * * * * * * * * * * * 71,656 MANCHESTER & SouTHPORT. . . . . . . . . . . . . . . . ... 10,000 SHEFFIELD, Roth ERHAM, BARNSLEY, WAKE- FIELD, AND GoolE Shares .................] 14,000 OLDHAM ALLIANCE. . . . . . . . . . . . . . . . . . . . . . . . . . Amt. per Share. £ 50 15 50 25 20 20 50 6} 20 25 10 20 25 Amount turn for Paid. Investm. £ Per cent. 50 Nil. 2 to e º g 50 4 I8 Nil. 2 tºr 15 5 20 5 50 3} 2% 6 9 Nil. 25 2 7 6 1% e * 6 & © 43 | . . . . 25 2 11% 2 6 44 11} 2 368 : 3 1 |3818:11:6 5 - 2. sº e s tº 298 TITLE. No. of Amt. per Amount Shares. Share. Paid. f £ LANCASHIRE & YORKSHIRE, continued— PRESTON AND WYRE, authorised Capital. Shares, 36500,000; Loans, £166,000; total, 38666,000. Original............ . . . . . . . . . . . . . . ........ 14,520 25 25 Preference. . . . . . . . . . . . . . . . . . . . . . . ........ 1,200 25 25 Halves, A. . . . . . . . . . . . . . . . . . . . . . . . . . . tº tº º ſº tº e 16,720 12% 10# Late Halves, B. . . . . . . . . . . . . . . . . . . . . . . .... 1,640 25 25 Sixths. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 :04:3:4 |4:4:3:4 LAN CASTER AND CARLISLE, authorised Cap. Shares, £1,300,000; Loans, £433,000; total, £1,733,000. Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000 50 50 Thirds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000 16; 113 LANCASTER & PRESTON JUNCTIon, authorised Cap. Shares, £460,000; Loans, £113,000; total, 3:573,000. & Original.................. • e º ºs e º e º e º 'º e º ºs e a 5,000 50 473 # Shares....... & ſº tº e º 'º g º a tº * * * * * * * * * * * * * * e º & 5,000 37% . . 19 # Shares. . . . . . . . . . . . . . . . . . . . . . tº tº $ tº ſe tº e º ºs e º e 8,333 12% 7 4/5 Twelfth Shares .......................... 10,833 4 1/6 4 1/6 LEEDS AND THIRSK, authorised Capital Shares, #2,208,000; Loans, £734,926; total, #2,942,926. Original, 1845.......... tº e º g º e º e º gº tº E tº º tº tº º e 18,400 50 50 HARTLEPool, ExTENSIONs. ...... tº tº g º 'º º ....} 9,420 50 50 Preference Quarters. .... * * * * * * * * * * * * * * * * 10,000 12% 9 Extensions Preference, No. 1............. 7,411 20 11 Ditto ditto O• 3. . . . . . . . . . . . . . . 3,883 20 I? Ditto ditto No. 3. . . . . . . . . . . . 7.4% | }. 5 Preference Fifths ...................... # § ! LIVERPOOL, CROSBY, & SOUTHPORT, authorised Cap. Shares, £225,000; Loans, #75,000; total, £300,000. ...... tº dº e º s ſº tº ſº º & 11,200 20 I5 LIVERPool, MANCHESTER, & NEwcASTLE-on- TYNE JUNCTIon, authorised Capital. Shares and Loans, £1,913,333. ........... tº e º e º 'º & s 70,000 20 2} LONDON & SOUTH WESTERN, authorised Cap. Shares, #9,449,200; Loans, #2,697,816; total, #12,147,016. GospoR.T. . . . . . . . . . . . . * * * * * * * * * * * * tº º e º ºs e e . . . . 288 50 50 New £50. . . . . . . . . . . . . . . . . 4 s e s e e s e tº gº tº e e º te s tº ge 50 # Ditto £40 º e º e º is ſº e º e º ºs º º ºs e º 'º e º a tº e º sº e º e s e º a tº e º ſº 40 34 New Preference...... tº a º º ſº tº e º g º º & tº tº $ tº º & # * 34,238 50 5 ExETER & ExMoUTH Shares. . . . . . . e e º e º & tº & tº sº º is e º is tº s º is e º is tº ... ... 16,000 10 21s. LONDON AND NORTH WESTERN au- thorised Capital. Shares, £17,242,310; Loans, £5,747,000 New Quarters. . . . . . . . . . . . . . . . . . . . ........|168,385 25 17 Fifths . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64,910 20 12 Last re- turn for Investm. Per cent. 7 3/40 123/40 73/40 7 1/20 6% : Nil. i : Nil. Last re- TITLE. No. of Amt. per Amount turn for Shares. Share. aid. Investm. £ £ Per cent. LONDON & N. WESTERN, continued— £10 Shares MANCHESTER AND BIRMINGHAM, 70,000 10 I - CoVENTRY & NUNEATON.............. . . . . . 20,000 13} 10 © BIRMINGHAM, WolveRHAMPTon, AND SToUR VALLEY, authorised Cap. Shares, £1,110,000 Loans, £370,000; total, 361,480,000........ 55,000 4:13: 14| 4:13:14 33 BUCKINGHAMSHIRE, authorised Cap. Shares and Loans, £1,659,000 . . . . . . . . . . . . . . . . . . . 45,428 17] 17, Nil. BEDFORD AND BLETCHLEY ......... e e s is e e o 'º e 978 50 50 & w tº º NoRTHAMPTON AND BANBURY................ 25,000 20 42s. • * SHROPSHIRE UNION RAILWAY AND CANAL, authorised Capital. Shares and Loans, 324,399,999. - ELLESMERE and CHESTER. No. 1, A......... 3.575; 4'69:18:44:69:18:4 2: Ditto ditto No. 2, B. . . . . . . . . 4,000 37# 37 2 SHREwsBURY CANAL........................ 500 | 150 150 # MONTGOMERYSHIRE CANAL.................. 46 110 110 2} RAILWAY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,000 20 6; # LONDON, BRIGHTON & SOUTH COAST, authorised Capital. Shares, £5,656,675; Loans, £1,753,264; Portsmouth Extension, #106,666; total, 427,516,605. Eights B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73 40 40 5 Preferential 5 per Cent. Stock............ 3,220 50 50 5 Preferential Shares F.................... 1,640 50 50 5 LONDON AND BLACKWALL authorised Cap. Shares, £1,226,000; Loans, £299,600; total, £1,525,600 . . . . . . . . . . . . . . . . . . . . tº e º e º e º e º ºs e e 111,900 ... [.æll:6:3 1; “North GRAVESEND Extension Cap” Scrip. 28,000 10 1} tº e º 'o LONDONDERRY & ENNISKILLEN, autho- rised Capital. Shares, 38340,000; Loans, #113,333: total, 6453,333. Whole. ........ tº tº e º 'º e º 'º º º ſº º e e º e º sº º is e e ... . . 4,378 25 25 Nil. Half Preference . . . . . . . . . . . . . . . . . . . . . . . . . 8,116 12% 10 5 LONDONDERRY AND COLERAINE, autho- rised Capital. Shares and Loans, £666,666. - Whole. º e - e º - e - G - G is is is ſº tº e º ºs e º & e º 'º º * * * g e e º s - 8,315 25 25 Nil. Half Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,180 12% 5 e - - - LLYNVIVALLEY, authorised Cap. Shares, 2,500 20 20 4% +250,000; Loans, 66.000; total, £316,000 | 10,000 20 4 tº e s e MALTON & DRIFFIELD JUNCTION, autho- rised Capital. Shares, #240,000; Loans, 3280,000 : total, #320,000...... . . . . . . . .....| 8,981 20 20 Int. MANCHESTER, BUXTON, MATLOCK AND MIDLAND JUNCTION, authorised Cap Shares, £1,320,000; Loans, £440,000; total, #1,760,000.................. tº - e o 'º e º 'º e s e º e , 82,500 I6 54 I MANCHESTER, SHEFFIELD, & LINCOLN. SHIRE, authorised Capital. Shares, £6,896,800; Loans, £2,412,732; total, £9,309,532 SHEFFIELD & MANCHESTER Quarters........ 18,000 25 25 7# 300 Last re- TITLE. No. of Amt. per Amount turn for Shares. Share. aid. Investm. 36 £ Per cent. MANCHESTER, SHEFFIELD, &c. continued— g MANCHESTER AND LINcoLN UNION. . . . . . . ..... 43,210 || 8 1/10 || 4 1/10 || Nil. New £10 Preference.............. ........ 87,200 10 10 5 386 Preference Shares......... tº e > * g g tº a º e s e 172,500 6 3 MARYPORT AND CARLISLE, authorised Capital. Shares and Loans, #396,946 Whole. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,722 50 50 3 Quarters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,722 12# 124 tº ſº tº º Preference Quarters...................... 6,713 12% 12# MONKLAND, authorised Capital. Shares, #566,000; Loans, £188,666; total, #754,666. Preference. .................. * * * * e º e s is e º 'º 2,200 25 15 6 itto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 25 74 5 MIDLAND GREAT WESTERN RAILWAY of IRELAND, AND ROYAL CANAL COMPANY., authorised Capital. Shares, #1,948,000; Loans, £648,666; total, :62,596,666 Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 50 47# | Int. Halves. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 25 17% tº dº º e MIDLAND, authorised Cap. Shares #8,886,803; Loans, £2,923,932; Shares or Loans, 325,977,425; total, 4:17,788,160. Consolidated Preferential Stock..... ... . . . Stock. .... 100 6 450 Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,245 50 35 5 BIRMINGHAM AND DERBY STOCK. . . . . . . . . . . . Stock. & Cº. 100 1% Consolidated BRIsToi, & BIRMINGHAM Pre- .. ference ................ . . . . . . . . . . . . . . . . . . Stock. tº tº gº 100 6 BRistol AND GLoucester Preference #50...] 6,639 50 48 6 Ditto ditto 2937 5s. .. 7,539 37+ 3:33:10:6 6 SHEFFIELD AND Roth ERHAM Preference Stock Stock. tº $ tº º 100 6 EREwAsH WALLEY Preference .............. 2,900 50 50 6 LEicesTER & Swan NINGTon Preference Stock! Stock. is e gº 100 8 LEEDs AND BRADFord authorised Capital. Shares, £930,000; Loans, 36309,999; total, *1,239, 99... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,000 50 50 10 NEWCASTLE AND CARLISLE, authorised & Capital. Shares and Loans, £1,480,000. Original............ é º º ſº tº $ tº g e º e º 'º e º 'º e ºl ... . . 6,000 100 100 4 Quarters. . . . . . . . . tº º gº º º º ºs e º e º e º 'º e º e g ſº tº ....| 3,600 25 25 tº gº © tº New (£100) 1846............. * * * * * * * * * * * * * 2,250 100 100 tº ſº ſº º New ditto 1847. . . . . . * * * * * * * * * * * * * * * * * s e e 2,400 100 100 NEWMARKET, authorised Capital. Shares, £1,250,000; Loans, £416,666; total, $1,666,666 Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...] 13,597 25 25 NiI. NEWPORT, ABERGAVENNY AND HERE- FORD, authorised Capital. Shares, 31,333,300; Loans:0377,333; total £1,510,333 22,220 25 6 NEWRY AND ENNISKILLEN authorised Capital. Shares £900,000; Loans £300,000; total, £1,200,000. . . . . . . . . . . . . . . . e e s g g º e º tº tº 9,855 50 7 e ‘º 301 Last re- TITLE. No. of Amt. per Amount turn for Shares. Share. Paid. Investm. - f 4. Per cent. NEWRY, WARRENPOINT AND ROSTRE- VOR, authorised Capital. Shares 4:100,000; Loans, #33,333; total, #133,333.......... 5,000 20 20 Nil. NORTH UNION, authorised Capital. Shares and Loans, £1,236,500 Stock A e e s e º ºs e º 'º e º e º 'º e gº tº ſº tº e g tº e º gº tº e º e º e º 'º e e • * is º º 10 Pitto B................................... © tº º te 7 NORTH WESTERN, authorised Capital. Shares, £1,400,000; Loans, £366,000; total £1,766,000. Ori imal & e º ſº tº ſe & º & e º 'º º e º e º º ºs e º e tº º tº ſº tº ſº tº gº e º sº º 40,838 20 17 tº º e º Preference. . . . . . . . . . . .................... 8,419 15 All. 5 NORTHERN COUNTIES UNION, authorised Capital. Shares, 362,625,000; Loansf875,000 total, £3,500,000.......................... 60,000 50 3} Int. NORFOLK, authorised Capital. Shares, #2,402,300; Loansf759,466; total £3,161,766 including the Lowestoft. Extension..... tº º ſº º ºs º º is is tº e º E tº gº tº a tº dº º is tº e º 'º e s 15,000 20 20 5 New £20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,707 20 15 NiI. Late WAVENEY WALLEY.................... 18,490 20 2 tº º ºs & #5 Shares........ & © tº * * * * * * * * * * * * * * * * g e º e is 21,000 5 5 5} LOWESTOFT RAILWAY AND HARBOUR Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 20 20 4 New. . . . . . . . . . . . . . . . . . . . . . . . tº º e º gº & © g º 'º e g º 6,000 20 20 6 NORTH STAFFORDSHIRE, authorised Cap. Shares #4,570,000; Loans #1,250,000; total, 365,820,000. Original...... * & © º is tº e º 'º e º º te e º e º e º e º 'º e º ſº e º a 161,507 20 17% 2 Preference. . . . . . . . . . . . . . . . . . . e tº gº . e. e. e s tº $ tº e 58,500 20 20 5 NORTH BRITISH, authorised Capital. Shares, £3,213,333; Loans, 36817,333; total, #4,030,666 Consolidated Stock. . . . . . . . . . . . . . . . . . . . . . . Stock. tº º º 25 Nil. Preference ditto -- . . . . . . . . . . . . . . . . . . . . & º º 9 * * 5 6 CARLISLE Extension Scrip. . . . . . . . . . . . . . . . . . tº º tº gº 6# § # tº gº is ST. HELEN'S CANAL T AND RAILWAY, authorised Capital. Shares, £693,400; Loans, £233,100; total, $926,500. Original. . . . . . . . . . . . . . . . . . . . tº e º e º º ſº tº ... ... 1,200 | 100 100 13 Halves. . . . . . . . . . . . . . . . . . . . . . . . . . . tº ſº e º 'º - E & 5 50 10 1: Preference Shares... . . . . . . . . . * @ & © tº e º & © & sº ºt 3. 100 100 7; New Preference . . . . . . . . . . . . . . . . . . . . . . . . . y 26 13# 6 SCOTTISH CENTRAL, authorised Capital.] Shares, £1,255,000; Loans, £418,160; total, #1,673,160 - Consolidated Stock...... . . . . . . . . . . . . . . . . . Stock. 25 2 SCOTTISH MIDLAND JUNCTION, autho- rised Capital. Shares, £600,000; Loans, #200,000; total, £800,000 Consolidated Stock . . . . . . . . . . . . . . . . . . . . . . . Stock. . . . . 100 Nil. INew, e e º e º e e s e º e º e s e º e º e s e s e s e º e s tº º e º e º a e 12,000 25 22} * * * * Last re- TITLE, No. of Amt. per Amount turn for -- Shares. Share. aid. Investm. f f Per cent. SHREWSBURY & BIRMINGHAM, authorised Capital. Shares £1,344,087; Loans #448,262; total, #21,793,049 Class A... . . . . . . . • sº e º e º e º ºs e s tº e º e s e s m e º e º a s 52,000 215:7:9 £13:5:3 . . . . Class B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,000 || 4:9:12:3 | 89:12:3 Nil. Preference Shares . . . . . . . . . . . . . . . . . . . . . . . . 19,375 8 8 8 SHREWSBURY & CHESTER, authorised Cap, Shares, 421,221,000, (including a nominal addition of £90,000 on the North Wales Mineral Original and Halves Shares; ) Ioans #407,000; total, 321,628,000 Original, (North Wales Mineral)... . . . . ... 6,000 26; 20 These £20 Shares rank as £26 13s. 4d. Halves (North Wales Mineral). . . . . . . ..... 15,000 13} 10 Nil. These £10 Shares rank as £13 6s. 8d. OSWESTRY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,500 20 20 it tº º €W . . . . . . . . . . . . * * * * * * * e e º e s tº e º 'º º e º 'º e º e a 27,600. 10 l * * * * New £10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,500 10 10 8 SHREWSBURY AND HEREFORD, authorised Capital. Shares, #450,000; Loans, £150,000; total £600,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,710 10 4 New Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,290 10 4 SOUTH EASTERN, authorised Capital, including Act of 1850. Shares, £7,955,033; Loans, £2,360,342; total, #10,315,375 Consolidated Stock. . . . . . . . . . . . . . . . . . . . . . . Stock. 30 3} Guaranteed Stock. . . . . . . . . . . . . . . . . . . . . . . . Stock. 10 4; LoNDoN & GREENwich, authorised Capital. Shares, £759,994; Loans, £233,300; total, #993,294 Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,077 | £12: 15 ... tº gº & # Preference, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,136 £18:17:2 .. 5 READING, GUILD Ford & REIGATE, authorised Capital. Shares, £800,000; Loans, £266,666; total, #1,066,666. . . . . . . . . . . . . . . . . . . . . . . . . . 40,000 20 20 5% SOUTH STAFFORD SHIRE, authorised Cap. Shares, 3.945,000 ; Loans, £315,000; total, £1,260,000. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,750 12 9% 2 SOUTH YORKSHIRE, RAILWAY, & RIVER DUN, authorised .# Shares, 4:750,000; Loans, £250,000; total, £1,000,000 . . . . . . . . 37,500 20 15 4 SHEFFIELD, ROTHERHAM, & GOOLE, authorised Cap. Shares, £400,000; Loans, £133,333; total, #533,333. . . . . . . . . . . . . . . . . 16,000 25 6 Int. SLIGO AND SHANNON . . . . . . . . . . . . . . . . . . . . s 25 l; . . . . SOUTH DEVON, authorised Capital. Shares, 4:1,840,000; Loans, £558,166; total, #2,398,166. Original . . . . . . . . . . . . . . . . . . . . •º e º e º e º 'º e º is ſº tº ºt 20,000 50 50 Nil. Halves Preference............ . . . . . . . . . . . . . . . . 20,000 25 25 gº º e is 303 Last re- TITLE, No. of Amt. per Amount turn for Shares. Share. Paid. Investm. +. £ Per cent. STOCKTON, AND DARLINGTON, authorised Capital. Shares, £582,750; Loans, £194,250; total, #777,000 (Act 1849)............ . . . . . . 8,000 25 25 Nil. MIDDLES BRO' & REDCAR, authorised Capital. Shares and Loans, #48,000 ................ 960 50 50 5 WEAR VALLEY, authorised Capital, 4:783,972. Original .............* * * * * * * * * * * * * * * * * * * ... 2, 186 50 50 5 Halves . . . . . . . . . . . . . . . . . . . . . . . . . . He is e º e º s e 2,880 25 25 5 itto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,106 25 }5 5 STOCKTON & HARTLEPOOL, authorised Cap. Shares, £180,000; Loans, £60,000; total, 8240,000. . . . . . . . . . . . ................ 14,310 16; * CLARENCE, authorised Cap. Shares, £399,645; Shares or Loans, £400,000; total, £799,645. Original £100 Shares................... . . . . 3,000 100 784 lst. Class Preference............... & e º e º e e 10,846 10 10 6 2nd, ditto . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,091 10 10 5 Government Loan Shares.................. 3,448 10 10 4 TAFF WALE, authorised Capital. Shares, and Loans, #1,068,000. Original. . . . . . . . . . tº gº e º ſº º e º G & © a tº º e º 'º e º 'º ... 3,000 100 100 7. Quarters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000 25 20 tº tº gº tº £10 Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,600 10 5 & E * * Consolidated Preferential Stock 5 per Cent. Stock. tº º ſº tº 100 5 Ditto ditto * . . . . . . . . . . & is s tº tº º 'º º 100 4% ABERDARE, authorised Capital. Shares and Loans, £66,600. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 50 50 8 TAW WALE RAILWAY & DOCK, authorised Cap. Shares, 30728,000; Loans, £242,666; total, £970,666 Original . . . . . . . . . . . . . . . . . . . . tº e e º e s a e º e º e s tº 16,530 20 # Old Capital. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 750 20 20 THAMES, HAVEN, AND DOCK, authorised Capital. Shares, £450,000; Loans, £150,000; total, £600,000. . . . . . . . . . . . . . . .............. 6,700 50 17; ULSTER, authorised Capital. Shares and Loans, £800,000. . . . . . . . . . . . . . . . . . . . . . . . . . . 10,383 50 49 4 WALE OF NEATH, authorised Capital. Shares, £595,000; Loans, £198,000; total, £793,333. 27,500 || 20 13 Int. WATERFORD & LIMERICK, authorised Capital. Shares, £750,000, Loans, £250,000; total, £1,000,000............ . . . . . . . . . . . . . . 10,000 50 50 Nil. WATERFORD, WEXFORD, WICKLOW, AND DUBLIN, authorised Capital. Shares, 422,000,000 : Loans £666,000; total £2,666,000|100,000 20 3 Int. WATERFORD & KILKENNY, authorised Capital, including the Act of 1850. Shares, £620,000; Loans, £83,000; total, £703,000. 12,500 20 20 Preference. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 l WEST CORNWALL, authorised Cap., Shares, se #500,000; Loans, £165,000; total, £665,000 20 7, Nil. 304 Last 1e- TITLE. No. of Amt. per Amount turn for Shares. Share. Paid. Investm. £ £ Per cent. WEST LONDON, authorised Capital. Shares and Loans, £275,000 Original Shares. ........................... 5,494 20 20 Nil. First Class Preference............. * * * * * * * * 3,200 20 10 Nil. Second ditto. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 760 20 20 Nil. WHARFDALE, authorised Capital. Shares, £420,000; Loans, £140,000; total, £560,000 || 25,195 15 2% WHITEHAVEN & FURNESS JUNCTION, authorised Cap. Shares, £375,000; Loans, £124,933; total, £499,933 ............ . . . . . . 17,500 20 20 Int. WHITEHAVEN JUNCTION, authorised Cap Shares, £163,000 ; Loans, £54,000; total, £217,000, Original . . . . . . . . . . . . . . . . . tº e º e s e º e s tº º ºs º 'º & ... 5,000 20 20 2 New 6 per Cent Preference £5 Shares ..] 5,000 5 5 6 YORK, NEWCASTLE, & BERWICK, autho- rised Capital. Shares, £9,485,450; Loans. #1.828,483 ; total £11,313,933. ......... ** * * * * * Consolidated Stock,. . . . . . . . . . . . * -- “º s -s “e wº . . . . . Stock. * * * * 25 3# Extension, No. 1 & 2. . . . . . . . . . . . . . . . . . . . . 103,337 25 20 3# GREAT North of ENGLAND PURCHASE . . . . . 13,635 7 l * - - - 93 99 - * * * * * * * e e º e º 'º a s |29,700 25 | | | | .. H ARTLEPool Dock AND RAILWAY, authorised Capital. Shares and Loans £531,400 Original. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,090 100 100 8 Quarters. . . . . . . . . . . . . . . . . . . . . . . & e. e. a s s a º e e 4, 180 25 25 * * * * Sixths. . . . . . . . . . . . . . . . . . . . º e º as a e º ºs e º s º e º 'º s 3,135 16# 16; tº e º e New £20. . . . . . . . . . . . . . . . . . e e e s e º e s & e º e º e is 3,655 20. 20 6 GREAT North of ENGLAND CLARENCE & HARTLEPOOL JUNCTION. . . . . . . 1,683 25 25 5 YORK & NORTH MIDI.AND, authorised Cap. and Loans, as Directors’ last Report, £1,573,750 Consolidated Stock. . . . . . ... . . . . . . . * * * * * * * * * Stock. . . . 50 2 Preference on HULL & SELBY Purchase Shares 59,491 25 10 4% HULL AND SELBY. Original. . . . . . . . . . e e º e º e º 'º e º º ce º e º 'º dº º ſº tº ... 8,00 50 50 § Halves. . . . . . . . . . . . . . . . . e e e s a e s e º e s a s • * * * * 8,000 25 25 9; Quarters. . . . . . . . . . . . . . . . . e e º sº a 's e a es e e s tº e s - 8,000 12; 12; º 305 TOREIGN RAILWAYS. TITLE. BOULOGNE AND AMIENS, authorised Cap. Shares, 37,500,000 francs, or £1,500,000.... CENTRAL of FRANCE....................... DUTCH RHENTSH, authorised Cap. shares and Loans, £2,500,000..................... EAST INDIAN, authorised Capital. Shares, &l,000,000. . . . . . . . . . . . . . . . . . . . * tº º e º º e º & e e º 'º GREAT INDIAN PENINSULA, authorised Cap. Shares, £500,000; Loans, £166,666; total, £666,666. . . . . ...................... GREAT LUXEMBOURG JAMAICA. Original. . . . . . & e º 'º e º 'º - e. e º a s e º 'º e s tº e g g tº e º e e New Shares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . LOUVAIN A LA SAMBRE. . . . . . . . . . . . . . . . . . . MARIA ANTONIA * * * * * * * * * s e º e º e º e s - - * * * * * * * * * * * * * * * * * * * g e g º e º 'º * * * * * * * * * * * e e s e s e e s e e º e • * * * * * * * * * * e º e º e a s tº e º 'º e º 'º - Do. Do. ROUEN . . . Do. Do. ORLEANS ROUEN AND HAVRE . . . . . . . . . . . . . . . . . . . . . . . . SAMBRE AND MEUSE. ....................... Debentures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TOURNAY AND JURBISE, AND LANDEN AND HASSELT. . . . . . . . . . . . . . . . . . . . ....... TOURS AND NANTES........................ WEST FLANDERS, authorised Cap. Shares, 26840,000. . . . . . . . . . . . . . . e e e º e s e s e s e • - - - - - - No. of Amt. per Shares. | Share. £ 75,000 20 66,000 20 10,000 17; 100,000 20 20 50,000 gº ! 100,000 | } | 50,000 20 3,000 50 1,500 50 38,500 20 ,735 33% 7,735 10 26,595 20 400,000 20 130,000 20 250,000 20 Property 20 72,000 20 80,000 20 40,000 20 31,000 20 20,000 2 25,000 20 80,000 20 42,000 20 Amount 20 174 20 14 Paid. Last re- turn for Investm. Per cent. 2} Int. Nil. 5 Int. Nil. Nii. inii. Nil. int. 306 JOINT STOCK BANKS. The progress made in the establishment of Joint Stock Banks, has rendered these shares a favourite investment, and the results of the working of the several London Institutions have proved so highly satisfactory, that they take a strong position as negociable securities. Arranged in alphabetical order, they stand as under:— COMMERCIAL BANK OF LONDON.—Abstract of last Annual Balance Sheet presented to Proprietors ; number of Shares 1,000; amount per Share £100; amount paid £20; last Dividend declared 6 per cent. BALANCE SHEET.—Ending June 30th, 1851. DR. £ S. Capital sub..... f.761,800 Capital paid up ... .... Guarantee Fund invest- ed in Government Se- curities . . . . . . . . . . . . . . Balance due to the Cus- tomers of the Bank . . Balance carried down, after deducting Bad and doubtful Debts, and paying all charges and current expenses. 36956,325 1 152,360 0 0 23,871 14 5 764,541 14 3 15,551 13 0 d. CR. #3 $. Cash in hand, Govern- ment Securities, India Bonds, Bills Discount- ed., &c. . . . . . . . . . . . . . . 952,325 1 8 Value of Banking Pre- mises, Fittings, and Furniture at Loth- bury, and Henrietta- Street 4,000 0 0 £956,325 1 8 DR. #3 S. Dividend at the rate of 6 per Cent. per Annum for the Half-year end- ing 31st of December, 1850, already paid . . . . Ditto at ditto, for the Half-year ending 30th of June, 1851.......... Amount written off Bank Premises Account...... Rebate of Interest on current Bills carried to Profit and Loss new 4,311 12 4,570 16 200 0 2,278 1 Guarantee Fund, making that £28,062 17s. 11d. .... 4,191 3 £15,551 13 6 - Ch. £ s. d. Balance brought down. 15,551 13 0 £15,551 13 0 307 LONDON AND COUNTY BANK.—Abstract of last Balance Sheet presented to Proprietors; last Dividend declare d at 6 per cent. per annum. BALANCE SHEET.-Ending December 31st, 1850. DR. # s. d. To Capital............ 231,035 0 0 Reserved Fund . . . . . . 32,059 8 8 Customers' Balances, &c. . . . . . . . . . . . . . . . . 2,030,238 4 3 Net Profit for the Half- year, after payment of £11,230 5s. 9d. for Interest to Custom- ers . . . . . . . . . . tº tº e º E & 9,908 9 10 £2,303,241 2 9 PROFIT AND L To Half-year's Divi- dend at 6 per Cent. 6,774 11 8 Balance carried to Guarantee Fund. . . . 3,133 18 2 £9,908 9 10 * CR. f s. d. By Cash in hand...... 511,024 7 4 Securities, Discounted Bills, &c. . . . . . . . . . . 1,740,688 10 Bank Premises, free- hold and leasehold. Preliminary Expenses, Expenses of esta- blishing & purchas- ing Branches . . . . . . 0 33,737 11 4 17,790 14 1 £2,303,241 2 9 oSS ACCOUNT. By Net Profit for the Half-year. £9,908 9 10 tºº-ºº: £9,908 9 10 LONDON JOINT STOCK BANK.—Abstract of last Balance Sheet presented to Proprietors; number of Shares 6 0,000 ; amount per Share £50; amount paid £10; last Dividend declared 6 per cent. per annum. LIABILITIES AND AssFTs.—Ending June 30th, 1851. DR. £ s. d. To Capital paid up, viz. 60,000shares,£10each 600,000 0 0 To amount due by the Bank . . . . . . . . . . . . . . 3,131,185 5 11 Guarantee Fund.” ; Decemb. 1850 £137,109 11s. 3d. To 6 months’ Inter- 139,166 4 1 est on ditto, at £3 per cent. per ann., £2,056 12s 10d. To amount carried to Profit and Loss ac- count . . . . . . . . . . . . . . 55,847 4 3 £3,926,108 14 3 36 d. 472,925 13 0 CR. 5. By Exchequer Bills, India Bonds, &c. . . By Bills Discounted, Loans and Cash . . . . By Building, Furni- ture, &c., in Princes Street, £17,500..... o By ditto in Pall Mall, £9,500............. 3,426,273 l 3 27,000 0 0 £3,926,198 14 3 === 308 LoNDoN JOINT STOCK BANK, continued.— PRoPIT AND Loss Account.—For the Half Year ending June 30th, 1851. DR. £ s. d. To current expenses, proportion of Build- ing expenses, Direc- tors' Remuneration, Bad Debts, Income Tax, &c To amount carried to Profit and Loss new account, being re- bate of Interest on Bills discounted not yet due . . . . . . . . . . . . To Dividend Account for the Payment of Half a Year's Divi- dend, at the rate of £6 per cent. per an- num, upon £600,000 amount of paid-up Capital upon 60,000 Shares . . . . . . . . . . . . To Balance, being un- divided profit for the alf-Year. . . . . . . . . . 17,384 9 4 11,120 19 4 18,000 0 0 9,341 15 7 £55,847 4 3 CR. By Palance brought down . . . . . . . . . . . . . . s, d. 55,847 4 3 £55,847 4 3 LoNDoN AND WESTMINSTER BANK.—Abstract of last Balance Sheet pre- sented to Proprietors; number of Shares 50,000; amount per Share £100; amount paid £20 ; last Dividend declared 6 per cent. BALANCE SHEET.—Ending June 30th, 1851. DR. £ s. d. To Proprietors for paid up Capital..... ..... 1,000,000 0 0 To amount due by the Bank for Deposits, Circular Notes, &c. To Rest or Surplus 4,414,179 17 10 . Fund . . . . . . . . . . . . . . 100,107 12 I To Net Profits of the 42,051 1 3 past Half-year...... £5,556,338 11 2 CR. By Government Stock Exchequer Bills, & India Bonds By other Securities, including Bills Dis- counted, Loans to Customers, &c..... By Cash in hand .... * * * g º e #3 s, d. 1,054,018 10 0 3,810,600 4 I 691,719 17 1 £5,556,338 11 2 309 DR. To Total Expenditure of the Six Establish- ments, including Rent, Taxes, Sala- ries, Stationery, &c. To Payment of the Di- vidend now declared, at the Rate of 6 per cent. per annum, for the last Half-year .. To Balance of unap- propriated Profits .. LONDON AND WESTMINSTER, continued.— £ s. d. 18,682 5 0 30,000 0 0 112,158 13 4 £160,840 18 4 PROFIT and Loss.-June 30th, 1851. CR. By Balance of unap- propriated Profits, on Dec. 31st, 1850. By gross Profits of the last Half-year, after paying the Income Tax, and making Provision for all Bad and Doubtful Debts * : * c < e < * * * * * By Balance of unap- propriated Profits, brought down . . . . £ s. d. 100,107 12 l 60,733 6 3 * &=º £160,840 18 4 £112,158 13 4 ROYAL BRITISH BANK.—Capital described £100,000 in Shares of £100, half paid up. Dividend declared at the rate of 4 per cent per Annum. First Annual Report and Abstract Balance Sheet for the year ending December 31st, 1850, exhibiting the Liabilities and Assets of the Corporation: the Profit and Loss Account: The amount and nature of the Capital and Property of the Bank, and the fair estimated value thereof. Since this Report a Dividend for the 3rd Half-Year has been declared at the rate of 5 per Cent. To commencing Capi- tal as per Charter, whereo one-half paid up . . . . . . . . . . . . To Amount due by the Bank for Deposits on account of New Shares, Deposits for fixed Periods, and Floating Balances in Drawing Ac- counts, &c. . . . . . . . . To Amount due by the Bank on the Promis- sory Notes or Bills of the Bank payable to order, and Accep- tances for Custo- mers current tº g º ºs º º Car. forward . . . . LIABILITIES AND ASSETs. #: s. d. 100,000 0 0 353,54l 18 6 _57,163 18 ll 3:510,705 17 5 By Cash and uncalled- for Stock .......... By Loans on Conver- tible Securities for short periods, Ad- Vances On Cash Cre- dit Accounts, and Bills discounted, &c. Preliminary Ex- penses, including Cost of Charter, and ofestablishing Bank three Branches and Sub-Office, to be li- quidated by yearly instalments # * * * * * Car. forward.... £ s. d. 100,195 l 5 385,495 15 6 14,997 11 10 £300,688 8 9 310 ROYAL BRITISH BANK, continued— -8 s. d. iſ: s. d. Brt. forward ...... 510,705 17 5 Brt. forward ...... 500,688 8 9 TO Net Balance car- To, Property, of the ried to Profit & Loss Bank, in Buildings Account, after pay- and F urniture, at itS ment of Interest several establish- £4,456 14s. 0d.), Pro- ments, per valuation vision for bad Debts per Charter, to be and all Current Ex- liquidated 8.8 above. 17,115 4 3 É. compre- ending the total Expenditure of the Bank at its Chief office,threeBranches and Sub-Office, but not including any allowance to the Directors .......... 7,097 15 7 3:517,803 13 0 £517,803 13 0 PROFIT AND Loss Account. By Net Balance as above, brought down To amount carried to Reserved Fund .... To Dividend (free of Income Tax) at 4 er cent. On paid-up apital To Balance unappro- priated, including rebate on Bills Cur- rent, carried to Pro- fit and LOSS New Account 2,000 0 0 7,097 15 7 2,000 0 0 47,097 15 7 By unappropriated Balance as above, brought down...... 3,097 15 7 £7,097 15 7 ū-m- 323,097 15 7 Amount and Nature of the Capital and Property of the Bank, and the fair estimated value thereof. Commencing Capital, 1,000 Shares of £100 each, per Charter, of which one-half paid up................................ #100,000 0 0 Bank Property in Premises, 16, Tokenhouse Yard, 15, Token- house Yard, 429, Strand,-77, Bridge Road, Lambeth, 22, York Street, Westminster, and 97, Goswell Road, Islington;–including value of Furniture, cost of Altera- tions, &c. ...... #17,115 4 3 e e s e s e e o 'º e o 'º e º e s ∈ e s e e s a e e e s s tº e º e 3.11 UNION BANK OF LONDON.—Abstract of last Balance Sheet presented to Proprietors; number of Shares 60,000; amount per Share £50; amount paid #10; last Dividend declared 7 per Cent. LIABILITIES AND Assets.—Ending June 30th, 1851. DR. 36 s. d. Paid-up Capital, #10 per Share on 42,29 Shares . . . . . . . . . . . . . . 422,900 0 0 Due by the Bank on Current Accounts, Deposit Receipts, (in- cluding Interest ac- crued,) Circular Notes &c . . . . . . . . . . . . . . . . . . 3,094,316 4 9 Reserved Fund, invest- ed in Bank Stock, as per contra . . . . . . . . . . 50,000 0 0 #23,567,216 4 9 Surplus Profit.. 39,806 3 8 ---, -º 363,607,022 8 5 ------, -ºs--- CR. Cash in the Bank of England, Loans, Ex- chequer Bills, and other Government Securities, Bills dis- Counted, &c. ........ 3,475,677 6 5 3:25,035 13s. 11d. Bank Stock, (Reserved Fund) .............. Bank Premises, consist- ing of Freehold Build- ings in Princes Street, Mansion House, and Argyll Place; and Purchase of Lease & Fixtures of Premises, 4, Pall Mall, East.... Preliminary Expenses Half-year's Dividend, to 31st December, 1850, Amount carried for- ward 50,000 0 0 58,158 10,500 ; % #3,607,022 8 5 APPROPRIATION of THE SURPLUs. Tividends on paid-up Capital, viz.:- Half-year, 31st Decem- ber, 1850, already paid, at 3 per Cent. . . . . . . . 12,687 0 0 Half-year, to 30th June, 1851, now declared, at 4 per Cent. . . . . . . . . . . 16,916 0 0 3:29,603 0 0 Proportion of Prelimi- nary Expenses . . . . . . 500 0 0 Profit, as above, after deducting all Ex- penses paid or due, and Interest(£27,726 15s. 8d.) allowed to Customers on their Current and Deposit Accounts 2639,806 3 8. **-*t-ººººººmsº Undivided Profit—car- ried to Profit and Loss New Account ........ 9,703 3 8 4:39,806 3 8 3:39,806 3 8 * SCOTTISH AMICABLE LIFE ASSURANCE SOCIETY, Established 1826, AND IN CORPORATED BY ACT OF PARLIAMENT. 38egitiznt $ecretarp in 3Comtſon. J. E. C. KOCH, Esq. Consulting 33.jpgician. DR. FREDERICK COBB, 5, St. Helen's Place. ſºletical (Bfficers. CHARLES HARRIS, Esq., Surgeon, 76, Guildford-street, and 12, Fenchurch-street. DR. CHARLES BRODIE SEWELL, 27, Walbrook, and 13, Fenchurch-street. $olicitorg. MEssRs. G. & E. HILLEARY, 63, Fenchurch-street. 36amberg. MessRs. SAPTE, MUSPRATT, BANBURY, & Co., 77, Lombard-street. The Scottish Amicable Life Assurance Society was Established on the Mutual System, with no view to personal advantage among its promoters, farther than to obtain for themselves and their fellow-members, the full benefits which may be derived from their contributions. In regard to the mode of division of the profits, that adopted by the Society has been found to be fair, simple, and popular, the additions being in proportion to the duration and amount of the Policies, calcu- lated from the date of the Policy or previous investigation, and exigible on all Policies which emerge after being five years in existence. The rate of addition was, at last investigation, as at 31st of December, 1846, increased to 2 per cent., on a Report by the Manager and Mr. Lindsay, Accountant, Edinburgh. EXAMPLES OF THE ADDITIONS MADE. To a Policy of £1000, which had, by additions at previous Investigations been increased to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... ... £1,221 0 6 There were added Retrospective addition for seven years ............ 170 18 10 Making the Amount payable under the Policy ............ . . . . . . . . .61,1391 19 4 ew Entrants admitted to every Advantage. The Bonus may, at the Option of the Assured, be applied thus:–it may be ADDED To THE SUM ASSURED, PAYABLE AT DEATH ; COMMUTED INTo A PRESENT PAYMENT; or APPLIED IN REDUCTION of THE FUTURE ANNUAL PREMIUMs.—Im- mediate Annuities; Endowments granted on the usual terms; Proposals in Special cases disposed of immediately.—Tables of Rates, Forms, and all information may be obtained at the Office in London, or of the Agents. ******* I E. DUCATIOINT ASSU RAINTClº. The Society have framed tables to provide separately for this important branch, and call the attention of parents to the trivial cost (as shown in the annexed example) of providing at their death for the continual education of their children. Example.—A parent at the age of 40 may, by the payment of £6 18s. 6d., provide an annuity for his child of £100 per annum up to the age of 18, in the event of his previous death. CITY OF LONDON LIFE ASSURANCE SOCIETY, IFOR, Accumulative and General Assurances, 2, ROYAL EXCHANGE BUILDINGS, AND 5, WATERLOO PLACE, PALL MALL, LONDON. I) IRECTORS, The Very Rev. the Dean of Robert Keate, Esq., Sergeant, Hereford. Surgeon to the Queen. Robert Owen Aland, Esq. Stephen H. Lee, Esq. - Rich. Corrie Bache, Esq. Colonel Rowland, R.A. William Betts, Esq. William Simpson, Esq. James Risdon Bennett, Esq. M.D. William Thacker, Esq. John Blakeway, Esq. William A. Thomas, Esq. Charles Collick, Esq. Francis Watts, Esq. F.S.A. George M. Dowdeswell, Esq. George Watson Wood, Esq. F. A. Durnford, Esq. Actuary.—G. J. Farrance, Esq. Manager of the West-End Branch.-James Bryden, Esq. This Society embraces every known advantage, or convenience, offered by any existing Life Office. It combines Three distinct yet co- operating systems. THE MUTUAL SYSTEM securing all its advantages without its risks or liabilities, AN IMPORTANT CONSIDERATION To Assure Rs. THE PROPRIETORY SYSTEM, with the full benefits of its ac- knowledged SECURITY, SIMPLICITY, and ECONOMY ; and THE ACCUMULATIVE OR DEPOSIT SYSTEM, INTRODUCED BY THIS SocIETY, which perfects the principle of Life Assurance, the full amount of the Premiums being at all time available to the Assured, Also, HALF CREDIT PREMIUMS for stipulated periods, a peculiarly ad- vantageous arrangement for YouNG LIVES and for all persons witH ADVANCING MEANS OR IN COMIES. ANNUITIES, Immediate and Deferred. — IMMEDIATE Annuities are granted by this Society upon terms which will bear a comparison with any other Office where the Annuitants have an equal guarantee for their Security. DEFERRED ANNUITIES. By a certain number of Annual Payments an Annuity FoE LIFE can be secured, the Annuity to com- mence when the payments of Premiums cease. Parties whose Income is derived from the “Long Annuities” which will expire in about ten years, may purchase a Deferred Annuity from this Office to commence when the “Long Annuities” cease, by an Annual payment until that time. All further information may be obtained of E. F. LEEKS, Secretary. THE YO R K S HIRE FIRE & LIFE INSURANCE COMPANY., ESTABLISHED AT YORK, 1824, AND EMPOWERED BY ACT OF PARLIAMENT, CAPITAL–£500,000. This Office takes Low Rates of Premium at the outset, thus giving an immediate and certain Bonus in lieu of a Prospective and Uncertain one. THE RATES FOR FEMALE LIVES Have been materially Reduced, and are the Lowest taken by any Office. FIRE INSURANCES Are also effected by this Company on the most Moderate Terms. FARMING STOCK Insured without the average Clause, at 3s. per Cent, where no Steam Machine is used London Agent.—Mr. HENRY DINSDALE, Medical Agency, Office, 13, - Wellington Street, Strand. Medical Examiner for London.—J. B. CARLILL, Esq., 57, Berner's Street, Oxford Street. - WILLIAM LEWIN NEWMAN, Actuary & Secretary, YoFK. THE LICENSED.VICTUALLERS’ AND GENERAL FIRE & LIFE ASSURANCE COMPANY, ADELAIDE PLACE, LONDON BRIDGE, Empowered by Act of Parliament. TRUSTEES AND DIRECTORS. CHAIRMAN.—John Musgrove, Esq., and Alderman. DEPUTY-CHAIRMAN.—J. K. Hooper, Esq., and Alderman. John Addis, Esq. J. G. Hammack, Esq. C. S. Butler, Esq. William Knott, Esq. J. Dudin Brown, Esq. John Laurie, Esq., George H. Child, Esq. Robert Main, Esq. William Game, Esq. Francis Withan, Esq. (Directors selected by the Committee.) Mr. Bryon. Mr. Stennett. Mr. Wallis. ACTUARY.-J. T. Clement, Esq.-SECRETARY.-John Biggs, Esq. Fire insurances effected on all descriptions of property at the lowest rates of premium commensurate with the nature of the risks. Seven years policies charged only for six. No charge for new policies or for stamps on transfer. Claims settled forthwith. Life Assurances effected to any amount up to £5,000 on the lowest premiums consistent with the fair interests of the policy holders, and on terms of accom- modation highly advantageous to the assured. Policies issued payable during the life time of the assured, at the ages of 50, 55, and 60 years, or at his or her death should it occur at an earlier period. Annuities and reversions purchased. (By Order) JOHN BIGG, SECRETARY. The Annual Dividend declared 1st February, is payable at the office daily between ten and four o'clock. DIVISION OF PROFITS. IMPERIAL LIFE INSURANCE COMPANY., No. 1, OLD BROAD STREET, LONDON. . CHAIRMAN,+Charles Cave, Esq. DEPUTY CHAIRMAN, Thomas Newman Hunt, Esq. The third Decennial and second quinquennial appropriation of Profits will be made in the year 1851, and Policies effected during the current year will be included in the quinquennial division of 80 per cent. of the whole Profits. SECURITY.-In addition to an adequate reserve to meet the liability under every Policy, valued separately, this Company affords the Security of a subscribed Capital, exceeding in amount 100 per cent. of the gross value of all its liabilities, at a charge of less than three per cent. on the Premiums received during the last quinquennial period. THE PROFITs added to many of the oldest Policies are sufficient to ex- tinguish all the future Premiums. * ONE-THIRD of the Premium from the commencement may remain on credit, by which £1500 may be insured on payment of a Premium for £1000. INSURANCEs without participation in Profits are granted at reduced Premiums. Prospectuses and further information may be had at the Chief Office, as above; at the Branch Office, No. 16, Pall Mall; or of the Agents in Town and Country. SAMUEL INGALL, Actuary. COMMERCIAL BANK OF LONDON, LOTHBURY, AND 6, HENRIETTA STREET, COVENT GARDEN. CAPITAL Two MILLIONs, In 20,000 Shares, of £100 Each. I DIRECTORS. THOMAS BARNEwALL, Esq., M.P., Chairman. WILLIAM BERESFORD, Esq., Deputy-Chairman. Charles Dickson Archibald, Esq. Mark Hunter, Esq. William Sprott Boyd, Esq. Edward Oxenford, Esq. John Alfred Chowne, Esq. John Savage, Esq. William Cooper, Esq. Joseph Thompson, Esq. James Alexander Douglas, Esq. Joseph Underwood, Esq. Charles Hill, Esq. Richard Walker, Esq., M.P. Jonathan Hopkinson, Esq. Thomas Winkworth, Esq. MANAGER.—Mr. Alfred R. Cutbill. SOLICITORS.–Messrs. Amory, Nelson, Travers and Wynn; and Messrs. Norris & Sons. Accounts of Parties received and kept on the Plan generally adopted by London Bankers. Parties having current accounts with this Bank have the advantage of transferring any surplus Balance to a deposit account bearing interest; and sums of money are received on deposit from parties not keeping current accounts at such rate of interest, and for such periods as may be agreed upon. The Agency of Country and Foreign Banks undertaken on such terms as may be agreed upon. Purchases and sales of British and Foreign Securities, &c., effected, Dividends received, and every description of Banking business transacted. UNION BANK OF LONDON. CAPITAL, £3,000,000, in SHARES of £50 each. HBircrt0rg. SIR PETER LAURIE, ALDERMAN, GovERNort. WILLIAM MOUNTFORD NURSE, Esq., DEPUTY GovePNort. George Webster, Esq. Charles Lyall, Esq. John Barnes, Esq. John Chapman, Esq. J. W. Sutherland, Esq. Henry Hulbert, Esq. James Farquhar, Esq. Archibald Boyd, Esq. Peter Laurie, Esq. LIEUT.-CoI. Matheson, M.P. John Connell, Esq. John Scott, Esq. PRINCIPAL OFFICE, 2, Princes Street, Mansion House. WILLIAM WILSON SCRIMGEOUR, GENERAL MANAGER. REGENT STREET BRANCH OFFICE, Argyll Place. HENRY T. CLACK, MANAGER. CHARING CRoss BRANCH OFFICE, 4 Pall Mall East. ALEXANDER WIGHT, MANAGER. Secretary, W. LAURIE. The Capital of the Bank is £3,000,000 sterling, in 60,000 Shares of £50 each ; 42,290 of these Shares, on each of which £10 has been paid, making the paid up Capital £422,900,) are held by upwards of 600 Proprietors, whose names are published periodically. TERMS. CURRENT Accounts.-On all accounts where the balances shall, at no time during the preceding six months, have been below £500, Interest at the rate of 2 per cent. will be allowed on the minimum monthly balance, as heretofore. On all accounts where the balances shall at no time during the preceding six months have been below £200, Interest at the rate of 1 per cent. will be allowed on the minimum monthly balance. On Accounts which at any time during the preceding six months shall have been below £200, no Interest will be allowed. DEPosit Accounts.-The rate of interest at present allowed on Money placed on Deposit at ten days' notice, is £1 10s. per cent., but which will rise or fall, prá rată, with the Bank of England rate of discount for First Class Bills, being always one per cent. under that rate, the maximum not to exceed £5 per cent. Receipts for the sums so deposited will be granted to the parties, or, for the convenience of Depositors going abroad, Bills or Promissory Notes, at not less than six months’ date, including interest till maturity, will be issued. GENERAL BUSINESS. The Agency of Country and Foreign Banks, whether Joint Stock or private. Circular Notes and Letters of Credit issued for all parts of the Continent of Europe and elsewhere. Purchases and Sales effected in all the British and Foreign Stocks and Se- curities, and the Dividends received without charge. tº g The Half-pay, &c. of Officers, being Customers, also received without charge. W. W. SCRIMGEOUR, General Manager. * THE ROYAL BRITISH BANK, IN CORPORATED BY CHARTER, 17th SEPTEMBER, 1849. FOR RECEIVING DEPOSITS AT INTEREST, DISCOUNTING BILLs, MAKING ADVANCES ON APPROVED SECURITIES, GRANTING CASH CREDITS, AND TRANSACTING EVERY OTHER DESCRIPTION OF BANKING BUSINESS ON THE sco TTIs H sys Tr: M, 16, TOKEN HOUSE YARD, LOTH B URY, The Directors have the satisfaction to announce, that they have opened a Branch of the Royal British Bank, in the Strand, (No. 429, Corner of Agar Street, ) and another in Lambeth,) at No. 77, Bridge Road, and are about to open one at Islington, near the Angel. Arrangements are also in progress for Branches in the Borough of Southwark, at Limehouse, and Paddington. The hours of public business are from 9 A.M. till 4 P.M. daily. Qſcrms of 33ttstmegg. DEPoSIT Accounts. Three per cent. will be Credited daily on all deposits for six months, of one pound and upwards, and the interest paid monthly, or accumulated half-yearly, at the option of the depositor, for every sum not then drawn, and which in such cases will, for the next period of six months, form together an increased principal sum bearing interest at three per cent.—and if not then drawn, be again accumulated as above for the next half-yearly period, and so on progressively, com- pounding the interest half-yearly. But in any particular case of need, the directors will, if the circumstances justify an exception from their rules, repay any part or the whole of the deposit. The Directors having by the Charter the peculiar privilege of gra- dually increasing the capital, will, when new shares are being allotted, give a preference, after the existing shareholders, to depositors who may wish to become proprietors, according to the priority of their applications, allowing, until a dividend be declared, three per cent. interest on all de- posits set apart for shares. In accordance with the original purpose of the Institution, and of the early promise of its promoters, viz., to en- deavour to make the proprietary body as numerous as possible, and the ROYAL. BRITISH BANK, Continued— corporation, as far as the law will permit, a society for banking on the principles of a mutual benefit association, the shareholders will have a preference in the enjoyment of such benefits as the Bank can legitimately afford. SPECIAL DEPOSITs for shorter or longer periods than six months will be received on such terms as may be arranged in each particular case. DRAWING OR CURRENT Accounts. One per cent. interest reckoned from day to day, will be allowed on all balances constant for six months, of £100 and upwards: and two per cent. on all such balances exceeding £200 ; but the permanent maintainance of any balance will not be in- sisted on, when the party has not also a discount account. CASH CREDIT ACCOUNTs will be granted to respectable parties on personal security or such guarantees as may be satisfactory to the Bank. A commission of one per cent. half-yearly, will be charged on the amount of the credit, but interest (five per cent. per annum) will be debited on the balance only of actual cash from time to time drawn out by the party after deduction of the sums paid in. To Shareholders the commission on cash credits will be but a half per cent. half-yearly. ALL ACCOUNTs will be balanced half-yearly. OFFICIAL RECEIPTs will, on the one hand, be given to Customers for all sums paid in, and their CHEQUEs, on the other, will be preserved by the Bank till the succeeding half-yearly balance, when the accounts will be certified and the vouchers exchanged, except in cases where parties may specially wish for a different arrangement. ADVANCES OR LOANs on Promissory Notes with marketable secu- rities readily convertible, will be made at rates proportioned to the nature and value of the security, in each case. DISCOUNTs of Bills of Eachange will be made at the rates of the day; but only to parties having drawing accounts, and keeping balances of not less than one-fourth of the amount of their discounts. ALL BILLS For DISCOUNT must be lodged daily before 12 noon, and not called for till after 2 p.m. - REMITTANCES will be made to, and BILLS COLLECTED in any place in England, Scotland, or Ireland, or on the Continent of Europe where there is a Banker : as also in America, the West Indies, India and China. DIVIDENDs, &c., will be received for Shareholders or Customers without charge. No CHARGE nor gratuity will be allowed to be received from a Customer or Applicant by any one in the Bank’s employment. FoEMs of Application from Shareholders or Depositors, for new shares, or from parties desirous to open Accounts, will be supplied at the Bank, or sent by post to any who may require them. By Order of the Court of Directors, HUGH INNES CAMERON, 16, TokENHouse YARD, General Manager. 19th April, 1850. S0UTH AUSTRALIAN BANKING COMPANY., (INcorporated BY ROYAL CHARTER,) No. 54, OLD BROAD STREET, LONDON. Capital £200,000, in Shares of £25 each, with power to increase it to £500,000. DIRECTORS. EDWARD DIVETT, Esq., M.P. Chairman. J. Brown, Esq. * J. R. Mills, Esq., W. Chippindale, Esq. Sir John Pirie, Bart., Alderman. John Fussell, Esq. J. Wheelton, Esq. - J. H. Leckie, Esq. J. B. White, Esq. AUDITORS. C. Chippindale, Esq. | F. Ladbroke, Esq. BANKERS. - Messrs. Currie & Co. SOLICITORS. Messrs. Marten, Thomas, and Hollams. MANAGER. Edmund John Wheeler, Esq. MANAGER IN COLONY–Edward Stephens, Esq. LoCAL DIRECTORS AT ADELAIDE, George Morphett, Esq. E. J. S. Trimmer, Esq. R. F. Newland, Esq. The Directors of this Company receive Deposits of Money in London, and grant Letters of Credit for sums under £300, or Drafts at 30 days’ sight for larger amounts, on their Bank at Adelaide. The terms are regulated by the state of the exchange with the Colony. The Company also negotiate approved Drafts on South Australia. Bills collected in the Colony upon a Commission of 2; per cent., and the proceeds remitted to England. For terms of exchange and further particulars, apply at the Company's offices as above. EDMUND J. WHEELER, Manager. THE LONDON & WESTMINSTER BANK Issues CIRCULAR NOTES for the use of travellers and resident on on Continent. These notes are payable at every important place in Europe, and thus enable a traveller to vary his route without incon- venience; no expense is incurred, and when cashed no charge is made for commission. These notes may be obtained at the Head Office of the London and Westminster Bank, in Lothbury; or at its branches, viz. – 1, St. James's-square; 214, High Holborn; 3, Wellington-street, Borough; 187, High-street, Whitechapel; and 4, Stratford-place, Oxford-street. J. W. GILBART, General Manager. T H E ROYAL ASYLU M OF THE ST. ANN'S SOCIETY, MAINTAINING, cloth.ING, AND EDUCATING cHILDREN of THOSE ONCE IN PROSPERITY. SUPPORTED BY VOLUNTARY CONTRIBUTIONS. It must excite no small degree of surprise and regret, that, for the children of a numerous class of our fellow subjects, there is not, if we except Christ's Hospital and the Schools of this Society, any fit or ap- propriate Asylum, where the Children of Parents, once in prosperity, (of the Clergyman, the Solicitor, the Naval or Military Officer, or the Merchant,) whether Orphans or not, and from every Nation, can obtain a Religious Education, Clothing, and a home till, by the blessing of the Almighty, they may be enabled not only to avoid sinking into the gulph of pauperism, but become useful members of society, and ornaments to their country. Subscriptions and Donations gratefully received by Edward FREDERICE LEEKs, secretary. 2, CHARLOTTE Row, MANsion Hous E. A CATALOGUE AND FOLL IDESCRIPTION OF D| ARIES AND 0 THER GO M MERCIAL WORKS PUBLISHED BY LETTS, SON & STEER, 8, ROYAL ExCHANGE, And Sold by all Booksellers and Stationers. - Also of COPYING MACHINES and various Articles of STATIONERY, MAPS, (including the Ordnance Survey to the latest date) GLOBES, ATLASES, AND RINTING in Type, Copper-Plate, and Lithography. COPYING MACHINES Are Articles in which the Advertisers have been long since convinced that Parsimonyis very injudiciously applied. They are expensive to purchase at the outset and if not good give endless trouble and had bette be thrown away. Having read several Advertisements quoting lower prices than their own and being most anxious to be surpassed by none of their Fellow Tradesmen, they have sent round to inspect them, and in no single instance have they seem one at an inferior price at all equal to their own, which, bein made of the Very Best Iron by the Best Workmen that London can Produce and with most #. Machinery, they have no hesitation in saying are at present unequaled. A great variety is always on inspection and ready for immediate use. The following are the Prices of Machines and Tables. They have lower priced, but cannot warrant em. They have also sold the Lever Presses but not willingly. Instructions for use. “ Upon each of your Letters place successively a leaf of Damped Copying Paper and a leaf of Oiled Paper; give them one minute’s gentle pressure in the Machine; withdraw and lay them out to dry.” Prices of Machines, best London make. |Prices of Tables in Solid Mahogany, Oak, &c Post Folio, 18 inches by Ilg.... £6 16 6 ||No. 1, #4 ºf 0 | No. 2, £4 8 OTNo.3,422 T20 Foolscap Folio, 15 inches by 10... 5 15 6 ,, 3 8 0 ,, 3 9 0 ,, l l l 6 Large Quarto, 12 inches by 10 .. 4 4 0 ,, 3 8 0 ,, 3 9 0 ,, l l l 6 Small Quarto, 113 inches by 8: ... 3 8 0 ,, 3 8 0 ,, 3 9 0 ,, l 11 § Damping Bozes, Oak and Mahogany, Post Folio, 7s., 7s.6d.;—Foolscap, 6s., 7s.; Large Quarto, 6s., 7s.;—Small Ditto, 6s., 7s. Cloth Pads, per Pair, Post Folio, 5s. ;-Foolscap, 4s. :-Quarto, 3s. Oiled Papers, per Dozen, Post Folio, 4s. 6d. :—Foolscap, 3s.6d. ;—Quarto, 2s. 6d. Copying Books, with Index, and paged by Machine, Foolscap Folio, 1000 leaves, 19s.; 500, 12s.-Post Quarto, 1000 leaves, 16s. ; 500, 10s. ; 250, 6s. 6d. Copying Books for private letters, in Russia or Calf binding, with Spring lock and key, at 21s. or 25s. each. Guard Books, with Index, Folio, 17s. ;-Quarto, 12s. 6d. Ink, per Quart, 3s.6d.; Pint, 2s.; Small Bottle, 6d. and 1s. Bamping Brushes, 2s. 6d. N.B. The plan of preparing Books of Copying Paper to go into Machines insteal of Loose Leaves is now generally adopted, and independently of being neater ensures : saving both of time and expense. The Publishers have recently accomplished a furthe desideratum, viz, a Copying Book with Lock and Key for Private Letters Price 21s. or 25s. each. MANIFOLD WRITERS. From 5s. 6d. to 3 guineas each. Those at 16s. are recommended as possessing ever, necessary qualification, and are warranted to keep in an efficient state in any Climate. LETTS’s coPYING INK, In Sixpenny Bottles, flows more readily from the Pen than any other Writing link at present manufactured for Letters, Account Books, &c. dries a strong and permanent Black, will copy perfectly after the Letter has been written a Week.-- Pints, 2s. ; §. 3s.6d. ; Gallons, 12s. Export Orders for Dozens supplied at Wholesale Price: Red and Blue Copying Ink. DAMPING ROLLER for the Copying Machine, being covered with an ab. sorbent cloth, and kept in a bottle full of water, is always ready for immediate use, and distributes the moisture equally and sufficiently over the whole surface of the Copying Paper with the least possible trouble. Price 2s. 6d. PortABLE CoPYING MACHINE. Will copy a single Letter quite as well as the Iron Machines for Offices (which are calculated to take in 20 or 30 Letters at once.) Price 21s. each, including Ink, Paper and all other materials essential to its operation. READING EASEL. To screw on to a Chair, Couch, &c. and so facilitate Reading in an easy Posture, 20s. ; 30s. ; 35s. each. LETTS’S DIA RIES To guide such members of the Public as have not used our Diaries before in the selection of those Editions which will most probably suit them, we offer the following analysis, drawn from experience. The Editions most generally adopted by CLERGYMEN, are Nos. 9, 10 and 12. PHYSICIANS and the MEDICAL PROFEssion, Nos. 1, 2, 8, 9, 10, 12, and the M or Monthly Editions, No. 14 M, 17 M, 21 M, 23 M, the latter giving a large space to write on, without occupying much room in the Pocket, (TOURISTS also will find these convenient.) SOLICITORS and the LEGAL PROFEssroN, Nos. 1, 2, 8 and 9. THE ARMY AND NAVY, Nos. 8, 9 and 10. - MERCHANTS, BANKERS, and GENTLEMEN IN OFFICIAL CAPACITIES, Nos. 51, 52 and 53; 1, 2 and 3; 6 and 7; 8, 9, 10, 11, &c. and the B, or Dr. and Cr. Diaries. as 3 B, 4 B, 5 B, 7 B, 11 B, &c. SPORTING MEN, the Betting Diary. TRADESMEN, Nos. 4, 5, 11, 13, 15, &c. and the B, or Dr. and Cr. Diaries. MECHANICS, Nos. 17, 21, 23, and the CHEAP EDITIONs. The Pocket EDITIONs being indiscriminately used by all. Nearly every Edition is provided with a loose protecting Cover of Leather or Cloth to last ºnaemite period, for the purpose of keeping it neat and unbroken to the year's end. -In addition to a ruled space for every day in the Year according with the arrange- ments described on succeeding pages, and accompanied with Notices of all remarkable events to be provided for (such as Public Holidays, Dividends due, Eclipses, &c.), they contain (with one or two exceptions) a general summary of an entire page or opening i. º month, blanks for casual memoranda, and the following important Ta. es, &c. : COMMERCIAL AND GENERAL. Almanack for the Year, with Tides, &c. Tide Tables for the Out-ports Eclipses Duration of Moon-light Holidays at the Bank and other Offices Sunday Lessons Jewish Calendar, Fasts, Festivals, &c. Weather Table Ready Reckoner, for Marketing, {P lb., yard, &c. For calculation of Wages Life Assurance, Cost of a, at various Offices Advertisements of Ditto Value of an Annuity at various Ages Government Life Annuities at ditto Probable Duration of Life at ditto British Weights and Measures Foreign Weights compared with English Foreign Money compared with English Funds, Transfer Days, Dividends, &c. Relative Value at various Rates Highest and Lowest Prices, 1844 to 1848 Interest Table at £5 per cent. Ditto, at 3, 34, 4,4}, and 5 percent. Property and Income Tax Table Assessed Taxes Post Office Regulations Stamp Duties—Law and Commercial The New Tariff or Customs” Duties Directions for making a Will Brief Directions to Executors Fairs in England—Compendium of Railways in England, Hours of Starting, Fares, &c. City Officers Birth Days of the Royal Family Army and Navy Agents Bankers in London Bankers in the Country, with London Agents Style and Commencement of Address to the Nobility and Public Officers Her Majesty’s Officers of State and Prin- cipal Departments of Government House of Peers, &c. Scotch and Irish Peers, not being Peers of Parliament Eldest Sons of Peers—Titles of Courtesy House of Commons—Representatives Ditto—Places Represented Foreign Ministers and Consuls English ditto abroad. SUMMARY OF THE COMMERCIAL EVENTS OF THE YEAR. Embracing Monthly Tables of the highest and lowest prices of the following Articles of Produce with the quantities warehoused in the Docks. Funds; Bank Notes in Circulation and Reserve, with Bullion in both Departments. LEGAL. Holidays at Law Offices Law and University Terms Circuits of the Judges Court of Bankruptcy Law Offices and Hours of Attendance Acts passed last Session LETTS, SON, & STEER, 8, ROYAL ExCHANGE, Price, IDEscºrpºrror, ArtRANGEMENT, &c. OF THE WARIOUS EDITIONS OF LETTS’S DIARIES. or'FICE EDITION's. No. # Folio, 1 Day in a page, bound in Russia, 28s 5 39 2 Days in a page (or a week in 2 openings) with Sunday ...... do. 53 93. 3 Days in a page (or a week in 1 opening) without do. ......... do. 8 5 39 6 Days in a page (or 2 weeks in l opening) bound in paper, 4s... do. 5 1. Quartoll Day in a page, bound in Russia, 23s. . . . . . . . tº e º ſº e º e º e s tº * * * * do. 10 2. 35 2 Days in a page (a week in 2 openings) divided perpendicularlydo. 7 2H yx 2 Days in a page (do.) divided horizontally ...do. 7 3 22 3 Days in a page (a week in the opening) no Sunday........ ... do. 6 3B 22 3 Days in a page for Dr. & Cr. (a week in 2 openings).......... do. 8 4. yy 4 Days in a page (a week in the openg) with Sun...bd.in paper,4s.do. 5 4B 23 4 Days in a page, Dr. & Cr. (a week in 2 openings) no Sunday... do. 7 5 35 6 Days in a page (1 week in the page) no Sun...bd. in paper,3s... do. 4 5 B 32 6 Days in a page Dr. & Cr. (1 week in the opening) no Sunday do. 6 6 Lig. Qto.3 Days in a page (1 week in the opening) no Sunday ......... do. 6 7 23 6 Days in a page (a week in the page) do. bā, in paper, 3s.6d.do. 4 7B 32 6 Days in a page, Dr. & Cr. (1 week in the opening) no Sunday do. 6 8 Octavol Day in a page, with Sunday bound in Russia, 13s. . . . . . . . . . . ... 6 9 33 2 Days in a page (a week in 2 openings) with Sunday... do. 12s... do. 5 10 py 3 Days in a page, with Sunday . . . . . . . . . b is e e s a v e º e tº e º is tº ſº e º ºs º º do. 4 ill 2, 3 Days in a page (a week in an opening) no Sunday . . . . . . . . ... do. 4 i ll B yx 3 Days in a page, Dr. & Cr. (a week in 2 openings) no Sunday... do. 6 I LiD 22 3 Days in a page (right page ruled, left unruled) no Sunday .... do. 6 bound in Cloth, 14s. 0d. Loose PERPETUAL Protectin RUSSIA, Folio, 21s.; Quarto, 16s. ; Octavo, 10s.6d. In M * In CLOTH Octavo, 15. 6d.:—Ditto, with Clasp, 2s. g Covers with Spring Lock and OCK RU Duplicate Keys are made for the above. SSIA, Folio, 10s.; Quarto, 8s. 6d.; Octavo, ; Price Bound in Pocket Books. I POCIEET E DIT IOINTS. Cloth. Silk. || Tuck. Loop. Russia. No. 121} a week in a page, with Sunday .......... 3 0 || 3 6 || 4 6 5 0 | 12 6 13|# a week do. excluding do. . . . . . . . . . . . . . . 2 6 || 3 0 || 4 0 || 4 6 12 0 13B3 Days do. Dr & Cr (a week in 2 openings)... 4 0 || 4 6 || 5 6 || 6 0 || 14 6 13CA week do. the right page ruled, left unruled 2 6 || 3 0 || 4 0 || 4 6 || 12 0 13D}} a week do. do. do. . . . . 4 0 4 6 || 5 6 6 0 || 14 6 13|E|A week do. Dr & Cr (a week in an opening) 2 6 || 3 0 || 4 0 || 4 6 || 12 0 14 } a week do, with Sunday ....... . . . . . . . . . 3 0 || 3 6 || 4 6 5 0 || 12 6 14 MI Day do. (for 1 Month only) ...in paper, 8d. ... 1 0 . . ; 2 8 || 9 0 The set of 12 in a neat Cloth Case, 7s. 15|} a week do. excluding Sunday......... ... 2 6 || 3 0 || 4 0 || 4 6 12 0 15B3 Days do. Dr & Cr (a week in 2 openings)... 4 0 || 4 6 || 5 6 6 0 || 14 6 15CA week do. the right page ruled, left unruled 2 6 || 3 0 || 4 0 || 4 6 | 12 0 15D% a week do. do. . . . . . . . . 4 0 || 4 6 || 5 6 || 6 0 || 14 6 15EA week do. Dr & Cr (a week in 2 openings) || 2 6 3 0 || 4 0 || 4 6 12 0 Loose Protecting Covers for the above, in Russia and Spring Lock, 7s.; in cloth with clasp, 1s.6d. l61 Day in a page (for 8 weeks) in paper, 0s.6d. 1 0 . 2 0 || 9 0 17DIA week do. . . . . . . . . . . . . . . . . . . . . . do. 0 6 1 0 . . 2 () 9 0 17M1 Day do. (for 1 Month only) .... do. 0 6 - - 2 2 10 0 The Set of 12 in Case, 6s. - 17|A weekdo. right p. ruled, left unrld. do. 1 0 || 1 4 1 4 || 2 0 | . 9 6 its lk a week do..................... do. 1 8 || 2 0 || 2 0 || 2 6 . 10 6 19|I Day do. (for 8 weeks)...... ....do. 0 6 | . . . 1 0 ... 1 6 || 7 0 20% a week do..................... do. 1 0 || 1 4 || || 4 || 2 0 | . . . 8 0 21|A week do. . . . . . . . . . . . . . . * * * * * * o. 0 6 .. 1 0 || 1 6 1 6 7 0 21D # week do. right p. ruled, left unrld.do. 1 0 || 1 4 || 1 3 || 1 6 . . . 7 6 21M I Day do. (for 1 Month only) ....do. 0 4 ... 1 0 ... 1 4 || 7 0 The Set of 12 in Case, 3s. 22} a week do..................... do. 1 4 || 1 8 || | 8 || 2 6 .. 9 6 23|A week do. . . . . . . . . . . tº tº Gº º 'º º e º żº º o. 0 6 .. 1 0 ... 2 0 || 8 0 23D} week do. right p. ruled, left unrld.do. 1 0 || 1 4 || 1 4 || 2 0 | . . . 8 6 23 Mll Day do. (for 1 Month)..........do. 0 5 .. 1 0 || ... 1 9 || 8 0 The Set of 12 in Case, 4s. CIH II EA P Jº DIT IOINTS. | is.6d. A week, ruled Dr. & Cr. . . . . . . . . . . . . . . . . 1 6 1 10 || 2 6 || 3 0 || 10 0 ls.|A week, with Sunday ....................] 1 0 || 1 4 || 2 0 || 2 6 || 9 0 9d. A week do. te e º e º e e g º ºs e º 'º º e º & º ... 0 9 || 1 0 || 1 8 || 2 0 || 8 0 6d. A week do. • * * * * * * * * * * * * * * * * * * * 0 6 || 0 9 || 1 2 | 1 8 || 7 0 DIMENSIONS AND ARRANGEMENT OF THE WAR100S EDITIONS OF LETTS/S DIARIES, OFFICIE E. D. TIONS. IPOCIRET EDITIONS. SIZE of Paper . . . . . . . . . . . . . . . . . . . . . . Breadth in inches . . . . . . . . . . . . . . . . . . . . IDepth in inches . . . . . . . . . . . . . . . . . . . . . . 1 Day in a Page . . . . . . . . . . . . . . 2 Do. or 4 week do. . . . . . . . . . . 3 Do. # week do. . . . . . . . . . . 3 Do. in a Page . . . . . . . . . . . . . . 4 Do. or # week do. . . . . . . . . . . a week of 6 days do. . . . . . . . . . . a week of 7 days do. . . . . . . . . . . B, or Dr & Cr 3 Days in º: Page . . . . . . . . . . e e º e º e e º e is - 4 Do. do. . & © e s tº e º e 6 Do. do. . . . . . . . . . . . gº G, or Gondensed 3. . . . . . . . . . . . . . . . . . . . . ID, or Double Mems left, Cash right pages vº Long Long Small Small Folio Qto. Qto. 8vo. 12mo. 12mo. 18mo. 18mo. 24mo. 24mo. 8} 8 5} 4; 3; 3} 3} 3 3 2} 123 10 15; 74 6 . 7, 7 5% 3} 2} No. No. No. No. No. No. No. No. No. No. 51 1 8 ... 14M 17M 23M 21M 52 2.2II tº 9 tº º tº º tº tº e e tº º 53 3 6 11 13 15 18 22 gº º tº º 10 12 14 20 tº º ſº 4 tº gº tº * 55 5 7 tº º tº tº tº e tº º º & 1s. 9d. 17 | 23 6d. 21 3B 6B | 11B I 1313 | 15B tº 4B tº º & O tº e tº º tº e tº º º e 5B 7IB 13E | 15E tº º tº e * > * : * . . . 13C 15C c º tº e tº º © º tº ge 11D | 13D | 15D | 1s.6d 17D 23D 21D THE TABLET DIARY, to lie on the table or desk for casual memoranda—the leaves (detached) being filed when done with. Price 1s. The Prices & inescription or the Method of Dividing the Pages will be found on the preceding & following pages. METHOD of plyining the pages: left page right page left page right page JUNE 1820 1820 JUNE i ! JUNE 1820 1820. JUNE - 8 Sat 9 Sun 6 Th 7 Fri 8 Sat 1 Day to a Page y 2 Days to a Page, as Nos. 51, 1, 8, 14M, 17M, 21M, 23M. as No. 2. left page right page left page right page JUNE 1820 1820 JUNE i ! JUNE 1820 1820 June 3 Mon 6. Th 2 Sun 4 Tues 6 Th 8 Sat 4 Tues 7 Fri 3 Mon 5 Wed 7 Fri 5 Wed 8 Sat 3 Days to a Page y 4 Days to a Page, as Nos. 53, 3, 6, 10, 11, 12, 13, 14, as No. 4. 15, 18, 20, 22. left page right page left page right page June DR 1820 l 1820 CR June | | DR JUNE CR DR JUNE CR 3 Mon 3 Mon 3 Mon 3 Mon 5 Wed 5 Wed 4 Tues 4 Tues 4 Tu 4 Tu 6 Th 6. Th 5 Wed 5 Wed } Dr & Cr 3 Days to an opening, Dr & Gr 4, Days to an openin as Nos. 3b, 6b, 11B, 18B, 15e as No. 4B * he various Editions of LETTS'S DI ARIES, left page right page left page right page JUNE 1820 1820 JUNE JUNE 1820 - 1820 JUNE + 6 Th 8 Sat 6. Th 7 Fri 7 Fri 8 Sat ! 2 Days to a Page, as Nos. 52, 2H, 9. Mems on Left, Cash on Right Page, 3 days in the opening, 11D, 13D, 15D. 7 days, 13c, 15c, 17D, 21D, 23D. ** * *-y sº-º-º-º-º-º/* left page right page left page right page JUNE 1820 - 1820 JUNE JUNE * 1820 1820 JUNE 3 Mon 6. Th 10 Mon 13 Th 3 Mon 10 Mon 4 Tues II Tues 4 Tues 7 Fri 11 Tues 14 Fri 5 Wed 12 Wed 6 Th 13 Th 5 Wed 8 Sat 12 Wed 15 Sat 7 Fri 14 Fri 8 Sat 15 Sat 6 Days to a Page, 6 or 7 Days to a Page as Nos. 55 and 5. as No. 7, Ijº, 17, 21.33, 6d. left page right page left page right page Dr. Jºnº CRTDR JUNE CRT | JUNE DR 1820 | 1820 C ~ June 3 Mon 3 Mon 6 Th 6 Th 3 Mon 3 Mon -: | 4 Tues 4 Tues late 4 Tu 7 Fri 7 Fri 5 Wed 5 Wed 6. Th 6 Th 5 Wed 5 Wed 8 Sat 8 Sat 7 Fri 7 Fri 8 Sat 8 Sat - Dr & cr 6 Days to an opening, Dr & Gº: 6 Pays to an opening as No. 5B. as No. 7B, 13E, 15E, 18, 6d. OTHER PUBLICATIONS, &c. BY LETTS, SON, & STEER. THE TABLET DIABY, to lie on the table or desk for casual memoranda—the leaves (detached) being filed when done with. Price ls. THE VIEEELY HOUSEIKEEPER, for Weekly Accounts only, provided for four years; with Pages for Annual Balances, a Ready Reckoner, Tables to Calculate Wages, and Weights and Measures. Price 2s. 6d. bound in cloth. part of a page of the Sº Weekly 50th Week. 51st Week. 52d Week. Housekeeper. - . Baker . . . . . . . . . . . . . Butcher e tº e º e g º ºs º is s a Brewer . . . . . . . . . . . . . THE GENTLEMAN'S CELLAR Book, Arranged upon an easy prin- ciple, by which to keep an Account of all Wines and Spirits, with the Merchant's Name, their Price, and Vintage, and other particulars of interest to the Consumer; also to form Periodical Balances, and Comparative Tables of Annual Consumption, with Ruled Leaves for Receipts and Casual Memo- randa. This Work is not for one Year only, but calculated to last an indefinite period. Price 2s. 6d. in cloth. IDr. Specimen of part of two pages (condensed) of the CIEL L.A.R. 13 OOlć. Cr. —Wine (Bin No.— ) drawn from Stock. Wine (Bin JNo.) added to Stock. No. } Date. No. Date continued. Date. No.] Merchant, Yintage, Price, &c. FArtII.Y. REGISTER, for the insertion of Births, Deaths, Marriages, and other remarkable Domestic Events. A Work which no Family should be without, and which, like an Heir Loom, should descend from one generation to another. The several Editions correspond in size and form with the Diaries bearing the same No. No. 1, Cloth, quarto, 1 day to a page".... 10 0 No. 9, Cloth, oetavo, 2 days to a page . . . . 5 0 - 5 6 * * * 9 * * 9 3 * y • ? * 9 3 * 9 3 4 6 8, 9 y 9 * 1 , , $ 5 6 6 12, * * ... • * 3 * 9 y 3 0 They are also kept in Russia Bindings with Spring Lock. ANAEYTICAL INDEX, or Adjutor Memoriae, suggested as a Companion to LETTs’s Diaries, but Published with the more extended object of forming A. GENERAL REGISTER OF INTERESTING SUBJECTS, whether they have been read or written or other- wise met with, whereby the particulars may be referred to with promptitude and certainty rather than a faint impression of them gleaned from an often treacherous memory. Price 4s. Cloth, 6s. in Imitation Russia ; and 10s. Real Russia. ExTRACT BOOK, prepared for the reception of VARIOUS SCRAPS from VARIOUS SOURCES, but especially from the NEWSPAPERS, as being the Great Channel of Modern Information and very many useful Hints. Price 3s 6d. in Cloth; or, with Ruled Pages for Manuscript also, 4s. 6d. ; or, in Žº. with Letts’s Analytical Indez, 68. HOUSEKEEPER AND ENGAGEMENT ROOK, containing a ruled space for every Day in the Year, appropriated, to Money paid to Butchers, Bakers, Brewers, and other Tradesmen usually employed by Families; also for Daily Memorandums; for description of Servant’s Name, Age, Character, Servitude, Agreement, &c.; for Receipt of Wages paid to Servants : for special registry of Rates, Taxes, fiſhes, Insurance, and other Periodical Expeuses, and the following Lists, Tables, &c.—Table of Articles in Season (as Meat, Fish, Poultry, Game Vegetables, Fruit, &c.) shewing when they are in the greatest perfection, when Cheap, when ear, &c. for every month in the year; a Ready Reckoner for Price, per lb., yard, mile, &c.; a Ready Reckoner for Payment of Wages, , per day, week, month, &c.; a Taşi. of Weights and Measures; an Almanack for the Year, Eclipses, Weather Table, &c., a Table of Property Tax; Directions for making a Will, Instructions for the guidance of Executors, &c. and various useful Tables for Domestic purposes. ; Price 2s. sewn, or 2s. 6d. bound in cloth. Specimen of part of a page --- of the January 29 Monday 30 Tuesday It IOUSE CE. E. P. E. R. — Baker . . . . . . . . MEMORANDA Butcher . . . . . . Brewer. . . . . . . . sº * roºftºº, º, º the foregoing, combined with a eekly Summary of Tradesmen’s Accounts ich to ascertain th ts annually pai to them, &c. #º. , by w certain the amounts annually pai OTHER PUBLICATIONS, &c. BY LETTS, SON & STEER. SUIVIMARY OF TRADESIMIENT'S VIEEELY ACCOUNTS upon a similar principle, as the foregoing, but in an abridged form at 6d. each. * "File: HOUSEI: [O] ºld EXIPIENTS ES BOOIR. In which the Publishers have endeavoured to simplify the , numerous Works placed, before the Public under the title of “Housekeepers.” Each page, of the First Compartment is divided into columns for the several classes of ordinary Household Expenditure, such as Provisions, Apparel, Taxes,. &c., which ma be balanced weekly, or at other convenient periods; such balances being carried to the Secon Compartment, adapted to give a complete analysis of the entire º: and Expenditure of the Twelvemonths. The Third Compartment consists of plain Ruled Paper for the insertion of Recipes, Prescriptions, Servants’ Characters, Agreements, and other valuable data, too often lost for want of a fit place to register them in. These books do not limit the consumer to any given space for a day, and will cousequently last an indefinite period, but upon the average about two years. Neatly bound in cloth, price 38. 6d... or small quarto, 4s. 6d. Specimen of part of the ehold Experises Provisions. Apparel 1: Ious IBook. p Washing, &c. i | Soap, Coals, Candles, &c. Date. Particulars. | - IRENTAL, BOOK For the due arrangement of Rents, Deductions, Arrears, &c. Price 3s. 6d. cloth. Specimen of a Page. LADY DAY. MIDSUMMER. Tenant’s Name and Address. Due. Paid and When. Due. Paid and When. £ s. d. 1 # s. d. # s. d. 1 # s. d. --- Sãunders, John||12 || 10 || 0 || 10 || 0 || 0 |June 9 || 12 10 || 0 || 15 || 0 || 0 |Sept. Romford. Arrear || 2 | 10 || 0 BRITISH TARIFF, In Alphabetical arrangement, with Extracts from various Acts relating thereto, as adopted at the Custom House. Corrected up to the last Session of Parliament. PRICE SIXPENCE. A CAL ENDAR FOR THE NExT 5o YEARS. This is a very meat little Circular Table, calculated to shew at a glance on what day in the Week any day of the Year will fall during the whole of that period. Price 6d. THE, OFFICE CALEN DAR, Containing a separate leaf for every working day in the year.—Price 2s. figures 2 inches long ; 1s. figures 1 inch long. THE CARD CASE ALMANAGK, Including 2 leaves of Ass’s Skin, and 12 of ; º:jºr Memorandums. In Wrapper, 6d. ; in Morocco Card Case, 2s.; in Russia, 2s. 6d. INDISPENSABLE ALMANACK, Enabling Everybody to secure to himself a Faithful Record of the Past, the Present, and the Future. Many parties having at different periods sought the printed Information attached to our Diary apart from that work, we have at last withdrawn our objection and published it in the definite fºrm of an Almanack, adding, however, some other Information, which not being found in any of its contemporary Publications, and at the same time of great general utility, will, we trust, entitle it to a preference over many of them. Consonantly with the Title, it will be found that The Past is considered in the shape of a Mercantile Digest of the season intervening between the 1st September, 1848 and 1849, which, containing mauy valuable tables of Monthly Fluctuations in Produce, Stocks, and so forth, and edited by a gentleman of high literary standing, in possession of extraordinary facilities for obtaining such º, of information, will no doubt be #. appreciated. . The Present is provided for by numerous tables of Information and Calculation in dai requisi- tion by all classes of the community—also (in immediate connexion with an Aliağ. printed in unusually large and distinct type) a series of lines and columns for registering any Remarkable Fact, the state of the Barometer, Thermometer, and any feature in Meteorolo * Floriculture, #. Horticulture, Mechanics, Chemistry, Surgery, or other Science of interest to the ul reºaser, Aud the Future by a yariety of Notices and Tables calculated to put one in possession of what will occur, or what will be required of us, in the ordinary course of events, and discharge of our duty, as members of the highest and most civilised Nation ou the Globe. THE Post of FICE of FICIAL MonrBI.Y DIRECTor, Published by authority of the Postmaster-General, and Edited by F. W. HERBERT, Esq. of the Foreign Office, St. Martin’s-le-Grand. It containis all the British and Foreign Rates of$º: for various weights, in Alphabetical order, of easy reference, 9. at the same time where re-payment is necessary and where not); for Letters, Price Currents, Books, Parliamentary ocuments, and Newspapers, the Dates at which the Mails are dispatched and due a List of Ships and Packets destined to sail during the #. mouth, or that have sailed during the past month ; with other Information of the first Importance, especially to Merchants, Bankers, Brokers, and Tradesmen. Price le. siugly, or 8s. for the 12 months, to be paid in advance. OTHER PUBLICATIONS, &c. BY LETTS, SON, & STEER. SERIMOBT REGISTER, containing an Index for alphabetically arranging the subjects of Discourse, Text, Number, Where Placed, &c.; and a Chronological Register of Places at which they were Preached, the Occasion, and other Remarks of Interest; also, a Table shewing in what part of the Church Service the several Books of the Old and New Testament are appointed to be read. THE Publishers having often been requested to arrange some easy and expeditious plan whereby a Clergyman may refer to the Sermons he has written upon various subjects and preached in different places, have prepared the above, which, although in its Infancy, has obtained so much encouragement as to justify a hope that with the kind aid of those who adopt it, an efficient system may eventually be arrived at. Sermon Books, of Twelve Leaves each, with Covers, Ruled and Printed for Registry of Date and Occasion on which it was Preached, Where, &c. In packages of 3 Dozen, 7s.6d. - Bermon Cases, of Velvet or Leather, for the Pocket. No. 1, Velvet, 6s. 6d.; No. 2, Morocco, 6s. ; No. 3, Roan, 2s. Sermon Boxes for 3 Dozen Sermons, made of Wood, and covered with Leather, to imitate a Book, lettered No. 1, half-bound, with Morocco or Russia Backs, 8s. ; No. 2, half-bound, with Calf Backs, 6s. 6d.; No. 3, half-bound, with Roan Backs, 3s.6d. Good Spring or Bramah’s Locks, eartra, from 4s. 6d. to 21s, each. . . . sermon Paper, Ruled with Blue Lines, per quarter Ream, 3s.6d.; Plain, 3s. ºovers for Do. ruled and printed per hundred, 4s. An entire Set of the above, viz. the Sermon Register, a Sermon Case, and a Box, containing 3 Dozen Books, as above described, dome up as a present for a Young Clergyman on taking orders. The best No. 1, £2 : 17; next, No. 2, £2: 2: 6; cheapest, No. 3, £1 : 4. PREACHER'S REGISTER, for the purpose of Registering the Name, Degree, College, Benefice, or Cure, &c. of the Clergyman preaching in any Parish Church, Chapel, &c. as required by the 52d Canon Ecclesiastical. No. 1, bound in Calf or Roan, £1; No. 2, in Morocco or Russia, #1 8s. ; No. 3, in Morocco or Russia, Elegantly gilt, &c. £2 2s. CHARITY SERMIon REGISTER, for the use of Ministers, Churchwardens, &c., arranged for description of the Charity, name of the Preacher, and amount collected at Morning, JAfternoon, and Evening Services, or by sundry donations, &c. No. 1, bound in Calf or Roan, £1; No. 2, in Morocco or Russia, £1 8s. ; No. 3, in Morocco or Russia, Elegantly gilt, &c., £2 2s. PARISH BBGISTER of Baptisms, Marriages and Funerals, so arranged that although entered in Chronological order, the Alphabetical reference is simul- taneously secured. With respect to this Publication, it has been suggested by high authority, that so great is the facility of reference thereby secured, if gene- rally known it would be invariably adopted, even to the extent of copying the Ancient Registers. COLLECT MARIKER, formed of Card-board, to keep the place of the Collect of the day in the Prayer Book. On it are printed the Proper Lessons, Proper Psalms, &c., for all Sundays and Holydays throughout the year. Price 3d. each, or 5 for 1s. black letters. Double the price for gold letters on dark card. MAPS, GUIDES, CHARTS &c. The Advertisers beg it to be distinctly understood that they are not Publishers of any Maps except those issued under the direction of Her Majesty’s Board of Ordnance and for this reason are at liberty to select and to recommend without bias, (which most assuredly can scarcely be expected from the Publishers, themselves) those most deserving public attention, To the best of their judgment they do so, both in reference to Maps and Charts as well as to Globes and Guides for Tourists, having, (they believe,) a larger collection of these than any other house in London, and the Cream ef every Publisher. Their Collection embraces on the one hand the cheapest (to be of any service) and on the other the best without regard to price; with others of intermediate value in as many gradations as possible. Thus they have about thirty different ºp; of London, as many of England, and of other districts accord- ing to the extent of interest taken in them by the Public, and attendant competition for their patronage. The usual methods of MOUNTING are as follows, and respectively possess their peculiar advantages. 1.—For the Pocket or Book Case, divided into sections and pasted on to canvass in a Ineat COWer. 2-rº. suspension in Halls, Libraries, Board Rooms, &c. on Strainers or Rollers, 8.TIllSºlèOi. 3.—For Ditto, on Spring Rollers, to occupy but little space and bring every part - immediately under view. 4.—For Ditto, enclosed in Mahogany case. - OTHER PUBLICATIONS, &c. BY LETTS, SON, & STEER. The following LARGE: MAPs Fort of FICES & BoARD ROOMS are quoted as offering a Variety of Size, in the most approved form and being severally of the Best Authority. THE WORLD ON MERCATOR'S PROJECTION. DIMENSIONS. PRICES, MOUNTED ON Wide. Deep. || Rollers varnished. | Spring Rollers. |Do, Mahogany Box." 8 ft. 7 in, by 6 ft 6in. He 515 6 £ 9 9 0 212 0 0 6 4 4 5 || 3 3 0 5 15 6 7 7 0 5 10 3 2 || 2 0 0 4 14 6 6 6. 0 4 3 2 10 1 11 6 3 13 6 5 5 0 3 0 2 0 0 15 6 2 12 6 4 4 0 EUROPE, ASIA, AFRICA, or AMERICA. Wide. Deep. Rollers varnished. Spring Rollers. Do. Mahogany Box.” 7 ft. 1 in. by 5 ft. 5 in. + £ 4 6 6 # 8 0 0 # 10 10 0 5 1 4 2 2 0 4 16 0 6 6. 0 3 0 2 8 1 0 0 2 14 0 4 4 0 2 2 1 8 0 10 6 2 3 6 3 13 6 ENGLAND. Wide. Deep. | Rollers varnished. Spring Rollers. Do. Mahogany Box." 5 ft. 1 in. by 7 ft. 0 in..] 4: 2 12 6 £ 5 5 0 3C 7 7 0 3 6 4 5 1 11 6 4 0 0 5 10 0 3 2 4 4 1 6 6 3 5 6 4 14 6 2 8 3 2 0 15 6 2 12 6 3 13 6 2 2 2 8 0 12 6 2 8 0 3 9 0 LOINIDO.N. Wide. Deep. | Rollers varnished. Spring Rollers. : Do. Mahogany Box." 6 ft. 0 in. by 4 ft. 0 in. # 4 4 0 36 6 16 6 £ 8 18 6 4 4 3 6 2 2 0 4 12 0 6 6. 0 3 6 2 3 0 18 0 3 0 0 5 0 0 3 6 2 6 0 15 6 3 0 0 4 4 0 3 2 2 2 0 15 0 2 18 0 4 0 0 ENVIRONS OF LONDON. Wide. Deep. Rollers varnishd. Spring Roller. Do. Mahog. Box.” 36 ) : . 6 ft. 0 in. by 4 ft. 8 in. £1 1 0 364 14 6 366 16 6 30 / 3 g | 4 || 3 0 1 10 0 3 10 0 5 5 0 30 S $3.3 || 3 0 3 0 1 1 0 3 0 0 4 10 0 32 ( ; 5 || 2 6- 2 4 0 16 0 2 12 6 3 13 6 7 W = i 3 0 2 11 0 13 6 2 9 6 3 10 0 8 J - 2 0 2 0 0 7 6 e - e. e. e e º 'º * Where several Maps are placed in the same Box the proportionate expense is considerably reduced. # Europe is in this instance 23s.6d. less than the other Quarters. Every good Map that is Published in the Kingdom, (a few Foreign ones also) as well as every cheap Map of Europe, England, the Counties, and London, is kept, and may be seen on application, or particulars furnished by Post. The following will convey some idea of prices. OTHER PUBLICATIONS, &c. BY LETTS, SON & STEER. THE ORDNANCE MAP OF ENGLAND & WALES. 1-INTCH SCALE.-Is now reduced to the uniform rate of 2s. per sheet. Each square in the Index Map represents a sheet of the Original Map measuring about 40 inches wide and 28 deep, and embracing of course the same number of miles East and West or North and South. . They are kept in readiness for sale either unmounted or mounted on linen in squares for the pocket, or in sections of Counties, Districts, &c. upon Rollers or Strainers varnished The cost of the entire set will be as under:- In sheets, contained in a handsomé portfolio ........ £10 Mounted on cloth, singly, pocket size ......... . . . . . £17 Ditto in 9 book-cases, for Library .................. £21 The undermentioned are in frequent requisition for the Halls and Libraries of the Nobility and Gentry resident in the Suburbs of London, to the extent of 70 miles East or West, and 30 miles }; }.} South of it. Price £2 2s. each, Mounted on Strainer, with imitation Oak Frames, highly tºº/*ege No. 1. comprehends— LONDON AND ITS ENVIRONs, extending about 36 miles East, 36 West, 20 North, and 30 South ; embracing the whole of SURREY and MIDDLESEX ; the Greater part of KENT, ESSEX_and BUCKINGHAMSHIRE; Portions of HERTFORDSHIRE, BERK- SHIRE, HAMPSHIRE, and OXFORDSHIRE.-See sheets 1, 6, 7, and 8, in the Index Map. No. 2. KENT AND ESSEX, including their connexion with and the Eastern Moiety of LONDON3 embracing, also: Portions of Hertfordshire, Middlesex, Surrey, and Sussex—See sheets 1, 2, 3, and 6, in the Index Map. - No. 3. SURREY, HAMPs HIRE, BERKSHIRE, AND MIDDLEs Ex, including their connexion with and the Western Moiety of London: Embracing also, a Great Part of Buckinghamshire and Oxfordshire; with Portions of Hertfordshire, Sussex, and Wilt- shire.-See sheets 7, 8, 12, and 13, in the Index Map. - No. 4. HERTForldSHIRE AND MIDDLESEX, including London and its Envi- rons. The Greater Part of Essex, Buckinghamshire, and Bedfordshire; with Portions of Berk- shire, Surrey, Kent, Cambridgeshire, Suffolk and Oxfordshire.—See sheets 1, 7, 46, and 47, in the Index Map. No. 5. ESSEX, including its connexion with and the Eastern Moiety of London. A Great Part of Suffolk and Hertfordshire; with Portions of Cambridge, Middlesex, and Kent.—See sheets 1, 2, 47, and 48, in the Index Map. No. 6. HERTForlds HIRE, BUCKINGHAMSHIRE, oxfords HIRE, BERKSHIRE, AND MIDIPLESEX, , with the Eastern Moiety of Lon- don. Embracing a Large Part of Bedfordshire; with Portions of Surrey, Cambridgeshire, Northamptonshire, and Warwickshire.—See sheets 7, 13, 45, and 46, in the Index Map. THE ORDNANCE MAP OF SCOTLAND. SIX INCH SCALE is in progress; parts of the County of Wigton, is ready - at 2s. 6d., and at 5s. per sheet THE ORDNANCE MAP OF IRELAND. . SIX INCH SCALE is published, upon 1,156 Large Sheets at 5s. and 639 at 2s. 6d. Indexes to each County are also published on 1 Large Sheet, 2s. 6d. each. An Enlarged Index Map of Ireland, on 6 Sheets at £2: 10, Roller Warnished. ſº Orders received with a Remittance by Post (for any Map exceeding the value of £1) will be delivered free of expense or intimation immediately given in case of any Local impediment. By the reduction of Price in the Ordnance Maps, One Inch Scale, the & Publishers are enabled to supply ANY COUNTY and its immediate vicinity, contained in 4 sheets, and measuring 5% to 64 feet wide by 4 to 4% feet deep, at the uniform rate of ONE GUINEA, mounted on Canvas and Rollers, highly Warnished; or TWO GUINEAS, mounted on strong wooden Strainer and Cloth, with Imitation ornamental Oak Frame highly Warnished, and forming - A HANDSOME PIECE OF FURNITURE FOR THE HALL OR LIBRARY. $35° Official Indexes will be sent per Post without charge, OTHER PUBLICATIONS, &c. BY LETTS, SON & STEER. SIX INCH SCALE has been commenced with Lancashire and will be proceeded with Northwards until further notice, at 2s. 6d. and 5s. per sheet. FIve FEET scALE of Large Towns is in progress, so far as Lancashire is con- cerned. THE ORDNANCE GEOLOGICAL SURVEY, WITH HORIZONTAL AND VERTICAL SECTIONS. The Geological MAPS consist of Sheets of the 1 inch Survey coloured under direction of the Geological Society, from the official Map made by order of Government, by Sir Henry De la Beche. The various for- mations being distinctly traced and coloured in all their subdivisions. The Counties completed under this arrangement are— CoRNwald, including Sheets 24, 25, 26, 29, 30, 31, 32, and 33 .......... .... Price in Sheets £2 5 0 DEvoNSHIRE, including Sheets 20, 21, 22, 23, 24, 25, 26, 27, and 29.......... 3 * 2 11 Q The Geology of these two Counties is amply illustrated by Sir H. De la Beche's port, 1 vol. 8vo. 14s. º GLAMoRGANs HIRE, including Sheets 20, 36, 37, 41, and 42 (S.E. & S.W.).... p > 2 0 0 Horizontal Sections, 14s, and Vertical Sections, 25s, illustrate this County. MonMoUTHsHIRE, including Sheets 35, 36, 42 (S.E. & NE ) and 43 (S.W.) .... 22 | 11 0 Horizontal Sections, 7s, and Wertical Sections, 5s. illustrate this County. Any of the Sheets may be purchased separately at the following Prices:— No. s. d. No. s, d. | No. s. d. 19 Bath and Wells . . . . 11 6 28 Lundy Island ...... 2 38 Pembroke .......... 4 0 20 Bridgewater ........ 5 6 29 Hartland Point . . . . 2 6 39 Smalls Light....... . 2 6 21 Tiverton. . . . . . . . . . . 10 0 30 Camelford ....... ... 7 6 40 Haverfordwest . . . . . . 8 0. 22 Exeter ........ .... 7 0 31 Truro . . . . . . . . . . . . . . 7 6 41 Caermarthen....... . 8 0 23 Dartmouth ........ 3 0 32 Lizard Head ........ 3 0 42 Brecon......... . . . . . 9 6 24 Plymouth .......... 3 6 33 Penzance . . . . . . . . . . 5 0 43 Hereford............ 10 6 25 Tavistock .......... 10 0 35 Bristol ..... e e s is tº 10 0 57 Tregaron . . . . . . . . . . 7 n 26 Bideford ............ 6 0 36 Cardiff. . . . . . . . . . . . . . 13 () 58 Cardigan. ....... . . . . 2 6 27 Barnstaple......... . 3 6 87 Swansea . . . . . . . . . . . . 8 O The HORIZONTAL SECTIONS are drawn to a scale of 6 inches to a mile, horizontally and vertically, and describe in detail the Geology of the country over which they are drawn. Descriptions are engraved on each plate, thus rendering each Section a concise Report of the district it traverses. . The size of each plate is 3 ft. 3 in, by 2 ft. 3 in. They are engraved on copper by Mr. Lowry, and coloured in accordance with the aps. Price 7s. each. There are 17 sheets already published illustrative of the annexed sections of the Ordnance Map. Sheet } illustrates parts of the Maps Nº. 38 & 40 Sheet X, illustrates parts of the Maps ;. No. 35 •, II. . . . . . . . . . . . . . . . . . . . . . . . . . 38, 40 & 41 » XI. . . . . . . . . . . . . . . . . . . . . 20, 36 & 42 S.W. , IIſ. . . . . . . . . * * * * e º 'º g g tº g º e g º ºs e º e º & $ 41 ,, XII. ............ 35, 36 & 43 S.W. & S.E. , TV.................. 41, 42 N.W. 57 & 58 2, XIII. . . . . . . . . . . 43 N.W. N.E. & S, E. & 55 , W. & VI. ............... . 42 N.E. 56 & 57 » XIV. . . . . . . . . . . . . . . . . . . . º e º tº ſº. 19 & 35 y 3 VII. tº $ tº $ tº it # 4 º' tº e tº g tº e º 'º e º ſº. 4 tº e 37 & 4.i 23 XV. tº e º tº e º 'º $ e º e º e º e º & 9 & tº 19, 35 & 43 S.E. , VIII. . . . . . . . . . . . . . . . . . . . • * * * * 37 & 41 , XVI. ........... tº e º $ tº e º e s tº gº tº n & e º e 19 , IX. . . . . . $ tº e º tº $ tº $ tº ſº tº # * * * * * * * 37 & 41 3, XVII. ................ ....... 19 & 35 The WERTICAL SECTIONS are arranged in the form of Vertical Columns to a scale of 40 feet to an inch, and illustrate such details as it is impossible to give in the Horizontal Sections above described. In the Coal Measure Sections, for instance, the Thickness of each Bed of Coal, the Mineral Structure and Thickness of the Strata with which they are associated, the Nature and Amount of Ironstone, are given in the greatest detail. Price 5s. each Sheet. There are 15 Sheets already published illustrative of the annexed Sections of the Ordnance Map or the preceding Horizontal Sections, as follows:– Sheet 4, illustrates the Maps .... Nos. 36, 37, 41. Sheet 1, illustrates Horizon. Sect. Sheet Yi. Sec. 1 2 & e & ſº e º º ſº. tº $ a t < * e is a s is e º # * * * * * * * * * V 3 sy 5, • & & # * * • * * * * * * * * * * * * * * * * * * 38, 41. . 3. 8 s tº e e g g tº a * * * * * * * * * * * * s tº e º 'º º VII. : 2 * & & e º $ tº $ tº ............... 36, 42 S.W. S.E. 6... . . . . . . . . & g º e s a tº e < * * * * * * * * * * it tº º I , 8, 2 ... }................. xii. Sec. i., & xv. .. 2 ,, 9, . . . . . . . . . . . . . . . . . . . . . . . . Do. : #::::::: * & º ºs º g º 'º e º 'º º ºs $ tº e º º ſº tº $ tº 9 #7. . . , 10, . . . . . . . . . . . . . . . . . . . . . . . . Do. ... ii............................. iii., " : sy 12, e s º ºs e º 'º e Nos. 19, 35, 38, 42 S.E., 43 S.E. 29 15, . . . . . . . . . . . . . . . . * * * * * * * * * * * * * * XIII. § TRAVELLING MAPS AND GUIDE BOOKS. JAll the best Travelling Maps, marked with the Distances, by League, Post, or Mile, Gºº Kept in readiness, in neat Pocket or Carriage Cases. - OTHER PUBLICATIONS, &c. BY LETTS, SON & STEER. All the most approved Guides, Passport Cases, and the like. *** The Advertisers having endeavoured to collect every Work of this kind that has the smallest pretension to accuracy, beg that the Public will not hesitate to come and inspect them, even although they have no intention to purchase, as a favour will be conferred by MAPS, &c. IN SHEETs, IN PoCKET CASE, OR ON Roll ERs, stEAINERs, &c. the publicity thus afforded. London, from 6d. to 63s. each Environs of London, 6d., 9d., 2s., 2s.6d., to 26s.6d. Counties in England, 6d., 9d., Is., 2s.6d., 3s. and upwards The Ordnance Maps, at 2s. per sheet, l inch scale; 2s. 6d. and 5s. per sheet, 6 inch scale English Roads, Various, 6d. Watering Places and Principal Towns, 6d., ls., 2s.6d., 15s. The Ordnance Ditto,5ft.scale, 2s. per sheet The Thames, 1s., 3s.6d., 6s., 8s. Ditto Fishing Map, ls. 6d. The Lakes, 5s.6d. and 7s.6d. The Isle of Wight, 6d., 2s.,2s.6d.,3s.6d.,4s. The Channel Islands, 6d., 2s.6d. and 3s.6d. Railways—Various Lines, 2d., 4d., 6d., 1s. England and Wales, 6d., 1s., 1s.6d., 2s. and upwards to 52s.6d. The Ordnance Maps, 1 inch scale, 2s. to 8s.; 6 inch scale, 2s. 6d. and 5s. Great Britain, from 6d. and upwards Wales, from 1s. do. Scotland, 6d, 9d., 1s., 2s., 2s.6d., 4S., and upwards to 26s.6d. Ditto, Ordnance, 2s. 6d. and 5s. per sheet Edinburgh, 6d. and 9d. Ireland, 6d., 1s., 1s.6d., 2s., 2s.6d, 4s., 5s., and upwards to 52s.6d. Ireland, Ordnance, General Map, 20s., 30s. 52s.6d. Ditto, , Ditto, 2s.6d. & 5s. per sheet, 6 inch scale. - Ditto, Ditto, Counties, 2s.6d. &4s.6d. each. France, 6d, 9d., 1s.6d., 2s.3d., 4s., 5s., 7s., and upwards to 10s. The Netherlands, 6d.,9d.,4s.,7s.,7s.6d.,10s. Panorama of the Maine, 12s. Ditto ditto Rhine, 10s. & 10s.6d. Ditto ditto Switzerland, 12s. & 24s. Germany, 6d.,9d., 1s5d., 5s.6d.,7s6d., & 12s. Switzerland, 6d., 9d., 7s.6d., 12s. Italy, 6d., 9d., 1s., 1s.6d., 5s.6d., 7s., 8s., 10s., lls. Spain and Portugal, 6d., 9d., 2s., 3s., 5s., 8s.6d. cºal Europe, 1s., 2s., 4s.6d., 7s.6d, 10s., S., 13s. United States, 6d., 1s., 2s.6d.,3s.6d., 7s., 10s., 10s.6d., 15s. New South Wales, 6d., 9d., 4s. West India Islands, 6d. & 9d. India, Overland Route, 8s. Pricking Chart of the Voyage to Ditto 7s.6d., 10s.6d. China, Is., 2s., 8s., 12s. Africa, 6d., 1s., 7s., 15s. Tºyorld, ls., 2s., 4s., 15s. & upwards to 2. POCKET BOOKS OF MIAIPS. Traveller's Companion, in England, &c. 25s. Smith's Pocket Atlas of Ditto, 9s. Hall’s ditto, 16s. Cary's Turnpike Roads, 18s. Black's Pocket Atlas of Scotland, 16s. GUIDES, &c. London, from 6d. to 5s. each and upwards Environs of London, 6d. to 7s.6d. Counties in England, 2s., 2s. 6d., 4s. Watering Places and Principal Towns, 6d., ls.6d., 2s.6d., 3s., 15s. The Lakes, 1s., 3s., 4s., 5s. - The Isle of Wight, 2s., 5s., 6s., 10s.6d. Southampton, 1s., 2s., 3s., The Channel Islands, 2s., 3s.6d., The Railways of England, ls. England, 2s 6d., 9s., 9s.6d., 10s.6d. Wales, 2s., 2s.6d., 5s., 8s. Scotland, 6d., 2s.6d., 3s.6d., 5s., 8s. 6d. Edinburgh, 2s. Ireland, 8s. France, 10s.6d. and I2s. Paris, 2s.6d., 5s., 6s., 7s.6d., 9s. Boulogne, 6d. and 8s. France.and Italy, 17s. The Rhine, 2s., 5s.,5s.6d., 9s., 12s., 12s.6d. Belgium, 9s., 12s., 148. - Brussels, 8s. Germany, 12s. and 22s. Switzerland, 3s., 10s., 15s. Mont Blanc, 4s., 7s., 10s., 10s.6d. Italy, 12s., 15s., 10s. 6d. Spain, 7s. and 16s. Pyrenees, 18s. Scandinavia, 14s. St. Petersburg, 8s. Moscow, 8s. Europe, 8s. and 22s. Egypt, 15s. India, 7s.6d. and 14s. Australia, 2s. and 3s. Emigrant's Guides, 1s. and 2s.6d. British Gazetteers, 3s.6d. - General Gazetteers, 6s. and 16s. - Interpreters and Dictionaries in various Languages, 3s.6d., 5s., 6s.6d., 8s. Geography, 2s. and 3s.6d. Geology, 6s.6d., and 12s. Astronomy, 3s. OTHER PUBLICATIONs, &c. BY LETTS, SON & STEER. BRITISH.— Hall's, 12s. and 21s. Walker's, 63s. Reynolds', 5s. 6d. and 8s. SCOTTISH.— Black's, 16s. GENERAL.- Arrowsmith's, 67 Maps, £17, 17s. Ditto, 51 Maps, £13, 13s. Ditto, a selection of 21, £6,6s. Johnstone's National, 45 Maps, £8,8s. Ditto, Lithograped Edition, £4,4s. Modern, 34 Maps, 10s. 6d. Findlay's, 30 , 12s. Dower, les. Betts's, 16 Maps, 16s Ditto, 64 , 63s. Cruchley's, 31 Maps, 16s. Ditto, 22 ,, . 12s. Ditto, 14 ,, 8s. 6d. ATLASES. GENERAL, continued— Ostell's, 27 Maps, 18s. College, 29 Maps, 12s. Gilbert's Modern, 30 Maps, 18s. 6d 3 * Junior, 11 , , tº wºvº º Society’s, 21 2, 23s. and 27s. Ditto, 54 », 56s. Wyld's, 51 , 52s. 6d. Ditto, 31 2, £6, 6s. Ditto, 51 x £11, 11s. Mudie's, 56 , , with Topo- graphical Description, 63s. Black's, 60 Maps, 56s. For Schools.- Ancient and Modern Side by Side. The Eton, 16s. Butler's, 18s. AMERICAN, Society’s, 19 Maps, 16s. INDIAN, Society’s, 20 , , 16s. SCRIPTURE, 13 2, CHARTS.—Those of the Admiralty, Allen, Arrowsmith, Laurie, Norie, Walker, &c. have each their several merits, dependant on the district the Publishers have connexion with, the character of the Surveyor, &c. GLOBES.–From 2 to 20 guineas the pair are always in readiness for immediate sale. For some qualities the advertisers have been in the habit of recommending Cary’s, but Newton's have lately been greatly improved, and are decidedly cheaper. The Society for the Diffu- sion of Useful Knowledge has produced two good ones 12 and 18 inches. Smith’s iO inch are very good. Wyld’s are not without merit, &c. Packing Cases for Globes. Having hitherto from their absurd costliness formed an impediment to the transmission of Globes into the Country, &c., Messrs. LETTs have arranged to take that expense entirely upon themselves, if the cases are returned uninjured within 7 days after they have left their premises. For Exportation they will be as follows : To pack a single Pedestal, Tripod, &c. or a pair of School Frames, 12 inch Diameter, 108. ; 15 Ditto, 158. ; 18, 20, STATIONERY. VX7RITING PAPERS. The following may be depended upon as of good quality and not porous. Samples will be sent without charge by Post if required. 21 Ditto, 20s. ; 25 Ditto, 28s. A. CREAM COLOURED OFFICIAL PAPER. 2 Quarto Sheets to the Ounce. Price {P Half Ream of 10 Inside Quires. No, I. Large Quarto (93 by 8%) .... 8 6 2. Small Do. (9. 2 3 7#) .... 7 6 3. Large Octavo (7; , , 5) .... 4 6 4. Small Do. (7. , 4%) .... 4 0 5. Lady’s Note (6 , , 33) .... 3 0 9. Small Do. (5 ,, 3}) .... 2 6 G. INLAND LETTER PAPER, Machine. 4 Quarto Sheets to the Ounce. Price itſ” Half Ream of 10 Inside Quires. No. 1. Large Quarto (93 by 8%) .... 2. Small Do. (9% , 3. Large Octavo (7 # , 5) . . . . 4. Small Do. (7. , 4) .... 5. Lady’s Note (6 ,, 3}) .... 6. Small do. 5 ,, * - - - Finest Hand Make, 7s.6d. ; 6s. 6d.; 4s. ; 3s.; 2s. 6d. ; 2s. e - - - 6 9 3 9 3 i 1E. PAPER FOR SOLICITORS, &c. Foolscap, tº Half Ream of 10 Inside Quires . . . . . . . . . . . . . . . . . . . . . . . . Do. Shightly Inferior or Blue Wove 6 Draft, Fine Laid .................. 4 Do. Blue Wove : º e º e º e º e º e º 0 & 8 tº º B. INLAND LETTER PAPER, Machine. 3 Quarto Sheets to the Ounce. Price itſ” Half Ream of 10 Inside Quires. No. 1. Large Quarto (9; by 8%).... 5 6. . Small Do. (9; , 73).... . Large Octavo (7; , , š. . Small Do. (7%. , 4}).... . Lady’s Note (6 ,, 3%).... . Small Do. (5 , 3}). . . . Finest Thick Hand Make, 9s. 6d. ; 7s.6d. ; 5s. ; 4s. ; 3s.; 2s. 6d. i i 0 0 * 6 0 6 D. FOREIGN LETTER PAPER, Machine. 7 Quarto Sheets to the Ounce. * Price tº Half Ream of 10 Inside Quires. * No. 1. Large Quarto (93 by 8%) .... 3 6. Extra Large (84, 104) .... 4 0 Finest Hand Make, 8s. 6d. Extra Large, 9s. 6d. F. IDRAFT PAPER. - *}” Half Ream of 10 Inside Quires. Fine Laid. . . . . . . . . . . . . . . . . . . . . . . . . . 4 6 Do. Blue Wove . º s e º 'º º e º º tº º ºs º e º & & & 0. othER PUBLICATIONS, &c. BY LETTS, SON & STEER. EETVELOPES to suit the above papers in size and quality from 9d. to 1s. per 100. N.B. The Adhesive Envelopes save much trouble. - - Accoun'ſ Books A large assortment of Ledgers, Journals, Cash Books, and other forms usually adopted in Merchants’ and Traders’ Offices, as well as by Private Gentlemen, for their Farming, Reutal, and Executorship’s Accounts, of various sizes, from largest Folio to smallest Octavo, all of the very best materials, are kept in readiness for immediate use; or may be made to pattern, if necessary in 24 hours.-Private Ledgers, with Spring Locks, &c. BILL Books, Cargo Books, Dock Order, and other Books, with Printed Headings. LETTER PAPERS in Foolscap, Post, Draft, Pott, &c., either hand made or machine, from the highest to the lowest prices. Samples will be furnished free of expense by post. ENVELOPES of Paper or Linen in great variety of size and description. BILL CASES for Bankers, Merchants, and Brokers. BLOTTING OR WRITING CASES. POCKET BOOKS and all kinds of Morocco Work, in which Branch the Publishers believe they have the best workmen in the kingdom. - QUILLs, Pens, and Steel or Gold Pens. INKSTANDS of Metal, Wood, Porcelain, Glass, or Pewter. INK, very superior, for Writing or Copying. PENKNIVES of the very best London Manufacture, &c. &c. BOOKSELLING. ALL THE PERIODICALS at the very earliest period of issue. ALL THE AL MANACKS AND ANNUAL POCKET BOOKS that are Published. UNCLAIMED DIVIDEND Books at 1s. each Letter. Sixteen Penny Postage Labels forwarded through the Post will ensure the list per return. EVERY GooD INTEREST Book that is Published, at 24, 3, 34, 4, 44, 5, 6, 7, 8,9, and 9% per cent. From 1 to 365 days at 2s.6d., 7s., 8s., and 21s. each. DISCOUNT BOOKS at various rates. from 1s., to 21s. each. READY RECKONERS in great variety, from 1s, to 20s. each. ExECUTORS' Books, from 2s. 6d., to 5s. each. Book. KEEPERs...com. MERCIAL, DICTIon AR1Es, &c. The Commercial Instructor at 1s. 6d. gives a variety of Information in very concise terms. PRINTING. 1 N T Y PE, e o P P E R = P L A iſ e, A N D L I T H o a R A p H Y. The Publishers having some of the best Workmen and Machinery in the City of London, beg respectfully, to inform their Subscribers, that they are ready to compete with any house in the above Branches for the supply of PUBLIC companres, AS RAILWAYS AND INSURANCE OFFICES, BANKS, CLUBs, &c., either by Original Tender, or in the event of dissatisfaction with the conduct of existing Contractors, by adoption of their Prices, or by an agreed discount thereon, - according to circumstances. - Offices in the country will be exempted from the charge of Carriage. ſiiſ ſae §§§§ :. §§ . saes ſae; º ºgº S.; ; sº.º. *** ， ， ， ， $ $ $ $ ¢ £ ¥ $ ！ § 3 & 3 -، *šķ*** & *** Lºſſº， ******** （ ， : , :, :，*** · · ！“， .*¿.*** ģšķą. și， și №， №ºº ！ : ）; ， ， ºs ****** $ $ $3！ §§§ §§·--$ $ $ $ ~}- --į， ！±, ， ， ·**************** saeae··-¿¿.*ſae）; &. “ž º žº· ，，…， x-≡-ģ.č.）， ！*（ ſae ; ſ. š.§ §§****ſae{ ſae، Sº§§， ， ， ， &}） ¿¿ și ¿¿.*****× §§§）. šķ”（）。 ; ; ， ; ， ）; § ¶ ¡ ¿ * ģ （） : ~ ·¿ ✉ șºs， g.）ſae; ·- ſ ſſae§ （3 §）|×ſº šį šķș; ··-·…、、 、、。· 。。 、-∞ &&§§§·ſae、、。 $， $ $ $3ſaeae:∞$ $ $3&#š， ž， š， ž.ſº ，·-ſaeae: }-§§§* ¿-$$$$$$$$$$$$ § .ſ， šķ*``，,,，§§§§§§§§ §¶√≠ a√∞:ſae（*）， §§ （ ）× × × ×、* ¿š، *****șaeae:ſaesaeae,*******************·¿§§§§§§§§ º £ º *******¿¿. ¿· ，，…，.，.:... ！-§§§）， aeģ Ķ ķ （）, （3） *（;|:） ：§ ' º ~ . . . ?--########º : * · · ·., § 3·（±√（√∞∞∞ſae