HC Deb 18 February 1805 vol 3 cc549-50

I have now, sir, to state to the committee the terms upon which the Loan has been negotiated. They are for every 100l. Subscribed to be given to the subscriber 150l. 3 per cents, and 22l. in the reduced, creating 172l. stock for every 100l. borrowed. In the last year 10 millions were raised in the same stock, creating a capital of 1821. stock for each 100l. borrowed we have, therefore, the satisfaction to find, that we have negotiated a loan more than double the amount at a capital less by 10 per cent, than the capital created last year. This circumstance, sir, is to be attributed, first to the prosperity of the Country, and secondly to the firmness of parliament, in consenting to furnish so large a sum within the year, and to the progress of the sinking fund, which is already found to be rapidly repaying the country for the sacrifices it has resolved to make. The interest upon the loan is less by 6s. than the interest upon the last loan. In reference to the price of the stock, I think that 18s. and a fraction beyond the price at which the stocks closed on Saturday is the bonus; to that must be added the usual allowance of five per cent, for discount on prompt payment. But. the bonus if they do not pay at once is about 3l. 1s. 6d. This bargain, I am sure, sir, will be satisfactory to the country; it will also be satisfactory to the country and to the house to hear, what I have learnt since I came into the house, that the bargain is likely to be advantageous to the contractors. We must ail be happy to hear, that what is fair and frugal to the country will he safe and advantageous to the contractors. I shall now proceed to state the additional annual charges that will be created by the loan and by the fund created for the payment of the loyalty holders. The interest on the 20 millions is 5l. 3s. 2d. pet cent, but including the sinking fund it will be 61. 17s. 6d. The interest on the Loan will be 1,376,000l. To this is to be added the charges of management; the 3 per cents created for loyalty holders, amounting with the interest of the loan, to 1,537,192l. For this sum it will be necessary to provide by

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