HC Deb 06 February 1805 vol 3 cc288-9
The Chanc. of the Excheq.

rose, in consequence of the notice be had given on a former day, to bring forward his intended proposition with respect to the the loyalty loan. The regular course of the house, he was aware, would be to bring this subject forward in a committee of ways and means; but from the nature of his proposition on this occasion, he thought it would be better to bring it forward in a committee of the whole house, which he now gave notice he should do to-morrow. While he was on his legs, however, it would be as well to give the house some intimation as to the present state of that business. He had, therefore, to inform them, that out of the 22 millions outstanding of that loan, oh the close of the last session of parliament, the holders of 13 millions had subscribed1 to the terms then proposed; and of the remaining sum, the holders of 4½ millions only signified their wishes to be paid off. For this sum, therefore, provision was to be made, and he proposed to effect it by one of two modes, viz. either by debentures, bearing an interest at 3½ percent, with a bonus of 1¼ for each hundred, or by debentures at 3 per cent, with a bonus of If per hundred. But of which of those two modes, or of any other more eligible, the house would judge when the proposition should come regularly before them.