Days Bank Stock per C. Long PRICES of STOCKS, &c. in OCTOBER, 1783. Compiled by C. DOMVILLE, Stock-Broker, No, 95, Cornhill. Shut confols. 60a613 confols. Scrip. Scrip. An. Short Stock An. 63 81 181 13 India India India (S. S. Ann. Bonds. Stock 26 Dif. Shut Weath. Deal. Fair Shut 14 D 14 19 ONE 61 a 61 621 18 13 .2 60} 12 13 14 18 CNE 28 Sunday SE 291 Holiday SE 30 1224 1231 59% a to 59 a 611 79 611/1 79 969 80 17% 80 13 32 2 3 3 140 12. 1381/1 32 140 30 68720 S W 11 593 a 601 78 79 80 18' 20 80 181 13 15 986405 12 59 12 58 / 12 592 222222 12 Sunday NE 13 63a61 611/1 80 80 14 60 a 60 62 80 80 1 fca69 611 80 중 77 18 Fair 141 591 10 14 18 C NE 18 .57. 12 10 16 CNE 18 13 143 12 581 122 10 1+14 of S W 174 124 55/1 10 14 15 of SW S 19 Sunday 10 S W Rain 20 23 118 116 58 1161 58 24 116 57 768887 25 Holiday 26 Sunday SW Rain of SW N. B. In the 3 per Cent Confols. the highest and lowest Price of each Day is given the other Storks the higheft price only SW Fair S W ain of S W Fair 561 13 ΤΟ 14 11 13 10 14 11 ON W 14 11 56 10 14 11 THE LONDON MAGAZINE, ENLARGED AND IMPROVED, FOR NOVEMBER, 1783. PARLIAMENTARY HISTORY. MONDAY, order of the day for the third reading of the loan bill being read, ONDAY, May 5th, in the Houfe Lord Wycomb (Earl of Shelburne) called their Lordships' attention to two propofitions, which he introduced by a preface of confiderable length, difclaiming all ideas of rancour and enmity, and profeffing to be actuated by no retrospective motives whatever. It had been ftated, he said, by a noble Viscount (Lord Stormont) the other day, that to make any alterations in the loan bill would prove a dangerous experiment, in the prefent exigence of affairs, inafmuch as it would roufe the jealoufy of the other Houfe, who claimed the exclufive privilege of being the fole inftitutors and directors of all money bills. He had a good deal turned in his mind the propriety of the other Houfe throwing out a money bill, on account of any amendments made by their lordships. The queftion, their lordfhips well knew, occurred in the year 1671, or thereabout, and had never been clearly decided; he, however, had learned from an honeft and worthy man, as great and refpectable an authority as could be confulted on the fubject, that it had ever been the opinion of the great men his contemporaries, in Queen Anne's time, and indeed of all the great men, at all times, that the more their lordships' right of interfering with money bills was given up, the more the Houfe would get into confufion, and the more mifchief would follow. But, without meaning to agitate that question at prefent, as nothing could be farther from his intenLOND. MAG, Nov. 1783. rupt public bufinefs, he had hit upon a middle line, which would refcue him from the neceflity of oppofing the third reading of the loan bill, and would eftablish a principle for every miniftry, by which to conduct future loans. Previous to ftating the reafons, on which he grounded the refolutions, which he Thould have the honour to move, he would defire that the proteft of the 21ft of March 1781 might be read from the journals. It was the ftrong proteft on Lord North's loan of that year, and was figned by the Lords Rockingham, Portland, Ofborne, J. St. Afaph, De Ferrars, Fitzwilliam, Bolton, and Ponfonby, and was read accordingly at the table. In referring to this proteft, he declared, he meant nothingperfonal to the noble lords now in office. He would have figned the proteft himself, and lamented that, wearied out with fruitlefs oppofition to measures, which ultimately had nearly induced the ruin of the country, he had been absent on the occafion. The reafening in it was plain and forcible; and the application obvious. The loan of that year was protefted against on three different grounds; the improvidence of the bargain; the corrupt operation; and the partial diftribution of it. To thefe, he would add a lottery as a fourth; as reprehenfible, in his mind, as any thing belonging to the loan of the prefent year. It was ufual for perfons not fkilled in loans to fufpect a mystery in them; he who affected to make a myftery of them meant to deceive; nothing could be more fimple, when looked at with attention; it was only 3 C tion than to diftrefs government, or inter neceffar 00 and wished to God it could be af neceffary to confider millions as hun- He con He then went into a difcuffion of the funds taken to make parts of the loan, and argued upon the propriety of trying a 5 per cent. The creation of fuch ich a stock would have intimated an tention to pay off a part of the naonal debt, as foon as poffible; it was dvifeable to raife the money without iding unneceffarily to the debt of the ation. As the cafe ftood, we were pay 16 millions for 12. It was more advifeable to pay a high intereft, nd incur a finall debt of capital, than o have a large capital entailed upon us, y preferring a finall intereft. If once he idea prevailed, that it was not our ntention to leffen the national debt, public credit would be loft, and public credit alone it was, that had upheld us throughout the war, and rendered us the wonder and envy of Europe. He next adverted to the lottery, a measure which he had always reprobated, as poisonous to the morals of the people, and productive of the moft pernicious mifchiefs. Nor was it, in his mind, at all neceflary; fix or feven fhillings fhort annuity would always prove as good a make-weight, and be attended with infinitely lefs fatal confequences to the community. He complimented the Duke of Portland on his integrity, ability, and firmnefs, and added, that the more honeft men were refpected, the more narrowly ought they to be watched, when acting with others of fufpicious character; he fhould, therefore, narrowly watch the noble Duke and the prefent Chancellor of the Exchequer. And after having been up an hour and a half, concluded with moving his first refolution as follows: "That it is the opinion of this Houfe, that all future loans fhould be conducted in a manner which may best conduce to the reduction of the national debt, or which may at leaft not obftruct fuch a reduction, but rather manifeft the intention of government, to proceed in due time to fuch a meafure." That the Houfe might be in poffeffion of his full meaning, he would read to their lordships another refolution, which he intended to move "That it is the opinion of this House, that whenever it shall be thought expedient, in negociating a public loan, to deal with individuals, and not on the foot of an open fubfcription, the whole fum to be raised fhall be borrowed of or taken from fuch individuals, without referve of any part for the future difpofal of any minister." Earl Fitzwilliam defended the negociators of the loan; if it was not fo good as might have been expected, it was to be attributed to the embarraffed fituation of men in power, and the abfolute neceflity they were under of obtaining the money immediately. He followed the noble Earl through many of his calculations, and drew conclufions very different from what had been juft made. The money-lenders knew the neceffity there was for an immediate fupply, and how much would be wanted; fixteen millions had been voted in the Houfe of Commons, and only three had been provided for; they were, therefore, certain, that twelve millions were the very leaft that could be wanted. A competition, could it have been made, would have been a very defireable thing; but to make a competition there muit be two fets of bidders, and the four gentlemen who had written to the Chancellor of the Exchequer advifing the measure, had only faid that they would be one fet, but without ftating their terms, or in any way whatever enabling government to take advantage of their advice, or create an auction of the loan. So far from it, that on Friday, when the Chancellor of the Exchequer propofed terms lower than thofe offered by the money-lenders, though in a very trifle only, three of the letter writers, who were in the room, had not the fpirit to accept the noble lord's terms, or to offer others of their own. With refpect to the two refolutions, the one appeared unneceffary, and the other highly improper. man denied that all loans ought to be made with an intention to proceed, in due time, to the liquidation of the national debt. The prefent loan had been made with that view, and as to the queftion, whether creating a five per cent. fund, or raising it on the three per cents. was moft advifeable? it was mere matter of fpeculation. In his judgement, the mode adopted was the moft practicable, and the moft reafonable for the public. To the fecond 3 C 2 Νο refolution refolution he should alfo give his direct negative, but conceived it unneceffary to go much into either, because the order of the day must be first difpofed of. Here the House got into fome embarraffiment as to the order of their proceeding, which being obviated, by Lord Thurlow moving that the third reading of the loan bill be adjourned for an hour, Lord Shelburne again moved his first refolution, when Lord Stormont obferved, that conceiving the refolution and the money bill to be connected, though thus brought feparately before their lordships, he trusted he fhould not be thought diforderly, if he fpoke of the latter, though not in fact before the Houfe. He justified the loan from the peculiar circunftances under which it had been made; and declared that all the arguments which refted on its being worfe, on account of the referve, fell to the ground, because the eleven perfons, who contracted for it, had been offered the whole without referve, provided they would take it on better terms for the public. He did not look for much argument in protefts, but a flow of parliamentary eloquence and political declamation. He oppofed the refolution, and wondered that the laft administration had not moved the loan, in the day of triumph, when the news of peace reached the country, before the hour of fad reflexion came, and men faw with what a Javifh hand our polleffions had been dealt avay to purchafe it: they had fufficient time from the 25th of January, when the preliminaries arrived, to the 17th of February, when the vote palled against them, in the other Houfe. Even after this they ought to have brought it forward, fince they chofe to remain in office. A noble lord in the other Houfe had done fo, when he found it neceffary to retire from his Majefty's fervice; and it might perhaps have been much better for this country, had they copied that noble lord in that, as well as in many other circumstances. Lord Thurlow defended the late administration, and ridiculed the idea of charging them with neglect for bringing forward the loan. The Duke of Portland rofe to d up fome circumftances with refpecta his treating for the loan in the m ner he had done, and to ftate the or rent prices of stocks when the hargi was fettled. When he came into s fice, there was but 400,ocol. in t Exchequer, and there were claims s the Treasury for fervices to the amor of 3,400,000l. The navy was in molt inutinous condition, and called: be paid off, and 300,000l. and o Had been iffued a few days previous the loan. His predeceffors were bla able, either in retaining their offices a ter they had loft the fupport of paris ment, or in not difcharging the data of office while they remained in. Lord Keppel corroborated the nobe Duke in what regarded the mutinies b the navy, and the neceflity of payi off the fhips without the lofs of a m ment. Lord Sydney, in juftification of his felf and colleagues, attributed the delay complained of to diffentions amort thofe now in office; and was proceeding to state a number of rumours, when Earl Ravenfworth called him to e der, and faid they did not come to her ftories about their cabals and ftruggles and goings out and comings in. The Earl of Derby oppofed the motion as abfurd and impolitic. Lord Loughborough questioned the good fenfe of their coming to refolutions concerning loans, where no loar could originate, and where none in fact could be amended or altered. He combated thofe in queftion, as theer nonfenfe, perfectly inapplicable to the prefent, or to any future loan. The term loan being ufed infead of annuit conveyed this abfurd idea, that a mat who borrowed twelve millions was t do it fo cunningly, that he fhould not, at the fame time, run twelve millicas in debt. He argued the view of the motion with moft fuccefsful ridicek, and termed it "the true no-meaning, that puzzles more than wit." Lord Thurlow attacked Lord Lough, borough's mode of treating the metion. He contended against the pre feat |