It is pretty evident that Mr. Gladstone has been considering
a conversion of Consols. lie was asked about it by Mr. Whit- worth on Tuesday, and made a reply deprecating the idea that such an operation was to be looked for immediately. He men- tioned, however, the high price to which the Two-and-a-Half per Cents. have risen, and denied that any other obligation rested on Government than to offer £100, instead of the annuity of 3 per cent. That is, he held conversion, when possible, morally right, a point about which, owing to the legal disabilities of Trustees, there is always some quiet discussion. A year's notice must be given before the bulk of the Debt can be touched ; but there are £200,000,000 always liable to be paid off, and if the holders would accept two and a half per cent. at 90, a saving of £500,000 a year would be effected. It is said that if Consols could not be redeemed, they would rise, in the present position of affairs, above 106.
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