Chapter XII: Part III: Sect. I (1)

ABSTRACT of the EXPORTS from and IMPORTS to GREAT-BRITAIN from 1697 to 1773, with REMARKS.

IMPORTS. EXPORTS. EXCESS of EXPORTS.
£. £. £.
ANNUAL MEDIUM
for FOUR YEARS
ended at 1700 4.956,975 6.034,724 1.077,749 or 10/56 of
the exports.

For FIVE YEARS
ended at 1710 5.321,717 6.713,246 1.391,529 or 10/48 of
the exports.
at 1715 5.304,343 7.401,946 2.097,603 or 10/35 of
the exports.
at 1725 6.628,279 9.663,527 3.035,248 or 10/32 of
the exports.
at 1735 7.470,454 11.855,226 4.384,772 or 10/27 of
the exports.
at 1745 7.363,079 11.922,982 4.559,903 or 10/26 of
the exports.
at 1750 7.429,739 12.877,129 5.447,390 or 10/24 of
the exports.
at 1755 8.264,834 13.406,530 5.141,696 or 10/26 of
the exports.
at 1760 8.877,144 14.253,377 5.376,233 or 10/26 of
the exports.
For FOUR YEARS
ended at 1764 10.110,870 15.793,158 5.682,228 or 10/28 of
the exports.

For NINE YEARS
ended at 1773 11.996,769 14.814,074 2.817,305 or 10/53 of
the exports.

This ABSTRACT has been formed from the accounts delivered annually to the HOUSE OF COMMONS, and lately published by Sir CHARLES WHITWORTH.

In order to draw just inferences from it, the following particulars should be remembered.—First. The EXPORTS in the _Custom-House_ entries are, for reasons well-known, too high. This excess has, by some of the best judges, been reckoned at a million _per ann._—Secondly. The IMPORTS are too low, no smuggled commodities being included in them. This deficiency has been estimated at another million _per ann._ But, in order to be sure of keeping within bounds, I will take both at a _million and a half per ann._—Thirdly. The interest of the national debt paid to foreigners; the money spent in foreign countries by _English_ travellers; the bullion consumed in manufactures; and the wear of the current coin, cannot, perhaps, amount to much less than two millions _per ann._ I will, however, take them at no more than the annual sum which has been commonly supposed to be due to foreigners from our funds; or, a _million and a half_.—In order, therefore, to find the GRAND BALANCE OF PAYMENT between _Britain_ and the rest of the world _since_ the last war, all these sums (making up THREE MILLIONS) must be deducted from the excess of the exports.—But, in order to find the same balance _before_ the end of the last war, less must be deducted, in proportion as the national debt and the foreign trade were _then_ less than they are _now_.

If the foregoing Abstract is examined with a due regard to this rule, it will be found that, from[114] 1710 to 1764, the BALANCE OF PAYMENT must have been in favour of _Britain_; and that consequently, there must have been, during that period, an influx of money into the kingdom.—It was this, together with the increase of our paper, that produced the rapid fall of interest which began a few years before the _Accession_. And it was this also that enabled us to bear the great expence of the two last wars, and the loss of those enormous sums which were sent out of the kingdom to pay foreign subsidies, and to support armies on the continent.

Before 1710 it appears to be doubtful, whether the excess of the exports was such as brought any money into the kingdom; but it seems certain, that it could not have been such as in any degree compensated that drain of the public cash, which was occasioned by the continental wars of King _William_ and Queen _Ann_. In consequence of this, the quantity of _specie_ in the kingdom must have been greatly diminished; and Dr. _Davenant_ computes that in 1711 it was nine millions less than at the _Revolution_. Hence proceeded the high rate of interest; the unproductiveness of the taxes; and the difficulties which government met with in raising money during those two wars: And there is reason to believe, these difficulties would have been insurmountable, had not a substitute for _specie_ been provided by the establishment of the _Bank_.

In the interval of peace between the two last wars, or from 1748 to 1755, the balance in favour of _Britain_ was at the highest; and this contributed to raise the stocks[115] to such a price, as enabled government to reduce the interest of the public debts from 4 to 3 _per cent._

But the observation I here intended principally to make is, that the _balance_, since the year 1764, appears, from the preceding abstract, to have been _against_ BRITAIN; and that this accounts for the high price of bullion, the scarcity of specie, and the distress of the _Bank_ from that year to 1773.

It deserves farther to be observed that, while the exports were decreasing from 1764 to 1773, the IMPORTS appear to have increased faster than ever: And the fact is, that since 1760, a greater addition has been made to them, than had been made during the whole time from the _Accession_ to that year.—This is a striking proof that luxury has been for some years increasing with rapidity among us; and it is worth adding, that the productiveness of the taxes has kept pace, as might have been expected, with this increase of luxury, both the CUSTOMS and EXCISES having brought in lately, near 250,000l. _per ann._ each, more than they did twelve years ago.—It should be attended to, that this improvement of the revenue must be the effect solely of an increased consumption occasioned by luxury; the taxes, ever since the end of the last war, having been nearly the same.

The _exports_ from 1710 to 1764 went on increasing constantly. I have observed, that from 1764 to 1773 they have decreased. One reason of this has been, the decline of the PORTUGAL trade; the exports to that country having fallen, since 1760, from 1.200,000l. _per ann._ to 600,000l. _per ann._—Another reason has been the check which a wretched policy has been giving, ever since 1763, to our trade with the Colonies. This trade had for many years contributed more than any other trade towards raising our _exports_; and even in the period between 1763 and 1774, notwithstanding the checks it received, it went on increasing, and produced a balance in our favour of a million and a half _per ann._ But since 1774 it has been entirely lost. _Before_ this loss, the balance of payment between us and the rest of the world was, according to the account I have given, _against_ us. Undoubtedly then, it was a loss we could by no means have sustained, had it not been for the seasonable interposition of some very particular causes. Time will shew whether these causes are of a permanent nature, or temporary and accidental.

SECT. II.

_HISTORICAL DEDUCTION and ANALYSIS of the PUBLIC DEBTS._

_STATE and AMOUNT of the NATIONAL DEBT, at Midsummer, 1775, with the Charges of Management._

CAPITALS and ANNUITIES transferable at the BANK OF ENGLAND.

Principal. Interest.
£. £.

CAPITAL of their original Fund—See Note (1) p. 125 3.200,000 96,000

EXCHEQUER bills, by 3d of _Geo._ I. c. 8th, bearing
originally 5 _per cent._ interest, but reduced
to 4 _per cent._ in 1727, and to 3 _per cent._ by
23d _George_ II. 1749. See Note (2) p. 126 500,000 15,000

Purchased of the SOUTH SEA COMPANY in 1722,—reduced
from 6 to 5 _per cent._ interest in 1717; from 5
to 4. _per cent._ in 1727; and to 3 _per cent._
by 23d of _George_ II. 1749.—See Note (3) 4.000,000 120,000

Lent to government at 4 _per cent._ in 1728,
charged on the surplus of the fund for the
lottery in 1714, and reduced to 3 _per cent._
by 23d _George_ II. 1749 1.250,000 37,500

Lent at 4 _per cent._ in 1727; charged on the
duties on coals; and reduced to 3 _per cent._
by 23d of _George_ II. 1749 1.750,000 52,500

Lent at 4 _per cent._ in 1746; charged on licences
for retailing spirituous liquors; and reduced to
3 _per cent._ by 23d _Geo._ II. 1749 986,800 29,604

---------------------
Amount of Bank capital 11.686,800 350,604
See Note (4) p. 126.

Charge of management 5,898_l._ _per ann._

BANK ANNUITIES.

Consolidated 4 _per cent._ annuities due
_April_ 5, and _October_ 10—See Note (5) 18.986,300 759,452

These annuities fall to 3 _per cent._ in
_January_, 1781. Charge of management
10,680_l._ _per ann._

Annuities at 3½ _per cent._ 1758, due _Jan._ 5, and
_July_ 5.—These annuities fall to 3 _per cent._
in 1782 4.500,000 157,500

See an account of them in p. 101.

Charge of management 2,805_l._ _per ann._
including management on half a million raised
at the same time by a lottery, and made a part
of the consolidated 3 _per cents_.

CONSOLIDATED 3 _per cent._ annuities due _Jan._ 5,
and _July_ 5. See Note(6) 38.251,696 1.147,551

Management 21,087_l._ _per ann._

REDUCED 3 _per cent._ annuities, due _April_ 5,
and _Oct._ 10. See Note (7) 18.353,774 550,613

Charge of management 10,324_l._ _per ann._

Three _per cent._ 1726, due _Jan._ 5, and _July_ 5,
charged on the deduction of 6_d._ _per_ pound on
all pensions from the civil list; and on all
payments from the crown, except to the navy and
army—See Note (8) p. 128 1.000,000 30,000

Management 360_l._ _per ann._

Long annuity due _Jan._ 5, and _July_ 5 6.702,750 248,250

The remaining term from _Jan._ 1776, is 84
years—See Note (9) p. 128.

Management 3,491_l._ _per ann._

CAPITALS and ANNUITIES transferable at the SOUTH SEA HOUSE.

SOUTH SEA STOCK 3.662,784 109,884

The dividend on this stock, at 3½ _per cent._
is 128,197_l._ 9_s._—Due _Jan._ 5, and _July_ 5.

SOUTH SEA 3 _per cent._ OLD Annuities due
_April_ 5, and _Oct._ 10 11.907,470 357,224

Three _per cent._ NEW Annuities due _Jan._ 5,
and _July_ 5 8.494,830 254,845

Three _per cent._ 1751, due _Jan._ 5, and
_July_ 5 1.919,600 57,588

Charge of management on _South Sea_ Stock and
Annuities 15,100_l._ _per ann._—See Note (10).

CAPITAL and ANNUITIES transferable at the INDIA HOUSE.

EAST INDIA STOCK 3.200,000 96,000

Interest 3 _per cent._

_Dividend_ 7 _per cent._ 224,000_l._ due _Jan._
5, and _July_ 5.—See Note (11).

Charge of management 1.285_l._ 14_s._ 4_d._

EAST INDIA Annuity due _April_ 5, and _Oct._ 10,
charged on the surplus of a tax on spirituous
liquors. See Note (12) 1.000,000 30,000

Management 401_l._ 15_s._ 8_d._ _per ann._

ANNUITIES payable at the EXCHEQUER.

ANNUITIES for 96 and 99 years, from various
dates, in the time of King _William_
and Queen _Anne_—See Note (13) 1.836,276 131,203

Salaries to Exchequer officers, and
management—5,250_l._ _per ann._

Annuities for lives, with benefit of survivorship,
granted by the 4th of _William_ and _Mary_,
1693.—These annuities are not yet extinct,
and they are valued at three years purchase 22,781 7,567

Annuities for lives, with benefit of survivorship,
by an Act of the 5th of _Geo._ III. 1765—See
Note (14) 18,000 540

Annuities for two or three lives, granted in
1694.—Also, Annuities on single lives 1745, 1746,
and 1757.—See Note (15)—Their original amount,
taken all together, was very nearly 124,000_l._
but they are now reduced by deaths to near
80,000_l._ and their value is here taken at
10 years purchase 800,000 80,000

UNFUNDED DEBT, consisting of Exchequer bills,
(1.250,000_l._) Navy debt, (1.850,000_l._)
and Civil list debt, supposed 500,000_l._—The
interest is reckoned at 2 _per cent._—See
Note (16) 3.600,000 72,000

Salaries to Exchequer bill officers 650_l._
_per ann._
---------------------
Total of the principal and interest of the
National Debt at _Midsummer_ 1775. £. 135.943,051 4.440,821

_NOTES containing an EXPLANATION and HISTORY of the different Articles in the foregoing Account._

NOTE (1)—BANK OLD CAPITAL. See Page 119.—The BANK was established in 1694. Their original capital was 1.200,000_l._ bearing 8 _per cent._ interest, charged on 5/7ths. of 9_d._ _per_ barrel excise, with 4000_l._ _per ann._ for management.—In 1709, they lent to government 400,000_l._ without interest, which increased their old capital to 1.600,000_l._ bearing 6 _per cent._ interest. In 1742, they again lent to government 1.600,000l. without interest; and thereby increased this capital to its present amount, or to 3.200,000_l._ bearing 3 _per cent._ with the same annual sum for management.—It is of particular importance to observe with respect to the sums of 400,000_l._ and of 1.600,000_l._ just mentioned, that they were properly a compensation from the _Bank_ to the public for continuing their exclusive privileges; and would have been advanced, or at least the greatest part of them, though government had not bound itself to return the purchase money, by making it a part of the principal due to the _Bank_, provided the same interest had been continued for some time on their former principal, and the same liberty granted to increase their _stock_.—The like is true of 1.200,000_l._ advanced by the _India_ Company without interest in 1708.—In these instances, therefore, a needless addition was made to the public debt of 3.200,000_l._ which, had it been avoided, the public would have had not only a principal so much less to pay; but it would have saved in interest at least 96000_l._ _per ann._ for the old capital of the _Bank_ and the capital of the _East India_ Company would have formed, in this case, between them, a debt of only 3.200,000_l._ (instead of 6.400,000_l._) the interest of which might long ago have been reduced at least one half; or from 8 _per cent._ the original interest, to 4 _per cent._

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NOTE (2)—_Half a million_, part of the BANK CAPITAL. See Page 119.—This part of the Bank capital consisted originally of two millions in _Exchequer_ bills, cancelled for government by an act of the 3d of _Geo._ I. But half a million was discharged in 1729; and a million in 1738.

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NOTE (3)—FOUR MILLIONS purchased of the SOUTH-SEA COMPANY; part of the BANK Capital. See Page 119.—In order to procure this money, the _Bank_ sold new stock at 18 _per cent._ premium. This produced a saving of 610,169_l._ the sale of 3.389,831_l._ _stock_ having produced four millions in _money_. And, consequently, though by this transaction the capital for which they received interest was increased four millions, yet the _stock_ on which they made their dividends was increased only 3.389,831_l._

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NOTE (4)—BANK STOCK and DIVIDEND.—The _stock_ on which the _Bank_ divides is only 10,780,000_l._ This dividend varies as their profits vary; but for several years it has been 5½ _per cent._ payable half-yearly at _Lady-day_ and _Michaelmas_. Their whole annual dividend is, therefore, 592,900_l._ which subtracted from 350,604_l._ the interest paid by government, makes their clear annual profit 242,296_l._—Besides interest, they receive for management of their capital 4000_l._ _per ann._ on account of their old capital, and 1,898_l._ _per ann._ on account of four millions purchased of the South Sea Company; in all, 5,898_l._ _per ann._—The _Bank_ receives farther the sums specified in the foregoing account, towards bearing the expences of managing the annuities commonly called _Bank Annuities_. All these expences, including the sums granted for managing their capital, amount to 54,645_l._ _per ann._

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NOTE (5)—CONSOLIDATED 4 _per cent._ BANK ANNUITIES. See Page 120.—The capital of these Annuities consists of two loans, one in 1760, and the other in 1762, consolidated into one stock, and charged on the additional duty of 3_d._ per bushel on malt, the surplus of the duties on spirituous liquors, and the additional duties on windows; all which duties were ordered by 2d Geo. III. to be carried to the Sinking Fund, and the interest with which they were charged to be paid out of that fund.—I have made some remarks on these loans in page 96, and page 99. They amounted to 20.240,000_l._ But 1.253,700_l._ of this capital was changed in 1770, from an interest of 4 to 3 _per cent._ and the capital reduced to the present sum.—A more full account of these annuities may be found in Mr. _Ashmore_’s Analysis of the several Bank Annuities, p. 17.

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NOTE (6)—CONSOLIDATED 3 _per cent._ BANK ANNUITIES. See page 121.—The capital of these annuities is made a distinct stock from that of the annuities called _Reduced_, because it never bore a higher interest than 3 _per cent._—It consisted originally of the following loans—37,821_l._ remaining in 1727, of 3 _per cent._ annuities, granted in lieu of St. _Christopher_’s and _Nevis_ debentures—800,000_l._ borrowed in 1731—600,000_l._ borrowed in 1736—300,000_l_. in 1738—6.400,000_l_. in 1742, 1743, 1744 and 1745, and charged on additional duties on spirituous liquors, wines, vinegar, &c.—1.000,000_l._ borrowed in 1750—24.490,000_l._ borrowed in the course of the last war, and funded on the additional duties on beer, houses, stamps, &c.—4.900,000_l._ borrowed in 1766, 1767 and 1768—And 1.253,700_l._ of the 4 _per cent._ annuities, subscribed into the 3 _per cent._ annuities in 1770.

All these loans were by 25 Geo. II. 1751, and several subsequent Acts of Parliament, consolidated into one joint stock; and carried, with the duties for paying the interest, to the _Sinking Fund_. And in 1770, they formed a capital of 39.781,521_l._ which has been since reduced, by the payments mentioned in the _Postscript_ at the end of this tract, to the sum specified in the account to which this note refers.—See a more full account in Mr. Ashmore’s Analysis, &c. from page 5 to page 11.

* * * * *

NOTE (7)—REDUCED 3 _per cent._ BANK ANNUITIES. See page 121.—The capital of these annuities consisted, in 1749, of loans in 1746, 1747, and 1748, and navy, ordnance and transport debts funded in 1749, amounting to 18.402,472_l._ and all bearing 4 _per cent._ interest.—By the 23d of Geo. II. 1749, these loans were reduced to an interest of 3 _per cent._ and by the great consolidating Act in 1751, they were converted into one stock, and carried into the Sinking Fund with the duties on carriages, and the additional duties on glass, spirituous liquors, houses, windows, stamps, merchandize imported, &c. which had been granted for paying the interest.—In 1751, certain exchequer tallies and orders, amounting to 129,750_l._ were subscribed into this stock; and in 1765, navy bills to the amount of 1,482,000_l._ were subscribed into it, which made its whole original amount 20.014.222_l._—In 1751, there was paid off 830,898_l._ being stock which had not been subscribed agreeably to the Act in 1749 for reducing interest; and in 1772, 1774, and 1775, so much more of this stock was paid off as reduced it to its present amount.—See Mr. Ashmore’s Analysis, p. 12-16.

* * * * *

NOTE (8)—CIVIL LIST MILLION. See page 121.—The income settled upon King George I. for his civil list, was 700,000_l._—In 1720, there had been granted him besides, from the _Royal Exchange_ and _London_ Assurance companies, 300,000_l._ And in 1726, this million was farther granted towards paying off his debts.

* * * * *

NOTE (9)—BANK LONG ANNUITY. See page 122.—This annuity consists of 128,250_l._ _per ann._ for 99 years, given in 1761, as a _premium_ to the subscribers of 11.400,000_l._ at 3 _per cent_; and of 120,000_l._ _per ann._ for 98 years, given in 1762, as a premium to the lenders of twelve millions at 4 _per cent._ See page 95 and 100. It is charged, together with the loans to which it was annexed, on the _Sinking Fund_.—Its value in the Alley is about 25 years purchase; but the remaining term is really worth 27 years purchase, reckoning interest at 3½, (or the 3 _per cents._ being at 85¾.) But when interest is at 4 _per cent._ or the 3 _per cents._ are at 75, it is worth only 24 years purchase.—When this annuity is called a _premium_, it must not be imagined, that no compensation was given for it. Government received the value of it; but, at the same time, made itself a debtor for that value. And, what is very surprizing, this has been uniformly practised with respect to all the premiums or douceurs granted by government; and the consequence has been, that great and needless increase of the public debt explained in the 3d section of the 2d Part.

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NOTE (10).—SOUTH-SEA STOCK AND ANNUITIES. See page 122.—These four capitals amounting to 25.984,684_l._ 13_s._ consist almost entirely of the remainder of debts contracted in the reigns of _King William_ and Queen _Anne_. The following account will probably give sufficient information concerning them.

In 1711, Lord Oxford being minister, the proprietors of certain navy, army, ordnance and transport debts, to the amount of 9.177,968_l._ including arrears of interest, and half a million for the current supplies, were incorporated into a company for trading to the _South-seas_. They were allowed 6 _per cent._ interest for this debt, with 8000_l._ _per ann._ for management; and the duties on wine, tobacco, _East-India_ goods, candles, &c. were made perpetual, and granted as a _Fund_ (ever since called the _South-sea Company’s Fund_) for paying the interest. This kept up public credit at the time, and has been called the _Earl of Oxford_’s master-piece.—By the 1st of Geo. I. 822,032_l._ consisting chiefly of interest payable on the Company’s capital, was added to the capital, in consequence of which it was increased to TEN MILLIONS, (ever since called their _original capital_) bearing 6 _per cent._ interest.—In 1717, they agreed to take 5 _per cent_; and this was the first great reduction of interest, which in conjunction with the same reduction of the other redeemable debts almost all carrying 6 _per cent._ laid the foundation of the SINKING FUND established in this year. But it is remarkable, that so fast did interest fall at this time, that the price of _South-sea stock_, notwithstanding this reduction, rose from 101 to 111.—In 1719, the _South-sea_ capital was increased to 11.746,844_l._ bearing 5 _per cent._ interest (with an addition of 1,397_l._ 9_s._ to their former allowance for management) by advancing to government 544,142_l._ and by the proprietors of 94,329_l._ 12_s._ lottery annuities for 32 years granted in 1710, accepting in lieu of them 1.202,702_l._ _South Sea stock_.—In 1720, the agreement was made by government with the South Sea Company, which produced the great SOUTH SEA BUBBLE.—There existed at that time _long_ annuities to the amount of 666,821_l._ 8_s._ and _short_ annuities, for 32 years from 1710, to the amount of 127,260_l._ 6_s._ The proprietors of these annuities were allowed to subscribe them into the _South Sea_ trading stock; and the Company, for every 100_l._ of the _long_ annuity which should be subscribed, were to receive from government an addition to their capital of 2000_l._ bearing 5 _per cent._ interest till 1727, and afterwards 4 _per cent._ till redeemed: and for every 100_l._ of the _short_ annuities, they were to receive an addition to their capital of 1400_l._ bearing the same interest.—They were besides to take in the redeemable debts to the amount of 16.546,482_l_. and to receive an addition to their capital of 100_l._ for every 100_l._ subscribed.—By the subscription of the _long_ and _short_ annuities which followed this agreement, a capital due from government to the Company was created, which was greater by 3.034,769_l._ than the original sum advanced for the annuities subscribed. And as much of these annuities and of the redeemable debts were subscribed, as increased the _South Sea_ trading capital to 37.802,203_l._—In 1722, four millions of this capital was purchased by the BANK, (See Note 3.) which reduced it to 33.802,203_l._—By 9 Geo. I. 1723, this remaining capital was divided into two equal parts, one of which alone (or 16.901,101_l._) was ordered to be the trading capital of the Company, and the other part was directed to be called _South Sea Annuities_.—In 1733, the _South Sea_ trading capital had been reduced by payments at different times to 14.651,137_l._ 12_s._ By an Act of Parliament in that year, this remaining stock received a farther division; and only a fourth part, or 3.662,784_l._ was allowed to be the Company’s stock; and the other three parts, or 10.988,353_l._ were directed to be called NEW South Sea Annuities, in order to distinguish them from the former annuities, which have ever since gone under the name of OLD South Sea annuities.—From 1733, to the present time, SOUTH SEA STOCK has continued the same; but the capital of the OLD South Sea annuities has been reduced, by redemptions, to 11,907,470_l._ and of the NEW South Sea annuities, to 8.494,830_l._ And of the whole _South Sea_ debt, which in 1722 was 33.802,203_l._ there has, since that year, been paid off in all 9.737,119_l._ This should have reduced it to 24.065,081_l._ but it is in reality 25.984,685_l._ The reason of this is, that the diminution just mentioned of the _South Sea_ debt was made in part with money borrowed in 1751, to pay off such proprietors of South Sea annuities as had refused to consent to the reduction of interest proposed to them in 1749. The sum borrowed for this purpose was 2.100,000_l._ bearing 3 _per cent._ with 1181_l._ 5_s._ for management. This debt is now reduced by redemptions to the sum specified in the preceding account; or to 1.919,600_l._

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NOTE (11).—EAST-INDIA STOCK. See page 123.—In 1698, a company of merchants, in consideration of two millions lent to government at 8 _per cent._ were incorporated, and entitled to the sole privilege of trading to the _East-Indies_.—These two millions formed the first capital of the present _East-India_ Company.—In 1702, an old company of traders to the _East-Indies_ was united to this company; and in 1708, these united companies lent to government 1.200,000_l._ without additional interest, which made their capital 3.200,000_l._ bearing 5 _per cent._—In 1730, this interest was reduced to 4 _per cent._ and by the 23d Geo. II. 1749, to 3 _per cent._—The salt duties, and some additional stamp duties, were at first charged with the annuity due on this capital; but at present the duties constituting the aggregate fund are charged with it.

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NOTE (12).—EAST-INDIA ANNUITY. See page 123.—The capital of this annuity was advanced to government in 1744, at 3 _per cent._ and, in consideration of this loan, the exclusive charter of the Company was continued to Lady-day 1783, at which time it is to cease, provided three years notice has been given, and the debt due from government discharged.

An observation here forces itself upon me, which I have often had occasion to make.—Part of this loan was a compensation from the _East-India_ Company for prolonging the term of its charter; and, therefore, ought not to have been included in the loan. The Company would have lent 750,000_l._ on the interest common at the time, or 4 _per cent._ and the remainder would have been advanced as a gratuity.—It is a pity those who managed these contracts for the public, did not attend to the absurdity and extravagance of making a _debt_ of purchase money, and _borrowing_ in the very act of _selling_.

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NOTE (13).—EXCHEQUER LONG ANNUITIES. See page 123.—These are the _long_ annuities which, in 1720, remained unsubscribed to the South Sea Company. See Note 10.—They consist first of annuities to the amount of 54,900_l._ 14_s._ 6_d._ purchased by the 4th, 5th, and 6th of _William_ and _Mary_, for 96 years, from January 1695, with the addition of 1350_l._ _per ann._ for salaries to exchequer officers. These annuities were originally 14 _per cent._ life-annuities. By the 6th and 7th of _William_ and _Mary_, in order to raise more money, these annuitants, or any other persons for them, were offered a reversionary interest in the annuities after the failure of the lives, till the end of 96 years from January 1695, on paying 4½ years purchase, (that is 63_l._) for every annuity of 14_l._—The predecessors of the present company of the MILLION BANK (so called from the MILLION lottery 1694, in which they were some of the principal adventurers) purchased 30,669_l._ 4_s._ of these reversionary annuities. The life annuitants being now reduced to a very small number, almost the whole of this annuity is lapsed to the _company_; and though they have divided for several years 5 _per cent._ on a capital of half a million, yet their growing savings, from the falling in of lives, have been such, that, when their annuity ceases in 1791, they will, I am informed, have accumulated a fund considerably larger, than the capital on which they have made their dividends. But to return.

* * * * *

These EXCHEQUER Annuities consist farther of

£. _s._ _d._
30,400 6 8 purchased for 99 years from _Christmas_
1705, by 2d and 3d of _Anne_, with
1450_l._ for management.
23,234 16 6 purchased for 99 years from _Lady-day_,
1706, by 4 _Anne_, with 1470_l._
_per ann._ for management.
7,776 10 0 purchased for 99 years from _Lady-day_,
1707, by 5 _Anne_, with 375_l._ 12_s._
_per ann._ for management.
4,710 0 0 purchased for 99 years from _Lady-day_,
1708, by 6th of _Anne_, with 208_l._
2_s._ _per ann._ for management.
10,181 0 0 purchased for 99 years from _Lady-day_,
1707, by a 2d Act of 5th of _Anne_,
with 416_l._ _per ann._ for management.
Add 54,900 14 6
-----------------
131,203 7 8 Total.

The original sum contributed for these annuities was 1.836,276_l._ They are even now worth more than this sum. The public has already paid above TEN MILLIONS; and by the time they are all extinct, it will have paid above THIRTEEN MILLIONS, on their account. This is great extravagance; but it is nothing to the extravagance constantly practised of borrowing on perpetual annuities, without putting them into a fixed course of redemption.

* * * * *

NOTE (14).—TONTINE by an act of 6 Geo. III. See page 124.—The intention of this Act was to raise 300,000_l._ towards paying off navy bills, by offering to subscribers for every 100_l._ advanced, an annuity of 3_l._ for their lives, with benefit of survivorship. But the scheme did not succeed, and only 18000_l._ was subscribed.

* * * * *

NOTE (15).—LIFE ANNUITIES. See page 124.—The annuities on _two_ lives in 1694, were sold at 12_l._ _per ann._ during _two_ lives, of any ages, and the annuities on _three_ lives, at 10_l._ _per ann._ during three lives, for every 100_l._ advanced.—This was very extravagant; for, supposing the annuitants in general, about the age of 20 or 30, it was the same, in the case of _two_ lives, with giving above 10 _per cent._ for money, and in the case of _three_ lives, 9 _per cent._—It is, likewise, extremely absurd in these cases to pay no regard to difference of ages. A _single_ life at the age of 60, supposing money improved at 4 _per cent._ is intitled to 11 _per cent._ but at the age of 10, scarcely to 6 _per cent._ _Two_ lives at 60, are entitled, on the same supposition, to 8½ _per cent._ but at 10, not to 5 _per cent._—The original amount of these annuities was 22,700_l._ nearly. In 1762, that is, in 68 years, they were reduced by deaths no lower than 9,215_l._

The other life-annuities mentioned in the preceding account were _douceurs_ granted for loans in 1745, 1746, and 1757. An account of the annuities granted in the last of these years may be seen in page 101.

The life-annuities in 1745, amounted to 22,500_l._ and were granted, together with the profits of a lottery, for a loan of two millions at 4 _per cent._

The life-annuities in 1746, amounted to 45,000_l._ and were granted, with the profits of another lottery, for a loan of three millions, at the same interest.—The remarks made in the 3d section of the last part, and particularly in the note, p. 101, are applicable to these two loans. The value of the life-annuities, and the profits of the lotteries, were made a part of the public debt. And, supposing the life-annuities worth, one with another, only 14 years purchase, and the profits of the two lotteries worth 300,000_l._ it will follow, that the capital created by these loans, instead of being 5.000,000_l._ should have been only 3.755,000_l._

But there is another remark, which it is proper to mention here. The life-annuities granted in 1757, amounting to 33,750_l._ were, in January 1775, that is in 18 years, reduced by deaths to 28,732_l._ or but a little more than a seventh part. But, supposing the annuitants all in the firmest stage of life, or between the age of 10 and 30, they ought, according to some of the best tables of observations, to have been reduced a _quarter_. These life-annuities have, therefore, fallen in much more slowly than could have been expected; and I have found the same to be true of all the other life-annuities.—The reason, undoubtedly, is, that the tables exhibit the rate of mortality among all sorts and orders of men taken together; whereas, the lives on which annuities are bought, are a selection of the better sort of lives from the general mass, and therefore must be of greater value.—Indeed I am not acquainted with any table of observations which gives the probabilities of the duration of life high enough to be a guide in this case; except that which was formed by Mr. _De Parcieux_, from the French _Tontines_.—A calculation, therefore, of the values of lives, agreeably to this table, would be of considerable use.

* * * * *

NOTE (16).—UNFUNDED DEBT. See page 124.—I have given the navy debt, as it was in January, 1775.—The civil list debt in 1775, was probably more than the sum at which I have reckoned it. Lord STAIR, in his account of the national debt, income, and expenditure, reckons it at 800,000_l._

Much the greatest part of the foregoing debts, with the taxes for paying the interest, including the duties composing the _Aggregate_, _South-Sea_, and _General_ Funds, have, by the 25th of _George_ the Second, 1751, and several subsequent acts of Parliament, been thrown into one general account; and the _surplus_ of the whole, after deducting the interest, 800,000l. _per ann._ to the civil list, and a few other payments, forms the SINKING FUND.—The debts not brought to this account are about seven millions and a half in the _South-Sea_ House; 11.186,800l. of the _Bank_ capital; the Civil List million; four millions and a half borrowed at 3½ _per cent._ in 1758; the capital of the East-India annuity; and the Exchequer long and life annuities, except those granted in 1758. But the _surplusses_ of the duties which pay the interest of these debts are either carried _immediately_ into the _Sinking Fund_ account; or brought _first_ to the _Aggregate_ Fund, and from thence carried into that account.—On the contrary. Deficiencies in these duties when they happen, are made good out of the Sinking Fund; and afterwards replaced from the supplies.

For example. Three old nine-penny excises on beer, with an additional three-pence per barrel, producing above half a million annually; also, 3,700l. _per_ week out of the hereditary excise on beer, together with some duties on paper, coals, &c. and ⅓ additional subsidy of tonnage and poundage, are appropriated to the payment of the Banker’s Annuity; the Life Annuities granted in 1693 and 1694; the Exchequer Long Annuities; and annuities on various sums subscribed to the South-Sea Company in 1720. The surplusses make a part of the _Aggregate Fund_; and after contributing to satisfy the charge on that fund, are carried into the _Sinking Fund_.—Again. Certain additional duties on soap, parchment, coals, &c. are appropriated to pay the interest of 1.250,000l. and of 1.750,000l. parts of the Bank capital.—The surplusses are carried _directly_ to the _Sinking Fund_.—In like manner. The duties on houses and windows imposed by an act of the 20th of _George_ the Second, 1747,[116] after deducting from them 91,485l. _per ann._ to satisfy certain charges on old house-duties in the _Aggregate Fund_; and, also, other duties on houses and windows imposed by the 2d and 6th of _George_ the Third, amounting in all to about 205,000l. _per ann._ are carried into the Sinking Fund, together with the capitals, the interest of which has been charged upon them. But the addition to these duties (with a tax on pensions) granted in 1758, and charged with the interest (at 3½ _per cent._) of the loan in that year, having not been carried into the _Sinking Fund_, and proving deficient; the deficiency is constantly made good out of this fund, and afterwards replaced from the supplies.

_State and Amount of the NATIONAL DEBT at Christmas 1753; with the Charges of Management._

BANK OF ENGLAND.

Principal. Interest.
£. £.

BANK capital 11.686,800 393,038

Of this capital 3.200,000l. bore at this time 3
_per cent._ interest; and the remainder bore 3½
_per cent._ till 1757, by 23d Geo. II. 1749.—See
note (1) p. 125.

Management 5,898l. _per ann._

Three _per cent._ BANK Annuities consolidated by
25 Geo. II. 1751.—See note (6) p. 127. 9.137,821 274,135

Management 4,450l. _per ann._

BANK Annuities consolidated by 25 Geo. II.
2.713,618l. carrying 3½ _per cent._ interest
till 1755; and 14.857,956l. carrying the same
interest till 1757. See note (7) p. 128. 17.740,132 619,546

Management 9,884l. _per ann._

Civil List million, 1726 1.000,000 30,000

Management 360l. _per ann._

Whole charge of Management at the Bank in
1753—20,592l. _per ann._

SOUTH-SEA COMPANY.

SOUTH-SEA STOCK carrying 4 _per cent._ till 1757 3.662,784 146,511

Old and New SOUTH-SEA Annuities carrying 3½
_per cent._ till 1757 21.362,525 747,688

Three _per cent._ 1751—See note (10) p. 131. 2.100,000 63,000

Whole charge of management at the _South-Sea-House_
on stock and annuities, 15,748l. _per ann._

EAST-INDIA HOUSE.

EAST-INDIA STOCK, reduced to 3½ till 1757 3.200,000 112,000

EAST-INDIA annuity 1744 1.000,000 30,000

Management 1,687l. 10s. _per ann._
---------------------
Total[117] £. 70,851,254 2.415,918

EXCHEQUER.

ANNUITIES for 96 and 99 years from various dates
in King _William_’s and Queen _Anne_’s times
being the original sum contributed. See note
(13) page 132. 1.836,276 131,203

Management 5,230l. _per ann._ inclusive of
management for the two next articles.

ANNUITIES for lives with benefit of survivorship,
being the original sum contributed 108,100 7,567

ANNUITIES for two and three lives, being the
remainder after deducting the annuities fallen
in by deaths, and reckoned worth 10 years
purchase 106,650 10,665

ANNUITIES for single lives 1745, being the
remainder after deducting the annuities fallen
in by deaths; and reckoned worth 14 years
purchase 296,142 21,153

ANNUITIES for single lives 1746, being the
remainder after the lives fallen in 582,274 41,591

Navy debt in 1754—Interest reckoned at 2
_per cent._ 1.296,568 25,931
---------------------
Total of the principal and interest of the
public debts in 1753 £. 75.077,264 2.654,028

_STATE and AMOUNT of the NATIONAL DEBT in 1739._

BANK OF ENGLAND.

Principal. Interest.
£. £.

BANK CAPITAL, consisting of 1.600,000l. old capital
carrying 6 _per cent_; and 7.500,000l. carrying 4
_per cent._ See note 1, p. 123. 9.100,000 396,000

BANK ANNUITIES at 3 _per cent._ for the lottery in
1731. 800,000 24,000

SOUTH-SEA COMPANY.

Stock and annuities bearing 4 _per cent._ 27.302,203 1.092,088

EAST-INDIA COMPANY.

EAST-INDIA stock carrying 4 _per cent._ 3.200,000 128,000

EXCHEQUER ANNUITIES.

Annuities at 3½ by 4 Geo. II. paid off in 1752 400,000 14,000

ANNUITIES at 4 _per cent._ charged on the duty on
wrought plate by 6 Geo. I. 1720 312,000 12,480

182,250l. of this capital was paid off in 1750.
The remainder is now included in the capital
of the reduced 3 _per cent._ annuities.

ANNUITIES at 3 _per cent._ charged on the Sinking
Fund by 9 and 10 Geo. II. Now included in the
consolidated 3 _per cent._ annuities 900,000 27,000

ANNUITIES on _Nevis_ and St. _Christopher_ Debentures
at 3 _per cent._ Now included in the consolidated
3 _per cents._ 37,821 1,135

EXCHEQUER BILLS charged on a duty upon victuallers
by 12 Geo. I. 1726—Carrying 3 _per cent._ 480,000 14,400

EXCHEQUER BILLS charged on a duty on sweets by 10 of
Geo. II. 1737—Carrying 3 _per cent._ and paid off
in 1754—See the note p. 140. 499,600 14,988

ANNUITIES for long terms from various dates 1.836,276 131,203

ANNUITIES for lives with _benefit_ of _Survivorship_
granted in 1693 108,100 7,567

ANNUITIES for two and three lives, 1694 106,650 15,000

_Navy_ debt[118] 1.300,000 26,000
---------------------
Total of the _Principal_ and _Interest_ of the
National Debt in 1739[119] £. 46.382,650 1.903,861

From the account in the POSTSCRIPT, at the end of this tract, it will appear, that 10.639,793l. of the public debt was discharged between the years 1763 and 1775; and also that the _funded_ debt was, in 1775, 1.400,000l. greater than it was at the end of the last war. From hence, and from the amount of the public debt in 1775, as stated in page 124, it follows, that the funded debt at the end of the war was 130.943,051l. and the whole debt 146.582,844l. and, consequently, that the war left upon the nation an _unfunded debt_ amounting to[120] 15.639,793l. This unfunded debt consisted of the following particulars—Of 3.500,000l. borrowed after the peace in 1763, and applied towards bearing such expences of the war as could not immediately cease with its operations.—Of near _eight millions_ in navy, victualling, ordnance, and transport debts.—Of 1.800,000l. _Exchequer bills_; and the remainder, of subsidies to foreign princes, extraordinaries of the army, and German demands.

In the interval of peace between 1748 and 1755 the following debts were paid off.

£.

_Bank Annuities_ bearing 4 _per cent._ 1.013,148

SOUTH-SEA Annuities bearing 4 _per cent._ 176,893

_Annuities_ bearing 3½ _per cent._ charged by 4 Geo. II. on
additional Stamp-duties 400,000

EXCHEQUER Bills bearing 3 _per cent._ charged by 10 Geo. II.
1737 on the duties on sweets 499,600

Borrowed in 1745 at 3½ _per cent._ on the credit of the Salt
duties 1.000,000

See note, page 140.
-----------
[121]Total £. 3.089,641

From the whole, the following account of the progress of the National Debt, from 1739 to 1775, may be deduced.

Principal. Interest.
£. £.

_Amount_ of the _principal_ and _interest_
of the national debt before the war
which begun in 1740 46.382,650 1.903,861

Amount in 1749 immediately after the war 78.166,906 2.765,608

Increased by the war 31.784,256 861,747

Diminished by the Peace from 1748 to 1755 3.089,641 111,590

Amount at the commencement of the last war 75.077,264 2.654,018

Amount at the end of the war in 1763 146.582,844 4.840,821

Increased by the last war 71.505,580 2.186,803

Diminished by the Peace, in twelve years from
1763 to 1775 10.639,793 [122]400,000

Amount at _Midsummer_, 1775 135.943,051 4.440,821

We are now involved in another war, and the public debts are increasing again fast. _Exchequer_ Bills have been increased from 1.250,000l. to 1.500,000l. A new capital of 2.150,000l. has been added to the 3 _per cent._ Consolidated Annuities. And a vote of credit was given in the last session of Parliament for a million. The last year, therefore, has added 3.400,000l. to our debts, besides a vast sum not yet provided for, consisting of navy, ordnance, victualling, transport and army debts.—The present year (1777) must make another great addition to them; and what they will be at the end of these troubles, no one can tell.—The union of a _foreign_ war to the present _civil_ war might perhaps raise them to TWO HUNDRED MILLIONS; but, more probably, it would sink them to—NOTHING.

SECT. III.

_Of the DEBTS and RESOURCES of France._

Ministers have of late sought to remove the public apprehensions by general accounts of the weakness of powers, which, from the circumstances of former wars as well as national prejudices, have been felt by the people as jealous rivals or formidable enemies.—I wish it was possible for me to confirm these accounts; and by contrasting the preceding state of our own debts with a similar one of those of FRANCE, to shew, that from this power in particular we have nothing to fear. The following particulars, on the correctness of which I can rely, may give some assistance in judging of this subject.

* * * * *

The whole expence of the last war to FRANCE was 1.118.307,047 livres; that is, 49.702,000l. sterling: of which 23.152,000l. (520.926,000 livres) consisted of money procured by the sale of taxes, by free-gifts, and extra-impositions during the war, which left behind them no debts: And 26.550,000l. (597.380,100 livres) consisted of LOANS, or money raised on perpetual annuities, life-annuities, and lotteries.—At the beginning of 1769 the whole amount of the debts of _France_, including all arrears and capitals advanced on annuities and lotteries, was 128.622,000l. sterling, or 2.894.053,616 livres. The annual charge derived from this debt was 6.707,500l. sterling (150.919,284 livres)—All the appropriations amounted to 8.218,500l. sterling (184.919,284 livres).—The expences of the army, navy, king’s houshold, prince’s houshold, foreign affairs, &c. amounted to 8.947,000l. or 201.307,312 livres. So that the whole annual expence was 17.165,000l. (386.226,596 livres).—The whole revenue had amounted, before 1769, to 13.484,500l. sterling (303.401,696 livres).—The public expence, therefore, had exceeded the revenue 3.681,000l. (82.800,000 livres.) _per ann._

From the year 1769 to the present King’s Accession, by forced reductions of interest, and by new taxes, the public revenue was carried to 16.289,000l. sterling (366.508,000 livres) and the public expence was reduced so as not to exceed the revenue above 766,800l. _per annum_ (17.253,000 livres).—The anticipations also of the revenue, which before 1769 had extended to _seventeen_ months, were reduced to _five_ months.—Such was the progress of reformation; namely, an increase of revenue amounting to little less than THREE MILLIONS sterling _per ann._ in a few years, under an unpopular minister, in the latter days of a reign never characterized by an attention to oeconomy, or a regard to the public interest; and at this time particularly stamped by unprecedented profusion and a general relaxation.

A new reign produced a new minister of finance whose name will be respected by posterity for a set of measures as new to the _political_ world, as any late discoveries in the system of nature have been to the _philosophical_ world.—Doubtful in their operation, as all unproved measures must be, but distinguished by their tendency to lay a solid foundation for endless peace, industry, and a general enjoyment of the gifts of nature, arts, and commerce.—The edicts issued during his administration exhibit indeed a phænomenon of the most extraordinary kind. An absolute king rendering a voluntary account to his subjects, and inciting his people to _think_; a right which it has been the business of all absolute princes and their ministers to extinguish in the minds of men.—In these edicts the king declared in the most distinct terms against a bankruptcy, an augmentation of taxes, and new loans; while the minister applied himself to increase every public resource by principles more liberal than _France_, or any part of _Europe_, ever had in serious contemplation.—It is much to be regretted, that the opposition he met with, and the intrigues of a court, should have deprived the world of those lights which must have resulted from the example of such an administration.

After a short interval, a nomination, in some respects still more extraordinary, has taken place in the court of FRANCE. A court which a few years since was distinguished by its bigotry and intolerance, has raised a _Protestant_, the subject of a small but virtuous republic, to a decisive lead in the regulation of its finances. It is to be presumed, that so singular a preference will produce an equally singular exertion of integrity and talents. Though differing from Monsieur TURGOT in several principles, which regard the larger lines of government, he appears by his first steps, and, particularly, the preamble to a late edict for raising 24 millions of livres by a lottery, to put his foot on the same great basis of general justice, and a strict conservation of the faith o£ the king; and points more particularly at the surest of all resources in any modern states, a simplification of taxes and a reformation in the collection of them. This administration, making improvements in the Revenue its immediate object, is more capable of present exertion; and, as such, is more formidable.

From these facts and observations it is impossible not to conclude, that if we trust our safety to the difficulties of FRANCE, we may find ourselves fatally deceived. I will add, that though (like the 3s. land-tax and lotteries among ourselves) some of the extraordinary impositions of the last war have been continued in _France_, there are some which ceased with the war, and which they can renew. It is, particularly, an advantage of unspeakable importance to them, that they can carry on a war, as they did the last, at _half_ our expence; and that, having no dependence on the flattering delusion of paper, they can, as they did in 1759, bear even a bankruptcy in the middle of a war, and yet carry it on vigorously.—Their debts time itself is sinking fast. Of 3.111,000l. (seventy millions of livres) in annuities on the _Hotel de Ville_ at _Paris_, 1.777,000l. (forty millions of livres) consisted in 1774 of Life Annuities, which were falling by deaths at the rate of 71,000l. (1.600,000 livres) every year.—Even their loss of credit, whatever present embarrassment attends it, favours them upon the whole. To this they owe the advantages just mentioned. The facility with which our high credit has enabled us to run in debt ensnares us; and, if a change of measures does not take place,[123] must _ruin_ us. Experience has given them a just horror at borrowing on permanent funds; and were they inclined to do it, they are not able to do it to any great amount; and, consequently, they cannot go on mortgaging one resource after another till none is left.—While we lose sight of the capital in the interest, they carry their views chiefly to the reimbursement of the capital; and after receiving high interest, for some years, can be satisfied with receiving back a part of their capital.—Their debts, being confined in a great measure to the _Farmers General_ and others at PARIS, are not circulated and diffused among the body of the people in the manner ours are: And it is well known, that they can make use of methods to discharge them which our government must never think of. The acts of arbitrary power and unjust expedients to which, on many occasions, they have had recourse for this purpose without producing any tumults, are such as appear to us almost incredible; and should the time ever come, when it will be necessary in this country to make use of any violence of the same kind, all government will probably be at an end.

In point of territory and number of inhabitants, the two countries will bear no comparison[124]. We have hitherto opposed _France_ by our free spirit, and our colonies; and to them chiefly we owe our prosperity and victories. Our colonies once separated from us, the islands will soon follow. But should they remain ours, our comparative advantages will best appear from the following authentic account of the imports into _France_ from their islands.

In 1774.

Weight in Pounds.

Sugar imported into _France_ 147.986,959
Indigo 1.734,206
Rocou 210,187
Coffee 58.247,133
-----------
208.178,485

In 1775.

Weight in Pounds.

Sugar imported into _France_ 171.932,972
Indigo 2.134,247
Rocou 169,831
Coffee 58.545,000
-----------
[125]232.782,050

Value of the above commodities re-exported from _France_, taken upon the average price.

_Livres._ _Sterling._

In 1774 75.901,373 3.373,000
In 1775 74.961,318 3.331,000

The whole importation from the _West Indies_ into _Britain_ is about three millions _per ann._

But I have gone much beyond the views with which I begun this section. The facts which have been stated, and the reflections which they have occasioned, are intended principally to shew that we ought not to suffer ourselves to be drawn into security by any assurances of the weakness of _France_.—May she, however, find herself the weakest of kingdoms whenever, from motives of interest or ambition, she shall attempt to injure any of her neighbours.—May _Britain_, hitherto the most favoured spot under heaven, always preserve her distinguished happiness, and escape the danger which now threatens her. And may the time soon come, when all mankind, sensible of the value of the blessings of peace and equal liberty, shall suffer one another to enjoy them, and learn war no more.

SECT. IV.

_Containing an Account of the National Income and Expenditure; the Surplus of the Revenue; and the Money drawn from the Public by the Taxes; with Remarks on Lord STAIR’S Account._

_APPROPRIATED REVENUE at Midsummer, 1775._

£.

Interest of the national debt 4.440,821

Civil list revenue. See the note in page 163 800,000

Expences of management attending the national debt; of which
71,432 l. is the expence of management at the Bank, South-Sea
House, and _India_ House; and 5.900 l. salaries to _Exchequer
Officers_. See Page 119, &c. 77,332

Annuities payable out of the Aggregate Fund to the DUKE OF
GLOUCESTER, 8000 l.—DUKE OF CUMBERLAND, 8000 l.—the
Representatives of ARTHUR ONSLOW, Esq; 3000 l.—And the
Sheriffs of ENGLAND and WALES, 4000 l.—In all 23,000

Clerk of the Hanaper in Chancery—Coinage[126] expence—Tenths
and first-fruits of the Clergy appropriated to the
augmentation of small livings—Extra revenues of the
crown, consisting of _American_ quit-rents; duty of 4½
_per cent._ in the Leeward Islands; revenues of Gibraltar
and dutchy of _Cornwall_, &c.—Fees for warrants and orders,
for auditing and engrossing accounts of dividend warrants,
and other charges at the EXCHEQUER and TREASURY[127] 100,000
---------
Total of the Appropriated Revenue £. 5.441,153

_State of the SURPLUS of the REVENUE for 11 years ended at 1775._

UNAPPROPRIATED REVENUE.

NEAT PRODUCE of the Sinking Fund, for five years, including
casual surplusses, reckoning to _Christmas_ in every year;
being the annual medium, after deducting from it about
45,000l. always carried to it from the supplies, in order
to replace so much taken from it every year to make good
a deficiency in a Fund established in 1758. £. 2.610,759

Neat annual produce of Land Tax at 3s. militia deducted;
and of the Malt Tax[128] 1.800,000

(N. B. These two taxes in 1773, brought in only 1.665,475l.)