plan of his right honorable friend. It gave no b mus to persons for investing their capitals to the prejudice of their families. The scale was calculated upon the usual principles of the probabilities of life. And, as to the effect it might have on the morals of the people, it should be recollected that the short annuities which had lately fallen in, to the amount of 4 or 500,000l. per annum, had been in the market without producing any such effect, though upon the principles of the gentlemen opposite, they were much more dangerous, as they required a greater proportion of capital to be sunk.

The chancellor of the exchequer admitted, that for parents to purchase annuities for their own lives to the prejudice of their children would be wrong, and ought to be discountenanced. But would it not be proper for a parent to purchase an annuity for his child, or for his widow, if the circumstances of his property would not admit of any other provision? It would be idle to provide small annuities, suppose for servants, or widows, on the security of land, when the expences of settlement, and perhaps of recovery, would render the provision of no avail.

The first resolution being read, was agreed to, and the chairman having reported progress, the committee was ordered to sit again on a day appointed.

House of Commons, May 27.The house resolved itself into a committee on the resolution of the committee respecting the transfer of 3 per cent stock for life annuities. Mr. Tierney made a variety of calculations intended to show the inefficacy and inutility of the plan.

He objected to it as interfering with the sinking fund, and with the faith of the country, pledged in consequence of that measure; of which faith he considered it as a direct infraction. He dwelt particularly on the extravagant inducement which this measure held out to a man of 70 years of age, to leave his family and relations destitute; seeing he could thus raise his own income in the proportion of 12 to 3; or instead of 100. could procure for his own life 400l. per annum.

The chancellor of the exchequer had no expectation that the progress of the measure would be very rapid. The present was not a plan, which he would have been inclined to propose, as affording resources for the service of the year; but he was convinced from the information, and the applications he had already received on the subject, that it would be one of permanent advantage, and of which, though no question of revenue were connected with it, the advantage would be generally and satisfactorily felt. There was nothing unusual or inconsistent with political œconomy in allowing persons the opportunity of providing for themselves in this manner. What were friendly societies? Were they calculated for the advantage of either the widow or the children? No. But by them part of the income was laid aside for the benefit of the person himself, without any regard to his family.

Lord Petty thought the plan altogether objectionable in a political, moral, and financial point of view. Would it be proper, would it not on the contrary be dangerous in the extreme, if the great bulk of

the

the property of this country were allowed to be thrown into annuities?

Mr. Davie Giddy thought that the plan now proposed would have the effect of encouraging a greater degree of frugality in the lower classes, by affording them an opportunity of applying their savings with perfect security to the increase of their incomes; and that in this point of view the benefit would overbalance any evil that might arise from it.

Mr. Biddulph did not think there could be any sound objection to this plan on the contrary, he was friendly to its adoption; because in free country like this, there should be as great a diversity as possible of option, afforded to persons wishing

a

to lay out their capital with security. And as a proof how much he approved the measure, he proposed that the annuities should be rendered more marketable by facilitating the insurance of the lives of the nominees; which would be effected by taking off the tax on the policies of insurance upon such lives.

The resolutions were agreed to, and afterwards carried into effect by acts of parliament.

House of Commons, June 1.The house having resolved itself into a committee, the chancellor of the exchequer recapitulated the various heads of supply, and of the ways and means for the year, viz.

275,845

not funded..

..........

Five per cents, 1797, to be paid off

.....

4,024,200

153,696

5,853,741

Total supplies 54,173,548

5,868,515

48,305,033

WAYS

The chancellor of the exchequer next proceeded to state the effect which had been produced by the financial measures which he adopted in the course of the year, and contended, that from funding four millions of exchequer bills, when stocks were at 634, and by borrowing ten millions and a half in the four instead of the three per cents, there had resulted a saving to the public of four millions of capital debt; and that by the single measure of contracting for the loan in the four per cents there was a saving of 3,100,000l. capital debt; and also a saving in the annual charge of 2,000/; besides the advantage of being able to redeem the debt at comparatively a very inconsiderable loss. He concluded his statement with moving a resolution, that it is the opinion of the committee, that towards providing the ways and means for the year, it is expedient to enable his majesty to raise eight millions by way of annuities for Great Britain, and two millions and a half for Ireland, which was agreed to.

The attentive reader will perceive among the different articles of ways and means one that needs explanation; namely, bank advances. The resolutions of the court of directors, on which a resolution of the company of the bank of England was founded, had agreed to lend to the public 3,000,000l. without interest, during the war, on the condition that the balances of the public money should be continued in the bank in the usual man

£730,000

728,783 1,217

Surplus provided ner, though they should even exceed 10,000,000l. This arrangement was first suggested by the committee appointed in the last year to enquire into the means of reducing the public expenditure: w.ose second report turned upon the management of the public debt by the bank, and the manner in which the bank was connected with the public revenue, and the public expenditure.

This subject resolved itself into three heads: 1st, the management of the public debt; 2dly, the balances of the public money in the hands of the bank; and 3dly, the unclaimed dividends. On all these heads the committee had brought to light such facts as afforded opportunities of considering how those matters might be conducted with a saving to the public. The committee that had suggested the improvements that were now to be carried into effect, had shown one principle on which advantage might be reasonably claimed for the public.

Mr. Pitt, in his arrangement with the bank, had asserted the right of the public to participate in the advantages derived by the bank from the management and balances; and that, whether this participation should be in the proportion of one third, one fourth, or one half, it would be greatly to the advantage of the public. This showed, that not more than a participation was intended, and therefore, as the proportion of one third, being the middle rate, was

what

what was most looked to, and probably considered as most equitable, that proportion was agreed to. As to the unclaimed dividends, this, like the other parts of the present arrangement, originated in the report of the committee of finance. The unclaimed dividends, according to the report of the committee, amoured on the 8th of July, 1807, to 986,5731. and at the lowest period of some antecedent years, they had not fallen below 900,000l. This calculation, however, had been taken on the day before payment,

whereas it ought to have been taken the day after. But on demanding 500,000l. of the unclaimed dividends for the public, in addition to 376,739. formerly advanced under the act of 1791, provision was made that the balance ready for the payment of the public creditor, should not be reduced below 100,000l. and according as any reduction below that sum should take place, a proportion of the 500,000. should be refunded from the exchequer to make up the deficiency."

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