RELATIVE TO THE NATIONAL DEBT, AND OPERATIONS OF THE SINKING FUND: ORDERED TO BE PRINTED BY THE HOUSE OF COMMONS, JULY, 1822; BEING PARLIAMENTARY PAPER No. 557. [Moved pro forma, with the view of their being entered on the Journals of the House, Jovis 25° die Julii, 1822.-See Votes and Proceedings of the House of Commons of that date.] WITH ADDITIONAL NOTES AND OBSERVATIONS. LONDON: PROPOSED RESOLUTIONS, &c. No. I. THAT the National Debt of Great Britain, unredeemed on the 5th Jan. 1793, was 239,350,1487.;' consisting of 227,989,1481. of funded, and of 11,361,000l. of Exchequer Bills,* at an annual charge of 9,203,9741.2 No. II. That, from the 1st Feb. 1799 to the 5th Jan. 1817, including 600,000l. for the service of Portugal, 6,220,000l. for the service of Austria, and 69,250,000l.+ for the service of Ireland, and guaranteed by England (and exclusive of 2,500,000l. for the service of the East India Company in 1812), there has been raised by Loans and the funding of Navy, Victualling, Transport, and Exchequer Bills Parliamentary Paper, No. 35, of 1819; page 3*—page 9. 2 Vide Vol. 12, Finance Reports, folio edition, page 1. Charges of Management Making a Total of. ... On Unfunded Exchequer Bills, Appendix 7, of Deduct Redeemed and Expired Annuities, as per 7,831,837 6 1,373,751 2 6 120,277 15 7 in Great Britain, the sum of 584,874,5577.;' and that during the same period, there has been an increase in the issue of Exchequer Bills unfunded, and outstanding on the 5th Jan. 1817, to the amount of 33,289,300l.; making a total sum raised in the 24 years of no less than 618,163,8577. funded and unfunded, independently of advances made by the Bank, and remaining unsettled on the 5th Jan. 1817. No. III. That there was paid into the Treasury, on account of the 584,874,5571., as stated in the preceding resolution, the sum of 484,359,4801.3 in money; that the Bills funded amounted to 86,183,1767.; that the loan of 4,600,000l. raised for the service of Austria in 1795, is stated not to have been directed to be paid into the Exchequer; and that the Bank of England retained out of the subscriptions to the Loans of 14,500,000l. and 1,620,000l. in 1797, the sum of 4,648,7317. 16s. 3d., making the total sum of money received and accounted for, on account of the 584,874,5577., to amount to 579,791,3887.;4 leaving a deficit of 5,083,1697. retained for discount on prompt payment, and for expenses of receiving at the Bank. 1 Sum funded as per col. 1 of Parliamentary Paper 145, of 1822 .... 584,874,557 Excess of Exchequer Bills Total Sum raised. 33,289,300 £618,163,857 2 Vide Parliamentary Paper, No. 35, of 1819, page 9: Amount of Exchequer Bills, on 5th Jan. 1817 ..... 44,650,300 Do. Do. Do. 5th Jan. 1793 ....... 11,361,000 Bills funded (vide col. 1.) Austrian Loan of 1795 not paid into the Exchequer Retained by the Bank, 1797, part of Loans of 86,183,176 4,600,000 * 4,648,732 £579,791,388 * Vide page 144 of vol. 13 of Com. Reports, folio edition. No. IV. That, for the sum of 579,791,3881. of money received and accounted for, as stated in the preceding resolution, from the 1st Feb. 1793 to the 5th Jan. 1817, there has been created Capital in Stocks of various denominations, to the amount of 879,289,9437.,' at an annual charge for interest in perpetuity to the amount of 29,289,6687.; and of 230,000l. of Annuities, from May 1795 to May 1819; and of 654,6957. Annuities from various dates, all terminable in 1860: making a total annual charge for Interest and Annuities of 30,174,3637.2 (exclusive of about 160,000l. per annum for management) which sum of 30,174,3637., equal to 30,040,4457.3 in perpetuity, converted into a 3 per cent. Capital, is equal to 1,001,348,1667., being at the rate of 1721. 14s. of 3 per cent. Capital for every 1007. of the 579,791,3887. money received, or 1007. 3 per cent. Capital for every 57. 18s.4 in money. No. V. That, if the conversion of the 4 and 5 per cent. Capitals is made at the average relative prices they bore to 3 per cents. at the time they were funded, the total amount in 3 per cent. Capital will be 975,784,5921., instead of 1,001,348,1667., as stated in the preceding resolution. The 49,982,1197. of 4 per cents. were funded at an average of 1007. Capital for 82/. money, the The 120,557,4717. of 5 per cents. were funded at an average of 1007. Capital for 901. money, £61,172,133 3 Various Capitals 879,289,9437. at a charge in perpetuity of Annuities terminable in 1860, 654,6951., equal to 29,289,668 617,377 Do. for 25 years, equal to 133,400 Total of charge in perpetuity... .. equal to 1,001,348,1667. of 3 per cent. Capital. ✦ Equal to 51. 3s. 74d. per cent. Interest. £30,040,445 the relative current value of the 3 per cents. being 60l., which gives of 3 per cents. The amount of 3 per cents. funded 180,836,206 708,750,353 25,025,900 The 884,6951. of terminable Annuities, reduced into a perpetual Annuity of 750,7777., equal to 3 per cent. Capital Total 3 per cent. Capital £975,784,592 £25,563,574 making a difference of of 3 per cent. Capital, which is an equivalent for paying a higher rate of interest on the 4 and 5 per cents. than in the 3 per cents.; and there has been paid on the total amount of the 4 and 5 per cents. funded, an annual sum increasing to 766,9077. per annum on the 5th Jan. 1816, which in 14 years, at 5 per cent., is equivalent to the difference of Capital created in funding in the 4 and 5 per cents., instead of in the 3 per cents. No. VI. That during the 24 years from the 1st Feb. 1793 to the 5th Jan. 1817, in which the 579,791,388/., as stated in the 3d Resolution, was received and accounted for, there was paid to the Commissioners of the Sinking Fund in money, the sum of 186,522,3407.;* and the expense of the office of the said Commissioners during the same period, was 62,6981.; making the amount paid to the said Commissioners, 188,585,0387.,3 in money, by raising of which, an annual charge in perpetuity of 9,771,0637.,4 was created, equal to 325,702,1161.5 of 3 per cent. capital. That, with the 188,585,0387., as stated in the preceding Resolution, the said Commissioners have purchased capitals of various denominations, to the amount of 302,911,955l., the annual dividends on which are 9,168,2337.,7 which sum, converted into a 3 per cent. capital, is equal to 305,607,7667., being at the rate of 1627. 1s. of 3 per cent. capital for every 1007. of the 188,585,038/. Vide col. 8 of No. 145. 2 Vide Parliamentary Paper, No. 39, of 1821. 3 Cash paid to Commissioners.. Expense of Office. £188,522,340 62,698 9,771,063/. + If 579,791,3887. : 30,040,4457.:: 188,585,0387. : 5 If 579,791,3887.: 1,001,348,1667. :: 188,585,0381. : 325,702,116/. 6 Vide col. 9 of No. 145, of 1822. 7 Vide col. 11 of No. 145, of 1822. |