By the middle of the nineteenth century it proved possible to pay a small dividend, the debt to the Exchequer Bill Loan Commission having been repaid with the help of a loan of ?0, 000 from the Pelican Life Assurance Company.
22.
Unfunded debt, short-term obligations not funded by interest payments on the part of the borrower, included army, ordinance, navy, and exchequer bills and was more costly for the treasury to repay than longer-term debt.
23.
Many of Telford's projects were undertaken due to his role as a member of the Exchequer Bill Loan Commission, an organ set up under the Poor Employment Act of 1817, to help finance public work projects that would generate employment.
24.
The proprietors were empowered to raise ?8, 000 by the issue of 360 shares of ?0 each, with powers to raise another ?, 000 by mortgage, or to borrow any part of the ?8, 000 from the Exchequer Bills Commissioners.
25.
He was willing to trust them with the care of his exchequer bills; but, whether he would transfer to them exclusively the liability, which all had incurred, of answering for the produce of the sale, was a matter upon which he never had an opportunity of exercising any choice.
26.
The Act was passed in order " " to authorise the issue of Exchequer Bills and the Advance of Money out of the Consolidated Fund, to a limited Amount, for the carrying on of Public Works and Fisheries in the United Kingdom and Employment of the Poor in Great Britain " ".
27.
History of the Public Revenue of the British Empire; " in 1793 widespread ruin was prevented by the adoption of his plan for the issue of Exchequer Bills; and it was on his advice that, in 1797, Pitt issued the " loyalty loan " of eighteen millions for the prosecution of the war.
28.
A chance meeting between Charles Munro, the chairman of the Regents Canal prior to 1816 and the long-named Committee of the Society for relieving the Manufacturing Poor led to discussions of government loans, and the Exchequer Bill Loan Commission was created under the provisions of the Poor Employment Act 1817, with powers to lend money to public schemes which would create employment for those without work.
