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The National Intelligencer And Washington Advertiser
Washington, District Of Columbia
What is this article about?
In 1805 London, defenders of Lord Melville and Mr. Trotter claim no public fraud from their handling of naval funds, but critics estimate up to 20 million pounds in profits from discounted Navy Bills. Lord Hawkesbury appointed First Lord of the Admiralty, to be replaced in home office by Lord Harrowby.
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The friends of Lord Melville and Mr. Trotter have set up, as their defence, that the public has been defrauded of nothing by all their peculations with the property which was (not) entrusted to their care. But the public is at this moment defrauded of every expense of the profits they have made by this ill-got traffic; and that it may conjecture what may have been the amount of them upon 134,000,000l. sterling, which have legally passed through their hands, let it be remembered, that Navy Bills have been at a discount of 15 per cent. that they bought Navy Bills with these millions; and if they could have employed them all in this peculation alone, the profits might have amounted to 150,000l. per million, or 20,100,000l. sterling.
Lord Hawkesbury, we understand has been appointed First Lord of the Admiralty, and is expected to be succeeded in the home department by Lord Harrowby.
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Where did it happen?
Foreign News Details
Primary Location
London
Event Date
April 19, 1805
Key Persons
Outcome
public potentially defrauded of up to 20,100,000l. sterling in profits from navy bills; lord hawkesbury appointed first lord of the admiralty, expected to be succeeded in home department by lord harrowby.
Event Details
Friends of Lord Melville and Mr. Trotter defend against peculation charges by claiming no direct fraud, but public loses profits from their handling of 134,000,000l. sterling, including buying Navy Bills at 15% discount, potentially yielding 20,100,000l. in illicit gains. Separately, Lord Hawkesbury appointed First Lord of the Admiralty, to be replaced in home office by Lord Harrowby.