No. IV. That, for the sum of 579,791,588/. 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 30,040,4451.3 in perpetuity, converted into a 3 per cent. Capital, is equal to 1,001,348,1667., being at the rate of 1727. 14s. of 3 per cent. Capital for every 1007. of the 579,791,3887. money received, or 1007. 3 per cent. Capital for every 577. 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 975,784,592l., 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 100l. Capital for 82/. money, the The 120,557,4717. of 5 per cents. were funded at £61,172,133 2 Interest, as per col. 5 708,750,353 of 3 per cents. £30,174,363 29,289,668 Annuities for 25 years, as per col. 6 ... Total annual charge, as per col. 7 3 Various Capitals 879,289,9437. at a charge in perpetuity of Annuities terminable in 1860, 654,6957., equal to Do. for 25 years, équal to Total of charge in perpetuity.. equal to 1,001,348,1667. of 3 per cent. Capital. Equal to 5l. 3s. 7 d. per cent. Interest. .... 617,377 133,400 £30,040,445 the relative current value of the 3 per cents. being 60%., which gives of 3 per cents. The amount of 3 per cents. funded The 884,6951. of terminable Annuities, reduced into a perpetual Annuity of 750,7771., equal to 3 per cent. Capital Total 3 per cent. Capital 180,836,206 708,750,353 25,025,900 £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 766,9071. 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 579,791,3887., 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 188,522,340/.; 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 325,702,1167.5 of 3 per cent. capital. No. VII. 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 309,911,9557.,6 the annual dividends on which are 9,168,2337.,7 which sum, converted into a 3 per cent. capital, is equal to 305,607,766l., being at the rate of 1627. 1s. of 3 per cent. capital for every 1001. 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 579,791,388l. : 1,001,348,1667. :: 188,585,0381. : 325,702,1167. 6 Vide col. 9 of No. 145, of 1822. 7 Vide col. 11 of No. 145, of 1822. money paid to the said Commissioners, or 1001. of 8 per cent. capital, for every 617. 14s.' in money. No. VIII. That the amount of annual charge created in perpetuity, by raising the 188,585,0381. money, was 9,771,0631., whilst the annual charge redeemed by the Commissioners of the Sinking Fund with that amount, was only 9,168,2337., being 602,8301.2 of annual charge in perpetuity less redeemed than created, equal to 20,094,3$31. of 3 per cent. capital; showing that the debt was created between 1793 and 1817, at the rate of 172l. 14s. of 8 per cent. capital for every 100/. in cash; and that the amount redeemed in the same time, was at the rate of 1627. 1s. of 3 per cent, capital for every 1007. cash, being a loss of 10l. 13s. of 3 per cent. capital on every 1007. of money expended by the Commissioners. No. IX. That, independent of the operations of the Commissioners of the Sinking Fund, the following Reductions of the National Debt and Annual Charge have taken place between the 5th Jan, 1793, and the 5th Jan. 1817; viz. that 25,290,9941.3 of 3 per cent. Capitals have been cancelled, by the proceeds of the sale of landtax, the annual dividends on which amount to 758,7297. 16s. 6d. ; and that 2,363,4201.4 of 5 per cent. capital was paid off with money charged in the Finance Accounts in the Public Expenditure, under the head of Miscellaneous Services, the dividends on which Equal to 47. 17s. 2 d. per cent. Interest. 2 Charge in perpetuity incurred Do. redeemed A £9,771,063 9,168,233 3 Vide Annual Finance Accounts, 5th Jan. 1815, page 224 and 5. Up to that date the Stock for Land-Tax redeemed stood in the names of the Commissioners, and from that time it has been cancelled annually, viz. 1st Feb. 1815 £24,960,313 10 7 at Int. ........ £758,809 8 1 5,842 6 0 4,078 2 0 £758,729 16 1 2,363,420 0.0 do. 118,171 0 0 4 Vide Parliamentary Paper, No. 162, of 1822. amounted to 118,1717.; and that 3,449,955l.' of 3 per cent. Capitals were cancelled under the Act of 48 Geo. 3, cap. 142, (by conversion into 225,2547. Life Annuities,) the dividend on which amounted to 103,4987. 13s. ; and that 539,2441. of various Capitals remained unclaimed for 10 years and upwards, prior to the 5th Jan. 1817, the dividend on which amounted to 17,2357.; and that 523,4937. 19s. 5d.3 of Life and other terminable Annuities created prior to the 5th Jan. 1793 had fallen in, expired or remained unclaimed for 3 years and upwards at the 5th Jan. 1817, making, with the charges of management, (on the capitals cancelled) of 17,2371., a total diminution in the annual charge under these several heads of 1,538,365l.; 4 but as 225,2547. of Life Annuities were created by the extinction of the 3,449,9951. of 3 per cent. Capitals under the Act of the 48 Geo. 3, c. 142, the actual diminution of annual charge for the year 1817 would have been 1,313,1117., if there had been no Sinking Fund. No. X. That the total revenue of Great Britain in the 24 years between the 5th Jan. 1793, and the 5th Jan. 1817, from taxes alone, in 225,254 0 0 Deduct Amount of Annuities, created by 48 Geo. 3, up to 5th Jan. 1817 .... 5 Total diminution of Annual Charge on 5th Jan. 1817 £1,313,111 9 0 ..... * Unclaimed Exchequer Annuities, page 225 of Fi- £28,838 7 0 494,655 125 cluding the small branches of Hereditary Revenue, and incidental resources, amounted to the sum of 1,114,318,5631.1 sterling. No. XI. That the total Expenditure of Great Britain, for the same period, viz. from the 5th Jan. 1793 to the 5th Jan. 1817, for interest on the debt as it stood on the 5th Jan. 1793 (but excluding all charge for Loans since 1793), and for expenses of Civil Government, for the Navy, Ordnance, Army (ordinary and extraordinary), Miscellaneous Services and Charges of Management, and including 58,164,7167. for subsidies to Foreign Powers, amounted together to the sum of 1,240,480,9637. But as the sum of 3,711,786/.3 is charged in the Miscellaneous Expenditure, although short credited by the Treasury in the receipt of the loans, and 786,6987., the principal of debentures received in 1813, and not credited in the amount of income in the 10th Resolution, it makes the actual Expenditure only 1,235,982,4791. No. XII. That, as the Revenue of Great Britain was 1,114,318,5637., as stated in the 10th Resolution, and the Expenditure 1,235,982,4797., as stated in the 11th Resolution, the excess of Expenditure in that period was 121,663,916/.4 1 Vide Commons Reports of 1797, vol. 12, folio edition, for 1795, 4, 5, and 6. Vide vol. 13, page 2, for 1797. Vide Accounts in the Journal Office, for 1798 and 9. Vide Annual Finance Accounts for 1800 to 1817. Vide Parliamentary Paper, No. 412, of 1815, the specific Accounts for 1793 to 6, therefore assumed equal to taxes and loans for that period. For 1797, 8, and 9, as in 10th Resolution. Vide Annual Finance Accounts, from 1800. 2 Vide Parliamentary Paper, No. 293, of 1822. In this Sum is included, 3 Paid to the Bank for discount on Loans £3,335,512 Do. do. for receiving £3,711,786 Principal of Debentures paid off by 53 Geo. 3, c. 41 and 786,698 £4,498,484 4 Expenditure £1,235,982,479-11th Resolution. Revenue 1,114,318,563-10th Resolution. |