On this page
- Departments (2)
-
Text (8)
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
Untitled Article
-
^uiJMfltm
-
Untitled Article
-
_3lWP°ft (Tf>f
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
-
-
Transcript
-
Note: This text has been automatically extracted via Optical Character Recognition (OCR) software. The text has not been manually corrected and should not be relied on to be an accurate representation of the item.
Additionally, when viewing full transcripts, extracted text may not be in the same order as the original document.
Untitled Article
BIHTHS , MAREIAGES , AND DEATHS . BIHTHS . On the 30 th of March , at 4 , Marrion-place , Higher Bvoughtori , near Manchester , tna wife of Searlato M . Mavrogordato , Esq . a daughter . On the 31 st , at Corsham Court , Chippenham , LadyMefchuen .: a son . On the 1 st Of April , at No . 32 , Devonshire-place , the wife of Sir John W . H .-An son , Bart : a daughter . On the 3 rd , &b "Wimborne , the .. wife of K . A . Long Phillips , Eaq .: a sou and . heir . On the 4 th , at 20 , South-street , Park-lane , the Hon . Mrs . Vesey iDa-wsbn : ason . On the 5 th , at Monastery-house , Canterbury , the wife of Captain Beltingham , Fiftieth Regiment : a son . MARE ^ GESOn the 10 th of February , at Ootacamund , E . T ., William M'Adam Steuart , eldest son of William Steuart , Esq ., late of Glenormiston , Peeblesshire , to Marion Isabella , eldest daughter of Lieutenant-Colonel Coffin , Twelfth M . N . I . On the 29 th of March , at Thomton-Ie-Moors , the Eev . T . Townaon Churton , of Brasenose College , Oxford , Hector of West Sbefford , Berks , son of the late Venerable Archdeacon Churton , to Marianne , youngest daughter of the late IJaniel Buchanan , Es < l- > of Liverpool , and of Douglas , Isle of Man .. On tie 3 flst , at St . George ' s , Hanover-square , the Hon . Edward Southwell Bussell , eldest son of the Baroness de Clifford , to Harriet Agues , eldest daughter of Captain Charles Elliot , B . N ., G 6 vernor of Bermuda . Oh the 3 Lst , at Christ Church , Streatham , the Kev . Vincent Raven , M . A ., rector of Groat Fransliaui , Norfolk , late President and Tutor of Magdalene College , Cambridge , to Anno Jemima , fourth daughter of J . M . Bainbow , Esq ., of Guildford-lodge , Tulao-hill .
On the $ th of April ,, at Dinnington , Edward Walter , Esq ., lato Captain in the Eighth Hussars , and youngest son of the late John Waltor , Esq ., of Bear Wood , to Mary Anne Eliza , eldest daughter of John C . Athorpe , Esq ., of Dinnington-hall , Yorkshire . On tho 7 th , at St . Goorge ' a , Hanover-square , Abol Smith , iun ., Ksq ., of WoodhaU-park , Herts , to the LadySusuu 1 ' olham , second daughter of the Earl of Chichostor . DEATHS . On tb ? e 18 th of February , at Portarlington , Ireland , after a few days Ulness , in tho ninety-fourth year of his ago , Colonel J . C . Blisse Purko . On tho Oth of March , at Worthing , Barbadoes , tho Lady Harris , in her twenty-second year . On tho 20 lh , at Munich , ol' nervous fevor , David Hermann , Count Piiumgurtoii , aged fifteen , grandson of the Right Hon . Ir > rd Erskine .
On the 21 st , at Ln Chine , Canada East , ugod forty-one , Francis Haansay , wife of Sir George SimpHon , sttconu ( limght « r of tho late Oeddics McKonzie Simpson , Esq ., of Great Towerstreet , London , and Stamford-hill , Middlesex . On tho 30 th , at Foot ' s Cray , in tho ninety third year of hor ago , Anno , wicTowof tho lato llonoagoTwysdon , Esq ., amWoond daughter of tho lato Sir John Dixon Dy ko , Bart ., of Lullingstoue Cafltlo , Kent . On the 30 th , of bronchitis , Eleanor , youngest daughter of Ralph A . Thiekuesso , Esq ., M . P . On tho 31 st , at his rusidonoo , 131 , Piccadilly , Lioutoiiant-Gouoral Curtwright , Bengal Army . On tho Bint , of rapid dnrlino , in tho ninotoonth yoiy of hor ag « , Einmu . Margarettn , hagoimI and youngest daughter of tho lato Right Hon . Cliiof «) ustic « Dohorty . On tho 31 st , at 29 , Yorlc-torrneo , Rogent ' H-park , Frances Jane , danglitor of tho Into John Abornethy , JBsq ., F . K . H . On tho 31 « t , at Oakland * , 'Viotorja-park , Clmrlotto , e ighth daughter of Janioa Kerahaw , Ehcj ., M . I ? ., in tho thirtoonth ^ oar of hor ago . .. __ .
On the lHt of April , at Westquartor , Falkirk , Admiral Sir Thonuis Livingstone , lhitt . On tho Int ., nt UiekcnlioiMi , Cheshire , bohna Mariu Hfl , ton , roliofc of tho lato Liontenant-Colonol Batoa , und duqghltu- of Hir Robert Wallor , Bart ., county of Tijppurary , agod seventy Uvo . Ou tho 3 rd , at Lathom Iiouno , Lord Bkoliuoradnlo , iu hiw ofghly-tliird your . Da tho 4 th , at Brussels , Anno , Viboouihohh Lnko , lato wiio ot II Gritton , Esq ., and daughter of tho Into Admiral Sir Richard On tho 5 th , at Htrnnerforil-houao , Ireland , apod ninnty-four , tho Hon . llarriotto Ward , daughttir of Boriiunl , Viauouul Xnirt I ' auI'Mothuort , thoinfant non of Lord and Lady Mothuon .
Untitled Article
MR . GLADSTONE'S PICKAXE FOR THE NATIONAL DEBT . Business first aad pleasure afterwards . Xet us not only try to understand Mr . Gladstone ' s resolutions fbf the conversion of certain of the ptiblrc stocks , bnfc enable our readers to understand it , which may not be so easy . For , however lucid we may be in ourselves , there is the inseparable fog of the document itself—a tri p le fog of verbosity , since its language is parliamentary , legal , &ni fiscal . However , it is possible , and the thing is worth understanding . That accomplished , we may consider certain effects of the plan . The National Debt consists of money owing to our ancestors for money which- they lent , principally to enable Mr . Pitt to carry on his wars against republicanism and Bonapartism iri Ettrope , * and as he found great difficulty in raising money , sometimes , to attract lenders , he adopted the device of accepting a smaller sum , and pretending in the accounts that it was 1001 ., when it was only something over 601 . Much of the money we pay for now every year was borrowed in that way . America has started the question , whether our forefathers , who fell in
with that spendthrift plan , had really the power to oblige its also ; an eminent English historian and moralist Jias maintained that our forefathers had no such power , and we agree with him . Nevertheless , in a country which adheres to laws for the protection of " credit" —laws for the sustenance of probity by statute!—even after it has abandoned laws for the protection of commerce , the maintenance of the national faith is an established dogma ; and so we go on paying usury for the debts of our forefathers aforesaid .
AD the debts , however , were not incurred exactly in the same way , though all are jumbled together under the name of " stock . " Of late years some simplicity has been introduced into the bookkeeping of this stock , and Mr . Gladstone proposes a further simplification at little cost . The South Sea Company survives in the shape of a creditor to the amount of nearly 10 , 000 , 000 / . ; and there are two separate stocks very small in amount , making in all 10 , 000 , 000 / ., nnd a few odd pounds . All tins class of stock Mr . Gladstone proposes to extinguish . there is tenderness for
As an inextinguishable the stockholder , however , Mr . Gladstone offers to the South Sea creditor four different modes of being obliterated ; he may either be paid 100 / . cash for every 100 / . standing in his name , or ho may take a new stock , with a nominally lower capital , 82 / . 10 a-., and an interest of 3 ^ per cent ., equivalent to about 2 J per cent , of tho original stock ; or ho may take a new stock , with a nominally higher capital , 110 / ., at a lower interest , 2 $ P cent ., equal to about the same ; or be may take a new kind of security ealled Exchequer bonds , at 2 | per cent , for ten years , and 2 } per cent , afterwards . In either case the immediate result to him would be about tho same .
If he took the cash , ho could buy tho ordinary Three per cents ., but then ho would have to stand tho chanco of any conversion , or of any progress in the view indicated above , which questions the absolute right of tho fund-holder ; and ' although contingencies of that Hort are not Hullieiont to depreciate tho value of tho Three per Cents , to tho extent of $ per cent ., which ia the difference between the old and the now HCeuritiea , still the guarantee of the payment of 2 £ or 2 . J for tho forty years' currency of the now HecuritioH hart a decided value .
Tho Heventh of the resolutions , however , given an extended application to the new slock : tho holdoi-H of the " Consols , " or tho " Consolidated Three per Centum Annuities , " and of tho Reduced or " . Reduced Three per Centum
Annuities , " are " permitted" to convert their stock on the same terms as the holders of the South ' Sea Stock , and the Times at once fastens on this enlarged provision as the weak point of the scheme . If all the holders of those two stocks , which , form the principal part of the National debt , and amount in all to nearly 500 , 000 , 000 / ., were to , select the ne ^ Two-and-a-half per cents ., with , an increase of the nominal capital at the rate of 110 / . for every 100 / ., it would add 10 per cent , to the capital of that parfe of the debt , and would increase it to the extent of 50 , 000 , 000 / .
Much criticism , accordingly , has fallen on this portion of the scheme , aa " lavish , " as " relieving ourselves at the expense of posterity , " andso forth . Now , this apprehension is a fear of that visionary and wild species that only haunts nurseries , Harz mountains and money markets . In the first place , even if the Chancellor of the Exchequer were to relinquish all discretion , there is not the slightest reason to suppose that all the holders of the funds ia question would desire to convert their Three per cent , stock into the other stock . A part of that consists of " the
Suitors' Fund , " which is moneys paid into the Court of Chancery , and liable to be paid out again , but meanwhile invested in the public stocks ; this fund now amounts , we believe , to about 40 , 000 , 000 / ., and is continually increasing . Another part of the Three per Cents , consists of moneys invested for charities ; a third , of private trusts . All of these kinds have for a paramount object ^ permanency ; and in most cases they would not be exchanged for a stock which the Minister of the day in 1894 will have the power to pay off , whether the holder wishes or not .
These reasons were apparent , even before Mr . Gladstone's explanation last night ; and we onlymention them to show how wild moneyed philosophers may grow on the subject which engrosses tlieir imaginations . But every region of life has its poetry and its " night side of nature . " The Chancellor of the Exchequer contemplates no suclx sweeping measure . The " patriarchal " South Sea Stocks are cleared away absolutely ; a beginning is made in an advantageous conversion of the public debt , and a now species of transferable security is created . There have been conversions of the Debt before ; and it is
mainly from , reductions of the annual payment , rather tkan reductions of tlie principal , that the taxes have been relieved so far as relates to the charge of the public debt . In 1815 , just after the battle of Waterloo , the total amount of the debt was 885 , 000 , 000 / . ; in 1845 it was still barely under 856 , 000 , 000 / . It was in 1814 that the last conversion was effected by Mr . Goulburn , who converted the 3 . } per cents . —including
a capital of 248 , 700 , 000 / . —into 3 } per cent , guaranteed till 1854 ; and then at 3 percent , for twenty years more . Tlie saving thus effected was 525 , 000 / . a year ,- and after next year it will be as much , more , making 1 , 250 , 000 / . in all . This plan was not opposed ; and in making it , Mr . Goulburn almost prop hetically put the principal objections to the now form of stock created by Mr . Gladstone into a very compact shape .
Tlie House will agree with mo that they havo only three courses open to them of tlejiling' with utovk of description ( Three-and-a-half per cents . ) l * t . To give every holder of Thrcc-uml-a-half per cent . ntoolc an equivalent of stock in the Throe per cent ., adding thereto tho capital of the « toek created . Another plan , very much entertained by tlie public , urnl on which much has been said in favour , is to ci-ciite a Two-and-a-half per cent , stock , and give tlie holder ol ' every 100 / . in tho Tliree-and-n-lialf per cent , such an amount ot * tho Tvvo-and-a-lmlf per cent , stock as shall
produce an interest of ' M . per cent , per annum . 'I lie objections to tlie . se schemes arc—to tho first , Mint it would bo necessary to givo a certain bonus in ( lie Three per cents , to ensure tho conversion ; so ( hat , while the immediate result would be a saving of between 800 , 000 / . and < HX > , 000 £ . a-yeur , Uu-ro would bo au addition to the debt of from 10 , 000 , 000 / . _ to 12 , 000 , 000 / . To the second plan , slill stronger objection , as the augmentation of tlii' debt would bo about 50 000 , 000 / ., for a saving of 12 , 000 , 000 / . n-vi'iir . There only remained , then , tho third i > I : ui--lo reduce the Three-and-a-half per cents , to Three per cents ., through tho medium of a Three-and-a-quurtor per cent . uLock .
To IhcHo viewa , however , may be opposed very obviouH arguments , in tho firal place , all . hough if ; fn true that an addition to the capital of the debt would b < 5 objectionable , the addition tor t , li <> present is » mere matter ol" account . Tlie in-
Untitled Article
HBALTK OF LONDON DURING THE WEEK . JjIbt ; week tip deaths from all causes registered in London ? amounted to 1748 . An increase so formidable on the already high mortality of previous weeks arises in part from the same causes that have lately prevailed with unusual force , and is also due , to some extent , to the influx info the register boots of cases on which cp ^ oner ^ had held inquests , and which have ' beeni permitted to accumulate ditrifig the quarter . The signature of that officer is necessary to complete the registration of deaths returned by him- ^ . In . the classification of deaths coroners' cases fall principally under the following heads : — " poison , " " burns and scafds /* " hanging fed suffocation , " " drowning , "
" fractiires , " " wounds , ar id " sudden deaths ; " and the increase , as regards their registration , occurring about the same periods , they do not materially interfere with the comparison o ) f deaths in corresponding weeks . In the ten , correspondingf weeks of the years 1843-52 the average number of deaths was 102 7 , which , with a ^ correction for increase ; of jjopulatioa , gives a mortality for last week of 1 , 13 ft ; or the corrected average for the previous week ( the lasfc of the quarter ) may be taken , which was 1282 . Hence it appears that the deaths registered last week exceed the estimated amount by more than 450 , a result , the greater part of which must be referred to causes , of meteorological or other character , affecting the health of the population .
Last week the births of 1005 boys and 904 girls , in all 1909 children , were registered in London . In the eight corresponding weeks of the years 1845-52 the average number was 14 ll . At the itoyal Observatory , Greenwich , the mean hei ght of the barometer in the Week was 29 * 733 in . ; on Monday the mean daily reading was above 30 in . The mean temperature of the week was 43 * 4 * deg ., which is near tho , average of tke same week in 38 years . The mean daily temperature was , below the average on the first three days , and above it during the rest of the week . The mean' dewponii temperature was 32-8 deg . The wind , which had been ; in the north in the early part of the week , blew from the south-west in the last four days .
Untitled Article
Apmi , 9 , 18 S 3 . ] THE LEADEBf 347
Untitled Article
Tiiere 13 nothing so revolutionary , because there is nothing so unnatural and convulsive , as the strain to . keep thing ' s fixed "vvhen all the world , is by the very law of its creation in eternal progress . —Da . Abi *© i , d ' .
^Uijmfltm
^ uiJMfltm
Untitled Article
it SATUBDAT , APEIL 9 , 1853 .
_3lwp°Ft (Tf≫F
_ 3 lWP ° ft ( Tf > f
-
-
Citation
-
Leader (1850-1860), April 9, 1853, page 347, in the Nineteenth-Century Serials Edition (2008; 2018) ncse2.kdl.kcl.ac.uk/periodicals/l/issues/vm2-ncseproduct1981/page/11/
-