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Structure of the British National Debt, March 31, 1882 (441)
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105 of 5s were offered for 100 in 1808, to yield 5.25%. This equaled a price of about 95% of par. Packages were often offered. In 1802 the investor was offered for 100 the following package: (443) 50 of 3s, plus 50 of 4s plus 25 of 5s, plus an annuity of 0.54% per year to 1860. This package yielded 5.24%. Discount 3s were more popular than high-priced 5s. It was argued that with peace and easy money the government could refund the 5s while the 3s would simply appreciate. Just this happened. Because of the large volume of financing at discounts, the face value of the war debt increased much more than the sums raised. In the last years of the Napoleonic Wars the floating debt rose very rapidly a most unusual circumstance in nineteenth-century English fiscal history. Between 1811 and 1815 bank advances to the government replaced a good part of the bank s private discounts. (444) As soon as the war ended, demobilization, economy, fiscal and monetary reform, and debt conversion were pushed forward vigorously. In 1816 the rate on exchequer bills was reduced from 5 to 4%, and in 1818 they were refunded. High-rate securities were redeemed at par whenever their terms permitted, and the holders were offered lower rate securities with protection against early redemption. Conversions occurred in 1822, 1824, 1825, 1826, and 1830, some in very large volume. In 1853 there was an important experiment: a refunding issue of exchequer bonds was offered. This was a new type of security, paying
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Table 18 Principal New Issues of Long-Term British Government Securities in the Nineteenth Century (443)
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23 4% for ten years, and 21 2% for thirty more years, and then maturing. The bonds were not popular. Maturity was a novelty, and the rate was low. In 1877 the systematic issue of treasury bills was begun. The bills were sold at a discount and normally had a three months maturity, although they occasionally ran for twelve months. Treasury bills became an important money-market instrument, tending to replace trade bills. Other innovations included an issue of exchequer Suez Canal bonds of 1876, repayable in full by sinking fund in thirty-six years, and regular issues of exchequer bonds in 1877 1879, with a fixed maturity of three years. Such repayable debt was not considered a part of the funded debt. The funded debt was a charge on the income of the nation, but not a principal charge on its liquid resources. A few 21 2% annuities were created at a discount in 1855, and these were substantially augmented in 1884. By this time, the 3% consols were selling around 100. At such prices, the consols were no longer a good guide to the market rate of long-term interest, because they were redeemable by the government at 100. The new 21 2s now began to provide a better guide. By 1880, the 21 2s were up to 83 and at that price yielded 3% the same as consols. During the next eight years consols remained around their redemption price of 100, but the 21 2s advanced almost steadily and in 1888 reached 97, to yield 2.56%. At this point, Chancellor of the Exchequer Goschen, a former director of the Bank of England, moved rapidly to convert the greater part of the entire national debt into new consols. The new consols promised to pay 3% for one year, 23 4% for 14 years (that is, until 1903), and 21 2% thereafter. The conversion was a great success. In 1889 the new 23 4 21 2% consols declined several points in price, but by 1897 they stood at a price of 114, to yield 2.21%. LONG-TERM INTEREST RATES: THE FUNDS The market rate of interest on long-term English government securities declined most of the time from 1816 to 1896. In these eighty years the market moved from high rates to much the lowest rates for modern times. Chart 7 (p. 193) suggests that this gigantic fluctuation can be broken down into three parts: first, the postwar conversion period of 1816 1845, when, starting from 51 2%, a large part of the decline in yields occurred and the 3% level of 1750 was regained; second, an interim period from 1846 to 1866, when consol yields increased moderately, moving narrowly in a 3 31 2% band, usually in the higher part of this range; and, finally, the golden age of low interest rates from 1866 to 1897, when yields on consols plunged to new low levels of 2.21%, never duplicated before or since.
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