The bill embodying the new measure of the Chancellor of
the Exchequer regarding the funds of savings-banks has just been printed. It recites that on the 20th of November last the amounts due were 33,909,302/. 118. bd. to savings-banks, and 2,199.5491. 13s. to friendly societies, making a total of 36,108,852/. 4s. M. ; against which the following securities are held- Consols S10.085,834 7 1 Reduced 3,555,674 6 3 New Three per Cents 19,333,810 1 5 New Two-and-a-half per Cents 31,900 0 0 Exchequer Bonds 1,600,000 0 0 Exchequer Bills 58,000 0 0 Cash at Banks of England ad Ireland 170,058 13 3 £34,637,877 8 0 Also, that since 1817 the sum of 26,901,356/. 2s. has been credited to de- positors for interest, while the receipts have amounted only to 24,070,2501. 18s. 4d. To meet this state of affairs, 21,736,8241. 14s. 8d. out of the above securities is to be absolutely cancelled,-nainelv, 2,845,8341. 78. ld. Con- sols, 3,555,6741. 6s. 2d. Reduced, and 15,355,3401. ls. 5d. New Three per Cents. [These items make a total of 21,756,8481. 14s. 8d., instead of 21,736,8241. 14s. 8d. The discrepancy is not explained, but there is a wrong ad- dition in one of the printed schedules of the bill.] An account is to be created in its place, to be called the "State Deposit Account, No. 1 " -' to the credit of which the sum of 24,000,000/. is to be placed, being about two-thirds of the amount due. On this credit 3 per cent intermit is to be paid quarterly, on the 20th of February, May, August, and November, commencing in May next ; which interest, together with their other receipts, the Commissioners for the Reduction of the National Debt may invest in any Government Se- curities, holding the same liable to meet any demands. The Commissioners are likewise to prepare a balance-sheet annually on the 20th of November, when any deficiency or surplus that may be shown to have occurred on the year is to be arranged either by an issue of additional securities from the Go- vernment or by the cancelling of a proportion of those already held.
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