HC Deb 07 February 1805 vol 3 cc307-8
Mr. Huskisson

moved the order of the day, for a committee of the whole house on the loyalty loan act. The house having resolved into the committee, the hon. gent, informed the committee, that as his right hon. friend, (the Chanc. of the Excheq.) had yesterday stated to the house the plan he proposed to follow with respect to this object, it would be unnecessary for him to take up the time of the committee. He should therefore content himself barely with moving the resolutions. The 1st resolution provided, that such of those holders of loyalty loan as had given, notice on or previous to Oct. 10, 1804, that they wished to be paid off on the 5th of April, 1805, should, by giving notice to that effect previous to the 10th of March, 1805, be entitled on the 5th of April, for every 100l. debenture, to such a proportion of the 5 per cents; as' should be equal to 100l. with a bonus of 1½ per cent, on every 100l. or such a proportion of the 3 per cents, as should be equal to 100l. with a bonus of ¾ per cent. which bonus, in the former case, would amount to 1l. 9s. per 100l. and in the latter to 17s. per 100l. the price of the respective funds to be struck by the directors of the bank of England, on an average of the 10 days of sale preceding the 26th Feb. 1805. The second gave power to the lords of the treasury to contract for a loan to the amount of that part of the loyalty loan which might not be subscribed under the foregoing terms.—The resolutions were agreed to; and on the house being resumed, the report was ordered to be received to-morrow.—Adjourned.

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