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STOCKS. This large debt is chiefly vefted in various stocks or funds, in which the public may purchase and poffefs fhares of the capital, but fome portion is borrowed from large trading or monied companies who are benefitted by receiving the interest. These fums are; to the bank 11,686,800l., which, at three per cent., gives for intereft 350,604/., and South Sea ftock to the amount of 3,662,784/., bearing the like interest. These are to be reckoned among the permanent funded debts, and the others which rank under that description, are the annuities payable at the bank, and bearing interest respectively at the rate of 31. 4, or 5 per cent.

CONSOLS. Of the 3 per cents., the fund called consolidated annuities, or for fhortnefs Confols, is the most confiderable. When first confolidated in 1751, it amounted only to 9,137,821, but it now confiderably exceeds three hundred millions, having been fwelled to that magnitude, partly by real loans, for which value was received; and partly by adding an artificial capital, for which no purchafe money was given. Perhaps fuch a fyftem could not have been intirely avoided, though it materially tends to render our public debts more confufed, unmanageable, expenfive, and alarming, than otherwife would have been the cafe.

REDUCED. The three per cent. reduced annuities are of much inferior amount, not exceeding one third of the confols. As the interest on both is the fame, the funds might have been united, but that the dividends become due at different periods; the confols being paid half yearly, on the 5th of January, and the 5th of July; the reduced on the 5th of April, and the VOL. II. 19th

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10th of October. This divifion renders it lefs neceffary to collect fuch large fums of money at once into the bank, or the exchequer, as might otherwife be required. Had thefe funds indeed been payable at the fame time, it might have proved on fome occafions inconvenient to the general circulation of the country.

OTHER THREE PER CENTS. Another 3 per cent. fund, under the management of the bank, is known by the name of the 3 per cents. 1726, at which time they were first created. The loan was made in that year in order to difcharge certain civil lift debts contracted in the reign of George I.

FOUR PER CENTS. The four per cent. bank annuities have been created fince the year 1776; and no bargain was entered into with the public creditors, which prevents either the repayment of the principal, or a reduction of intereft, when ever the nation is enabled to carry into effect either of these measures.

FIVE PER CENTS. The funds bearing 5 per cent. intereft, are at prefent of two defcriptions: the first, called the 5 per cent. navy annuities, and the fecond, the 5 per cent. annuities of 1797, commonly known under the name of the loyalty loan. The navy 5 per cent. apnuities amount to 28,125,5827. bearing an intereft of 1,406,279., and requiring 12,656/. for the expence of management. By the original contract with the public creditors, to whom this fund belonged, it was made redeemable whenever 25,000,000l. of three or four per cent. ftock had been purchafed by the commiffioners for paying off the national debt; and that event having long ago taken place, nothing but the want of means can prevent the reduction of this fund to a lower rate of intereft.

LOYALTY LOAN. The origin of the loan fo called was this: at the conclufion of the year 1796, the minifter, apprehending great difficulty, and fome injury to the national credit, if he perfevered in raising fupplies in the ufual manner, communicated to the directors of the bank a project for obtaining from those who poffeffed certain incomes a large fum, payable in money or five per cent. flock at a liberal price, and with benefits to be augmented in proportion to the forbearance of the lenders. This plan, in its firft outline, contained a hint of compelling individuals to advance their money; but long before it had been mentioned in parliament, that thought was abandoned, and a propofition was made for the voluntary fubfcription of 18,000,000l.; a measure fo congenial to the general with of the country, that in five days the books opened for that purpose were filled, and the required fum might have been doubled. Unfortunately, it is impoffible to fpeculate with correctness on

the operations of public fpirit; the minifter limited his demand, not by his occafions, but by his fuppofed probabilities of fuccefs, and he was therefore obliged, in addition to this first loan, to raise another of fourteen million's and a half, which, at the rate then prevailing in the money market, afforded the proprietors a large profit, and confequently reduced thofe who could not make good their fubfcriptions to the first loan as fast as they became due, to the neceffity of parting with their fcrip at a great difadvantage. To protect them against this unmerited inconvenience, the minifter propofed in the House of Commons to make a provifion in their favour, which would place them in as good a fituation as the fubfcribers to the other loan; but to this propofition many objections of form, and fome of principle were made, and a queftion on the subject having been loft by a majority of one vote, the minister abandoned his plan of compenfation altogether. The loyalty loan originally amounted to 20,124,8434. 15. of capital, there was afterward added, by 42 Gco. III. c. 8. a capital of 2,227,612/. ros. fo that the total now amounts to 22,352,4561. 55. the creditors will foon be entitled to demand their money, it is very improbable that this fund will long be entitled to remain in its prefent ftate.

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SOUTH SEA STOCK. The annuities payable by the public, under the management of the South Sea company, bear uniformly the fame intereft, namely, three per cent. They are divided however into three branches: 1ft. The old South Sea annuities, amounting to 11,907,470l. 25. d. bearing an interest of 357,224%. 25. payable half-yearly, on the 5th of April, and 10th of October; 2d. The new South Sea annuities, amounting to 8,494,830l. 2s. 10d., and the intereft thereon being 254,844/. 18s. id., is payable on the 5th of January, and 5th of July; and 3d. The fum of 1,919,600/. funded in the year 1751, the intereft on which, amounting to 57,5881. is payable at the fame time.

DEFERRED STOCK. The capital of the deferred three per cent. annuities, amounts to 1,740,6251. the interest payable on which does not commence till the 5th of January, 1808, when they are to be made a part of the three per cent. consolidated annuities. The allowance for management amounts to 7837. per annum. The idea of poftponing the payment of the intereft on public loans was borrowed from America, but the fyftem is not likely to be much relished by the monied interest on this fide of the Atlantic.

IMPERIAL AND IRISH LOANS. To these permanent burthens fhould be added, the Auftrian or Imperial loans, and the Irish loans, fince the year 1797, both being guaranteed by the British government. In the years 1795, and 1796, the emperor of

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Germany..

Germany, for the purpofe of carrying on hoftilities against the common enemy, was obliged to raife in London, by permiffion of parliament, two loans, amounting to 7,502,633. the annual intereft of which is 497,735. The Irith loans are raifed and the dividends paid in London, a measure which became neceffary, in confequence of the heavy expences occafioned by the late rebellion; but the money for discharge of the intereft is regularly raifed and remitted from that country.

TEMPORARY ANNUITIES. The temporary annuities are, ift. Thofe granted for life. 2dly. For a definite term of years. They are payable either at the bank or the exchequer. In the years 1778, and 1779, certain annuities were granted for fhort periods, ending on the 5th of January, 1808: they amount in all to 418,333. per annum. However agreeable the profpect may be, of getting foon free from fuch an incumbrance, there is reafon to believe, that lefs value is paid for fuch annuities, than for thofe of a more permanent nature, 25,000l. per annum of thort annuities, which expired on the 5th of April, 1787, inftead of being extinguithed, are placed to the account of the commiffioners appointed for the reduction of the national debt. The most important branch of the temporary annuities, amounting to 1,063,702/. per annum, unfortunately continues till the 5th of January, 1860. The only fums payable at the exchequer are certain annuities, granted in the reigns of king William and queen Anne, which end at different periods, prior to or at Lady-day, 1808, alfo fome life annuities payable at the fame place; and certain tontine annuities, the whole of which amount only to 127,750l. per annum, and require 5,490/. per annum, for the expence of management.

SALE AND TRANSFER OF STOCK. All thefe funds and flocks are transferred at the bank of England, where the dividends or intereft are paid as they become due; books for recording and authenticating the fales and purchafes made by individuals, with proper forms of receipts and other requifites, are kept at each office; a clerk in which alio makes out, at a very small expence, powers of attorney for thofe who with their bankers, agents, or friends to receive their dividends, or, if neceffary, to transfer their stock. Adjoining the transfer offices are large rooms, where the buyers and fellers meet and prepare their documents.

BROKERS. Any perfon may tranfact his own bufinefs in the buying or felling of flock, if he thinks fit, but the more ufual mode is, to employ a broker; and although many objections have been made to the intervention of thefe perfons, they will hardly be confidered as effectual, when it is recollected that thofe who have little bufinefs to do in the funds, must be pre

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vented by diffidence and aukwardnefs from accomplishing it to their own fatisfaction, but may employ a broker at the modetate price of two fhillings and fix pence per cent.; and those who have daily tranfactions in the funds to a large amount, and to whom experience muft be fuppofed to give confidence, are known to prefer the cafe and fecurity, though attended with the expence already mentioned, which are derived from employing brokers. Thefe perfons are within the jurisdiction of the lord mayor and court of aldermen, it being a law of the city, that any perfon may act as a broker, on giving a bond fort his good behaviour, which is executed by himself alone, and in the penalty of 500/. `and another for payment of forty fhillings per annum into the comptroller's office, which is executed by the individual and two houfc-keepers, in the penalty of 150/.

STOCK EXCHANGE. Although the final conclufion of bufinefs relating to the funds mutt, and its preliminaries may, be performed in the bank, the much greater portion is tranfacted in a place called the Stock Exchange. This was, in old times, at a coffee-houfe in Change Alley, called Jonathan's; it was then removed to a fubfeription room, near the Royal Exchange, where it continued till May, 1801, when the brokers, by a private fubfcription, purchafed a large building in Capel Court near the bank, which they pulled down, and erected a new edifice for the tranfaction of their daily affairs, fecuring it by prudent regulations from many of the irregularities which difgraced their former abode. Still, however, by accuftomed phrafe, the place where this bufinefs is negotiated, is called the Alley, and a man who has bought or fold stock on fpeculation, is faid to have been in the Alley.

JOBBING. The ordinary tranfactions in ftock, where perfons fell that which they actually poffefs, or buy with money paid at the moment, is like every other dealing in an open market, where no grofs advantage can be taken, but where the vigilant and cautious will have fome fuperiority over the negligent and unwary; and this benefit is rendered lefs, by the publicity of all transactions, and the daily publication of a printed lift of prices. But for many years the fale and transfer of real stock has formed an inconfiderable part of the bulinefs tranfa&ted in the Alley, where bargains for time, or fpeculations on the judgment of individuals, refpecting the rife or fall of the funds, have formed a vaft and intricate maze of gambling. In proportion as money is fearce or abundant, public confidence elevated or depreffed, the price of the funds is increased or lowered: in peace it is far from ftationary, but in war, it is

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