conversion. "If you contrast," he said, received. In 1867 investors in stock of Ture financial statement of the Govern-"atony time, the value of stocks which the United States received £8 12s. 6d. ment of India for 1888-89 which reached are redeemable, and those which are' per ceut—this he admitted to be ab- us in full yesterday, shows a surplus of vot redeemable you will find a certain normal—in 1887 £3 1s. Gd. Twenty Rs. 1,78,000 on the closed accounts of test of the expectation of the public' years ago investors in Dutch' Stock re-1886-87, after allowing about 3} lacs with regent to the possibility of con ceived £4 11s. and in 1887 £3 8s. per of rupees, expenditure on special defence verting the securities. Now in Mr. cent.
New South Wales paid £5 10s. works, while the revised estimates for Goulbum's time Consols which were! twenty years ago and now only pays the following year show a deficit of considered to be irredeemable, or at all £3 12s, 6d. The Chancellor abundantly Rs, 2,4,48,000 without taking defence events in the sense that it was impossible proved that the time had come for expenditure into account. Part of this to deal with them, had risen from 915 a large and bold conversion. deficit arose' from the charge for autiin 1836 to 98} on the Sth of March, Mr. Goschen went at considerable cipated interest on the conversion of 1s44, At the same time the House! length into the history of the four or 53 millions sterling of 4 per cent. stock will observe that the 34 per cents., which five conversions of Stock which have into 34 per cents. the terms of which were redeemable, had risen from 99 to been made during the last sixty years. conversion involved the payment last 1013. That showed that the elasticity
Text read from the printed page and cleaned; old type leaves the occasional error.