RECOMMENDATIONS OF THE PRESS.
“ So much useful matter in so small a compass is seldom to be met with * * “' * ,'—that part which relates to the
BANKS AND LOANS OF THE UNITED STATES is not to be found in any other work of the kind. The regu lations of the Bank, and the National Debt Oflice, connected with the dividends, transfers, and granting of annuities, must be of the utmost utility to strangers, and all those not regularly conversant with such matters, who may not always meet with civility and attention in their personal enquiries on the subject.”— Tim.
“ A book containing much useful information.”-Globe,
“ Mr. Charles Fenn has published a Compendium of English and Foreign Funds, and the principal Joint Stock Companies, which contains-all that we could possibly look for in such a work, and a great deal more. Much information, for example, is given concerning the formation and the character of the Joint Stock Banks of America, which must be useful at all times, and particularly now.”-—Courier. Jflz
COMPENDIUM
OF THE ENGLISH AND FOREIGN FUNDS,
AN D THE PRINCIPAL JOINT STOCK COMPANIES;
FOB-MING
AN EPITOME
019'
THE VARIOUS OBJECTS OF INVESTMENT NEGOTIABLE' IN LONDON;
WITH SOME ACCOUNT OF THE INTERNAL DEBTS AND REVENUES OF THE'FOREIGN STATES, A‘VD TA B L E S ron CALCULATING THE VALUE 02 THE DIFFERENT s'rocxs, 6w.
BY CHARLES FENN.
SECOND EDITION, WITH ADDITIONS AND CORRECTIONS.
LONDON: EFFINGHAM WILSON, 88, ROYAL EXCHANGE; SHERWOOD, GILBERT, AND PIPER, PATERNOSTER-ROW. 1%. l_'éfi/g/ML/é'lfif ! \kli/jl'éyrif/fifzYf‘ , 1/“ wu-{zg/w. , ' w; ..
‘ IH‘A-Mm MW QEntrrz‘fl at étatiomrs’ 3%“.
W. LEWIS am’d SON, Printers, 21, Finch-hue, London.
, I I ,- - ‘p. ,_,_ ~~,, ‘ -, . 3‘.” PREFACE.
in offering a second edition of this little work to the public, it is incumbent on me to express my gratitude for the unexpected favour with which the former edition was received; I hope that by a diligent revision of the entire work, as well as by some important additions, that I have succeeded in rendering the present coin pilation more copious and useful than its pre decessor. C. F.
Stock Exchange, Nov. 1837.
I N D
Page ‘ , Page AGRICULTURAL COMPANIES, ( ASSURANCE COMPANIES, Australian .. 138 ._ Royal Exchange Fire and Life 94 __-- Van Dieman’s Land . 140 _ Naval, Military, &c. Alabama ...... 47 Life ...... 95 American Canals . . .. 186 Sun Fire .. . . 95 Finances . . .. 40 --__-.__. Life .. . . 95 Joint Stock Banks _ , 180 __-- Union Fire and Life . . 95 Companies .. 180 ____ United Kingdom Life .. 95 _ Life Insurance and Trust Universal Life .. .. 95 Company .. .. 190 ___ University Life .. .. 95 Railways .. .. 187 Table, showing the Annual Stock Table for calculating 51 5 Cost of a Life Assurance Annuities for terms of years . . 18 at the different . . 97 ASSURANCE COMPANIES, Austria ...... 52 --- Albion Life .. .. 90 ...____ Alliance Fire and Life . . 90 3 Marine .. -- 91 Baltimore City Stock . . .. 190 ._.__ Asylum ...... 91 BANKS, Joint Stock (American).. 180 _— Atlas Life and Fire .. 91 i Mississippi Planters .. 183 Britannia .. .. 91 Morris Canal .. .. 184 British Commercial Life .. 91 New Orleans Canal .. 184 _- Fire .. .. 91 __ _ City .. 184 —— Clerical, Medical, and Ge- ' ---__- Commercial 184 neral Life .. - . 91 -_---—-_ Mechanics ____ County Fire .. .. 92 and Traders 18 Crown Life - - a. .. 92 Tennesse Planters , . 135 ____-_ Eagle Lil'e .. .. 92 United States .. .. 181 Economic Life .. .. 92 of Louisiana .. ,, 182 ‘ European Life - .. .. 92 ._.-___ New Orleans .. ,. 183 Family Endowment Society 92 __ (Union) of Louisiana .. 186 __.__ Globe Fire and Life .. 93 Tennessee .. 185 Guardian Fire and Life .. 93 -__-_ Joint Stock (Colonial) .. 122 Hope Life .. .. 93 - (Country) .. 106 .__.. Imperial Fire .. . . 93 Colonial . . .. 124 .____---_-_ Life '.. .. 93 of Australasia -. '.. 122 _..__-- Law Life .. .. 93 ___._. British North America . . 123 London Fire and Life . . 93 (Union) of Australasia . . 124 ____.__-__ Ship - .. .. 93 BANKING COMPANIES, Marine ...... 94 ___- British and Foreign .. 124 Mutual Indemnity Marine 94 Bradford Commercial Joint ..__ National Life .. .. 94 Stock ...... 107 _..__ Palladium Life .. . . 94 Cheltenham and Glouces *‘ Protector Life . . .. 94 shire . . . . .,. 107 ,‘ Provident Life .. . . 94 Dudley and West Bromwich 108 .._.__ Rock Life .. .. 94 East of England .. .. 108 INDEX.
' Page Page BANKING COMPANIES, BANKING COMPANIES, --__ Gloucester County and City 108 Newcastle-on-Tyne J t. Stock )11 Leamington .. . . 109 Northumberland and Dur ._-_- Lichfield,Rugeley,and Tam ham District .. .. 111 worth . . . . 109 .__.__- North \Vllts .. .. 111 -——- Liverpool Albion . . 110 .______of England Jt. Stock 112 Commercial . . 110 Nottingham and Notting. United Trades . . 110 hamshire . . . . 112 Union . . 110 Pare’s Leicestershire . . 11 2 Newcastle, Shields, and -— Saddleworth . . . . I12 Sunderland Union .. 110 Sheflleld . . .. 112 -- North and South Wales .. 111 —-- Stamford, Spalding, and -——- Stout-bridge and Kiddermin. Boston . . . . 112 ster .. -- .. 112 Stuckey’s . . . . 113 Walsall and South Stafl'ord Sunderland Joint Stock . . 113 shire ...... 113 ._.___ Wakefield .- .. 113 -— West of England and South -_- Warwick and Leamington 113 Wales District .. 113 --- Wolverhampton and Stat‘. ...__-- Whitehaven Joint Stock .. 114 ‘ fordshire Joint Stock .. 114 --—- Yorkshire District .. 114 ——- Wilts and Dorset .. 114 .---- of Birmingham .. .. 106 York Union .. .. 114 Liverpool .. .. 106 York City and County .. 114 Manchester .. .. 106 BANKS, -—-- Stockport .. .. 106 ----- Joint Stock (London) .. 115 --—-- Westmoreland .. I07 Borough of St. Marylebone 116 ---—- England, Commercial .. 107 London and Westminster" 115 --——-- National Pro -———- Joint Stock . - 115 vincial . . 110 --- Middlesex County .. 115 Northern and Joint Stock (Irish) .. 117 Central .. 111 of Ireland .- .. 117 (Royal) of Liverpool .. 112 ——-~ (National) of Ireland .. 118 Bank (Union) Coventry .. , - 107 (Provincial) of Ireland .. 118 of Manchester .. 113 BANKING COMPANIES, BANKING COMPANIES, __-- Hibernian Joint Stock . . 118 Barnsley .. .. 107 Northern .. .. 118 Bradford .. .. 107 BANKS ____..._'-. Birmingham .- .. 104~ Joint Stock, Scotch .. 1.19 ._._._- Chesterfield and North Der Commercial . . . . 121 byshire .. .. 107 British Linen Company of --—-‘ Coventry and Warwick. Edinburgh . . .. 120 shire ...... 107 ---- Glasgow Union . . .. 121 .__---VDar1ington District Join of Scotland .. .. 120 Stock .. . - .. 108 (National) of Scotland , . 121 ._._-_- Derby and Derbyshlre .. 108 (Royal) of Scotland .. 121 __._-- Devon and Cornwall .. 108 (Western) of Scotland .. 121 Gloucestershire .. .. I08 BANK OF ENGLAND .. 99 Hampshire .. .. 108 Branch Banks .. . . 104' -—- Huddersfield .. .. 109 -- Amount of the Issues, De. posits, Securities, and Bul —— Lancaster o- ..>0. ...0 109 lion of the .. .. 126 -——-- Leamington Priors and Liabilities and Assets of the 125 \Varwickshire .. 109 Stock .. .. 14 Transfer Regulations .. 172 __ Leeds --- and .. West Riding I Q ..a. 109 Belgium . . . . .s. 52 _____- Leicestershire .. .. 109 Brazil ...... 54 _-_._ Lincoln and Lindsey .. 110 BRIDGES .. -- .. 127 .___.-- Manchester and Liverpool -—- Hammcrsmith Suspension 127 -~-—-- Metropolitan Suspension .. I27 District .. .. 110 --—- Monmouthshire and Gla. Southwark Iron .. .. 128 morganshire .. .. 110 __-_ Newcastle Commercial .. H0 Buenos_"_"'" Ayres .. ...0 .0.1 54 INDEX. 1X
r____—____ C. Page Page Canada ------55 CANALS, Thames and Severn .. 134 CANALS (English) .. .. 128 Medway ‘ .. 134 _ Ashby.de-la.Zouch . . 128 __... Trent and Mersey, or Grand -___- Ashton and Oldham .. 128 r Trunk __ .. 134 —____-- 1liarnsletv asmgs o k e ...... Warwick - and NaptonBirmingham .. Birmingham .. .. 129 “lay and Arun .. .. 134 - — and Liverpool I ___-_ Wilts and Berks .. .. 135 --___ BJUIIICILIOE rec noc an Ab ergap .. 129 I _ WisbeachWorcester and Birming .. h am .. 5 venny .. .. 129 W ley and Essington .. 135 -— Bridgewater and Taunton.. 129 --__. (AIQERICAN) _, .. 186 -_ ggrlitslefi..ld .. . I Chesapeake and Delaware {86 ._-__ es er e .. .. —— Ohio .. 86 Coventry .. .. 129 4 -_- Delaware and Hudson .. 187 Cromford .. .. 129 —_ Raratan .. 187 ____ geriliy u .- .. I... I... C h t Morris (1 G CO .. '.. I ".. ______Ellesmere and Chester ... 130 Chglieerf. as ..mpany .. -- 5g Erewash .. .. 130 Colombia __ ‘" .. 56 --___ Glamorganshire .. - .. 130 Commissioners for the Reduction of _--__ Grand Junction .. -. 130 the National Debt .. .. 5 _--_- gtrirreky ...... Consols -‘.. .. .- 14 ---_____._ Union un ...... - ..... 130 C u b a ...... 58 Grantham .. ... 131 .___ HKgnngsagd dd a 1d Avon ______131131 Dead Weight . Annuity D. .. .. l8 _____ Lancaster __ W131 Debt of Great Britain and Ireland .y ‘ Leeds Branch and Liverpool __ Le’gf . . . 131131 H Denali‘?DOCKS, Commercial 6th January’ 1837.. .." 13s
I Leicester and Northampton .- "f . H East (138515.“ Y - " ' '
— '. . Loughborough .. . Macclesfield .. ..6- 131131 — £01121‘)?!vtl'esf'ingglgxe . , s ‘ “" "" 136 MaBn‘fgestf’r’ nfilf'onj ‘ 132 { Dolléir, Table showing the Value at __':___ Monmofithshirg __ ‘ __ 132 gtfirgous rates of Exchange, 50 lgggttgmtifrysbiril' Dutch Stock, Table for calculating 71 ___- North Walsham and Del- 3 =1’ ham ...... l 2 ___I Egi'g‘gfimm " -' " EAST INDIA COMPANY 165 _ Oxford __ 132 Security Fund -.. .. 170 __-_ Peak Forest -_ .. 132 E l. h'ls‘ranlier Regulations .. 117g ‘---- Portsmouth and Arundel .. 133 "g ‘s ‘0c .3 " " " ____ Resent’s 133 Exchequer Bills .. . . l7 Rochdale 133 Expectation of Life .. .. 34 -—-- Shrewsbury .. .. 133 - - Shropshire .. .. 133 F. -—-- Somerset .- -- 133 Florida ...... 47 -_- Stafl‘ordshire and Worces- Foreign Stocks ...... 47 >8; .,.- tershire .. .. 133 France .. -- .. .. 61 —-—— Stourbridge .- .. 133 Francs, Table shewing the Value, Stratford upon Avon .. 133 at various rates of exchange, Stroudwater .. .. 133 of 100 ...... 63 Swansea .. .. 134 French Rentes, Table for calculat Tavistock .. .. 134 ing ...... 64
~-\ \ X INDEX.
G. Page Page Gas-light and Coke Companies .. 137 New York Life Insurance and Trust Greece ...... 68 Company .. .. 190 Guadalaxara .. - - .. 69 Notes circulated in England and Guatemala . . .. ' .. 69 Wales by Private and Joint Stock Banks . . . . 127 H. Holland ...... 70 0.
I I I I P. I U l I 1. Illinois ...... 47 Indiana ...... 47 Pennsylvania ...... 49 Irish Funds ...... 16 Peru ...... 7 Portugal ...... 7 J. Poyais ...... 79 Joint Stock Companies, (miscella Prussia ...... 79 neous) ...... 171 Public Debt of the British Empire 1 Transfer Regulations .. 174 R. K. RAILWAYS (ENGLISH) . . 145 Kentucky ...... 47 ’_--— Aylesbury . . . . 145 --.-- Birmingham and Derby L. Junction 145 Land Companies .. .. 138 Gloucester . . 146 British American .. 138 _____- Bristol and Thames ______Canada ...... 138 Junction .. 146 ...__- New Brunswick and Nova Bolton and Leigh . . 146 Scotia . . .. 139 Bristol and Exeter .. 146 South Australian .. 139 Canterbury and Whitstable 148 Liabilities and Assets of the Bank Carlisle and Newcastle . . 148 Life of Annuities .. -... -... 18 Cheltenham and Great Western Union .. 148 Long Annuities .. .. 18 Clarence . . .. 149 Louisiana ...... 47 Commercial (Blackwell) . . 149 -- Cromford and High Peak . . 149 M. Dublin and Kingstown .. 149 Maryland ...... 48 .__.-- Deptford Pier Junction .. 149 Mexico ...... 72 ___ Eastern Counties .. 149 MINES ...... 140 ..____ Edinburgh and Dalkeith .. 149 Albion Copper .. .. 144 __.__-.__._ Leith, and Newhaven 149 Bolanos ...... 143 Forest of Dean.. .. 149 British Silver, Lead, and Glasgow, Paisley, Kilmar Copper .. 144 nook, and Ayr .. 150 ___ Tin .. .. 145 Grand Junction .. .. 150 Candonga .. .. 144 Great North of England .. 152 _.___- St. Hilary .. .. 145 ...__._ Western .. .. 152 United Mexican .. .. 144 . Hull and Selby .. . . 153 Miscellaneous Companies .. 171 Lancaster and Preston J unc Mississippi ...... 48 tion ...... 153 Leeds and Selby .. .. 153 N. Leicester and Swannington I53 Naples ...... 74 Liverpool and Manchester 154 Neapolitan Stock, Table for calcu Llanelly and Dock , . 155 lating ...... 75 London and Birmingham . . 156 New Five per Cent. Annuities . . 15 — Brighton . . 156 _-__. Grenada ...... 57 Croydon .. 157 __ Jersey ...... 48 Greenwich ,. 157 ..___ Three and a Half per Cent. - Southamptom. 158 Annuities .. .. l5 Grand Junction .. 159 __-- York ...... 48 _-_-- Manchester and Leeds .. 16.‘) ....-..._-- Farmer’s Loan Bonds . . 190 —--- Midland Counties .. 160
,-- wf " ~,- ,- --._ ‘." 4 INDEX.
Page RAILWAYS (ENGLISH), Tables for calculating - French Northern and Eastern .. 161 Rentes .. 64 North Midland .. .. 161 Neapolitan Stock.. 75 Preston and Wyre, and Table, shewing the .Value of a Do1. Harbour . . . . 162 lar at various rates of Ex Severn and ‘Wye ., 162 change .. .. 50 Sheffield and Rotherham .. 162 — 100 francs, at various rates South Eastern .. .. 162 of Exchange .. .. 63 --_ Stockton and Darlington .. 163 --- annual Cost of a Life As -——- Tafi‘ Vale . . . . 164 surance at the difi'erent - York and North Midland .. 164 Companies .. .. 9 --- (AMERICAN) .. .. 187 Three and a Half per Cent. Annui Baltimore and Ohio .. 187 ties, 1818 .. .. 14 Boston and Lowell .. 188 -_- Reduced Annuities 15 Providence .. 189 per Cent. Annuities, 1720 .. - 14 Camden and Amboy .. I89 Red. Annuities.. 14 South Carolina.. . . 189 Transfer Regulations, Bank Stock. . 172 Regulations observed at the Na_ East India Stock .. .. 173 tional Debt Oflice .. .. 24 Government Funds .. 23 Relative Value of the British Funds, Joint Stock Companies . . 174 &c. .. -- .. 29 South Sea Stock .. .. 173 Revenue and Expenditure .. 37 Russia...... 80 U. Unfunded Debt“ -_ . . 16 S. UNITED STATES Bank mis. Sinking Fund ...... 5 sory Notes .. .- .. 190 South Sea Company .. .- 170 ..-____ Stock .. .. 45 V. Transfer Regula. Venezuela ... ._ .. 58 tions .. 173 Virginia ...... 49 Spain ...... 81 Spanish Loan for Don Carlos .. 87 W. WATER-WORKS .. .. 165 T. --— East London .. .. 165 Tables of Annuities .. .. 31 _--- Grand Junction .. .. 165 for calculating American -—- Lambeth .. .. 165 Stock .. 15 Vauxhall .. .. 165 Dutch Stock .. 71 ---_- West Middlesex .. .. 165 A
COMPENDIUM
01? THE
ENGLISH AND FOREIGN FUNDS, 8:c.
PUBLIC DEBT OF THE BRITISH EMPIRE.
Tar: National Debt at the period of the Revolution in 1688 amounted to about £660,000, principally in the form of terminable annuities, specially charged upon certain branches of the revenue. The system of borrowing money on annuities for terms of years and lives, was continued by government for several years subsequent to this period, until the magnitude of the public debt, and the heavy annual charge thus created, rendered the method no longer practicable. It was during the war with France in which this country engaged at the time of the revolution, and which continued for a period of nearly ten years, that the foundation of the present national debt was laid. At the close of this war in 1697, the debt was found to amount to £'20,000,000, and the revenue was defi cient the sum of £5,000,000; at this time, also, from the irregularity with which the interest upon the float ing debt was paid, exchequer tallies and orders were at a discount of 40 per cent., and overnment, to re deem the credit of the nation as we] as to provide for the deficiency of the revenue, were obliged to contract A 2 PUBLIC DEBT OF THE BRITISH EMPIRE.' a further debt, and to fund a portion of the floating securities. The terminable annuities gradually expir ing effected a reduction in the amount of the public debt, which at the close of this reign in 1702 was about £16,000,000, taking the terminable annuities at a valuation, the annual-charge for interest and annui ties being £1,300,000. The return of war, on the accession of Queen Anne, brought with it an increased expenditure to the c0un~ try, and a consequent addition to the public debt; various expedients were resorted to in order to raise money, and the terms of the loans appear to have been but little regarded; life annuities, and annuities for fixed terms, tontines and lotteries were the means most frequently made use of in order to provide'the necessary supplies for the exigencies of the state. The financial embarrassment of the nation led to the es tablishment of the South Sea Company in the year 1711, after the war had continued for nine years; this association was projected with the avowed intention of carrying on trading intercourse with the South Seas, and the North West Coast of America, but its chief object appears to have been to assist the government in its financial operations: the various government obligations outstanding at this period, amounted to about £9,000,000,-which from the pecuniary difli culties of the ‘nation, had borne little or no interest, and were consequently at a heavy discount; the South Sea Company were empowered to receive these obli gations as subscriptions for stock in the company, and were thus constituted the chief creditors of the state' the amount of stock thus created was £9,471,325, which was increased in 1715 to £10,000,000, by the addition of certain arrears of interest to the capital stock ‘; for this sum the company received 6 per cent. interest, and £8,000 per annum for the expenses of management. At the close of the reign _ of Queen Anne in- 1714, 'PUBL1C DEBT‘ OF THE BRITISH EMPIRE. 3 the public debt had increased to upwards of $52,000,000, bearing an annual charge for interest and annuities of £3,350,000. Of this the permanent debt was about £2l,00.0,000, the unfunded obliga tions about £5,000,000, and the temporary annuities were valued at about $326,000,000. ' In ‘the year'1717, the interest on part of the per manent debt was reduced from 6 to 5 per cent., and a regular sinking fund was provided by Act of Parlia ment, (3 Geo. I., c. 7) for the redemption of the per manent debt; by the former operation an annual sav ing was effected of £328,560, but very little appears to have been accomplished by the action of the sink - ing fund, although the falling in of annuities effected a trifling reduction, the national debt at the "close of .the reign of Geo. I. amounting to about £2,000,000 less than at the conclusion of the previous reign; the annual charge was considerably diminished by the reduction of interest in 1717, and by a further reduc tion from 5 per cent. to 4 per cent. in 1727, at the end of which year the annual charge was £2,217,551. In the peace which prevailed during the greater part of the interval from 1727 to 1739, upwards of £5,000,000 of the debt was discharged by the opera tion’ of the sinking fund, and the falling in of tempo rary annuities. On the 31st of December in the latter year it amounted to about $47,000,000, whereof about forty millions constituted‘the permanent debt, and the remainder consisted of terminable annuities and unfunded securities; the annual charge was about £1,960,000. ' From the year 1739, the national debt received vast additions annually, for several years; the disturbed state of this country owing to‘ the landing of Charles Edward Stuart in 1745, and the war in which the nation engaged in 1740, in support of the Queen of Hungary’s pretensions to the throne of Austria, in— volved the government necessarily in very large ex 4 ' PUBLIC ‘DEBT or THE BRITISH EMPIRE. penses; the debt on the 31st of December 1749, soon afier the treaty of peace concluded at Aix-la-Chapelle, amounted to above £76,000,000, being an increase during the war of £29,000,000. In the short interval of peace which succeeded the treaty of 1748, the government was enabled by the rise in the price of stocks to effect a reduction of in terest on the 4 per cents. ; this was done on the 29th of November, 1749; the stock-holders were to receive 4 per cent. until the 25th of December, 1750, from that time till the 25th of December, 1757, they were to be allowed 3% per cent., after which time the in terest was to be reduced to 3 per cent. In the year 1751, several of these stocks were consolidated into one fund, amountin collectively to £9,137,821,—this was the origin 0 the present consolidated 3 per cent. annuities. Various other stocks were consolidated at the same period to the amount of £17,701,323, form ing the commencement of the present 3 per cent. re duced annuities. The war with France, which broke out in 1756, though it continued but seven years, added nearly £64,000,000 to the public debt, which at the conclu sion of the war in 1763 amounted to £138,800,000, entailing an annual charge upon the nation 'of £4,800,000. Durin the twelve years of tranquillity which succeeded tie peace of Paris, about £10,400,000 of the debtwas discharged, so that at the commencement of the American war in 1775, the debt amounted to £128,500,000; during the seven years in which this country was engaged in war with the United States, the national debt was more than doubled, for although the independence of America was acknowledged in 1782, yet loans were raised in several subsequent years in order to defray the remain ing expenses of the war; it was not until 1786 that the revenue was found to be suflicient for the expenditure; on the 5th of January in that year, the debt amounted PUBLIC DEBT OF THE BRITISH EMPIRE. to £268,100,000, including the terminable annuities taken at a valuation ; the annual charge was £9,500,000. It was in this year that a sinking fund was established for the reduction of the debt, that constituted by 3 Geo. I., c. 7, having become obsolete; the Act of Parliament by which the sinking fund of 1786 was established, (26 Geo. III., e. 31) appointed certain commissioners to carry its object into effect, who are continued in ofiice by the Act 9 Geo. IV.; the commissioners are the Speaker of the House of Commons, the Chancellor of the Exchequer, the Mas ter of the Rolls, the Accountant-General of the Court of Chancery, and the Governor and Deputy-Governor of the Bank of England, for the time being: the fund, which was to consist of £1,000,000 annually, after passing through various modifications, was fi-‘ nally amended by the Act 10 Geo. IV., c. 27, passed the 1st of June, 1829, which provides that from the 5th of July 1829, there shall be issued out of the con solidated fund only such annual sum as shall appear to be the actual surplus revenue of the united king~ dom, to be applied towards the reduction of the na tional debt by the commissioners appointed for that purpose; and that the lords-commissioners of the Treasury shall, every quarter, make up accounts of the annual revenue for the four preceding quarters, and one fourth of the annual surplus to be issued to the commissioners for the reduction of the national debt, who are to publish in the London Gazette the sum which will be so applicable in the ensuing quar ter. It was further enacted that all stock and annui ties for terms of years standing in the names of the commissioners for the reduction of the national debt on the 5th of July, 1829, should be cancelled, and the dividends cease to be issued out of the consoli dated fund, and that in future all stock purchased by the commissioners should be cancelled from the day of transfer. The commissioners were empowered to ‘A 3 6 PUBLIC DEBT OF THE BRITISH EMPIRE. purchase Exchequer-bills, which were to be can celled within seven days after the expiration of each quarter.‘ Early in the year 1793, the war with France com menced, which continued with only a very short in terruption until 1815, a period of '22 years; this long contest brought with it an immense increase to the expenditure of the country, and a consequent aug mentation of the public debt; stock to the amount of upwards of £600,000,000 was added to the national debt during this contest, and upwards of £22,000,000 to the annual char e. The following tatement from Mr. Me Culloch’s “ Statistical Account o the British Empire,” exhi bits the amount of the ublic Debt at several impor tant periods :—
‘ A Statement of the Income and Expenditure of the United Kingdom, showing the annual Surplus, and the amount applied towards the Reduction of the Public Debt, since the establishment of the present Sinking Fund, by Act 10th Geo. IV.
Applied Year towards ending 5th Income. Expenditure. Deficiency. the Reduc. January. tion of the Debt.
£ £ £ 1830 .. 50,786,682 49,075,133 1,711,548 .. .. 2,760,003 1831 . . 50,056,616 47,142,943 2,913,673 . . . . 1,935,465 1832 .. 46,424,440 47,123,298 . . .. 698,857 2,673,857 1833 .. 46,988,755 46,373,996 614,758 .. .. 5,695 1834 . . 46,271,326 44,758,242 1,513,083 . . . . 1,023,783 1835 . . 46,509,856 44,901,700 1,608,155 . . - . 1,77 6,378 1836 .. 46,043,663 44,422,722 1,620,940 .. .. 1,270,050 1837 .. 48,702,653 46,572,561 2,130,092 .. .. 1,590,727 12,112,251 698,857 10,372,070
2,1‘ As fractions of £1 are omitted in the above statement, there will be apparent errors in the totals. PUBLIC DEBT OF THE BRITISH EMPIRE. 7
Period. Principal. Annual Charge. _ 15 £ At the Revolution, 1689 ...... - 664,263 39,855 Debt contracted during the reign ofWilliamIII..._...... } 15730439 1,271,087
At the Accession of Queen Anne, } 16,394,702 1,310,942 .- -...-.-- Debt 1702 contracted during Queen } 37,750,661 2,040,416 Anne’s Reign .._.-----‘-..
At the Accession of George 1., 1714 54,536,314 3,351,358 Paid off during the Reign of George 1. 2,053,125 1,133,807 _ At 1727 the Accession of George II. 52992338 2,217,551 From the Accession of George IL, till the Peace of Paris, 1763, 86 773 192 2,634,500 three years after the accession of ) 7 George III., Debt contracted
Debtin1763...... 138,865,430 4,852,051 Paid during Peace in 1763 to 1775. 10,281,795 380,480 —_ Debt at the commencement of the 128,583,635 4,471,571 AmericanWar...... Debt contracted during do. l775to } 121,267,993 4,980,201 1784
DebtinPaid during Peace 1784 to 1793 .. 249,851,628 9,451,772 10,501,380 243,277
At the commencement of the 9,208,495 French War ...... g 239,350,148 Debt contracted during do. 1793 22,829,696 to 1815 .. .- -u-.-.-..--.-. _ } 601,500,343
Debt on the 1st of February, 1817, when the English and Irish Ex 840,850,491 32,038,191 chequers were consolidated . . Cancelled from the 1st of February, 1817, to the 5th of January, 1837 52,451,921 2,812,904
Debt the 5th of January, 1837 . . £ 788,398,570 29,225,287 8 PUBLIC DEBT OF THE BRITISH EMPIRE. The loans raised since the termination of the war with France, in 1815, have been usually by the issue of Exchequer-bills, which have been funded as occa sion required, generally in consols or reduced 3 per cents. In 1818 a new stock was created, bearing interest at 3% per cent., by the conversion of 3 per cent. consols and reduced, and the funding of a por tion of Exchequer-bills; and in 1826 another new stock bearing 4 per cent. interest, was formed by the funding of Exchequer-bills, which was increased in 1829 by a further conversion of unfunded debt. In 1834, government discharged a fourth part of the debt due to the bank of England, amounting to £3,671,700, agreeably to the terms of the charter ; this was done by the creation of £4,080,000 reduced 3 per cents., the corporation having agreed to accept the same in lieu of payment in money. But the most considerable debt incurred at one period since the peace, was the sum of £20,000,000, borrowed in 1835 and 1836, for the purpose of compensating the owners of slaves in the colonies ; the amount of stock and the charge for interest and management thus created are as follow : 1835.—LOAn or $615,000,000. The subscribers were entitled for every £100 money, to £75 consols, 25 reduced, and 13s. 7d. per annum, long annuities. s'rocx cnaxrnn. ANNUAL CHARGE. £ a. d. £ s. d. Consols. . . 11,250,000 0 0 340,875 0 0 Reduced . . 3,750,000 0 0 113,025 0 0 Long Annuities . 101,875 0 0 102,639 1 3
£15,101,875 0 0 ‘£557,139 1 3
Barbadoes, 1836. Reduced 3% per cents. £1,734,353 12 7 £61,222 13 7
Mauritius and Cape of Good Hope, 1836. Reduced 3% per cents. £3,437,270 11 10 £121,335 12 ll PUBLIC DEBT OF THE BRITISH EMPIRE- 9
The last creation of stock was in 1836, when the sum of £1,777,878 17s. 1d. console, was placed in the names of the commissioners for the reduction of the national debt on account of savings’ banks, in exchange for Exchequer-bills purchased by the said commis sioners, which was merely a new mode of funding the floating debt. During the long period of peace which the nation has enjoyed, a consider able reduetion has been effected in the capital, and also in the annual charge, which is a more certain cri terion of the real condition of the public liabilities; the statement at page 11 shews a decrease in the funded debt of . . . £54,889,370 Of the unfunded debt . . . 14,465,900 $9,355,270 Charge Reduced. Of the funded debt and Annuities £1,925,015 ,, ,, unfunded debt . . . 1,321,008
£3,246,023 The purchases of stock by the commissioners for the reduction of the debt, have been made at a consider able loss ever since the first establishment of the sink ing fund; the average rate at which 3 per cent. stock was created by the various loans contracted from 1793 to 1802 was 57% per cent. (as nearly as can be ascer tained) and the average price at which the commis sioners purchased the same stock during that period, was 61% per cent. ; the purchases amounted to £49,655,531, upon which a loss was sustained by the public of £2,234,499, being 4% per cent. ; during the War from 1803 to 1814, the average rate per cent. at which 3 per cent. stock was created, was 60%, and the purchases 10 ' PUBLIC user or 'rn-n BRITISH EMPIRE. made by the commissioners averaged 62%; the amount purchased was -£176,173,240, upon which there was a loss of 2% per cent., amounting to £4,404,331, making a total of upwards of £6,600,000 lost by the nation during the period from 1793 to 1814-, merely in order to keep the sinking fund in operation, and from which the public derived no benefit whatever. Since the termination of the war, the purchases by the commis sioners have been made at a much higher price, as is exhibited in the statement before referred to, and con sequently the nation has to repay the stockholders from 30 to 40 per cent. more than ‘was actually bor rowed. This is the consequence of the method of funding pursued during thewar, the errors of which have been frequently pointed out in books upon the subject, but unfortunately not until the. effects were felt; it is argued that had the loans been raised by the creation of stock bearing a high rate of interest, instead of by the creation of 3 per cents., the benefit resulting from a rise in the price consequent upon the conclu sion of the war would have been equally divided be tween the stockholder and the nation; the value of the capital would have been increased to the former, while the latter, by a fair reduction in the rate of interest, would have participated in the profit. The most im portant reductions in the capital of the debt have of ate years been effected by granting annuities on lives and forterms of years. The operation of the sinking fund during the year ending 5th of January, 1837, is. shewn in the statement at page 12. - The reduction in the annual charge of the public debt has been principally occasioned by the rise in the price of stocks, enabling‘ government to reduce the interest . on thatportion of the debt which was created in 5 per cent. and 4 per cent. stock; it will be seen from the ac~ count annexed, (page 13) that a saving on this account has been effected of the annual ‘sum of £2,355,845. PUBLXC DEBT OF THE BRITISH EMPIRE. 1'1 . 8 1 flmflmvmwmufiwwm mafia 2 2 .N. m o 2 Q O 2.6 w. w. o w m m w Q m n N n m B 18.3.33 32 m Q NH 2 o o w Q 5 n 2 S 2 2. 2 B 2 2 ~ _ z . .u .59» .Nw ,E 8 3 3 2.. 2 2* 2. mm E 3 mm ma mm 2 mm E :. :.. a mm m - Q5 .oqwwqmm omqwwqmm 81%? 625.0% @268? 3.2%“ 332? 833cm §Q§£ mfigmwm 838$ 233%. $28.3 wfifinmm $53? @3213 @333.“ mmwfinmw 235% nmqfiwa 5.0%.? . 333% c553 53.“ amhfiu m. 18H £032: , . ‘ 52.56% awnmsvgw. ‘$1363 fiqanfim 935562 zafiqwmw mwfiémhwom 233%“ *QHRQNE 05.22% 3% 633a: 238.2 uucuwwwm $38.8“ $232“ awmfigm midmfimm 5550M moqfiqmmw “5.23% 81£m§w awdmwdm cimflfiw @920 . @242 m . E was -u-‘‘fii-l 2:55 81.5w”: . Swim 312m wmwnmm; EH26 SQEN “Maia vmgwo; wmwgm $6.8m $5.3 213a 2263 35% 5.83 332 £38 $25 @833 :23 2125. “$.52 E62.“ 2: . m. E? 5?» .3 ui' . 4 . . "3.5 @9338 58638 ‘gmgwi 333a cgsnwé 33mg“ Q3212. 0303i. gqfiqa oagqa onwiqa 213mg @333“ 8353 03.25% @2535 313mg 0330.8 9233.? gmdomwm 8162.3 9543.3 . @3353 v2.5.2? .32.“ 2:15 w. .3352: . , . 7 12:53 35.32:..Co 233R 08.63% and mwwdwnwm finfigm 323a gmhmfiwm magsé v2.33“ Sggg gwmqmm fiqsqmm 233$. @3689 21gb’; 03mg? wwwgqwfl amdidm. 3mg? 212mg mnqmmwmw iqgmfi sqmfidm . Enga.ug 52:23 . m . D “m2 1:“ < v3.55 gmfififi $3352 2335 “$5.5 @332: mmqfiqmfi wwqfiqmfi $3.832 33%.“? $2.6m?“ $362.2.“ Eggs“ SQSZE wwqgifi aqmfiwfi 034565 EQSEE 233.25 gggfih swfiqnfi 5.02.62 EQG 63%{2 .nuaumuoi: v2.55 m 2: ‘ . -3 225%“: we: $2 £2 $2‘ $2 £2 82 $2 $2 3.2 £2 m2: 82 E2 $2 2m: 26:52am $2 22 22.53% :2 52 M51550? .= . ======.. .. = = HM . n * < . 51 Ol'lflfld JLIIG :10 EI1 ISLLIII 'ElIlzlKEl
DonationsFundcreatedbyandBequests,therelatestowardsStatement,intheaboveto19.,referredIV.,Geo.N.TheAct4toB.c. 7thoffromtheJanuary,1836,theof5thof£1,591,9242d.inoftheto5.9.ReceiptExpenditureandAccountAnyear,one f,f,d.£d s.11. £1,591,924£1,591,9245225 ofofBankEngland.andCompanytheCm,theGovernorwithCommissionersThesaidDrs.
oftheNationalDebt.Geo.forthereduction26th3d,appointedbyJanuary,1837,bytheCommissioners
forforfeiteddepositsBishopsDittoper4Geo. ., 1d.Reduced30131£135s.{}238’784Newonper 62nAn’huities,cents.’2K0“239’5090, 19)dueGeo-IV., 0. Console,6£216,1188d.1s.567,33911177585,229on ,,,, ‘ 19)of8(4Geo.'IV.,duethe5th1,024,58413Exchequer-bills1,018,0000c. ,,,, 6s.Reduced£17,0787d. on ,, (4Geo.IV.,19)dueAnnuities c. fromsundrytimesCashreceived02By78,682atforConsols0Cashpaid85,8270To .. i{ Savings’Bank“47vgai’e@9697'60?’1°7““ 61ChurchYard1419.IV.,c.
;3 ,1:0000oL000“1’12870“ fromMr.Langley0Hon.IV.,19 c. ..,, (4Geo.ConsoleIV.19)3%8d.ls.QReduced0.per $ 56,434n11sixli’d’onths’11“57,5”021818“0 £216,118Intereston ..
38ofJanu’ary,..’1003262“101,11000 118363,2411555thduecents. .. ofOctober,1836256the10th35 . G.K.:10001).085,2435Reduced“92,5000“per ....,,.. Chatham1059431cents. per ....., April,1836of19910the5th4 .____._. 15837889theExchequer114Geo.Dittoper ...
3,241Ju1y,1836155 ......
Debt.reducingtheNational OI'IElKld IEIEIG e10 HIL ISIJJII ‘IIIdHI
AnAccountoftheSavingthetoPublicbytheconversionofStockfromhigherlowerofInterest.torateaa DescriptionofStockconverted. Capital. Saving. _1______—_ -__--dL_ — _,_,— 1822. £6£ Navyafter5cents.,deducting£2,794,318disseutsper149,627,8257,481,391 197l022.....
AtthehighestlowestAt o!Interest.ofrate rate 150,818,4255,285,759 —— __.. InteresttheCapital. on £2,355,845Total ..
4aftercents.deducting£6,149,246dissentsper70,105,4032,804,216w2,453,619350,597 -. 4afterdeductingcents.£2,649,366dissentsper151,021,7286,040,869 ..-...
New4includingcents.,of£7,481,393thebonusper157,109,218 6,284,36’' ...,.
£310s. thecents. peramountsame 3%TheCapitalin centssameper £3New10:.cents.£150,344,051created.per ..755110
W Fivecent.474,374per ' .-.. 18264cents. per10,622,911371,80053,116424,916 ,..... 1826. 1830. 1834. 14 PUBLIC DEBT OF THE BRITISH EMPIRE The different Stocks constitutin the public debt on the 5th of January, 1837, are as f0 low :-- Consolidated 3 per cent. Annuities.—This stock originated in 1751, when several 3 per cent. annuities were consolidated by Act of Parliament, amounting together to £9,137,821 5s. 1d. ; the total amount of stock which had been created in this fund from 1751 to the close of the last war was about £490,000,000, the unredeemed amount on the 5th of January, 1819, was $63,520,902 19s. 2d., and on the 5th of January, 1837, $357,166,317 4s. 11d. Reduced 3 per cent. Annnities.—This fund was formed at the same period as the consolidated 3 per cents., viz. in 1751, when it amounted to £17,701,323 16s. 4d. On the 5th of January, 1819, the amount unredeemed was £134,654,932 10s. 5d.; on the 5th of January, 1837, .£l25,141,486 16s. 5d. Three er cent. Annuities, 1726.--The original amount 0 this stock was £1,000,000; it was created by a lottery in 1726, in order to pay off Exchequer bills, which had been issued to defray certain charges accumulated on the civil list. On the 5th of January, 1837, it amounted to £825,262 15s. 6d. Debt due to the Bank of England.—At the esta blishment of this Corporation in 1694, the sum of £1,200,000 was lent to Government by the Company, in consideration of certain privileges conveyed by the charter ; the interest allowed was 8 per cent. per annum; the amount of the debt on the 5th of January, 1837, was £11,015,100, bearing interest at 3 per cent.; the particulars of the advances made by the Bank to government, are given in the account of the Bank of England. Three and a haifper cent. Annuities, 1818.—The title of this stock expresses the date of its creation, which was by the transfer of reduced 3 per cents. and consols, and the fundin of Exchequer-bills. Sub scribers on transferring 100 consols or reduced, and PUBLIC DEBT OF THE BRITISH EMPIRE. paying £11 in money, were entitled to £100, 3% per cent. stock, and also to fund Exchequer-bills at 64 per cent. for 3 per cents., to an amount equal to the sum of 3 per cent. stock subscribed. The original amount of this stock was £25,356,573 12s. 3d., which had been diminished by the 5th of January, 1837, to £10,725,23'2 9s. 5d. Reduced 3% per cent. Annuities.—1n 1826 the old 4 per cent. annuities were converted into 3% per cent. stock, by which this fund was formed; it amounted at that time to £70,105,403. On the 5th of January, 1837, it had decreased to £G6,273,320 15s. 5d. New 3% per cent. Annuities. -This stock originated in 1830, by the conversion of new 4 per cents; the holders had the option of receiving £100 of this stock, or £70 5 per cent. stock for each £100 4 per cents., or of being paid off at par; the amount of 3% per cents. thus created was £150,344,051. About half a million of 5 per cent. stock was taken, and the amount of money paid to dissentients was about £2,500,000. Not withstanding the addition of upwards of £10,000,000 stock to the new 3% per cents. in 1834, by the conver sion of 4 per cents. 1826, and their consolidation with this stock, the amount on the 5th of January, 1837, was £146,229,682 4s. 8d., which is a decrease of £4,000,000 since the fund originated in 1830. New 5 per cent. Annuities.-This stock arose from the reduction of the interest on the new 4 per cents. in 1830, when the stockholders had the offer of £70 5 per cent. stock for £100 4 per cents.; the 5 per cent. stock thus created amounted to £474,374, and the holders were guaranteed from any reduction in the interest for forty-five years, viz.-—~until1875; on the 5th of January, 1837, this stock amounted to £438,240 13s. 401. South Sea Stock and Annuities.--The origin of the South Sea Company has been briefly noticed in a preceding page ; it was from the capital stock of 16 PUBLIC nnar or ‘run sm'rlsn EMPIRE the Company that the old and new annuities originated. The capital of the Company, at its establishment in 1711, amounted to £9,177,967 15s. 401., which was entirely deposited in the hands of government, and was subsequently greatly increased, so that, in 1720, it amounted to $137,802,203 5s. 6d., the whole of which was lent to government; in this year the capital was reduced by a part being paid 011' by government, and the conversion of a portion into government stock; by this arrangement the old and new South Sea annuities were created, and in 1751 another stock originated by a loan raised to pay off those who dissented from the reduction of interest to 3 per cent., which was made at that period in the old and new annuities. The re spective amounts of these stocks on the 5th of J anuary, 1837, were as follow :
£ s. d. Capital Stock of the South Sea Company 3,662,784 8 6 Old South Sea Annuities . . . . 3,497,870 2 7 - New South Sea Annuities . . . . 2,460,830 2 10 South Sea Annuities, 1751 . . . . 523,100 0 0 The total amount of these is . . £10,144,584 13 11 for which the government pays 3 per cent. interest. Irish Funds.--The amount of the public debt un der the management of the Bank of Ireland on the 5th of January, 1837, was $3,463,343 5s. 2d., the occasional alteration in which, is in consequence of the Irish stocks being transferable from the Bank of Ireland to that of England, and also by the conversion of English into Irish stock at the option of the stock holders. The various stocks and debts constituting the above amount, are particularized in the subsequent statement of the condition of the public debt, on the 5th of January, 1837. , Unfunded Debt.-—The unfunded debt of Great Britain consists entirely of Exchequer-bills, which are receivable for duties at the Exchequer, after the 5th of runmc DEBT or ran BRITISH EMPIRE. 17
April succeeding the date of the bill; these bills are renewed every year upon public notice being given by government, and the interest'is paid at the period of renewal, according to the number of days that the bill has been in circulation; if the bill is not presented for renewal by the time appointed by the commissioners, the interest ceases from that period. Exchequer-bills were first issued in the year 1695, in consequence of the scarcity of specie occasioned by the reeoinage in that year; they were then made out for sums of £5 and upwards, and bore an interest of 7% per cent., but either the interest was not regularly paid, or a great want of confidence in the new government prevailed among the people, for we find these floating obligations in 1697 at a discount of 40 per cent., in order to remedy this, the Bank of England was empowered to augment its capital by receiving subscriptions partly in Exchequer-bills, which were held by the corporation as security for the money, and on which they received interest from government; this had the effect of restoring the bills to their proper value. Since this period Exchequer bills have frequently been at a discount, and the government have been obliged either to raise the interest, or to convert them into permanent stock. The amount of Exchequer-bills usually in circu lation is about £27,500,000, but during the war it was much larger, having been in 1815 upwards of £67,000,000; the statement previously given exhibits the change which has taken place in the amount of this portion of the public debt since that period. The amount of Exchequer-bills in circulation on the 5th of January, 1837, was $926,976,000. That division of the national debt which consists of terminable annuities, is not included in the oflicial statements of the amount of the debt, but only in the annual charge. On the 5th of January, 1837, the existing annuities created an annual charge of B 3 18 PUBLIC man-r or ran BRITISH EMPIRE.
£4,220,751 18s. 6d., and consisted of the following descriptions of terminable debt. Long Annuities.—These annuities originated in 1780, and have since received numerous additions; a part of most of the loans having been raised by the creation of a certain proportion of long annuities, with the permanent stock. The long annuities expire on the 5th of January, 1860, and amounted on the 5th of January, 1837, to £1,294,586 6:. 10d. Annuities for terms qf Years.—These annuities have been granted at various times, and expire at several different periods; they are granted by the commissioners for the reduction of the national debt, under the Act 4 Geo. IV., c. 24, and 3 Will. IV., c. 14, in exchange for stock or money transferred to the said commissioners. The annual charge thus created, according to the annuities outstanding on the 5th of January, 1837, was £1,402,363 18s. 6d. Life Annuities.—These are granted by the com missioners for the reduction of the national debt, by virtue of the same Acts as the certain annuities in exchange for stock or money, either on single or joint lives. The amount of life annuities on the 5th of January, 1837, was £874,232 4s. 6d. The Dead We‘ ht Annuity.—At the conclusion of the war in 1815, t e pensions to those who had served in the army and navy, amounted to upwards of £4,000,000 annually; it was found that these pension had continued to decrease gradually every year, and it was estimated that in forty-five years they would be nearly annihilated; this induced the overnment, in 1822, to endeavour to equalize the c arge annually throughout this period, and by the Act 4 Geo. IV., c. 22, an annuity was authorised to be granted to any corporation who would pay a certain sum annually for a fixed term of years, such sum to decrease according to a scale proposed by government. The annuity authorized to be contracted for, was PUBLIC DEBT OF THE BRITISH EMPIRE
£2,800,000. The Bank of England agreed to take a portion amounting‘ to £585,740, for which they advanced during the years from 1823 to 1828, both , inclusive, the sum of £13,089,419; the annuity expires in 1867. This being the only part of the annuity sold by government, the Act of Parliament authorizing the contract was repealed by 9 Geo. IV., c. 79, so far as relates to that portion of the annuity unsold. The annuity was valued by Mr. Finlaison, the actuary at the National Debt Oflice, in June, 1832, at £10,935,'227. The Bank have not yet disposed of any part of this security. The remainder of the government annuities consists chiefly of tontines, granted at various periods during the last war; a statement of them is given in the annexed account of the condition of the public debt and annual charge, on the 5th of January, 1837, taken from parliamentary returns. From a return laid before parliament in the session of 1833, it appeared that the number of public cre ditors was 279,751, but as many of the accounts were in joint names, and in the names of incorporated asso eiations, it is not easy to ascertain the precise number of persons interested in the public funds; as the statement referred to contains some interesting in formation, it is here subjoined. 20 venue nnar or run BRITISH EMPIRE.
An Account of the State of the Public Debt of Great Britain and Ireland, on the 5th of January, 1837. Great Britain. £ a. d. .6 I. d. Consolidated 3 per cents...... 357,166,317 4 11 Reduced 3 per cents...... 125,141,486 16 5 Sper cents., 1726. 825,262 15 6 Due to the Bank of England . . 11,015,100 0 0 Due to the South Sea Company 3,662,784 8 6 Old South Sea Annuities ...... 3,497,870 2 7 New South Sea Annuities . . . . 2,460,830 2 10 South Sea Annuities, 1751 . . . . 523,100 0 0 Total 3 per cent. Debt.. . . .-——- 504,292,751 10 9 3% per cents., 1818 . . .. .- ... . 10,725,232 9 5 Reduced 3% per cents...... 66,273,320 15 5 New 3% per cents ...... 146,229,682 4 Total 35 per cent. Debt . .——-—-—-- 223,228,235 9 6 New5percents...... 438,24013 4 ,___.___-___ Total funded Debt of Great Britain...... £ 727,959,227 13 7
Ireland. Consolidated 3 per cents ...... 3,004,253 19 7 Reduced 3 per cents...... 162,882 8 1 - Total at3per cent. -—— 3,167,136 7 8 3% per cent. debentures and 14 757 160 ,5 9 stock ...... ’ ’ Reduced 3% per cents...... 1,045,712 7 0 New 3% per cents. 11,855,903 9 1 Total at 3% per cent...... —-—--— 27,658,776 '11 10 Due to the Bank of Ireland at 4 per cent. .a. _ .. . . 1,615,384 12 4 New5percents...... 6,661 l 0 Due to the Bank of Ireland. . . . 1,015,384 12 4 -—----—--—— 1,022,045 13 4 --——_ Total Irish funded Debt ...... - - - _ . . . .£ 33,463,343 5 2
Total funded Debt of the United Kingdom. . . . 761,422,570 18 9 Exchequer-bills outstanding, 5th of January, 1837 . 26,976,000 0 0
Total funded and unfunded Debt of the United l - Kingdom, unredeemed on 5th January, 1837 s ‘e 788’398’5'0 l8 9
Stock transferred to the commissioners for the re duction of the national debt, on account of Dona- 234,617 19 0 tions and Bequests...... Ditto on account of Stock unclaimed. . . . ,...... 293,206 16 3 Ditto ,, ,, ,, unclaimed Dividends ...... 849,200 0 0 Ditto ,, ,, ,,Land'l‘ax 428,276 4 4
Stock redeemed, but not cancelled . . . . £ 1,805,300 19 7 -_.__— PUBLIC DEBT or THE BRITISH EMPIRE. 21
Charge of the Public Debt of the United Kingdom in the year ending the 5th of January, 1837.
Great Britain. £ a. d. Interest on unredeemed capital ...... 22,963,682 16 4 Long annuities expire i860 ...... 1,294,586 6 10 Annuities per 4 Geo. IV., c. 22, expire 1867 585,740 . 0 0 Annuities per 10 Geo. IV., c. 24, and 3 l , . William IV., c. 14, expire atvarious periods i l’mg’dsa l8 6 Annuities to the trustees of the Waterloo } 2 900 0 0 subscription, expire 1837 ...... ’ Life annuities per 48 Geo. 111., c. 142, I and 10 Geo. IV., c. 24, and 3 Will. IV., s 874,232 4 6 Tontines c.l4..... and . other . . . . . life . annuities . . . . per . . . various }
Acts English . . . . 19,875 12 10
Irish...... 34,230 8 7 Interest on stock transferred to the com missioners for the reduction of the national 12 848 5 8 debt, towards the redemption of the land I taxununuuuuu ...... “... Management ....--...... 157,120 l4 10
Total charge of the British funded debt andannuities...... i £ 27’347’580 8 1
Ireland. Interest on unredeemed capital ...... l,l78,788 l8 9 Tontines and other life annuities...... 6,823 7 3 —_ Total charge of Irish debt and annuities £ 1,185,612 6 0
Total charge of funded debt. - _ - . . . . - . . . 5.‘ 28,533352 14 1
Interest on Exchequer-bills paid during the} year ending the 5th of January, 1837 692,095 5 1 Total charge of funded and’ unfunded ? debt unredeemed .;...... a} £ 29’225’287 l9 8
Interest on stock transferred to the com missioners on account of Donations and Bequests, unclaimed Stock, and Dividends 42,359 9‘ 4 reinvested in the names of the said com missioners ..., ...... -..._... (_6 errand $88G :IO IIL ISLLIIEI 'IIIdREI
timeofPaymentdistinguishingtionedeachdescriptionofPublicTerminableAnnuities;Stock,and on Number’oftheundermenAnAccounttheTotalofPersonsHalfYear’sDividenddueatwhomtowasa. g“!£20002“a“Notexceedmg455£10£50£500£5Total£300£1000 ...... m.v-
I l llIllpayable10thDividendsof i i I5thDividendspayableof
I gal1 Egg,5% g‘.IH'20‘§'95”gg’; ' 1 ‘ ‘q '3 <11< ___-i___-_-a'-—__ -——h. --_-i —._—_‘ theAmountsofsuchDividends,various8L0. ‘4-kx‘ offorAnnuitiesTerms I-- ,, 6'10,347On3perreduced....474633,96811,681463231cent.639532412742 17%1203percent.7444718042 ..,,...... --...... 1833.January, PUBLIC DEBT or THE BRITISH EMPIRE. 23 Regulations relating to the transfer of the govern ment funds at the Bank of England and South Sea House. The days of transfer in the different stocks are as under:-— BANK or ENGLAND. Dividends payable 5th of January, and 5th of July. 3 ‘per cent. Consols.-Tues. Wed. Thurs. and Frid. New 3% per cents-Ditto ditto ditto. New 5 per cents-Tues. Wed. and Frid. 3 per cent. 1726.—Tues. Thurs. Annuities for Terms of Years-Mend. Wed. and Frid. Dividends payable 5th of April, and 10th of October. 3 per cent. Reduced.-Tues. Wed. Thurs. and Frid. 3?l per cent. 1818.—Tues. Thurs. and Frid. 35 per cent. Reduced-Tues. Wed. Thurs. and Frid. Long Annuities-Month Wed. and Sat. Annuities for Terms of Years.—Tues. Thurs. and Sat. SOUTH SEA Housn. Dividends 5th of January, and 5th of July. New South Sea Annuities-Tues. Thurs. and Sat. 3 per cent. 1751.—Tues. and Thurs. Dividends 5th of April, and 10th of October. Old Annuities-Mend. Wed. and Frid. Tickets for preparing transfers must be deposited in the respective oflices before one o’clock, otherwise a fee of 2s. (id. for each transfer is demanded; on the payment of this fee, transfers may be made on any day in the week, (provided the books are not shut for the dividend) as late as three o’clock; (at the South Sea House half-past two. Transfers forwarded in the usual manner (without fee) are made void if not executed by half-past two o’clock. These regulations apply equally to the Bank and South Sea House. Dividends are payable at the Bank and the South Sea House between nine and three; they are paid to the public on the third day after becoming due, but if a Sunday intervene, they are not payable until the fourth day; thus dividends due at each quarter are paid on the undermentioned days : Due 5th of J anuary,-payable 8th of January. 77 n April’ 77 )7 April n ,, July’ » 7: July' ,, 10th of October, ,, 13th of October. 24 PUBLIC DEBT or run nnrrrsa EMPIRE. No addition of stock can be made to any account in which one or more of the parties is deceased. If the account be in a single name, the probate of the will, or letters of administration, must be produced at the will-otiice at the Bank, or South Sea House, (as the case may be) and left two clear days for exa mination. If the account be in joint names, an extract from the register book of burials, supported by a declaration of identity, is suflicient to prove the decease of a party, and the stock is then at the disposal of the survivor or survivors. There are various other regulations relating to transactions in the funds, which it is not necessary to notice in this place, as they are sufficiently known. Regulations at the National Debt Oflice in the Old Jewry. The business of this office consists in granting annuities for terms of years, and on lives; and also in delivering the warrants on the Bank of England for the payment of the annuities as they become due. These annuities are granted according to an Act passed the 22d of May, 1829, (10 Geo. IV., c. 24,) the principal provisions of which are as follow: Sec. 1. Immediate or deferred annuities may be granted by the commissioners for the reduction of the national debt, either for terms of years, or on the life of one or two individuals. 2. No nominee can be under fifteen years of age, and the commissioners have the power to refuse any nominee. 3. Not less than £100 stock to be received by the com missioners, nor any sum of money or long annuities of less value than £100 3 per cents. according to the average price. ( Vide sec. 30.) 4. Proprietors may appoint nominees, being natives of, or most usually resident in the united kingdom, on the continuance of whose life the annuity shall depend."I 5. Relates to the certificates of birth or baptism, and the declarations necessary to be produced. 6. If the date of the birth be not mentioned in the certificate, the age is to be calculated from the day of baptism. 7. Should the party desiring to purchase a life annuity not be a native of the united kingdom, or if the birth or baptism of a party does not appear in the parish register, then a * By a recent regulation no person can be nominated above the age of 65, unless possessing a beneficial interest in the annuity. PUBLIC DEBT OF THE BRITISH EMPIRE. declaration of the age, name, occupation, and ‘usual place of abode, together with the place of birth and the names of the - parents, or reputed parents of the nominee, must be procured. 9. The average price of stocks to be transmitted daily from the Bank of England to the Comptroller-General, at the National Debt Office. 10. Empowers the Comptroller-General to conclude contracts for annuities, when the documents produced by the purchaser shall appear to be conformable to the provisions of this Act ; if contracts are not fulfilled by the purchaser within five days from the date of contract, they are to be void. 11. If money or any other than 3 per cent. stock be ten dered, the same shall be converted by computation into 3 per cents., according to the average price of such stocks. 12. Bank annuities which may hereafter be created, may be transferred for‘ the purchase of terminable annuities, by virtue of this Act. 13. All money paid for annuities to be laid out by the commissioners in the purchase of stock, which is to be cancelled. 14. The commissioners for the reduction of the ntitional debt to adopt such tables for granting annuities, as shall from time to time be directed by the Lords-Commissioners of the Treasury; notice of any alteration in this respect to be given in the London Gazette. l6. Fractional parts of £1 stock are not to be taken, and when the stock tendered shall produce a fraction of 6:1. in the annuity, such fraction shall not be inserted. 18-19. Purchases may be made on the life of old nominees, without fresh certificates of age, 860. 21. The annuities, after deducting all those which may have expired or remain unclaimed, to be paid out of the consoli dated fund. 22. All annuities to be payable by two equal half-yearly payments, to be made on the 5th of January and the 5th of July, or on the 5th of April and the 10th of October; the first half-yearly payment to be made in the quarter next succeeding that in which the purchase was made ; and in case of the death of a nominee, a fourth part of the annuity shall be paid to the party entitled on the next half-yearly day of payment, provided such portion be claimed within two years. 23. No contract for an annuity can be entered into within fourteen days after the quarterly day of payment. 24 -25. At the time of applying for payment of life annuities, C 26 PUBLIC DEBT OF THE BRITISH EMPIRE. a certificate of ‘the life of the nominee must be produced; if the annuity be for joint lives, dependent on the longest life, a cer tificatc of the life of either shall be sufiicient. If the nominee apply personally, no certificate of existence is necessary. 30. Persons already holding annuities, may transfer any sum of 3 per cent. stock, not less than £20, or any stock or money equivalent thereto, in consideration of any further annuity. 32-33. Any immediate, deferred, or reversionary life annuity to be transferable, provided such be transferred entire, and that the original nominee be not changed. Annuities for years to be transferable, whole or in parts. 39. An account to be taken by the Bank, on the 5th of January in each year, of all annuities which have been unclaimed for three years; such annuities to cease to be chargeable on the consolidated fund: upon the annuity being claimed, it is to be restored. The remainder of the Act relates chiefly to the penalties for fraud, &c. In 1833, another act was passed, in order to enable the depositors in savino‘s’ banks to purchase annuities for lives and years. The provisions of the Act do not materially differ from the above, except in the amount for which they are to be granted, which is not to exceed £20 per annum, (3 Will. IV., c. 14.) The tables of the price of annuities which are issued at the National Debt ()flice, are calculated with re ference to the interest paid by the 3 per-cents., according to their value in the market. The mode of computation is somewhat intricate; the price of the 3 per cents., mentioned in the tables, is the mean price of consols and reduced 3 per cents., after deducting the interest accrued upon both stocks from the last dividend to the day of contracting for the annuity :—thus, if an annuity be purchased upon the first of May in any year, the price of 3 per cent. consols being 90, and of reduced 3 per cents. 89; the following is the calculation in order to find the actual‘ value of 3 per cent. stock on that day, by which the price of an annuity either for a fixed term,- or on a life, according to the government tables, is regulated. PUBLIC DEBT or THE BRITISH EMPIRE. Per cent. 3 per cent. consols...... £90 0 0 Deduct interest accrued from 0 19 3 , , . the 5th of January ...... E - £89 0 9 3percent.reduced...... £89 0 0 Deduct interest accrued from 0 4 3 the 5thofApril...‘ ...... g —— 88 15 9 £177 16 6 Mean excluding price per the cent. dividendp. of 3 er ... cent. . .. .stock ... .} £88 18 3 Interest produced .... £3 7 5 By the above method the price of a government annuity may be easily determined within a trifling sum, by referring to the column in the tables, at the head of which the net price of 3 per cent. stock thus computed occurs. If one of the 3 per cent. stocks be shut for the divi dend, the calculation.is made in the other, by merely deducting the accruing interest from the average price of such stock on the day of contract. If any stock bearing a higher rate of interest be tendered at the' annuity oflioe, it is converted into 3 per cents. by cal culation, according to the average price of such stock on the day of tender. Payment may also be made for an annuity in money, in which case a charge of ‘2s. 6d. per cent. on the amount invested is made at the annuity oflice, in order to defray the expense of laying out the money in the government funds, in the names of the commissioners for the reduction of the national debt. Deferred annuities are also granted at the national debt oflice, both for lives and years; but very few of this description have yet been taken. The amount outstanding on the 5th of January, 1837 , was £4,327 19s., viz. ;- . ' ' £ 8. :1. Deferred hfe annuities per 10 Geo. IV, _ c. 24, and 3 Will. iv., c, 14 @4222 19 0 Ditto annuities for terms of years, ditto 105 O O £4327 19 0 28 PUBLIC nnar or run nnrrrsn EMPIRE. The most celebrated tables of the expectation of life are those of Northampton and Carlisle, the former by Dr. Price, the latter by Mr. Milne; by reference to the subsequent comparison of these tables, (No. 4) it will be seen that a considerable difi'erence exists. In these observations no distinction was made between the sexes, as in the government life annuity tables at present in use. Life annuities were formerly granted by government according to the Northampton scale, and it was not until the year 1829, that the inaccurac of it was fully discovered; the mean duration of li e of the two sexes, acccording to the present government tables, ap roximates very nearly to the observations made at arlisle, by Mr. Milne. Nos. 3 and 5 ex hibit the price of the government annuities, according to the tables now in use. The following condensed statement of the variations in the price of the 3 per cents. is from Mr. Mo Culloch’s Dictionary o Commerce. “From 1730 till the rebellion of 17 , the 3 per cents. were never under 89, and were once in June, 1737, as high as 107. During the rebellion they sunk to 76; but in 1749, rose again to 100. In the interval between the Peace of Paris, in 1763, and the breaking out of the American war, they averaged from 80 to 90; but towards the close of the war they sunk to 54. In 1792, they were at one time as high as 96. In 1797, the prospects of the country, owing to the successes of the French, the mutiny in the fleet, and other adverse circumstances, were by no means favourable; and, in consequence, the price of 3 per cents. sunk on the 20th of September, on the intelli ence transpiring of an attempt to negociate with t e French republic having failed, to 473, being the lowest price to which they have ever fallen.” PUBLIC DEBT OF THE BRITISH EMPIRE. 29 I. A Table showing the relative value of the British Funds, including Bank Stock and India Stock. BperCent. I 34 per Cent. 5 per Cent. 3per Cent. “104 per Cent.1 pgtggt Per cent. ger cent. ger cent. 58!‘ cent. ger cent. £ £ s. d. s. d. s. d. s. d. s. d. s. d. 6000 70001000016000,21000 500 6010 0 70118 10016 8 1616 8 21115 0 419 2 611006100 711507134 102100'16400101134 162134 21550213100H 41764184 6200 72681036816568 21700 4169 62100 72184 104341166134 218150 4160 6300 73100 10500 16800 220100 4152 63100 7418 105168 16968 22250 4145 64 0 0 7413 4 10613 4 17013 4 224 0 0 413 9 6410 07550 107100 17200 225150 4130 6500‘751681086817368 227100 4123 65100 7684 10934174134 22950 4117 6600 7700 11000 17600 23100 41010 6610 0 77118 11016 8 177 6 8 23215 0 410 2 6700 7834 111134 178134 234100 496 67100 78150 112100 18000 23650 4810 6800 7968113681816823800 482 68100 79184 11434 182134 239150 477 6900 80100 11500 18460 241100 4611 69100 8118 115168 18568 24350 463 7000 81134 116134 186134 24500 458 70100 8250‘11710018800 246150 451 7100 82168 11868 18968 248100 446 71100 8384 11934 190134_25050 4 310 7200 8400il200019200 25200 434 72100 84118 120168 19368 253150. 429 7300 8534121134194134 255100 422 73100 85150 122100 19600 25750 417 7400 8668|l236819768 25900 410 74100 86184 12434'198134 260150 406 75008710012500 20000262100 400 75100 8818 125168 20168 26450 3195 760076100 895088134i126134 127100|20400 202134 26715026600 318531811 7700 89168 12868 20568i269l00 31711 77100 9084112934 206134 27150 3175 7800 9100 13000 20800 27300 31611 78100 9lll8Fl30l68 20968 274150r 3165 7900 9234 1311341210134 276100 31511 79100 92150|132100 21200 27850 3155 8000 9368 13368 21368 28000 31410 810080100 94100i1350093184 13434H214134 21600 281150283100 313113145 81100 9518 135168 21768|28550 3136 8200 951341136134 218134 28700 3130 830082100 965096l68|l3868 137100 22000221681290100, 288150l-3128 3123 83100 9784 13934 222134 29250- 31110 8400 980014000 22400 29400 3115 84100 98118'140168 22568 295150 3110 8500 99341141134 226134 297100 3107 30 PUBLIC DEBT OF THE BRITISH EMPIRE. Table of the relative value of the Funds continued. _( 1 IL 5 r 3 per Cent. 3} per Cent. 5 per Cent. 8 per Cent. 10} per Cent. Per cent. Per cent. Per cent. Per cent. Per cent. .£s.d.‘.£ s. d. .8 s. d. .£ s. d. :6‘ s. d. ccoo-m-wwccwwwwaata---cz-xiQQooocoowwcs cwv~w-cm-¢w-cm-Ewu:w-c-wwQ~Aww§ 85 10 QOC‘QOQOQQQQOOQOOQOQOQQQQOO©°¢Q ' 99 15 0 142 10 0 228 0 0 299 5 0 86 0 100 6 8 143 6 8 229 6 8 301 0 0 86 10 100 18 4 144 3 4 23013 4 302 15 0 1 101 87 OOQOQQQOQQQQ l0 0 145 0 0 232 0 0 304 10 0 “ 57 u‘‘-‘'l-I‘s-‘5l 102 1 8 145 16 8 233 6 8 306 5 (I 88 102 l3 4 146 13 4 234 13 4 308 0 0 88 103 5 0 147 10 0 236 0 0 309 15 0 89 103 l6 8 148 6 8 1237 6 8 311 10 0 89 104 8 4 149 3 4 23813 4 313 5 0 90 ' 105 0 0 150 0 0 240 0 0 315 O 0 90 105 l1 8 150 16 8 241 6 8 316 15 0 91 106 3 4 151 13 4 242 13 4 318 U‘QU‘QU‘OUIQU‘OU‘OO‘O 0 {Oflbfib NINDP' 106 l5 0 152 10 0 244 0 0 320 0 107 6 8 153 6 8 245 6 8 322 0 107 18 4 154 3 4 24613 4 323 0 930 108 10 0 155 0 0 248 0 0 325 u-n-'-I‘-'-ul 0 BOQOQD‘D‘DfiOQ -eanwhile-w ‘p‘Hul’Ipl 1 OOOQQQOQQOQQO 109 l 8 155 16 8 249 6 8 327 0 109 13 4 156 13 4 250 13 4 329 0 7-1 110 5 0 157 10 0 252 0 0 330 0 110 l6 8 158 6 8 253 6 8 332 0 111 8 4 159 3 4 25413 4 334 0 H 112 0 0 160 0 0 256 0 0 336 0 112 11 8 160 16 8 257 6 8 337 0 97 113 3 4 161 13 4 258 13 4 339 0 y-n q7 113 l5 0 162 10 0 260 0 0 0 98 114 6 8 163 6 8 261 6 8 0 ,__. 98 114 18 4 164 3 4 26213 4 0 _ 99 115 10 0 165 0 0 264 0 0 0 99 116 1 8 165 16 8 265 6 8 0 e O I 116 l3 4 166 13 4 266 13 4 0 PUBLIC DEBT or THE BRITISH EMPIRE. 31 II. A Table showing the present value of an Annuity of £1, to continue for any given number of years from 1 to 50, reck oning compound interest at the undermentioned rates. (From Smart’s Tables of Interest.) 4* I Years. 3 per Cent. l 35 per Cent. 4 per Cent. 4% per Cent. 5 De1’ Cem 1 0 970 5 0-966 0-961 0666 0 962 2 1-913 . 1-899 1-886 1-872 1-869 3 2 828 2 801 2776 2748 2723 4 1 8717 1 3-673 3-629 3687 3.646 6 4-679 4-616 4-461 4-389 4-329 6 6-417 l 6328 6-242 6-167 6-076 7 6-230 6-114 6-002 6-892 6786 8 7-019 6873 6732 6-696 6-463 9 7786 7-607 7436 7-268 1 7-107 10 8-630 8-316 8-110 7912 b 7721 11 1 9-262 9-001 8760 8-628 i 8306 12 9964 9-663 9-386 9-118 8-863 13 P 10634 10302 9-986 9682 9-393 14 11296 10920 10 663 10-222 9898 16 11-937 | 10-617 11-118 10739 10-379 16 12-661 12 094 11662 11-234 10 837 17 13-166 12-661 12-166 11707 11-274 18 13763 13189 12-669 12-169 11689 19 14323 13709 13 133 12-693 12086 20 14-877 14-212 13-690 13-007 12-462 21 16-416 ' 14697 14-029 13404 12821 22 16936 1 15-167 14461 13784 13163 ‘ 23 16-443 16620 14-866 14-147 13-488 24 16-936 1 16068 16-216 14496 13798 26 17-413 16-481 16-622 14-828 14093 26 17676 16890 16-982 16-146 14-276 27 18327 1 17286 16329 16461 14643 28 18764 17667 16663 16742 14-898 29 19-188 4 18-036 16-983 16-021 16-141 30 19-600 18-392 17-292 16-288 153/ 2 l 31 20-000 18736 17-688 16644 15-622 32 20 388 19068 17-873 16788 16-802 33 20766 19-390 18-147 17-022 16 002 34 21-131 19-700 18-411 17-246 16-192 36 21 '487 1 20600 18.664 17-461 16-374 36 21832 20-290 18 908 17666 16-646 37 22 167 20-670 19-142 17862 16711 38 22492 20841 19-367 18049 , 16867 39 22808 21102 19-684 18-229 17-017 40 23-114 21 ‘855 19792 18-401 17-169 41 23412 21-699 19-993 18666 17294 . 42 23701 21-834 20-186 18723 17-423 43 23-981 22-062 20-370 18-874 17 646 44 24 264 22 282 20-648 19-018 17662 46 24-618 22-496 20720 19166 17774 46 24776 22700 20684 19288 1 17880 47 26-024 22899 21-042 19-414 17981 48 26-266 23091 21-196 19-636 18-077 49 26-601 2327' 21-341 - 19661 18-168 50 26729 23 466 21-482 19762 18-266 32 PUBLIC DEBT or THE BRITISH EMPIRE. - III. A Table showing the sum (in money) required by Govern ment for an Annuity of £1, to continue for any number of years from 10 to 80, when 3 per cents., at the market price, yield any of the undermentioned rates of Interest, after deducting the accruing dividend. Tégrrso 3% per Cent. 3} per Cent. 3% per Cent- 4 per Cent. £ s. d. :6 s. d. £ 8. 41. £ 8. d. 10 8 9 7 8 7 6 8 5 6 ‘ 8 3 6 11 9 3 8 9 1 3 8 18 11 8 16 7 l2 9 17 5 9 14 7 9 11 9 9 8 11 13 10 10 8 10 7 5 10 4 3 l0 1 2 14 11 3 6 1O 19 10 10 16 3 10 12 10 15 111511 111110 11 710 11 3 11 16 12 8 0 l2 3 5 11 19 O 11 14 8 17 1219 7 12 14 7 l2 9 9 12 411 18 13 10 11 13 5 5 13 0 9 12 14 10 19 14 1 10 13 15 10 13 10 0 13 4 5 20 14 12 5 l4 5 ll 13 19 8 .13 13 6 21 15 2 8 14 15 8 14 ' 8 10 14 2 4 22 15 12 7 15 5 1 14 17 10 14 10 10 23 16 2 2 15 14 2 15 6 5 14 18 11 24 16 11 6 16 2 11 l5 l4 8 15 6 9 25 17 0 6 16 11 5 16 2 8 15 14 3 26 17 9 3 '16 19 7 16 1O 4 16 1 5 27 17 17 8 17 7 6 16 17 9 16 8 5 28 18 5 10 17 15 1 17 4 10 16 15 O 29 18 13 9 18 2 6 17 11 9 17 1 5 30 19 1 5 18 9 7 '17 18 4 l7 7 7 31 19 8 10 18 16 6 18 4 9 l7 l3 6 32 19 16 0 19 3 2 18 10 11 17 19 2 33 20 3 0 l9 9 7 18 16 10 18 4 8 34 20 9 9 19 15 9 19 2 6 18 9 11 35 2O 16 3 20 1 9 l9 8 0 18 14 ll 36 21 2 7 20 7 6 19 13 4 18 19 10 37 21 8 8 20 13 .1 19 18 5 19 4 6 38 21 14 7 20 18 6 20 3 4 l9 8 11 39 22 0 4 21 3 9 20 8 1 1913 3 40 22 5 10 21 8 9 20 12 8 19 17 5 41 22 ll 3 21 13 8 20 17 1 20 1 5 42 22 16 6 21 18 4 21 1 3 20 5 3 43 23 1 6 22 2 10 21 5 5 20 8 11 44 23 6 5 22 7 3 21 9 4 20 12 5 PUBLIC DEBT or THE BRITISH EMPIRE. 33 Table of the price of a Government Annuity of £1 continued. 3} per Cent. 3} per Cent. 3% per Cent. 4 per Cent. £ s. 01 £ s. d. 13 s. d. 22 11 6 21 13 1 20 15 10 8 22 15 7 21 16 9 20 19 l 3 2219 6 22 0 3 21 2 3 5 23 3 4 22 3 8 21 5 3 7 23 7 0 22 6 11 21 8 2 7 2310 7 2210 1 211011 6 23 14 0 22 13 2 21 13 8 6 23 17 4 22 16 1 21 16 3 25 311 24 0 6 221810 2118 8 25 7 5 24 3 8 23 1 7 22 1 1 25 1010 24 6 8 23 4 2 22 3 4 25 14 2 24 9 6 23 6 9 22 5 7 25 17 5 2412 4 23 9 2 22 7 8 26 1 0 24 15 0 23 11 6 22 9 9 26 3 6 24 17 8 23 13 9 22 11 8 26 6 5 25 O 2 231511 2213 7 26 9 3 25 2 7 23 18 0 22 15 4 26 12 0 25 4 11 24 0 0 22 17 1 26 14 7 25 7 2 24 1 11 22 18 9 26 17 2 25 9 5 24 3 10 23 0 4 26 19 8 25 11 6 24 5 23 1 11 27 2 1 25 13 7 24 7 23 3 4 27 4 5 25 15 6 24 9 1 23 4 10 27 6 8 2517 5 2410 8 23 6 2 27 8 10 25 19 3 24 12 3 23 7 6 271011 26 1 0 2413 9 23 8 9 . 26 2 9 2415 2 23 911 26 4 5 24 16 7 23 11 l 26 6 0 24 17 11 23 12 3 26 7 7 24 19 2 23 13 4 26 9 1 25 0 5 2314 4 26 10 6 25 1 8 23 15 4 26 11 11 25 2 10 23 16 3 26 13 3 25 3 11 23 17 3 26 14 6 25 5 O 23 18 1 26 15 9 25 6 0 - 23 19 0 34 PUBLIC DEBT OF THE BRITISH EMPIRE ‘ IV. ‘The expectation of Life at the following ages, according to {he observations made by Dr. Price, at Northampton, and those of Mr. Milne, at Carlisle. V :1 =' =' 8 q, 8 q; 3 d Da 5 a E - a aO E 5 Q ‘ 8 < i '5 Z Z Z 'Bmh 25'18 38'72 35 25'68 31'00 70 8'60 9'18 1 44-68 36 25'16 30'23 71 8'17 8'65 2 47'55 37 2464 2964 72 7'74 8'16 3 4982 38 24-12 2896 73 7'33 7'72 4 50'76 39 231-60 28'28 74 6'92 7'33 5 51'25 40 2308 27'61 75 6'54 7'01 6 51'17 41 2256 26'97 76 6'18 6'69 7 5080 42 22-04 2634 77 5'83 6'40 8 5024 43 21'54 25'71 78 5'48 6'12 9 49'57 44 2103 25'09 79 5'11 5'80 10 48'82 45 2052 24'46 80 4'75 5'51 11 4804 46 20'02 2382 81 4'41 5'21 12 4727 47 1951 2317 82 4'09 4'93 13 46'51 48 19'00 2250 83 3'80 4'65 14 45'75 49 1849 21-81 84 3'58 4'39 15 4500 50 1799 2111 85 3'37 4'12 16 44'27 51 17 '50 2039 86 3'19 3'90 17 43'57 52 1702 1968 87 3'01 3'71 18 42'87 53 1654 1897 88 2'86 359 19 42'17 54 16'06 18'28 89 2'66 3'47 20 41'46 55 1558 17'58 90 2'41 3'28 21 40'75 56 15'10 16'89 91 2'09 3'26 22 40'04 57 1463 1621 92 1'75 3'37 23 . 3931 58 1415 1555 93 1'37 3'48 24 38'59 59 13'68 14'92 94 1'05 3'53 25 37 '86 60 113-21 1434 95 0'75 3'53 26 37-14 61 12'75 13'82 96 0'50 3'46 27 36'41 62 12'28 1331 97 - . 3'28‘ ‘28 35'69 63 11'81 12'81 98 . . 3'07 29 35'00 64 11'35 12'30 99 . . 2'77 30 34'34 65 10'88 11'79 100 . . 2'28 31 3368 66 1042 I127 101 . . 1'79 32 3303 67 9'96 1075 102 . . 1'30 33 32'36 68 9-50 1023 103 . . 0'83 31-68 69 9'05 9'70 ' -‘-PUBLI&-)EBT ' I OF THE BRITISH EMPIRE. 35 'vmzExhibiting'the price of an Annuity of £1, to continue during the life of a Nominee, of any Age from 15 upwards, accord ‘ing to the Gbvernment Tables, when 3 per cents. at the Market Price yield either of the undermentioned rates of Interest. 3} per Cent. 3} per Cent. 4 per Cent. * M Female. L Male. Male ll Female. Male. 1?ennale. _ _ _£99888Qv888888877777777666666555555444433322221 £mm2mmmmm..%m%%2%%wmmwwwwmmww1WWWwlmmmlwwnmmmwmm £9999988888888877777776666655554443332222].[100 10.704174.048I.122.l.1841514036997414.775169851368998 £111111-111lllllllllllllllllllll‘'llllllllllllll £0009999999998888888777-l66666pO5544433322221-110 i9535190630945531613430828121.0488503692720864]. -0.67905902332006292704n/l245410000700738007.1-00 d3l2635wH2454w12lU6034308381094997270284101122 £%m%%%%%%%wmwwwmwmmmmwwwfllwllmwmwwwwwuummwmwmm @041100840705800]0I974195036652924419010939269 c“8,303.0060D0.1....lluozunéonlfi.0~/4.0-/n.00nOo_.uQ»r01..~/n.084.Qv..a.Qv4.Qv9~nDofidnloqvnoouaz a\w\|.~/n Table of the Price of a Government Life Annuity of £1 , continued. ..ZEEaZ MIII‘IH 3} per Cent. 3} per Cent. 4 per Cent. q ‘. —_____k_J Am Mde Female. Male. F emalc. t T _&92580368l47036937l50 m fiBEQu-l'AE-OOOOaQvsndnbnlnlulflunbnD-br3 £99998887777666555544 £mw999888777766655544 £11100099988877666655 150603806140767040800 d0950382000261467556l d0963l73184001406l176 d9120198137l8517l0483 @40258002468061110101 £11000999888777666555 d192479096446900fl8669 £83714826150494827037 &6047l482604827159258 e“0v9~n00.»“4rdOafiéfia8.1kusnézdflvaésnénl &l48l47l4826049360369 cw580257024‘‘9258l58271 ll l l 11 11111111 111111 1 1111] :M66M6fi6667fl777777778 (‘0 1 ll ‘Ln 1 l ll 23 LI, l l ll l 1 1 1 1 1 1 11] 5 1 l ll 1 1 7890 I'l' 1 ll ll 1 1 l 1 11 1 1 l 1 1 l 2345678 rq_ 1 ] 1111 ll ll 1 l l1 l l ‘l,’ 1 ll ll 11 11 l 1 1 l l L‘‘'l’ 0 & 5 4 2 6 4 0 3 1 5 ‘‘, 5 5 9 upwards}4 3 2 5 7 0| 37 PUBLIC INCOME AND EXPENDITURE. The present mode of levying taxes solely by autho .- rity of Parliament, commenced with the reign of Wil liam 111., when the system of exacting money from the subject, by the exercise of the royal prerogative, finally ceased. During this reign, which continued from 1688 to 1702, the total amount raised by taxes and loans was about £72,000,000. In 1701 the revenue arising from taxes and duties amounted to £3,895,205, of which the customs yielded £1,539,100, the excise £986,004, and the land-tax £989,965. In the reign of Anne, from 1702 until 1714, the amount of taxes and duties raised was about $662,000,000, and the loans during the same period amounted to £60,000,000. In 1712 the customs pro duced £1,315,422, and the excise about £1,000,000. During the year 1727, the last year of the reign of George 1., the total produce of the taxes and duties was £6,762,643, of which the customs yielded £1,530,361, the excise £1,927,354, and the land-tax about £2,000,000. The total amount raised by taxes in this rei n, which continued from 1714 till 1727, was about 77,000,000. In 1759, the year previous to the close of the reign of George 11., the taxes and duties yielded a revenue of £8,523,540, which was composed of £1,985,376 from the customs, £3,887,349 from the excise, and, about £2,000,000 from the land-tax; the remainder was derived from miscellaneous items. The revenue derived from taxation and duties at the commencement of the reign of George III., was about £8,800,000; in 1793 it had risen to the a mount of nearly £20,000,000; in 1798 it amounted to £31,000,000, and from this period gradually increased to upwards of £72,000,000, which was the sum raised D 38 PUBLIC INCOME AND EXPENDITURE in 1815, when the war with France terminated; in this year the total payments into the Exchequer from taxes and loans exceeded the sum of £170,000,000. Since this period the annual revenue has been greatly reduced by the repeal of some taxes and the re notion of others. From a return lately made to Parliament, it appears that, from the year 1814 to 1833, the amount of assessed taxes alone repealed, in Great Britain, was upwards of £18,000,000, of which sum the property-tax, repealed in 1816, amounted to £14,617,8'23, during the last year of its being col lected. The following is an account, according to re— turns made to Parliament in 1833, of the estimated yearly amount of the taxes and duties which have. been repealed or reduced since 1814: Estimated Gross and Net Amount of Taxes repealed, expired, and reduced; and of Taxes imposed in each year since the termination of the war. Taxes repealed or reduced. Taxes imposed. Gross. Net. Gross. I Net. £ £ £ £ 1814 948,861 932,827 288,685 288,685 1815 222,749 222,749 176,772 176,772 1816 17,886,666 17,547,365 392,058 392,058 1817 37,812 36,495 8,191 7,991 1818 9,524 9,504 1,356 1,356 1819 273,573 269,484 3,102,302 3,102,302 1820 4,000 4,000 119,602 119,602 1821 490,113 471,309 45,200 44,842 1822 2,164,037 2,139,101 1823 4,286,389 4,185,735 18,800 18,596 1824 1,805,467 1,801,333 49,605 49,605 1325 3,771,019 3,676,239 53,100 48,100 1826 1,973,915 1,967,215 188,955 188,725 1827 81,038 81,038 21,402 21,402 1828 52,227 51,998 1,966 1,966 1829 126,406 126,406 1830 4,264,425 4,070,742 696,001 696,004 1831 3,189,312 1,588,052 627,586 627,586 1832 754,996 747,264 44,526 44,526 42, 345.529 39,931,856 5,836,110 5,8 ‘.0,1 18 _~_#_ PUBLIC INCOME AND EXPENDITURE. The gross amount of revenue and expenditure of the United Kingdom, in the years ending the 5th of J a nuary, 1834, 1835, 1836, and 1837, was as under:— Income. Expenditure. 1834-—.£50,606,465 1834—‘£49,166,314 1835—£50,633,545 1835 —‘£49,223, 1 1 6 1836—£-50,494,732 1836—£48.787,639 1837—£52,895,298 1837—£50,819,305 It is calculated that the customs and the excise con tribute 72 per cent. of the whole revenue—the stamps 14 per cent.--the assessed and land taxes 9 per cent. -—and the Post-office 5 per cent. The rate per cent. for which the gross receipt was collected in the year endin the 5th of January, 1836, in Great Britain, was 6 5s. 6d. ; and in Ireland, £11 17s. 2d. The rapid increase of the custom duties since the peace, has contributed greatly to the maintenance of the revenue of the state, having, in 1815, amounted to but £11,360,000, while in 1835 they contributed nearly $822,000,000 (net) to the public income. The principal branches of the public expenditure are classed in the official statements as under :—the sums express the expenditure of the year ending the 5th of January, 1837. Charges of collecting the Revenue . . . £2,851,225 Public Debt ...... 29,23 4,873 Civil Government - ...... 1,596,868 Justice ...... 1,010,184 Diplomatic ...... 315,436 Forces, Army ...... _ 6,473,l83 — Navy ...... 4,205,726 — Ordnance ...... 1,434,059 Miscellaneous ...... 3,697 ,7 51 50,819,305 It appears unnecessary further to enter upon this subject, as the reduction which has been effected in the amount of the public debt since the termination of the war, notwithstanding the large sums annually paid for interest, is the best evidence of the national resources. ‘FOREIGN FUNDS. UNITED STATES OF AMERICA. The public debt of the United States is entirely liquidated, except a very trifling amount payable on demand ; a balance being left in the Treasury on the 1st of January, 1836, amounting to $25,523,926."i A statement of the probable condition of the Treasury, for the year 1836, was presented to the House of Representa tives, on the 1st of July in that year, by the committee appointed to enquire into the subject of the surplus revenue, by which it appears that the balance of unappropriated money in the Treasury on the 1st of January, 1837, would probably amount to . . . . $17,811,200 And the amount appropriated but not ex pended would probably be about . . 14,000,000 Total . . $31,811,200 i“ The late commercial difficulties have occasioned a consi derable falling of!‘ in the revenue of the current year; the follow ing is a statement of the receipts and expenditure during the first 6 months. ' Receipts. Expenditure. First quarter-$7,875,325 $7,409,731 April- 1,995,300 3,887,403 May— 1,863,064 2,727,117 June-—- 893,000 2,611,603 12,626,689 16,635,854 UNITED STATES OF AMERICA. In June, 1836, an Act was passed by Congress, entitled “ A Bill to regulate the deposits of the public money,” which provided that the surplus revenue, after reserving the sum of $5,000,000, should be deposited with the several states, in proportion to their res ective representation in the Senate and House 0 Representatives of the United States, until required for the public service. As many disadvantages were found to result from this system, the President, in his address to Congress at the close of 1836, advised that only suflicient revenue should be col lected in future, to meet the wants of the government; a reduction in the tariff has since been effected. The gradual redemption of the public debt is exhi bited in the following statement, together with the amount outstanding on the 1st of January, 1835: — Public Debt of the United States of America. 8 1st ofJan.1791 75,463,476 151; ofJan. 181.4 81,487,846 Illlllllllllllllllllll 1792 77,227,924 Illllllllllllllllllll 1815 99,833,660 17 93 80,352,634 1816 127,334,933 1794 78,427,404 1817 123,491,965 1795 80,747,587 1818 103,466,633 1796 83,762,172 1819 95,529,648 1797 82,064,479 1820 91,015,566 1798 79,228,529 1821 89,987,427 1799 78,408,669 1822 93,546,676 1800 82,976,294 1823 90,875,877 1801 83,038,050 1824 90,269,777 1802 80,712,632 1825 83,788,432 1803 77,054,686 1826 81,054,059 1804 86,427,120 1827 73,987,357 1805 82,312,150 1828 67,475,043 1806 75,723,270 1829 58,421,413 1807 69,218,398 1830 48,565,406 1808 65,196,317 1831 39,123,191 1809 57,023,192 1832 24,322,235 1810 53,173,217 1833 7,001,698 1811 48,005,587 1834 4,760,082 1812 45,209,737 1835 37,733 1813 55,962,827 U W 42 FOREIGN runne Statement of the Public Debt on the lst of January, 1835. Stocks. Redeemable. Amount. Unfunded registered debt, being it . claims for services and supplies } On presentation 27,437 '96 during the revolutionary war - I Treasury notes, issued during the 2 ‘ 5 975 war ...... " ’ ' Mississippi stock . . . - l ,, 4,320'09 I _ $ 37,733‘05 Of the various items which contribute to form the revenue of the United States, the Customs constitute the most important, averaging upwards of two-thirds of the total receipts : the revenue collected during the year ending 1st of January, 1835, amounted to $21,791,935, which was derived as under : 8 From Customs ...... 16,214,957 ,, Sale of lands . . . . 4,857,600 ,, Dividends on Bank stock . . 234,349 ,, Sale of Bank stock . . . . 352,300 ,, Incidental items . . . . 132,728 $21,791,934 The estimated amount of the Customs for the year ending 1st of January, 1836, is $16,680,881. These duties are collected at the ports of the various states, and, after deducting drawbacks and expense of c01- ‘ lection, are paid to the general government. The staple article of produce exported 'from the United States is cotton, which forms more than three fitths of the value of the total exports. From an oflicial statement of the value of the exports of the growth, produce, and manufacture of the United States, during the year ending 30th of September, 1836, the following is extracted :— UNITED STATES or AMERICA. 43 6 Fisheries ..' . . . . 2,666,058 Produce of the forest and unculti vated land ...... 5,361,744 Animal products, as provisions, hides, tallow, &c. . . . . 2,561,730 Vegetable food ...... 7,431,199 Tobacco ...... 10,058,640 Raw cotton ...... 71,284,925 Other agricultural products, flax seed, hops, sugar, indigo, &c. . . 289,430 Manufactures ...... 7,261,186 $106,914,912 It was estimated that in 1835 the cotton crop of the United States yielded 480,000,000lbs., the cultivation of which, gave employment to 1,000,000 persons, of whom a large proportion were slaves; and that the capital invested in rearing this article is 800,000,000 dollars. It is computed that about 100,000,000lbs. were used in the United States for the purpose of manu facture, and that the remainder (viz. 380,000,000lbs.) was exported. A large sum is annually received into the Treasury from the sale of public lands; these consist of tracts of territory ceded to the general government by the several states; of the lands in Louisiana purchased of France, and of those in Florida acquired by treaty from Spain. A portion of these lands is occupied by the Indians, who are considered as the proprietors of the soil until their title be extinguished by purchase. A general Land oflice at Washington directs the sale of these territories. Three per cent. on the amount produced by the sale of land, is employ ed in improving the states in which the land is situated; and 2 per cent. is applied towards the establishment of schools, colleges, &c. In 1830 the extent of land owned by the United States amounted. to 1,062,463,171 acres. 44 FOREIGN FUNDS. The aggregate sum received from the sale of lands, from the year 1789 to 1832, was $40,627,250. In 1833 the sum of $3,967,682 was received from this source ; in 1834 $4,857,600; and in 1835 about $10,000,000. The revenue produced by the Post-oflice is devoted to the improvement of the mail-coach roads. The population of the United States, according to the last census, 1830, was 12,836,426. The Union is com osed of 29 distinct states. T 1e securities negotiated in London, under the name of American State Stocks, are loans raised by indivi dual states for the purpose of establishing banks, con structin roads, canals, railways, &c., and the interest is paid rom the profits of these concerns, or from the state taxes, if these prove insufficient. Many of the objects for which the various state loans have been raised, are sources of considerable profit to the state; while, on the contrary, others do not even defray the current expenses; but there is little doubt that as the commerce and population of the states increase, the value of many of the canals and railroads will be greatly improved. The canals completed on the 1st of January, 1835, or which would not long after be completed, are estimated to extend collectively 2867 miles, and to have been constructed at a cost of up wards of $64,500,000. The railroads finished on the 1st of January, 1835, or which would be finished in a short time from that period, are calculated to extend 1600 miles, at a cost of about $30,000,000; nearly the whole of these works have been formed since the year 1817. In some of the states the whole of the canals and railroads have been constructed by incorporated com panies, unconnected with the overnment; in others the state subscribes a portion 0 the necessary capital ; while in some, many of these works are entirely under taken by the legislature of the state. UNITED STATES OF AMERICA. 45 AMERICAN STATE STOCKS. Alabama 5 per cent. bonds, redeemable in 1852-$500,000. (Dividends payable May and November, in America.) Ditto 5 per cent. bonds, redeemable in 1863 — $3,500.000. (Dividends payable May and November, in America.) Florida 6 per cent. bonds, redeemable in 1858, 1860, 1862, 1864 —$1,000,000. (Dividends payable January and July, in America.) Ditto 6 per cent. bonds, redeemable in EGO-$500,000. (Divi dends payable January and July, in America.) Illinois 6 per cent. bonds, redeemable in 1850-— $100,000. (Dividends payable January and July, in America.) Indiana 5 per cent. bonds, redeemable in 1852—$l,600,000. (Dividends payable January and July, in America.) Ditto 5 per cent. bonds, redeemable in ISM-$500,000. (Divi dends payable January and July, in America.) Ditto 6 per cent. bonds, redeemable in 1852—$200,000. (Divi dends payable January and July, in America.) Kentucky 5 per cent. stock, redeemable in l862—-$200,000. (Dividends payable January and July, in America.) , Louisiana 5 per cent. bonds, redeemable in 1839, 1844, 1849 $l,800,000. (Dividends payable January and July, by Messrs. Baring, Brothers, London, at 4s. 6d. Ditto 5 per cent. bonds, redeemable in 1838, 1843-7-$1,666,667. (Dividends payable January and July, by Messrs. Baring‘, Brothers, London, at 48. 6d.) Ditto 5 per cent. bonds, redeemable in 1844, 1847, 1850, 1852 $7,000,000. (Dividends payable February and August, by Messrs. Baring, Brothers, London, at 4s. 6d. Maryland 5 per cent. stock, redeemable in 1859- 750,000. (Dividends payable April and October, in America.) Ditto 6 per cent. bonds, redeemable in 1870 -- $3,000,000. (Dividends payable January, April, July, and October, in America.) Mississippi 6 per cent. stock, redeemable in 1841, 1846, 1851, 1856—$500,000. (Dividends payable January and July, in America.) Ditto 6 per cent. stock, redeemable 1861, 1866, ISM-$1,500,000. (Dividends payable March and September, in America.) New York 5 per cent. stock, redeemable in 1837—$l,400,000. (Dividends payable January, April, July, and October, in America.) - Ditto 5 per cent. stock, redeemable in 1845 — $3,124,270. (Dividends payable January, April, July, and October, in America.) - 46 FOREIGN nouns. New York 5 per cent. stock, redeemable in 1846, 1847 —$877 ,000. (Dividends payable January, April, July, and October, in America.) Ditto 5 per cent. stock, redeemable in l850—$150,000. (Divi dends payable January, April, July, and October, in America.) Ditto 5per cent. stock, redeemable in 1846, raised for construct ing the Chenango Canal-$1,000,000. (Dividends pay able January, April, July, and October, in America.) Ditto 6 per cent. stock, redeemable in 1837 -$2,093,500. (Di vidends payable January, April, July, and October, in America.) Ditto 6 per cent. stock, redeemable in 1845—$850,000. (Divi dends payable January, April, July, and October, in America. New Jersey 5 per cent. stock, redeemable in l864—$210,000. (Dividends payable February and August, in America.) Ditto 6 per cent. stock, redeemable in ISM-$800,000. (Divi dends payable January and July, in America.) Ohio 6 per cent. stock, redeemable in 1850-$4,000,000. (Divi dends payable January and July, in America.) Ditto 6 per cent. stock, redeemable in 1856—$400,000. (Divi dends payable January and July, in America.) Ditto 5 per cent. stock, redeemable in 1850--$400,000. (Divi dends payable January and July, in America.) Pennsylvania 5 per cent. stock, redeemable in 1839, 1840, 1841 $1,296,000. Ditto 5 per cent. stock, redeemable in 1846 . . . . $300,000 Ditto ditto redeemable in 1850 . . . . 1,000,000 Ditto ditto redeemable in 1853 . . . . 2,000,000 Ditto ditto redeemable in 1854 .. . . 3,202,500 Ditto ditto redeemable in 1856 . . . . 2,733,162 Ditto ditto redeemable in 1858 . . . . 3,070,661 Ditto ditto redeemable in 1860 . _ . . 2,648,680 Ditto ditto redeemable in 1862 . . . . 2,265,400 Ditto ditto redeemable in 1865 . . . . 1,700,000 Ditto4iper cent. stock, redeemable in 1863 . . . . 200,000 (Dividends on the whole of the Pennsylvania stocks are payable in America in February and August.) Virginia 5 per cent. stock, redeemable in 1845, 1851, 1852, 1854 -$2,000,000. (Dividends payable January and July, in America.) Ditto 6 per cent. stock, redeemable in ISM-$400,000. (Divi dends payable January and July, in America.) Ditto 5 per cent. stock, redeemable in l850—$500,000.) Divi dends payable January, April, July, and October, in America.) UNITED STATES OF AMERICA. The following statement contains a brief notice‘ of the various objects for which these loans have been raised :— Alabama.-—The loans contracted by this state were employed in establishing and extending the State Bank; in 1835, this bank had four branches, the capital amounted to $5,300,000. Florida.—-—The debt of this territory was contracted for the purpose of increasing the capital of the “ Union Bank of Florida ;” the loans were raised by the di rectors of the bank on the faith of the territory. I llinois.—The State Bank of Illinois has a capital of $200,000, half of which amount was provided by means of a loan. The state has also commenced the formation of a canal called the “ Illinois and Michigan Canal,” to extend about 95 miles; the cost is estimated at $7,000,000. Indiana.—The loans raised by this state were for the purpose of establishing a bank, and for improving the country; the bank in 1835 had ten branches, the aggregate capital was $800,000, with power to in crease it to $1,600,000. In January, 1836, a bill was passed by the legislature of the state, for the pur pose of forming canals and railroads, which provides for a loan of $10,000,000 to be raised, as required, on the credit of the state. Several of these works are in progress. K entucky.—The loan raised by this state was for the purpose of subscribing to the “Bank of Kentucky ;” this bank was incorporated in 1834, with a capital of 5,000,000, of which $2,000,000 were subscribed by t e legislature of Kentucky. Several extensive works of internal improvement are also in progress, to which the state has subscribed a portion of the funds required. Louisiana.—The loans of this state were raised in order to provide capital for several Banking Com panics. The internal improvement of the country is carried on by incorporated associations, to which the 48 FOREIGN FUNDS. legislature in many instances, have granted certain banking privile es. Maryland.— n June, 1836, a bill was passed by the legislature of this state, authorizing the advance on the part of the state of $3,000,000, towards the construction of the Chesapeake and Ohio Canal $3,000,000 towards the Baltimore and Ohio Rail road- 1,000,000 towards the Eastern Shore Rail road— 500,000 towards the Annapolis and Potomac Canal—and $500,000 towards the Maryland Canal. To supply these demands, the loans of the state have been principally raised. ZlIississippL—The public debt of this state was created for the purpose of establishing and improving the banks. New Y o'rk.--The loans raised by this state were entirely for the purpose of constructing canals; it ap pears from the report of the canal commissioners, that the canals which are the property of the state, extend collectively 658 miles, and that they have been con structed at a cost of $11,652,562. The first of these canals was completed in 1824, and the total amount received from tolls to January the 1st, 1836, on the whole of the canals then completed, was $12,278,105. Several other canals are in progress, those completed are as follow :— Canals. Length. Cost. Completed. Miles. s Year. Erie - — - - - - 363 7,143,789'86 1825 Champlain and feeders 76 1,257,604'26 1824 OsWego - - - - 38 565,437'35 1828 Cayuga and Seneca - 21 236,804'74 1828 Chemung and feeders 39 33I,693'57 1833 Crooked Lake - - - 8 156,776'90 1833 Chenango and feeders 113 1,960,456‘28 1836 658 111,652,562-96 New Jersey.—The debt of this state has been con tracted in order to supply capital for the State Bank. UNITED STATES or AMERICA. 49 Ohio.—The loans raised by the state of Ohio were entirely for the purpose of constructing canals: those ‘owned by the state extend collectively 406 miles, and were completed at a cost of $5,356,150. On the 1st of January, 1836, the foreign debt of Ohio amounted to $4,400,000, the annual charge for interest on which was $260,000. The domestic debt amounted to $579,287, the interest on which was $34,757, making a total charge of $294,757, while the tolls on the canals, during the year ending the 1st of January, 1836, together with a small sum received from the sale of land attached to the canal, amounted to $306,906, being a surplus of receipts of 12,149. During the past year the debt of this state as been increased, by a loan of $400,000, for the purpose of constructing canals. Pennsylvania.--The whole of the loans raised by this state have been devoted to the construction of canals and railroads, except the sum of $1,780,000, which was for the purpose of banking; the railroads owned by the state extend 118 miles, and the canals 601 miles. The receipts during the year ending the 31st of October, 1835, on the canals and railroads, amounted to $684,357. A great number of works are in progress by the state, and the amount already expended exceeds the sum of $22,000,000. Virginia.—The debt of this state was contracted for the purpose of forming canals and railroads, and to assist public companies, incorporated for the pur pose of improving the country by the construction of these works. The several state securities are either in the form of bonds of $1,000 each, payable to bearer, or in stock which is inscribed in the name of the proprietor in America; the former pass from hand to hand, as other floating obligations; but, in the transfer of the latter, it is necessary that the seller should execute a power of attorney, which must be delivered to the purchaser, with the original certificate of the stock issued by the n 50 FOREIGN FUNDS. state, together with a guarantee for the regular pay ment of the dividends for twelve months, which gua rantee must be produced at the time the dividends are claimed of the seller, to whom they are, of course, remitted so long as the stock remains in his name. It is usual for a purchaser of these stocks to have the same transferred into his own name in the books of the state; for this purpose the certificate and power of attorney must be sent to America, and the transfer will be made by agents there; the expense of the transfer in America is paid by the purchaser, but the seller defrays all charges incurred in this country, by the necessary power of attorney, guarantee, &c. ; these documents are usually prepared by a public notary. The dividends payable in America must be received by an agent there, who remits them to this country at the exchange of the day, after a trifling deduction for commission, postage, &c. Table No. 1 exhibits the value of a dollar (excluding fractions) at several rates of exchange. All transactions in these securities take place (in Lon don) at a fixed rate of 4s. 6d. per dollar, although the intrinsic value of the same is only 4s. 1,111., (the value of the pound sterling being $4 83c.) and the usual course of the exchange between England and America still further reduces its value in this country. Table No. 2 gives the value of $1,000 at various prices, the exchange being 4s. 6d. per dollar. Table No. l. Exhibiting the value of a dollar, in English money, at various rates or exchange. £4.11. £ad. £s.11. £s.11. l05p.c.0 4 34 1071"0 4 2 110 ..0 4 1 1124,.0 4 o 105% .. 0 4 34 107; .. o 4 2 1104 .. 0 4 0; 112% .. 0 311% 105,}..043 1104 040% 105%..043 10s..042 110%..o4o% 11s..oa11§ 10s,} ._ 0 4 l% 1134 .. 0 3114 106 ..0 4 24 10s} ..0 4 19 111 ..0 4 04 113g .. 0 311; 1064 .. 0 4 2% 106% .. 0 4 lg 1114 .. 0 4 04 113i .. 0 311} 1064 ..0 4 24 1114 .. 0 4 0% 106%..0 4 2, 109 ..0 414 1119..0 4 04 114 ..0 3114 109} .. 0 4 14 11,44 . o 3114 107 ..0 4 21 1094 .. 0 4 14 112 ..0 4 0 114} ..0 311 1074 __ 0 4 24 109% .. 0 4 1 1124 __ o 4 0 114* .. 0 311 The pa >1 of exchange between England and America is 109 23-40ths per cent. UNITED STATES OF AMERICA. 51 No. II. Table showing the value, in English money, of $1,000, at several different prices per cent., the Exchange being fixed at 4s. 6d. per dollar. £ s.d. £ s.d.| .2 s.d. £ 8.d 80 .. 180 00 90 .. 202100 100 .. 225 00 110 ..247100' 80 .. 180113 901 .. 203 1311001..225113 110 .. 248 13 80%..18126 90, ,, 20312 6 1001 .. 226 2 6 J 110; .. 248126 80 .. 181139 909 .. 204 39 100% .. 226139 110, .. 249 39 81 ..182 501 91 ..204150 101 ..227 50 111 ..249150 ‘81 ..182163 91 ..205 63 1011..227163 111 ..250 63 81 .. 183 76] 91: .. 20517 6 1013 .. 228 7 6 mi .. 25017 6 81 ..183189' 919 .. 206 8 9 1019 .. 22818 9 111% .. 251 89 92 ..207 00102 ..229100l112 ..252 00 82 ..184100 82 ..18513| 92 .. 207113 1023 .. 230 13 1121"252113 232i“ 185126 92 .. 208 26 102$..230126 1121..‘253 26 829 .. 186 39 92% .. 20813 9 1039 .. 31 3 9 1129 .. 253139 83 ..186150' 93 ..209 50103..231150I113 ..954 50 831.187 63 93,1..209163 1039 .. 232 63 113 .. 254163 83 ..187176 931. 210 76 1031..232176 113 ..955 76 83 .188 89F 93; 210189 1039 .. 233 89 H 113} .. 255189 84 ..189 00 94 ,,2111001104 ..234 001114 ..256100 84 ..189113 94‘ __ 212 13 104;.-23411g1 114 .. 957 13 8584 O...19150r 94 ., 212126 1041 235 26 114i .. 257126 94% .. 213 39‘104g- ..235139|114% ..258 39 95 ,,213150 105 ..236 50 115 --258150 851..191163 951 214 63 105,1- ..236163 115 .. 259 63 85 .. 192 76 95, ,, 214176 1051 .. 237 761 115i .. 259176 86$..192189i 95% .. 215 8 9 105g- .. 237189 115% .. 269 8 9 86 ..193100 96 ..2l6 00|l06 ..238l00|1l6 ..261 00 S6§..194 l3 96} .. 216113 106} .. 239 13 116 .. 261113 961 217 26ll064..239126 116i..262 26 869N19386g..194126 39‘ 96% “217139.106; .. 240 3 9 11169 -. 26213 9 87 “195150 97 __218 50|107 ..240150'117 -263 50 871N196 63 971 ..218163 107 ..241 63 117 "963163 87s~196176 97, ..219 76 107 ..241176 1173.464 76 879.197 89 97% ,. 219189 107% .. 242 8 9|117% .. 26418 9 88 ..198 00‘ 99 220100 108 ..243 00,118H265100 88§..198ll3 981. 221 13.1081..243113 118 ..266 13 881,,199 26i 981..221126 1081 .. 244 2 6 118: .. 266126 89..199139 989 .. 222 39 1089 .. 24413 9 118% .. 267 3 9 89 --200 50‘ 99 ..222150'109 ..245 50 119 ..267150 99 .. 223 63 1091 .. 245163 119,1..268 63 895-20176 99$ .. 223176 109;} .. 246 7 6 1191 .. 26817 6 *---201 189 999 ..224 89 109; .. 246189 1199 .269 89 52 FOREIGN FUNDS. AUSTRIA. The only loan of this state contracted in the London market, is one for £3,500,000, taken in 1823, by Mr. N. M. Rothschild, at 82 per cent.; the dividends on which are payable the 1st of May, and the 1st of November, without deduction, by Messrs. Rothschild and Sons, London. The loan is in the form of bonds of £100 each, bearing interest at 5 per cent. Trans actions occasionally take place in the Metallic Stock, which is a domestic debt; the dividends are paid at Vienna. . The finances of the Austrian Empire are entirely under the control of the Emperor, so that very little is known of their condition; the total annual income (after deducting expenses of collection) is estimated at about £14,250,000 sterling, part of which is derived from the mines and lands belonging to the crown, but the greater part from taxes and rates. The annual expenditure of the empire is very consi derable, on account of the immense military force necessary to protect the extensive frontier. The peace establishment consists of a force of 286,000 men: it is estimated that one-third of the public income is expended on the army, and that the entire debt of the Austrian Empire amounts to between £76,000,000 and'£80,000,000 sterling. BELGIUM. The Belgian bonds current in the English market were issued in 1832, in consequence of a loan con tracted for by Mr. N. M. Rothschild ; the capital was £2,000,000)‘ bearing 5 per cent. interest, payable * It is understood that a subsequent loan of £2,000,000 has been raised in this country by the Belgian Government. BELGIUM- 53 the 1st of May, and the 1st of November, without de duction, at the oflice of the contractor in London; the loan was taken at 75 per cent. A portion of the debt has been redeemed by the sinking fund. The bonds are for £100 and £40 each. Occasional transactions take lace in London, in the 4 per cent. domestic debt; t e dividends on this stock are not payable in London, and are consequently subject to the fluctuations of the exchange, as are the transactions in the stock also. The large army which the nation is compelled to support, in consequence of the still unsettled dispute with the kingdom of Holland, creates a considerable expenditure of public treasure. It appears from the statement of the revenue and expenditure of the year 1834, which is here subjoined, that the cost of main taining the army alone, amounted to nearly half of the total annual income. 1 Revenue. Francs. Direct taxes - - - - 31,410,624 Customs duties - - - 7,600,000 Excise ditto - - - - 17,580,000 Stamps, &c. - - - - 17,375,000 Post-office, &c. - - - - 2,340,000 National domains - - - 2,400,000 Sundries - - - — - 5,425,000 84,130,624 Expenditure. Francs. - Interest on public debt - - 10,864,394 Civil list - - - - - 8,734,505 Diplomatic - - - - 691,200 Marine - - - - - 1,00l,201 Army - - - - 40,000,000 sProvincial Instruction, Government &c. - , P--u bl'c 1-g 10’482’244 alaries ing diies and and expense taxes of coll . e ct . g 11’315’897 Over-payments returned, &c. - 1,033,000 84,122,441 E 3 54 FOREIGN rvnns. BRAZIL. The loans of the Brazilian Empire, raised in Eng land, are as under : £1,686,200, contracted for, in 1824, by Messrs. Rothschild and Thomas Wilson and Co., at 75 per cent. £2,000,000, contracted for, in 1825, by Mr. Roths child, at 85 per cent. £800,000, contracted for, in 1829, by Messrs; Rothschild and Thomas Wilson and Co. The interest on the whole of the above loans is 5 per cent., payable on the 1st of April, and 1st of October, at the oflices of the contractors, without deduction. The loans were raised by the issue of bonds of £100, £200, £500, and £1,000. The exports of the empire are valued at about £5,000,000 annually, and the imports about the same sum; from the duties on these, and the government dues on the gold mines and diamonds, the revenue amounting to £2,500,000 annually, is principally de rived. The internal debt is estimated at about £3,000,000 sterling. BUENOS AYRES The Buenos Ayres bonds were issued in 1824, by the Republic of the United Provinces of Rio de la Plata, of which Buenos Ayres is the capital, in consequence of a loan of £1,000,000, contracted with Messrs. Bar ing, Brothers, of London. The loan was taken at 85 per cent. The republic agreed to pay 6 per cent. in terest on the capital: but no dividend has been re mitted since July, 1827. The revenue of the provinces is seldom suflicient to CANADAr-CHILE- 55 meet the expenditure; and the domestic debt is said to amount to upwards of £4,000,000 sterling. CANADA The loans raised in this country by the government of Upper Canada, amount to £400,000, in debentures, bearing 5 per cent. interest, payable half-yearly by Messrs. Thomas Wilson and Co., without deduction, as under :— £200,000, redeemable in 1854, dividends payable April 1 , & Oct. 1. 200,000, ,, 1855, ,, ,, Jan. 1 , 8: July 1. £400,000 The debt was contracted for the purpose of improv ing the country by the construction of canals, rail roads, and other works of public utility. The revenue of the colony is derived from duties on imports, and a few inconsiderable taxes; but chiefly from the works of internal improvement belonging to the government of the province, some of whic yield large returns. An Act has lately received the sanction of the colo nial legislature, authorizing a further sum to be bor lrowed for the purpose of internal improvement. CHILE. The Chilian loan amounts to £1,000,000; it was raised by'the issue of bonds in 1822,. and was con tracted with Messrs. Hullett, Brothers, at 70 per cent. 56 FOREIGN runns. The interest was 6 per cent., which has been unpaid since September, 1826. The revenue of the republic amounts to about £320,000 annually, but the expenditure generally exceeds the income. The domestic debt is upwards of £5,000,000 sterling A proposition was lately made by the Chilian government to fund the arrears of interest upon the bonds, and to allow 3 per cent. in future, both upon the old bonds and the funded coupons ; this was how ever rejected by the bondholders. COLOMBIA. The republic of Columbia formerly consisted of the three provinces of Venezuela, New Granada, and Equator, which united for the purpose of resisting the Spanish power ; the confederation is now dissolved, and the three provinces are become distinct states. The loans of the republic of Colombia raised in this country are as under : £2,000,000, contracted in 1822, with Messrs. Her rin , Graham, and Co., at 84 per cent. 4,750,000, contracted in 1824, with Messrs. B. A. Goldschmidt and Co., at 88% per cent. These loans were raised by the issue of bonds, bear ing 6 per cent. interest, and are distinguished in the London Market as black and red, the bonds of the first loan being red, and those of the other black; they are for sums of £100, £250, £500, and £1,000 each. The interest on the loan of 1822 is due from May, 1826, and on that of 1824 from January, 1826. The debt of Colombia was contracted in consequence of the war of independence, during the continuance of which, the republic was supplied with arms and ammu nition from this‘ country, and for which, payment was COLOMBIA. 57 made in debentures bearing 10 per cent. interest; these were afterwards received at par, with the in terest accrued upon them, in subscription for the 6 per cent. loans. According to the arrangement proposed at the meeting of the deputies of the three States in 1834, the debt, with the arrears of interest, is to be divided in the following proportions :—New Grenada 50 parts, Venezuela 2811;, Equator 21%. The subjoined state ments exhibit the‘ resources of the first two republics; but of the condition of the finances of Equator, I have not been able to procure any account. New Grenada.—The whole value of the produce of the soil of New Grenada, according to official accounts for the year ending the 30th of June, 1834, was estimated at $3,250,000, (about £650,000.) N 0 statement has been oflicially given of the amount of the domestic debt of New Grenada, but it is estimated at about» $3,000,000, (£600,000) The estimated expenditure during the year ending June, 1834, was $2,657,000, and the receipts in the same period, including the balance in the Treasury in 1833, were estimated at- 2,530,000. The New Grenadian ongress has lately passed a decree, appropriating the following branches of the revenue towards the payment of the interest upon th foreign debt :— ' 1. One-eighth of the duties in all the ports of New Grenada on importations from September 1, 1836. 2. One-half of the surplus revenues from same date. 3. The annual netproeeeds of the sales of tobacco (after provid ing for the internal demand) in the factories of Ambelama and Giron. 4.‘ The one-eighth part of the Customs now paid on the nearly extinguished floating debt; and,11nder no pretext, are other domestic payments to be charged on the Customs. The following items are set aside for the redemption of the capital of the foreign debt :-— 1. The surplus remaining from lst clause, art. 3, after paying the interest. . ‘ 58 FOREIGN rnnns. 2. Proceeds of the sales of all lands; the foreign bonds, with their interest, likewise to be taken in payment. 3. The surplus of all ecclesiastical chapelries in efl‘ective money, as well as that of all public beneflces. 4. The annual surplus that by this law, or any other may arise after the payment of the interest on the Home debt. 5. The sums recovered from Bolivia and Peru. 6. The sums recovered from the contractors of the foreign loans. Venezuela.--The average revenue of Venezuela, for the two years ending July, 1835, amounted to 1,290,000 per annum, and the expenditure to 1,375,000, leaving an apparent deficiency in the revenue of 85,000, against which the State possessed a fund of 250,000, which was employed in the to bacco monopoly, since abandoned by the government. The domestic debt of Venezuela in 1835, amounted to about $1,000,000. . The Congress of Venezuela has lately passed a de cree, appropriating the sum of $160,000 annually in liquidation of its portion of the oreign debt. CUBA The loan raised in this country for the island of Cuba, was for the purpose of constructing a railroad, from the city of Havana to the town of Guines, under the direction of the Royal Commercial and Agricul tural Association of Cuba; the revenue of this asso ciation, which is derived from a duty on the imports and exports of the island, as well as the receipts of the railroad, is specially pledged for the payment of the interest, and for the redemption of the loan. The income of this association, as stated in the prospectus of the loan, amounted in 1831 to $263,228, in 1832 to $265,520, and in 1833 to $300,985. The loan was contracted in 1835, and amounts to £450,450, issued in bonds bearing 6 per cent. in terest, which is payable by Messrs. Wright and Co., CUBA.—DENMARK_ 59 on the 5th of March and the 5th of Se tember. The bonds are to be redeemed by a sinking und before the end of the year 1860, commencing in 1839, either by purchase or payment at par by drawing lots. The loan was taken at 91. per cent. The following statement shews the increase of the revenue of Cuba during the past year :-—- R 81 . Receipts from the Customs duties - 6,181,801 Various sources - — - - 1,174,604 In the year ending January, 1837 - 7,359,405 Amount of the same revenues in 1835 6,323,123 Increase in 1836 - - 1,036,282 DENMARK. In 1822 a loan of £3,000,000 was raised in this country for the kingdom of Denmark, bearing 5 per cent. interest, which was taken at 77% per cent.; this loan was redeemable at the option of the King of Denmark at par; a new loan was raised in 1825, bearing 3 per cent. interest, in order to pay off the un redeemed 5 per cent. bonds, amounting to £1,330,000, and for other pur oses. The loan was for £5,500,000, of which sum £3,500,000 was contracted for by Messrs. Thomas Wilson and Co., at 75 per cent.; and the remaining £2,000,000 was reserved by the Danish Monarch, to be sold as occasion required. The dividends on the bonds are payable the 31st of March and the 30th of September, by Messrs. Thomas Wilson and Co. The revenues of the king dom of Denmark amount to about £1,500,000 an nually; the total debt is upwards of £10,000,000 sterling. NQII'IOJ 'SGNHE 1,585,]£l1 ofSinkthecommissionersthePaymentto 21,221DonationsandInstitutionsCharitable .. EXPENDITURE. 530,555DebtPublictheInterest on .. £130,441EstablishmentRoyalThe . 60,888AllowancesandPensions ... 154,556Departments.Public‘ -.... 6,333TradeandIndustry .. 27,444 SciencesandArts .. 15,555 ColoniesThe .... 57,110 WorksPublic _-....., 44,788 Miscellaneous ... Budget1835.theYearforTheDanish 106,777 Funding ..... 294,666 TheArmy -.... 134,777 NavyThe ...... 5,555 .. £1,549,444 £1,585,111 FeesofJusticeCourtsandpublicother WoodsandCrown165,555Forests,andotherlands SurplusoffromderivedDuchythe revenues ofMoneysreceivedaccountproperty on Interestpropertybelonging48,888thetoCrow on Taxofrank,salariescivilandofiicers50,443 on . Taxtransferredinherited22,221property onor . ofWestRevenuestheIndiaIslands INCOME. Deficiency35,667 .. W 200,335SoundTollProceedsofthe ... CustomsandExcise390,222 ... 21,112ofLauenburg ... Miscellaneous7,560 .... 114,444ofdisposed ... Land£361,111tax ...... House50,110tax ...... Stamps44,111 .-..... - oflices21,666 .. Lottery46,111 ...... FRANCE. 61 FRANCE. The public debt of France on the 1st of January, 1834, was as follows : Annual Charge. Capital. Francs. Francs. 5 per cent. Rentcs ...... 147,623,104 2,932,462,080 45 ditto ditto ...... 1,026,600 22,813,333 4 ditto ditto .. 3,121,146 78,028,650 3 ditto ditto ...... 33,931,483 1,131,049,433 Life Annuities ...... 5,760,960 Pensions...... 56,203,959 Guarantees due by the Treasury. . 9,669,236 225,770,385 Unfunded debt ...... 407,202,449 Francs 256,336,488 4,797,326,330 _ ._ In sterling about £10,253,457 £19l,893,053 The revenues of France have for several years been insufficient to meet the expenditure of the government, and it was stated at the commencement of the year 1836, by M. Humann, minister of finance, that the debt of the nation had been augmented since the revolution in 1830, by the addition of about 800,000,000 francs, entailing a charge upon the country of 40,000,000 francs per annum. The deficiency in the revenue in 1834 amounted to 167,000,000 francs, in 1835 to 38,000,000 francs, and in 1836 to 21,000,000 francs; a deficiency is also expected in the revenues of the current year; and it has been proposed to curtail the expenditure by a reduction of interest on the 5 per cent. routes. The revenue usually amounts to about $40,000,000 sterling. The estimated revenues of the year ending Decem ber 1837, amount to 1,076,419,150 francs. The ex penditure was estimated at the commencement of the r 62 FOREIGN runns. present year at 1,061,037,122 francs, but subsequent grants amounting to 418,800,792 having been made, the expenditure will be about 1,479,837,914 francs, leaving a deficiency of 403,418,764 francs, or £16,136,000 sterling. The whole of these grants, however, will not be payable during the present year. The only French securities negotiable in the English market are the rentes, of which there are four descrip tions, bearing respectively 5, 4%, 4, and 3 per cent. interest; these loans were principally contracted in France, and are in the form of perpetual annuities; the method of calculating the value of which is as follows :—1 franc of rente in the 5 per cents. repre sents a capital of 20 francs, that sum yielding at 5 per cent. interest the annuity of 1 franc; this capital of 20 francs is then calculated at the market price, say 110i‘. 25c. per cent. the result is 2205, which is to be converted into sterling money by dividing it by the exchange on Paris; (suppose 2550) the value of the per etual annuity of 1 franc in the 5 per cent. rentes wil thus be found to amount to 17s. 3d. The same system is pursued in computing the cost of the other routes, the 4% per cents. representing a capital of 2222 for each 1 franc of rente; the 4 per cents. 25, and the 3 per cents. 3333. The annexed tables exhibit the value of 100 francs de rente in each description, at various prices, and rates of exchange. These routes are either in bonds of various amounts, payable to bearer, or are inscribed in the name of the holder in the great book of the public debt of France; in the former description the security passes from hand to hand without any written assignment; and the dividends are payable by Messrs. Rothschild, at the exchange of the day, upon the coupons (which are attached to the certificate) being left for a few days at their oflice. In the case of the inscribed rentes, a power of attorney is necessary in order to effect a transfer, which must be executed by the seller, autho~ ._'-‘_-'-_-_ FRANCE. 63 rizing some party in Paris to sign the transfer of the rentes in the great book; the commission charged by the Paris brokers on transferring rentes is one eighth per cent. on the capital. On the transfer being properly completed, a certificate of the inscription is issued in Paris, which must be returned in case of the rentes being again transferred. The dividends on inscribed stock are payable in Paris, and can be received by an agent there, upon a power of attorney being granted by the holder, or the original certificate of inscription being deposited with the agent in Paris; they are then remitted to this country, at the exchange of the day, after deducting commission and postage. The annexed table N o. 1 gives the value of 100 francs at several rates of exchange. The dividends on the rentes are payable as under :— 5 per cents., 22d of March and 22d September. 4% ditto ditto ditto 4 ditto ditto ditto 3 ditto 22d of June and 22d December. No. I. The value of 100 francs at several rates of Exchange in sterling money. Exchange. £ 11. 4. Exchange. £ 11. d. Exchange. £ 9. d, 25 ..400 253.5..31810 2570..317l0 2505..31910 2540..3189 2575..3178 2510..3l98 254.5..3187 2580..3176 2515..3196 2550..3185 2585..3174 2520..3194 2555..3183 2590..3112 2525..3192 2560..3181 2595..3170 2530..3l9 0 2565..3l711 26 ..3161 1 64 FOREIGN FUN DS. No. II. A Table shewing the value in sterling money of 100 francs de rente' French 3 per Cents., at any of the undermentioned prices and rates of Exchange. Exchange 25 30. 1 Exchange 25 40. Exchange 25 50. Exchange 25 60. .____n__ —'-— —__ 1 :6’ a. d. ‘269d. £ 9. d1 £ a d. 98 16 3 l05.253rd 98 8 6 12.2540" 98 0 91052551116 13 1 128-25611" I - 9i 99 2 10 118 4 9815 0200 98 7 3 215 I 19 7160 99 9 5 131 9917134 981310 70 98 6 1192 -0'-1on 99 16 0 144 99 8 2 68 99 0 4180 98 12 7 224 761 100 2 7 157 I 9914 9 2 99 611 35 98 19 2 100 9 2 170 10013190 99 13 5145 99 5 \‘nl'v' KIM» 100 15 9 183 100 0 0 99 12 wwwwcowoowoowonw-w 03-kQQOHBNJ*MQ-11- 101 2 4 196 I I00 6 6 110 99 18 \I 101 8 11 209 100 13 0220 100 5 [Qui'-‘Hwul-' 101 15 6 222 100 19 7 75 100 l1 102 2 l 295 u-n--‘'1'lu‘—'_'.- NU€OM® ‘105 l 5 99 ‘-'ul 103 16 105 8 0 112 ham‘to C$€D‘BQQ3 104 ~030M-b- QQOJNQQQP'‘hGJ 105 14 7 125 -IIHll'l--nplV-' 106 1 2 138 ‘‘'IIll_ 106 7 9 151 106 14 4 164 107 0 11 177 °1>Q~1F®~G®~CF'NMQD 107 7 6 190 106 '-ll HQ‘Cfl 107 14 1 203 107 Hu M N 'fi 108 0 8 216 107 bi‘I‘fifl—H_'__ ll 108 7 3 229 107 “#U‘IOQU‘QOJ‘*1 mwwm-w 182538.853’238538253 108 13 10 242 108 107 QJOOQGOQF'QH-IOH-HQ 109 0 6 2 108 H'-‘N-p-8h'''-"w 108 -I'w HuI‘‘-' 109 7 1 15 108 108 911 55 '-l''u-'Mpl‘-I'l ‘a, 109 13 8 28 I09 108 16 5165 110 0 3 41 109 109 3 0 20 110 6 10 54 109 109 9 6130 QANQ 110 l3 5 67 110 109 16 111 0 0 80 110 110 2795 H Ill 6 7 93 I10 110 91205 111 13 2 106 111 11015 111 19 9 119 ll] I 111 22170 112 6 4 132 Ill 17 6100 HI 8925 112 12 11 145 112 4 l 34 1‘ 11115 112 19 6 158 112 10 7 222 112 19245 M” § pm 3 3 133 3394 3355 FRANCE. 65 No. 111. Showing the value in sterling money of 100 francs de rente French 4 per Cents., at any of the undermentioned prices and rates of Ex change. W Exchange 25 30. Exchange 25 40. Exchange 25 50. Exchange 25 60. £s.d. £9.11. .£s.d. .£:.d. 90 88 18 7 221-253rds 88 11 7 214-254ths 88 4 8 l20-255ths 87 17 9 192.256ths 89 3 7 41 88 16 6 228 88 9 7 75 88 2 8 88 i 89 8 6114 89 1 5 242 8814 6 30 88 7 6 240 § 89 13 5 187 89 6 5 2 88 19 4 240 88 12 5 136 91 8918 5 7 8911 4 16 89 4 3195 8817 4 32 iQ 9090 83 43 153 80 8990 16 l 32 4430 8989 14 9 21 105150 8989 72 2l 184 80 % 9013 2 226 90 6 1 58 8919 0 60 891111232 92 9018 2 46 9011 0 72 90 311 15 891610128 4 91 3 1119 901511 86 90 8 9 225 90 1 9 24 a 91 3 0192 91 010 100 9013 8 180 90 6 7176 g 91 13 0 12 91 5 9 114 90 18 7 135 90 11 6 72 93 91 1711 85 91 10 8128 91 3 6 90 90 16 4 224 f 92 2 10 158 91 15 7 142 91 8 5 45 91 1 3 120 a 92 7 9231 92 0 6156 p 9113 4 91 6 2 16 94 § 9292 1712 89 124 51 9292 10 5 45 184170 9291 18 3 21 210165 9191 1511 11 0 168 64 93 2 7197 92 15 3198 92 8 0 120 92 0 9 216 3 93 7 7 17 93 0 2 212 921211 75 92 5 8112 =} 9312690 9351226 92171030 92107 8 95 93 17 5 163 93 l0 0 240 93 2 8 240 . 92 15 5 160 94 2 4236 9315 0 93 7 7195 93 0 4 56 94 7 4 56 93 19 11 14 93 l2 6 150 93 5 2 208 9412 3129 94 4 10 28 9317 5 105 9310 1 104 96 94 17 2 202 94 9 9 42 94 2 4 60 93 15 0 95 2 2 22 94 14 8 56 94 7 3 15 93 l9 10 152 {l957195 9512 0168 95941977 4 6 84 941794121225 0180 94944948 9 7 200 97 95 16 11241 95 9 5 98 95 1 11 135 94 14 6 96 96 111 61 9514 4112 95 610 90 9419 4 248 96 6 10 134 95 19 3 126 95 11 9 45 95 4 3 144 96119207 9642140 95168 959240 98 96 16 9 27 96 9 1 154 96 1 6 210 95 14 0 192 97 1 8100 9614 0168 96 6 5165 951811 88 97 6 7173 961811182 9611 4120 96 3 9 210 9711 6 246 97 310196 9616 3 75 96 8 8136 99 97 16 6 66 97 8 9 210 97 1 2 30 96 13 7 32 98 1 5 139 97 13 8 224 97 6 0 240 96 18 5 184 98 6 4212 9718 7238 971011195 97 3 4 80 g 9811 4 32 98 3 6 252 971510150 97 s 2232 100 98 16 3 105 98 8 6 12 98 0 9 105 l 9713 l 128 99 1 2 178 98 13 5 26 98 5 8 60 9718 0 24 i 99 6 l 251 98 18 4 40 98 10 7 15 98 210176 3 9911 1 71 99 3 3 54 9815 5 225 98 7 9 72 {p.cb 2 5 163 2 5 134 2 5 105 2 5 76 F 3 ' FOREIGN FUNDS No. IV. ‘Showing the value in sterling money of 100 francs de rente French 41 per Cents., at any of the undermentioned prices and rates of Exhange. m w & E h 5 0 l 2 m E 0 3 m 2 ll 4 0 h % X E a m W 2 1 m R W e . - - --1 Q ' .£nfifimfiwwwmww6%‘6,888888888MM88888888888 i m1926138059261380592613804916W37049l6w37049l6m _ _ ‘¢05927l4916l481603805N3705927U4926U48l6w38l5w m 11 £fifimhfimhmho0oooswwwmmmmw ¢6026026026m27l37l37U37H380480480480491591591 £mfifiwfifififiwwwmmfifimmfi888%%%%%fi88%88888888888888 ¢7l480491502603714804915026137148059150261371 £NWWWN0WWWH9HM$WHW$$$$$$MMMMM%%8%%88888W888%8 2nw37mm159nm27nm649mw26ncw48mu16111 826159482715048371604937261594827150483716049 882716N4W37HM0593827H50483W16WMW38MN159HW27UU s159482716049B82615048BU2605W38WU15WHW37HN159 . m m 5 h m3mwn2w2n2n1n1w1m 238 m h $8 1m M m t t s s s W - 2482824791% l l] l 850 1433416234213834344930413-63304483401418347142848143914638W141§ 2 111 muummmwws1mnm2mamws 0365 -| mwnslnawwasn2wmma7nnanm 11 l 562380562380 9 111112 1 l 1 9023 l ll. -ll 10360815 ~2 9 1IH I 11 l 60 1 F'1. l 9 2262024721% l 2 1 24 1 l 11 l l 4 ‘I ll 9 ll 6 6238 111112 MWM%%%%%MMMM%%8%8888888W 2048 n 222 l 315860.158103658113608158 9023 222233233 n l 9 11 m 04960526152718 wn3mu6219111 - 1 %2 1 m21nnan 9 12456 22620227912 111 111 IH ‘I 742 4502W%M%%MW%%%N%U 44 124ml - 46 9 l 111112 44555556666 11 45555666667777 5 90234 5 0493726159482 8 121212 914 9 5666677 66667 752419 111 12 mi 11 fi6469l9l 9 ‘I. 124 2262024 7493759 11 21 11 2 778 l l 11 689 1.11 8 2 78 88 77 s8 11 2 l 2 2 8 3 6 0 2 2 2 1 2 2 M 2 9 8 2 2 t 9 0' ‘I 1 ‘ 7 I‘ FRANCE. 67 .r fi8- 87 m F f .16 8m d .me .1u ‘DD 88 we a S8 n v .m r. 6% 88 "C WW6 08 Dd m 08 80 DD 6d EV. gt O.” 6 uh 08 V0 05 d fi C 0 a U n e a t 0 D e r . o .’ _ , . 1 0. 6 h E ‘ 8 5 & w 5 . 5 ,a 0 E 4 .20 h 8 h 5 X 6 8 E 8 2 8 x a n 8 a n x 8 e C 1 1 ‘ _ ‘801 _ d £88 d 898 8 £7mmfi999 8826 8.2604 8148 S .64 . .4 m 5 PD» 8 m H111vm8m 356%8050 m 5 M 806 7 2 3 2 8 8 M%984 2 s 12 688 ’0 0141.35 1a s 7777mmw0 11 8 65432100 1104826) 777-999 1.4. 826 800 888868 321 118259 899 100 8765 1 7777W9900 06048 1 1%m%7328 0 U12$W2024 686 1 04.82 777wwwwolllll I777W0000 01007 1111 l 2 11 1113715 54 IH 8%mml1112 3715 7788%%0111 1%284M4680 N561W62176 04.98.34 11 0 3221 8850806 H0937 888881111 76 111 65432 11 96%%M2 66 1 1 . 4679wm%m%050 119371 6544 8888 63686888663 1 1 13905 8860 0110 J 1 2 14 11 11 593715 65432 8888T1v1222 .1009 8888mwfl2m2 173 .34 1111 3 33221 111 12 988 11416, 482604 2222 1 593 1l1ww1%4 42 0 1 - 16048 888888 210 111 802 11. 8765 101098 1 888822 . 7 1 9BW15937 70482 1| 3 11. 2 .11 8 8888%%3444 111 8 90 222 24 1 2672% 71593 1 1 3 88%8333 WM04715 8888884 66808 111 111 V1 0 1125 28rd 3211010 06 008 I‘ r‘ 60482 876 8‘ 11136623 111.6wM8159 1 5050) 3 1346W05 1%0061/0981. I‘: 1.1 ll 888%M4M 4 34u FOREIGN FUNDS GREECE. The loans contracted in this country by the Greek Govern ment are as under :— £ 1824, 800,000, taken at 59 per cent. 1825, 2,000,000, 56-1 1833, 2,343,750, guaranteed ’’ by ,’ England, France, and Russia, in equal portions. The interest on the whole of these loans, which are in bonds, is5 per cent.; but no dividend has been paid upon the first since July, 1826; and upon the second since July, 1827. The interest upon the last is regularly paid on the 1st of March and 1st of September, and a certain portion of the bonds are annually redeemed by the sinking fun d. The following is an extract from the finance budget for 1836 :— INCOME. EXPENDiTURE. Drschms‘. Dnchmu. Taxes on Cuttle 6,300,000 Interest on Home Debt . . 2,801,399 ,, Bees . . . . 1,600,000 Civil List ...... 100,000 ,, Trade, Licenses, Bzc. .. 47,000 Council of State . . . . ‘230,820 ,, Houses 300,000 Foreign Otflce . . . . 348,915 Produce of Customs . . 2,050,000 The Courts of Law . . . . 539,704 ,, Tarifl’s . . 249,000 Home 061cc . _ .. . . 2,170,560 n Stamps 148,580 Public Worship and In. The Mint .. .. 41,560 struction . . _ . . . 440,200 ,, Royal Printing Olfice 18,000 Finance Ofllce . . . . 404,919 ,, The Mines 82,145 The Army ...... 4,000,000 n Salt . _ 300,000 The Navy ...... 2,000,000 Fisheries 122,000 The Phalanx (extraordi Forests . . 158,023 nary) ...... 877 ,299 Olive Grounds 350,000 Pensions and Allowances to ,, Rice Grounds .. 4,330 Widows and Orphans . . 380,000 ,, Grapes and Raisins of Corinth 58,269 Armament of the Northern ,, Gardens . 93,000 Frontier ...... 1,253,310 0 Public Building! . . 4,000 ,, Shops and Workshops .. 102,500 ,, Productive Capital (Interest) 80,000 ,, Sales of National Property .. 210,000 Miscellaneous .. 2,000 ‘ Total ordinary revenue 12,391,007 Extraordinary receipts 4,066,119 Total income 10,447,120 Total public expense .. 16,447,126 *4‘ The value of a Greek drachma is ninepence English, so that the amount of income would be about £616,700, and the expenditure the same. GUADALAXARA.—GUATEMALA. 69 It is stated that the revenues of Greece are in creasing, and that a project is on foot for the liquida tion of the loans contracted in this country in the years 1824 and 1825. GUADALAXARA In 1825 a loan of £600,000 was contracted at 60 per cent., in London, for Guadalaxara, a Mexican state; it is now almost unknown upon the Stock Exchange. GUATEMA LA. The loan for the republic of Guatemala, or Central America, was contracted in 1825, at 73 per cent.; it was proposed that the sum raised should be £1,428,571 8s., but only about £167,000 of the bonds were taken. Interest was to be paid at the rate of 6 per cent., but none has been received by the bondholders since the 1st of February, 1828. The revenues of the republic are unequal to defray the expenses of government, an annual deficiency generally occurring of about $50,000 dollars. The income is derived from customs dues, averaging about 350,000 dollars annually, the tobacco monopoly yield ing about 450,000 dollars, and some inconsiderable taxes: a very large portion of these receipts is ab sorbed by the expense of collection. The expenditure of the state amounts to the sum of 850,000 dollars per annum, of which 650,000 dollars are expended on the army. The domestic debt bearing interest amounts to about 2,500,000 dollars, and the outstanding claims upon the treasury to about 1,000,000 dollars; a consi derable sum is also due for arrears of interest, both upon the domestic and foreign debt. 70 FOREIGN FUNDS. HOLLAND The only Dutch loan contracted in England is that of 1831, amounting to 6,000,000 florins or £500,000 sterling, the dividends on which are payable by Messrs. Rothschild, without deduction, on 1st of January and 1st of July. The bonds are in sums of £100 each. The dividends upon a part of the 5 per cent. loan contracted in 1837, are payable in London by Messrs. D. and I. Salomons and Messrs. Raphael, at the exchange of 12 guilders per £ sterling; the net amount of each half-yearly coupon being 24-75, the value in sterling is £2 1s. 3d. The dividends upon the remainder of the Dutch funds are payable in Holland, the 21; per cents. on 1st of January and 1st of July, and the 5 per cents. on the 1st of April and 1st of October; the bonds are principally for sums of 1,000 florins each. The following is a statement of the public debt of Holland on 1st of October 1833 : Old debt of the Netherlands 2} per cent. . . . . 769,000,000 New Dutch 5 per cent. debt ...... 169,000,000 Unfunded debt 6 per cent ...... 15,000,000 Ditto 5per cent...... 8,000,000 Amortissement debt 45 per cent...... 109,000,000 Ditto 3!: per cent. . . _ ...... 30,000,000 florins 1,100,000,000 The annual charge on which amounted to about 34,000,000 florins. The budget for the year 1834 exhibited the following totals :— Expenditure ...... 53,000,000 Revenue . . . . _ _ ...... 43,000,000 Deficiency 10,000,00__0 florins _— HOLLAND. 71 Table of the cost of 1000 guilders in the Dutch Bonds, at the undermentioned prices: the exchange 12 guilders per 33 sterling. Dutch 25 per Cents. Dutch 5 per Cents. £s.d.l £9.11. £s.d. £s.d. 45 ..37100 51;..4218 4 93 ..7710 0 991..82184 #"37121 ..4305 ..77121 4..8305 ..37142 ;..4326 1..77142 1"8326 ‘..37163 1.43471 s..771s 3| §..8347 E..37184 ..3805 52..4368 1..4389 Z..77184407805, 100..8368 i..sass “333? II3 “139i?g.- 2 *"78i7 7.‘, 8.. "3313i? 46%..386811..43150 94‘..7868, §__83150 ..3889 g..43171 1..7889 §--83171 ..381010..381211 1"43192;..4418 s..712111..7810101 i__83192§__8413 1;..38150 53..4434 Z..781s0101-_8434 ..38171 1011;?g..4455 17211;1;..78171 has‘;1__84s5 .. -.. .." a 47 ..3934 1"1112311"44118 95 91.25 ..7934 1,,84118 1121129 .. -- 1 61 10 “3311555125111 1199139 24521 i819 1179139 11221511"8521 g..gggio 1".22% i..put-10 1"g542 .. 11 2.. 1091711 9-"503 48-.4000 Z--4584.96--8000 1"8584 g..flgil p.310: i..802l 3"35105 ..4 2 -- 12 --8042 "526 ..4003 1"45147 “,,8063 §"85147 ..40105..408455 “45189“45168 §--8084103--85168 --80106 "85189 1"40147 ..40126 -,}..46211 ..46010 §---80126%--80l47 s..es "86010 211 49..40168 1111211 812111..4650 97 1"3‘1‘351 --80168 1'95;§~8650 gII41211l 11146113 s..81211 §~86113 ..415056--46134 Z-.8150104--86134 ..4171 3,,46155 i--8171 “80155 ..4192 "46176 §..8192 i..sane 50%"iiiii 19908 98 "giiii 1'371157; 241155 4114739 "81155 $08739 , ..41176 i__47510 --8l176 {"87 510 %..41197 1..‘17 711 g--81197 1"87 711 , ..421857..47100 1--8218105--87100 1.227111 "13213 i‘iiiii 1147103 93331?)1--82 711 1"???“ 287163 51..42100 1.47184 99‘--82100 1"87184 ..42121 ..4805 --82121 4..8805 ..42142 ..4826 1..821421 ;__8826 :..42103 ,"4847 1%..8216 3' {"8847 72 reunion snaps. MEXICO. The loans raised in this country for the Mexican states are as under :— 1824, £3,200,000, 5 per cents., at 58 per cent. 1825, 3,200,000, 6 per cents., . . 892. The dividends upon these bonds were to have been payable quarterly, in London; but in 1827 they ceased to be remitted.‘ In 1831, an arrangement was made by the agent of the Mexican Government, in order to fund tie arrears of interest, and provide for the future payment of the dividends. The coupons due from the, 1st of October, 1827, to the 1st of April, 1831, both inclusive, amounting on each 6 per cent. bond of £100 to £22 10s., and on the 5 per cents. to £18 15s., were received in exchange for deferred bonds, bearing interest from the 1st of April, 1836: the 6 per cent. deferred stock was issued at the rate of 75 per cent., and the 5 per cent. stock at 62%. At the same period an acknowledgment was given, in the name of the Mexican Government, for half the coupons due from the 1st of April, 1831, to the 1st of April, 1836, both inclusive, and the dividend due on the 1st of January, 1832, was paid to the bondholders. This acknowledgment stipulated, that on the 1st of April, 1836, bonds bearing interest from that day should be delivered in exchange for the same, accord ing to the terms before mentioned, viz., 75 per cent. for the 6 per cent. bonds, and 62% for the 5 per cents. In consequence of the financial embarrassment of the Mexican Government, these acknowledgments have not been converted into bonds, and the interest due on the 1st of April, 1836, upon the deferred stock, remains unpaid, and likewise that upon the old bonds. The only dividend which has been paid on the loans of 1824 and 1825, since the 1st of July, 1827, is that which became due on the 1st of January, 1832. MEXICO. 73 Had the acknowledgments been converted into bonds, the amount of the Mexican debt contracted in London would, on the 1st of April, 1836, have been as follows :— 5 per cents., 1824 . . £3,200,000 Ditto, deferred, 1831 . 960,000 Ditto, 1836 . . 640,000 6 per cents., 1825 . . 3,200,000 Ditto, deferred, 1831 . 960,000 Ditto, 1836 . . 640,000 9,600,000 Arrears of interest to the 1st of April, 1836, not funded . 880,000 $310,480,000 The gross revenues of Mexico have averaged, for some years past, about 12,500,000, from which must be deducted about 2,500,000 for the cost of collection. The ordinary expenditure of Mexico may be estimated at $13,500,000, exclusive of the interest upon the forei debt; owing, however, to the late civil wars, tie actual expenditure has exceeded $15,000,000, the expense of maintaining the army alone amounting to nearly $10,000,000 annually. The domestic debt of the Mexican states is estimated to exceed $50,000,000. An offer has lately been made by the Mexican Government to effect an arrangement with the bond holders on the following terms :— I. The bonds bearing 5 per cent. interest shall be received at par. 2. Those bearing 6 per cent. interest shall be received at the‘ rate of 112% per cent. 3. Coupons for interest due upon both loans shall be taken at par. ' 4. For the bonds ofl'ered for conversion there shall be given in payment one-half of the amount in the bonds of the G 74 FOREIGN FUNDS. Consolidated Fund bearing 5 per cent. interest, and the other half in land warrants, on the vacant lands in the departments of Texas, Chihuahua, ‘New Mexico, Sonora, and California, at the rate of four acres for each £l sterling, and these land warrants shall in like manner bear 5 per cent. interest up to the day on which the holders are put in possession of the lands; and on so doing the accruing interest shall be credited, and the quantity of land thereby acquired augmented in proportion. No steps have yet been taken towards concluding the arrangement. NAPLES. The Neapolitan loan of 1824 was contracted with Mr. Rothschild, at 92% : the capital was £2,500,000 sterling. The dividends, 5 per cent., are payable, on the 1st of February and the 1st of August, at the oflice of the contractor, without deduction. The other Neapolitan securities are in bonds of 500 ducats each, bearing 5 per cent. interest, payable on the 1st of January and the 1st of July, at the ex change of 4f. 05c. per ducat, and 25f. 65c. per 56 sterling. All transactions in these securities take place in the London market, at the exchange of 4f. 40c. 25f’. 650. This double exchan e is in con sequence of the loan having been origina ly contracted in Paris, at the fixed exchange of 4f. 40c. per ducat; and upon a portion of the loan being introduced into this country from Paris, the exchange on that city was fixed at 25f. 65c. The dividends on these bonds may be received at the oflice of Messrs. Rothschild, upon leaving the coupons a few days for examination: a commission of 1 per cent. is deducted. The public revenue of the kingdom of Naples exceeds that of the other Italian states, being about £3,300,000 annually: the whole debt is estimated at $520,000,000. NAPLES. '75 Table of the value in sterling of 500 ducats Neapolitan 5 per cents., at any of the undermentioned prices, the Exchange fixed at 4'40 per ducat, and. 25-65 per £ sterling. j-‘Ifl -__r Per Per Per Ct. 36 s. d. Ct. 46 s. d. Ct. .£ 6. d. 85 7218 1 19.256619 90 77 310 8l-256ths 95 81 9 7 l42-256ths 73 2 4138 77 81199 1 811311 4 73 6 8 7712 5 61 5 8118 2123 731011 118 77 16 8180 I % 82 2 5 241 .86 7315 2237 91 78 1- 0 42 96 82 6 9103 f 7319 6 99 i 78 5 3160 8211 0222 47439217 789722 i 8215484 i 74 8 1 79 3 781310141 4 8219 7202 97 7412 4198 92 7818 2 3 97 83 311 64 ,7416 8 60 79 2 5121 1 83 8 2183 7575 5011178 3 40 791179 6 01028240 g4 83128316 91636 45 88 175 9 6159 93 7915 3220 98 84 1 1 25 1 751310 21 ‘i 7919 7 82 184 5 4144 ¥75l81139 8 80310201 8498 6 76251 {808263 4841311124 89 76 6 8120 94 8012 5181 99 8418 2243 761011238 i 8016 9 43 I} 85 2 6105 7615 3100 81 10162 85 6 9223 11176196219 5 815424 38511185 ‘U’ ‘1'' —- t The value in sterling of several sums of ducats, at the exchange of 405 per ducat, and 25f. 650. per £ sterling. —_4-~-i1 4‘ r L — 1 l Ducats. £ ;. d. Ducats. £ 8. aLhDucats. £ 8. d. 12% l 19 5% 100 15 15 i 1875 29 12 l} 25 3 18 11} 112% 17 15 3 M 200 31 ll 37% 5 l8 5 125 l9 l4 8 7 300 47 7 4; 50 7 17 10 137;‘,L 21 14 251 400 63 3 1; 625 9 17 4% 150 23 13 8 500 78 18 ll; 75 ll 16 10 162% 25 13 1%, 600 94 l4 8% 87% I 13 16 3% 175 27 12 7%; 1000 157 17 105 -‘ I ‘ _ .. .v v ._ k-‘ w -_v____.‘ v 76 roar-non FUNDS. PERU. The following are the amounts of the several Peruvian loans contracted in London :— 1822, £450,000, 6 per cent. contracted at 88 per cent. with Messrs. Frys and ' Chapman. 1824, £750,000, 6 per cent. contracted at 82 per cent. with ditto. 1825, £616,000, 6 per cent. contracted at 78 per cent. with ditto. The dividends upon the whole of these bonds are due from the 1st of October, 1825. The entire debt of the republic of Peru is stated to amount to upwards of $25,000,000; the revenues are about $5,000,000. PORTUGAL. The Portuguese loans, contracted in London, are as under :— Dividends payable 1st 1825, _. £1,500,000, 5 per cent. , ofDecember’ June and by M 1st essrs. of Samuel and Phillips. Dividends payable 1st ‘£2’gig’ggg’5percent' of June and 1st of ) 2,000,000, , , ’, » Dividends payable 1st of January and 1st 1834,;B6000,000,3percents. of July, by Messm Rothschild. Dividends payable 1st of June and 1st of 1836’ £900,000’ 5 per cent‘ December, by Mr. I. L. Goldsmid. The loans of 1823 and 1836 bear a higher price in the market than the other 5 per cent. bonds; the for PORTUGAL. 77 mer, having been contracted previously to the sepa ration of the Brazils from Portugal, is guaranteed by both governments; and the dividends have latterly been paid by the Brazils. The loan of 1836 is made specially chargeable upon the debt due from the Brazilian Empire to Portugal. Besides the English loans, there is an unknown amount of public debt, consisting principally of floating obligations held by Portuguese subjects; many of' these, having borne no interest for a long period, are become of little value. The present minister of finance* contemplates the conversion of these obliga tions into debentures bearing interest; but as yet only a portion of them has been recognized; these consist of the bonds called “ Padroes de Juros reals,” which the government, by a decree published at the com mencement of the present year, has undertaken to convert into inscriptions admissible in all payments to the Treasury, and bearing interest from the time of conversion; these obligations are stated to amount to 4,242,160 milreis, (about £960,000,) and the annual interest will amount to 153,780 milreis, (about £35,000.) The following summary of the Portuguese budget, for the year endin the 30th of June, 1838, is copied from the Times 0 the 5th of April last. Income. Reis. Revenue from Domains - - 513,593,688 Direct Imposts - - - 2,710,365,501 Indirect ditto - - - - 4,093,997,947 Miscellaneous Revenues - - 1,832,447,943 Amount of one-third of the loan made for husbandmen, in con forrnity with the carta de Lei of October 4, 1834 - - - 143,957,660 £9,294,362,739 —*WM. Passos, who has since resigned his office. 63 78 ronsron FUNDS. Expenditure. Reis. General charges - - - 4,556,447,824 Ministry for the affairs of the Home Department - - - 1,349,176,591 Ministry for Ecclesiastical affairs, and the affairs of Justice - 454,244,536 Ministry for the affairs of Finance 700,874,845 Ministry for the affairs ofVVar - 2,963,460,540 Ministry for Naval affairs - 989,727,830 Ministry for Foreign affairs - 203,664,200 £11,217,596,366 Reis. £ Total Expenditure 11,217,596,366 2,524,000 “ Income - 9,294,362,739 2,091,000 Deficit - 1,923,233,627 433,000 'flfi The calculations of the above sums in sterling, are made at the exchange of 54 pence per milree. In the Times of the 9th of May, 1837, appeared the following statement, in reference to the condition of the finances for the past year :— “ It is calculated that the expenditure of the National Treasury, from the 30th of September last to the 30th of June next, will exceed the revenue by 6,717,699,351 reis, equal to about £1,600,000 sterling, thereby leaving a deficit of rather more than one-half of the revenue, to which deficit ought to be added a debt owin to the Bank of Lisbon, of 4,834,677,846 reis, or 1,200,000 sterling, and other little addenda, amounting to £80,000 sterling. PORTUGAL.—POYAIS. 79 The entire acknowledged debt of Portugal has been oflicially stated as under :- £ Funded domestic debt - - - 2,601,847 Unfunded or floating debt - - 6,215,975 Foreign debt - - - - 9,835,300 . £_1_s,_653,122 Add deficit from June, 1837, to June, 1838 - - - - 433,000 £9,086,122 POYAIS. In 1822 a loan of £200,000 was raised by the issue of bonds for Poyais, in central America; the loan was contracted at 80 per cent. ; but no dividend has been paid to the bondholders, and the bonds are now unsaleable. At one time, the Republic offered the bondholders land in some part of Honduras, in exchange for these obligations, but I am not aware that the offer was accepted by any of the unfortunate holders. PRUSSIA. The only Prussian loan in the London market is that raised in 1830, for £3,800,400: the interest, 4 per cent., is payable half-yearly, on the 1st of April 80 FOREIGN mums. and the 1st of October, by Messrs. Rothschild. The bonds are for £100 each. The 5 per cent. loans of 1818 and 1822 are entirely redeemed. The total debt of the kingdom of Prussia is stated to amount to £29,000,000, the annual reve nue is about £8,000,000. RUSSIA The amount of the Russian loan contracted in England was £3,500,000 ; it was raised in 1822, at 81 per cent. The interest is 5 per cent., payable on the 1st of March and the 1st of September, by Messrs. Rothschild, without deduction; or the coupons may be sent to St. Petersburg for payment, at the option of the holder: the exchange on St. Petersburg occa sionally renders the latter method preferable. The bonds are of 720 roubles, or £111 ; 968 roubles, or £148; 3360 roubles, or £518; and 6720 roubles, or £1036. The 5 per cent. stocks, known as metallics, have been contracted at various times, and the dividends are payable as follows; they have obtained the title metallic in consequence of the interest being paid in silver roubles. Silver Roubles. 1820. Dividends paid by 'Baring, Brothers, on 1st of March and 1st of September - - 40,000,000 1832. Ditto on 1st of June and 1st of December - 40,000,000 1833. Ditto on 1st of May and 1st of November - 20,000,000 All transactions in these stocks are effected in London, at the fixed exchange of 3s. 1d. per silver rouble. SPAIN. 81 The 6 per cent. inscription originated in 1817, by the funding of government‘ bank-notes, and other floating securities; it is entirely a domestic debt, although transactions have occasionally taken place in it in the London market: the inscriptions are in the usual form of floating obligations, requiring no written assignment. The dividends are payable on the 1st of January and the 1st of July, at St. Petersburg, and all transactions in London are liable to the exchange of the day. The whole debt of the Russian empire is about 50,000,000l. sterling, the annual revenue is 16,000,000l. SPAIN. According to an oflicial account of the foreign and domestic debt of Spain, the public liabilities, on the 31st of May, 1834, were as follow :— Domestic Debt, bearing Interest. £ Consolidated 5 per cent. - - 2,452,000 Rentes perpetuelles, 5 per cent. - 912,000 Consolidated 4 per cent. - - 4,736,000 Replacements, 4 and 5 per cent. - 1,030,000 £9,130,000 82 FOREIGN FUNDS. Domestic Debt, without Interest. £ Floating debt - - - - ‘7,640,000 Vales, not consolidated - - 8,280,000 Certificates, redeemable by quarterly drawings - - - - 22,510,000 £38,430,000 Foreign Debt. £ Royal loan, 5 per cent. - - - 1,777,000 Rentes perpetuelles - - - 4,340,000 French indemnities - - - 2,857,000 British ditto - - - - 600,000 Dutch loans - - - - 4,922,000 Rentes generales - - - - 6,500,000 Cortes conversions - - - 4,444,000 £25,440,000 Cortes Loans. £ Lafitte and Co. - ~ - - 840,000 Ardouin and Co. - - - - 2,790,000 Madrid loans - - - - 270,000 Dutch conversions - - - 1,710,000 Haldimand and Co. - - - 12,880,000 Campbell and Co. - - - 2,910,000 £21,400,000 Converted in 1831 - - 4,800,000 $316,600,303 SPAIN. 83 Recapitulation. J3 Domestic debt, bearing interest - 9,130,000 ,, without interest - 38,430,000 Foreign debt - - - - 25,440,000 Cortes loans - -‘ - - 16,600,000 £89,600,000 The foregoing statement of the acknowledged debt of Spain is extracted from a pamphlet on the Spanish finances, published in 1834, and it is asserted therein, that the unliquidated claims on the government, up to the close of 1833, amounted to 277,000,000 sterling. Of this sum about 50,000,000 arose from foreign loans, and the remainder from the accumulation of arrears of interest and pensions, together with the floating debt of the Treasury, which latter was about 20,000,000 sterling: but it is stated, that, in the settle ment of these unliquidated claims, deductions might probably be made to the extent of one-half, or even two-thirds, of the nominal amount, owin to the want of proper certificates and vouchers, an from other causes, so that the actual responsibilities of the country cannot easily be determined. A correspondent of the Times gives the following summary of the public debt of Spain in 1834 : FOREIGN DEBT. 5 1804 - Dutch loan, 30,000,000 guilders - - 2,500,000 1806 - Ditto - 10,000,000 ,, - - - 800,000 1820 - French loan, 200,000,000 reals - - 2,000,000 1821 - National do. 500,000,000 ,, - - 5,000,000 French do. 140,000,000 ,, - - 1,400,000 8‘ French and English loans - ' - - 12,900,000 1823 - English loans - - - - - 1,400,000 Carried over - - 26,000,000 84 FOREIGN ruxns. £ Amount - - - 20,000,000 1823 - Royal loan, in Paris, fr. 89,000,000 Redeemed - 24,000,000 fr. 65,000,000 - 2,600,000 1826 - Rentes perpetuelles, fr. 136,782,000 Redeemed - 1,782,000 fr. 135,000,000 - 5,400,000 1828 - British indemnities 3,000,000 - - 600,000 French ditto 0,000,000 francs - 3,200,000 1832 - Addition to Dutch loans of £2,500,000, converted into Cortes bonds - - 1,500,000 1833 - Supposed issue of Rentes perpetuelles, since 1828 - - - - - 5,000,000 1834 - Arrears of interest on $114,000,000 Cortes bonds, since November, 1823, about - 7,000,000 Total foreign debt - - - 51,300,000 DOMESTIC nnnT. Debt on which interest is allowed - - 70,860,000 Ditto no interest - - - - 75,870,000 198,030,000 1834-5 Addthe loan raisedinEnglandand France 4,000,000 £202,030,000 The same correspondent states, that, for the last six or seven years, Spain has only been able to arrange the interest due on her domestic debt by the issue of fresh obligations, whilst the interest paid upon the bonds acknowled ed in Paris, Amsterdam, 85c., has been raised by t a sale of fresh rentes perpetuelles. The Minister of Finance in his statement, published at Madrid, in 1834, estimated the amount required to discharge the interest on the acknowledged debt at £3,400,000 annually. He further stated, that the net SPAIN. 85 revenues of 1833 only amounted to about £4,000,000 sterling, while the expenditure, including the amount due for interest on the debt, exceeded £9,000,000. The subjoined statement of the revenue and expen diture of the years 1822, 1828, and 1833, is taken from the pamphlet previously referred to. REVENUES. 1822 1828 1833 £ £ £ Provincial Rents 1,500,000 1,300,000 1,080,000 Civil Fruits - I I 1,000, 000 900,000 850,000 Customs - - - 600,000 600,000 1,600,000 Tobacco - - - - 650,000 600,000 1,000,000 Clergy - - - - 300,000 600,000 200,000 Salt - - - - 390,000 400,000 300,000 Stamps, Licenses, and Post Ofl-ice - - - - 380,000 270,000 250,000 Lottery, Patents, dcc. - 680,000 530,000 420,000 ' -5,5—00,000 5,200,000 5,700,000 EXPENDiTUBE. 1822 1828 1833 £ £ 1: Army - - — - 3,290,000 2,650,000 2,645,000 Navy - - - - 800,000 400,000 730,000 Finance - - - - 1,490,000 1,450,000 1,815,000 Foreign Affairs - - 380,000 110,000 85,000 Justice - - - - 180,000 140,000 126,000 Royal Househol - - 450,000 500,000 563,000 Interest on Debt - - 1,800,000 1,730,000 2,000,000 8,390,000 6,980,000 7,464,000 Deficiency - - 2,890,000 1,780,000 1,764,000 __-_—.-_ H 86 FOREIGN FUNDS. The Spanish securities which have been introduced into the London market are as under : Spanish Consolidated 5 per Cents. (Active. )—In 1834, a loan of £4,000,000 was raised in London and Paris for the Spanish Government, at 60 per cent., and at the same time the old Cortes loans of 1821 and 1823 were recognised, two-thirds being converted into active debt, and consolidated with this loan. The dividends are payable on the 1st of May and the 1st of November, in London, Paris, and Madrid. The bonds are for sums of £42 10s., £85, £170, £255, £340, £510, and £1020 respectively. Deferred Debt.-—At the period of the conversion of the Cortes bonds, in 1834, the arrears of interest amounted to 55 per cent., no dividend having been received for eleven years. In exchange for the coupons, the holders received. deferred bonds, which were to be gradually converted into active debt, com mencing on the 2d of May, 1838, when one-twelfth of the deferred debt is to be converted into active; the bonds to be determined by lot; to be continued on the same day in each successive year until the 2d of May, 1849. Passive Debt.-—This arose from the conversion of the Cortes bonds, in 1834,. when two-thirds became active, and one-third passive. It was arranged that sufficient passive debt should be converted annually, to replace the amount of active cancelled by the sinking fund, to commence on the 2d of May, 1836. No conversion has yet taken place. 3 per Cents.-Uriginated in 1831, by the con version of about £4,000,000 Cortes bonds. The dividends were payable on the 1st of April and the 1st of October; but there are several now unpaid. Indemnity Bonds, 5 per Cents.—These bonds were issued in 1828, to liquidate certain claims made upon Spain by British merchants and others. The amount is about £600,000, and the loan is liable to redemp sum. 87 tion, at 60 per cent., at the pleasure of the Spanish Government. The dividends are payable on the 1st of March and the 1st of September; the dividend due on the 1st of March, 1837 , has not yet been paid. _— Spanish Loan for Don Carlos. In 1836, a loan was proposed in this country for Don Carlos, amounting to £l7,040,000, divided into four equal series of £4,260,000 each, in bonds of £200, bearing interest at 5 per cent. The first series, a portion of which was subscribed for, was issued at 36 per cent., £6 per cent. of which was paid on subscribing, and no further instalment to be required until after the arrival, or acknow ledgment, of Don Carlos at Madrid, when the divi dends should become payable. A short time since the decree, by virtue of which the above loan was issued, was revoked, so far as relates to the three series not yet contracted for, and authority was given by Don Carlos to certain agents, to enter into contract for a loan of 20,000,000 piastres, (£4,000,000,) to be issued at 50 per cent., in bonds bearing 5 per cent. interest, payable on the 30th of June and the 31st of December in each year. The loan to be redeemed within eight years after the recognition of Don Carlos at Madrid, and to be receivable at 80 per cent., in all payments to the royal treasury, six months after the arrival of Don Carlos at the capital. By a decree published by Don Carlos, on the 17th of May, 1835, it is declared, that in the event of his ascending the throne of Spain, the foreign loans will not be recognized. 88 FOREIGN FUNDS. The following advertisement appeared in the Times of 22d of September :— Loan for His Majesty Charles V., King of Spain, opened on the principal places on the Continent.-We, Don Manuel Cano, Commissary of His Catholic Majesty Charles V. Considering the Royal Decrees of the 8th of April last, in such of their dispositions as, although they annulled the contract of the Loan made with Mr. Gabriel J ulien Ouvrard, under date of the 12th of January, and 6th of February, 1836, have nevertheless preserved the rights acquired by third parties, assuring to them either their reimbursement in the Treasury Bonds created by those decrees, or the due performance of the conditions stipu lated in their behalf, in virtue of the said contract, whilst in course of execution: Considering the treaty of the 14th April, 1836, by which two London merchants, whose firms had already become possessed of, and had paid for, a portion of the certificates of the first series of the said loan, and had moreover purchased and received from our predecessors 11,130 certificates of the same series, upon the condition of paying in several instalments the value according to the original contract for the Loan, agreed that Mr. W. R. Vigers, of the firm of Fermin de Tastet and Co., should alone have to carry the said operation into efi'ect: Considering likewise our agreement of the 12th of the present month, with the said Mr. W. R. Vigers, acting and stipulating ‘ for, and in the name of the said firm of Messrs. Fermin de Tastet and 0o., the said agreement securing those payments, forming a principal object of the treaty of the 14th of April, which have been retarded by sundry causes, and thus giving the free disposal of the 11,130 certificates, which (separately and apart from the first portion previously acquired, and paid for by the said firms) comprise from N o. l to 11,130 inclusive: We hereby inform the public, that with a view to the circu lation of the said 11,130 certificates above alluded to, and in order to confirm the negociation of them, which may have been made to third parties, Messrs. Fermin de Tastet and Co. will aflix their signatures to each of those certificates; which signature cannot be refused, and will be given without charge to the holders of the certificates, whom we invite to avail themselves of this formality, essential to establish the more fully the legitimacy of their possession. Messrs. Fermin de Tastet and Co. will keep a note of the numbers of the certificates which they shall have signed, and will render us successively an account thereof. With regard to the certificates negociated antecedently to the present notice, Messrs. Fermin de Tastet and Co. will receive, in order to transmit the same to us, the declaration of the SPAIN. 89 holders, making known, in conformity with the optional clauses of the said decrees of the 8th of April, their intention either of preserving their certificates, with a view to their receiving their full and entire efi'ect, according to the terms of the original contract for the loan, or of being reimbursed in the Treasury Bonds created by the above decrees, and at the current rate of the said bonds at the time of reimbursement. Messrs. Fermin de Tastet and Co. will likewise obtain the same declaration from, and will offer their signature to the holders of certificates of the same loan purchased independently of the 11,130 certificates disposed of by the treaty of the 14th of April, 1836, and we also invite these parties to have recourse to this formality, which, at the same time that it conduces to the more regular fulfilment of the decrees of the 8th of April, will demonstrate still more clearly the demands upon the Royal Treasury of His Catholic Majesty. MANUEL CANO. London, Sept. 18, 1837. Comte de Crouy. M. de Bermingham. I hereby certify that the above signature of Mr. Manuel Cano was given in my presence, and that of the two undersigned Witnesses. JOHN RAPHAEL, Not. Pub., Hampd. To all to whom these presents shall come-We, Thomas Kelly, Lord Mayor, and the Aldermen of the city of London, do hereby certify, that John Raphael, who hath signed the annexed instrument, is a Notary and Tabellion Public by Royal authority, duly admitted and sworn, and that to all acts, instruments, and other writings by him signed and attested, full faith and credit is and ought to be given in court and without. In faith and testimony whereof, the seal of the oflice of the Mayoralty of the said city of London is hereunto put and affixed. Dated, in London, this 19th day of September, 1837. WILLIAMS. H3 JOINT STOCK COMPANIES. ASSURANCE. There are three distinct .classes of Assurance Com panies, viz.—those wherein the assured do not partici pate in the profit—those in which the assured share the profits with the proprietors—and Mutual Associa tions, the assured being the proprietary and dividing the whole of the profits among themselves. Life Assurance appears to engross the chief atten tion of these Associations; many of which have been established solely for that object. The comparative certainty with which the average duration of human life is estimated, renders the liabilities much less in this department than in Fire and Ship Insurance. The following summary of the principal Asssurance Companies established in London, exhibits the method pursued at the several oflices in the division of profits, with some other general particulars; the third class, or Mutual Assurance Companies, is not included, as they are not objects of investment, and, having no subscribed capital, cannot properly be considered Joint Stock Companies. Albion Life. — Established in 1805 : capital £1,000,000, in shares £500 each; £50 paid. Divi dend £3 10s. per share. The assured do not partici pate in the profits. Alliance Fire and Life.—Established in 1824: capital £5,000,000, in shares £100 each; £10 126. paid. Dividend 5 per cent. upon the amount paid ASSURANCE. 91 up. The 12s. was added to the paid up capital from the accumulated profits. The assured participate in the profits, but no statement is afforded of the pro portion in which they are divided. Every proprietor must insure, or procure insurance, to the extent of £100 fire, or £20 life, for each share held by him, the fine for non-insurance is 59. ‘per share per annum. Alliance Marine.—Established in 1824: capital £5,000,000, in shares of £100 each; £5 paid. Divi dend 6 per cent. upon the amount paid up. Asylum Life. — Established in 1824: capital £240,000, in £50 shares. N 0 part of the profits is returned to the assured. Atlas Life and F ire. —Established in 1808: capital £1,200,000, in £50 shares; £5 paid. Dividend 12s. 6d. per share. The assured participate in the profits every seven years; but no statement is given of the proportions of the division. British Commercial Life.—Established in 1820: capital £600,,000 in shares of £50 each; £5 paid. Dividend 6 per cent. upon the paid up capital. The assured participate septennially in the profits; no statement is made by the Company of the proportions of the division. Lives are also insured without par ticipation in the profits, at reduced rates. British Fire.—Capital £5,000,000, in shares of £250 each; £50 paid. Dividend £2 per share. Britannia Life.-—Established in 1837: capital £1,000,000, in shares of £100, each: £10 paid. The assured do not participate in the profits. Clerical, M edical, and General Lifer-Established in 1823: capital £500,000, in shares of £100 each; £2 10s. paid. Dividend 2s. 6d. per share. A portion of the profits is divided among the assured every five years. 92 JOINT s'roox COMPANIES. County Fire. — Established in 1806: capital £400,000, in shares of £100 each; ‘£10 paid. Divi dend £2 10s. per share. A portion of the profits is septennially returned to the insured. Cronin Life. -— Established in 1825: capital £1,500,000, in shares of £50 each; £5 paid. Divi dend 5}; per cent. upon the paid up capital. Two thirds of the profits are returned to the assured every seven years. Eagle Life. — Established in 1807 : capital £1,000,000, in shares of £50 each; £5 paid. Divi dend 5s. per share. Four-fifths of the profits are divided among the assured every seven years. This company makes a distinction in the rates of premium, charged for the two sexes. Economic Ltfie.—Established in 1824: capital £200,000, in s ares of £1000 each; £250 paid. Dividend 5 per cent. upon the paid up capital. Three-fourths of the profits are divided every five years among the assured. One tenth of the profit is set apart to accumulate, in order to pay off the pro prietors, which is to take place when £200,000 clear shall have been realized; the company will then be a mutual association. European Life.—Established in 1819: capital £1,045,420, in shares of £20 each; £2 paid upon 50,000 shares; the remaining 2,271 are paid up. Dividend 5% per cent. upon the paid up capital. Part of the profits is divided among the assured; but no statement is afforded of the proportion. Family Endowment Society.—Established in 1836: capital £500,000, in shares of £50 each; £2 paid. Dividend 4 per cent. upon the paid up capital. Instituted for the purpose of endowing, at or after the time of marriage, all future children of such marriage, upon payment of an annual premium. The endowment to become payable on the child’s ASSURANCE_ 93 completing any agreed year of age, from 14 to 21; and for the purpose of assuring against other contin gencies. Globe Fire and Li e.-—Established in 1803: capital £1,000,000, ins ares of £100 each; all paid. Dividend £7 per cent. No part of the profits is divided among the assured. Guardian Fire and Life.-Established in 1821: capital £2,000,000, in shares of £100 each; £27 10a. paid; £17 10s. of which was added from the profits of the company. Dividend 5 per cent. upon the paid up capital. The assured participate in the profits every seven years; but in what proportion the company does not state. Hope Life. — Established in 1807: capital £2,000,000, in shares of £50 each; £5 paid. Dividend 6s. 6d. per share. The company divides two-thirds of the profits among the assured every seven years. Imperial Life.--Established in 1820: capital £750,000, in shares of £100 each; £10 paid. Dividend 9s. per share. Two-thirds of the profits are divided among the assured every ten years. Imperial Fire.—Established in 1803: capital £1,200,000, in shares of £500 each; £50 paid. Dividend £5 78. 6d. per share. Law Life.—Established 1823: capital £1,000,000, in shares of £100 each; £10 paid. Dividend 16s. per share. Four-fifths of the profits are divided septennially among the assured. London Fire and Life.—Established and incor porated by Royal charter in 1720: capital £97,500, in shares of £25 each; £12 10s. paid. Dividend 10s. per share. No part of the profits is returned to the assured. London Ship—Established in 1720: capital £775,000, in shares of £25 each; £12 108. paid’. Dividend 10s. per share. ' 94 JOINT STOCK COMPANIES. Marine Insurance.—Established in 1836: capital £1,000,000, in shares of £100 each; £10 paid. lllutual Indemnity, ZlIarine.-—Capital £2,000,000, in shares of £100 each; £6 10s. paid. Dividend 7 % per cent. upon the paid up capital. National Life.—Established in 1830 : ca ital £3,000,000, in shares of £100 each; £5 paid. ivi dend 8 per cent. upon the paid up capital. The pro fits are ascertained at the end of every year, and one fifth of the whole is divided among the proprietors, and the first thousand who have been assured five years; in the proportion of two-thirds to the latter, and one-third to the former. Palladium Life.—Established in 1824: capital £1,500,000, in shares of £50 each; £2 paid. Divi~ dend 5 per cent. upon the paid up capital. Four fifths of the profits are divided septennially among the assured. Protector Life.--Established in 1824: capital £1,000,000, in £20 shares; £1 paid. Dividend 5 per cent. upon the amount paid up. Three-fourths of the profits are divided among the assured every five years. Provident Lzfe.-Established in 1806: capital £250,000, in shares of £100 each; £10 paid. Divi dend 10 per cent. upon the paid up capital. A por tion of the profits returned to the assured septennially. Rock Life.--Establishedin 1806: capital £2,000,000, in shares of £20 each; £2 paid. Dividend 5s. per share. Two-thirds of the profits are divided septen nially among the assured. Royal Exchange Fire and Life.—Established and incorporated by Royal Charter in 1720: capital stock £689,219 17s. 1011. Dividend 5 per cent. No part of the profits is returned to the assured. T‘ ASSURANCE. 95 Royal Naval, Military, and Hon. East India Company’s Life Assurance Society.—Established in 1837 : capital £500,000 (with power to increase it to £1,000,000), in £25 shares; £3 paid. The pro prietary consists of oflicers of the naval and military profession; but assurances are granted upon the lives of persons in every profession and station, wherever resident. Four-fifths of the profits are septennially returned to the assured. A distinction is made in the rates of premium charged for the two sexes. Sun Fire.—Established in 1710. Dividend 6% per cent. upon the paid up capital. Sun Life.--Capital £400,000, in shares of £100 each; £10 paid. One-half of the profits divided septennially among the assured. United Kingdom Life.—Capital £1,000,000, in £20 shares; £2 paid. Dividend 4 per cent. upon the paid up capital. The assured have the option of shar ing the profits or not, in the latter case a lower pre mium is charged. University Li e.—Capital £600,000, in £100, shares; £5 paid. Dividend 5 per cent. upon the amount paid up. A division of profits is made every five years, and four-fifths appropriated to the assured. One-tenth is set apart to accumulate, in order to pay off‘ the proprietary: when this can be done with 100 per cent. profit, the company will become a Mutual Assurance Association. Universal Li e.-—Capital £500,000, in £100 shares; £5 paid. Dividend 5 per cent. upon the paid up capi tal. Three-fourths of the profits are divided annually among those who have been assured five years. Union Fire and Life.—Established in 1714: capital £300,000, in shares of £200 each; £20 paid. Dividend 10}; per cent. A ortion of the profits is divided septennially among t 1e assured. 96 ASSURANCE. Mr. Babbage’s table of the annual sum which, if placed out at compound interest, at 3 per cent., would amount to £100 at the death of a person of the following ages, according to the average duration of human life. Ag Annual sum Age Annual sum Age Annual sumiAge Annual sum -— ..- ___—_—g £8.11. £8.11. £0.11. £8.11‘; 1.59 27 1157 39 293 50 3110" 166 28 1167 40 2109 51 3136 172 29 1176 41 2124 52 3161 1711130 1186 42 2140 53 31810 189 311197 43 2159 54 417 196 32 20844 217855 447 1104 .33 219 45 2198 56 477 1112 34 2211 46 319 57 4109 1120 35 241 47 3311 58 4141 11211 36 253148 363 59 4177 1139 37 26649 38760 513 1148 38 2710 By comparing the above table with the statement annexed of the rates of assurance atthe different offices, it will be seen that the profit of these companies is considerable. 'IONVHQSSY TabularstatementoftheannualpremiumrequiredbytheprincipalLifeAssuranceCompaniesforthe Female11752042382710212112181136l03l7ll4l3ll5l5ll '|n'|.. Sun ..1128116112262922163366317 ...... 841425l9ll714l1 ' Il BritishCommercial l Assuranceof£100 singlelife,theuponaundermentionedat ages. European .114511902392932l603433l5l-4865686111 .... Eagle Male.ll892322872l503343l504ll851477729130 ...... ticipateinItheprofits. l # Palladium .- L Union ..l.. Crown .115911911l241c21042169347315.04811557672 ...... ‘ Alliance ll28ll6ll2ll2 62922168366317841425191171411,,,,,__ Companiesinwhichtheassureddo Companiesinwhichtheassured par Female112711762262562910216034431584124 ,,...... participatenotintheprofits. RoyalNaval&Mi1itary,&c.Male 20023227221232190378319513341476405 LondonCorporation ..... BritishCommercial ..... ClericalandMedical.. 1151120625221042166333313 ...0473550672 RoyalExchange -. University .1168215259210921611'3473141476554674 .. .. Britannia ...... Economic 11081147119 024321011219 ...... 93110480510370?. Guardian .11622102542107217035031411430548672 .. .. National ..1186236280213021963803]8041()6560676 ...... -. Imperial .. LawLife ..11872372812135219103711317114108564674 .... Provident '| - Albion .. Asylum ..-...... } Globe .... Atlas ‘ .. Rock '':' 98 JOINT STOCK COMPANIES. An account of the sums paid into the Stamp Oflice for duty on insurance from fire, and of the sums insured by each fire otfice, in London, on farming stock exempt from duty, during 1834. Amount of London Ofiices. Duty. Farming Stock insured. £ a d. :5 Alliance - - . . . . 21,034 1 6 372,145 Atlas . . . . - . . . 21,398 10 0 614,983 British ...... 16,428 13 3 311,602 County - . . . . . 40,471 13 4 5,194,386 Globe ...... 27,355 1 7 633,648 Guardian . - . - . 32,114 1 4 664,745 Hand-in-Hand . . . 10,950 2 4 2,125 Imperial - . - - . 27,020 12 1 200,035 London - . . . . 9,490 9 5 55,465 Phoenix . . - . . . 72,821 14 5 2,862,371 Protector ...... 56,676 17 8 1,588,555 Royal Exchange . . . . 55,266 1 9 3,109,545 Sun ...... - - 127,470 8 11 3,801,766 Union . . - . . . - . 16,370 5 10 190,029 Westminster . . - . 15,531 3 8 21,410 The total amount of duty was £550,399 17s. 1d.; which, at ' 3s. per cent., would make the value of the property insured by the London fire ofiices $366,933,236. BANKS. ENGLAND AND WALES Until the year 1826, the exclusive privileges pos ‘ sessed by the Bank of England prevented the‘ establish ment of joint stock banks of issue in any part of Eng BANK or ENGLAND. 99 land or Wales. In that year an act was passed (7 Geo. IV., cap. 46), permitting the formation of these associations at the distance of 65 miles and upwards from the metropolis. By virtue of this act, joint stock banks of issue have been established in various parts of the country, none of which have received any special charter of incorporation 5 and, consequently, the pro prietors are individually responsible to the full extent of their property, for all the liabilities of the company with which they are connected. ' The Bank of England.—This bank was established in 1694, with a capital of £1,200,000, which was lent to Government at 8 per cent. interest. On the 27th of July, in the same year, it was incorporated by act of Parliament (5th and 6th Will. 111., cap. 20), for 11 years certain, after which the charter was to cease, upon one year’s notice being given by Government. In the year 1696, during the recoinage, the Bank of England, having been entirely drained of its treasure, was compelled to refuse the payment of its notes, and they immediately fell to a discount of 20 per cent.: to remedy this, the corporation was empowered, in 1697, to increase the capital by a new subscription of £1,001,171 10s., which was partly received in bank notes, and had the effect of restoring them to their legitimate value. At the same period the charter was extendedIn 1707, theuntil capital 1710 (8thwas reduced and 9th toWill. its original 111., cap. amount by the repayment to the proprietors of the subscription of 1697. The charter was renewed in 1708, for 22 years, viz., 1732 (7th Anne, cap. 7 , and the capital was increased by subscriptions to ,559,995 14s. 8d. This act conveyed to the establishment its important banking privileges, declaring, that, “ during the con tinuance of the corporation of the Governor and Com pany of the Bank of England, it shall not be lawful for any body politic or corporate whatsoever, erected or to be erected (other than the said Governor and Company of the Bank of England), or for any other 100 .ronvr srocx COMPANIES. persons whatever, united or to be united, in covenants of partnership, exceeding the number of six persons, in that part of Great Britain called England, to bor row, owe, or take up any sum or sums of money on their bills or notes, payable on demand, or in any less time than six months from the borrowing thereof.” This act was passed in consequence of an association, called the Mine Adventure Company, having com~ menced the issue of promissory notes. In 1713, the charter was further extended until 1742 (12th Anne, Stat. 1, cap. 11); and in 1722, the capital was aug-- mented by a new subscription of £3,400,000, to assist the unfortunate South Sea stockholders. In 174.2 the charter was granted ‘until 1764 (15th Geo. II., c. 13), and a call was made upon the proprietors of £840,004 58. 4d., making the total amount of the capital £9,800,000. In 1745, the advance of Charles Edward Stuart to Derby, at the head of the Highlanders, caused so great a run upon the bank for specie, that to gain time the directors ordered that the notes should be paid in shillings and sixpences. Upon the defeat of the Pre tender, the panic subsided. In 1746, a call of 10 per cent. on the capital was made, amountingto £980,000; and, in 1759, the bank commenced the issue of £10 notes, having previously issued none of a less amount than £20. This measure had the effect of considerably increasing the circulation of its notes. In 1764, the corporation received an ex tension of its charter until 1786 (4th Geo. 111., c. 25); and in 1781 it was farther extended until 1812, and the directors were empowered to make a call upon the roprietors of 8 per cent. (21st Geo. 111., cap. 60). The capital now amounted to £11,642,400. In 1793, the failure of a number of country banks caused a considerable diminution in the paper currency, and the Bank of England, in consequence, commenced the issue of £5 notes. The total circulation of the bank at this time was nearly £12,000,000. An im .i- s- was-41's.‘“ " .w. w’. ' - BANK or ENGLAND. 101 portant period in the history of the Bank of England was now at hand; the circulation, which, in 1795, amounted to upwards of £14,000,000, rapidly dimin ished, until, at the begining of 1797, it amounted to little more than £9,000,000. This sudden diminution, caused chiefly by the long-continued war in which the country had been engaged, which made it necessary to send large supplies of bullion to the continent, in volved the Bank of England in considerable difli culties. On the 25th of February, 1797, the bullion / in the hands of the bank amounted to but £1,272,000, having been gradually decreasing since 1794, when it exceeded £8,000,000. On the following day an order in council was issued, prohibiting the bank from pay ing its notes in specie, until the subject could be brought before Parliament. This was speedily effected, and a. committee of the House of Commons, after investiga ting the affairs of the bank, ascertained that the corpo ration possessed the sum of £3,825,890 over and above the capital lent to government. The condition of the establishment beingthus satisfactory, an act was passed, known as the “ Bank Restriction Act,” exempting the corporation from payment of its notes in bullion, which was afterwards renewed, and continued in force until the 1st of February, 1820. It was in consequence of this act that the bank commenced the issue of £1 and £2 notes, the issue of which, by any bank in England or Wales, was afterwards prohibited by an act passed on the 5th of April, 1829. The circulation of these notes by the Bank of England, amounted in 1814, to nearly £10,000,000. The charter of the bank was renewed in 1800, until. twelve months’ notice should be given after the 1st of August, 1833, on condition that the proprietors should advance £3,000,000 to Government, without interest, for six years, ending 1806, (39th and 40th Geo. II., cap. 28). In 1816 an act was passed, authorizing the directors to divide a portion of the accumulated profits among the proprietors, by agdding 25 per cent. to the 1 102 JOINT s'rocx COMPANIES. amount of their stock; their ag regate amount of this bonus was £2,910,600, by who the capital was in creased to $314,553,000, its present amount. The last renewal of the charter took place in 1833, (Act 3d and 4th Will. IV., c. 98). This Act provides that, “upon one year’s notice given within six months after the expiration of ten years from the 1st of August, 1834, and upon repayment by Parliament of all sums that may be due from the public to the Bank at the time of the expiration of such notice, the exclusive privileges of banking granted by this Act shall cease and determine.” The exclusive privileges previously possessed by the corporation, as regards the issue of promissary notes, are continued by the Act, but it is provided “ that any body politic or corporate, or society or company, or partnership, although consisting of more than six persons, may carry on the trade or business of banking in London, or within sixty-five miles thereof, goviding they do not borrow, owe, or take up in ngland, any sum of money upon their bills or notes payable on demand, or at any less time than six months from the borrowing thereof, during the continuance of the privileges granted by this Act to the Governor and Company of the Bank of England.” This clause was inserted to remove the doubts that had arisen respecting the intention of the Act passed in 1708, which it was universally believed, prohibited the establishment of banks of every kind having more than six partners, until the question of the renewal of the bank charter was brought forward in 1833, when the decision of counsel was taken upon the subject, who stated as their opinion that, at any period, banks with an unlimited number of partners might have been established in the metropolis, or within sixty~five miles thereof, provided they did not issue promissory notes payable at a shorter date than six months. It is, perhaps, worthy of re mark that this Act of Parliament had been misunder stood for upwards of a century. The Act of 1833 makes it unlawful for the bank or its agents to issue BANK or ENGLAND. 103 any promissory notes payable on demand, which are not made payable at the place where the same are issued. It is also provided that, “ until Parliament shall other wise direct a tender of a note or notes of the Bank of England, expressed to be payable to bearer on demand, shall be a legal tender to the amount expressed in such note or notes, and shall be taken ‘to be valid as a tender to such amount, for all sums above £5, on all occasions on which any tender of money may be legally made, as long as the Bank of England shall continue to pay on demand their said notes in legal coin ; provided always that no such note or notes shall be held a legal tender of payment by the Governor and Company of the Bank of England, or by any branch of the said Governor and Company. But the said Governor and Company are not to become liable to be required to pay and satisfy, at any branch bank of the said Governor and Com pany, any note or notes not made specially payable at such branch bank ; but the said Governor and Com pany shall be liable to pay and satisfy, at the Bank of England in London, all notes of the said Governor and Company, or any branch thereof.” -Bills of exchange and promissory notes, payable at or within three months after date, are exempted by this Act from the operation of the laws relative to usury?“ It is also ordered by the Act “that an account of the amount of bullion and securities in the Bank of England belonging to the said Governor and Company, and of notes in circulation, and of deposits in the said bank, shall be transmitted weekly to the Chancellor of the Exchequer for the time being ; and such accounts shall be consolidated at the end of every month; and an average state of the bank accounts of the preceding three months, made from such consolidated accounts aforesaid, shall be published every month in the first succeeding London Gazette.” * By an Act (1st Victoria), this exemption has been extended to all bills payable at, or within 12 months after date. 104 JOINT STOCK COMPANIES. It was further determined by the same act that one fourth part of the debt, due from Government to the bank, should be repaid, and that a general court of the proprietors should be summoned, prior to the 5th of October, 1834, to consider the expediency of dividing among the proprietors the portion of the capital so re paid; the option of reducing the capital one-fourth being left by the charter to the proprietors. At the meeting which took place, agreeably to the terms of the act, it was resolved that the capital should not be re duced. In the year 1826, an act was passed (7th Geo. IV., cap. 46, sec. 15), expressly allowing the Bank of Eng land to establish branches in different parts of the coun try; and shortly afterwards, branches were opened at Birmingham, Bristol, Exeter, Gloucester, Hull, Leeds, Liverpool, Manchester, Newcastle, Norwich, and Swansea. The Exeter branch has since been abandoned, and one at Plymouth opened instead. A branch has also lately been established at Portsmouth. The establishment of the branch banks took place at the recommendation of Government, in consequence of the severe losses which had been incurred‘ in various parts of the kingdom by the failure of the country banks in 1825 and 1826. Besides the usual profits of banking business, the Bank of England derives a considerable income as an allowance for the management of the national debt. Previously to 1786, it received from Government £562 10s. per million; in that year the allowance was reduced to £450 per million; in 1808, it was still fur ther diminished to £340 on six hundred millions of the debt, and £300 on all that exceeded that amount, ex clusive of a sum for the management of the terminable annuities. At the last renewal of the charter, it was enacted that £120,000 per annum should be deducted from this allowance. BANK or ENGLAND. 105 The following statement exhibits the expenses and receipts of the corporation during the year ending the 29th of February, 1832 :— PAYMENTS. RECEIPTs. £ - 5 Annual expenses, Forge. interest on Loans and Com. ries, Losses, and sundry mercial Bills ...... 248,321 items ...... __ .. 428,674 Government securities held by the Bank ...... 670,598 Stamp Duty on circulation, Interest on capital received £3,500 per million . . 70,875 from Government .. .. 446,502 Allowance received for the Divided to proprietors, 8 per management of the public cent...... "1,164,255 debt ...... 251,896 Profit on bullion, rent, and Surplus profit ...... 25,392 sundry items .. -. .. 71,859 £1,689,176 £1,689,176 The dates of the several advances to Goverment are as follow :--~ - £ a. d. 1694 - Original subscription, lent at 8 per cent. - - - - - 1,200,000 0 0 1708 - Advanced without interest - - 400,000 0 0 “ - Exchequer bills cancelled - - 1,775,027 17 10 1717 - Ditto ditto - - - 2,000,000 0 0 1722 - Advanced to pay ofi' South Sea stockholders - - - - 4,000,000 0 0 9,375,027 l7 10 1727-8 Received from the Sinking Fund - 1,775,027 17 10 7,600,000 0 0 1728 - Advanced on security of certain duties - - - - - 1,750,000 0 O ,, - Ditto on lottery - - - - 1,250,000 0 O 10,600,000 0 0 106 .rorn'r STOCK COMPANIES. £ 8. d. Amount - - - - 10,600,000 0 0 1728 - Received out of the Sinking Fund - 500,000 1738 - Ditto ditto - - 1,000,000 —_- 1,500,000 0 0 9,100,000 0 0 1742 - Advanced without interest - - 1,600,000 0 0 1746 - Exchequer bills cancelled - - 986,800 0 0 1816 - Advanced at3per cent. - - 3,000,000 0 0 14,686,800 0 0 1835 - Received one-fourth, by transfer of £4,080,000 Reduced 3 per Cents. - - - - - 3,671,700 0 0 Total lent to Government at 3 per cent. - - - - - 11,015,100 0 0 The following particulars relatin to the joint stock banks, established under the act 0 1826, are chiefly taken from the returns made to the committee of the House of Commons in 1836. Bank of Stockport.—Established in 1836: 12,740 shares. £5 paid. No branches. Bank of Birmingham.—Established in 1832: capi tal £500,000, in £50 shares; £10 per share paid. Dividend 10 per cent. per annum on the paid-up capital. No branches. Bank of Liverpool.—Established in 1831: capital £3,000,000, in £100 shares; £10 paid. Dividend 8 per cent. per annum on the paid-up capital. No branches. Bank of Manchester.-——Establishedin 1829 : capital £2,000,000, in £100 shares; £25 paid. Dividend 7 per cent. per annum on the paid-up capital. Three branches, Stockport, Bolton, and Newtown. BANKS. 107 Bank of W’estmoreland.—Established in 1833 at Kendal: capital £250,000, in £100 shares; £10 paid. Last dividend 12s. per share, being the profits of one year. One branch at Ulverston, Lancashire. Barnsley Banking Company.—Established in 1832: capital £300,000, in £100 shares; £10 paid. Dividend 611; per cent. per annum. N0 branches. ’ Bradford Banking Company.—Established in 1827: capital £500,000, in £100 shares; £20 paid. Dividend 10 per cent. per annum upon the amount paid up. No branches. Brarlford Commercial Joint Stock Bank.—Esta blished in 1833' capital £500,000, in £100 shares; £15 paid. Dividend 7 per cent. on the amount paid up. No branches. Birmingham Banking Company.—Established in 1829: capital £500,000, in £50shares; £10 paid. Dividend 10 per cent. on the paid-up capital. No branches. ' Cheltenham and Gloucestershire Bank. — Esta blished in 1836: £500,000 capital, in shares of £50; £5 paid. Dividend 5 per cent. on the paid-up capital. - No branches. Chesterfield and North Derbyshire Banking Com pany.-—Established in 1834: capital £250,000, in £100 shares; £10 paid. Dividend 6 per cent. on the paid-up capital. No branches. Commercial Bank of England.—Established in , 1834: capital £500,000, in £5 shares; 52,000 of \ which have been issued and paid up. Dividend6 per cent. per annum. Eighteen branches. Coventry and Warwickshire-Banking Company. —Established in 1836: capital £400,000, in £50 shares;. £5 paid. Dividend 8 per cent. upon the paid-up capital. One branch. 108 JOINT s'rocx COMPANIES. Coventry' Union Bank.--Established in 1836 : capital £200,000, in 20 shares; £5 paid.‘ Dividend‘ 5 per cent. upon the paid-up capital. No branches. Darlington District Joint Stock Banking Com pany.-—Established in 1832: capital £400,000,- in £100 shares; £15 paid. Dividend 10 per cent. per annum on the paid-up capital. Four branches. Derby and Derbyshire Banking Company.—-Esta blished in 1834: capital £250,000, in shares of £50 each; £10 paid. Dividend 6 per cent. upon the amount paid up. Two branches. Devon and Cornwall Banking Company.-—Fasta blished in 1832: capital £300,000, in £100 shares; £20 paid. Dividend 7 $ per cent. on the paid-up capital. Nine branches. Dudley and West Bromwich. Bank.—Established in 1834: capital £400,000, in £50 shares; £5 paid. Dividend 6 per cent. per annum on the paid-up capital. Two establishments, one at Dudley, and one at West Bromwich. East of England Bank.-Established in 1836: capital £1,000,000, in £20 shares: £10 paid. Four branches. Dividend 5 per cent. Gloucester Count and City Bank.—Established in 1835: capital £1 ,000, in shares of £500 each; £200 paid. Dividend £3 per share. N 0 branches. Gloucestershire Banking Company.—Established in 1831 : capital £500,000, in £50 shares; £10 paid. Dividend 10 per cent. per annum on the paid-up capital. Four branches. Halg'fita: Joint Stock Banking Company—Esta blished in 1829: capital £500,000, in £100 shares; £10 paid. Dividend 12% per cent. upon the amount paid up. No branches. Hampshire Banking Company.—Established in BANKS- 109 1834: capital £300,000, in £50 shares; £5 paid. Dividend 6 per cent. upon the amount paid up. Three branches. Huddersfield Banking Company—Established in 1827: capital £700,000, in £100 shares; £10 paid. Dividend 10 per cent. upon the paid-up capital. No branches. Hull Banking Oompany.—Established in 1833: capital £800,000, in £100 shares; £10 paid. Divi dend 6 per cent. upon the amount paid up. Fifteen branches. Lancaster Banking Co2npany.—Established in 1826: capital £300,000, in £100 shares; 5120 paid. Dividend 10 per cent. upon the paid-up capital. Two branches. Leamington Bank.—Established in 1835: capital £200,000, in shares of £20 each; £5 paid. No branches. Leamington Priors and lVarrvickshire Banking Company-Established in 1835: capital £200,000, in £20 shares; £6 paid. Four branches. Leeds Banking Company.—Established in 1832: capital £1,000,000, in'£100 shares; £15 paid. Dividend 8 per cent. upon the paid-up capital. No branches. Leeds and West Riding Banking Company. Established in 1835: capital £400,000, in £20 shares; £5 paid. Three branches. Leicestershire Banking Company.-—Established'in 1829: capital £500,000, in £100 shares; £15 paid. Dividend 7% per cent. upon the paid~up capital. Four branches. Lickfield, Rugeley, and Tamworth Bank.—Esta blished in 1835: capital £100,000, in £10 shares; £5 paid. Two branches. K 110 JOINT srocx communes. Lincoln and Lindsey Banking Company.—Esta blished in 1833: capital £250,000, in £200 shares ; £20 paid. Two branches. Dividend 10 per cent. Liverpool Albion Bank.—Established in'1836: capital £250,000, in £10 shares; £5 paid. No branches. Liverpool United Trades’ Bank.—Established in 1836: capital £400,000, in £20 shares: £10 paid. No branches. Liverpool Commercial Bank.—Established in 1833: capital £500,000, in £10 shares; £10 paid. Dividend 6% per cent. No branches. Liverpool Union Bank.—Established in 1835: capital £600,000, in £20 shares; £10 paid. No branches. - Manchester and Liverpool District Banking Com pany.-- Established in 1829 : capital £5,000,000, in £100 shares; £15 paid. Dividend 711; per cent. Fourteen branches. Monmouthshire and Glamorganshire Banking Company—Capital £500,000, in shares of £20 each: £10 paid. Dividend 5 per cent. for the half year ending 30th June. National Provincial Bank of England.-—Esta blished in 1834 : capital £1,200,000, in 10,000 shares of £100 each, and 10,000 of £20 each ; £35 paid upon the £100 shares, and £10 upon the £20 shares. Divi dend 5 per cent. upon the paid-up capital. Thirty branches. Newcastle Commercial Banking Company.—Esta blished in 1836: capital £100,000, in £10 shares: £7 10s. paid. Dividend 4 per cent. upon the paid-up capital. Newcastle, Shields, and Sunderland Union Bank. -—-Established in 1836: capital £300,000, in £10 BANKS. 111 shares; £5 paid. Dividend 10 per cent. upon the paid-up capital. Newcastle-npon- Tyne Joint Stock Banking Com pany.--Established in 1836 : capital £500,000, in £25 shares ; £5 paid. Dividend 6 per cent. upon the paid-up capital. Northumberland and Durham District Banking Company.—Established in 1836: capital £500,000, in £10 shares ; £5 paid. Dividend 8 per cent. upon the paid-up capital. North Wilts Banking Company.—Established in 1835: capital £250,000, in £25 shares; £5 paid. Dividend 7 per cent. upon the paid-up capital. Eleven branches. North and South lVales Bank.—Established in 1836, at Liverpool : capital £600,000, in £10 shares; £7 10s. paid. Two branches. Northern and Central Bank of England.—Esta blished in 1834, at Manchester: capital £711,860, in £10 shares; all paid. Twenty-five branches. The assits and liabilities of the bank on 30th June, 1827, amounted as under: AsSETS. LIARILITIES. £ s. d. £ s. d. Gross amount" .. 1,136,807 14 11 Due to Bank of Eng_ land...... 178,53610 3 Deduct the loss sus. Ditto to other credi tained up to this tors, including depo period ...... 112,676 2 6 sits, circulation, and the London and Westminster Bank. 160,461 4 8 £1,024,131 l2 5 £338,997 l4 l1 Balance .. £685,133 17 6 112 JOINT s'rocx COMPANIES. North of England Joint Stock Banking Com pany.—Established in 1832, at Newcastle: capital £500,000, in £25 shares; £20 paid. Dividend £3 68. per cent. upon the paid-up capital. Four branches. Nottingham and Nottinghamskire Banking Com pany.—Established in 1834: capital £500,000, in £50 shares; £10 paid. Dividend 5 per cent. Five branches. Pare’s Leicester-shire Banking Company.—Esta blished in 1800, as a private bank, and converted into a joint stock bank in 1836. Capital £100,000, in shares of £12 108. each; £2 10s. paid. No perma nent branches. Royal Bank of Liverpool.—Established in 1836': capital £2,000,000, in shares of £1000 each ; £400 paid. N 0 branches. Saddleworth Banking Company.-Established in 1806, as a private bank, and converted into a joint stock bank in 1833: capital £300,000, in shares of £50 each ; £5 per share paid. Dividend 7% per cent. upon the paid-up capital. Two branches. Skeflield Banking Company.—Established in 1831 : capital £300,000, in shares of £Q00 each ; £55 paid. Dividend 8 per cent. upon the paid-up capital. One branch. Stamford, Spalding, and Boston Banking Com pany.-—Established in 1832: capital £150,000, in shares of £100 each; £40 paid. Dividend 7% per cent. upon the amount paid up. Stations at the places mentioned in the title of the company, and three branches in addition. Stourbridge aud Kidderminster Bank.—Esta BANKS. 113 blished in 1834 : capital £250,000, in £25 shares ; £7 10s. paid. Dividend 8 per cent. upon the paid-up capital. Establishments at Stourbridge, Kidder minster, and Stratford-on-Avon: £2 10s. was added to the capital from the surplus profits on 28th August, 1837, making the amount paid up £7 10s. Stuchey’s Banking Company.—Established in 1826: capital £300,000, in £100 shares; £20 paid. Dividend £2 per share. Sixteen branches, all in Somersetshire. Sunderland Joint Stock Banking Company. Established in 1836: capital £100,000, in £10 shares; £5 paid. Dividend 5 per cent. upon the paid-up capital. Union Bank of M anchesten—Established in 1826; capital £600,000, in £25 shares; £2 10s. paid. N 0 branches. Wakefield Banking Company.—Established in ‘1832: capital £300,000, in shares of £50 each; £8 paid. Dividend 8 per cent upon the paid-up capital. No branches. Walsall and South Stabfl'ordshire Bank.—Esta blished in 1835: capital £200,000, in shares of £25 each; £5 paid. One branch. Warwick and Leamington Banking Company. Established in 1834: capital £250,000, in shares of £25 each; £5 paid. Dividend 6 per cent. upon the paid-up capital. Five establishments. West of England and South Wales District Bank.—Established in 1834; capital £1,000,000, in shares of £20 each; £10 paid. Dividend 5 per cent. K 3 *mm--‘wdw 114 .rorn'r s'rocx COMPANIES. upon the paid-up capital. Chief ofl'ice at Bristol. Nine branches. lVhitehaven Joint Stock Bank.—Established in 1829: capital £300,000, in shares of £100 each; £10 paid. Dividend 10 per cent. upon the amount paid up. One branch. - Wolverhampton and Stqfi'orolshire Joint Stock Banking Company.—Established in 1832: capital £500,000, in shares of £50 each; £5 paid. Divi dend 6 per cent. upon the paid-up capital. No branches. Wilts and Dorset Banking Company.—Esta blished in 1835: capital £300,000, in shares of £15 each ; £10 paid. Dividend 5 per cent. Twenty-one branches. York Union Banking Company.--Established in 1833: capital £700,000, in shares of £100 each; £10 paid. Dividend 9 per cent. upon the paid-up capital. Four branches. York City and County Banking Company.~-Esta blished in 1830: capital £500,000, in shares of £100 each ; £15 paid. Dividend 12 per cent. upon the amount paid up. Five branches. Yorkshire District Banh.——-Established in 1834: capital £1,000,000, in shares of 20 each ; £15 paid.’ Dividend 8 per cent. upon the capital paid up. Head office at Leeds, eighteen branches. The joint stock banks referred to in the preceding statement, being established at a greater distance from the metropolis than sixty-five miles, have the privilege of issuing promissory notes. The following banks, established in London and its vicinity, are not allowed this privilege. BANKS. 115 London and TVestminster Bank.—Established in 1834: capital £3,000,000, in shares of £100 each; £20 paid. Dividend 5 per cent. upon the paid up. capital. Branches at No. 9, Waterloo-place; 213, High Holborn: 12, ‘Wellington-street, Borough; 87, High-street, Whitechapel; and 155, Oxford-street.As London Joint Stock Bank.—Established in 1836: capital £3,000,000, in shares of £50 each; £7 paid. Oflice, Princes-street, Bank. Middlesex County Bank.—Established in 1836: capital £1,000,000, in shares of £20 each, with power to increase the capital, by additional shares, to £3,000,000. * It was stated in the report laid before the proprietors, at the last annual meeting (the 1st of March, 1837), that the total number of shares issued was 29,864, making a paid-up capital of £597,280. Of these shares 9,333 were issued at a premium of £4 10s., by which the company received the sum of £41,998 108. Out of this the whole of the preliminary and incidental expenses of the bank and branches were discharged, leaving a balance in hand on this account alone of £20,003 19s. 5d., as exhibited in the following statement :— I imagine. EXPENDITURE £ s. d. . :Es. d. Premium on 51,333 shares, Transfer to profit and loss issued at £4 10s. pre. account, forinterest upon mium, on the 15th of the new shares, issued on April, 1836, but to have the 15th of April, with dividend from the 1st of dividend from the 1st of January" ...... 41,998 l0 0 January .. .. __ .. 2,684 16 7 Discharge of the whole of the preliminary expenses at the head offlce and at Westminster, previous to the opening of the bank ; the preliminary and law expenses since incurred, and the preliminary ex penses of four new branches ...... 19,309 14 0 Unappropriated balance -20,003 19 5 £4l,998 l0 0 £41,998 10 0 [For Continuation qf Statement, see next page] 116 JOINT s'roox COMPANIES. Borough of St. M arylebone Bank.—Established in 1836: capital £1,000,000, in shares of £25 each; £5 paid. Chief-oflice, No. 9, Cavendish-square. PROFIT AND LOSS ACCOUNT. .£ s. d. .£ s.. d . Balanceofunap. Payment of a dividend propriated pro. of £5 per cent., upon fits, from the the paid-up capital of 31st of Decem- £597,280, for the year ber, 1835 .. £4,407 6 5 ending the 31st of De Directors’ allow- cember, 1836 .. .'. .. 29,864 0 0 ance .. .. 2,500 0 0 Balance of unappropriated 1,907 6 5 profits ...... 7,027 0 6 Profit of the year 1836, after the payment of all current expenses, and after providing a fund to meet the probable loss on bad and doubtful bills . . 32,298 17 6 Interest on the new shares, allotted at 454 10s. pre mium,asabove .. .. 2,684 16 7 — .____ £36,891 0 6 £36,891 0 6 _- _ Thus the surplus profits, on the 31st of December, 1836, were as under : 46 s. d. Premium on shares ...... 20,003 19 5 Profit and loss account . . - - . . 7,027 0 6 27,030 19 ll Deduct the amount of vote io Directors . . 2,500 0 0 £24,530 19 11 The company have commenced the erection of more extensive premises than those at present occupied, which will occasion a considerable outlay during the present year, the site alone having cost the company £14,250. BANKS. 117 IRELAND. The charter granted by the legislature to the Bank of Ireland prevented the formation ofjoint stock asso ciations circulating promissory notes, prior to the year 1824, when the extension of this exclusive privilege was limited to 50 Irish miles from the city of Dublin. The paper currency of the small towns and villages consisted chiefly of promissory notes and drafts, paya ble on demand, issued by shopkeepers and various petty dealers, and were for the most trifling sums, notes of the value of three-pence, Sixpence, one shil ling, and many intermediate amounts, being almost every where current. It was proved before a committee of the House of Commons, in 1804, that there existed at that period 295 issuers of this description of paper in Ireland. The act of 1824, by allowing the establishment of re spectable joint stock banks in various parts of the kingdom, has been the means of providing a more substantial currency. Bank of I reland.—Established in 1782, and incor porated in the following year by act of Parliament, (21st and 22d Geo. 111., cap. 16). The capital amounted to £600,000, which was lent to government at 4 per cent. interest. The charter was granted until twelve months’ notice should expire, after the 1st of January, 1794. . In 1791 .the charter was renewed until twelve months’ notice from the 1st of January, 1816, and the capital was increased to £1,000,000: the £400,000, thus raised was lent to Government. (31st Geo. 111., cap. 2'2.) In 1797 the capital was increased to £1,500,000, (37th Geo. 111., cap. On the 3rd of March in this year specie payment was prohibited. 118 JOINT srocx COMPANIES. In 1808 the capital was increased to £2,500,000, and the last extension of the charter took place, (48th Geo. 111., cap. 103); the charter expires upon twelve months’ notice being given after the 1st of January, 1837. In 1821 the capital was increased to £3,000,000, by the addition of 20 per cent. to the amount of stock held by each proprietor, from the profits which had accumulated during the continuance of the Restriction Act. The Bank of Ireland has lent to £ s. d. Government at 4 per cent. - 1,615,384 12 4 Ditto at 5 per cent. - - - 1,015,384 12 4 £2,630,769 4 s No allowance is made by Government to the bank for the management of the public debt. The interest paid by the bank of Ireland to the pro prietors, is 8 per cent., having been reduced to that rate, from 9 per cent., in January, 1837. Hibernian Joint Stock Company.-—Established at Dublin, and incorporated by Act of Parliament in 1824. Capital £1,000,000, in shares of £100 each; £25 paid. Dividend 4 per cent. upon the paid‘up capital. This company does not issue notes. National Bank of Ireland.—Established in 1835 : capital £1,000,000, in £50 shares ; £17 10s. paid. Dividend 5 per cent. upon the paid-up capital. Northern Banking Compang—Established in 1824, at Belfast: capital £500,000, in £100 shares. Provincial Bank of I reland.—Established in 1825 : capital £2,040,000, in £20,000 shares of £100 each ; £25 paid, and 4000 of £10 each paid up. Dividend BANKS. 119 8 per cent. upon the amount paid, receivable in January and July. The bank has 36 branches, the chief otfice is in Broad-street, London. The usual annual meeting of the proprietary took place on 18th May, 1837, when the following state ment was made of the condition of the bank, and the amount of profits, for the year ending 25th March, 1837. RECEIPTs. nrssuusnmanTs. at‘ s. 11. .-£ s. 11. Amount of undivided Added to the capital of profits on 26th March, the Bank, in the form 1836 ...... 124,355 811 of new shares of £10 Net profits for the year each, distributed to the ending 25th March, existing proprietors on 1837, after deducting 25th June, 1836, pursu all expenses, and had ant to resolution of or doubtful debts .. 45,943 3 8 a general meeting on 15th June .. .. 40,000 0 0 Dividends to the pro prietors since the last yearly meeting, viz._ On the original £100 shares,.._ At Midsum. mer, 1836 £20,000 At Christ. mas,l836.. 20,000 Onthe new£10 shares, At Christ mas,l836.. 1,600 41,600 0 0 Amount of‘ undivided profits on 25th March, 1837 ...... 88,69812 7 £170,298 12 7 £170,29812 7 SCOTLAND. Joint stock banks of issue have existed for a long period in Scotland, the chartered associations not being possessed of any exclusive rights, as in England and Ireland. The principal banks are the following: 1'20 JOINT s-rocx COMPANIES. Bank o Scotland.-—This is the oldest bank in Scotland, aving been established in 1695, and incor porated by the Scottish Parliament in the same year: the capital amounted to £1,200,000 Scots, or £100,000 sterling. The bank was to possess the exclusive pri vilege of issuing notes in Scotland for 21 years. In 1699 the company commenced the issue of notes of twenty shillings Scots, or twenty pence sterling, hav ing previously issued none of a less amount than £5 Scots, or 8s. 4d. sterling. In 1704, in consequence of a sudden run upon the bank for specie, a temporary stoppage of payment took place, the directors imme diately laid a statement of the financial condition of the corporation before the ‘Scottish privy council, which issued a public notice of the satisfactory state of the concern, and thus preserved the credit of the bank. The company granted interest upon their notes in circulation, until they were in a fit state to renew cash payments. The landing of Prince James, in 1715, occasioned a similar disaster, which, however, was remedied with as little difficulty as the stoppage in 1704. Another suspension of payment was threat ened in 1727, upon the establishment of the Royal Bank, which, by expending its capital in procuring the notes of the Bank of Scotland, and presenting them suddenly for payment, reduced the company to great difficulties. Its credit was sustained by allow ing interest upon all outstanding notes. The bank of Scotland has now sixteen branches, and the capital amounts to £1,500,000, sterling, in shares of £125 each, whereof £1,000,000 is paid up, or £83 6s. 8d. upon each share. The dividend is £6 per share. British Linen Company of Edinburgk.—Esta~ blished in 1746, and incorporated by Act of Parlia ment. It was intended as an association for the manufacture of linen, but now acts only as a banking BANKS. 121 company. The capital is £500,000 sterling, in £100 shares, all paid. The dividend is 8 per cent. per annum. It has twenty-seven branches. Royal Bank of Scotland—Established in 1727, and incorporated by royal charter. The capital was originally £150,000 sterling, which has since been increased to £2,000,000, in £100 shares, all paid. The dividend is 5% per cent. per annum. The pro jectors of this bank were the proprietors of a large sum of money, called the equivalent, which was paid to Scotland by this country at the Union, as a com pensation for the increased taxation of the former country, which then took place. Four branches. Commercial Bank.—Established in 1810, and in corporated by royal charter : capital £3,000,000, in £500 shares; £100 paid. Dividend £6 per share. Forty-three branches. Glasgow Union Bank.—-Capital £2,000,000, in £250 shares; £50 paid. Dividend 6 per cent. upon the paid-up capital. National Bank of Scotland.—Established in 1825: capital £5,000,000, in shares of £100 each; £10 paid. Dividend 6 per cent. upon the paid-up capital. Eight branches. Western Bank 0 Scotland.—Capital £4,000,000, in £200 shares; 30 paid. Dividend 5 per cent. upon the paid-up capital. There are numerous other banking companies in Scotland, the shares of which are but little known in the London market. 122 JOINT srocx COMPANIES. Companies formed in London for establishing banks in foreign parts. Bank of Australasia.*—Established in 1835, and incorporated by Royal charter: capital £400,000, in shares of £40 each; £40 paid upon 5,000 shares, and £10 upon the remainder. The responsibility of the proprietors is limited by the charter to double the amount of their respective shares. A dividend of 4 per cent. for the half year ending 30th June, 1837, was declared on the 5th June upon the original shares.-|~ * There are several other Banks established in Australia by local companies; the following have been opened at Sydney, New South Wales, for a considerable time :— Capital. Shares of Dividend. £ £ Per cent. Bank of New South Wales . . 150.000 100 21% Bank of Australia . . . . 220,000 100 24 Commercial Bank of Sydney. . 300,000 100 I5 Bathurst Bank...... 10,000 10 In the new colony of South Australia, the South Australian Company have established a bank, which allows 5 per cent. interest upon all deposits amounting to £1. + Return of the aggregate average amount of the liabilities and assets of the bank of Australasia, as well in England as in the Australasian Colonies, from the 11th of April, 1836, to the 10th of October, 1836. Published pursuant to the Royal char ter of incorporation. £ a. d. Bills in circulation, not hearing interest 98,728 3 5 Notes ditto ditto 25,181 19 ll Bills and Notes in circulation, bearing interest ...... Balances due to other banks . . . . 162 15 4 Cash deposited, not bearing interest. . 61,714 0 4 Ditto, bearing interest . _ . . 7 4,497 1 2 Total liabilities of the corporation £260,284 0 ‘2 BANKS. 123 Bank of British lVm-th America."-—Established in 1836: capital £1,000,000, in shares of £50 each; £20 per share paid. Incorporated by Act of Parlia ment. It is provided by the deed of settlement, that should one-third of the capital be lost, a general meet ing of the shareholders is to be convened to determine upon the propriety of dissolving the company. £ s. d. Coin and Bullion ...... 113,007 8 5 Landed property of the corporation . . 1,307 13 10 Bills of other banks ...... Balances due from other bank . . 1,230 12 9 Debts due to the corporation, includ ing notes, bills, and government se curities ...... 341,616 4 5 Total assets of the corporation .. £457,161 19 5 * In most of the British Possessions in North America, Banks have been established by Joint Stock Companies. The following was the condition of the Banks of Upper and Lower Canada, on the 1st of January, 1834. P2251311. Circulation. Specie. UPPER CANADA‘ * g $ Bank of Upper Canada, Toronto ...... 731,390 793,634 198,613 Commercial Bank, King ston ...... 361,910 325,601 91,552 LO‘VER CANADA. Quebec Bank . . . . 100,000 197,010 84,444 Bank of Montreal . . 1,000,000 761,191 295,483 City Bank of Montreal . . 336,486 136,741 60,976 In May, 1837, the whole of these banks, as well as those of the United States, suspended specie payment with the consent of the Colonial Government. -—_'Tlw“\m \ V 124 JOINT srocx COMPANIES. Colonial Bank.—Established in 1836, and incor porated by Royal charter: capital £2,000,000, in shares of £100 each; £25 paid. This association was formed for the purpose of establishing banks in the British West Indies; it will issue notes payable in dollars on demand. The responsibility of the shareholders is limited by the terms of the charter, to the amount of their respective shares. Banks were to be opened on the 1st of May, 1837, in Jamaica, Barbadoes, British Guana, Trinidad, and St. Thomas. British and Foreign Banking Company.—Esta blished in 1836, for the purpose of granting letters of credit upon agents in all parts of the world. Capital £1,000,000, 1n £100 shares; £3 paid. Oflice, 32, Lombard-street. Union Bank qfAustralia.—Established in 1837. Capital £500,000, in shares of £25 each. BANKS. 125 An Account of the Liabilities and Assets of the Bank of England, on the last day of February in each year, from 1778 to 1832 inclusive. Rest, or Date. Circulation. Deposits. I Securities. Bullion. undivided profits. _ .36 :8 5_. .;6 36 1 778 Feb. 28 7,440,330 4,662,150 11,220,520 2,010,690 1779 .. 9,012,610 4,358,160 10,935,910 3,711,150 1780 . 29 8,410,790 4,723,890 10,901,030 3,581,060 1781 28 7,092,450 5,796,830 1 1 ,l86,140 3.279.940 1782 8,028,880 6,130,300 13,794,070 2,157,860 1783 7,675,090 4,465,000 12,795,780 1,321,190 1784 6,202,760 3,903,920 11,619,220 655,840 1785 5,923,090 6,669,160 12,172,490 2,740,820 1786 7,581,960 6,151,660 10,353,240 5,979,090 1787 8,329,840 5,902,080 1 1,359,050 5,626,690 1788 9,561,120 5,177,050 1 1,864,510 5,743,440 1789 , 9,807,210 5,537,370 10,960,690 7,228,730 2,844,840 1790 ,, 10,040,540 6,223,270 10,332,120 8,633,000 2,701,310 1791 1 1,439,200 6,364.550 12,602,640 7,869,410 2.668,300 1792 11,307,380 5,523,370 13,068,560 6,468,060 2,705,870 1793 11,888,910 5,346,450 16,005,250 4,010,680 2,780,570 1794 10,744,020 7,891,810 14,524,550 6,987,] 10 2,875,830 1795 14,017,510 5,973,020 16,81 1 ,340 6,127,720 2,948,530 1796 10,729,520 5.702360 17,139,840 2,539,630 3,247,590 1797 .. 9,674,780 4,891,530 16,837,750 1,086,170 3,357,610 1798 ,, 13,095,830 6,148,900 16,799,500 j-_-*-——_- 5,828,940 3,383,710 1799 ,, 12,959,800 8,131,820 17,039,030 7,563,900 3,51 1,310 1800 ,, 16,844,470 7,062,680 21,424,050 6,144,250 3,661,150 1801 ,, 16,213,280 10,745,810 26,424,730 4,640, 1 20 4,105,730 1802 ,, 15,186,880 6,858,2l0 21,959,820 4,152,950 4,067,680 1803 ,, 15,319,930 8,050,240 23,914,900 3,776,750 4,321,480 1804 17,077,1330 8,676,830 26,998,970 3,372,140 4,616,450 1805 17,371,170 12,083.620 28,661 ,390 5 883,800 4,590,400 1806 17,730,120 9,980,790 26,591,070 5,987,190 4,867.350 1807 16,950,680 11,829,320 27,408,460 6,142,840 4.771,300 1808 18,188,860 1 1,961,960 27,384,080 7,855,470 5,088,730 1809 18,542,860 9,982,950 29,1 18,200 4,488,700 5,081,090 1810 21,019,600 12,457,310 35,378,580 3501,410 5,403,080 1811 23,360,220 1 1,445,650 37,122,350 3,350,940 5,667,420 1812 23,408,320 1 1595.200 38,026,290 2,983,190 6,005,960 1813 23,210,930 1 1,268,180 37,930,950 2,884,500 6,336,340 1814 24,801,080 12,455,460 41,989,910 2,204,430 6,937,800 1815 27,261,650 1 1,702,250 44,558,500 2,036,910 7,631,510 1816 27,013,620 12,388,890 43,401,310 4,640,880 8,639,680 1817 27,397,900 10,825,610 34,278,630 9,680,970 5,736,090 1818 , 27,770,970 7,997,550 30,905,330 10,055,460 5,192,270 1819 25,126,700 0,413,370 31,455,000 4,184,620 4,099,550 1820 23.484,110 4,093,550 26,187,490 4,91 1,050 3,520,880 1821 23,884,920 5,622,890 20,796,270 1 1 ,869,900 3,158,360 1822 .. 18,665,350 4,689,940 15,973,080 11,057,150 3,674,940 1823 ,. 18,392,240 7.181.100 18,319,730 10,384,230 3,130,620 1824 19,736,990 10,097 850 18 872 000 13,810,060 2,847,220 1825 20,753,700 10,168,780 24,951,330 8.779 100 2,807,890 1826 25.467.910 6,935,940 32,918.580 2459.510 2 974,240 1827 21,890,610 8,80l ,660 23,529,530 10.159.020 2,996,280 1828 :29 21 ,980.710 9,198,140 23,581,270 10347. 290 2749,710 1829 .28 19,870,850 9,553,960 25,384,750 6,835,020 2,794,960 1830 20,050,730 10,763,150 24,204,390 9.171.000 2,561 ,51 0 1831 28 19,600,140 11,213.530 25,208,980 8,217,050 2,612,360 1832 29 18,051,710 1 8,937,170 24,333,490 5,293,150 2,637,760 L3 126 JOINT STOCK COMPANIES. Statement of the average Amount of the Issues, Deposits, Se curities, and Bullion of the Bank of England, according to the monthly publications in the London Gazette, per 3rd and 4th William IV., c. 98. Average in Rest, or the Quarter Circulation. Deposits. Securities. Bullion. undivided ending profits. 1834. £ .£ .'£ .£ 56 July .. 29 19,110,000 15,675,000 28,502,000 8,598,000 2,315,000 Aug. __ 26 19,147,000 15,994,000 23.679.000 8,272.000 2.420.000 Sept. .. 23 19,126,000 14,754,000 29,691.000 7.695.000 2,506,000 Oct. .. 21 18,914,000 13,514,000 27,840,000 7,123.000 2.535000 Nov. ., 18 18,694,000 12,669,000 27,139,000 6,781,000 2,556,000 Dec. .. l6 18,301.000 12,256,000 26,362,000 6,720,000 2,522,000 1835. Jan. _- 13 18,012,000 12,585,000 26,390.000 6,741,000 2,534,000 Feb. __ 10 18099000 12,535,000 26,482,000 6,693,000 2,541,000 Mar. __ 10 18,311,000 12,281,000 26,657,000 6,536,000 2,601,000 April -- 7 18,591,000 11,299,000 26,228,000 6,329,000 2,677,000 May _- 5 18,542,000 10,726,000 25,764,000 6,197,000 2,693,000 June __ 2 18,460,000 10,568,000 25,562,000 6.150.000 2,684,000 .. -- 30 18,315,000 10 954,000 25,678,000 6,219,000 2,628,000 July - - 28 18,322.000 11,561,000 26,244,000 62 83, 000 2,644.000 Aug. -_ 25 18,310,000 12,308,000 26,964,000 6,326,000 2,642,000 Sept. -- 22 18,240,000 13,230,000 27,888,000 6,261,000 2,679,000 0ct-. .. 20 17,930,000 14,227,000 28,661,000 6186,0-00 2,690,000 Nov 17 17,549,000 16,180,000 30,069,000 6.305.000 2,645,000 Dec -- 15 17,321,000 17,729,000 31,048,000 6,626,000 2,624,000 1836. Jan. .. 12 17,262,000 19,169,000 31,954,000 7.076000 2,599,000 Feb, .. 9 17,427,000 18.366,000 31 ,022,000 7,471,000 2,700,000 Mar. . 8 17,739,000 16,966,000 29,806,000 7.701.000 2,802,000 April . 5 18,063,000 14,751,000 27,927,000 7,801.000 2,914,000 May . . 18,154,000 13,747,000 27,042,000 7.782.000 2.923.000 .. .. 31 18,051,000 13.279000 26,534,000 7,663,000 2,873,000 June -. 28 17,899,000 13.810000 27,153,000 7,362.000 2.806.000 July .. 26 17,940,000 14,495,000 28,315,000 6,926,000 2,806,000 Aug. .. 23 18,061,000 14,796,000 29,345,000 6,325,000 2.813.000 Sept. . 20 18,147,000 14,1 18,000 29,406,000 5,719.000 2,860,000 Oct. - 18 17,936,000 13,324,000 28.S45,000 5,257.000 2842,000 Nov .. 15 17,543,000 12,682,000 28,134,000 4,993 000 2,902,000 Dec. -. 13 17,361,000 13,330,000 28,971,000 4,545,000 2,825.000 1837. Jan. .. 10 17,422,000 14,354,000 30,365,000 4,287,000 2.676.000 Feb. .. 7 17,868,000 14,230,000 31,085,000 4,032,000 3,019,000 Mar. .. 7 18,178,000 13,260,000 30,579,000 4,048,000 3,152,000 Apr ., 4 18,432,000 11,192,000 28,843.000 4.071.000 3,290,000 May .. 2 18.430000 10,472,000 28.017,000 4,190,000 3.245.000 __ __ 30 18,419,000 10.422.000 27.572.000 4,423,000 3154,000 June .. 27 18.202000 10,424,000 26,932,000 4,750,000 3,056,000 July .. 25 18,261,000 10.672.000 26.727 010 5.226.000 3,020,000 Aug. __ 22 18,452,000 11,005.000 26.717,000 5.754.000 3,004,000 Sept. -- 19 18,814,000 11,093,000 26,605,000 6,303,000 3,001,000 BANKS_—-BRIDGES. 127 An Account of the aggregate amount of Notes circulated in England and Wales by Private Banks, and by Joint Stock Banks and their branches, from Returns directed by 3d and 4th w.1v., c. 83. Quarters ending. 11,3221‘: “$2,512? Total. .6 £ £ 1833. December 28 . . .. 8,836,803 1,315,301 10,152,104 1834. March 29 . . . . 8,733,400 1,458,427 10,191,827 ,, June 28 . . . . 8,875,795 1,642,887 10,518,682 ,, September 27 . . . . 8,370,423 1,783,689 10,154,112 ,, December 28 . . . . 8,537,655 2,122,173 10,659,828 1835. March 28 . . . . 8,231,206 2,188,954 10,420,160 ,, June 27 . . . . 8,455,114 2,484,687 10,939,801 ,, September 26 . . . . 7,912,587 2,508,036 10,420,023 ,, December 26 . . . . 8,334,863 2,799,551 11,134,414 1836. March 26 . . . . 8,353,894 3,094,025 1 1,447,919 ,, June 25 . . . . 8,614,132 3,588,064 12,202,196 ,, September 24 . . . . 7,969,121 3,969,121 11 ,938,242 ,, December 31 _ . . . 7,753,500 4,258,197 12,01 1,697 1837. April 1 . . . 7,275,784 3,755,279 ‘ 11 ,031 ,003 ,, July 1 . . . . 7,187,673 3,684,764 ‘ 10,872,437 BRIDGES. Hammer-smith Suspension.—Completed in 1827 : 1,600 shares, of £100 each. Dividend £1 per share. Hungerford and Lambeth Saspension.--Act of Parliament granted in 1836: capital £100,000 in shares of £25 each. Intended as a foot bridge over the Thames, from Hungerford Market to the oppo site shore. Metropolitan Suspension.—Act of Parliament granted in 1836: capital £150,000, in shares of £30 each. 128 :omr s'rocx COMPANIES. To cross the Thames from Market-street, Westminster, to Church-street, Lambeth. Southwark I1'on.—Length 850 feet, 7,231 shares; £63 2s. 801. paid; and 1,700 shares of £50 each. Dividend uncertain, but very small. Waterloo.-—A1nount raised by shares £1,000,000. Debt contracted by the issue of bonds bearing 5 per cent. interest £60,000. The length of the bridge is 1,326 feet. The amount of tolls collected during the half-year ending the 1st of June, 1837, was £6,672; the expenses during the same period amounted to £1,073. VauavImll.-—Length 806 feet 5 5,848 shares, on which £70 10s. 3d. has been paid. Dividend 17s. per share. CANALS. Nearly the whole of the canals of England, extend ing collectively upwards of 2,200 miles, have been con structed within the last sixty years. It is said that there is no spot south of Durham, which is more than 15 miles distant from water communication. The fol lowing is a summary of the principal English canals, the shares of which are marketable in London. Ashby-de-la-Zouck.—Commences at Ashby-de-la Zouch, and oins the Coventry Canal at Marston-bridge. Completed in 1805; length 26% miles; 1,482 shares of £113 each. Dividend £4 per share. Ashton and Oltlham.—Connects the towns of Man chester and Ashton-under-Lyne. Completed in 1805; length with branches 14 miles; 1,766% shares of 8997 18s. each. Dividend £8 per share. CANALS. 129 Barnsley.—Commences at Barnsley, Yorkshire, and joins the river Calder near Wakefield. Completed in 1799; len ll 15 miles; 720 shares of £160 each. Dividend 13 per share. Basingstoke.—Connects Basing-stoke with the river Wey. Completed in 1796; length 37 miles; 1,260 shares of £100 each. Birmingham.—Connects Birmingham with the Staffordshire and Worcestershire Canal. Length 22 miles; 8,000 shares of £79 58. each. Dividend £9 16s. per share. Birmingham and Liverpool Junction.—Runs from the Staffordshire and Worcestershire Canal, near Tet tenhall, to the Chester Canal, near Acton. Length 39 miles; 4,000 shares of £100 each. Brecknock and Abergavenny.—Connects Brecknock with the Monmouthshire Canal. Length 33 miles ; 1,005 shares of £150 each. Dividend £5 per share. Bridge'mate'r and Taunton.—Connects Taunton with the river Parret, near Bridgewater. Length 12% miles; 600 shares of £100 each. Carlisle.—Commences at Carlisle and terminates in the Solway Frith. Length 11 miles; 1,600 shares of £21 108. each. Cheste1_'field.—C0nnects Chester-field with the river Trent, near Stockwith. Length 46 miles; completed in 1776; 1,500 shares of £100 each. Dividend £9 per share. Coventry.—Connects Coventry with the Trent and Mersey Canal. Length 32 miles; com leted in 1790; 500 shares of £100 each. Dividend 46 per share. Cromford.—Connects Cromford with the Erewash Canal. Length 18 miles; 460 shares of £100 each. Dividend £17 per share. 130 JOINT s'rocx courssms. Derby.—Connects Derby with the Trent and Mersey Canal. Length with branches 21 miles; completed in 1;}794; 600 shares of £100 each. Dividend £7 per 8 are. Dudley.-Runs from the Worcester and Birming ham Canal, near Selly Oak, and joins the Birmingham Canal near Tipton Green. Length with branches 15 111111165; 2,060 shares of £100 each. Dividend £4 per s are. ' Ellesmere and Chester.—Connects the Montgomery Canal with the river Mersey, near Ellesmere. 1Length 61 miles; 3,575 shares of £133 each. Dividend £3 15s. per share. .Erenaash—Commences at the Cromford Canal near Langley Bridge, and terminates in the river Trent. Length with branches 16 miles; 231 shares of £100 each. Dividend £40 per share. Glamorganshire.—Connects Merthyr Tydvil with the river Taff, near Penarth Harbour. Length 25 miles; completed in 1794; 600 shares of £172 13s. 4d. each. Dividend £13 138. 4d. per share. Grand Junction.—Commences at Braunston, in Northamptonshire, where it joins the Oxford Canal, and runs into the Thames at Brentford. Length with branches 130 miles; completed in 1805; 11,600 shares of £100 each. Dividend £12 per share. Grand Surrey.—Commences at Camberwell and runs into the Thames at Rotherhithe. Length 4 miles ; 1,521 shares of £100 each, besides which the company have borrowed £120,000, at 4 per cent. by the issue of bonds. Grand Trunk.—See Trent and Mersey. Grand Union.—Runs from the Leicester and Northampton Union Canal, about 4 miles from Market Harborou h, and joins the Grand Junction Canal at Long Buc by. Length 45 miles; completed in 1814; 2:849 shares of £100. Dividend £1 per share. -_A_. ‘4 CANALS. 131 Grantham.—Connects Grantham with the river Trent, at Nottingham. Length 30 miles ; 749 shares of £150 each. Dividend £10 per share. Hudders eld.—Connects Huddersfield with the Ashton an Oldham Canal. Length 20 miles; 6,238 shares of £57 6s. 8d. each. Dividend £2 per share. Kennet and Avon.--Commences at Newbury and joins the river Avon, at Bath. Length 57 miles; completed in 1810; 25,328 shares of £40 each. Dividend £1 5s. per share. Lancaster.—Commences at Kirby Kendal, and passes through Lancaster to Preston; here it ceases for 4% miles, when it recommences and roceeds to Wigan, joining the Leeds and Liverpool anal; the commu nication over the part where the navigation is inter rupted, is carried on by means of a railway. Length includin railway 76 miles; 11,700 shares of £47 6s. 8d. each. Dividend £1 5s. per share. Leeds and LiverpooL—Runs from the Aire and Calder navigation at Leeds, and terminates at Liver pool. Length 127 miles; completed in 1816; 2,880 shares of £100 each. Dividend £20 per share. Ditto (Leigh Branck. )—Length 7 miles ; 182 shares of £80 each. Dividend £16 per share. Leicester and Northampton Union.—Commences at Leicester, and terminates in the Grand Union Canal, with a branch to Market Harborough. Length 21 miles; completed in 1800 ; 1,897 shares of £83 109. each. Dividend £4 10s. per share. Loughborougk.—70 shares of £142 17s. 6d. each. Dividend £110 per share. M accle._sfield.—Connects the Peak Forest Canal with the Trent and Mersey Canal. Length 29% miles ; 3,000 shares of £100 each. Dividend £2 per share. 132 JOINT STOCK COMPANIES. Manchester, Bolton, and Bury.--Connects these towns with the Mersey and Irwell navigation. Length 15 miles; 477 shares of £250 each. Divi dend £6 per share. Monmouthsh-ire.—Runs from the river Usk, near Newport, into the Brecknock and Abergavenny Canal. Length 18 miles; 2,409 shares of £100 each. Dividend £10 per share. Montgomeryshire.—Connects the Ellesmere and Chester Canal wtth the river Severn at Newtown, Montgomeryshire. Leniglth 27 miles; 700 shares of £100 each. Dividend 10s. per share. N eatk.-—Connects the towns of Neath and Abernant, in Glamorganshire. Length 14 miles; completed in 1798; £247 shares of 100 each. Dividend £16 per share. North Walsham and Dilham.—Connects Nort Walsham with the Ant. Length 7 miles; 600 shares of £50 each. Nottingham.—Connects the Cromford Canal with the river Trent, near Nottingham. Length with branches 17 miles; completed in 1802; 500 shares of £150 each. Dividend £12 per share. Oakham.—Connects the town of ()akham with the Melton Mowbray Canal. Length 15 miles; com pleted in 1803; 522 shares of £130 each. Dividend £2 per share. Oxford-Connects the Coventry Canal with the Thames, at Oxford. Length 88-miles; completed in 1790; 1,786 shares'pf £100 each. Dividend £30 per share. Peak Forest. —Connects Peak Forest with the Ashton and Oldham Canal. Length 15 miles; com pleted in 1800; 2,400 shares of £78 each. ' Dividend £5 per share. CANALS. .133 Portsmouth and Arundel.—Connects the river Arun with Chichester Harbour. Length, with branches, 16 miles; 2,520 shares of £50, and 2,000 of £25 each. Regent’s.—Connects the Grand Junction Canal with the river Thames at Limehouse. Length 8% miles ; 21,418 shares of £33 17s. 6d. each. Dividend 12s. per share. Rochdale.—Connects the river Calder with the Duke of Bridgewater’s Canal at Manchester. Length 31 5 miles; 5,669 shares, of £85 each. Dividend £6 per share. Shrewsbury.--Connects Shrewsbury with the Shrop shire Canal. Length 17 miles; 500 shares of £125 each. Dividend £16 per share. Shropshire—Runs from the Donnington Canal into the river Severn. Length 7% miles; completed in 1792; 500 shares of £125 each. Dividend £8 per share. Somerset.—Connects several of the collieries of this county with the Kennet and Avon Canal. Length 9% miles; 800 shares of £150 each. Dividend £9 10s. per share. Stafl'ordshire and Worcestershire.-Connects the Trent and Mersey Canal with the river Severn, at Stour ort. Length 46;‘; miles; completed in 1772; 700 s ares of £140 each. Dividend £40 per share. Stoyrbridge.—Connects Stourbridge with the Staf fordshire and Worcestershire Canal; 300 shares, of £145 each. Dividend £12 per share. S tratford-upon-Avon.—Connects Stratf'ord with the Worcester and Birmingham Canal. Length 23% miles; 3,647 shares of £79 108. each. Dividend £2 per share. Str0udn>ater.—Runs from the river Severn, near Framibrad, Gloucestershire, joining the Thames and evern Canal near Stroud. Length 8 miles; 200 hares of £150 each. Dividend £24 per share. M 134 JOINT STOCK communes. Swansea.—Connects Swansea with Pen Tawe, Breconshire. Length 17 miles; completed in 1798; 533 shares of £100 each. Dividend £15 per share. Tavistock.—Connects Tavistock with the river Tamar. Length, with branch, 6 miles; completed in 1817; 350 shares of £100 each. Dividend £2 per share. Thames and Severn.—Commences near Stroud, where it joins the Stroudwater Canal, and unites with the Thames and Isis navigation at Lechlade, Gloucestershire. Length 30 miles; completed in 1789; 2,450 shares of £100 each. Dividend £1 10s. per share. Thames and Medrvay.—Runs from the river Med way, near Rochester, and enters the Thames at Graves end. Length 7 miles; 4,805 shares of £30 48. 3d. each; and 3,344, of £3 10s. each. Trent and Mersey, or Grand Trunk. -- Com mences at the union of the Derwent and Trent, and runs into the Duke of Bridgewater’s Canal, at Pres ton brook, communicating in its course with several other canals. Length 93 miles ; completed in 1777 ; 2,600 shares of£50 each. Dividend £32 10s. per share. Warwick and Birmin ham.—Connects Warwick with the Birmingham anal. Len th 22; miles; completed in 1799; 1,000 shares of 100 each ; and 1,000 of £50 each. Dividend £15 per cent. upon the amount paid up. Warwick and Napton.—Connects the Warwick and Birmingham Canal with the Oxford Canal at N apton. Length 14 miles; completed in 1799; 980 shares of £100 each. Dividend £12 per share. Wey and Arun.—Runs from the river Wey, near Guildford, and joins the river Arun. Length 18 miles; 905 shares of £110 each. Dividend £1 per share. DOCKS. 135 Wilts and Berks.-Runs from the Thames, at Abingdon, and enters the Kennet and Avon Canal at Seming'ton. Length, with branches, 52 miles; 5,000 shares, of £67 10s. each. Dividend £1 28. per share. Wisbeack.—Connects the river Nene, at Wisbeach, with the Old River, at Antwell. Length6 miles; 126 shares, of £105 each. ' Worcester and Birmingham.—Commences at Bir ' mingham, where it joins the Birmingham Canal, unit ing with the river Severn, near Worcester. Length 29 miles; 6,000 shares, of £78 each. Dividend £4 per share. Wyrley and Essington.—Runs from the Coventry Canal, near Huddersfield, and joins the Birmingham Canal. Length 24 miles; 800 shares, of £125 each. Dividend £3 per share. DOCKS. PORT OF LONDON. CommerciaL—These were the first docks constructed in the port of London, and were originally intended for the reception of vessels engaged in the Greenland fish ery ; but as nearly the whole of these ships now enter other ports, they are chiefly used by vessels employed in the corn and timber trades. The Commercial Docks occupy an extent of about 49 acres, upon the south side of the river, near Rotherhithe. Capital stock £313,250. Dividend 3 per cent., besides the sum of £27 ,600, raised by the issue of bonds, bearing 4 per cent. interest. East Country.—These docks were constructed in 1807, for vessels engaged in the European timber trade. They occupy a site of about 65 acres in extent, adjoin ing the Commercial Docks: 1,038 shares, of £100. 136 JOINT srocx COMPANIES. East India.--These docks occupy an area of ‘about 30 acres. They are situated at Blackwall, and were constructed for the reception of vessels in the East India trade. Capital stock £623,334 108. 11d. Dividend 6 per cent. St. K atharine’s.~The first stone of these docks was laid on the 3d of May, 1827, and they were partially opened on the 25th of October, 1828. The extent of the premises belonging to the company is about 24 acres, 11% of which are occupied by wet docks, capable of containing from 150 to 160 ships at one time. Capital stock £1,352,800. Dividend £4 10 per cent. ; besides which the company have raised, by the issue of bonds, £200,000, at 4 per cent., and £500,000 at 4% per cent. London.—These docks were commenced in 1801, and opened in 1805. The whole area is 71 acres, containing three wet-docks, of an aggregate extent of upwards of 28 acres. The large outlay in the construction of these docks was chiefly occasioned by the compensation which the act of incorporation obliged the company to make to wharfingers, lighter-men, and others, whose trade would be injured by the erection of the docks, and also on account of the valuable property which formerly occu pied the site. Capital stock £3,238,310 5:. 10d. Di‘ vidend £2 10s. per ‘cent. Raised bythe issue of bonds bearing 4 per cent. interest, £700,000 in addition. West India.—Commenced'in the year 1800,‘ for the reception of vessels in the West India trade. The ex tent of the water area is upwards of 60 acres, capable of containing 500 large merchant ships. Formerly all vessels engaged in the West India trade were compelled by the charter, granted to the'company, to unload in these docks; but this regulation is no longer in force. Capital £1,380,000. Dividend 41; per cent. GAS-LIGHT AND coxn commmns. 137 GAS-LIGHT AND COKE COMPANIES. These companies originated in the year 1804, when Mr. Winsor, a German, obtained a patent for his im provements in the manufacture of gas, and projected an association for the purpose of illuminating the streets of London, called the National Light and Heat Company. In 1809, this association applied to Parliament for a charter, which was refused; but in the following year the application was renewed, and an act of incorporation granted; the company was then styled the Chartered Gas Company, and still exists under the same title, with an increased capital and on a more extensive scale, having now three establishments, one at Westminster, another at Worship-street, and the third at Brick-lane; the gas from these stations is distributed over the city through about 120 miles of pipe. The quantity of coals con verted into coke is about 20,000 chaldrons annually. The following statement relates to the gas companies established for the purpose of lighting the metropolis: the shares in the provincial gas companies are but little known in the London market. “HM Number of Amount o Amount Dividend Name of Company. paid on each upon the paid Shares. Share. Shara up capital. £ £ .9. Per cent. British...... 5,000 40 16 0 7% Chartered ...... 12,000 50 50 0 6 Ditto New ...... 6,000 50 10 0 6 City of London .. 1,000 100 100 0 10 Ditto New ...... 1,000 100 60 0 10 Equitable ...... 4,000 50 47 10 4% Imperial‘ . . . . . 10,000 50 50 0 5 Independent . . . . 2,350 30 30 0 6 Phmnix ...... 9,000 50 39 0 3 Raiclifi' ...... 1,000 100 80 0 4 SouthMetropolitan 4,000 50 19 0 United General . . 8,200 50 46 0 5 * This company has raised, by the issue of bonds bearing 4 per cent. inter est, £85,000, in addition to the subscribed capital. M3 138 .rom'r STOCK communes. LAND AND AGRICULTURAL COMPANIES. Australian Agricultural.—This association was formed in 1824, for the purpose of farming on an ex tensive scale in various parts of New South Wales; it now raises a considerable quantity of wool, which is brought to this country for sale; and is besides pos sessed of some valuable coal-mines and salt-works. Capital £1,000,000, in £100 shares; £27 10s. per share paid. Dividend 15s. per share. British American Land.—Incorporated by Act of Parliament in 1834: ca ital £300,000, in shares of £50 each; £18 paid. ividend 4 per cent. upon the paid-up capital. The charter granted to this associa tion is one of the grievances complained of by the Government of Lower Canada, the lands being dis posed of by the company on a difl'erent tenure to that by which all lands are held according to the ancient laws of the province. The land possessed by this com any is entirely situated in the eastern townships of ower Canada, on the south side of the river St. Lawrence; the total extent purchased of the British Government was 1,219,118 acres, averaging 3s. 2d. per acre, making the cost of £192,847, pay able by instalments. The sales of land by the com pany to the 1st of January, 1837, amounted to 36,900 acres, producing on an average 9s. 2d. per acre, on which there was consequently a profit of upwards of £11,000. Canada Land—This company was incorporated by Act of Parliament, and Royal Charter in 1826, for the purpose of disposing of forest land in Upper Canada; the total extent of land purchased by the asso ciation of the British Government, was 2,484,000acres, the cost of which was £348,000, or about 2s. 9d. per acre, to be paid by sixteen annual instalments, ending LAND AND AGRICULTURE. 139 in the year 1842; of this sum the company has paid £185,000, and there is still due to Government £163,000, of which £45,000 is to be expended by the company in the improvement of the colony. A portion of this sum, amounting to £26,600, having already been aid, the net amount due from the company to (government is £137,000. The sales of land to emigrants during the year 1836 were as under :— s. d. 40,077 acres, Crown reserves, averaging 12 4 per acre. 50,030 ,, Huron Tract ,, 10 8 ,, and a few town lots, in all producing £52,067 cur rency. The amount of bills in the hands of the company for land sold, secured u on the improved lands, on the 29th of March, 183 , was £154,000, and the interest due thereon was about £25,200. The capital of the company is £1,000,000, in shares of £100 each: £24 per share paid. The annual dividend is 6 per cent. upon the paid-up capital. New Brunswick and Nova Scotia Land.—-—Incor porated in 1834, by Act of Parliament and Royal Charter: capital £200,000, (with power to increase it to £400,000) in shares of £100 each; £43 paid. This company possesses about 500,000 acres in the province of New Brunswick; its object is to dispose of forest land to emigrants. South Australian Company—Incorporated by Act of Parliament in 1836: capital £500,000, in shares of £% each; £5 per share paid. Dividend 4 per cent. upon the paid-up capital. The objects of the company are the sale of land to emigrants in the New Colony of South Australia, the cultivation of wool, the whale 140 .vomr s'rocx conrsnms. fishery, and the establishment of banks; in each of these departments the company has already com menced operations. Van Diemen’s Land Agricultural.—1ncorporated by Act of Parliament for the purpose of cultivating and letting the lands of the colony; capital £1,000,000, in £100 shares; £17 per share paid. Dividend 6s. per share. MINES. The frequent variation in the produce of mines renders the value of this species of property of an exceedingly fluctuating character. A tolerable cor rect idea of the state of a mine may usually be in ferred from the price which the shares bear in the market. There are, however, several periodical publications,‘ which afi'ord much useful information on this subject, as well as on matters relating to other public companies; to which I must beg to refer, for more detailed accounts. . It is well known that the year 1824-5 was the great era of speculation in foreign mines. During that period upwards of seventy associations were formed for this object, of which nearly all have proved ruin ous to the adventurers. Very few are exlstin at the present day, and, with but’r one exception, tiese are all at a considerable discount. * The Mining Journal, the Mining Review, 6m. 1‘ The Imperial Brazilian Mine. -r\‘-—w-‘‘—--"--—h—‘ -— m‘wwm MINES. 141 FOREIGN MINES. Name. ' " Cap'ta‘ '. 1 of Number Shares. of Amount Share. each Paid Share. on I .19 | ..£. .3. .c s. a. Alten (Copper) .....i.....'.'... 60,000 4,000 -.l5 0 l2 l0 0 An g lo-Mexican ( Gold l ...... L 1 084 350 10.000 100 0 100 0 0 Ditto - (New Shares) ’ ’ 3,374 25 0 l 25 0 0 L Bolanos (Silver) * 300,000] 15.3% i 138 3 1.3g 3 g 3o60i; (822321;)? .' I I: I '11:} -l 300,000 F 101000 l ' 10 0 10 0 0 cataBrarica____q.''''''''''''r l 0 H 6 0 CandongaCOnCeiCaO'IIOOIOOCOO‘I‘IlIOOI' (Gold)...... , 200,000 10,000 . 20 '0 0 l 72 10 0 00 ColombanCobre (Copper) ...... 1 480,000550,000 12,00010,000 I 4055 00 I 4055 00 00 Copiapo...... 200,000 10,000 20 0 1210 0 General Mining Associatiom. .. 400,000 F 20,000 20 0 l5 0 0 pinpqnal Brazilian (Gold)...... gggggg l lgggg 1133 3 g2 13 g '.'''''''''''''''' ' , , l'IIIOOIO')OOIOI 0 8 0 0 Mocanbas and Cocaes ...... 128,833 ' 3 22 13 3 New Granada______u__-.__u.h , c ' ’ Penoles ((§)ld)Sl;...... } 27540 1g 3 1513 13 g Real Ditto del ( Monte ew (Silver) ares) were ...... - l 935,070 ’ 18,227as , .... is .. 2 l 51s :2 6 s0 on e eyc.u.__'.-.'.-. ' , United Mexican ...... 1,200,000 30,000 40 0 40 0 0 Union Gold...... 112,500 5;000 22§ 917 6 zacatecas'O’O‘OI'U'''O' ‘I... ‘0 0 0 BRITISH MINES. Name. Capital‘ E of Number Shares. of Amount Share. each Paid Share. on _ __ _~_- _- ._- .£ , .£ s. £ 0. Albion Copper ...... 40,000 8,000 5 0 3 l0 BissoeBridge...... 20,000 4,000 5 0 4 0 Blaenavon (Iron and Coal) .. .. 400,000 8,000 50 0 35 0 Borringdon Park ...... 100,000 , 5,000 20 0 l 10 British Copper ...... 30,000 6,000 5 0 4 0 I I ' I O O I C ' C O O O I ' O O 0 0 British Silver and Lead ...... 60,000 12,000 5 0 . . . . BritishTin 20,000 8,000 210 110 CopperBottom 1,500 100 15 0 Cornwall Great United ...... 72,000 6,000 12 0 7 0 Cornwall United ...... ' 40,000 b 4,000 10 0 1 10 ‘ Dartmoor Consolidated ...... 25,000 5,000 5 0 3 0 East Cornwall Silver...... 50,000 10,000 5 0 2 5 East Cornwall Tin ...... 12,000 2,000 6 0 6 0 East Wheal Brothers ...... 100,000 5.000 20 0 0 10 East Wheal Strawberry ...... 25,600 l 2,560 10 0 4 10 English ...... 100,000 4,000 25 0 1210 142 10111'r s'rocx oommmns. Name. ‘ ' Capital’ . of Number Shares. F1 ofAmount Share. each Paid Share. o11 1 £ .e s. .c s. Hayle Consolidated...... 30,000 6,000 5 0 3 0 Hibernian...... 1 500,000 10,000' 50 0 1010 Holmbush...... 100.000 1.000 100 0 - Kellewerris 60,0001 12,000. 5 0 1 0 NewMining South Company Hooe of. . . Ireland ...... 500 20,000 000 1 20,000 4,000 25 a 00 ,‘ 71 1010 North Consolidated ...... 16.000 1.000 16 0 ' Ti‘ 16 0 North Cornwall ...... ' 40,000 8,000 5 0 j 2 0 Perran Consolidated ...... 30,000 1 6,000 5 0 h1 2 l0 Polberou Consolidated ...... 30,000 3,000 10 0 ‘ar‘ 10 0 Polbreen...... 30,000 6,000 5 0 3 0 Redmoor Consolidated...... J 25,000 i 5.000 5 0 3 10 Redruth United .. 100.000 10,000 l0 0 3 l0 Rhymney Iron ...... 500.000 10.000 50 0 25 0 Roche Rock ...... 30.000 10.000 3 0 1 5 South “'heal Leisure ...... 25.000 5,000 5 0 2 0I South Polgooth ...... 20,000 5,000 4 0 -— SLI-Iilary 20.000 8,000! 210 1 0 TreleighTamar Consolidated Consolidated...... 30.00025.000 5.000.6.000 55 00 l 33 00 Trevorgus ...... 30.000 6,000 5 0 21O TinCroft 60.000 6.000 10 0 6 0 UnitedHills...... 20.000 4,000 5 0 5 0 W'endron 16.000 2,000 8 0 8 0 “test 165.000 3,300 50 0 50 0 West Tresavean ...... 60.000 12.000 5 0 1 0 “last Wheal Brothers...... 45.000 9,000 5 0 2 0 West VVheal Jewel ...... 22.600 4.520 5 0 3 0 Wheel Brothers ...... 100.000 5.000 20 0 -- ‘v;‘.f2‘f‘?ff‘3?‘.‘?fi‘i‘ll‘f’f‘.‘f‘tWheel Gilbert 25,000 5,000 10 5 00 6l 10 0 O'O'O'O'CO'IO'IIlCO' 0 5 0 MINES. 143 ACCOUNTS. Bolanoa-Statement of the Receipts and Disbursements of the Com pany, from its commencement to 31st March, 1837 :— RECEIPTS. DIsRURsEMENTs. £ s. d. Charged in M ezico to Dec. 31. £ 8. 4. Capital, 2,000 shares of Bills drawn by Commissioner and £150...... 300,000 0 0 Treasurer ...... 341,768 410 Commission on p01‘- Outfits, passages, travelling ex chasesandsa1es.... 1,77718 1 penses, &c...... 5,443 7 one@a Dividend o11 stock, pi'o- Salaries of ofiicers in Mexico. . . . 54,619 8 fit on shares, &c. . . . . 4,269 18 10 Goods shipped, shipping charges, Interestanddiscount.. 34417 2 &c. 41,679 7 Remittances fr. Mexico Sundry payments ...... 280 14 to 31st March, 1836. . 254,069 5 8 nifigrlcinliggéhs to 21 397 13 10 To be hereafter charged in M erz'co. Bills drawn by Commissioners, &c. 1,183 6 8 Outfits, travelling expenses, the. 225 17 6 Salaries of ofllcers in Mexico .. 1,852 9 6 Goods shipped, charges, &c. . . . . 2,883 13 5 Sundry payments, goods in store 32 19 11 i Not chargeable in Mexico. \ Contingencies...... '...... 2,396 5 4 , Expenses of Captain Colquhoun’s - mission 3,78217 7 Concentration and reduction of ores 288 4 3 Proportion of cost of lease, &c. . . 302 7 5 Home management, 11* years . . 22,519 8 6 Salaries of directors and auditors, 7yeam‘.__O.-.OI.. ' I O I III... 8 Paid Captain Chartres in lieu of , annuity ...... 3,220 0 0 Invested in Exchequer ‘Bills as a reserve fund .... 9,81510 8 Dividends 1st of £5 per sh. £10,000 2d ,, 6 .. 12,000 3d ,, 6 .. 12,000 4th ,, 4 .. 8,000 5th ,, 5 .. 10,000 6th ,, 5 .. 10,000 7th ,, 5 .. 10,000 72,000 0 0 Cash in hand . . . 7,973 16 5 582,366 8 9 Deduct, due to sundry persons 506 15 2 £581,859 13 7 £581,859 13 7 -—'s-_____ 144 JOINT STOCK COMPANIES. Candonga.—'l‘he following is an Abstract of the Balance Sheet as it stood on 1st July, 1837 :—' RECEIPT‘. PAY M ENTS. £ 8. d. £ Balance of account an Dr. Goodridge’s draft . . 4,000 dited to3lst Dec.l836, 21,707 10 10 Salaries and allowances. . 1 l Interest 2,110 2 8 StOrGsIOOIOOIOOOOOOOIIIl Charges...... Balancein hand 17,886 13 9 £23,817 13 0 £23111; 13 c A dividend of £1 per share was declared on the 31st July last. United Mexican-Receipts and Expenditure from 31st De cember, 1836, to 26th July, 1837 : £ s. d. £ s. d. Brought from account Paid creditors, 31st Dec. audited to 31st Dec. 1836. . . . . 183 4 7 1836, viz.:-Bil1s on Charged manager in hand, £12,000; at Mexico for cash and Banker’s, £755 : 8 : 3; bills paid for his ac. Petty Cash, £80 : 5 : 1 12,835 13 4 count .. 2,001 3 6 Stamps and transfer fees 20 9 0 Office salaries and wages, Tenth general call on 2 quarters ...... 295 10 0 fiveshares ...... 210 0 Ofiice expenses in Lon Interest ...... 013 6 don,2quarters ...... 230 310 Bullion and specie re Directors’ fees .. 100 0 0 ceived from Mexico .. 2,872 4 10 Quicksilver...... 2,444 l 9 Premium and interest on At banker’s,£445 11 11; Exchequer bills...... 329 11 10 in Exchequer bills, £10,300; Petty cash, £61 :6 : ll ...... 10,806 1810 £16,061 2 6 £16,061 2 6 Albion Copper Mine.—A general meeting of the shareholders took place on the 31st of August last, when it was resolved, unanimously, “That the Company be dissolved.” The state ment of accounts showed the total liabilities of the Company to amount to £1770 4s. 8d. :—the balance of cash in hand was £337 18s. 2d. ; leaving a deficiency of £1,432 6s. 6d. British Silver, Lead, and Copper.-The following is an Abstract of the Balance Sheet of the Company to the 30th June, 1837 : RECEIPTS. ‘5 8 EXPENDITURE. Deposit of £2 on 8,524 Expenses for 18 months £s.11. 8hal'esu....__...... 0 in London and Liver Call on 8,192 shares . . . . 8,192 0 poo1 ..Ic'sII.I__O‘I.28,580 2 7 Rentoi' ofiice ...... 1010 Balance due to Directors 3,329 12 7 £28,580 2 7 nsnwsvs. 145 British Tin-A Statement of the Company’s Accounts was read to the proprietors on the 12th September last, from which it appeared that the Assets were as under : .£ 8. d. Cash in hand. . . . 878 9 6 Shares not issued . 30 0 0 Unpaid calls ...... 1,545 0 0 £2,453 9 6 ‘The total liabilities amounted to £937 168. 0d. - St. Hilary-On 28th July, 1837, the Assets of the Company amounted to £969 7s. 1d. :—the liabilities to £1,242 4s. 7d. RAILWAYS. Since the introduction of locomotive steam-engines upon railroads, their number has been rapidly in creasing every year. In the session of 1836, no less than thirty-five bills were passed by the Le islature, authorizing the construction of these wor s. The number of those completed is yet comparatively small, so that it cannot with certainty be said whether they will, eventually, yield a fair return for the large amount of capital embarked. It is, perhaps, how ever, worthy of remark, that the majority of those completed have proved sources of considerable profit to the proprietors. The following is a Summary of the principal Rail road Companies which have been incorporated up to the close of the last session of parliament:- Ayles-bury. — Incorporated in 1836: capital £50,000, in shares of £20 each. Connects Ayles bury with the London and Birmingham Railway near Cheddington. Length 10 miles. Birmingham and Derby Janction.-—Incorporated in 1836: capital £600,000, in shares of £100 each, with power to increase the capital by loan to the extent it 146 JOINT s'rocx companies. of £200,000. Length 40 miles. From the accounts ' submitted to the half-yearly meeting of proprietors on the 31st of August, it appeared that the receipts of the company, up to the 30th of June, amounted to £58,178 13s. 301., and the disbursements to £32,337 11s. 1d. Birmingham and -Gloucester.—Incorporated in 1836: capital £950,000, in shares of £100 each. Empowered to increase the capital one-third by loan. Length 55 miles. Birmingham, Bristol, and Thames Junct1'1m.— Incorporated in 1836: capital £150,000, in shares of £20 each. Empowered to increase the capital one-third by loan. To proceed from the Kensington Canal, at Kensington, to join the London and Bir mingham, and Great Western Railways, at the nearest practicable point. Length about 3 miles. The accounts of the company to the 30th of June last, showed the receipts to be £17,844 Is. 911., and the disbursements £17,212 15s. 3d. Bolton and Leigk.—Incorporated in 1828: capital £69,000, in £100 shares. Commences at the Man chester, Bolton, and Bury Canal, near Bolton-le Moors, and joins the Liverpool and Manchester Railway. Length about 9 miles. The line is com pleted; but an act was obtained, in the session of 1836, empowering the company to raise £3,400 to improve the road. Bristol and Eweter. — Incorporated in 1836: capital £1,500,000, in shares of £100 each, with power to increase the capital one-third by loan. Length 76 miles. The act enables the company to construct branches to Bridgewater and Tiverton. RAILWAYSs 147' ‘STATEMENT OF RECEIPTS AND EXPENDITURE, to 30th June, 1837. RECEIPTS. EXPENDITURE. Shares £ 9: d. s6 S. Deposit of £2 10s Parliamentary expenses, per share, on 14,988 57,470 0 0 up to the time when Reserved forland the Act of Parliament owners 12 received the Royal as sent .. . . 18,592 l 10 15,000 Engineering, and all other expenses and disburse. First call of £2 10s ments in this depart. per share, on 13,978 34,945 0 0 ment, up to the time Reserved as above 12 when the Act received In arrear 1,010 the Royal Assent .. 6,057 l Travelling expenses of , - 15,000 directors and others, before, and up to, the Second call of £5 , time of obtaining the per share, on 4,670 23,350‘ 0 0 Act,&c. 1,739 210 Reserved as above 12 Printing, advertising, ‘ In arrear . . 10,318 stationery, 81c. .. 1,77015 5 Expenses connected with ' 15,000 ascertaining and set ting out the line since Interest received from the passing of the Act 1,719 3 3 bankers and share Purchase of machinery, holders .. 1,401 15 11 implements, &c. 1,847 3 l0 Registration and trans , Cost of the engineer's of. fer fees 5317 6 fice, furniture, and dis bursements .. .. 379 12 Expenses at the head office in Bristol . . 2,301 Salaries in the engineer. iug and surveying de partment, and drafts men’s salaries . . 5,787 Purchase of land, survey ing, and valuing, and compensation for da. mages .. .. 5,354 15 Law charges and dis. burscments since the Act was obtained .. 831 Direction from 19th May, 1836, to 30th June, 1837 .. 1,800 Payments to contractors, and expenses relating to their contracts 1,277 Bal. in the hands of the bankers,.£47,67l 7 5 1 Ba]. in the " hands of the 1 secretary,, 92 7 0—47,763 l4 5 £97,220 13 5 £97,220 13 5 l __ 148 JOINT s'rocx communns. Since the period to which the before-mentioned account was made up-viz. the 30th of June, the Directors have made vari ous additional payments for purchase of land, compensation for damages, wages on the line, and advances to the contractor, amounting to the sum of £10,265 : 15:1, by which means the said balance of £47,671 :7: 6, stated to be in the banker's hands on the 30th of June last, is reduced to the sum of £37,405 : 12 :4. £47,671 7 5 Land and compensation . . £7,837 16 3 Contractor . . - . . . 1,595 17 4 Wages, &c. on the line .. 812 10 0 Other payments .. .. l9 ll 6- 10,265 15 1 £37,405 12 4 Canterbury and Whitstable.—Incorporated in 1827 : capital £71,000, in £50 shares. Length about 01} miles. Completed in 1830. Carlisle and lVe'mcastle.—Inc0rp0rated in 1832 : capital £300,000, in £100 shares. Length 60 miles : nearly completed. From 10th June to 8th July, the receipts upon the portion of railroad finished amounted to about £4,000. Cheltenham and Great Western Union.—Incor porated in 1836. Capital £750,000, in £100 shares, with power to augment the ca ital one-third by loan. To connect Cheltenha-m with t e Great Western Rail way at Swindon, Wilts. Length 42 miles. The following account of the receipts and expendi ture of the Company was submitted to the proprietors at the meeting held on 6th October, 1836:— RECEIFI‘B- :8 s. d. EXPENDITURE. a6‘ s. 1 Deposit of £2 10!. on Engineering, including 7,500 shares .. ..18,750 0 0 surveyors, land va luers,&c’ .. .. 3,885 8 9 Parliamentary agents and fees .. .. ~. 1,748 16 7 Solicitor’: bill, including fees to counsel, and otherlaw charges .. 8,207 10 G Parliamentary expenses, witnesses, hire of rooms, &c. .. .. 2,223 13 3 Local agents’ charges . . 983 5 7 Printing and advertise ments .. ‘ .. 210 7 9 General disbursements, salaries, offlce ex penses,&c. .- .. 265 6 6 Balsnceinhund .. 1,2251] 7 £18,750 0 0 £18,150 0 o RAILWAYS. 149 Clarence. -Incorporated in 1828: capital £260,000, in £100 shares. Completed. Connects the Stockton and Darlington Railway with the river Tees. Length of main trunk 15% miles, six branches 30 miles, making a total of about 46 miles. .. Commercial.—(London and Blackwall.) To com mence in the Minories. Incorporated in 1836: capital £600,000, in £50 shares. Length 4 miles. Cromforcl and High Peak.—Incorporated in 1825: capital £164,000, in £100 shares. Commences near Cromford, and terminates at Whaley Bridge on the Peak Forest Canal. Length 34 miles. Completed. Dublin and Kingstown.—Incorporated in 1831; completed in 1834: capital £200,000, in £100 shares. Length 5% miles. The average number of passengers travelling upon this railway 'daily during the 'rst fifteen months after the opening was 2800. It pays a net profit to the shareholders of nearly 8 per cent. per annum. Dept/‘ord Pier Junction.-—Incorporated in 1836 : capital £60,000. To connect the London and Green wich Railway with the New Pier at Deptford. Eastern Counties.~— Incorporated in 1836: capital £1,600,000, in £25 shares, with power to increase the capital one-third by loan. To proceed from the suburbs of the metropolis through Romford, Chelms ford, Colchester, Ipswich, &c. to Norwich and Yar mouth. Length 126 miles. The receipts of the company to 4th July, 1837, amounted to £113,231, expenditure to £89,265. Edinburgh, Leith, and Newhaven.—lncorporated in ‘1836 : capital £100,000, in £20 shares. Edinburgh and Dalkéi'tk.—Incorporated in 1826 : capital £125,000, in £50 shares. Length of the main line 102 miles; branches 6% miles. Completed. Forest of--De_an.—Incorporated in 1809: capital £125,000, in £50 shares. Connects the Forest of Dean with the river Severn, near Ncwnham, Glou N 3 150 JOINT srocx communas. cestershire. Length 7 % miles. Completed. Dividend £1 6s. per share. . Glasgow, Paisley, Kilmarnock, and Ayn—In corporated in 1837. Capital £550,000, in £50 shares. Grand Junction. -—Incorporated in 1833; com pleted in 1837 : capital £1,040,000, in £100 shares, with power to increase it one-third by loan. Proceeds from the London and Birmingham Railway, at Bir min ham, to Warrington, whence it is carried on to the gaiverpool and Manchester line by the Warrington and Newton Railway. Length 82 miles. “ The gross receipts from the opening on the 4th July to the 2d September have been as follow :- ’ IH .£ s. d. For the week ending July 8th .. ,. . . 3,224 15 7 ,, ,, 15th.. __ .. 4,910 19 11 ,, ,, 22d ...... 5,45210 7 ,, ,, 29th ...... 4,673 12 10 ,, August 5th ...... 4,887 4 0 ,, ,, 12th...... 587319 1 ,, ,, 19th...... 6,394 1 s ,, ,, 26th ...... 5,649 5 8 ,, Sept. 2d ...... 5,395 16 9 -— £46,462 ' 6 I - “ Of which receipts the following is an analysis : Passengers. Receipts. 1st Class. 2d Class. .:6 s. d. 1. Liverpool to Birmingham -. .. 5,708 2, 840 7,893 9 6 2. Birmingham to Liverpool .. .. 6,54% 3,576 9,198 19 6 3. Stations on the Line to Liverpool .. 4,870 3.300 3.536 1 9 4. Liverpool to Stations on the Line .. 4,441 3,320 3,190 10 0 5. Stations on the Line to Birmingham - 5,067 4,297% 2,191 0 6 6. Birmingham to Stations on the Line - 5,748% 5,263 2,476 6 0 7. Manchester to Birmingham* .. .. 2,588 978} 3,425 19 0 8. Birmingham to Manchester* .. -. 2,567 1,241 3,535 15 6 9. Stations south of Crewe to Manchester’“ 800% 674 895 15 6 10. Manchester to Stations south of Crewe* 640% 651% 825 14 6 11. Stations north of Crewe (inclusive) to Manchester ...... 1,6564 1,440 721 13 6 12. Manchester to Stations north of Crewe (inclusive) ...... 1,637 5 1,91% 803 7 6 13. From one Station to another .. .. 6,621 15,840} 3,247 19 0 48,888 45,3414 41,942 11 9 Parcels ...... 2,396 1 4 Gentlemen’s Carriages .. ' .. 1.483 6 0 Horses ...... 520 7 0 Expresses ...... 120 0 0 Total .. "£46,462 6 1 * “ The traffic between these four points only and Manchester would be affected by the lines from Manchester to Stafford and Manchester to Crewe. RAILWAYS. 151 “ Statement of Receipts and Expenditure to J une 30th, 1837. - at‘ s. d. :6 s. d. Capital £90, called on 10,400 shares .. 936,000 0 0 518 Warrington and Newton Shares, at P81’ of£l00 ...... 51,800 0 0 987,800 0 0 Less sums expended by the late Liver. pool and Birmingham and Birming ham and Liverpool Companies, pre viously to the formation of this Company, in their unsuccessful endea- - vour to obtainanact of incorporation 26,225 16 5 -———- 961,574 3 7 Loans ...... 491,957 0 0 Amount borrowed to replace loans, notice to repay which has been given .. 45,000 0 0 —— 536,957 0 0 Interest on Bank Account and from Exchequer Bills .. 9,233 1 0 Due to Contractors-Balance of reserves ...... 4,385 15 9 £1,512,150 0 4 --—-— axrnnnan. .:6 s. d. Parliamentary Expenses ...... 22,757 10 4 Land and Compensation .. . 211,230 6 11 Law charges, Conveyancing, Stamps, &c., together with payments for Advertising, Travelling, and other Expenses and Disbursements connected with the Law department and Parliamentary business .. 20,794 '06 Contracts for Works .. -- ...... 748,698 Engineering and Surveying Expenses ...... 23,823 1 ll'00 General Charges and Oflice Expenses, including Adver tising, Printing, Rent, Treasurer’s and Clerks’ Salas ries, &c...... 4,551 5 10 Direction .. .. .- ...... 3,134 5 0 Travelling ...... 1,240 15 2 Stations .. ... -- ...... 8,222 7 ll Locomotive Engines and Tenders ...... 17,141 0 0 Building Carriages and Waggons .. ‘ ...... 65,849 0 8 Rails, Chairs, and Keys ...... 254,426 , 3 9 Sundry disbursements 'connected with Coach Establish ment ...... 192 010 Purchase of Warrington and Newton Line, less surplus income ...... 65,479 6 0 Interest on Loans ...... 22,270 18 3 Cash in Bankers’ hands .. 25,835 17 4 Arrears of calls, less amount of Wai'ringtbh and hlewtoh Interest not yet called for ...... 16,502 18 7 __ £1,512,150 0 4 _ 152 JOINT s'rocx comumns. Great North of England.—Incorporated in 1836 and 1837: capital £1,000,000, in £100 shares. To proceed from York to Newcastle. The followin is the account of receipts and disbursements to 30th of June, 1837 :— RECEIPI‘B. DIsRURSEMENTS. £ r. d. £ s. (1. Calls . .. .. 46,907 10 0 Amount of expenses pre Interest . . . -. 316 13 5 vious to General Meet ing, August, 1836 16,645 2 7 Parliamentaryexpenses 3881 9 0 Engineering, surveying, 8m. __ . .. 3674 0 ll General disbursements, rent, salaries, sta. tionery, 8m. . . 2878 7 8 Direction . . . . 109B 2 0 Land, Compensation, 8w. 16,624 18 0 Balance in hand .. 2422 3 3 £47,224 3 5 £47,224 3 5 Great Western.—Incorporated'in 1835: capital £2,500,000, in £100 shares, with power to raise on loan the additional sum of £833,333. Commencing near the western extremity of Oxford-street, and ter minating at Temple Meads, Bristol. Length 117 % miles. The estimated cost, as proved before Par liament, was as under :-— Constructing the railroad , . . . . £1,856,820 Land and compensation . - . . . . 337,000 Engines, carriages, &c. . . . .' . . 306,180 ' £2,500,000 The net revenue after deducting expenses) was estimated at £347, . At the half-yearly meeting of the company, held on the 31st of August, 1837, the following statement a L ~v—‘—‘‘__JIW-_7__W‘___WW~WT -. nsrnwsrs. 153 of the receipts and expenditure to the 30th of’ June, 1837, was submitted to the proprietors :— ' RECEIPTS. EXPENDITURE. . £ s- d. £ s. 11. Capital paid up . 1,052,970 0 0 Procuring Act of Incor lnterest . .. 6,546 6 8 poration and prelimi Registration fees, &c. 510 2 6 nary expenses") 0cm ber 24th, 1835 .. 88,710 10 11 Land and compensation 279,063 15 4 Contracts for works .. 315,844 3 Freehold premises in Prince’s-street .. 15,194 6 “Qa»‘IONQ*3 Engineering, surveyors, &c...... 32,556 7 Printing and advertise ments .. .. 1,548 0 Travelling expenses .. 1,015 15 Land valuers purchasing land . . .. 3,043 9 Law charges, convey ancing, and costs of title .. .. 5,378 4 Parliamentary expenses 6,430 16 Ofiice expenses, direc tion, salaries, postages, 61c. . . .. 11,730 9 7 Balance inhand on 30th of June, 1837 .. 299,510 10 3 £1,060,026 9 2 £1,060,026 9 2 Hull and Selby.—lncorporated in 1836: capital £400,000, in £50 shares, with power to augment it one-third by loan. Length 31 miles. Leeds and Selby.--Incorporated in 1830: capital £210,000 in £100 shares. Dividend 3 per cent. per annum. Length 20 miles. Completed. Leicester and Swanm'ngton.—Incorporated in 1830: capital £90,000, in £50 shares. Dividend 2% per cent. per annum. Length 16 miles. Com pleted. Lancaster and Preston Junction.—lncoriiorated in 1837 : capital £200,000, in £50 shares. ength 20 miles. 154 JOINT s'rocx COMPANIES. - Liverpool and M anchester.-‘ Incorporated in 1826, and completed in 1830. Capital £1,208,925: di vided as under :— 5,100 shares of £100 each - - £510,000 7,968 ’,’ , 25 ’,, ’ - - -" £1,208,925 The company has also raised the sum of £402,452 10s. on loan, in addition to the above amount. A very considerable augmentation of the estimated cost of the railway has been occasioned by the construction of two tunnels, each 1;},- mile in length, passing under the town of Liverpool. The extent of‘ the railroad is 32 miles. The following is an abstract of the account of receipts and disbursements during the half year ending 30th J one, 1837. MM RECEIPTS. EXPENDITURE. .16 s. d. .16 s. d. Coaching Depart- Bad Debt account .. .. 221 18 0 ment .. .. 59,956 4 6 Coach Disbursement account 10,296 11 6 Merchandize ditto 42,693 13 4 Carrying Disbursement account 9,646 12 1 Coal ditto .. 3,296 18 2 Coal Disbursement account.. 313 l 2 Cartage (Liverpool) account. . 321 9 1 Ditto (Manchester) account .. 3,613 2 0 Charge for Direction account . 366 9 0 Compensation (Coaching) ac count ...... 59 9 6 Ditto (Carrying) account . . 201 0 3 Coach-ofllce establishment ac L count ...... 840 7 10 Engineering Department ac ' - count ...... 125 0 0 ' Interest account . . . . 6,253 8 3 Locomotive Power account .. 22,154 19 6 Law disbursement .. .. 150 0 0 Maintenance of Way account 4,113 4 3 Ofilce Establishment account 1,002 2 8 Police ditto account .. .. 1,158 17 8 Petty Disbursement account 50 5 2 Rent account ...... 494 19 7 Repairs to Walls and Fences account . . . . - - 876 7 3 Stationary Engine Disburse- ‘ ment account . . .. 965 6 6 Tunnel Disbursement account 476 17 3 Tax and Rate account .. 2,509 18 3 Waggon Disbursement account 2,861 7 2 North Tunnel account .. ‘1,116 19 6 Net profit ‘for six months .. 35,762 2 7 £105,951 16 0 £105,951 16 0 A dividend of £4 10:. per ce’it. was declared for the half-year ending 30th June, 1837. RAILWAYS. 155 Llanelly Railway and Dock. —This company was originally incorporated in 1828, under which Act the dock and about 2 miles of the railroad were con structed. In 1833 and 1836 other Acts of Parliament were passed, authorizing the extension of the railway; its course is now intended to proceed from the docks at Llanelly, in Glamorganshire, to Llandilovaur, in Carmarthenshire, where there are some’ rich coal- ‘ mines. Capital £200,000, in £100 shares. The following accounts, made up to 1st March, 1837, were submitted to the proprietors at the annual meet ing held on 5th June last. muses suns-r. Dr. £ .1. d. Cr. £ s d. To Proprietors of Stock By Estate and Efl'ects of for instalments .. 24,575 0 0 the Company .. .. 50,701 18 7 To Trustees for old Pro- By outlay on new Works 6,376 5 ll prietors, balance o!‘ By payment on account purchasemoney .. 24,647 4 6 of new Steam-vessel" 986 13 0 To E. R. Tunno, for By balance at Bankers - 1,868 1 3 - mortgage .. .. 13,000 0 0 By Exchequer Bills .. 2,548 9 6 To sundry Tradesmen .. 670 12 8 By sundry Debts due to To balance (profit) .. 647 13 5 the Company" .. 1,059 2 5 £63,540 10 7 £63,540 10 7 PROFIT AND L055. Dr. .£ .9. :1. Cr. :6‘ s. d. To Salaries and Wages By Rent of Tavern in at Llanelly and in Lon- ‘Vales ...... 34 4 ll don .. __ .. 502 3 2 By Railway dues -. 770 12 6 To balance (profit) .. 647 13 5 By Dock dues .. .. 344 19 2 £1,149 16 7 £1,149 16 7 A dividend of £3 per cent. upon the paid-up capital was declared for the year ending 28th February, 1837. 156 JOINT sjrooK COMPANIES. London and Birmingham.-Incorporated in 1833. Capital £4,500,000, divided as under :-- . 25,000 Shares of £100 - - £2,500,000 25,000 ,, 25 - - 625,000 To be raised on Loan - - 1,375,000 ‘£4,500,000 The length of the railroad will be 112%- miles. General Account of the Receipts and Disbursements, to the 30th June, 1837. RECEIPTS. Calls ...... 2,085,448 5 11 In advance on Shares .. .. 25,995 2 0 —- 2,111,443 7 11 Loans ...... 1,045,717 2 9 Miscellaneous, Penalties . . . . 1,505 0 0 - Landresold and Rents 1,352 10 8 —— —- 2,857 10 8 Interest, viz. Exchequer Bills and Bankers’ . Balances .. .. 18,788 .0 9 Calls in arrear .. .. 2,263 13 7 -——- -— 21,051 14 4 3,181,069 15 8 DISRURSEMEN'I‘B. Payments for obtaining Act of Incorpo ration ...... 72,868 18 10 Land and Compensation . . . . 601,010 3 l ConveyancingWorks . . .. -...... ' 2,269,329 6,328 3 1 48 . Engines and Carriages . . .. 29,747 4 4 Engineering .. . .- .. .. 61,171 11 0 Law Charges ...... 5,360 2 2 . Advertizing and Printing .. .. 2,820 5 8 Direction ...... 8,691 2 6 Office Charges, Salaries to Secretaries, &c. 16,801 6 5 Sundries, Travelling Charges, &c. .. 6,963 1 8 Interest on Debentures . . . . 16,617 5 9 U I ' I I O O. I I -_ 2 0 3,102,272 a s _—__ --____-__ Balance at the disposal of the Company ...... £78,797 7 3 London and Brighan.—Incorporated 1837. Ca pital £1,800,000, in 36,000 shares of £50 each. BAILWAYS. 157 ‘ London and Croyclon.—Incorporated in- 1835. papital £310,000, in £20 shares, 8,500 of which were issued at £14 each. Length of the railroad 9 miles. The following is an account of the Receipts and Expenditure of the Company to ‘24th June, 1837 : IECEIP’IS- EXPENDITURE. 5 s. d. £ s. d. Cali: upon the shares 123,680 0 0 Lands, houses, 8m. pur simdry receipts .. 590 13 i0 chased .. .. 56,046 4 0 Compensation: .. 334517 8 Contracts on the line of Railway .. .. 34,118 6 0 Engineering .. .. 4,549 l 3 Surveying .. .. 1,35219 0 Law ...... 4,894 15 10 Salaries and ofiice charges .. .. 1,284 0 0 Sundry payments .. 518 9 8 Exchequer Bills .. 15,978 18 3 Balance at Bankers 2,182 2 2 £124,270 13 10 £124,270 13 10 London and Greenwich—Incorporated in 1833. Original ca ital £400,000, in 20,000 shares, of £20 each, whic has since been increased by the creation of new shares of £20 each (the number of which is not known), on which the payment of 5 per cent. interest is guaranteed. The Company has also issued mortgage bonds, bearing 5 per cent. interest, to the extent of £133,300. 158 JOINT s'rocx comrsmss. London and Southampton.—1ncorporated in 1834. The original capital of the Company amounted to £1,000,000, in shares of £50 each; which was in creased in 1837, by the issue of 16,000 shares of £50 each, at £25 per share discount; making the nominal Capital, on which dividends will be paid, £1,800,000, although the actual sum received was but £1,400,000. The Company are empowered to raise on loan the further sum of £330,000. The length of the railroad is 77 miles. The estimated net profit of the Company, as proved before Parlia ment, amounted to £207,485 annually. At the Sixth half-yearly meeting of the proprietors, on the 30th of August, 1837, the following account of the Receipts and Expenditure to the 30th of June, 1837, was submitted by the Directors : nncnir'rs. unis-ms. i r. d. is‘ ;_ d_ Capital paid up -_ 748,453 0 0 Expendedinraisingthe Interest ._ .. 3,365 12 11 Capital, procuringthe Act of Parliament, 8w, ...... 39,793 6 6 Landand compensation 203,870 14 6 Conveyancing and law charges .. .. 4,278 7 0 Cuttings and embank ments, bridges, cul verts, 8m. .. .. 299,264 13 10 Iron rails, chairs, and sleepers .. .. 86,185 18 2 Engines,wsggons,&c. 64,36610 9 Temporary buildings 4,31312 9 Surveying and engi neering .. .. 14,132 3 11 Salaries, rent, printing, postages, and other incidentals .. -- 10,862 5 8 Directors‘ expenses, 8m. 2,150 0 0 Cash and Exchequer Bills in hand .. 16,600 19 10 Funded property in Consols -. -. 6,000 0 0 __ £751,818 12 11 £751,818 12 11 RAILWAYS. 159 London Grand Junction.-Incorporated in 1836. Capital £600,000, in £50 shares, with power to raise by loan £200,000. This railroad is intended to join, the London terminus of the Birmingham railway, and roceed thence to Skinner-street, Holborn. Len 2 miles. The following account of the Receipts and Pay ments of the Company, to 30th of June, 1837, was presented to the proprietors on 28th of August last: mains. PsYMRN'rs. - £ 1‘. d. :6’ s. d. Deposit of £2pershare Expenses of obtaining onl1,961 shares 23,922 0 0 the Act, and other Call of £1 per share, charges, including received upon 6,529 furniture, printing, Shares -. .. 6,529 0 0 salaries, &c. .. 20,494 17 Ditto of £2 received Compensation for Land 3,000 0 -ove- upon 349 shares .. 698. 0 0 Law charges -- -- 521 6 Surveyors’ charges .. 69 7 Disbursements at 061. ces, from 31st Dec. 1836I to 30th June, 1837 .. . 1,22315 1 Cumpensation for Land, (W. and L. Cubitt) 3,000 0 0 W. and L. Cubitt, on account of works .. 650 0 0 Thomas Cubitt, com pensation for Land .. 500 0 0 Interest account-Lord Calthorpe .. .. 200 0 0 Exchequer Bill account 202 19 3 Cash atBankers .. 1,286 14 5 £31,149 0 0 £31,149 0 0 160 mm'r s'rocx COMPANIES. Manchester and Leeds.—lncorporated in 1836. Capital, £1,485,000, in £100 shares, with power to‘ raise the sum of£433,000 on loan. . - ‘ - - The following is a statement of the receipts’ and? pgggients of the Company, to the 31st December,‘ 1 :— RECEIPTS. t s. d. PAYMRNTI. .5 s. cl.‘ Balance in hand, on 8th Soli'citor’s bills .. .. 1,012 16 3 Sept. 1836 .. .. 34,925 8 0 Engineering and survey. Amount received for29 ing ...... 1,912 l 2 shares ...... 145 0 0 Salaries and oflice ex Interest allowed by penses .. -. .. 269 10 I bankers .. .. 396 16 6 Deputations and trave ing expenses .. .. 96 6 0 Advertising, printing,& 63 0 7 Bankers’commission .. 14 8 8 Cash in bankers’ hands 32,090 13 6 Ditto in secretary’s hands 3 8 3- £35,467 4 a £35,467 4"6 Midland C'ounties.—-—Inc0rp0rated in 1836. Capi tal, £1,000,000, in £100 shares, with power to in crease it one-third by loan. This railway is intended to connect the towns of Leicester, Nottingham, and Derby, with the London and Birmingham Railway at Rugby. Length '75 miles. The following abstract of the finance account of the Company, to 20th June, was submitted to the annual meeting of proprietors, on 30th June, 1837: necmm :6‘ s. d. EXPENDITURE. -£ s. d. To calls of £10 on Expenses of obtaining 10.000 shares,£100,000 Act ...... 28,776 1 5 Less. calls in ar. Payments on account of 1'e" . . 25,283 Parliamentary ex 74,717 0 0 penses in the session of Interest on Exchequer 1837 .. .. -- 2,503 3 0 Pius -. .. .. 408 9 1 General expenditure Ditto on bankers’ be,- since the Act was ob lam‘es, and calls in tained .. .. .- 6,599 0 6 “near -- _. .. I29 9 6 Exchequer bills “16,293 5 5 Cashinhand .. ..2i,078 s a $75,254 is 7 £75,254 18 7 RAILWAYS. 161 Northern and Eastern-Incorporated in 1836. Capital, £1,200,000, in £100 shares, with power to raise £400,000 on loan. To proceed from London to Cambridge. Length 53 miles. The projectors of this Company ori inally intended to carry on the rail road to York an Leeds; but, by a subsequent reso lution of the Board of Directors, this intention was abandoned. The followin statement of the receipts and expeng diture of the ompany, to 5th August, 1837, was submitted to the general meeting of proprietors, on the 17th August last : nncsrr'rs. £ 8. d. axpenorruns. :6 s. 0!. Deposit of £3 per share Total expenses of the on 10,569 shares . . 31,707 0 0 company to 5th Aug. 42,158 3 2 Second call of £3, re- Exchequer bills pur. ceived upon 4,902 shrs. 14,706 0 0 chased ...... 1,561 0 6 Interest, rent, &c. .. 116 4 6 Cash in hand .. .. 2,810 0 10 £46,529 4 6 £46,529 4 6 North Midland.—lncorporated in 1836. Capital, £1,500,000, in £100 shares; empowered to raise on loan £500,000. The railroad is to commence at Leeds, and to join the Birmingham and Derby rail way at the latter town. Length '70 miles. GENERAL ACCOUNT OF THE RECEIPTS AND DISBURSEMENTS, to 30th June, 1837. ancmr'rs. £ s. at. ;$ s. d. Cash for calls ...... 201,365 0 0 Profit on Exchequer bills .‘. . . . .‘ . . 55 0 0 Interest on Exchequer bills, 81c...... 904 15 2 Cash received in anticipation of calls .. . . 1,000 0 0 203,324 15 2 DIsRURSEMENTS. Payments before the Act was obtained .. .. 37,250 8 8 Disbursements in addition upon obtaining the Act, not included in the above statement . . 1,526 16 9 Law charges, $1c...... 1.199 6 6 Land and compensation ...... - . 45,153 0 10 Contracts for works ...... 2,697 13 6 Engineering ...... 6,250 0 0 Law charges for general purposes . . . . 386 8 4 Advertising, printing, and stationery . . . . 292 6 7 Direction ...... 1,550 0 0 Sundries, consisting of travelling expenses, &c. . . 485 4 0 Office charges, including salaries to secretaries, clerks, rent, postages, and incidental expenses 1,493 14 4 98,289 19 6 Cash at the disposal of the Company .. .. £105,034 15 8 o 3 ‘ “0.0-- M"" 162 JOINT s'rocx COMPANIES Prestbn and Wyre Railway and Hurboilrv_iIn corporated in 1835. Capital £130,000, in £50 shares. Length 19 miles. _ The following is a statement of the receipts and dis bursements of the company to 8th November, 1836 : RECEIPTS. DISRURSEMENTS. .£ 8. d. £ .9. d. Calls on Shares .. .. 24,851 0 0 Expenses previous of ob. Harbour Dues .. .. 36 2 1 taining Act of Incor poration .. .. 2,127 1.2 7 Parliamentary expenses ditto .. -. .. 1,168 10 3 Conveyances and con tracts ...... 374 611 Iron Rails and chairs .. 10,519 18 0 Engineering and survey ing ...... 650 0 0 Land and compensation 3,336 10 0 Works in progress .. 3,251 1 6 Salaries and wages .. 672 10 0 Rent and taxes .. .. 48 17 6 Ofiice furniture .. .. 64 3 2 Advertisements and newspapers .. .. 180 5 8 Printing and stationery - 105 4 6 Postages and petty dis bursements .. -- 1% 3 1 Interest on Shares paid in full ...... 17 0 1 Cash at Bankers .. 2,333 l8 10 £24,887 2 1 £24,887 2 1 Severn and Wye.--Ineorporated in 1809. Com mences at Lidbrook, .on the river Wye, and terminates at Nass Point, Gloucestershire, whence it is carried on to the Severn by a canal one mile in length. The extent of the railway and. branches is 26 miles. Capi tal £131,670, in shares of £35 each. Dividend £1 98. per share. .- .. . Shgfiield and Rotk‘erham.—Incorporated in 1836: capital £100,000, in £25lshares. Length 7% miles. South Eastern.—'lncorporated in 1836: capital £1,400,000, in £50 shares, with power to raise on loan £450,000. To proceed from the London and nsnwsrs. ' 163 Croydon Railway, at Penge Common, to Dover. Length from London Bridge 79;‘, miles. At the last half-yearly meeting, held 18th May, 1837, the following account of the company’s expenses and receipts to the 12th May, was presented to the proprietors :-— RECEIPTS, EXPENDITURE. .£ s. d. i s. d. Deposit of £2 on 25,158 Expenses of procuring shares, allotted .. 50,316 0 0 the Act of Incorpora Call of £5, received on tion and preliminary 8,637 shares .. .. 43,185 0 0 payments to 10th No Interest ...... 356 16 7 vember, 1836.. .. 35,030 7 8 On account ofthe Direc- Advertising and printing 528 16 4 tors of the South East- Engineering, surveying, em Brighton Railway 8m...... 5,220 5 10 Company .. ,.. 1,500 0 0 Land and compensation 5,126 17 6 Law charges, including the balance of Solici tor‘s bill for obtaining the Act .. .. 11,119 3 Direetiom. .. .. 1,350 0 0» Oflice expenses, salaries, postages, travelling, and incidental expenses 1,965 18 7 ‘Ba1anceinhand.. .. 35,016 7 6 £95,357 16 7 £95,357 16 7 Stockton and Darlington.—Incorporated in 1821: capital £100,000, in £100. shares. Length of the main line 25 miles; branches 15 miles. At the last meeting of proprietors, a dividend of £5 per cent. was declared, and £2 per cent added to the capital. 1164 JOINT s'rocx COMPANIES. Tag?‘ Vale. — Incorporated in 1836 : capital £300,000, in shares of £100 each. The railroad is intended to connect the iron works at Merthyr Tydvil, with the town and port of Cardiff. The followin is a statement of the receipts and expenditure of t e company to 30th June, 1837 :— RECEIPTS. nxmniTwan. :5 i s. d. :6‘ s. d. Calls, £10 per Expenses to 16th Septem share .. ..30,000 ber, 1836 .. .. 11,498 18 3 Deduct pay- Exchequer Bills to be ments in paid R. Blakemore, exchange Esq, by agreement .. 10,000 0 0 for land.. 270 Engineering department Arrears due 31st December,l836 .. 2,044 8 9 on Calls_. 1,409 Engineers’ salaries to —-- 1,679 31st December, 1836.. 472 4 4 -- 28,321 0 0 Directors‘ fund .. -- 208 6 6 Interest, transfer stamps, J. K. Brunei on account 82c. ._ .. -. 113 16 3 of engineering expen ses, from 31st Decem. ber, 1836, to 30th June, 1837 .. -. .. 850 0 0 On account of law ex penses ...... 750 0 0 Secretary and clerks’ sa laries ...... 30516 Parliamentary and tra. veiling expenses, wit nesses,&c. ., .. 47312 6 Transfer stamps .. 54 2 0 Advertising, ofllce inci dental expenses, Etc. - 317 7 4 Balance in hand.. .. 1,459 19 11 £28,434 16 3 £28,434 16 3 York and North M idland.—lncorporated in 1836: capital £370,000, in £50 shares, with power to raise on loan an additional third. Proceeds from the northern terminus of the North Midland Railway, at Altofts, to the city of York, with several branches. Length 30 miles. wsrsn-wonxs—nnsr INDIA COMPANY. 165 WATER-WORKS. East London.—Capital £443,300, in £100 shares. Dividend £6 per share. The works are situated on the river Lea, at Old Ford. The number of houses supplied is about 42,000. Grand Junction.—Capital £187,500, in shares of .fAl 13s. 401. each; dividend £2 10s. per share. The works are situated at Chelsea, upon the river ghames, whence water is supplied to about 7,700 ouses. Lambetk.-Capital £97,500, in £100 shares ; divi dend £4 per share. The company have besides raised the sum of £82,000, by the issue of 4 per cent. bonds. The works are situated upon the Thames, near West minster-bridge. The number of customers is about 16,000. Vauachall.-—Capital £80,000, in £100 shares; divi dend £4 per share.—The water supplied by this com pany is derived from the Thames, whence it is dis tributed to about 10,000 houses. West Middleseaa—Capital £528,191 5s. in shares. of £63 12;. 9d. each. Dividend £3 10s. per share. This company’s works are at Hammersmith, upon the banks of the Thames. The number of houses supplied is about 15,000. EAs'r INDIA COMPANY. The first English association for trading with the East Indies originated in London, in the year- 1599, with a capital of £30,000. This association received a Royal charter in the following year, by which it was constituted a corporate body for the term of 15 years, 166 Join s'rocx COMPANIES. under the title of “the Governor and Company of Merchants of London trading to the East Indies ;” this charter was extended, in 1609, to an indefinite period, liable to be repealed at the pleasure of Government on the expiration of three years’ notice. From the first establishment of the company to the year 1636, having to contend with no competition, its profits were very considerable; but in that year a rival association was formed under the king’s license, by which the trade of the old company was somewhat injured; the two associations effected a junction in the year 1650. Under the protectorate in 1655 another rival company was started, which united with the old corporation in 1657. In 1693 a new charter was granted to the company, by which it was required to augment its capital, then £756,000, to £1,500,000; this charter was intended to continue for 21 years, but the power of the crown to grant the privilege of exclusive trade with India being denied y the House of Commons, the charter was virtually nullified, and a new association immediately started for the purpose of carrying on the East India trade upon an extensive scale. The old corporation now ofl'ered to Government the loan of £700,000, at 4 per cent. interest, on condition that the monopoly should be secured to them, but their new competitors imme diately offered the loan of £2,000,000, at 8 per cent., for the privilege, and were accordingly incorporated 111 1698, under the title of “ the General Society,” by {In {\ct of Parliament: the subscribers were permitted 1nd.ividually to trade with India, to the amount of their respective subscriptions, or they might carry on negoclatlons as a joint stock company; those ro prietors who preferred the latter method, were er gards incorporated under the name of “the English °mPany trading to the East Indies.” The old com Pany’was still in operation, having the benefit of three years notice before its charter could cease; it had nssr INDIA COMPANY. 167 besides subscribed towards the capital of the general society to the extent of £315,000, and obtained an Act of Parliament entitling it to trade on its own account in respect to the said subscription. In 1702 the rival associations were united by the authority of Government, under the denomination of “the United Company of Merchants trading to the East Indies.” The two companies were allowed the term of seven years to settle their respective affairs, at the expira tion of which an Act was passed incorporating the two associations, and obliging them in consideration of their privileges, to advance the sum of £1,200,000 to Government without interest, making the total advance to the public £3,200,000, and the rate of interest 5 per cent. Under this act the united com pany was empowered to raise the sum of £1,500,000 among the proprietors, and the charter was extended until three years’ notice should be given of its repeal after the year 1726. The united company also obtained the exclusive privilege of tradin eastward of the Cape of Good Hope to the Straits o Magellan. The company had now acquired several extensive tracts of territory in the East Indies, the possession of which was confirmed by Act of Parliament, upon the payment of a certain sum annually by the company ; but the territorial revenues being insuflicient to defray the expenditure of the Indian Government, and dis charge the annual compensation required by Parlia ment, the company in 1773 applied to the legislature for pecuniary assistance: a loan of £1,400,000 was accordingly granted to the company, and the sove reignty of the East India Company’s possessions was claimed by Parliament, who efi'ected considerable alterations in the mode of government. At the same time the annual dividend upon East India stock was limited to 6 per cent., and the compensation was remitted until the loan of £1,400,000 was discharged. 168 JOINT STOCK COMPANIES. In 1784 a bill was brought forward by Mr. Pitt, which received the sanction of the legislature in the same year, appointing a board of control consisting of six individuals chosen by the King, whose ofi‘ice it is to superintend the territorial concerns of the company, to inspect all letters passing to and from India, be tween the directors and their ents, (excepting such as are of a purely commercizl nature,) to alter the despatches to India when it shall appear necessary; and in case of extreme urgency, to transmit orders to the company’s agents in India without the consent of the directors. It was also determined that the court of roprietors should be deprived of the power to con tro the directors in any measure which had received the sanction of the board. The Governor-General, Presidents, and .the members of the council were still to be nominated by the directors, subject to the a proval of Government, while the Commander-in c ief' of the army in India was to be chosen by the King without the interference of the company. By a subsequent act the King was vested with the power to recall the Governor-General at pleasure. - In 1813 the trade with the East Indies was partially opened to the public ; the exclusive privilege of trad ing in tea, and with China being alone secured to the company for twenty years. By an act passed on the 28th of August, 1833, (3d and 4th Will. IV., c. 85), it was determined that the company’s trading privileges should cease from the 22d of April, 1834, and that the government of the Indian territories should be continued to the company until the 30th of April, 1854; it directs that the commercial assets of the company should be assigned to Government for the purpose of discharging the territorial debt; and that from the proceeds of the company’s saleable effects, the sum of £2,000,000 should be taken to be invested in the public funds, as a guarantee for the redemption ass'r INDIA COMPANY. 169 of the capital stock of the company. The proprietors are secured the payment of 10% per cent. interesti" upon the capital stock, such annual payment to form part of the territorial debt of India, chargeable upon the revenues of that country ; the capital stock of the company is not to be redeemable until the 30th of April, 1874, and then at the option of the legislature, at £200 per cent.1- The various other provisions of the act relate principally to the government of India. The capital stock, at the union of the £ two companies in 1708, amounted to 3,200,000 Subscribed in 1786 - - - - 800,000 ,, ,, 1789 - - - - 1,000,000 ” ’, " " ‘ - 1,000,000 The present amount is £6,000,000 The territorial debt of the East India Company bears interest at 5 per cent. and 4 per cent. ; only a portion of this is transferable in London, consisting of the 5 per cent. transfer loan, the dividends on whic are payable at the East India House, twelve months after they become due in India, at 2s. 1d. per sicca rupee. The debt of the company, contracted by the issue of bonds, bears interest at 4 per cent., payable on the 1st of April and the 1st of October. ‘' Payable half-yearly, viz.—the 5th of January, and the 5th of July, at the East India House. t In case the government of India should be taken from the company in 1854, it is provided that the redemption of the capital stock at 200 per cent. may be claimed by the corporation. P 170 JOINT s'rocx COMPANIES. The Security Fund consists of Government 3 per cent. stock, and amounted, on the 5th of July, 1837, to £2,461,562 16s.’ 8d., viz. £ s d ConsolidatedReduced 3 per 3 cent.per cent. Annuities Annuities - 2,454,720 6,841 1719 1 £2,461,562 16 8 SOUTH SEA COMPANY. The origin of the South Sea Company has been noticed in the previous sketch of the progress of the national debt of this country. The subscribed capital amounts to £3,662,784 8s. 6d., which is lent to Government at 3 per cent. interest, although the pro prietors receive interest at 3% per cent. The profits of the company are derived from the allowance received from Government fonmanaging a portion of the public debt, from interest on unclaimed dividends and the undivided profits, and from other minor sources. The dues to which the company was entitled by authority of Parliament, were abolished by an act of the last session, and the corporation has applied to the legislature for an equitable compensation. These duties were levied upon vessels entering ports within the limits of the company’s exclusive trade, and were invested in the Government stocks as a Guarantee Fund.‘ On the 5th of July, 1837, the fund amounted as under~ :6 s. d. Consolidated 3 per cent. Annuities 102,831 13 . 5 Reduced 3 per cent. Annuities . . 173,436 14 10 £276,268 8 3 MISCELLANEOUS. 171 MISCELLANEOUS. Name of Company. Capital. Share. Paid. iggéiigg' ,;£ _£ a€ s. 1:‘ s. d. Anglo-Mexican Mint . . . . 100,000 10 10 0 0 12 0 Anti-Dry-Rot Company . . 250,000 25 17 10 .._ Adelaide Gallery of Science . . 20,000 50 50 0 - Archway and Kentish Town Road ...... 15,990 30 30 0 0 l8 0 Auction Mart . . . . 54,000 50 50 0 l 0 0 Barking Road ...... 30,000 100 , 100 0 1 5 0 British Agricultural Loan Com‘ pany ...... 5 . . 2,100,000 H 105 | 5 0 __ British Alkali ...... 150.000 25 20 0 - British Annuity ...... 250,000 50 50 0 l 0 0 British Rock and Patent Salt . . 430,000 50 t 35 0 1 0 0 Caoutchouc Company .. . . 200,000 25 2 10 _ Commercial Road . . . . 100,000 ii 100 t 100 0 5 0 0 Ditto (East India Dock Branch) 200,000 100 100 0 3 0 0 Danube and Maine Canal 833,333 41% . 0 4 per cent. Deptford Pier ...... 50,000 20 . . 0 ._ ‘Droitwich Patent Salt . . . 195.000 25 25 0 0 15 0 Equitable Discount Society .. 100,000 100 25 0 2 0 0 Essex Marine Salt . . . . 50,000 20 6 0 - Folkstone Harbour . . . . 28,500 50 50 0 _ Ditto Bonds ' .. u 1’. .. , 15.000 ~- ,, 0 5 per cent General Steam Navigation . . 1,500,000 100 13 0 l 6 0 General Cemetery . . , , 45,000 25 25 0 1 5 0 Great Dover Street . . . 49,200 100 70 0 2 14 6 Herne Bay Pier . . . . 50,000 50 50 0 ._ Highgate Archway , .. . . 87,947 . . 30 3 - Hudson’s Bay Company (stock 200.000 100 100 0 10 per cent. Hungeri'ord Market .. . . 210,000 4 100 100 0 ‘ _ Irish Waste Land Improvement 500,000 r 50 l 0 ._ King’s College . . . . , 756,000 ' 100 100 0 - London Cemetery . . . . 100,000 20 3 0 - London Commercial Sale Rooms 150.000 L 75 1 75 0 l 0 0 London Corn Exchange . . F 67,500 37% F 37 l0 1 2 6 London Literary Institution .. 78,750 i 75% 78 15 — London Reversionary Interest i Society ...... 400,000 50 10 0 . Mexican and South America .‘ . 100.000 10 L 5 0 0 l0 0 Ditto. . . . New Shares . . . . 100,000 ' 10 3 0 _ New Corn Exchange . . . . 90,000 50 37 l0 — New North Road (stock) . . 11,050 . . . . 0 35 per cent. Patent Purifying Sea Water I -. Company ...... 120.000 10 4 0 __ Reversionary Interest Society.. ‘27 5,400 100 100 0 5 0 0 Ditto .. . . New Shares .. 263,300 100 70 0 2 2 6 Rio Doce Company . . . . 250000 25 2 0 -- Russell Literary Institution . . 18,375 26% 26 5 -' South Metropolitan Cemetery . . 75,000 25 10 0 . Thames Tunnel ...... F 200,000 50 50 0 ‘ University College (London) . . i 150,000 100 100 0 . i 172 JOINT s'rocx COMPANIES. REGULATIONS RESPECTING THE TRANSFER OF THE STOCKS OF PUBLIC COMPANIES. The shares of all the joint stock companies of England are subject to an ad valorem stamp duty on transfer, except the stocks of the Bank of England, the East India Company, and the South Sea Company. The following are the regulations observed in the transfer of these stocks -.— ' - ' BANK OF ENGLAND. . Transfer days of Bank stock-Tuesday, Thursday, and Friday. If the transfer be ordered before 1 o’clock on either of those days, no charge is made beyond the stamp duty. Transfers may be bespoken after 1 o’clock on any day of the week, by payment of 2s. 6d. each transfer. Transfers must be executed by half past 2 o’clock on the day of their being ordered; unless made by fee, in which case they will be kept open until 3 o’clock. Stamp duty on £25 stock, and under . . 9s. On all sums of stock above £25 ...... 12s. Dividends are payable on the 5th of April and the 10th of October, or any subsequent day, between 9 and 3 o’clock. The cost of a power of attorney is £1 lls. 60!. EAST INDIA HOUSE. Transfer days-Stock ...... ' Tuesday, Thursday, and Saturday. Transfer loan ...... ‘ Monday, Wednesday, and Friday. Transfers must be ordered before 2 o’clock, or a fee of 2s. 6d. on each transfer will be charged. By payment of this charge transfers may be made on any day of the week. All transfers must be executed before 3 o'clock. ‘ £ a. 11. Stamp duty on transfers ...... l 10 0 - Charge for power of attorney .. . . 1 ll 6 'rnsnsrnn REGULATIONS. 173 D11 . ,. idends due on East India _ stock .. . . 5th 5th of of Jenna July}? and ,, ,, Book Debt, of the 31st z 3d of January and of December, 1834 3d of July. ,, ,, Do...... of the 10th 13th of February and of August, 1835. . 13th of Aug. ,, ,, Do...... ofthe 15th 18th of January and of January, 1836 18th of July. SOUTH SEA HOUSE. F "léransfer days of South Sea stock-Monday, Wednesday, and r1 ay. A charge of 2s. 6:1. is made if the transfer be ordered after 1 o’clock, or on other than the above transfer days. Transfers must be executed by half-past 2 o’clock. £ a. Stamp duty on sums of stock under £100 0 9 cm?‘ £100andabove ...... 0 l2 Costofapowerofattorney ...... 111 6 Dividends payable on the 5th of January and the 5th of July. The transfer of shares in the other joint stock companies is subject to the following scale of stamp duty : £ s. d. When the consideration money is under £20 0 10 0 Amounting' to £20, and under £50...... 1 O 0 ,, 50 ,, 150...... 1 10 0 ,, 150 ,, 300...... 2 0 0 ,, 300 ,, 500.... 3 0 0 ,, 500 ,, 750...... 6 0 0 ,, 750 ,, l000...... 9 0 0 ,, 1000 ,, 2000...... 12 0 0 ,, 2000 ,, a000...... 25 0 0 ,, 3000 ,, 4000...... 35 0 O ,, 4000 ,, 5000...... 45 0 0 5000 ,, 600o...... 55 0 0 &c., &c. Printed forms of assignment of Canal and Railway shares, on stamped paper, may be obtained of Messrs. Witherby, Birchin-lane. The deeds for the transfer of shares in the various other joint stock associations are usually prepared by the respective companies. The following statement exhibits the charges made at the ofiices of several of the most important companies on the transfer of shares, with the principal regui lations relating thereto. P 3 174 JOINT srocx COMPANIES; Alliance Fire and Life Assurance.¥Oflice, Bartholomew-lane. Transfers are prepared at the office ; fees 5s. each transfer. The‘ seller pays the transfer fees, and the purchaser the stamp duty. Alliance Marine Insurance. — Oflice, Bartholomew-lane. Transfers are prepared at the allies; fees 1.9. per share. The purchaser pays the stamp duty, and the seller the fees. Anglo-Mexican Mining Company.—0fiice, 5, Broad-street buildings. Transfers are prepared at the oflice; fees 5s. each transfer. The notice of transfer must be signed by the seller. The purchaser pays the stamp duty, the seller the office fees. Australian Agricultural Company.—0ifi ce, King’s Arms-yard. Transfers must be made personally, or by attorney, at the Company's oflice. Transfer fees 18. per share. The purchaser pays the stamp duty, and the seller the fees. Ashton and Oldham CanaL-Oflice, at Altringham, Cheshire. The transfers are prepared at the office; charge for registering transfer 21s. The purchaser pays stamp duty and registration ' fees. Birmingham Canal.-Oflice, at Birmingham. The transfers may be prepared upon the usual form. The ofiice charges are 10s. for registering each transfer. The stamp duty and ofiice fees are paid by the purchaser. Birmingham and Liverpool Junction Canal-—Oi‘lice at Bir mingham. Transfers may be made out upon the usual form. The office fees are 2s. 6d. per share for registering tranfer, which, with the stamp duty, is paid by the purchaser. -Birmingham and Derby Junction Railway.—Oifice at Bir mmg'ham- Transfers are not prepared by the company. The purchaser pays the stamp duty. No fees. Birminghmn and Gloucester Railway-0mm at Birmingham Trausfers are not prepared by the company. The purchaser pays the stamp duty. No fees. - Blaenavon Iron and Coal Mine.-Oflioe, 6, New Broad street. Transfers are prepared by the company. Fees 53., for ' l'e'gisieving; each transfer. The purchaser pays allexpenses. fr Bozanos Mining Company.—0fiice, Bridge-street, Blackfriars. ctll'ansfers are prepared at the oilice without charge. The'puh as" Pays the stamp duty. . - TRANSFER REGULATIONS; 175 ll'3ristol and Ea‘etér Railway.—0fiic-e, at the Great Western Railway Company, Prince’s-street, Bank. The same regulations as the Great Western. British Iron Company.-Otfice, 3, New Broad-street. All transfers are prepared at the oflice. Persons purchasing shares for the first time must be recommended by a proprietor. Oflioe fees on transfers 1s. per share. The purchaser pays the stamp duty, and the seller the fees. British Commercial Insurance—015%, 35, Cornhill. Trans fers according to the usual form. Ofiice fees 2s. 6d. cash transfer. The purchaser pays the stamp duty, and fees. Brazilian Imperial Mining Company.-Oflice, Winchester House, Old Broad-street. Transfers are prepared at the com pany’s otfice. Fees 1s. per share. The purchaser pays the stamp duty, and the seller the fees. Canada Land Company.-Oflice, St. Helen’s-place. Trans fers must be made at the company’s ofliee, either personally or by power of attorney. (£1 11s. 6d.) Office fees, 5:.‘ each transfer, if under 10 shares; if above that number, 10s. The purchaser pays the stamp duty, and the seller the fees. Transfer days Monday, Wednesday, and Friday. Cheltenham and Great Western Union Ruilway.-Office, at the Great Western Company’s, Prince's-street, Bank. Regu lations the same as that company. Columbian lllining C General Steam Navigation Company.—0flice, 69, Lombard street. The purchaser pays the stamp duty. No fees. Globe Insurance-Office, Cornhill. The transfers must be made personally, or by attorney, at the company’s oflice; fees 10s. on each transfer. The seller pays both stamp duty and transfer fees. The cost of a power of attorney is £1 10:. ‘ Grand Junction CanaL-Ofiice, 2], Surrey-street, Strand (Mr. R. C. Sale.) The transfers are prepared by the company; fees 128. each transfer, and 5 per cent. on the amount of the stamp duty. The purchaser pays all expenses. Grand Junction Water Works.-Ofiice, Brooke-street, Bond street. Transfers prepared at the oflice; fees 2s. 6d. each transfer. The purchaser pays stamps and fees. Grand Junction Railway.—Office at Liverpool (Messrs. Pritt, Clay, and Swift.) Transfers may be prepared upon the usual forms. The purchaser pays the stamps, and all charges; fees 2s. 6d. each transfer, and la. each for indorsing certificates. Great Western Railway.—0flice, Prince's-street, Bank. Transfers may be prepared at the oflice, or made out upon stamped forms provided by the company. N 0 charge is made for preparing the deed of transfer; the charges are 23. 6d. for registering each transfer, and 2s. (id. for endorsing the sealed certificates; the latter is not necessary. All expenses are incurred by the purchaser. Guardian Assurance-Office, l1, Lombard-street. Transfers must be made at the office personally, or by attorney ; fees 5.1. each transfer. The purchaser pays the stamp duty, and the seller the oflice charges. ‘ Hibernian Mining Company. — Ofiice, 6, Austin-friars. Forms of transfer are provided at the office. There are no fees. The stamp duty is paid by the purchaser. ' Hudson’s Bay Stock.-Oflice, 5, Fenchurch-street. The transfer must be made at the company’s oflice in person, or by attorney; the fees are 58. each transfer. The seller pays the stamps and fees. The cost of a power of attorney is £1 11s. 6d.. Hull and Selby Railway.—Office, at Hull. The company does not prepare the transfers. The certificates must be sent to Hull, with the transfer deed, to be registered. There are no_ charges on transfer, registration, or endorsing certificates. Tho stamp duty is paid by the purchaser. ‘ ‘ TRANSFER REGULATIONS- 177 Kennet and Avon Canal.--Oflice, at Marlborough, (Messrs. T. B. and W.Merriman.) Transfers may be prepared according to the usual form ; fees for registration 15s. 6d. each transfer. The purchaser pays the stamps and office-charges. Lancaster Canal —Oflice, Lancaster. Transfers may be pre pared according to the usual form ; registration-fees 5:. each transfer. The purchaser pays the stamps and fees. Law Life Assurance.—-0flice, Fleet-street. Transfers are prepared at the ofiice, charges 58. per transfer. The purchaser pays stamp duty and fees. ‘ Leicester Canal.—0flice, at Leicester. Transfers are prepared at the ofiice; fees 13s. 6d. per transfer. The purchaser pays the stamps and charges. Liverpool and Manchester Railway.-Oflice, at Liverpool. Transfers may be made out according to the usual form. The charge for registration is 28. 6d. each tranfer, and Is. per share for endorsing the certificates. The purchaser pays stamps and all other charges. ' London Dock-Office, New Bank-buildings. All transfers must be executed at the company’s oflice, either personally, or by attorney; the fees are 48. on each transfer. The seller pays the stamp duty and olfice-fees. The cost of a power of attorney is £1 108. London and Birmingham Railway.-—Ofiice, Cornhill. The company does not prepare transfers, nor make any charge upon registering transfers, or endorsing certificates. The stamp duty is paid by the purchaser. London and Croyzlon Railway.—0flice, Bank-buildings. Transfers are prepared by the office ; fees 2s. 6d. each transfer. The seller pays the fees, and the purchaser the stamps. London and Greenwich Railway.-Otiice, London Terminus. Transfers are prepared at the oflice, or may be made out according to the usual form; fees 2s. 6d. each transfer. The seller pays the fees, and the purchaser the stamp duty. ' London and Smlthampton Railway-Chico, No. 1, Adam street, Adelphi. Transfers are prepared at the oflice, or may be made out according to the usual form. The purchaser pays the “stamp duty ,- there are no oflice fees. London and Westminster Bank.—Oiiice, Throgmorton-street. Transfers are prepared by the company ; fees 1s. per share. The purchaser pays the stamp duty, and the seller the oifice dues. ‘ -' 178 101m‘ s'rocx communes. Mexican Mining and Trading Company.—0flice, Great Win chester-street. Tranfers are prepared at the ofiice; fees 10. per share. The purchaser pays the stamp duty, and the seller the oflice charges. Mining Company of Ireland-Office, 64, Old Broad-street. Transfers are prepared at the office; fees 1s. per share, paid by the seller. N 0 stamp duty. National Bank of Ireland —Ofiice, 39, Old Broad-street. Transfers are prepared at the office, without charge. The pur chaser pays the stamp duty. N o fees. National Provincial Bank of England-Office, 13, Austin friars. Transfers are prepared at the oflice, without charge. ‘The purchaser pays the stamp duty. New Brmwwick Land Company.—Oflice, Terrace Chambers, Adelphi. Tranfers are prepared at the oflice ; charge 28. 6d. each transfer. The fees are paid by the seller, and the stamp duty by the purchaser. North Midland Railway.—0fiice, George-street, Mansiom house. Transfers may be prepared according to the ordinary form; the company make no charge for registration; the only fee is 28. 6d. when the certificates accompanying the transfer are required to be endorsed. The purchaser incurs all expenses. ' Protector Lifi: Assurance-Office, Old Jewry. Transfers are prepared at the office ; charges 2s. 6d. on transfer of 50 shares, 3:. 6d. for 100 shares, above that number, 5s. The stamp duty is paid by the purchaser, the seller pays the oflice fees. Phoenix Gas Company. — Oifice, 64, Bankside, Southwark. Transfers prepared at the office, charges 28. 6d. per transfer. The purchaser pays all expenses. Prerton and Wyre Railway. -- Oflice, Cornhill. Transfers made out at the oflice ; fees 28. 6d. per transfer. The purchaser pays the stamp duty, and the seller the oifice charges. Provincial Bank of Ireland.-—Oflice,42, Old Broad-street. 'V'I'ransfers are made out at the office ; fees, 5 shares or under, 53.; above that number, 18. per share. The stamp duty is paid by the purchaser, the seller pays the fees. Regent’s Canal-Office, 98, Great Russell-street, Bloomsbury. Transfers may be made out according to the usual form, or they will be prepared at the company’s office ; fees, ‘2s. 6d. per trans fer for registering. The purchaser pays all the expenses. Real del Monte Mining Company.—0flice, Chatham-place, Blackfriars. Transfers are prepared at the ofiice, without charge. The purchaser pays the stamp duty. - TRANSFER REGULATIONS. 1'79 South Eastern Railway.—0fliee, 10, Coleman-street. The transfers are not prepared at the ofl‘ice. No charge is made for registering the transfer; the fees for endorsing the certificates are as under : For any number of shares not exceeding 20, charge 1s. Above 20 and not exceeding . . 50 . . 2s. . . 50 ...... 10D . . 3s. .. 100 ...... 150 .. 4s. . . 1.50 ...... _ 5s. The purchaser pays the stamp duty and endorsement fees. Stockton and Darlington Railway. — Oflice, Darling-ton. Transfers may be prepared upon the usual forms. Charges on registration 3s. 6d. per share. The purchaser pays all expenses. ‘ Sun Fire.--Ofiice, Cornhill. Transfers prepared at the oflice ; fees 3s. each transfer. The purchaser pays the stamp duty, and the seller the oflice charges. United General Gas.—0fliee, King’s Arms-yard. The com pany provide blank stamped forms, upon which the transfers may be prepared. There are no fees. The purchaser pays the stamp duty. ' Union Fire and Life Assurance.-—»Oflice, Cornhill. Tranfers must be made at the oflice; charges £1 12s. 6d. per transfer, and lOs. per share besides. The seller pays stamp duty and all other expenses. United Mexican Mining Company.-—Oflice, 13, Old Broad street. Transfers are prepared at the oflice ; fees, 2s. 6d. per transfer of l0 shares, and 5s. per transfer of any greater number. The purchaser pays the stamp duty, and the seller the oflice fees. West India Dock Stock—0flice, 8, Billiter-square. Transfers must be made personally, or by attorney at the company’s oil-ice ; fees, 4s. each transfer. The seller pays the stamps and fees. The cost of a power of attorney is £1 lls. 6d. Westminster Chartered Gasn-Ofiice, 19, Bridge-street, Black friars. Forms of transfer are provided at the ofiice. No olfice fees. The purchaser pays the stamp duty. York and North Midland Railway.—0flice, at York ; Mr. G. Baker, secretary. Transfers are not prepared by the company ; the fee for registering transfers is 5s. each transfer. The pur chaser pays all expenses. 180 UNITED sums or “names. UNITED STATES OF AMERICA. BANKS. The total number of banks in the United States, on the 1st of January, 1835, was 558, with an aggregate capital of $231,250,337. Of these the greatest num ber were situated in the state of Massachusetts, although the state of New York possessed the largest amount of banking capital. In the former were established 105 banks, with an aggregate capital of $30,409,450 ; while in the latter the number of banks was 87,’ii the total capital $31,581,460. In Massa chusetts and New York, the banks are restrained from issuing notes for a less sum than one dollar. In Pennsylvania, Virginia, and Maryland, five-dollar notes are the smallest amount that can be issued. In the year 1829, an act was passed by the state of New York called the Safety Fund Act, to which it is provided that “all monied corporations hereafter to be created or renewed shall be subjected.” It is enacted, that each banking company shall contribute annually é per cent. upon the capital stock of the bank, and continue such annual payment until 3 per cent. shall be contributed. Such payments to remain in the hands of the state treasurer, and to constitute a fund applicable to the dischar e of all debts of insolvent banking com anies, whic have contributed towards the Safety und. Each bank is obliged to report to the legislature annually, under the oath of its oflicers, the situation of its accounts ; and its books and coffers are open at all times to the inspection of commissioners appointed by the state. All the banks in the state of New York are prohibited from making advances ‘ At the commencement of the year 1837, the number of banks in New York was 99, the total capital was $37,301,460. UNITED surns or AMERICA. 18[ upon their own stock. The amount of the Safety Fund, on the 1st of J annary, 1834, was $289,046. The proprietors of banks not contributing to the Safety Fund, are individually liable to the full extent of all the losses of the company with which they are asso ciated. At the commencement of 1837, there were only nine banks in the state of New York not subject to the Safety Fund. The aggregate capital of these was $5,100,000. In this year a general suspension of specie payment took place, during the continuance of which the circulation of the banks is limited by the legislature, and the proprietors are prohibited from receiving any dividend. The following statement presents some particulars relating to those banking companies, whose shares are marketable in London. Bank of the United Statcs.—--This bank was incor porated in 1816, by an act of Congress, for 20 years, or until the 3d of March, 1836. The capital amounted to $35,000,000, of which $7,000,000 were subscribed by the general government. The bank commenced business in Philadelphia on the 1st of January, 1817; it afterwards established branches in various parts of the Union, to the number of ‘25. These branch banks were exempted from the laws and regulations of the several states in which they were situated. The pro prietors paid to the general government for these privileges the sum of $1,500,000. The charter expired at the appointed period, the President havin objected to its renewa1.* The bank has since receive a charter from the State of Pennsylvania, authorizing it to carry on business in that state. It has also obtained permission to continue its'agencies in some * General Jackson stated, in his objections, that on the 1st of January, 1832, of the $20,000,000 private stock of the corpora tion, $8,000,000 were held by foreigners, chiefly residents in Great Britain. Q 182 IOINT s'rocx COMPANIES. other parts of the Union. For this charter the United States Bank agreed to pay the state of Pennsylvania $4,500,000, and to advance to the extent of $7,000,000 on loan to the state at 4 and 5 per cent. interest, when required. On the 1st of March, 1837, the undermentioned items amounted as follow :-— LIARILITIES. ASsETS. g Capital paid up .. . . 35,000,000 Loans on Security and Dis Circulstion . . . . 9,470,000 counts ...... 56,650,000 Deposits ...... 2,402,000 Specie ...... 2,653,000 46,87 2,000 59,303,000 The shares of the bank are $100 each. The dividend is 8 per cent. per annum, payable on the 1st of J a nuary and the 1st of July at Philadelphia. , Bank‘of Louisiana.—Paid up capital $4,000,000, in shares of $100 each. Dividend 8 per cent. per annum. Statement of the affairs of the Bank of Louisiana on 26th July, 1836 :— ASSETS, $ LIARILITIES. Capitals of the five Capital Stock paid up .. 3,997,480‘00 branches . . .. 1,000,000'00 Stockholders other than Notes and Bills discounted 2,476,089'49 the State . . ’ . 23,153'07 Bonds and Notes bearing Profit and Loss account.. 653,346'47 Mortgage . . . . 1,302,157'44 Post Notes . . . . 57,630'00 Loans on pledge of Stock 170,400'00 Notes in circulation .. 736,807'50 Bills of Exchange .. 1,158,508'l8 Administrators of the Mississippi Marine and Sinking Fund .. . . 56,8851! Fire Insurance Compa- Amount due to Banks .. 582,279'66 ny’s Stock . . 5,000'00 Dividends unpaid . . . . 248,381'13 Bills and Notes protested- 00,017-30 Individual deposits .. 673,579'8l Specie on hand .. .. 147,899‘97 Notes of other Banks .. 98,480‘00 Amount due by the five branches .. . . 173,630'87 Ditto by the Banks . . 298,40l'5l Protest account . . . . 103-50 Thos. Wilson and Co. .. 56,744-35 Real Estate sold J. R. Wolfl‘ ...... 10,100'00 Banking House .. .. 71,110‘14 7,029,54275 ' 7,029,54215 UNITED sra'rns or AMERICA. 183 Bank of New Orleans (Louisiana. )—Capital paid up $600,000, in shares of $100. Dividend 8 per cent. per annum. Louisiana State Bank. »— The paid-up capital amounts to $1,927,520, in shares of $100. The dividend was formerly 10 per cent. per annum; but during the suspension of specie payments, it is under stood that no dividend will be declared. The follow ing is a statement of the assets and liabilities of the bank on the 31st July, 1837 :- AS5218. LIABILITIES. Bills and Notes discounted.. 2,843,046 Capital Stock paid up .. 1,927,520 Ditto protested .. .. 32,375 Individual deposits .. .. 1,267,893 Suspended Debts arising Citizens‘ Bank .. .. 2,492 from the late branches .. 16,023 Notes in circulation .. 216,360 Office at St. Martinsville . . 160,500 Profit and Loss .. .. 222,430 Orleans Navigation Company Bonds, guaranteed by the City Corporations 100,000 dollars, at 87 per cent. .. 87,000 Improvement Company Bonds, secured by mort gage on real estate, 50,000 dollars at 90 per cent. __ 45,000 Andre and Cottier, of Paris 62,631 Bonus amount as extinguished 66,000 Cash Notes of other Banka.. 91,695 Specie ... .. - . 232,425 3,636,695 3,636,695 lllississippi Planters’ Bank. — Capital paid up $4,203,000, in $100 shares. Dividend 10 per cent. per annum. This is one of the Government deposit banks. Statement of the condition of the Mississippi Planters’ Bank on the 27th April, 1837 :- AssRTs. LIARILITIES. Loans and Discounts .. 3,733,000 Circulation ...... 1,583,000 Bills of Exchange .- . . 2,880,000 Treasurer of the U. S. .. 1,035,000 Suspended Debt .. . . 2,307,000 Public Ofilcers .. . . . 29,000 Stocks ...... 42,000 Private Depositors . . . . 345,000 Real Estate ...... 184,000 Due to Banks . . .. 707,000 Other Investments .. .. 87,000 Other Liabilities .. .. 918,000 Expenses . . . . - _ 25,000 Capital . _ . . . . 4,203,000 Balance due fromBanks .. 66,000 Profit and Loss .. . . 954,000 Notes of other Banks . . 49,000 Specie ...... 401,000 9,77 4,000 9,774,000 84 101m‘ s'rocx commnms. Morris Canal Bank (Pennsylvania.)—Capital for banking purposes $1,000,000, in $100 shares. Divi dend 6 per cent. per annum. The company has besides raised the sum of $1,964,000, by the issue of bonds, bearing 6 er cent. interest, payable half yearly by Messrs. orrison, Cryder, and 0o., without deduction. The bonds are in .£ sterlin , redeemable at par, on the 1st of January, 1846. T e circulation of the bank in June, 1836, amounted to $78,109. The canal belonging to this company is noticed at page 187. New Orleans Canal Bank (Louisiana.)—Capital paid up $3,998,200, in $100 shares. Dividend 8 per cent. per annum. The canal constructed by this com pany is 4 miles in length, connecting New Orleans with Lake Pontchartrain. The cost was $952,433 ; the weekly'income, when first opened, was about 300. The bank circulation, in 1834, amounted to 951,790. New Orleans City Bank Louisiana. )-—Capital paid up $2,000,000 in $100 s ares. Dividend 8 per fjlgégg’regrénum. The circulation, in 1834, amounted 0N8?!’ Onleans Commercial Bank (Louisiana) dapawl paid up $2,945,430, in $100 shares. Divi den Per cent. _per annum. This is a Government oeiiosit bank; it also supplies the town of New l'sialtls with water. The works cost about $455,000. 1837a ement of the affairs of the Bank on 6th May, A SSETS. LIARILITIES . Mans, Discounts, &c- Bills of Exchange -- 2. ,000 Circulation ...... 416,000 Suspended Debt ' ‘ - - ‘2,138,000 Treasurer of the U. S. . . 1,330,000 Stocks _ _ ‘ ‘ - - 120,000 Public Otficers . . - . 93,000 Real Estate _ _ ‘ ‘ - _ 100,000 Other Dcpositorl . . . . . 465,000 Other Investments ‘ ‘ - - 146,000 Due to Banks .. .. 1,153,000 Expenses _ _ ‘ ' ‘ -, 635,000 Other Liabilities . . . - 92>000 113:3??? Banks _‘ _' - - $64100 Capital ...... 3,000,000 specie Other-Banks I _ 421333 Profit and Loss .. -. 300,000 - - . . 223,000 g“ 6,854,000 6,854,000 ~___ UNITED sra'ras OF AMERICA. 185 New Orleans Mechanics’ and Traders’ Bank. Capital paid up $2,000,000, in $50 shares. Dividend $4 per share per annum. Tennessee Planters’ Bank (Nashville. )—Capital $2,000,000, in shares of $100 each; transferable at the bank of the Manhattan company, in New York. The following statement exhibits the condition of the bank on the 1st July, 1837 : ASSETS. LIARILI'IIss. $ Notes discounted . . 4,688,369'31 Capital Stock.. 2,000,000 Suspended Debt .. 15,973'43 School Fund .. 214,360 Real Estate . . . _ 25,138'37 2,214,360‘ Due from Banks .. 361,460'40 Circulation, payable at Cash on hand, viz.—- New Orleans .. . . 778,995' Checks on other Banks 169,059'65 Ditto ditto Parent Notes on City Banks . . 22,965- Bank and 001ce8 . . 211,570‘ “ other Banks -- 63,155' Ofiice Balances .. .. 58,66462 Gold and Silver __ 205,368'03 Post Notes on Time .. 150,158'43 Due to Banks . . . . 203,11354 Treasurer of the United States ...... 271 ,630 '87 Public Ofiicers . . .. 351,016'12 The State of Tennessee . _ 565,856'26 Treasurer of the State 6f Tennessee . . . . 5,888'99 Unclaimed Dividends . . 1,006'02 Contingent Fund , _ 393,127'49 Individual Depositors .. 346,101'85 5,551,489'19 5,551,489'19 This Bank paid 9 per cent. per annum to the proprietors, but it is under :toold tgat during the suspension of specie payment no dividend will be so are . Union Bank of Tennessee. —-— Capital paid up $2,476,743, in $100 shares. Dividend 9 per cent. per annum. This is a Government deposit bank. Statement of the affairs of the Union Bank of Tennessee on 28th October, 1836. ssssrs. LIARILITIES. Loans and Discounts . . 1,673,352 Circulation ...... 2,388,142 Bills of Exchange _ - . - 4,219,279 Treasurer of the U. S. .. 576,251 Real Estate ...... 39,519 Public Otlicers .. .. 46.258 Other Investments . . .. 3,253 Private Depositors .. .. 265,650 Expenses ...... 6,172 Due to Banks . . . _ 253,289 Due from Banks .. .. 127,450 Other Liabilities .. .. 111,936 Notes of other Banks . .. 165,115 Capital __ __ . . 2,476,743 Specie ...... 137,371 Contingent Fund . . . . 132,726 Profit and Loss . . . . 120,514 6,371,511 6,371,511 Q3 186 .ioisr srocx COMPANIES. Union Bank of Louisiana. —-— Capital paid up $7,000,000, in $100 shares. This is a bank of deposit for the public moneys. Statement of the condition of the bank on 31st October, 1836 : — assaTs. LIABILITIES. Loans and Discounts . . 8,045,603 Circulation . . . . ,, 1,423,515 Bills of Exchange .. .. 3,981,888 Treasurer of U. S. .. .. 2,810,865 Real Fstate ...... 150.288 Public Ofl‘lcers . . . . 84.769 Other investments . . . - 2,189,526 Private Depositors . . . . 915,447 Expenses ...... 11,327 Due to Banks .. __ 2,108,913 Due from Bank! .. .. 1,067,256 Other Liabilities .. ,. 361,922 Notes of other Banks .. 179,390 Capital ...... 7,000,000 Specie ...... 386,679 Contingent Fund . . . . 660.000 Stocks ...... 133,330 Profit and Loss . . . . 779,857 16,145,288 16.145288 Some particulars relating to the various other banks of the United States will be found in Mr. Gilbart’s “ History of Banking in America.” CANALS. Chesapeake and Delaware (Maryland and Dela ware.) Connects the latter state with Chesapeake Bay. Length 13% miles. Commenced in 1824, and com pleted in 1829. Cost $2,200,000. Chesapeake and Ohio (Virginia, Maryland, Columbia, and Pennsylvania.) —— Commences at Georgetown, on the river Potomac, and terminates at Pittsburg, on the Ohio. Length 341 miles. Esti mated cost, $9,347,408. The general government of the United States subscribed $1,000,000 towards the company’s stock, the state of Maryland $3,000,000, and Virginia $250,000. The work is only partially completed. UNITED s'ra'rns or AMERICA_ 187 Delaniare and Hudson New York and Pennsyl oam'a.)—Commences at in ston, on the Hudson, and terminates at Honesdale, ennsylvania. Length 109 miles. Cost $2,231,820. The transportation of coal is the principal business of this canal. Delaware and Raritan (New Jersey.)—Com mences at Bordentown, in New Jersey, and terminates at the town of New Brunswick, on the Raritan. Length 43 miles. Begun in 1831, and completed in 1834; cost about $2,500,000. Morris (Pennsyloania.)—Extends from Jersey City on the Hudson to Easton, on the Delaware. Length 101 miles. Commenced in 1825, and com pleted in 1836. The total cost of the Canal amounted to $3,041,000. It is now let on lease to the Little Schuylkill and Susquehannah Railroad Company, at a rent of 6 per cent. on the capital. Statement of the affairs of the Morris Canal and Banking Company, on the 6th of March, 1837:— I-RCEIPTS- EXPENDITURE. ll Capital stock for canal paid Cost of canal, boats, 8:c. . . 3,041,000 up .. . . . 3,100,000 Bills receivable on hand .. 3,054,000 Ditto banking .. . . 1,000,000 Indian and other bonds . . 1,700,000 Dutch loan on mortgage of Morrison, Cryder, and Co. 650,000 canal, to be paid ofl‘ this Specie ...... 117,000 year . . . - . . 749,000 Other investments , - 322,000 Bonds payable in London in 1846 ...... 1,964,000 From various other sources 2,071,000 8,884,000 584,000 New Orleans Bank Canal—See page 184. RAILWAYS. Baltimore and Ohio (Maryland. )—Intended to connect Chesapeake Bay with the river Ohio. Length 188 .Iom'r s'rocx communes. 360miles. Commenced in 1828, and completed to the distance of 81 miles from the city of Baltimore. The cost of this portion, with branches extending 5 miles, amounted to $3,106,507; the expense of the remainder is estimated at $25,000 per mile. Annual income and expenditure of the company from the first partial opening of the railroad : Income. Expenditure. 6 Year ending 1st October, 1832 .. 183,053 .. 98,6;53 .. .. 1833 .. 191,673 .. 83,880 .. 1834 .. 222,973 .. 95,344 .. 1835 .. 263,368 .. 108,179 The income of the year, ending the 1st of October, 1835, was derived as under :— 97,758 passengers ...... 93,540 7 2,634 tons of merchandise . . 169,828 263,368 The state- of Maryland has subscribed the sum of $3,000,000 towards this work, and the city of Balti more $3,000,000 also. Loans have been raised by the state and the city, in order to supply these demands. Boston and Lowell ( Massachusetts. ) -— Com menced in 1830, and opened in 1835. Length26 miles. The whole expenditure of the company, to the 30th of November, 1835, was $1,331,364; the total receipts were $1,361,454. Of this sum 1,200,000 was received on 2,400 shares, and $45,529 or transportation. A single tract has only yet been completed. It is estimated that the sum of $300,000 will be required to complete another tract, which is In progress. UNITED sra'ras or AMERICA- 189 Boston and Providence (Massachusetts. )—Com menced in 1831, and completed in 1835. Length 41 miles. Capital $1,250,000. A dividend of 4 per cent. was declared on the 25th of November, 1836. Camden and Amboy (New Jersey. )—Crosses the state of New Jersey, from Camden, on the Delaware, to South Amboy, at the mouth of the Raritan. Length 61 miles. Commenced in 1829, and com pleted in 1832. South Carolina.-—Extends from Charleston to Hamburg, on the Savannah. Length 136 miles. Completed in 1833. The receipts upon the railroad, during six months, ending the 31st of December, 1835, amounted to $141,630; the expenses to $93,838. The foregoing summary comprehends only a few of the canals and railroads which have been commenced or com leted in the United States. To give a mere list of t e whole of these undertakin 5 would occupy a considerable part of this work, an would probably be of little use. At the session of the legislature of New York, which commenced on the 5th of January, 1836, and ended on the 26th of May following, 43 companies were incorporated for the purpose of con structing railroads in that state, with an aggregate capital of upwards of $15,000,000; while In other parts of the Union, similar undertakings have been commenced nearly to an equal extent. Compara tively few of the shares of the American 'oint stock companies have yet been introduced into t e English market, which may perhaps be owing in some degree to the large amount of state stock held in England, which affords so excellent an interest, liable to no fluctuation beyond that of the exchange between the two countries. The shares in the American companies are negociated here at so much sterlin per share, and are inscribed in the holder’s name in e books of the 190 JOINT s'rocx COMPANIES. company in America. The method of transferring these securities is the same as that pursued in the transfer of the American state stocks, which has been previously described. OTHER AMERICAN SECURITIES. American Life Insurance and Trust Company.— Capital $2,000,000. On the 1st of November, 1836, the surplus profits of the company amounted to $93,072, from which sum a dividend of 3% per cent. was declared, amounting to $70,000. Baltimore City Stock—$3,000,000. Dividend 5 per cent.; paid 1st January, 1st April, 1st July, and 1st October, at Baltimore. The loan was raised by the city, in order to subscribe towards the Balti more and Ohio Railroad. New York Farmers’ Loan Bonds.—$2,000,000, redeemable in 1855. Dividend 5 per cent. N erv York Life Insurance and Trust Company-f Capital $1,000,000, in shares of $100 each. Divi dend $6 per share. United States Bank Promissory Notes. — In :6 sterling, payable at Messrs. Baring, Brothers, twelve months after date, without deduction. (Seve ral different dates.) NEW AN D IMPORTANT COMMERCIAL BOOKS, PURLISHED RY EFFINGHAM WILSON, 88, ROYAL EXCHANGE. Price Is. AGRARIAN DISTURBANCES IN IRELAND, produced by Falls in Prices. A coloured Chart. 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