We understand that of the...
We understand that of the new financial measures con- templated by Ministers, that of reducing the interest on Exchequer bills from 2d. to 14d. per diemn on every 1 ool. will be the earliest carried into execution, and is ex- pected to take placc within the present year. In con- nexion with this measure there is another under consi- deration, which will form the first attempt to lowei the interest of the fixed Government securities by the present in circulation. At the period of lowering the in. terest on Exchequer Bills, it is. intended to lessen the amount of those securities, by fundinig a portion of then; in a stock bearing interest at 2% per cent. Ini consequencE of the rapid decline in the value of money, and the cor- responding advance in every species of Governmenit se- curity, it is expected that this conversion may be affected at about 901. for every lool. stock of the neu description. Its ivhole amount as produced from the conversion of Exchequer Bills will not be large ; but Government will be enabled, by the price it is found to ob- tain in the list of securities, to determine bow so.n the great and important experiment may be ventured or1, of reducing the interest of the 3 per cents. which now tepre- sent the great mass of debt. The payment of the disien- tients to the reduction of the 4 per cents., who hold about 7,000,0ooI. of that stock, wvil create no difficulty, as the Sinking Fund is expected to be disposable for that pur- pose bcfore the day of paymLnt, by the rise of Consols above par. _ ._