UC SOUTHERN REGIONAL LIBRARY FACILITY <<000 i-r-CNJ Tl-CDCO ^erSTC UNIVERSITY OF CALIFOR> i IA | AT LOS ANGELES 9S3S 13 THE STOCKS EXAMINED AND COMPARED: O R, A GUIDE TO PURCHASERS IN THE PUBLIC FUNDS. CONTAINING AN ACCOUNT OF THE DIFFERENT FUNDS, From the Times of their Creation to the Year 179V; Including the Imperial and Ifijh Annuities, transferrable at the B.u>k of England, and the Stock if Public Companies. WITH NEW, USEFUL, AND EXTENSIVE T A B L E S, Illuftrated by Obfervations and Example*. ALSO, STATEMENTS OF THE NATION A!. DI.RT, And an Account of the prefent Plan for li:ce. LONDON: PRINTED BV H. L. GALABIN, INCRAM-COURT : AND SOLD BV J. JOHNSON, ST. PAl'L'J CI1URCH-YARD ; J. DEBRETT, PICCADILLY; AND \V. J. AND J. RICHARDSON, CORNHILL. 179S. H si 3% F|6i PREFACE. * ^ rp H AT 'very great and fluctuating differences take place between the current prices of the fever al Funds bear- w ing different rates of interefl, and that fure advantages K *nay be derived from fuck differences, mujl be obvious to oc cij er y attentive obferver. The very great difparity, how- - ever, that has fometimes remained for feveral days toge- ther, between the current prices of different Funds, evidently fiews that the exacl obfervers among the monied men are x> not numerous, or that they prefer the more exten/ive, - though hazardous, fpeculations for time, to the certain profits that may often fpeedily be made by real purchafes j in a fund comparatively and particularly low in price. In order to furnijli the means for any perfon acquainted with the jirjl principles of arithmetic to make accurate ob- fervations in the public Funds, the Tables contained in the following work have been carefully calculated; and, that the nature and prcfent flate of them might be well under - xjlood, fucli information is given, derived from the mojl ': \authentic fources, as will, it is prefumed, Jland the tefl of , _ minute examination. A z The ( iv ) The favourable reception of the firfi Edition made me Hefirotts of 'rendering rhc work more generally vfeful by fuck improvements as it appeared to admit of : with this view, in the fecond Edition, all the accounts were continued to Alidfummer, 1796, and every article carefully revifed. The Introduction was improved, as were many of the fuc- ceeding articles, particularly thofe which relate to the dif- ferent public Companies. Ihe fecond Table was enlarged, and the Tables of the Terminable Annuities made more complete, by rendering the Long Annuities in quaiters, the Imperial Annuities in eighths, and the Short Annuities in, fifteenths ; by means of which the inter cjl made by vefling money in thofe Annuities is found with fufficient. accuracy for every purpofe of bufinefs, by infpeclion only, whenever the diflance of time from the lafi payment of any one of them under examination is not confiderable. A new Table, fiewing the annual gain on ^100 fierling laid out in Navy or Exchequer Bill:, according to the given difcount and time, was alfo added, which is 'now omitted in confe- rence of the new arrangement rcfpecling Navy-Bills. In the prefent Edition, the Appendix has been incorpo- rated with the original work, and fuck additions made as appeared intercfling to flockholders in particular, or had become necejfary in order to bring the accounts up to the prefent time. The account of the Bank of England has been much extended, and fever al other articles are rendered more complete. I here find it proper to obferve, that, much of my time being employed in the di [charge of my public duty to the Royal-Exchange Ajfurance-Company, and a confiderable portion of it bang engaged in calculating for individuals upon property depending on life-contingencies, when I firfi determined to bcjlow Jome time on the following fubjccls, ' 1 com- ( v ) / communicated my ideas to Mr. J. J. Grellier, and invited him to become a joint labourer. He acquiefced in my propofal, and I am happy to acknowledge his very valuable and able fervices therein, and my obligations to him on that account. With regard to the contents of the following publication, I have altogether avoided political obfervations and con- jeclures, Jincerely hoping that virtue and knowledge may ever triumph over vice and ignorance ; and that, " while there exijls at home one objett of fkill or induftry Jfiorl of its utmojl pojjible perfetlion, one fpot of ground capable of higher cultivation and improvement, or while there re- mains one market unexplored, or any exijling market that can be extended" the nation may derive additional benefit thereby ; and that the indujlry and commercial advantages of it may never, in any great degree, be counteracled by the interejl payable from the National Funds to foreigners re- Jiding out of the Britifi dominions. Augujl^i, 1798. INDEX. INDEX. Page BANK-Stock * 6 Brokerage 9 Debt. Origin and Nature of the public Debts i Statement of the National Debt, 1795 138 Ditto I79 8 H Ditto, at the Current Prices of the Funds ...... 143 Dividends S> 7 1 ' when payable 9 . on Bank-Stock 49 on South-Sea-Stock 61 1 on India-Stock 8* Eaft -India Stock 7 6 1 Annuities *9> 7^ Exchequer-Annuities 65 Bills 86 Five per Cent. Navy-Annuities ............ II 1797 4 Four per Cent. Confols 15 Funds transfer! able at the Bank, &c 5 Holidays 10 Imperial 3 per Cents 5 Imperial Terminable-Annuities S* India-Bonds 84 Irilh 5 per Cents 53 Irifh Terminable-Annuities 54 Letter of Attorney 7 Life-Annuities 6S Loan*. 15, 16, 17, 21, 25 Loan to the Prince of Orange 26 to the Emperor 5 London- AlTurance 84 Long Annuities 23 Management, Allowance for . . 14 5 Navy ( via ) Page. Navy and Victualling Billi . . 88 . Sale of 9 i. i in funded . . . * . . . 17, 18, 22, 89 New South-Sea Annuities .......; 63 Old South-Sea Annuities .............. 6z Omnium ............ 93 Ordnance-Debentures 92. Redemption of 3 per Cent Confols 21 . of 3 per Cent. Reduced . . .*.".*.*. . . . 18 . . . of South-Sea Annuities . .' . .' .' . 60, 61, 62, 63 Royal-Exchange Affurance 8s Scrip 94 Short Annuities ................. 25 Sinking-Fund 146 South-Sea Stock .......'......... 55 Stocks, Tax on '..' 4 1 Method for finding the Value of . ' . ' 96 Table of the Intereft due for every Day in the Year . . . . . 100 . 1 of the Prices of the different Funds . ' 109 - of Intereft produced by the Long Annuities' . . . . . . 119 . of Intereft produced by the Short Annuities- 124 . ' of Intereft produced by the Imperial Annuities 12$ . of the Intereft produced hy Bank-Stock and India-Stock . 118 Explanation and UTes 'of the Tables 133 Three per Cent. Confols '.'.'.* ' 19 Three per Cent. Reduced ....... . . . . . . . 16 Three per Cents, 1726 22 Three per Cents, 175 1 . .'. .'..'..' . . 64 Tontine-Annuities . . .'.'.".'.'..' 72 - of the City of London 75 Transfer-Days, 5. Hours, 6. Extra-Transfers ...... 7 Victualling-Bills, See Navy. ORIGIN ORIGIN and NATURE OF THE PUBLIC DEBTS. INTRODUCTION. TOWARDS the clofe of the laft century, the ex^ penfes of the ftate, from various caufes, had in- creafed to fuch an unufual degree, that it was determined to defray them by borrowing fuch fums of money as the exifting exigencies required, and to levy only fuch addi- tional taxes as would fuffice to pay the annual intereft of the fums borrowed. This mode of raifing money, to fupply the extraordinary expenfes of the ftate, by borrow- ing money of individuals or public bodies, and fecuring the regular payment of the intereft till the principal fhall be repaid, has from that time to the prefent period been reforted to, and has been the means of creating the feveral funds* of which the national debt is compofed. The debts contracted by government with the public creditors differ from thofe between individuals; inafmuch as, in the former, the lender is not at liberty to reclaim his principal ; and, * The funds are properly the taxes or revenues upon which the intereft of the public debts is fecured, though, at prefent, the cxpreflioc it applied to the capitalt upoa which the intereft is payable. B therefore, ( 2 } therefore, if he (hould have occafion for the money that he advanced, the only method by which he can obtain it, is by transferring the debt due to him to fome other perfon who may be inclined to purchafe it. If the purchafer cannot, by employing his money in any other manner, make a certain gain, equal to the intereft paid to the public cre- ditors on the fame fum, he will be induced to give the holders of thefe fecurities fomewhat more than the fum originally advanced by them ; or if, on the contrary, he can make a greater intereft by any other means, or enter- tains any doubts refpe&ing the punctual payment of the intereft and the ready difpofal of the fecurity, when he may have occafion for his principal, he will not inveft his money in this way unlefs fome advantage is offered, by letting him have the debt for a lefs fum than that for which it was contracted. The regular payment of the intereft on the government-funds, and the number of perfons in this country preferring the intereft they afford to the ha- zardous profits of trade, occafion continual purchafers for thofe fhares in them which are brought to market for fale. The facility, alfo, and trifling expenie, with which transfers are made in thefe funds, are inducements to prefer veiling money in them to laying it out on mort- gages or other private fecurity ; which, though probably yielding a greater intereft, is frequently attended with trouble and uncertainty. By the term Jiocfo) in its prefent acceptation, is meant the accumulated debts of govern- ment : that term, however, in ftrict propriety, fignifies the funds raifed for the efcabliihment of commercial companies to defray the expenfes of their firft inftitution, and enable them to carry on their refpeclive concerns. The original funds of public companies having been ufualiy railed by loans from a number of individuals, the lenders became pof- feffed ( 3 ) feffed of fuch a certain proportion of property in the joint capital as agreed with the fum fubfcribed for and com- pleted : in other words, each contributor became the proprietor of a certain fnare of the company's flock, and confequently entitled to a proportionate (hare of its profits. The price of the flock of a trading-company ought never to be equal to that of government-funds, bearing the fame intereft, except when it is influenced by the ex-. peclation of an increafe of the dividend ; for, whatever might affecl the fecurity of the government-funds tnuft af- fect thofe of the companies in at lead an equal degree, and in fome inftances in a much greater: bcfides which, as the dividend on the latter is in proportion to the profits of the company, it is liable to be diminished by lodes; whereas the intereft on the government-funds cannot be reduced without the confent of all the proprietors, who of courfe will not agree to a reduction, unlcfs fuch terms are offered as they find it their intereft to accept. Another reafon why the price {hould not bear an equal proportion to that of the government-funds is, that in no public company the proprietors at large are io well acquainted with the affairs of that company as every perfon that pleafes may be with the ftate of the national finances ; and therefore, even admitting the fecurity to be equal, any perfon would be difpofed to give fomewhat more for that, of which he c.tn eafily fatisfy himfelf on this point, than for the other, with refpecl to which he muft be content to remain in fume meafure in the dark : the probability alfo of being able to realize the fame principal, wiien he may have oc- cafion to fell out, is certainly lefs, as in all trading -com- panies there is a chance at leaft of a greater variation in the value of their flock than in that of the government-funds; B 2 for, I 4 ) for, though profperous circumftances may have raifed their flock confiderably above its original value, a feries of un- fortunate events might very foon produce an equal or per- haps much greater fall, of which we have had ftriking in- ftances in the South-Sea and India Stock. The greateft part of the public funds confifts of perpe- tual annuities, with regard to the redemption of which parliament has referved a power : the other parts confift of annuities for a certain number of years, and life-an- nuities. The perpetual annuities are diftinguifhed ac- cording to the rate of intereft they pay or the time and purpofe of their creation; and when government, by a new loan, contracts an additional debt, bearing a certain fixed intereft, it is ufual to add the capital thus created to the amount of that part of the public debt which bears the fame intereft and name, and to add the produce of the taxes, levied for the payment of the intereft of fuch new debt, to the fund provided for paying the intereft of the former capital, thus confolidating the old and new debts, and making the whole intereft payable out of the general produce of the fame fund ; hence we have 3 and 4 per Cent. Confolidated Annuities, &c. the particular account of which will be found under their refpedlive titles in the following work. Some perfons having formerly, and at different times, ftrongly recommended the legiflature to make the public funds liable to the land-tax j* it may be proper to obferve, In 1693, a tax was levied on the flocks of public companies at the fol- lowing rates: viz. Eaft-India Stock, 5/. for every 100/. Royal African Company's Stock, zos. per flute; and Hudfon's-Bay Stock, 5/. per fharc. The Bank, foon after their eftabliihment, obtained a provifion that their flock fliould be exempt from all taxes; and, in 1698, alike provifion was made in favour of the Eaft-India Suck. that ( 5 ) that this is a project which never can be carried into execution without the confent of the ftockholders, as all the adts of parliament by which the feveral loans have been eftablifhed provide, that the refpeclive annuities payable on them * c fliall be free from all taxes, charges, 44 and impofitions, whatfoever." The Funds transferable at the Bank of England are at prefent the following, viz. Transfer-Day.. **%* 5 per Cent. Navy Ann. . . Mon.Wed.&Fr. n Jan. 5 3 per Cent. Confols .... Tu.W.Th.&Fr. > and 3 per Cent. 1726 Tuef. & Thurf. J JulyS- Bank Stock Tuef. Th. & Fr.l 5 per Cent. 1797 Tuef. Th. & Fr. 4 per Cent. Confols .... Tuef. Th. & Sat. I P "j 5 3 per Cent. Reduced . . . Tu.W.Th. & Fr. j * n Long- Annuities Mon. Wed, & Sat. I Short-Annuities Mon. Wed. & Sat. J 3 per Cent. Imperial Ann. Mon. Wed. & Fr. j May 1 & Imperial Ann. 25 years . . Tuef. Th. & Sat. \ Nov. z. Irifh 5 per Cent Tuef. Th. & Sat. 7 Mar.25& Iriih Annuities Tuef. Th. & Sat. 3 Sept. 25. Transferrable at the South-Sea Houfe. South- Sea Stock Mon. Wed. & Fr. -j Jan. 5 3 per Cent. New S. S. Ann. Tuef. Th. & Sat. > and 3 per Cent. 1751 Tuef. & Thurf. J Julys. 3 per Cent. Old S. S. Ann. Mon. Wed, & Fr. \ A P ri, 5& loa. 10. Tranf. ( 6 ) Transferable at the India- Houfe. India Stock Tuef.Th.andSat. \ J an ; 5 & t July 5- Bill and Bond Securities. Exchequer-Bilk. Ordnance-Debentures. Navy- Bills. India Bonds. Victualling-Bills. Common transfers at, the Batik are ma.de from the hours of eleven till one o'clock ; extra-transfers till three o'clock : at the India-Honje, from eleven till one o'clock: and at the Soutb-Sea Houfe, from twelve to one o'clock. No bu- finefs is tranfacled on Saturdays at the India- Houfe after twelve o'clock, nor at the South-Sea Houfe after one o'clock. Transfers of the fame flock cannot be made twice on the fame day. Either the perfon who transfers his property in the funds, or his broker, mull be known to the witneffing-clerk, or fome perfon known muft be produced to vouch for the identity of perfon. The feller's receipt fhould be kept by the buyer, as a voucher for the transfer, till one dividend has been received. Stockholders fhould be particularly exact in the infer- tion of their names and defcription, and fhould keep to. their ufual mode of writing their names, as a deviation from fuch rules has often occafioned demur and delay, The neceffary rules for tranfaciing bufinefs at the Bank, India- Houfe, &c. are inferted in the refpeclive offices of bufinefs. Government-flock is exempt from any charge on the transfers ; but every transfer of flock in any company, fo- ciety, or corporation, or of any navigation or canal fhare, is liable to a dutv. A ( 7 ) A transfer of Bank Stock, if under ^25, cofts 9*. j if above, 12 s, of India Stock, if under j 10, cofts 11 if above, 1 : ^s. -' of South-Sea Stock, if under 1 00, cofts 10 x. ; if above 125. of R.oyal-Exchange Aflurance Stock, 1 : \s. - of London- Affurance Stock, 1. Extra-transfers made at the Bank, India- Houfe, Royal-Exchange and London Aflurances, coft 2 s. 6d. additional. At the South-Sea Houfe, 2 s * &d, addi- tional. A letter of attorney cofts us. 6d. The regiftcring of a will cofts is. 6d. Dividends on Bank Stock, South-Sea Stock, and India Stock, after acceptance, are payable to a written order : thofe, however, on India Stock, muft be on ftamps. The dividends on Bank Stock are payable when due ; but the dividends on the ftock of other companies, and on the government-funds, are not payable till feveral days after. The (pace between the (hutting and opening of any ftock is about fix weeks. At the time of (hutting, the dividends due are carried to a fcparate account, and cannot be transferred with the (lock of a proprietor ; the warrants being filled up in the name the ilock (lands in when the books (hut, and of courfc are payable only to him or his attorney.* A!! letters of attorney to fell or accept (lock, or to receive dividends, fhould be taken out at the refpedtive offices, in order that the defcription /nay * Notwithflanding uiikh, the current rricv- of the (lucks often include the dividend dm; for a conlidcrable time. exactly ( 8 ) -exactly accord with that in the Bank books. Letters to fell muft be depofited in the proper office prior to fale ; as muft alfo probates of wills, till regiftered. A&ing perfonally, after granting a letter of attorney, revokes the power of the letter. Any one truftee, after the acceptance of the whole truft, may receive dividends ; and, upon the death of any of the truftees being proved by producing their wills or a certificate of burial, the furvivor may transfer the flock. From the circumftance of the Bank being a chartered body, property in the funds cannot be attached ; relief however, may, in certain cafes, be obtained, by application to the Court of Chancery. Many difficulties having arifen refpe&ing the transfer of ftock under particular circumftances, an act was pafled in 1796 for removing them. By this aft, when ftock Hands in the name of truftees who are abfent or out of the jurifdi&ion of the Courts of Chancery and Exchequer, or have become bankrupts or lunatics, or refufe to trans- fer the ftock veiled in them, the Court may order the (lock to be transferred either into the name of the account- ant-general of the Court of Chancery, or that of the de- puty-remembrancer of the Exchequer, in truft, or into the names of the parties who are entitled to the fame. If one truftee has become a bankrupt or lunatic, or it is un- certain whether he be living or dead, and the others are willing to act, they may obtain an order authorifing them either to transfer the ftock, or to receive and pay over the dividends. When a bankrupt refufes to transfer ftock be- longing to him, the Lord-Chancellor, upon petition from the affignees, may order the ftock to be transferred into their names, and may likewife, in certain cafes, order the transfer of ftock ftanding in the name of lunatics or their committees. A ( 9 ) A provifion may be vefted in the funds, independent of will or any other deed, for the benefit of a widow, chil- dren, or others, by joining the parties names with the ftockholder, in a particular account of ftock; which, on the proof of the deceafe of either, becomes the property of the furvivors or furvivor. Dividends at the Bank are payable from nine till eleven o'clock, and from one till three. The payment on the 3 per Cent. Confols is from nine to three o'clock. Dividends at the India- Houfe are payable from nine till two o'clock, except on Saturdays, when the hours are from nine till twelve o'clock. Dividends at the South-Sea Houfe are payable from nine till twelve o'clock. The brokerage on the Government Perpetual Annui- ties is is. bd. per cent.; on the Terminable Annuities, 2s. bd. per cent, on the fum laid out; on India Bonds, is, each; on lottery-tickets, bd. each. __ On the fale ot Navy and Victualling Bills, the difcount is deducted from the amount, and the intereft due thereon added. The brakerage is 2 s. bd. per cent, on the amount exprefied in the bills. Navy, Ordnance, and other bills under j20, are transferrable by a ftamped receipt; all above, by letter of attorney, and bill of fale, ftamped. THE i 10 ) THE HOLIDAYS AT THE Bank, Stock-Exchange, &c. ARE January i, 6, 18, 25, and 30. February 2 and 24. March 25. April 25. May 1, 17, and 29. June 4, ii } 24, and 29. July 25. Auguft 12 and 24. September 2, 21, 22, and 29. October 18, 25, 26, and 28. November 1, 4, 5, 9, and 30. December 21, 25, 26, 27, and 28. MOVEABLE HOLIDAYS. Afh-Wednefday, Good-Friday, Eafter-Monday, Eafter- Tuefday,. Holy Thurfday, Whit-Monday, and Whit- Tuefday. AN ACCOUNT OF THE PUBLIC FUNDS, From the Times of their Jirfl Creation to the Tear 1798 inclufive. Five per Cent. Navy- Annuities. THIS Stock is of a more modern date than moft of the others, as it did not exift prior to the year 1784. It has been formed by converting Navy, Victual- ling, and Tranfport Bills, and Ordnance-Debentures, into 5 per Cent. Annuities ; by adding the intereft due upon thefe bills to the principal, and allowing the proprietors a proportionate (hare of ftock in lieu thereof, at a certain rate per cent, according to the difcount upon the bills at the time of funding them. The bills thus cancelled have been converted into flock at the following periods, viz. 24 Geo. III. c. 39, Navy and Victu- alling Bills made out between 1 June, 1 78 1, and 30 June, C 2 1782, ( I* ) 1782, with intereft due thereon to 5 July, 1784, and Ordnance- Debentures of the fame pe- riod, with intereft at 4 per cent, from the expiration of 15 months after their dates ; funded in July, 1784, at 107 : 10 : 6 percent. 6,879>34' : 19 : 6 25 Geo. III. c. 32, Navy, Victual- ling, and Tranfport Bills, made out between 1 July, 1782, and 30 June, 1783, with intereft to 5 July, 1785; and bills made out between 30 June, 1783, and 1 Jan. 1785, after deducting five {hillings per cent, for every month between 1 July, 1783, and the day on which the bill was made out ; alfo Ordnance-Debentures, dated before 31 Dec. 1783, with intereft at 4 per cent, after the expiration of 1 5 months from their dates; funded in July, 1785, at 111 :8 : o percent. 10,990,651 : 10 : 4 34 Geo. III. c. 21, Navy and Victu- alling Bills, made out between Michaelmas, 1791, and 31 March, 1793, with intereft to 1 March, 1794, funded in April, 1794, at 101 per cent, the intereft on ih/Jc commencing from 5 Jan. 1,926,525 : 12 : 5 Carried over i9>796,5i9 : 2:3 35 Geo. ( 13 ) Brought over, i9>796,5i9 12:3 35 Geo. III. c. 32, Navy and Victu- alling Bills, made out previous to 30 Sept. 1793, with intereft to 10 March, 1795, funded in May, 1795, at 108 per cent, the inte- reft on ftock commencing from 5 January 1)609,897 : 17 : I 36 Geo. III. c. 122, Navy, Victu- alling, and Tranfport Bills, made out previous to 31 May, 1795, with intereft to 30 April, 1796, funded in June, at 105 per cent. : alfo Bills made out be- tween 31 May and 30 Sept. 1795* with intereft to 30 April, funded at 104 per cent, the intereft on flock commencing from 5 Janu- ary _ 4,414,074 : 4 : 6 37 Geo. III. c. 9, Navy, Victu- alling, and Tranfport Bills, made out previous to 31 October, 1796, with intereft to 16 December, 1796, funded in November at dif- ferent rates per cent, according to their dates ; alfo, 5 per cent. Exchequer-Bills, with intereft to 16 December, 1796; the intereft on the ftock commencing from 5 July 1,294,431 : 3 : 5 Capital of 5 per Cent. Annuities, Midfummer, 1798 - 28,114,922 : 7:3 This ( H ) This ftock is now redeemable: from which eircum- ftance, and from the buyers not being fo numerous as of the Three or Four per Cent. Confols, it always bears a lefs price, when compared with them, than it ought to do in proportion to the intereft payable thereon. Five per Cent. Annuities, 1797. The fubferibers to the loan of 18,000,000 (commonly called the Loyalty-Loan) for every 100 became entitled to 1 12 : 10 in Five per Cent, ftock. The ftock is ir- redeemable, except with the confent of the proprietors, until the expiration of three years after the Five per Cent. Navy-Annuities fhall have been paid off or reduced; but with an option on the part of the proprietors, at their de- firc, upon giving three months notice, to be paid at par, at any fhorter period not lefs than two years from the conclufion of a definitive treaty of peace. The payment in either cafe to be made in money, or, at the option of the holder, in Three per Cent, ftock valued at 75. According to the above terms, the whole capital created would have been 20,250,000 ; but feveral of the fub- feribers having forfeited, by default of payment, their ftock, amounting to 84,037 : 10, being deducted, reduces it to 20,165,962:10. Four ( *5 ) Four per Cent. Confolidated Annuities. In 1 760, 8,000,000 were borrowed on Four per Cent. Annuities, and a lottery of 80,000 tickets, with a pre- mium of Three per Cent, added to the capital, making 8,240,000, carrying Four per Cent, intereft for 21 years, from 5 Jan. 1760, and afterwards Three per Cent. ; and, in 1762, Twelve Millions were borrowed on Four per Cent. Annuities, with a douceur of 1 per cent. Long- Annuity ; the intereft of Four per Cent, to continue for 19 years from 5 Jan. 1762, and then to become Three per Cent. Of cheie fums, making together 20,240,000, the proprietors were, in 1770, allowed to fubfcribe a fart into the Three per Cent. Confols, on certain conditions fpecified in an a& of 10 Geo. III.; and, in 1781, when the term for which this frock carried Four per Cent, intereft expired, the remaining capital was added to that of the Three per Cent. Reduced Annuities. The fum of 3,500,000 was likewife borrowed in 1763 on Four per Cent. Annuities and two Lotteries of 35,000 tickets each, but this capital was difcharged in 1768 and 1769, in four equal payments of 875,000 each. The prefent capital of Four per Cents, has been created at the following periods, viz. Loan of the year 1777, with an an- nuity of 10 s. per cent, for 10 years, from 5 April, and a Lot- tery-Ticket at 10 for every 100 Carried over, 5,000,000 : 0:0 T oan ( 16 ) Brought over, ,5,000,000 Loan of the year 1780, with JT 1 ; 16 : 3 Long-Annuity for each 100, and four Lottery- Tickets at 10 for every 1000 12,000,000 Part of the loan in 178 1 3,000,000 Ditto Ditto Ditto Ditto Ditto 1782 1783 1784 1794 I79S 6,750,000 : 3,000,000 : 5,000,000 : 2,750,000 : 6,000,000 : Navy, Victualling, and Tranfport Bills, made out between 30 Sep- tember, 1795, and 31 October, 1796; and 5 per cent. Exche- quer-Bills funded in November, I79 e _- Part of the loan of 14,500,000 in 1797 2,900,000 Capital of 4 per Cent. Confols, Midfummer, 1798 45*209,293 : 11 c o o o o o o 869,293 : 11 : 6 Three per Cent. Reduced Annuities. This flock confifts of various fums that have been bor- rowed at a higher rate of intereft, and which has been fince reduced to 3 per Cent, on different conditions reci- ted ( 17 ) ted in the feveral ats of parliament, by which they have been converted into this joint flock, viz. Loan of the year 1 746, on 4 per Cent. Annuities, and Lottery of 50,000 tickets at 10 each, and 4 per cent, intereft, with a Life- Annuity of 9 per annum for every 10 tickets 3,000,000 : o : o Loan of the year 1747, on 4 per Cent. Annuities, with a premium of 10 per cent, added to the capital 4,400,000 : O : O Loan on the Lottery of 1747, of 100,000 tickets, at 10 per tic- ket, and 4 per cent, intereft 1,000,000 ; o : o Loan of the year 1748, on 4 per Cent. Annuities, with a premium of 10 per cent, added to the capital 6,930,000 : ; Navy, Victualling, and Tranfport Bills, and Ordnance-Debentures, funded in 1749, at 4 per cent. 3,072,472 : o : 10 18,402,472 : o : ic Dy an aft of 23 Geo. II. the intereft on this fum was reduced from 25 December, 1 7 50, to 3* per cent, till 25 December, 1757, and from thence 3 per cent. The proprie- tors that would not content to this reduction were paid off in 1751, their flu res amounting to 830,898 : 4 : 6 Carried over, i7,5/>573 : 'J : 4 D Exchequer ( 18 ) Brought over, 17,57^573 '- 16 : 4 Exchequer tallies and orders created by 6 Geo. I. c. 1 1, fubfcribed into this ftock in 1751 129,750 : o : o Navy, Victualling, and Tranfport Bills, made out previous to 30 June, 1764, funded in 1765 1,482,000 : o : o Capital in 1766 19,183,323 : 16 : 4 Paid off in 1772, at 90 per cent, with four tickets at 1 2 : 1 o for every 100 ^318,300 Ditto, 1774, at 88 per cent, with fix tickets at 12 : 10 for every ^ IO o 264,950 Ditto, 1775, at 88 per cent, with fix tickets 2X \i : 10 for every iqq 246,300 829,550 : o ; c Capital in 1776 - 18,353,773 : 16 : Loans of 1760 and 1762, the origi- nal amount being 20,240,000 which carried 4 per cent, intereft till 5 Jan. 1 78 1 ; a part was fub- fcribed into the 3 per Cent. Con- fols, agreeable to 10 Geo. III. and the remainder was confolida- tcd with this ftock by 21 Geo. III. 18,986,300: o: Carried over, 37,340,073 : l6 : 4 3 P er ( '9 ) Brought over, 37,34>73 : 16 : 4 3 per Cent. Eaft-Jndia Annuities, amounting to 2,992,440 : 5, with the refidue of the debt of the public to the company, being 1,207,559 : 15, confolidated with this ftoclc, Aug. 31, 1793, 4,200,000 : o : O Part of the firft loan for 1796 - 4,500,000 : o : o Part of the fecond loan for 1796 - 1)859,625 : o : O Part of the loan of 14,500,000 for the year 1797 - - - 7,250,000: o: O Part of the loan of 17,000,000 for the year 1798 - - - 8,500,000 : o : o Capital of 3 per Cent. Reduced Annuities, Midfummer, 1798 63,649,698: 16 : 4 Three per Cent. Confolidated Annuities. This (lock, the capital of which is much the largeft oi the public funds, is diftinguifJhed from the Reduced An- nuiues, by having never c.irried a higher intereft than it now bears, and by the dividends becoming due at diffe- rent times from thofe of the Reduced. It obtained its pre- fent title from the Coufolidating Acl palled in 1751, by which Several loans or" former years were converted into one joint capital. D ? ( 20 ) As the buyers and fellers of this ftock are much more numerous than of any other, it is more immediately af- fected by thofe events that raife or deprefs the price of the funds ; and, as the variation is generally in a greater pro- portion in this than in any other of the government-funds , it is the moft adapted to the fchemes of fpeculators in the funds. Remaining in 1727 of 3 per Cent. Annuities, granted by 8 Geo. I. c. 20, in lieu of Nevis and St. Chriftopher's Debentures, a- mounting to 99,361 : 16 : 0, with 41,731 : 19 : i\ intereft in arrear thereon, making a ca- pital of 141,093 : 15 : 1 1, of which 103,272: 10 was dif- charged by 13 Geo. I. Subfcri- bed into this ftock in 175 1 37,821 : 5 : 1* Loan of the year 1731 * 800,000 : o : o 3 per Cent. Exchequer-Annuities, granted by 9 Geo. II. fubfcribcd into this ftock in 1751 600,000 : o : o Ditto, granted by 11 Geo. II. 300,000 : o : o Loan of the year 1742 800,000 : o : o Ditto 1743 1,800,000 : o : o Ditto J 744 1,800,000 : o : o Ditto 1745 2,000,000 : o : o Ditto 1750 1,000,000 : : o Confolitlated into one joint ftock 1 r , ,<- it f 9> T 37>82i : 5: H 25 Geo. II. J Loan ( 21 ) Brought over, 9,137,821 : 5 : i Loan of the year 1755 900,000 : : o Ditto 1756 500,000 : o : o Di tt0 1757 3,000,000 : : o Ditto 1758 500,000 : o : o Ditto 1759 7,590,000:0:0 Ditto 1 761 12,000,000 : o : o Ditto 1766 1,500,000:0:0 Ditto 1767 1,500,000 : o : o Ditto 1768 1,900,000 : : o 4 per Cent. Confols, fubfcribed in- to this ftock in 1770 1,253,700 : o : o 39,781,521 : 5 : i Paid off in 1772, at 90 per cent, with four tickets at 12: 10 for every 100 732,975 Ditto, I774> at 88 percent. with fix tickets at 12: 10 for every 100 37 2,350 Ditto, 1775, at ditto 424,500 1,529,825 : : 38,251,696 : 5 : * Loan of the year 1776 2,150,000 : ; : Ditto 1778 6,ooo,coo : : : Ditto 1779 7,000,000 : : : Ditto 1781 18,000,000 : : : : Ditto 1782 13,500,000 : : : Loan of the year 1758, at 3! per c-nt. for twenty-four years, and afterwards 3 per cent, confolida- tcd with this ftock the 5th of July, 1782. by 22 Geo. III. c. 34 4.500,001 Carried over, 89,401,691 ( 22 ) Brought over, 89,4.01,696 : 5 : i| Loan of the year 1783 12,000,000 : o ; o Ditto " 1784, originally 6,000,000, but a iubfcriber ha- ving forfeited his fubfcription of 2,000 reduced it to 5,998,000 : o : o Loan of the year 1793 6,250,000 : o : o Ditto 1794 11,000,000:0:0 Ditto 1795 18,000,000 : o : o Ditto ift 1796 21,595,800:0:0 Ditto 2d 1796 8,934,200 : : o Navy, Victualling, and Tranfport Bills, made out between 30 Sep- tember, 1795, and 31 October, 1796 j and 5 per cent. Exche- quer-Bills funded in November, 1796 18,436,972 : 5 : 4 Loan of 14,500,000 for the year 1797 18,125,000 : : Loan of 1 7,000,000 for the year 1798 25,500,000 : o : O Capital of 3 per Cent. Ccnfols, Midfummer, 1798 235,241,668 : 10 : 5^ Three per Cent. Annuities, 1726. The- amount of this (lock is 1,000,000, borrowed en Lattery, for difcharging 990,000 of Exchequer-Bills iflued ( n ) iflaed by 8 Geo. I. for paying the arrears of the Civil Lift. The intereft is charged upon the deductions of dd. per pound on the Civil-Lift revenues, falaries, and pen- fions, the produce of which is about 45,000 per annum. The capital is irredeemable j and, being fmall in comparifon with the other public funds, and a ftock in which little is done on fpeculation, the price is generally at leaft 1 per cent, lower than the 3 per Cent. Confols. Bank Lons: Annuities, & Thefe Annuities have been created at different period* and for different terms, but all extending to the 5th of January, i860, when they will expire together. They have been given as douceurs to the fubferibers of the loans, at the after-mentioned periods, at a certain rate per cent, and were payable in January and July, till the year 1 7 86, when government thought proper to alter the times of payment. In order to effect this, a quarter's payment was made on the 10th of October; and it was directed, that from that time the payments fhouid be made in April and October, till the quarter-day preceding the time when, the annuities expire, and the quarter's annuity, for the re- maining time, to be paid 011 the quarter-day on which it becomes due. Particulars ( 24 ) 6 o o o o o o * o o vO o * N O o o O O o to <-* o o t- o co O o o to o o to _ o o o o CO o O o - "=h 00 o r^ CO <) sO -<* N lO CO o CO * t^ t> .rfW W V^<^ \S* VJ^ V- t> r>. r- <* r-- r^. r~- M l-< M | l-l M M S? rj- to SO sO - CO Os QS o^ Os Os Os t-^ r^ r--. t> t>- i>* 3 G G < o J* * -* m * >-T -T ^T i-T ^T S n o o o o o o o o o n o o o o (J o ON o o n n c> o o u o u o o n o o o o o o o o o o o o o o 4-1 c o o n -+ o o to o o r> o M M es ro CN sO l/> ** oo 00 n 1 t l-l <^ S-l PS 4-1 '3 s? R R r>. <* CS O CO vO -**- sO sO t~- ^O to o-a ^ so ^ ^ o " 4 .. .. .. u-> m os vO tOvO tJ- - " >-i o o o s? o tj-^OOO ooo cjsS? CO u, r^ o O CO o CO t^ to OS os c^ oo r^ r-. r^ so >, t>^ >^ >^ >^ >, "W "W W M].* f-H ml,* MD to tJ- CO S -" sO sO sO sO sO \Q 3 C G < bJQ G O 3 O S < Q G C Q G Q ooo ooo Q Q fi Q Q G Bank ( *S ) Bank Short Annuities. In 1777, an annuity for ten years was granted to the fubfcribers of five millions 4 per Cents, at the rate of ten millings annuity for every 100. This expired the 5th of April, 1787, fince which time it is carried to the account of the commiflioners for liquidating the debt. The Short Annuities, now exifting, extend to 5 Janu- ary, 1808, and were granted at the following periods, viz. 1 778. The fubfcribers of fix millions, 3 per Cents, were entitled to an annuity of 2 : 10, for thirty years, for every 100, or a Life-Annuity; the for- mer was generally preferred, as the Life-Annuities a- mounted to only ,2,849: 13, the Short Annuities to 147,150 : 7 : O 1779. The fubfcribers of feven mil- lions, 3 per Cents, were entitled to an annuity of 3 ' J5> fr twenty-nine years, tor every 100, or a Life-Annuity. The latter a- mounted to 5,318 : 18 : 7 the former to 257,181 : I : 5 Carried over, 404,331 : 8 : 5 K 17S9, ( 26 ) Brought over, 404,331 : 8 1789. The fubfcribers of 187,000 raifed for replacing the like fum, which had been iflued out of the Civil-Lift Reve- nue as a loan to the Prince of Orange, were, for each 100, entitled to an annuity of 7 : g : 9 for i8f years, from the 5th of April, which annuities were made one joint ftock with the above annuities granted in 1778 and 1779 14,001 : 12 Amount of the Short Annuities, 1 r Q Midfummer, , 79 6 _ J ^' 8 ' 333 ! ! " The annuities of 1778 and 1779 were originally pay- able in January and July; but, by the 26 Geo. III. c. 34, the time of payment of thefe, as well as the Long An- nuities, was changed to the 5th of April and the 10th of Oaobcr. Bank Stock. The Charter of the Bank of England was executed July 27, 1694; and, by the a& by which they were in- corporated, they were empowered to receive fubfcriptions, not exceeding 20,000 in one name, for 1,200,000 ; on which ( *7 ) which fum government paid them 8 per cent, intereft, and 4,000 per annum for management. The fubfcription was completed in ten days, and 25 per cent, paid down. The term of the Charter was from Auguft x, 1694, to Auguft 1, 1705 j after which time the corporation was determinable upon twelve months notice and re-payment of the fum advanced. During the re-coinage in 1696, the Bank, being unable to get from the Mint a fufficient quantity of the new coin for anfwering the daily demands on them, were invol- ved in much difficulty, which was increafed by the great difcount upon all public fecurities. The comparatively fmall extent of the concerns of the company at this pe- riod will appear from the account delivered to the Houfe of Commons on the 4th December, 1696, by which the outftanding demands on the Bank were as follows : To fealed bills outstanding 893,800: o To notes for running cam 764,196 : 10 To money borrowed in Holland 300,000 : o To intereft due on Bank-bills outftanding, 17,876 : o Total, 1,975,872 : 10 The affets to anfwer this debt were as follows : By tallies on feveral parliamentary fecu- rities 1,784,576 : 16 By half a year's deficiency of the fund of 100,000 per annum > 50,000 : O By cafh, pawns, mortgages, Sec. 266,610 : j6 Total credits, 2,101,187 : 12 Total debt, 1,975,872 : 10 Balance in favour of the Bank I2 5)3 J 5 : 2 E 2 Although ( ** ) Although the folvency of the Bank appeared from the above account, the effect of this confideration would pro- bably have been inadequate to their relief, had not a plan been adopted which combined the recovery of public cre- dit with that of the company, by reducing very materially the difcount upon public fecurities. The Exchequer tallies and orders outftanding upon various deficient funds, in 1697, amounted to 5,160,459 : 14 : gii for which fum the company re- ceived fubfcriptions, four-fifths in the tallies and orders, and one-fifth in their own bank-notes, being allowed to convert the tallies they pofTefled into flock to the amount of the bank-notes they received in the fubfcription. A confiderable amount of bank-notes being thus cancelled, the remainder foon recovered their currency, and, the new coinage being completed, the credit of the company was firmly re-eftablifhed ; their frock from being confiderably under par got up to 112, and their fealed bills alfo bore a premium. By the acl for authorizing the fubfcription, the term of the company's charter was extended to one year's notice after 1 Auguft, 17 10, and the whole of their debts were not to exceed the amount of the increafed capital. The additional ftock was gradually paid off" with the intereft thereon, and in 1706 the capital had been reduced to its original amount of ^i,200 : 0OO : at this time the com- pany undertook to circulate Exchequer-Bills to the amount of 1,500,000, for which purpofe they were empowered to make a call upon the proprietors in proportion to their refpective fhares in the ftock of the company ; and thus the capital was increafed to ^2,201,171 : 10. They a!fo illued fealed bills or bonds at an intereft of 2d. per cent, per diem. In ( 2 9 ) In 1708 the company got a claufe inferted in an aft of parliament, making it unlawful for any other company or partnerfhip, confifting of more than fix perfons, to iffue bills or notes payable on demand, or for any time lefs than fix months ; fome provifion of this kind appeared neceflary from the conduct of the Mine-Adventurers Company, who foon after their eftablifhment had, con- trary to the intent of their charter, undertaken the banking bufinefs," and made it fubfervient to wild and mifchievous fpeculations. In the following year the Bank advanced to Govern- ment 400,000 without any additional intereft, by which means their capital was increafed to 1,600,000, and the intereft allowed became equal to 6 per cent, upon the whole, making with the allowance for management, as before, 100,000 per annum. They alfo engaged to pay off and cancel all the Exchequer-Bills then outftand- ine, amounting with their intereft to 1,775,027 : 17: iof, on being allowed 6 per cent, intereft on this fum until the redemption of the principal ; and likewife undertook the circulation of 2,500,000 in new Exchequer-Bills ilVued towards the fupplies for the year. In order to enable them to perforin thefc engagements, a fubfeription was opened for doubling the capital ftock of 2, 201, 171 : IC; and the whole of the new ftock was fubferibed for in a few hours at 115 per cent. The capital ftock of the com- pany thus became 4,402,343; but the fum s on which they received intereft from Government amounted to only jj>375 02 7 : 1 7 - li > they muft however have made considerable profit by the new Exchequer-Bills ; for, over and above the intereft of 2d. per cent, per diem which the bills carried, they were to have an allowance at the rate of 3 per cent, per annum from the time the bills were ( 3 ) were iffued till the day they were difcharged. It was alfo ena&ed, that the company fhould continue a corporation, and enjoy their original fund of 100,000 per annum, till 1 Auguft, 1732; but, upon twelve months notice after that day, and payment of the principal and all arrears of intereft then due to them, the corporation and annuity to ceafe. In 1710, the Bank firft undertook to receive the con- tributions to a lottery ; this lottery confifted of 150,000 tickets at 10 each ; the blanks were entitled to annui- ties of 14*. for 32 years, and the prizes to greater annui- ties, from 5 to 1,000. In 171 1, a new agreement was made refpe&ing the circulation of Exchequer-Bills ; and, on the eftablifhment of the South-Sea Company, it was thought neceflary, for the fecurity of the Bank, to prohibit the new company from borrowing money on their bills or notes on demand, or for any lefs time than fix months ; alfo from discount- ing bills or notes, and from keeping books or cafh for any other perfons or corporations. The convenience which government found in ifiuing Exchequer-Bills through the hands of the Bank produced another agreement in 1713, when the company undertook to circulate the new bills for raifing 1,200,000 towards the fupplies, on having an allowance of 3 per cent, per annum, payable weekly, and a farther allowance of 8,000 per annum, payable quarterly : on this occafion, the com- pany got an addition of ten years to their term of conti- nuing a corporation ; fo that they were not now to be difTolved but upon twelve months notice after r Auguft, 1742; and, to enable them to fulfil their engagement, they were empowered to call in money from the proprie- tors. In ( 3i ) In the following year they firft received the fubfcrip- tions to a loan for the public fervice, which had hitherto been ufually taken at the Exchequer j but the Bank, being found more convenient to monied perfons, have ufually re- ceived them fince: the amount of the loan was 910,000 at 5 per cent, per annum, and the allowance to the com- pany 500, with 450 per annum for management. In 17 1 7, the company not only confented to the reduc- tion of the intereft from 6 to 5 per cent, on the capital of 1,775,027 : 17 : io| for Exchequer-Bills cancelled in 1709, but agreed to deliver up to be cancelled Exche- quer-Bills to the amount of 2,000,000 principal, in con- fideration of an annuity of 100,000, and to continue to circulate the remainder of Exchequer-Bills, then exifting, amounting to2,56 1,025, at an allowance of 3 per cent, per annum only, the intereft on the bills being alfo reduced to id. per cent, per diem : they alfo engaged to advance the fum of 2,500,000j or as much thereof as fliould be wanted, for paying off fuch proprietors of the other public debts as might not confent to the propofed reduction. This fum however was not called for, as the proprietors acquiefced in the reduction. The capital, on which they received in- tereft from government, thus became 5,375,027: 17: io{ 3 and the annuity 288,751 : 7 : 10*-, exclufive of the Ex- chequer-Bills and the intereft and allowance thereon. Upon the propofals of the South-Sea Company for the fubfcription of the public debts into their flock being laid before the Houfe of Commons in January, 172c, the di- rectors of the Bank made an offer of 5,000,000 for the fame privilege ; this produced a fecond propofal from the South-Sea Company, upon which the Bank offered to give 1,700 Bank Stock for every 100 irredeemable long annuity. Happily for the latter company, their terms. ( 32 ) terms were not accepted ; but, though in their hands the project would probably have been attended with fome of the confequences that actually attended the execution of it by the South-Sea Company, the condition juft men- tioned, of giving a limited quantity of ftock, would have made the temptation lefs, and put it much more out of the power of the company to raife their ftock to the extravagant price to which South-Sea Stock arrived, and confequently a great part of the mifchief that followed would have been prevented. Amidft the general fpecuiation excited by the fubfeription-fcheme, fome of the more cautious per- fons fold out of South-Sea Stock at very high prices, and bought into Bank Stock ; this naturally caufed a confi- derable rife of the latter, which got up to 260 per cent. The transferrable capital ftock of the Bank was, at this time, ^5)559)995 114:8; and foon after, among other expedients for the relief of the South-Sea Company, it was propofed that .9,000,000 of their ftock fhould be ingrafted into the Bank capital, and the fame amount into the capital of the Eaft-India Company: this was agreed to by each company, and an act palled for the purpofe, but it was not carried into execution. In 1722 the Bank purchafed 4,000,000 of the South- Sea Company's capital, and took in a fubfeription for the fale of the new-ingrafted ftock at 118 per cent.; fo that, as 3^389,830 : 10 produced at this rate the fum due to the South-Sea Company, the Bank gained by the tran- fadlion 610,169 : 10 Bank Stock. The whole capital due from the public to the Bank thus became 9,375,027 : 17 : 1 of, of which the additional four mil- lions was to be reduced to 4 per cent, intereft from Mid- fummer, 1727; and, about three years after, an agree- ment was made that the intereft on the principal fums of ( 33 ) oFi,775> 02 7 : 1*7 : I0 f and 2,000,000 fhould like- wife be reduced from Midfummer, 1727, to 4 per cent.; but the original fund of 100,000, on the capital of 1,600,000, was continued. In 1728, the company advanced to government 1,750,000 at 4 per cent, intereft, without any power of enlarging their capital : they were enabled to make this advance notwithstanding the reduction of their income from government, from the redemption of part of the, principal fum of 1,775,027 : 17 : iof, of which 1,000,000 was paid off out of the produce of the Sink- ing Fund i it was, however, thought prudent to declare a reduction of the dividend from 6 to si P e r cent, from Lady-Day, 1728. In the following year they advanced a farther fum of 1,250,000 at 4 per cent, per annum, and were repaid 775,027 : 17 : iof for redemption of the remainder of the capital due to them for cancelling Ex- chequer-Bills in 1709; and alfo 500,000 towards re- deeming the capital of 2,000,000 due to them for Ex- chequer-Bills delivered up in 1717 ; but, notwithstanding thefe re-payments, they were again under the neceifity of reducing the dividend to the rate of 5^ per cent, per an- num. The capital due from government to the company, after thefe redemptions, was 10,100,000, viz. On the original fund i,6oo,000 For cancelling Exchequer-Bills, 1,500,000 Purchafcdof the South -Sea Company, 4,000,000 Loan to government in 1728 1,750,000 Ditto 172.9 1,250,000 Total l0, 1 00,00 5 F Of f 34 J Of this futn 1,000,000 was redeemed in 1738, being part of the principal for Exchequer-Bills cancel- led in 1 717. In 1742, the company advanced a farther fum of 1,600,000 towards the fupply for that year, without re- ceiving any additional allowance for intereft or manage- ment, but were empowered to enlarge their capital ftock to the fame amount; and, by the at for eftablifhing this agreement, by which the privileges of the Bank were con- tinued till one year's notice after ift Auguft, 1764, it was declared, that the adts of 7 and 12 of Anne, and all other aits for determining the corporation, fhould be void ; and that the Governor and Company of the Bank mould remain a body corporate and politic for ever, fubjet to fuch reftrictions and regulations as were contained in the acts and charters then in force. The whole fum advan- ced, on the original fund of 100,000 per annum, thus became 3,200,000, and the intereft thereon, from 1 Auguft, 1743, equal to 3 per cent, per annum. The general alarm created by the Pretender landing in Scotland, in the year 1745, produced a confiderable run upon the Bank, and it was found necefTary to order pay- ment in filver; but the only public meafure adopted for their relief was a meeting of the principal ftockholders and merchants, who agreed to ufe their utmoft endea- vours to fupport the credit of the Bank, by receiving bank-notes in payment of any fums due to them, and making their payments in the fame manner. This had the defired effect fo far, that, in a fliort time after, the com- pany confidered themfelves In a fituation to offer a mate- rial affiitance to government. A public fubfcription had been opened for a loan on the Land and Malt Tax Aits for the year 1746, but could not be filled; upon which the ( 35 ) the Bank undertook to advance one million, on the credit of the two adls, at 4 per cent, intereft ; and, to enable them to do this, the court of proprietors authorized the directors to draw up propofals for converting the debt of 986,000" in Exchequer-Bills, which they held on the duty on licences to fell fpirituous liquors, granted in 1743, into an annuity at 4 per cent, redeemable by par- liament, and for creating new ftock to the fame amount ; which propofal being accepted, an acf, was paffcd for eftablifhing the agreement. The new flock was diftri- buted among the proprietors by making a call of 10 per cent, one half of which was to be paid on 28 March, and the Lady-Day dividend to be reckoned in part of it. The capital ftock of the company, which, at this time, was 9,800,000, was thus increafed to 10,780,000, the new ftock being added to the former at par. Some of the pro- prietors neglected to anfwer the call, in confequence of which the directors were authorized, by a general court, to fell fo much of the Bank Stock of fuch proprietors as would produce the fum they fhould have paid on the call. The ftock fold for this purpofe was about 12,000. At a general court, held the 18th September following, the dividend for the half year was declared at the rate of 5* per cent, per annum; but the governor intimated that there was no hopes of continuing the fame dividend for the future, and accordingly, on 19 March, 1747, the di- vidend for the half year, ending at Lady-Day, was de- clared at 5 per cent, per annum. Upon the general reduction of intereft on the public debts in 1750, the company not only agreed to the reduc- tion of the intereft from 4 to 3 per cent, on 8,486,800 ot the debt due from government to them, but alfo to ad- vance 1,190,041 : 16 : 1 towards paying oft fuch pro- Y 2 pnetor^ ( 36 ) prietors as had not fignified their confent to the reduc- tion; for which fum they received Exchequer-Bills, bearing intereft at 3 per cent, per annum, which were afterwards difcharged out of the produce of the Sinking Fund. In 1752, they advanced ^1,400,000 on Exche- quer-Bills, at 3 per cent, intereft, charged on the Sink- ing Fund ; and, in confequence of the reduction of their income from government, it was thought necefiary to reduce the dividend from 5 per cent, to 4I, at which rate it was declared at the general court held 15 March, 1753. The price of Bank Stock was, at this time, about 144 ; in Auguft it had fallen to 137, and in December to 135!; from thence it continued in general declining, till 29 Ja- nuary, 1762, when it was at 91 : this appears to be the loweft price it has ever been at; and, in the courfe of the year, it got up with the other funds, being, in December, at 119. In 1764, the company agreed to advance 1,000,000, .towards the fupplies, on Exchequer-Bills, to be repaid in 1766; and to pay into the Exchequer 110,000 without any re-payment of the principal or allowance of intereft for the fame ; in confideration of which, the term of their charter was extended to 1 Auguft, 1786; and, upon this agreement being eftablifhed, the dividend on the company's ftock was raifed to 5 per cent. At Michael- mas, 1767, it was raifed to 5! per cent. From a very early period after the eftablifhment of the Bank, it had been the practice of the company to aflift government with money in anticipation of the Land and Malt Taxes, and by making temporary advances on Exchequer-Bills and other fecurities. In the year 178 1, the fums thus lent to government amounted to up- wards of eight millions, in addition to the permanent debt ( 37 ) debt of 11,686,800 contra&ed at the periods before- mentioned, viz. On the original fund 3,200,000 For cancelling Exchequer-Bills, 500,000 Purchafed of the South-Sea Company, 4,000,000 Lent to government in 1728 1,750,000 Ditto 1729 1,250,000 For cancelling Exchequer-Bills, 1 746, 986,800 11,686,800 An agreement was now entered into for the renewal of their charter, the term of which was extended to 1 Au- guft, 18 J 2, on the company engaging to advance 2,000,000 on Exchequer-Bills, at 3 per cent, interefr, to be paid off within three years out of the Sinking Fund. In order to enable them to make this advance, a call of 8 per cent, on their capital was thought neceflary, by which their former capital ftock of 10,780,000 was increafed to 11,642,400, the mm on which they now divide. The dividend was alfo increafed one half per cent, fo that it now became 6 per cent. In confequence of this agreement, the total of their advances to government on the Land and Malt Taxes, Exchequer-Bills, and Treafury- Bills, was increafed on 25 February, 1782, to 9,991,678, but in 1786 it had been reduced to 6,634,872. The amount from that period, to the commencement of the prefent war, was as follows : On the 25th February, 1787 7,144,896 1788 7>347> 6 99 1789 7>94 8 >435 O. ( 38 ) On the 25th February, 1790 1 7,908,968 1791 ~ 9> 6o 3>978 1792 9.839)338 *793 9,066,698 The greater part of thefe advances being made in bank-notes or cam, it is evident, that unlefs the company thought proper to diminifh their ftoclc of the latter very confiderably, or to leflfen their accommodations to indivi- duals, the amount of their notes in circulation muft be augmented by the increafe of their advances to govern- ment; we accordingly find that the amount of bank-notes in circulation at the above period was as follows : On the 25th February, 1787 8,688,570 1788 9,370,350 1789 - 9,905,240 1790 10,217,360 1791 11,699,140 1792 11,349,810 1793 ~ UA5hi% The advances to government include the amount of Treafury-Bills of Exchange, which it had long been cuftomary to direct to the Bank for payment. The com- pany ufually advanced the money for payment of thefe bills till the amount was from ^20,000 to ^30,000, though they fometimes went beycnd this amount, even in time of peace. During the American war, the bills confide- rably exceeded their amount at any former period, but fcarcely ever was more than ^150,000 at a time. In February, 1793, the amount of the advance on theft; bills was ; 52,359, and, in February, 1794, it had in- creafed to 7 17, 175; on the ift January, 1795, it had rifen to ( 39 ) to the unprecedented fum of 1,979,296 : 9 : 9, and, on the 15th of the fame month, to 2,234,290 : o : 6. This circumftance, and a loan of fix millions for the Emperor being then in agitation, in addition to the loan for this country, induced the Directors to requeff. of the Chancellor of the Exchequer that he would fettle his financial arrangements for the year in fuch manner as not to depend on them for any farther affiftance beyond what was then agreed for ; and they particularly ftated that they could not allow the advance on Treafury- Bills of Exchange at any time to exceed the fum of 500,000. They were informed that the amount of the bills mould be immediately reduced, but that it might not be poffible to bring it down to the fum ftipulatcd till after the full payment on the loan, which was not then fettled. On the 31ft January the amount of the bills had increafed to 2,513,762 : 17 j and, though it was afterwards fome- what reduced, the Court of Directors, on the 16th April, thought proper to come to a refolution that they could not in future allow of an advance on this account exceed- ing the fum of 500,000, and requefted that payment of the fame might be ordered ; in confequence of which they were promifed that 1,200,000 fhould be paid on this account immediately. On the 30th June the advance on Treafury-Bilis was reduced to 793,218 : 9 : I, and, on the 4th July, the whole amount of the Bank advances, on this and other accounts, was reduced to 9^709,939; but, on the 30th July, the amount of advances on Trea- fury-Bills had increafed again to 1,516,004 : o : 4; in confequence of which the Court of Directors requefted the Chancellor of the Exchequer either to adopt fome other mode of paying the Treafury-Bills inftead of di- rtying them for piymer.t at the Bank, or fo to arrange the (> ) the furniftiing money for the payment of the bills, that the amount for which the Bank mould be in advance mould not at any time exceed 500,000, as they were determined to give orders to the camiers to refufe pay- ment of all bills whenever the advance exceeded this fum. At feveral fubfequent periods the Directors preffed the fubjeft of reducing thefe bills to the fum ftipulated, but were unable to accomplifli their objecT:, as will appear by the amount of thefe advances at the following pe- riods : On the 6th Augufr, 1,916,026 : 18 : 7 10th October, 1,649,478 : 12 : 5 10th November, 1,503,223 : 11 : 6 3d December, 1,809,905 : 5:3 20th December, 2,854,708 : 12 : 2 On the 8th October, 1795, the Bank communicated to the Chancellor of the Exchequer their apprehenfions from the very' large and continued drain of bullion and fpecie they had then for fome time experienced, and foli- cited a reduction of the amount of their advances to go- vernment, reminding him of their having announced to him their apprehenfions from the Imperial Loan in Janu- ary, which it appears had now been fully verified j for, in confequence of the export of bullion that had taken place on this and other accounts, the price of gold had rifen to upwards of 4 : 3 per oz. As the drain of fpecie from the Bank continued, and another foreign loan was in agitation, the Court of Directors, on the 3d De- cember, refolved, that it be communicated to the Chan- cellor, that, after a very folemn deliberation, they were unanimoufly of opinion, that, mould a loan of three mil- lions ( 41 ) lions to the Emperor take place, they were but too well grounded in declaring, from the effect of the Emperor's laSt loan and the drains of fpecie and bullion they Still experienced, that they had the ftrongeft reafons to ap- prehend very momentous and alarming confequences. To this reprefentation they received a Satisfactory anfwer, and other Subjects of considerable importance foon after claimed their attention. The advance on Treafury- Bills, notwithstanding the repeated endeavours of the Directors to get it reduced, increafed very considerably, and the total of the advances to government amounted, on the 19th December, to 12,846,700, which appears to have been greater than their amount at any former period; and, in confequence of this and other circumStances, the Court of Directors foon after thought proper to come to a refolution for limiting their difcounts. In the beginning of the year 1796 a Scheme was pro- jected of afftSting the Emperor to raife a loan in Ger- many by the guarantee of the parliament of this country; but, it being afterwards feen that this would have nearly the fame effect as raifing it here, it was probable that the latter mode would be preferred. On this Subject the Court of Directors, on the nth February, came to the following refolution : " That it is the opinion of this Court, founded upon its experience of the effects of the late Imperial Loan, that, if any farther loan or advance of money to the Emperor, or to any other foreign ffate, Should, in the prefent Slate of affairs, take place, it will, in all probability, prove fatal to the Bank of England. The Court of Directors do, therefore, meft earneftly deprecate the adoption of r.ny fuch mcafure, and they Solemnly pro- tect agaiuft any refponfibility for the calamitous confe- quences that may follow thereupon.'' As the Minister G did ( 42 ) did not appear to coincide with the Directors in their opinion on this fubjet, and there remained at leaft a probability that the meafure would be carried into exe- cution, the moft effectual mode, in which the Bank could prepare to encounter the evils they feared, was by dimi- nifhing the amount of their advances to government, by which means they would be enabled to anfwer any in- creafed demands upon them from the public. How far they were fuccefsful in their endeavours to get thefe ad- vances reduced will appear from the following account of their amount at the beginning of every month of the year 1796: January, 11,292,700 February, 11,499,700 March, 11,260,600 April, 11,168,700 May, 11,392,100 June, 11,248,300 July, 10,352,800 Auguft, 9,306,500 September, 10,043,900 OiSiober, 8,946,600 November, 8,769,000 December, 10,818,500 The great exportation of coin and bullion to Germany and Ireland, in the courfe of the preceding year, reduced the quantity in the hands of the Bank about one half, nor can it be wondered that the drain upon them continued, when the following profit was to be obtained on the ex- pcnation of guineas to Hamburgh : 1796. ( 1796. January, 7 February, 6 : 10 ^ on 100 guineas. March, This is according to the average exchange and ?rice of gold in each month ; the higheft profit is calculated at 8 : 16 : 9 percent.* The fmall amount coined at the Mint, at this period, cannot be fuppofed to have equal- led the amount clandeftinely exported ; and, while a fear- city of circulating fpecie incrcafed the demand on the Bank, the high price of bullion prevented them from pur- chafing to replenifh their (tore. Towards the end of July, the Court of Directors, on agreeing to advance fome farther fums for the public fer- vice, ordered a memorial to be prefented to the Minifter, with a requeft that he would Jay it before the cabinet, in which they declared that nothing could have induced them to comply with the demand then made upon them, " but the dread that their refufal might be productive of a greater evil." The amount of their notes in circulation was at that time near ten millions ; on the 13th Auguil they amounted to 10,122,150; on the 10th September they were reduced to 8,818,170 ; but on the 26th No- vember had incrcafed to 9,914,970, and on the 31ft December they amounted to 9,204,500. The Directors continued to urge a redution of the amount of the advances to government, and particularly in the beginning of February, 1 797, when it became known that it would be neceflary to raife a loan here for Ireland. On this occafion tfuy again repeated their appre- * See " Obfervations on the EflaHii'hmcr.t of the Hank of England, &.C." by :h Francis Baring, Br.i. p. 49. G 2 henhons ( 44 ) henfions of the confequences of any meafure by which money was carried out of the country. About this time, the alarm, occafioned on fome parts of the coaft by the fear of an invafion, made the farmers and others defirous of getting cafh into their hands : this produced a run upon many of the country-banks, and particularly upon thofe at Newcaftle, who were under the necefiity of deferring the payment of all large fums till they could obtain a fufficient fupply of fpecie from London. The demand for cafh upon the Bank of England, which for fome time paft had been greater than ufual, was of courfe very confiderably increafed, fo much fo that they found it neceflary to reprefent their fituation to the Minifter. The Privy-Council met on the 26th upon the fubject, and the neceflity that fome immediate ftep fhould be taken being obvious, an order was iflued, that the Bank fhould forbear ilTuing any cafh in payment till the fenfe of par- liament could be taken on the fubjecSf.. The Directors caufed copies of the order to be printed and diftributed on the morning of the 27th, and immediately complied with the requifition. On the 28th, the Houfe of Commons appointed a Secret Committee of fifteen members to in- quire into the outftanding demands on the Bank, and their funds for difcharging the fame; a bill was alfo brought in to enable them to ifTue notes under five pounds. On the 2d March, a general court was held at the Bank, at which the Proprietors pafTed a vote ap- proving of the acquiefcence of the Directors in the order of council; and, on the following day, the Committee of Secrecy made their firft report, from which it appeared, that, excluding from the account the permanent debt of ^11,686,800, due from government, and, on the other hand, the flock due to the Proprietors, of nearly the fame amount, ( 45 ) amount, there was a confiderable balance in favour of the Bank. On the 7th, the committee made a fecond report, and gave it as their opinion, that it was neceflary to pro- vide for the confirmation and continuance of the meafures taken in purfuance to the order of council, in confe- quence of which an act was afterward* pafled for fufpend- ing the payment in cafh till the 24th June. Account of the outftanding Demands on the Bank to the 25th February, 1797 : To bank-notes in circulation ,8,640,250 Drawing account 2,389,600 Exchequer-Bills depofited 1,676,000 Audit-Roll (or unpaid dividends) 9^3>730 Bank-Stock Dividends unclaimed 45,150 Dividends on Eaft-India Annuities un- claimed 10,210 Sundry fmall articles unclaimed i>33 Due from chief cafhier on the loan of 1797 17,060 Unpaid Irifh Dividends 1,460 Ditto on the Imperial Loan 5>6oo Total, ^i3,77>39 The affets to anfwer this debt were as follows: By advances on government-fecurities, viz. On Exchequer-Bills on Land and Malt Taxes for 1794, 1795, 1796, 1797, ;5>937> 000 Carried over, j5>937 5 ooo Oa ( 46 ) Brought over, $WJ,ooo On Exchequer-Bills on furplus of the Confolidated Fund and Vote of Credit, and bills purchafed 2,291,800 On Treafurv-Bills of Exchange 1,512,274 Lent to government, without intereft, July, 1791, on unclaimed dividends, 3/6,739 10,117,813 Intereft due on the above fums, 554,690 10,672,503 By all other credits, viz. Bills and notes difcounted, cafh and bul- lion 4,176,080 Lent to the Eaft-India Company 700,000 Five per Cent. Navy-Annuities 795,800 Five per Cents. 1797 1,000,000 Sundry articles . - 252,910 Total credits, i7>597> 2 93 Total debt, 13,770,390 Balance in favour of the Bank, 25 Feb. 1 797, 3,826,903 Since the date of this account, the advance to govern- ment has exceeded the fum above- ftatcd, in confequence of bills accepted by order of the Lords of the Treafurv, and made payable at the Bank, but which were not due at the time of making up the above account, and there- fore were not included in it; alfo by a farther advance of 6oo,coo which was functioned by the general court held 30th March; the amount of thefe advances was, however, reduced in the courfe of the year by the repay- ment of 5,500,000, which the Bank were authorized to retain ( 47 ) retain out of the payments on the loans of 14,500,000 and 1,620,000 in the year 1797. Previous to the expiration of the time for which pay- ments in cafh had been fufpended, it was found neceflary to pafs another aft for continuing the reftri&ion till one month after the commencement of the next feflion of parliament. They were, however, authorized to iflue cafh for the fervice of the army and navy, upon being re- quired by an order of council, flaring the fpecial purpofe for which the ifiue was required ; and to advance cafh for the accommodation of the bankers of London in any fums not exceeding 100,000 in the whole, and the far- ther funis of 25,000 each for the two banks of Scot- land. Soon after the meeting of parliament, in November following, the Committee of Secrecy, appointed to in- quire into the expediency of continuing the reitri&ion on the Bank, reported, that the total amount of outftanding demands on the Bank on the nth November was 17,578,910; and of the funds for difcharging the fame (exclufive of the permanent debt) 21,418,460, leaving a balance in favour of the Bank, on the nth November, *797> of 3>839>550- The report alio ftates that the advances to government had been fo reduced as to amount, on the 1 ith Novem- ber, to no more than 4,258,140; while, on the other hand, the caj}> and bullion in the Bank had increafed to mure than five times the value at which they ftood on the 25th February, 1797.* and much above that at * According to an account of the finances of the Ea:;k j Monthly Mpji- rinc, vol. iv. p. 250) afci ibed to a very accurate writer n fuch fubjefts, the value of cafli and bullion remaining on l\i: 25th F.Srujry, 1757, was ab t 1,172,000. which ( 48 ) which they have flood at any time fmce the beginning of September, 1795. Notwithftanding this favourable account of the fituation of the company, it was deemed neceffary to pafs another aft* continuing the reftrition on their payments of cafli, un- til one month after the conclufion of the war, by a defi- nitive treaty of peace ; during which time they are not to iflue any fum of money in notes or cafh, by way of loan or advance to government, except fuch advances as are authorized by act of parliament. They may receive any fums in cafh, not lefs than 500, upon an engagement to pay cafh in exchange for their notes, to the amount of three-fourths of the fum received at the times expreffed in the engagement; they may likewife iflue cafh in payment of any debt or de- mand whatever, " upon their giving five days notice, in writing, to the Speaker of the Houfe of Commons, of their intention fo to do, fpecifying the defcription of fuch debt or demand," which notice is to be inferted in the London Gazette. The following Eftimate of the annual Income of the Company is given in a late Publication, entitled, " An Addrefs to the Proprietors of the Bank of England," by A. Allardyce, Efq. M. P. From government, intereft of 11,686,800 at 3 per cent. 350,604. Ditto, under the name of Houfe-Expenfe?, 4,000 Ditto, on national debt, 400,000,000 at 450 per million ] 80,000 Carried over, 534> 6o 4 From ( 49 ) Brought over, 534,604 From government, charge on a loan of 20 millions, at 805 : 15 : 10 per million, 16,000 Ditto, intereft on 10 millions on Land and Malt, Exchequer-Bills, &c. 500,000 Ditto, 5 per Cent. Annuities for Navy funded 795,000 39,750 Ditto, 5 per Cent. 1797, one million fub- fcribed 56,500 Ditto, American Debentures 50,000, Na- vy-Bills 15,000 3250 Loan to the Eaft-lndia Company on mort- gage of 1,200,000, 3 per Cents.; 700,000, at 5 per cent. 35>0OO Average-difcount of mercantile Bills of Ex- change, at 5,000,000, 5 per cent. 250,000 Total Income, 1,435,104 The dividend on their capital ftock of 11,642,400, at 7 percent, amounts to 814,968; therefore, according to the above eftimate, after defraying all expenfes, there rauft remain a confiderable annual furplus. 500 Bank Stock entitles the proprietor to a vote at the general courts ; but he muft have been in poffeflion of it fix months. 2000 is the qualification for a Di- rector ; 3,000 for Deputy-Governor ; and 4*000 for Governor. No proprietor is entitled to more than one vote for any fum whatever. H Three ( So ) Three per Cent. Imperial Annuities. The capital of 35833,333 : 6 : 8 was created by a loan of 4,600,000, raifed in this country for the Em- peror of Germany,* on the credit of the revenues of his hereditary dominions, purfuant to a convention figned May 4, 1795 ; and a farther capital of 3,669,300 by a loan of 1,620,000 in 1797, which, being confolidated with the former, makes the whole of this ftock 7,502,633 : 6 : 8. The terms of the firft loan, which was originally intended to have been fix millions, were, that, for every 100 contributed, the fubfcribers fhould be entitled to 83 : 6 : 8 Three per Cent, ftock, and to an annuity of 5 for twenty-five years. On the fecond loan, every 100 contributed entitled the fubfcriber to 226 : 10 Three per Cent, ftock. The dividends, both on the 3 per Cent, ftock and annuities, become due the ift of May and the ift of November, and the regular payment of the fame at the Bank of Eng- land is guaranteed by Parliament in the following man- ner. The bankers or agents of the Emperor are to ad- vance, to the cafhier of the Bank, the fums for the pay- ment of the half-yearly dividends, previous to the days on which they become due ; and, in cafe of their default, the Bank are to certify the fame to the Lords of the * The money, which government had advanced at different times for the ufe of the Auftrian army, was to be reimburfed out of this loan. By an ac- count laid before the Houfe of Commons, thefe fums amounted to 550,000. Treafury, ( Si ) Treafury, who are empowered to iflue the fum neceflary to make good the deficiency from the produce of the Confolidated Fund : fo that the collateral fecurity for the payment of the dividends on this ftock, being the fame on which the government-funds depend, there feems to be little reafon for any confiderable difference in their va- lue, except from the circumftance, that, in cafe of de- fault on the part of the Emperor, the payments are not to be made good by the government of this country till the 5th of July and the 5th of January, from which con- dition there is a poffibility of a delay of more than two months, and a confequent lofs of intereft on the dividends for that time. The ftock is transferrable at the Bank in the fame manner as the government-funds ; and, like them, is ex- empted from any charge of ftamp-duties on the transfers or receipts for dividends. The capital is redeemable at par, and the firft* of the two octrois or engagements, referred to in the convention refpecting this loan, contains the following claufe: " Al- " though the redemption of the capital ftock of perpetual " annuities at 3 per cent, is not demandable at any pe- l 77>9t>7 ' J 5 : 4> from Chrift- mas, 1714, to Midfummer, 1715, 275,339 : o : $ Half a year's intereft on the increafed capital, to Chriftmas, 17 15 300,000 : o : o Allowance for management, for one year, to Chriftmas, 17 15 . 8,000 : : An addition of (lock made transferra- ble for the ufe of the public as the Treafury fhould direct 238,693 : 4 : o ,822,032 -.4:8 The new flock, belonging to the company, was diftri- buted among the former proprietors, by making the divi- dend for the year 17 16 in {lock; and the intereft on the increafed capital continued at 6 per cent, till Midfummer, 1 7 18, when, in purfuance of an at of the preceding year, it became 5 per cent. In 1 7 19, the proprietors of the lottery-annuities granted in 1 7 10, for thirty-two years, were offered the liberty of fubfcribing them into the company's flock, but many of them declined accepting the conditions; fo that, of 135,000 per annum, there was only 94,329 : 12 fubfcribcd, which, at 1 if years purchafe made 1,084,790 : 8 : o One year and a quarter in arrear thereon, fubfcribed at par 117,912 ; : O Advanced by the Company to go- vernment 544,142 : o : 10 1,746,844 : 8 : 10 mi^mmmmmmmm' ' ' ' Which, being added to their capital of ten millions, in- creafed it to 11,746,844 : 8 : 10, with an additional allowance ( 57 ) allowance of ji)397 : 9 : 6 per annum for manage- ment. In the following year, the fcheme was projected of re- ducing all the public funds into one ; for effecting which an act paffed the 7th of April, 1720, authorizing the South-Sea Company to take in, either by fubfcription or purchafe, the irredeemable debts of the nation, confiding of 666,821 : 8 : 2I P er annum, Long Annuities for eighty-nine, ninety-fix, and ninety-nine years, and 1 27,260 : 6 : 1 per annum, Lottery- Annuities for thirty-two years, being the remainder that had not been fubfcribed into their flock in the preceding year : likewife the redeemable debts, amounting to 11,779,660 : II : 2 bearing 5 per cent, interefr, and 4,776,821 : 15 : 9^, bearing 4 per cent, at fuch rates and prices as mould be agreed upon between the company and the refpedtive pro- prietors ; and, for this purpofe, they were empowered to raife money, either by calls upon their members, by an- nuities, bonds, or bills, or by opening fubfcriptions to new flock j and they were to have an addition to their ca- pital of twenty years purchafe for the Long Annuities, fourteen years purchafe for the Lottery-Annuities, and cent, per cent, for the Perpetual Redeemable Annuities. In confideration of this increafe of their capital, the com- pany were to pay into the Exchequer, towards the difcharge of the national debt, 4,156,306 : 4 : II, and four years and a half purchafe for the Terminable Annuities. The company were to pay off fuch proprietors as did not chooie to fubfcribe; and, in order to obtain money for this purpofe, and for making their payment to government, they opened four money-fubkriptions for thj lale of the flock which they cxpedted to gain by their bargains with the pub'.ic creditors; for, though their capital was to be I increafed ( 58 ) increased on the fubfcription of the irredeemable debts at a certain number of years purchafe, and on the redeemable at cent, per cent, they were not reftricled in the value or price they were to put on their ftock to be given to the creditors; and herein lay the great fallacy of the fcheme, and the temptation to ufe every art to raife their ftock as high as poflible ; and, in fact, upon a great part of the fub- fcriptions, the company fet the price of their ftock at 800 per cent, yet the creditors conceived they were ma- king an advantageous exchange, and by far the greater part of the public debts was actually fubfcribed. The extravagant advantages held out to the public as the probable refuk of this agreement with government, and the intended trade to the South Seas, excited fuch a general infatuation, that fhares of the company's ftock were foon fold at double the fum that had been paid in upon it, and in the courfe of a fhort time reached the enormous price of a thousand per cent. The rapidity of its fall, however, exceeded that by which it rofe ; for, before the end of the year, the difference of price was more than 800 per cent, in the courfe of only three weeks. By the agreement which laid the foundation of this memorable bubble, the capital of the company was in- creafed upwards of twenty-fix millions : had the plan completely fucceeded, it would have amounted to 43,411,399 : 6 : it I, but by fubfequent regulations it became 37,802,483 : 14 : of. In 1722, four millions- of South-Sea Stock were purchafed by the Bank, and in the following year an act was paffed for dividing the re- mainder into two equal parts of 16,901,241 : 17 : Ov. each, one of which was to be called the trading-capital of the company, and the other to be diftinguifhed, for the ( 59 ) the future, by the title of " The joint Stock of South-Sea Annuities;" fince called Old South-Sea Annuities. In making this divifion, it was thought proper, for avoiding fractions, to leave the odd penny of every proprietor's ftock, with his moiety of the capital trading-ftock j in confequence of which the two parts were not exaclly equal, the trading-capital being 16,901,243 : 12:4, and the joint ftock of annuities 16,901,240 : r : 8. By the ftatute 6 Geo. II. c. 28, it was ena&ed, That, from the 24th of June, 1733, the trading-capital, which had been reduced by payments in 1727, 1729, and 1732, to 14,651,103 : 8 : 1, mould be divided into four parts; three of which, or 10,988,327 : 11 : of, were to be called New South-Sea Annuities, and only the remaining fourth part, or 3)662,775 : 17 : o|, was from that time to be the company's ftock ; and, by adopting the fame rule as on the former divifion, of leaving the frac- tional part with the proprietor's account of capital ftock, the amount of the New South-Sea Annuities became 10,988,318 : 19 : 7, and of the trading or capital ftock 3,662,784 c 8 : 6. The latter has remained the fame ever fince. The only branches of trade in which the cojnpany ever engaged were, in fupplying the Spanifh colonies with negroes, and the Greenland whale-fiihery. The former was transferred by the treaty of Utrecht, in 1713, from the French Guinea-Company to the South-Sea Compa- ny, who engaged to fupply the Spanifh dominions in A- merica with 4,800 negroes yearly, and were allowed the privilege of fending every year a {hip of 650 tons to Spa- nifh America. This agreement was confidered as very advantageous to the company : but, after carrying it on a confidcrable time, they found themfelves on the whole I ?. lofcrs ( 6o ) lofers by it. In the whale-fifhery, which they undertook in 1724, they were ftill more unfuccefsful ; it appearing, that, upon the eight voyages which their (hips made, the lofs amounted to upwards of 237,000. In 1748, the company gave up the AiIiento-contrac~t, and from that period they have not carried on any trade whatever. Original capital of the company, 9,177,967 : 15 : 4 Additional flock created in 17 15, 822,032: 4: 8 Ditto, by fubfcription of the Lottery- Annuities in 17 19, 1,746,844 : 8 : 10 11,746,844 : 8 : 10 Increafed by the general fub- fcription in 1720, deducting 280 : 8 : 6 for an error afterwards difcovered, and rectified by 3 Geo.II. c. 16, 26,055,358 : 16 : 8^ 37,802,203 : 5 : 6| Purchafed by the Bank in 1722, 4,000,000 : o : o 33,802,203 : 5 : 6f 1727, paid off 500,000 1729, ditto 1,000,000 1731, ditto 1,000,000 1732, ditto 1,000,000 1733, ditto 1,000,000 1736, ditto 1,000,000 1737, ditto 1,000,000 6,500,000 : o : O Carried over, 27,302,203 : 5 : 6 Paid ( 6i ) Brought over, 27,302,203 : 5 : 6| Paid off in 1751, being the (hare of fuch proprietors as would not confent to the re- duction of intereft 2,276,893 : 11 : 7 25,025,309 : 13 : n| Paid off in 1772, 370,575 Ditto I774> 303,800 Ditto 1775, 285,850 960,225 : o : o Prefent amount of South-Sea "),., n , 1 * i 24,065,084 : 13 : uf Stock and Annuities J ** ^ J * J * The allowance to the company for management on their flock and annuities 14,022 : 3 : 2 per annum. The intereft, on South-Sea Stock was reduced, the 25th December, 1757, from 4 to 3 per cent, which is the in- tereft now received from government, but the dividend to the proprietors is 3^ per cent. The variation in the price of this ftock, fince it has been at the prefent intereft, has been nearly 50 per cent. Old ( 62 ) Old South-Sea Annuities. The capital of the annuities, which are now diftin- guifhed by the name of Old South-Sea Annuities, a- mounted, in 1723,10 16,901,240 : 1 : 8, and carried 5 per cent, intereft till the 24th June, 1727, thence 4 per cent, which was afterwards reduced to 3f per cent, till the 25th December, 1757, fince which time the intereft has been 3 per cent. Some time after the divifion of the company's capital, an error was difcovered, which, being corrected, made the amount of South-Sea Annui- ties 16,901,099 : 17 : 5; it has fince been reduced by redemptions as follows : Original capital 16,901,099 : 17 : 5 Paid off 1727, 1731, 1733, and 1737 3,250,000 : o : o 13,651,099 : 17 : 5 Unfubfcribed on the redu6tion of intereft i paid off in 1 75 1, 1,246,829 : 14 : 10 Paid off in 1772, 194,250 Ditto I774 140,900 Ditto 1775, 161,650 12,404,270 '.2:7 496,800 : o : o Prefent capital of Old South- 7 r c f II >97547 : 2 : 7 Sea Annuities j *>? />*/ / New ( 63 ) New South- Sea Annuities. The portion of the South- Sea Company's capital, which the aft 6 Geo. II. c. 28, directed to be diftin- guifhed by the title of the " New joint Stock of South- " Sea Annuities," amounted to 10,988,327 : 11 : of; but, by the regulation before-mentioned, in writing off the three-fourth parts from each proprietor's account, the capital of this ftock became 10,988,318 : 19 : 7 Paid off in 1736 1,000,000 : o : o 9,988,318 : 19 : 7 Unfubfcribed on the redu&ion of intereftj paid off in 1751, 1,030,063 : 16 : 9 Paid off in 1772, 176,325 Ditto 1774, 162,900 Ditto 1775, 124,200 8,958,255 : 2 : 10 463,425 : o : Prefent capit'.i of New South- ? Sea Annuities 5 8 >494>3 2 : 10 This flock originally carried 4 per cent, intereft, which was reduced, by 23 Geo. II. c. 1, to 3-* per cent, till :hz 25th Decemb. ,-, 1757, and thence 3 per cent. ( 64 ) Three per Cents. 175!. This Hock, which, with the three preceding, is tranf-* ferrable at the South-Sea Houfe, originally amounted to 2,100,000, and was borrowed, by 24 Geo. II. towards paying off thofe proprietors of South-Sea Annuities, who had not, on the 30th May, 1750, fignified their confent to the reduction of intereft propofed in 1749. It has been reduced to its prefent amount by the redemption of 180,400 at the following periods, viz. Original capital 2,100,000 1772. Paid off on the conditions fpecified in the aft 12 Geo. III. c.63 78,150 1774. Paid cff on the conditions fpecified in the act 14 Geo. III. c. 76 58,900 1775. Paid off on the conditions fpecified in the act 15 Geo. HI. c.41 43>35 180,400 frefent capital of 3 per Cents. 1751, 1,919,600 The allowance to the Company for management of this ftock is at the rate of 562 : iO per million, which amounted to 1,079 : 15 : 6 per annum, but is now fomewhat lefs, an account of about halt a million pur- crufrd by the commiflloners for liquidating the debt. Exchequer- ( 6 5 ) Exchequer- Annuities. The funding-fyftem began in this country by borrow* ing money on annuities for lives and for long terms, du- ring the reign of Will. III. The fums, neceflary for de- fraying the expenfes of the war during the reign of Queen Anne, were alfo ufually raifed by annuities for a certain term of years ; and, as they were frequently charged on duties already appropriated for a limited time, the fum to be fubfcribed was generally greater than was required towards the fupplies, and the excefs formed a part of the fund for payment of the annuities. The ori- ginal amount of the following annuities was 444*354 14 s. 6d. per annum, but the greater part was fubfcribed into the South-Sea Company's ftock in 1720. The charge of management on thefe annuities is 3,900 : 6 : 8 per annum. K 2 Ann?, ( 66 ) s sO O O NO M O O % IN m *> _( .t . -# I " 3 a VO vO O QO IN < ^ ^Js t^- r^ ""^ CO S> *o t^ O >o~ ts> -5 O O P-. o vO si CO O co ^*- S2 o> co 3 o - c 00 5 rt U <; vO 'c ^ VO CO >-i a a <2 1 &> I *- vO rt C -< 4_l P -r Si 5 .S N 5> ; - s H "^ C . " - O ^ S3 ^ cu ^ H ^ vo Si ^ ^ ^ - S? s^ x o 3 W ~ 00 CO VO vo ill 1 va * I ' o o o o c c I * 1 00 * O vD CO to j? . u , H u y c o ^ M 3 VO > CO vo -C $ ff u > CJ S2 <:o3 vo S? u 1 .n u- .- 'C 'a. O >-, M ^3 >> 3 - 4- H 3 ti CO '3 co 3 a C c3 CO ' t^ vo i^- t-t H4 u ^1 #* 6 ^T ^ _a IS O U O J ^c 1m < vO a c S? s S2 s < \0 SO V4-, -. x 3 W c rt CO o o J* vD c w -, Si > < 3 cr x ( * 7 I The annuities of 1704 are charged upon the fum of 3,700 out of the hereditary excife, paid into the Exche- quer weekly. Thofe of 1706 upon an addition of qd, per barrel excife, and an addition of one- third of the fub- fidy of tonnage eftablifhed by 9 Will. III. c. 13. Thofe of J 707 upon the duty on hawkers and pedlars, and (lamp- duties on vellum, parchment, and paper. Thofe of the 1 ft act, 1708, upon the furplus of duties granted for the payment of the annuities of the two preceding years; and thofe of the 2d act:, 1708, upon a farther additional half fubfidy of tonnage. They are all payable quarterly ; and, like the other government-annuities, are free from all taxes, and devifable and aflignable. The following Exchequer-Annuities, being now ex- pired, are placed to the account of the commiflioners for the reduction of, the national debt. Annuities granted by the acts of 4 and 5 of Will, and Mary for ninety-nine years, and charged upon the <)d. per barrel excife ; which expired 5 Feb. I792 _ _ _ _ 49,715 : 2 : 6 Annuities granted by the ads of 5 and 6 of Will, and Mary for ninety-fix years; which expired 10 Oct. 1790, 6,515 : 12 : c 56,230 : 14 : 6 Deduction for management, i>350 : 0:0 54,880 : 14 : 6 K 2 Life- i 68 ) Life- Annuities. In the year 1694, government granted annuities at the rate of 14 per cent, which is but little more than feven years purchafe, for the life of the fubfcriber, or any other life that he chofe to nominate : alfo on two lives at 12 per cent, and on three lives at 10 per cent. In 1704, likewife, annuities were granted, at nine years purchafe for one life, eleven years purchafe for two lives, and twelve years purchafe for three lives. The difad- vantageous terms on which government obtained the money thus raifed may be eafily feen, by obferving that, taking lives in general, and intereft at 6 per cent, which was then the legal intereft, all ages under fifty are worth confiderably more than nine years purchafe, and it may be prefumed that few of the fubfcribers would nominate lives above that age. Young lives, of about eight or ten years of age, were worth upwards of thirteen years pur- chafe j fo that any perfon might nominate three of the beft lives he could find for lefs than the real value of a fingle life taken promifcuoufly from the common mafs. The annuities, thus granted on two and three lives, amounted originally to 22,633 : II ' 4> f which thofe ftill continued on the books at the Exchequer on the 5th January, 1797, amounted to 8,195 : 12, which moft probably are expired, although the reprefentatives of the annuitants have neglecled to furnifh the certificate which the act requires. Bv . (.6 9 ) By a claufe in the aft for eftablifhing the Confolidated Fund, any Life-Annuity, payable at the Exchequer, that remains unclaimed for the fpace of three years, is to be deemed expired, and the fum due thereon to be carried to the account of the commiffioners for the re- duction of the debt. The '-aftfl I f ( ^ ) It c4 o O o o 6 o o CO cr* to O M vo CO S2 u 3 O "So X 3 r to E s 3 > a '/. jr. T3 o o S2 o o o .3 s .3 3 CO 3 rt n D O > o * >, o 1_ a E ^ o a U .2 CO s > O *-> 3 w ti 3 2 3 _o -( - i c < 8 u e i "^S? O co .3" 2 t* >> . M in H3 H~> t*- P4 bti ^3 bO . 3 O u < t* f^ oo 00 H , .. .. ->* o o vD MJ '=*- * Si **< I OO J CO - ** s r ? I to O H o JO ia 6JQ c o T3 T3 O 1> 3 C - -5 rt rt o #* M ** c >^ c o O 0> s 1 ^ 15 ^ s M > o tJi p T3 S *3 a rt & -m 15 I 8 ^ 5 c; .S g to #\ i ^ u i_ c rt . ? is o C H S3 3 -): o ^-* . c a *t! rt & is o Am 3 -=. *> rt CO *^ 13 ** La "X3 4> -a ^Sb* ^ rt O u o 02 CJ >-< 3 rt X3 T3 CJ cr o "bb 3 3 CJ o X u 3 cj u o U o Q. g c .& CI 1 -C2 *-* rt 01 rt JJ C '> o -o 3 to 'c o *QJ _q JJ u CJ u Cl, m 3 *3 '5i CJ CJ u v2 S u ha rt '5 3 x! rt O 3 O j '3 CJ ^ o 4 ^ 3 g c O W3 4^ -c V) T3 - # (L> u CJ u Oz 15 ^ u, "* ^ ? CJ rt t*. .3 x: ^r ^ u. h u iu -3 CJ 13 i_ rt o a C* *3 O Tontine- ( 72 ) Tontine- Annuities. The firft attempt in this country to raife money for the ufe of government by a tontine was in the year 1692. The fum to be raifed was a Million, in fhares of 100 each, for which the fubfcribers were to nominate Jives. The annuity was 10 for the firft feven years, and after that time 7, to be i'ncreafed by the annuities which might fall in by deaths ; the whole annual fum being equally divided among the fubfcribers, in proportion to the fhares fubfcribed by each, till there fhould be only feven nominees living, and then Upon the death of each nominee his annuity to ceafe. This fcheme did not fuc- ceed, the fum contributed being only 108,100, and the annuity payable 71567, which was partly owing to a condition, that, if the whole was not fubfcribed within a certain time, the remainder might be made up by 14 per Cent. Annuities on fingle lives, which were ge- nerally preferred. The laft nominee died in 1783. In 1765, a plan was formed for funding Navy and Victualling Bills, by allowing the proprietors to fub- fcribe them into 3 per Cent. Stock, or 3 per Cent. Life- Annuities, with benefit of furvivorfhip. The latter were divided into fix clafles of 50,000 each, making in the whole .300,000, but only 18,000 was fubfcribed, on which the annual payment is ,540. Of the Tontine formed in the year 1789 we fhall give a more particular account. The original fum propofed and fubfcribed for was 1,002,500, to be raifed by 10,000 (hares of 100 : 5 each; but, four fhares being abandoned after the principal part of the fubfeription had been paid upon C 7* 5 i'.pbn them, the fum was reduced to 1,002,099. The fubfcribers were at liberty to name either their own life or that of any other perfon, and the whole number of (hares was divided into fix different clafles, entitled to the fol- lowing annuities. 1 ft clafs, under 20 years of age, to an annuity of +- -#: 3: : G 2d clafs, from 20 to 30 ~ 4: 5: : 6 3d clafs, from 30 to 40 ~ 4: 8: 6 4th clafs, from 40 to 50 4: 13 ; 6 5th clafs, from 50 to 60 ~ 5: 1 ; :6 6th clafs, above 60 5: 12 : Upon the death of every nominee, the annuity falling in is to be diftributed equally among the feveral per- lbns interefted, Whofe nominees are living in the refpec- tive clafs to which the life deceafed belonged, until fuch time as the annuities of that clafs fliall have increafed by furvivorfhip to 1,000 per ann. on each remaining fhare of 100 : 5, from which time no farther benefit is to arife from furvivorfhip, but each annuity of 1,000 to ceafe upon the extinction of the life entitled to the fame. The annuities are payable at the Exchequer half- yearly, at Lady-Day and Michaelmas. The whole of the fubfeription was to be paid by the 29th January, 1 790, and a difcount was allowed for prompt payments, which amounted on the whole to 1,124. : 3 : 10. The com- penfation to the Bank for receiving the contributions and paying them into the Exchequer was 2,000; and, as the firft half-year's payment ot the annuities was not to become due till the 5th April, 1791, the fubfcribers were allowed intereft for their money for a year and a quarter, which became due on the 10th October, 1790, and was paid nth March, 1791, amounting to 50,104 : 19. L As ( 74 ) As the plan of this Tontine was not generally approved, the fubfcribers were afterwards allowed to exchange their (hares for Long Annuities of 4. : 5 for 69! years ; and, in order to place thofe perfons who retained their (hares of the Tontine on the fame footing they would have been if the whole number had been filled up, the com- miflioners of the Treafury were empowered to nominate lives for the (hares exchanged, who were to be felected from the peers of Great Britain or Ireland, baronets, juftices of peace, governors of public charities, &c. and to be diftributed among the feveral clafies in the fame proportion as the nominees appointed by the fubfcribers. In confequence of this alteration, the amount of the an- nuities retained by the fubfcribers, and of thofe which be- came the property of government, was, on the 5th April, 1791, as under : Amount of annuities on lives 7 r _ \ / 18,1 So : 3:11 nominated by the fubfcribers, \ Ditto, on lives nominated on 7 , t 24,681 : 17 : i the part of government } 42,862 This is not the exact proportion in which the annuities are payable at prefent ; the annuity on the lives nomi- nated by the fubfcribers was on the 5th January, 1797, 18,442 : 7 : 0|, and mud vary, according to the proportion of deaths among the public nominees, to thole of the nominees of government. Some variation mud alfo be caufed by forfeitures ; as fuch annuities as remain unclaimed for two years are divided among the furvivors of the clafs to which they belong. In ( 75 ) In the beginning of the year 1797, the City of London propofed to raile 816,000, by way of Tontine, viz. 204,000 at Midfummer, 1797, and a fnnilar fum at Midfummer, 1798, 1799, and 1800. The fcheme for the year 1797 was as follows: ClaGes. Capital of Rate per Cent, each Clafs. per Annum. Under 12 years 34,000 6 : 1:6 From 12 to 24 34>ooo 6:3:6 24 to 36 34jOOO 6 : 7:6 36 to 48 34,000 6:15:6 48 to 60 34)000 7 : 16 : 6 60 and upwards, 34,000 9 : 0:0 204,000 The annuities are payable half-yearly, and each clafs is to enjoy the benefit arifing by the falling in of the annui- ties of deceafed nominees in the clafs to which they be- long, until the furviving annuitants, in each refpe&ive clafs, enjoy 1,000 per annum, which is to continue without any farther increafc during the remainder of each furviving annuitant's life. Under this head, it may not be improper to caution the public againtr. Tontines for a fhort term of years. The difference between fimple and compound intereft in the perioJ of fix or k\cn years, which is the ufual term of thefe projects, is very inconiiderable, nor can much ad- vantage be expected to accrue from furvivorfhip, particu- larly as the nominees are generally young healthy lives ; and even this finall profit is reduced, and fometimes over- L 2 balanced, ( 7& ) balanced, by the charges of management. Experience has fully fhewn the inutility of thefe fpeculations j for, on feveral which have lately expired, the divifion to the fubfcribers has been confiderably lefs than the amount of their contributions. India Stock. Queen Elizabeth, in the year 1600, granted the firft patent to a Company for trading to the Eaft Indies, who fitted out four (hips for this new branch of trade ; and, being fuccefsful in their adventure, were encouraged to continue the commerce. The ftock of this Company was only 72,000, in fhares of 50 each, which were united into a joint ftock in 1613. In the reign of James I. the Eaft -India Company received a new patent, and, enlarged their capital to 1,500,000$ their profits at this time were not very great ; and, about the year 1655, Crom- well difiblved the Company and laid open the trade, but the mifchiefs that followed obliged him to re-eftabiiih the Company about three years after : their joint ftock was now 739,782, of which only one half, or 369,891, Was paid in, and was properly their capital. In 1676, Charles II. having revived and fupported their charter, the (hares were increafed, by adding the profits to the ca- pital, to lOO each. In confequence of the increafe and fuccefs of their trade, which enabled thetn to make large dividends, their ftock in 1680 fold at about 300 per cent. and. ( 77 ) and they could borrow money on their bonds at 4 or 5 per cent, intereft : thefe great profits, and the doubtful authority on which they held their exclusive privileges, being a great temptation to individuals, interlopers, who had often given them much trouble, became again very numerous ; but the Company found means in 1683 to ob- tain a new charter, by which all their former privileges were confirmed, and fome farther powers given them. Their flock, at this time, was fold or jobbed from 360 to 500 per cent. In 1693, the charter of the Com- pany became void from default in payment of the duty impofed upon their ftock, but it was renewed upon con- dition of being determinable upon three years notice. A New Eaft-India Company was eftablifhed, ir J698, by charter, dated the 5th September, 10 Will. III.; and, in in 1702, the Old Company was united with it. The New Company, at the time of their incorporation, advanced 2,000,000 to government, at 8 per cent, intereft, paya- ble quarterly; and, in 1708, the United Companies, upon an extenfion of the term of their exclufive trade, lent to government a farther fum of 1,200,000 without any ad- ditional intereft, by which means their capital was aug- mented to 3,200,000, bearing 5 per cent, intereft, which was reduced, in 1730, to 4 per cent. Upon this reduction of the intereft on their capital, and the payment of the fum of 200,000, the exclufive trade was conti- nued till the year 1766. In 1744 they lent to govern- ment a million at 3 per cent, in confideratioi; of the term of their charter being extended to Lady-day, 1783 ; after which time the Company was to ceafe upon three ycqcs notice being given by parliament, and repayment of the 4,200,000, with all arrears of intereft. In 1749, the jntereft on their capital was reduced to 3 per cent. One ( 78 ) One of the conditions upon which the Company con- fented to thislaft reduction of intereft was, that they were empowered to raife money by the fale of 3 per Cent. An- nuities to the amount of the debt of government to the Company. The capital of the annuities fold was 2,992,440 ; 5, the dividends on which were paid at the Eaft-India Houfe, the Company receiving from govern- ment ^1,687 per annum, for management. Thefe an- nuities are now confolidated with the 3 per Cent. Reduced Bank Annuities. See p. 19. On the 26th November, 1755, the General Court agreed to a reduction of the dividend from 8 to 6 per cent, from the 25th December following. On the 29th Auguft, 1766, the Court of Directors received a notice from the Secretaries of State, that the Company's affairs would be investigated in the next fef- fion of parliament ; in confequence of which, the price of their flock fell from 230, at which it had been fold a few days before, to 206, but foon after rofe again ; and, in the courfe of the next year, the dividend being increa- fed to 10 per cent, it got up coniiderably ; the average- price of the whole year being 254. At this period an agreement was entered into for the payment of 400,000 per annum to government, in confideration of the terri- torial acquifitions and revenues in the Eaft-Indies remain- ing in pofleffion of the Company ; and this contribution was accordingly continued for feveral years, the agree- ment being renewed in 1769 for the term of five years; but, in 1773, the Company, labouring under confiderable difficulties, were unable to make the faid annual payment, and obliged to apply to parliament for relief: in confe- quence of which, an ar. was paffed for advancing them 1,400,000 by way of loan; and, until this Aim mould be ( 79 ) be repaid, the dividend to the proprietors was not to ex- ceed 6 per cent, after which it was not to exceed 7 per cent, until their bond-debt was reduced to 1,500,000. From thefe circumftances the price of the Company's ftock fell confiderably from the latter part of 1772 till February, 1774, when their affairs began to wear a brighter afpecT;. On the ift March, 1776, 980,000 of the loan from government had been repaid, and the re- mainder being afterwards difcharged, and the affairs of the Company otherwife in a good fituation, the dividend was raifed at Chriftmas following to 7 per cent, and, in 1778, to 8 per cent, from Chriftmas, 1777; the bond- debt being reduced to a million and a half, agreeable to the above conditions, by the 24th June, 1 778 j in confe- quence of which an acf, was paiTed in the next feffion, for continuing the territories and revenues in the Eaft Indies in the poffeilion of the Company for one year, from the 5th April, 1779, which, in 1780, was again continued for another year. At a Court of Proprietors, held the 25th June, 1781, it was agreed to offer to pay into the Ex- chequer 4.00,000 in full difcharge of all claims of the public upon the Company up to the ift of March ; and as, in the preceding year, notice had been given, conforma- ble to the aift of 17 Geo. II. that the 4,200,000 and all arrears would be paid off on the 10th April, 1783, a new agreement was made with government, by which the Company were to continue to enjoy their exclufive privi- leges to the ift March, 1794, then to ccafe and deter- mine, upon the former conditions of three years previous notice, and repayment of all fums due to them. The furplus of their nett profits after paying their dividends were appropriated, three-fourths for the fervice of govern- ment, and one-fourth to be retained by the Company ; and ( 86 j and they were reftri&ed not to increafe the dividend of 8 per cent, more than I per cent, in any year. This re- ftri&ion was however foon found unneceffary; for, the nett profits of the Company* from the ift March, 178 1, to the ift March, 1782, did not amount to fo much as a dividend of 8 per cent, on their ftock by 22,023 ; in ConfequenCe of which it became neceflary for government to allow a farther time for the payment of 396,466 : 2 : 6, Which was due from the Company for cuftoms, befides a part of the fum they had agreed to pay in 1781 ; and they were at the fame time empowered, notwithftanding the above deficiency, to continue their dividend at 8 per cent. In the following year, the war in India and other circum- ftances increafed the embarraflment of the Company's af- fairs; and, by a ftatement of their accounts from the ift March, 1782, to the ift March, 1783, it appeared that the nett profits of that year did not amount to a dividend of 8 per cent, by 255,813, which dividend they were neverthelefs authorized by parliament to continue ; and, to enable them fo to do, government iffued Exchequer- Bills, amounting to 300,000, which the Bank undertook to lend money upon to the Company. Thefe circumftan- ces caufed a confiderable fluctuation in the value of the Company's ftock, which fell from 145, in February, 1783, to Ii8|, in January, 1784. The total amount of the fums due from the Company to government had increafed at the laft-mentioned period to 1)023,519 : 5 : 2; the bill and bond debts of the Company, alfo, at this time confiderably exceeded their ufual amount, in confequence of which the commiflioners of the Treafury were au- thorized to extend the time for payment of the fums due to government to the ift January, 1786. By ( 8i ) By 26 Geo. III. c. 62, the Company were empowered to increafe their capital by creating 800,000 new ftock, on which they railed 1,240,000, at the rate of 155 per cent.; and, in 1789, they obtained another at, enabling them to add a million to their capital, which was effe&ed at the rate of 170 per cent, and preference given to fuch perfons as were ftockholders at the time of fubfeription. The capital of the Company thus became ,5,000,000, the dividend on which continued 8 percent, till 1793, when, in purfuance of an agreement with government for the renewal of their charter, they were to add another million to their capital, and raife the dividend on the whole to 10 per cent. They alfo entered into an engage- ment to pay to government 500,000 per annum, provi- ded a certain furplus remains beyond their dividends and other regular payments. This contribution however has not been paid fince April, 1794. The new ftock, created in 1793, was fold at 200 per cent, preference being given to ftockholders, as on for- mer occafions ; and the money thus raifed was to be ap- plied to the difcharge of 600,000, then due from the Company to the Bank, and in the reduction of their bond- debt in Great Britain to 1,500,000. By the aft 33 Geo. Ill c. 47, the debt of 4,200,000, due from the public to the Company, was cancelled, by confolidating the fame with the 3 per Cent. Reduced Bank-Annuities; and, by 33 Geo. III. c. 52, the exclufive trade is con- tinued under new regulations for twenty years from the 1 ft March, 1794, with a provifo, that if, after the expi- ration of that term, their right to the folc trade fhall ceafe, in confequence of three years notice being given by parliament, and the repayment of fuch fums as mav be then due from the public, they fhall continue a corpo- M ra'.ion ( 82 ) ration nofAvithftanding, with power to carry on a free trade in common with other perfons. On the 26th O&ober, 1796, a general court was held, to confider of an application to parliament for liberty to increafe the capital ftock of the Company ; upon condi- tion that the power of iffuing bonds mould be reduced the fame amount as the capital fhould be increafed. As fome oppofition was made to this meafure, the farther consideration of it was poftponed to the 2d November, when it was agreed upon; 2,000,000 being the amount of the propofed augmentation. On the 20th December, a petition was prefented to parliament, for leave to bring in a bill for this purpofe, and the aft received the royal aflent on the 7th March, 1797, but has not yet been car- ried into execution. 1,000 India Stock entitles the proprietor to a vote at the general courts, but he muft have been in poffeiJion of it twelve calendar-months, unlefs it (hall have come to him by bequeft, marriage, or inheritance. 2,000 is the qualification for a Director; 3,000 entitles to two votes; 6,000 to three votes; and 10,000 to four votes. The dividend on India Stock has varied confiderably, it has been 6, 10, I2, 8 ; at prefent it is iof per cent. Royal- Exchange A flu ranee. This Company was eftablifhed by an al 6 Geo. I. c. i8: and, by their charter, executed the 22d June, 1720, ( 3 ) 17*20, they were empowered to afTure fhips and goods at ft-a or going to fea, and to lend money on bottomry, and to raife for this purpofe a capital of 1,500,000; on condition that, upon three years notice being given by parliament, at any time within thirty-one years from the date of the charter, and repayment of the fum of 300,000, which the Company had agreed to pay to government, the corporation fhould ceafe. In the fol- lowing year they obtained another charter, dated the 29th April, 1 721, by which they were authorized to afTure lives, and alfo to afTure houfes and goods from fire, and were empowered to raife a farther capital of 500000, making, with the former fum, two millions. It was alfo enated, that, in confequence of the Company having paid into the Exchequer 11 1,250, and having covenanted to pay the farther fum of 38,750 within three months, they fhould be releafed from payment of the remainder of the 300,000. The whole capital of 2,000,000 was fubfcribed, but it was thought necefTary to call for the payment of only 500,000; which, after paying the 150,000 to government, has been found fuflicient for carrying on the extcnfive concerns of the Company. A new branch has been lately addid to their bufinefs, by an at, obtained in 1 793> enabling them to grant and pur- chafe Annuities on Lives, either immediate or in re- verfion. The dividend to the proprietors, which has gradually increafeJ from 3 to 6-, per cent, becomes due at Chriftmas and Midfu miner, and is ulually paid about the 15th Ja- nuary and July. The transfer-days are Tucfdays and Thurfdays, between the hours o\ eleven and one. 1 ne dividends are paid on Mondays, Wednefdavs, Fridays, and Saturdays, from ten to two. M 2 London- ( 8 4 ) London- AfTurancc. The charters of this Company were granted at the fame time with thofe of the Royal-Exchange Affurance, for the fame purpofes, and upon fimilar conditions; one of which is, that no perfon poffeffing ftock in either Com- pany can purchafe ftock in the other, under penalty of forfeiting the fhare fo purchafed. The principal difference in the bufmefs of the two offices is, that the London- Affurance confine themfelves to fea and fire affurances, very feldom afluring lives, and not being empowered to grant annuities. Their ftock: is ^r, 000,000 divided into (hares of ^25 each, on which 11 : 10 has been paid in, making the whole fum paid in ^"500,000. The dividend has been raifed to \bs. per fhare per annum, and becomes due at Lady-day and Michaelmas. The transfer- days are Tuefdays and Thurfdays, from eleven to three o'clock. The dividends are paid, on Mondays, Wednef- days, and Fridays, from eleven to three. India-Bonds. India-Bonds are generally for jioo each, and bear 5 per cent, intereft, payable the 31ft March and the 30th September.* In felling them, the intereft due up to the * They formerly bi.re 4 per cent, intereft, but the Company have lately come to a refolution to pay ^ p^' cent, commencing from ^cth June, 17565 and that they will n ;t reduce the fame without !>ivin fix months previous JiOt'iCC. day ( 85 ) day of fale is, with the premium, added to the- amount of the bills ; which forms the fum to be paid by the pur- chafer. The premium, which is therefore the variable part of the price, is influenced by the price of flocks, the number of bonds in circulation, and other circumftan- ces. Government have thought proper, at feveral diffe- rent times, to require that the bond-debt of the Com- pany in Great Britain mould be reduced to ^1,500,000; which it appears had been effected in June, 1778. In 1783, they were empowered to borrow a farther fum of ^500,000 upon bonds. By the conditions on which they were permitted to increafe their capital in 1793, they were again to reduce their bond-debt of ^3,200,000 to ^1,500,000, beyond which it was not to be increafed in future without the approbation of the Board of Com- miflioners for the Affairs of India, and in no cafe was to be increafed to more than two millions. But this reduc- tion was not. completed ; for, in the next feffion, the Company obtained an acT, authorizing them to continue their bond-debt at ^2,000,000; and, with the confent of the Commiflioners, at any time hereafter, to iflue bonds to the amount of another million. Thefe bonc ; s arc a very marketable fecurity, and are therefore particularly convenient for fuch perfons as have money to lay out which they may have occafion for at an uncertain time; and likewife for public companies and fo- cieties to keep in hand to anfwer emergencies. Exchequer- ( 86 ) Exchequer- Bills. The firft bills of this kind were iflued in 1696, amounting to 2,700,000,* to ferve as a temporary fubfti- tute for cafli during the re-coinage at that period; but they have been fince iflued by government, yearly, for obtaining part of the money necefTary for the expenfes of the current year. The fum of 2,750,000 is ufually raifed in this manner on the credit of the Land and Malt Tax, although it is well known that thefe taxes never produce fo much, the deficiency being always made good out of the next fupplies. The fum to be iflued out of the produce of the Confolidated Fund may likewife be raifed by thefe bills, charged upon the growing produce of the furplus of the faid fund ; alfn other fums for ordinary and extraordinary expenfes, by bills charged upon the firft fupplies of the next feflion ; fo that of late years the total amount of outftanding Exchequer-Bills has ufually been about eight millions. The Bank, fince 1706, have con- tracted with government for the circulation of thefe bills at a certain premium. The intereft they carry has been at various rates, from 7 : 12 to 3 per cent.; thofe at piefent in circulation bear intereft at the rate of %\d. a day per cent, which is computed up to the day of fale, from the refpe&ive dates of the bills. They are gene- rally for 100 each, but many of thofe ilTued on the vote of credit are for 1,000, and they have fometimes been made out for much larger fums : they are numbered * Some of thefe bills were for the fmall fums of 10 and 5 each. arithme- ( 7 ) arithmetically, and regiftered accordingly, for the pur- pofe of paying them off in a regular courfe. They are paid at the Exchequer-Bill Office in St. Margaret's Street, and the time of payment is notified by adver- tifement. In October, 1796, the 5 per Cent. Exchequer- Bills, iflued on the vote of credit, being at a confiderable dis- count, it was thought proper to fund them ; and the terms agreed upon were as follows : The holders to be en- titled for every 100 to either of the following ca- pitals : 176 : 19 : 9I: in the 3 per Cents, from the 5th July. 137 : 18 : "]\ in the 4 per Cents, from the ictli October. 118 : 6 : \o\ in the 5 per Cents, from the 5th July. The amount of the bills thus funded was 1,433,870, and the capiul Mock created in the different funds, as follows : 1,999,699 : 4 : 4 in the 3 per Cents. 104,432 : 5:8 in the 4 per Cents. 270,202 : 4 : 8 in the 5 per Cents. 2,374,333 : *4 $ The total amount of Exchequer-Bills outftanding on the 5th January, 1797, confiftcd of the following fums: Exchequer- ( 88 ) Exchequer-Bills for advances by the Bank on the Land-Taxes for the years 1794, i795> 1796, 1797 ~ 4>i53i00o Ditto on the Malt-Taxes for ditto 1,866,000 Ditto for relief of the merchants and plan- ters of Grenada and St. Vincent's 73^000 Ditto towards the Supply, 1795 368,600 Ditto on the Confolidated Fund, 1795 1,154,000 Ditto on Vote of Credit, 1796 1,110,600 Ditto on Confolidated Fund, 1796 1,323,000 Total, 10,048,200 Navy and Victualling Bills. The nature of thefe two articles is (o very fmnilar that it is unneceilary to mention them feparately. They are iflued by the Commiffioners of the Navy and Vic- tualling Offices for flores and provifions purchafed for the fervice of the Navy j and, that the contractors may not be lofers by receiving them in payment, the current difcount, at the time of making them out, is added to the amount of the goods delivered. The inconveniences, arifin? from too great a number of thefe bills remaining- undifcharged at any time, have induced government? at different periods, to allow the proprietors to exchange them for a certain proportion of redeemable frock ; whereby they become poiTefled of at leaft an equal fecu- rity ( 8 9 ) rity, with the advantage, that any part of it can be dif- pofed of, as occafion may require, inftead of being limited in this refpecf. by the amount of the bills, which is gene- rally confiderable : the intereft alfo, by this means, be- comes payable at regular periods; whereas the time of payment of the intereft on the unfunded bills, previous to the regulation which took place in 1794, was always yncertain, no payment being made till the principal with the intereft due thereon were difcharged toge- ther. In 1749, the navy-debt being confiderable, an at was pafled, allowing the holders of Navy, Vi&ualling, and Traniport Bills, and Ordnance-Debentures, made out before the 31ft of December, 1748, amounting to 3> 2 3>382 : 5 : 1, to fubfcribe them into the 4 per Cents, which have fince been reduced to 3 per Cents. In 1763, the proprietors of bills, to the amount of 3,670,739 : 2 : 8, were allowed to fubfcribe them into 4 per Cent. Annuities, which annuities, amounting to 3.483,553 : 1 : 10, were redeemed in the courfe of the next four years. In 1765, likewife, Navy, Victualling, and Tranfport Bills, to the amount of 1,347*500, were fubfcribed into the 3 per Cent. Reduced Annuities, on certain conditions, agreeable to the at 5 Geo. III. fince which period a 5 per Cent. Stock has been created by funding thefe bills, for the particulars of which fee page 11. The outftanding Navy and Victualling Bills, on the 31ft December, 1783, amounted to 13,347,652 : 3 : 9 ; and, from the market being thus overilccked, the difcount on them was, on the 8th January following, as high as 21 per cent, but the amount being reciuccd by the fund- ing in 1784, the d.fcounc fell of courfe. On the 6th N April, ( 90 ,) April, 1785, it was 15^ per cent. ; in July, 7% ; and, in Deeember, when the funding of that year had reduced the navy-debt to a fmall amount, the difcount on thefe bills was only i\ per cent. In December, 1791, they were at par ; but, fince the war, nave again borne a difcount, which, in 1796, increafed very confiderably. In the be- ginning of the year, it was from 3 to 4 per cent. ; but, on the 3d Auguft, had got to 10 per cent, and the bills of the following month were iffued at from 13I to 15I, in confequence of which it was found neceflary to fund them, and to ifTue bills of a different defcription for the future. Accordingly, on the 26th October, a meeting was held, at the London-Tavern, of the principal holders of Navy, Victualling, and 5 per Cent. Exchequer Bills, when the following propofals for funding them were agreed to: The Navy and Victualling Bills to be divided into four clafTes, according to their dates, and to be funded in either 3 4) or 5 P er Cent, flock, at the option of the holders ; the flock to be taken at the following prices, which were regulated by the current-price of the morning on which the meeting was held. 3 per Cent. 4 per Cent. 5 per Cent. Oct. Nov. Dec. 1795 56 72 84 Jan. Feb. Mar. April, 1796, 56! 72* 84* May, June, July 57 73 85 Auguft, Sept. Oa. 57I 73f 85^ According to thefe rates, Cie capital created by every jCioq funded, and the intereft produced thereby, was : FIRST ( 9 1 ) FIRST CLASS. * Capital. Intereft. 3 per Cents, i78 : 11 : 5 5 7 i 4 per Cents, 138 : 17 : 9i - 5 : 11 : l 5 per Cents, 119 : : SECOND Capital. CLASS. 5 : 19 : Intereft. 3 per Cents, 176 : 19 : 9* ~ 5:6: a 4 per Cents, 137 : 18 : 71 - 5 : 10 : 4 5 per Cents, 118 : 6 : THIRD Capital. ioi- - CLASS. 5 : 18 : Intereft. 4 3 per Cents, i75 : 8 : 9 5:5: 3 4 per Cents, 136 : 19 : 8* - 5:9: 7 5 per Cents, 117 : 12 : FOURTH Capital. CLASS. 5 : 17 : Intereft. 7 3 per Cents, '73 : 18 : 3 5:4: 4 4 per Cents, 136 : 1 : 1 5:8: JO 5 per Cents, 116 : 19 : 2 5 : 16 : 11 Thefe propofals being agreed to, an at was palled for carrying them into execution, purfuant to which bills, amounting to 1 1,595,529 : 8, have been cancelled and converted into Mock in the following proportion : In the 3 per Cents, 16,437,273 : 1 : o 4 per Cents, 764,801 : 5 : jo 5 per Cent*, 2,024,228 : 18 : 9 19,226,353 : 5 : 7 N 2 In ( 9* ) In 1794j all Navy and Victualling Bills were made payable on a certain day to be expreiTed in each particular bill, which day was not to exceed fifteen months from the date of the bill ; but the bills now iflued from the Navy and Victualling Offices are at 90 days date, bearing intereft at ^\d. per cent, per diem, commencing from the date of the bill, and payable with it ; and thefe bills, being negotiated as bills of exchange, of courfe can- not be bought and fold at a difcount. Ordnance-Debentures. Thefe bills are iflued by the Board of Ordnance to per- fons contracting for ftores, &c. purchafed in that depart- ment ; and, as they are not payable at any fixed period, and do not bear intereft, there is always a difcount upon them, which has fometimes been very confiderable. Al- though thefe bills are not originally entitled to any inte- reft, it was thought proper to allow the proprietors of thofe funded in 1784 and 1785 to add intereft to them at 4 per cent, after the expiration of fifteen months from the refpective dates of the bills. Omni UiJl. ( 93 ) Omnium. When a loan is (imply a certain fum lent at any fixed rate of intereft, it is evident the gain of the iubfcribers muft entirely depend upon the market-price of flock, bearing the fame intereft, being higher, when they may have occafion to difpofe of their new ftock, than the price at which they made their agreement with the Minifrer; but, of late years, the terms of the loans have generally confifted of feveral diftinft articles j as, 3 or 4 per Cent. Confols, Long Annuity, and a certain number of Lot- tery-Tickets j and the term Omnium, which appears in the ftock-lifts for fome time after every new loan, includes all the feveral articles in the contrail between government and the original fubferibers : e. g. i y ooo Omnium of the year 1795 contained 3 per Cent. Confols. o 4 per Cent. Confols. 9 Long Annuity. 5 j Imperial 3 per Cents. 8 Imperial Annuity. 6 Additional Long Annuity. scrip. ^750 ' 250 : 3 : 3 159 = H 9 : 1 1 O : 7 ( 94 ) Scrip. The loans to government are advanced by inftalments, the firft of which is umally 10 or 15 per cent, depofited at the time of fubfcribing, and the following payments are generally fixed at about a month's diftance from each other. Some of the fubfcribers pay their whole fubfcrip- tion at the time fixed for the firft or fecond payment, and their fhares beeome immediately transferable ftock, but the greater part difpofe of the feveral articles, that make up the terms of the loan, feparately; and, in this ftate, the 3 or 4 per Cent. Confols, &c. are diftinguifhed by the name of Scrip, till the whole fum has been paid in upon them. The payments on the loan of the prefent year were fixed as follows : 1 7,000,000. 10 per Cent. 30 April. 15 2 J May. 15 22 June. 15 20 July. 15 23 Auguft. jo 21 September. 10 " 23 October. 10 23 November. The value of Scrip, after any given number of pay- ments have been made thereon, is computed by adding to, or fubtr acting from, the amount of the payments that have been made, the difference between the price the flock was taken at, and the market-price of the fame ftock. EX- ( 95 ) EXAMPLE I. What is the fum to be paid for the purchafe of 1,000 3 per Cent. Scrip, on which four payments of aO per cent, have been made : valued at 48 : prefcnt price of 3 per Cent. Confols 49I ? Four payments of 10 per pent, on 480 192 \\ per cent, on 1,000, being the difference 7 of price between 48 and 49J 5 Sum to be paid 20 7 EXAMPLE II. What is the fum to be paid for 1,000, 4 per Cent. Scrip, on which four payments of 10 per cent, and one of 15 per cent, have been made : valued at 66; and pre- fent price of 4 per Cent. Confols 63^- ? Four payments of 10 per cent, on 660 264 : o One ditto 15 per cent. 99 : o 363 : o l\ per cent, on i,oco 28 : 15 Sum to be paid 391 ' 15 C 96 ) A general Method* for finding the Value of any Quantity of Stock fold or pur- chafed. Rule. Multiply the price of the {lock by the quan- tity, obferving, inftead of the fractional part of the price, if any, to affix the refpetive figures agreeing thereto, in the following fcale, with a point on the left fide; then, for the Perpetual Annuities^ as 3, 4, or 5 per Cents, &c. point off two more figures from the product than were affixed for the fractional part of the price, and the figures on the left fide of the point will be pounds ; the remain- ing figures, being multiplied by 20, and the fame number * Some of the ufual methods of finding the value of any quantity of ftock are the following, viz. Let it be required to find the va- lue of $? 9, Three per Cent. Con- sols, at 47! per cent. * or 10: c k - 529 47 or 5:0 i or % : 6 3703 2Il6 24863 - 264 : - 132 : 66 : 10 5 2 6 253,25 : 20 17 6 5> J 7 1,10 235 Let it be required to find the va- lue of 550, Four per Cent. Con- fols, at 63^ per cent. 63 : 2:6 5 C 3*5 3 1 347 = 3 again ( 97 ) again pointad off, will be the (hillings, if any j and the remaining figures being multiplied by 12, and pointed off, as before, will be the pence, if any ; which pounds, (hil- lings, and pence, make up the whole of the purchafe- money. For the Terminable Annuities, as Long, Short, Impe- rial, Sec. mark offfo many figures only, in the products, as were affixed for the fra&ional part of the price. SCALE. t 1 6 ,0625 & ,5625 I T >I25 i ,625 3 IS .187s a ,6875 1 >*5 T ,75 5 ,3125 44 ,8125 I >375 t ,875 7 "i"5 54375 4* >9375 1 *, >5 EXAMPLES. What is the purchafe of 816, Three per Cent Con- Cols, at 48^ per cent. ? 48,615 816 291750 48625 389OOO 396,78000 20 i5,600O& 12 7,20000 Anf * 396:15^7 O Wha ( 9 ) What is the value of 58, Long Annuity, at 14^ years purchafe ? 14,1875 58 1 1 35000 709375 822,8750 20 17,5000 12 6,0000 Anfwer, 822 : 17 : 6 What is the purchafe of 2470, Five per Cent. Navy, at 75I per cent. 2470* 75>5 12350 12350 17290 1864,850 20 17,000 Anfwer, 1864 : 17 : o * It is immaterial whether the price or the quantity of ftock is made the multiplier. What ( 99 ) What is the value of 26, Short Annuity, at 6^, years purchafe ? 6 >4375 26 386250 128750 167,3750 20 7,5000 12 6,0000 Anfwer, 167 : 7 ; 6 O 2 TABLE ( ioo ) TABLE I. Shewing the Intereft due on 100 in the 3, 3f, 4, and 5 per Cent. Public Funds j and upon 1 per Annum in the under-mentioned Annuities, for every Day in die Year. c c c 2x6 ~< s< < <2 3 S N 10 . ft* eu c > r^ f-to 6 j^ M V 3 O -. os c/5 O 2 is c c 5 * C c/5 c c e 2 < u 5 O V u '-> 0- s z y 2 U Crt U < '-5 2 5 -5 .t^ a. ^> Li U cu so t; c C J3 a E m en cr> C. CO o to CO <* ul J CO J. /. s. d. i. .? n c* ""; - c/5 (^ to CJ to E CM .i: '5 c c c > e -0 c u c/5 c 9 c 2; c < u 2 o*2 U u C/5 CJ -1; -3 .5 u ~ c G c/5 CJ CJ H K V Q*T3 T3 t) O.T3 IX M|fl a. a. c if TO CO co en CO to CO <* "" J v) - J. 9 8 2 6 9 4 9 7 -4 7 20 5 I! 3 32 9 ! 16 8 2 6 ic 5 9 V *4 9 20 7 " 5 33 j i(3 4 8 3 6 10 6 9 1 1 14 1 : 20 9 11 7 33 > ,6 7 8 4 6 11 7 10 1 -5 1 20 1 I 1 1 10 33 5 i 16 10 S 4 7 2 10 3 *5 3 7.1 I 12 33 8 j 17 2 S 5 7 9 10 5 *5 5 21 3 12 2 33 11 J 7 5 8 6 7 / 1 IC 10 7 2 5 7 2 1 5 j 2 4 34 1 ! 17 8 8 6 7 1 ' 1 10 9 25 9 21 7 .2 7 54 4 ; 17 11 8 7 7 2 1 2 10 u 2 5 1 1 2 1 9 12 34 7 | 18 7 S 8 ' 3 '3 j 1 1 :b 1 21 II :2 11 34 10 iS 6 >; 8 7 5 14 1 1 3 2 3 22 I 13 2 35 ,8 9 s 9 7 4 IS ) 1 5 26 5 12 2 ! 3 4 -.5 3 19 1 s K 7 5 16 1 1 7 26 7 22 4 13 6 35 r ^ 9 4 8 7 5 "i 1 1 9 ! G 9 12 6 '3 & 35 8 '9 7 1 " (> *i 1 1 11 1 .6 >i 12 8 '5 J i j5 11 19 11 9 3 7 7 ( I2 ) H< dm. Mar. i$ 20 21 22 23 24 25 26 27 28 20 3 C 3 1 April 3 4 5 6 7 8 $ ic i] 12 13 14 '5 16 37 3 23 25 26 2/ 2S 3 r - May j 3 5 7 9 :i I 3 5 7 9 n 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 "5 <" J -o So W o O-TS t. to J. rf. 4 4 9 4 " 5 5 11 6 1 6 10 7 o 7 2 7 4 7 6 7 8 7 10 * 4 I 5 I 9 S 11 9 * 9 11 o 1 o 3 11 8 1 10 1 11 2 11 3 1 3 11 4 1 4 " 5 1 5 3 5 5 5 7 5 5 10 6 o 6 2 6 4 6 6 6 8 6 10 .0 >-> > c y 4 > June 19 July Aug. 3 v> t- c M< H C/5 -a c a < CO* c c < a. 2 B O O > * is '3 c c '> cu-o ro co CO CO s w 2 CO CO O Q CO CO c/5 C u CL. <* c .9 O a* 1 8 so t: c i-5 co < 7T 1. 5 2 1 21 8 3 5 5 4 1 11 16 5 12 7 2 3 21 11 3 3 5 6 4 a 2 1 16 7 12 9 2 6 22 2 3 6 5 6 4 3 2 3 16 9 12 n 2 8 22 4 3 JO 5 7 4 3 2 5 16 11 13 1 2 10 22 7 4 1 5 8 4 4 2 7 '7 1 13 2 3 1 22 9 4 4 5 8 4 5 2 9 '7 3 13 4 3 3 23 4 7 5 9 4 5 2 11 5 7 5 ,3 6 3 5 23 2 4 11 5 10 4 6 3 1 r 7 7 13 8 3 7 23 5 5 2 5 10 4 7 3 3 17 9 13 10 3 10 23 7 5 5 5 11 4 7 3 5 r 7 10 14 4 23 10 5 8 5 11 4 8 3 7 [8 14 2 4 2 74 6 6 4 9 3 9 18 2 14 4 4 4 24 3 6 3 6 1 4 9 3 11 )8 4 ,4 6 4 7 24 6 6 6 6 1 4 10 4 1 18 6 ,4 8 4 9 24 8 6 10 6 2 4 11 4 3 18 8 14 10 4 " 24 11 7 1 6 3 4 11 4 5 18 10 15 5 25 1 7 4 6 3 5 4 7 9 '5 2 5 4 25 4 7 7 6 4 5 * 4 9 9 2 5 4 5 6 25 & 7 31 6 5 5 1 ( 105 ) Aug. :pt. 16 c i c c a _S e 8 < B ,9 r^"3 -O CO 0- 8 J c > OJ 3 O (A 1* CO 1 U Z c c s fc q O C I?) J c e '3 c < B V ^ 9 B B c o- I* U O CO O O 0; '3 n Sul -o -o '3 B a. CO -IN u Si la 6 an c -G u E cl ci d co 1*1 J. c> c> CO + Vi -J s. 00 I. d. d. I. /. *. rf. *. '3 4 i4 3 19 c a 7 7 A 7 " T 10 ;2 2 .3 6 34 6 19 4 S 7 7 5 9 26 c 22 4 3 34 8 19 7 8 8 7 r 1 1 26 2 22 6 13 11 :4 1 1 19 1C 3 9 - e 12 i 26 4 22 8 '4 ' 35 1 :o 1 8 7 - 12 3 26 6 22 20 '4 3 35 4 20 5 S IC 7 ( io6 ) * Si O " c V a. '-3 c c HI CO V s * SB .2 c -0 -o si A a a. 6 c O O a. u CO 3 c c CI U a. > c u U B a. Is C " c j5 wrttnw c CO CO CO * w J c/} J. rf. s. rf. J. J3 6 27 9 24 2 T 5 9 37 22 7 9 3 *7 *3 8 -7 j 1 24 4 16 37 3 22 IO 9 4 z3 13 10 28 1 24 5 16 2 37 5 23 I 9 4 9 14 18 3 24 7 16 4 37 8 *3 4 9 5 3" H 2 2S 5 24 9 ,6 7 37 10 1*3 8 9 6 oa. 1 14 4 .8 7 24 11 16 9 38 1 23 11 9 6 2 14 6 iS 9 25 1 16 .1 38 4 24 2 9 7 3 14 8 18 11 2 5 3 17 1 38 6 24 5 9 8 4 14 10 *9 2-5 5 17 4 38 9 24 9 9 8 5 15 29 2 25 7 17 6 38 11 25 9 9 6 15 2 29 4 25 9 r 7 8 39 2 25 3 9 9 7 15 4 -9 6 25 11 17 11 39 4 2 5 7 9 10 8 15 6 -9 8 26 1 (8 1 39 7 25 10 9 'i 9 '5 8 29 10 26 3 18 3 39 9 26 1 9 " JO '5 10 30 26 5 18 5 40 26 4 10 I! 16 2 26 7 18 8 3 26 8 1 12 16 2 4 26 9 18 10 5 26 11 i. 13 16 4 6 26 11 19 s 27 2 2 1.1 16 6 8 27 1 19 3 11 27 5 3 IS 16 8 10 27 3 19 5 1 2 27 9 3 r6 16 10 1 27 s 19 7 1 4 28 4 17 16 11 1 2 27 7 9 9 1 7 28 3 5 I? 17 1 1 4 27 9 20 1 10 28 6 5 15 17 3 1 6 27 1 1 20 2 2 28 IO 6 2C '7 5 1 8 28 1 20 4 * 3 29 1 7 a 1 17 7 1 10 28 2 20 7 2 6 29 4 7 22 17 9 2 28 4 20 9 2 9 29 7 8 23 i7 11 2 2 28 6 20 n 2 11 29 11 9 2- 28 1 2 4 28 8 21 1 3 2 30 2 9 25 , 3 2 7 28 10 21 4 3 5 30 5 10 26 18 5 2 9 29 21 6 3 7 30 8 ii 27 18 7 2 1 1 29 2 21 8 3 10 31 1 28 18 9 3 1 29 4 21 10 4 1 3i 3 1 2 J 18 11 3 3 29 6 22 1 4 4 31 6 1 1 3C J 9 1 3 5 29 8 22 3 4 6 31 10 1 2 3 ] ] 9 3 3 7 29 10 22 5 1 4 9 32 1 1 2 Nov. 1 '9 5 3 9 30 22 8 5 32 4 1 3 2 19 7 3 1 1 2 22 IO 5 2 32 7 1 4 3 19 9 1 4 1 4 23 1 5 5 32 II * 4 ( *7 ) 1 ** C M c V ^> 0" u . ~ 0.-0 c c S . c "8 5 55 3 1 m co c a < d. 6 c k. J. is 5 u u a. c 2 c a <;-43 c '3 c c <$ ."2 it E I. d. I. d. J. 5 4 1 1 10 7 13 21 4 5 9 2 24 11 7 5 35 7 1 u 8 14 21 6 5 " 2 2 l S 7 " 3 5 'O 2 9 IS 21 8 6 1 2 4 25 4 8 2 36 2 2 9 16 21 10 6 3 2 6 25 6 8 4 3 6 5 2 1 10 17 22 6 S 2 8 .5 8 8 7 56 2 2 1 1 iS 22 2 6 7 2 10 25 10 8 ic 3 o 11 2 2 11 9 22 4 6 9 3 26 1 9 37 3 2 3 1 20 22 6 6 11 3 2 26 3 9 3 7 6 2 4 1 1 21 22 8 7 * 3 4 26 5 9 ! 37 9 2 4 1 1 22 22 10 7 3 3 6 *6 8 9 8 18 1 2 5 1 2 2 3 2 3 7 5 3 3 26 10 9 11 38 4 2 6 1 3 2 4 23 2 7 S 3 10 27 c 10 2 38 7 2 6 1 3 2 5 23 4 7 10 4 27 2 io 5 38 10 2 7 1 4 26 23 6 8 4 2 7 4 ! 7 5 l < a 2 8 1 S 27 23 8 8 2 4 4 *7 7 10 lo 19 <; 2 9 1 5 28 23 IC 8 4 4 27 9 1 1 1 59 S 2 9 1 b 29 24 8 6 4 8 27 1 1 11 4 59 11 210 1 7 33 24 2 8 8 4 10 28 2 11 6 4 3211 1 7 Dec. I 24 4 8 10 5 28 4 11 9 r 6 i 2 11 1 8 2 24 5 9 u 5 2 28 6 12 t' J 9 I 3 ' 9 3 24 7 9 2 5 4 ,8 9 12 2 t' 3 ' 9 4 J4 9 9 4 5 28 11 12 r, . M 4 I 3 > 1 1 > 5 24 11 9 6 5 8 29 1 12 8 M 7 I 3 2 1 1 1 6 2 S 1 9 S 5 10 29 4 12 10 . ti l 3 3 1 1 1 7i 25 3 9 lo 6 - ,9 6 13 1 .. 3 1 | 3 3 2 8 25 5 10 6 2 2,) 8 13 4 J42 5 3 4 2 1 9 ; -5 7 10 2 6 4 ) ic '3 7 !42 1 5 i ' , *5 9 10 4 6 I) i ' 5 9 ;: 1 1 3 5 2 2 .. 25 11 10 6 6 S 3 '4 43 2 3 6 2 3 J2 10 1 10 8 6 v 5 5 4 3 43' 6 3 7 - 3 I] 26 3 TO IO 6 11 | ) ' 4 1 ,43 9 3 " 2 4 1^ 26 5 I I O 7 J 50 IC 4 8 '44 3 S 2 4 I : 26 7 1 I 2 7 3 ;i 4 'i 44 4 3 9 2 5 !b 26 9 11 4 7 5 ; 1 2 S ' 44 " 5 > 2 6 1 26 1 1 i I 7 7 ;i 5 3 'o 2 6 iS 27 1 11 s 7 V , 1 7 5 7 Us 1 3 n 2 7 . 27 3 I 10 7 11 1 9 1 5 '- 4 5 5 3 n 2 * 1 ( io8 ) . c B c 13 C C J3 . c s< < JS 2 <2io w < 3 . v2 >> S d "l . "2 <*> & c > O r> r--C0 E .m V '0 U CO ( ^ u S5 :s c c u E ^ -0 SO c CO c u c c < U 0* oZ CO U O <; '-9 * &.J .S d u ." hi 2 IO 23 27 11 12 6 8 7 32 6 16 9 46 6 4 2 2 IO 24 28 1 12 9 8 9 32 9 16 11 46 9 4 3 2 II 25 28 2 12 II 8 11 32 11 17 2 ,7 4 4 3 26 28 4 13 I 9 J 33 * J 7 5 47 3 4 4 3 27 28 6 3 3 9 3 33 4 17 8 47 7 4 5 3 1 28 28 8 J 3 5 9 5 33 6 17 10 47 10 4 6 3 2 29 28 IC '3 7 9 7 33 8 18 1 48 1 4 6 3 2 30 29 13 9 9 9 33 10 18 4 48 4 4 7 3 3 31 29 2 13 11 9 34 J 18 6 48 8 4 8 3 4 N. B. The payment of the dividends on the Three per Cent. Imperial Annuities being at prefent deferred from May to July, and from November to January, it will be proper, while they remain fo, to value the growing inte- reft, by the Table, as for 65 days before the given time. The dividends on the Five per Cents, of 1797 being due at Lady-Day and Michaelmas, the growing intereff. there- on, at any given time, will be the fame as for the Five per Cent. Navy, by the Table, three months before the faid time, TABLE ( i9 ) TABLE II. Shewing the feveral Prices the different Funds, in a Line with each other, muft be at to produce an equal Inte- reft; and alfo the annual Interest produced by jioo Sterling, inveiled at any of thofe lundry Prices. 3 P er Cent. F~ 40 1 1 z 8 4* 42 43 44 3 \ per Cent. 4 P e r Cent. 5 per Cent. Intereft. . 8 66 13 4 7 10 46 16 3 53 10 66 17 6 7 9 6 46 19 2 53 '3 4 67 1 8 7 ( > 47 ^ 1 53 16 8 67 5 10 7 S 7 47 5 54 67 10 7 8 I 47 7 11 54 3 4 67 14 2 7 7 8 47 i 10 54 6 8 67 18 4 7 7 2 47 13 9 54 10 68 2 6 7 6 9 47 16 8 54 '3 4 68 6 8 7 6 4 47 19 7 54 16 8 68 10 10 ^ 7 5 10 4 3 6 55 68 i S 7 5 5 48 5 5 55 3 4 68 19 2 7 5 48 8 4 55 6 S 69 3 4 7 4 6 48 11 3 55 TO 69 7 6 7 4 1 48 14 2 55 '3 4 69 11 8 7 3 8 48 17 1 55 i 8 69 <5 10 7 3 3 49 5b 70 7 2 10 49 2 11 56 3 4 70 4 2 7 2 5 49 5 10 56 6 8 70 8 4 7 2 c 49 8 9 56 10 70 12 6 7 1 7 40 1 1 8 56 '3 4 70 16 8 7 1 2 49 4 7 & 16 8 71 10 7 9 49 '7 6 57 7' 5 7 4 50 5 57 3 4 7' 9 2 6 9 11 50 3 4 57 6 8 71 13 4 6 9 6 50 b 3 57 10 71 17 6 6 9 1 5 9 2 57 '3 4 72 1 S 6 s S 50 12 1 5" 16 8 ~ 2 5 10 6 ! 3 5 r 5 5 s 72 10 6 7 1 50 17 1 1 -S 3 4 72 14 2 6 7 6 S< c 10 58 6 S 72 18 4 7 1 S 3 9 5' 1 1 73 - 6 6 6 9 51 6 8 58 13 4 73 ^ 8 6 4 S 1 9 7 5 b 10 S 73 ' 10 6 5 1 1 51 12 6 57 73 15 6 5 6 5' '5 5 59 3 4 7 5 '9 2 6 ; 2 51 18 4 59 ^ 7+ 5 4 6 4 9 ( " ) 3P" Cent. 3$ per Cent. 4 per Ce nt. d. 5 per Cent. Intere * ft. J. s. d. 1 5* 1 3 59 10 74 7 6 6 14 5 5* 4 2 59 13 4 74 1 1 8 6 14 "8 52 7 1 59 16 8 74 15 10 6 n 8 45 52 10 60 75 6 13 4 i 52 12 11 60 3 4 75 4 2 6 12 11 f 8 52 T 10 60 6 8 75 s 4 6 12 7 52 i8 9 60 13 75 12 6 6 12 2 f 53 1 8 60 13 4 75 .6 8 6 I 1 10 53 4 7 60 l6 8 76 10 6 II 6 f 53 7 6 61 O 76 5 6 1 I 1 8 53 10 5 61 3 4 76 9 2 6 30 9 4 6 53 n 4 6: 6 8 76 13 4 6 10 5 i 53 6 3 61 10 76 17 6 6 10 1 i 53 *9 2 61 13 4 77 1 8 6 9 8 1 54 2 1 61 j3 8 77 5 10 6 9 4 2 54 5 62 77 10 6 9 .s 8 54 7 11 62 3 A 77 14 2 6 8 8 1 4 54 10 10 62 6 8 77 18 4 6 8 4 a 5* i3 9 62 10 78 2 6 6 8 47, 54 16 8 62 ! 3 4 78 6 8 6 7 7 1 54 19 7 62 16 8 78 TO 10 6 7 3 1 55 * 6 63 78 !) 6 6 11 3 8 55 5 5 63 3 4 78 9 2 6 6 7 55 8 4 63 6 S 79 3 4 6 6 3 3 55 11 3 63 10 79 7 6 6 5 11 i 55 i4 2 63 '1 4 79 11 8 6 5 7 7 a 55 17 1 63 16 8 79 15 10 6 5 3 48 56 .0 64 80 6 5 I 8 56 2 11 64 3 4 80 4 2 6 4 7 I 56 5 la 64 6 8 80 8 4 6 4 4 3 8 56 8 9 64 10 80 12 6 6 4 I 2 56 11 8 64 J 3 4 80 16 8 6 3 8 8 56 1.1 7 64 16 8 81 10 6 3 4 4 56 17 6 65 81 5 6 3 3 57 5 65 3 4 81 9 2 6 2 9 49 57 3 4 65 6 8 81 J 3 4 6 2 5 X 8 57 6 3 65 10 81 17 6 6 2 1 X 4 57 9 2 65 *3 4 82 1 8 6 1 9 3. 8 57 12 1 65 16 8 82 5 10 6 1 6 f 57 15 66 82 10 6 1 2 5 57 J 7 1 1 66 3 4 82 14 2 6 10 3 if 58 10 66 b 8 82 iS 4 6 7 7 8 5* 3 66 10 83 1 6 6 3 5 58 6 8 66 '3 4 S-! 6 8 6 58 9 7 66 16 8 83 JO 10 5 T 9 8 1 ^ 58 12 6 67 83 15 5 J 9 4 3 8 5* 1 5 5 67 3 4 83 J y 2 5 19 1 }f 58 18 4 67 6 8 84 3 4 5 18 9 % 8 59 1 3 67 10 s 4 7 6 5 1 8 6 8 59 4 2 67 '3 4 84 11 8 5 18 2 7 5 59 7 1 67 16 8 84 15 10 5 17 1 ( 5 1 59 IO 68 8^ 5 17 7 1 59 I2 11 68 3 4 8> 4 2 5 '7 4 C m ) 3 per Cent. 3$ per Cent. 4 per Cent. 5 per Cent. Intereft. I. o 9 1 '7 6 5 8 10 4 6+ 9 2 73 '3 4 92 1 8 5 8 7 1 64 T2 1 73 <5 8 92 5 10 5 8 4 X 64 '5 74 9 * 10 5 8 i i 64 17 1 1 74 3 4 <;2 M 2 5 7 10 * 65 O 10 74 6 8 92 18 J 5 7 7 7 65 3 9 74 1* ' J 2 5 7 4 5& 65 6 8 74 >3 4 93 6 8 5 7 1 . i 65 9 7 74 '^ i 93 10 10 5 6 10 I 65 j 2 6 75 93 '5 5 6 7 i 65 >5 5 ?< 3 4 -'3 '9 2 5 6 4 L 65 J s 4 75 6 * 94 3 A 5 6 2 66 1 3 75 10 '4 7 6 5 5 11 J 66 1 2 7 '1 4 94 1 1 S 5 5 8 ff 66 7 1 75 16 S 1 : '5 10 5 5 6 57 66 10 76 ', 5 5 5 3 1 66 12 11 76 3 .' r 95 4 2 5 5 I 66 r ^ 10 -6 6 3 95 8 4 5 4 9 1 60 18 76 10 yi , 2 6 5 4 6 i 67 1 8 " > '1 4 tit, 16 8 5 4 4 67 4 7 "d 16 X '.0 30 s 4 1 <" s d. - s. S 5 91 3 4 113 19 2 4 7 8 I 79 18 4 91 6 8 114 3 4 4 7 6 a 80 1 3 91 10 "4 7 6 4 7 5 4 4 80 4 2 91 13 4 114 n 8 4 7 3 Z 80 7 1 91 16 8 114 15 10 4 7 1 h 80 10 92 115 4 6 n i 80 12 11 9* 3 4 1 j 5 4 2 469 80 15 10 92 6 8 115 8 4 467 J 80 18 9 92 10 1 15 12 6 465 1 j. 81 1 8 92 13 4 115 16 8 463 i 3. 4 7 92 16 8 1 16 c 10 4 6 1 i 8176 93 116 50 460 i 81 10 5 93 3 4 116 9 2 4 5 10 70 81 13 4 93 6 8 116 13 4 4 5 8 i 81 16 3 93 IO 116 17 6 4 5 6 1 81 19 2 93 '3 4 117 1 8 4 5 4 i 8 82 2 1 93 '" 8 "7 5 10 4 5 2 i Sz 5 94 1 17 10 4 5 * i 82 711 94 3 4 117 14 2 4 4 11 4 82 10 10 94 6 8 1 1 7 1 8 4 4 4 9 i ?2 13 9 94 10 11S 2 6 4 4? 7 1 82 16 8 *4 13 4 X 1 8 6 i 446 Q. ( "4 ) 3 per Cent. 7*1 I I 73 74 75 76 77 35- per Cent. 4 per Cent. 5 per Cent. Intereft. s. ^. * s. d. - s. 4 2 4 1 5 86 10 98 6 8 122 18 4 4 1 4 86 3 9 98 10 123 2 6 4 1 2 86 6 8 98 13 4 I2 3 6 8 4 1 86 9 7 98 16 8 123 10 10 4 n 86 12 6 99 I2 3 '5 4 9 86 S 5 99 3 4 123 19 2 4 7 86 18 4 99 6 8 124 J 4 4 6 87 1 3 99 10 124 7 6 4 4 87 4 2 99 13 4 124 n 8 4 3 87 7 1 99 16 8 1*4 J 5 10 4 1 87 10 IOQ 125 4 87 12 11 IOO 3 4 125 4 2 3 19 10 87 IS 10 IOO 6 8 12 5 8 4 3 ,9 8 87 18 9 IOO 10 c 125 12 6 3 19 7 88 I 8 IOO 13 4 J1 5 16 8 3 T 9 5 88 4 7 IOO 16 8 126 c 10 3 19 3 88 7 6 101 126 5 3 19 2 88 TO 5 101 3 4 126 9 2 3 19 88 13 4 101 6 8 126 '3 4 3 18 11 88 16 3 ICI 10 126 ; 7 6 3 18 9 88 *9 2 101 >3 4 127 1 8 3 18 8 89 2 1 701 16 8 127 5 10 3 18 6 ! S 9 s 102 127 10 3 18 5 1 89 7 ji 102 3 4 127 14 2 3 18 3 89 10 10 102 6 8 127 18 4 3 18 2 89 13 9 102 10 128 2 6 3 18 89 16 8 ]02 13 4 128 6 8 3 17 11 89 19 7 I02 16 8 128 id 10 3 J 7 9 90 " 2 6 IO-J 128 15 3 17 8 90 5 S 103 3 4 128 '9 2 3 17 6 9c 8 4 IO3 6 8 129 3 4 3 '7 4 90 1 1 3 I03 10 129 7 6 1 3 >7 3 ' C "5 ) 3 per Cent. 3| pr Cent. 4 per Cent. 5 per Cent. Intereft. t. s. d. 77* 90 H 2 103 M 4 129 1 1 8 3 17 2 $ 90 7 1 103 16 8 129 J 3 10 3 17 O 7 9 104 130 3 id II | 9* a 11 104 3 4 130 4 2 3 16 9 I 91 5 10 1 04 6 8 130 8 4 3 .6 8 i 91 8 9 104 id 130 1?. 6 3 16 6 1 9' 11 8 104 1 4 130 16 8 3 16 5 i 9 1 14 7 104 16 8 131 10 3 16 3 ! 91 17 6 105 13' 5 3 16 2 92 5 105 3 4 131 9 2 3 16 79, 92 3 4 105 6 8 131 13 4 3 5 11 f 92 6 3 105 10 131 l 7 6 3 '5 9 I 92 9 2 105 *3 4 131 1 8 3 '5 8 J 92 12 1 105 16 8 132 5 10 3 '5 7 i 92 <5 106 132 10 3 15 5 if 92 '7 11 106 3 4 132 14 2 3 '5 4 1 93 10 106 6 8 132 18 4 3 15 2 2 93 3 9 106 10 '33 2 6 3 15 1 80 93 8 106 <3 4 J 33 6 8 3 '5 i 93 9 7 106 16 8 '33 1 a 10 3 '4 10 i 93 12 6 107 *33 15 3 '4 9 i 93 s 5 107 3 4 *33 *9 2 3 4 8 1 2 93 18 4 107 6 8 '34 3 4 3 '4 6 s 94 I 3 107 10 x 34 7 6 3 14 5 1 94 4 2 107 '3 4 '34 1 1 8 3 i4 3 1 94 7 1 107 16 8 '34 J 5 10 3 '4 2 81 94 10 108 x 35 3 14 I 8 94 12 n 108 3 4 '35 4 2 3 3 11 1 4 94 15 10 10S 6 8 '35 8 4 3 >3 IC 1 94 18 9 1 08 10 1 35 12 6 3 '3 8 1 J 95 1 8 108 3 4 35 16 8 3 J 3 7 6 95 4 7 10S ib 8 ,36 10 3 13 6 X 95 7 6 109 ,36 5 3 '3 4 ff 95 10 5 109 3 4 .36 9 2 3 '3 3 Si 95 3 4 109 6 8 .36 3 4 3 13 2 * 95 16 3 109 10 136 17 6 3 3 X 4 95 19 2 109 '3 4 '37 1 8 3 12 u | 96 2 I 109 16 8 37 5 10 3 12 9 \ 96 5 O 1 10 137 10 3 1 1 8 8 96 7 II no 3 4 '37 14 2 3 1 a 7 i 96 [0 10 < 10 6 8 *37 18 4 3 IZ 6 7 t 96 13 9 1 10 IC ,38 2 6 3 12 4 83 96 16 8 1 10 '3 4 ,38 6 8 3 12 3 1 96 '9 7 no 16 8 138 10 10 3 12 2 4 97 2 6 1 11 138 '5 3 12 i 97 5 5 1 1 1 3 4 138 19 2 3 1 1 1 1 i 97 8 4 in 6 8 J 39 3 4 3 1 1 10 f 97 1 1 3 1 1 1 10 >39 7 6 3 1 1 8 I 97 '4 2 11 1 "> 4 139 1 1 8 3 1 1 7 s 97 17 1 ! I I 16 % M9 15 10 3 1 1 6 84 98 12 140 3 1 1 5 1 a 98 2 1 1 2 3 4 140 4 2 3 1 1 3 * 98 5 10 I 12 6 8 140 8 4 3 1 1 2 Q 2 ( "6 ) 3 per Cent. 3$ per Cent. 4 per Cent. 5 per Cent. , s. d. Intereft. s. J. s. d. s. d. 84f 9 s 3 9 112 10 140 12 6 3 11 1 r 5 98 1 1 8 1 12 13 4 140 16 8 3 n * ' 98 H 7 112 16 8 141 10 3 10 10 I 4 98 J 7 6 113 141 5 3 10 9 7 8 99 5 113 3 4 141 9 2 3 10 8 5 99 3 4 113 6 8 HI 13 4 3 10 7 X b 99 6 3 113 10 141 17 6 3 10 5 1 4 99 9 2 113 13 4 142 1 8 3 10 4 8 99 12 1 113 16 8 142 5 10 3 10 3 X 2 99 J 5 114 142 iO 3 10 2 8 99 J 7 11 114 3 4 142 14 2 3 10 5 100 10 1 14 6 8 142 18 4 3 9 5 100 3 9 114 10 143 2 6 3 9 10 86 100 6 8 114 13 4 143 6 8 3 9 9 f 100 9 7 114 16 8 143 10 10 3 9 8 A 100 12 6 115 143 15 3 9 6 i 100 '5 5 JI 5 3 4 143 19 2 3 9 5 f 100 18 4 115 6 8 144 3 4 3 9 4 8 101 1 3 115 10 144 7 6 3 9 3 J. 4 101 4 2 "5 3 4 144 11 8 3 9 2 1 101 7 1 115 16 8 144 15 10 3 9 87 101 10 116 145 3 8 11 X 8 101 12 1 1 116 3 4 145 4 2 3 8 10 4 101 J 5 10 116 6 8 45 8 4 3 8 9 3 8 101 18 9 116 10 145 12 6 3 8 8 I 5 102 1 8 1 16 13 4 145 16 8 3 8 6 s I02 4 7 116 16 8 146 10 3 8 5 1 102 7 6 117 146 5 3 S 4 3 I02 10 5 117 3 4 146 9 2 3 8 3 S8 102 13 4 117 6 8 146 13 4 3 8 2 i 8 1C2 16 3 117 10 146 17 6 3 8 1 X 4 102 9 2 117 13 4 147 1 8 3 8 3 8 IO3 2 1 1/7 16 8 147 5 ' 3 7 10 2 I03 5 118 147 10 3 7 9 5 IO3 7 11 118 3 4 147 14 2 3 7 8 f 103 10 10 118 6 8 147 18 4 3 7 7 i 103 3 9 118 10 148 2 6 3 7 6 89 ic 3 16 8 118 13 4 : 4 8 6 8 3 7 4 X 8 103 '9 7 118 16 8 148 10 10 3 7 3 X 4 IC4 2 6 119 148 15 3 7 2 3 1 2 104 5 5 119 3 4 148 19 2 3 7 J 104 8 4 119 6 8 H9 3 4 3 7 s 104 j 1 3 119 10 149 7 6 3 6 11 4 104 1 + 2 119 13 4 149 11 8 3 6 10 8 1 04 17 1 119 16 8 349 15 10 3 6 9 90 105 120 150 3 6 S I 8 i5 2 11 ,20 3 4 150 4 2 3 6 7 I 4 105 5 10 120 6 8 150 8 4 3 6 6 fi 105 8 9 120 10 c 150 12 6 3 6 4 * 105 1 1 S 120 13 4 j 50 16 8 3 6 3 8 105 '4 7 120 16 8 151 10 3 6 2 3 4 105 17 6 isi 151 5 3 6 1 J 106 5 121 3 4 151 9 2 3 6 ( "7 ) 3 per Cent. 4 per Cent. 5 per Cent. Intereft. : d. - J. d. - s. d. j. d. 106 3 4 121 6 8 >S' 13 4 3 5 " 106 6 3 121 lo 5 '7 6 3 5 IO 106 9 2 121 '3 4 152 1 8 3 5 9 ic6 12 1 121 16 8 *5* 5 10 3 5 7 io6 15 122 is* 10 3 5 6 106 17 11 122 3 4 152 '4 2 3 5 5 107 10 122 6 8 152 18 4 3 5 4 ic 7 3 9 122 10 o- '53 2 6 3 5 3 107 6 8 122 '3 4 *53 6 8 3 5 * 107 9 7 12! 16 8 '53 10 10 3 5 1 107 12 6 123 153 ->s 3 5 107 15 5 I23 3 4 J 53 '9 2 3 4 11 107 18 4 I23 6 8 '54 3 4 3 4 10 ic8 1 3 i-3 10 '54 7 6 3 4 9 108 4 2 I23 13 4 '54 11 8 3 4 8 108 7 1 123 16 8 '54 5 10 3 4 7 108 10 124 '55 3 4 6 108 12 11 I24 3 4 '55 4 2 3 4 5 108 15 10 124 6 8 '55 8 4 3 4 4 108 18 9 124 10 155 12 6 3 4 3 1 09 1 8 124 '3 4 '55 l6 8 3 4 ^ 109 4 7 124 16 8 156 O 10 3 4 1 109 7 6 125 156 5 3 4- O 109 10 5 125 3 4 156 9 2 3 3 11 109 13 4 125 6 8 156 3 4 3 3 10 109 1.6 3 I25 10 156 17 6 3 3 9 109 j 9 2 125 '3 4 '57 1 8 3 3 no 2 1 125 16 8 '57 5 10 3 3 7 no S 126 '57 10 3 3 6 1 10 7 11 126 3 4 57 14 2 3 3 5 1 10 10 10 126 6 8 '57 18 4 3 3 4 no 13 9 126 10 158 2 6 3 3 5 no 16 8 126 >3 4 '53 6 8 3 3 a no 19 7 126 16 8 158 10 10 3 3 1 111 2 6 127 158 '5 3 3 in 5 5 127 3 4 158 '9 2 3 2 11 in 8 4 127 6 8 '59 3 4 3 2 10 in 11 3 127 10 '59 7 6 3 2 9 in 14 2 127 13 4 '59 1 1 8 3 2 8 in 17 1 127 16 8 '59 '5 10 3 2 7 1 12 12? c 160 3 2 6 1 12 2 1 1 128 3 4 160 4 2 3 2 5 112 5 10 128 6 8 160 S 4 3 2 4 112 8 9 I 7.X 10 160 12 6 3 2 3 112 1 1 8 128 '3 4 160 16 8 3 2 2 112 14 7 128 16 8 161 10 3 2 1 112 17 6 1-9 161 5 3 2 iH 5 I29 3 4 161 9 2 3 1 1 1 113 3 4 I29 6 8 161 '3 4 3 1 10 113 6 3 I29 10 161 17 6 3 9 113 9 2 129 1 3 A 162 1 8 5 1 8 113 12 1 129 16 S 162 5 10 3 1 7 113 15 I30 162 10 3 1 6 ( ii8 > 3 per Cent. 97s A 35 per Cent. 4 per Cent. 5 per Cent. Intereft. . s. d. 113 17 11 114 10 114 3 9 . * d. 13 3 4 130 6 8 130 10 . s. d. 162 14 2 162 18 4 163 2 6 . s. d. 3 1 5 3 1 4 3 1 3 A Supplement to Table II. fhewing the Prices of Bank- Stock and India-Stock, at an equal annual Intereft, upon 100 Sterling, inverted at any of the following Prices.* Bank- Stock, at 7 per Cent. At 7 per Cent. India- Stock, at ioi per Cent. 87$ 9 1 93i: 97? IS 1 ? 94-i 98 ioi ioi 105 io8 141$ H7 IS** I0 5 io8 I I2f ii6J 57i 162$ 112 120 168 "52 123I 1735 119 122^ 126 I29A i*7 13 1| i35 138* i 7 8 >8 3 f 189 ] 94* 133 136 142$ 199* 20 4 f 140 150 2IO Intereft - ' d. 8 7 J 3 10 7 8 1 7 ^ 10 6 17 11 6 13 4 6 9 6 5 6 1 2 5 17 8 5 14 3 5 1 5 8 1 S 5 3 5 2 7 5 * For the method of finding the intereft produced at any intermediate price, fee the rule given in the Objervations on, and Ufes of, the foregoing Tables. TABLE ( H9 ) TABLE III. Shewing the Intereft which the Long-Annuities will pro- duce on jioo inverted, at a certain Time and Price, when fuch a Portion of the Annuity received fhall be continually referved and improved, at the Rates of 4 or 5 per Cent, per Annum, Compound-Intereft, as will, at the Expiration of the Term the Annuity has to run, amount to the Purchafe-Money. oa . 11 . I79 8 - Ap ril 6 '799- Annu ty Intereft prodL ced when the Intereft | >roduced when the received. referve is improved at referve is i mproved it 4 prr Cent. ^ per Cent. 4 per Cent. 5 per Cent. * 7 5 4 14 6 4 17 3 5 3 10 4 15 11 4 18 8 4 is 9 4 18 6 5 5 3 4 17 5 5 1 4 17 3 4 19 1 1 S 6 8 4 iS 9 5 6 4 18 7 5 1 4 5 8 1 5 3 5 * 11 5 1 5 2 9 5 9 6 5 7 5 4 4 5 1 5 5 4 2 5 n 1 5 3 3 5 6 5 3 1 5 5 10 5 12 7 5 4 8 5 7 5 5 4 6 5 7 3 5 4 3 5 6 5 5 9 r 5 6 3 5 9 5 5 1 1 5 5 10 9 5 7 10 5 10 7 5 17 7 5 9 9 5 i* 6 5 9 7 5 12 4 5 19 4 5 11 5 5 i4 2 5 " 3 5 14 6 1 2 5 13 A 5 '6 1 5 '3 2 5 '5 11 6 3 5 15 I 5 17 10 5 ' 1 1 1 5 17 8 6 5 5 '7 2 5 19 10 5 '7 5 19 8 6 6 1 1 5 19 O 6 1 9 5 ^ 10 6 1 7 6 9 6 1 2 6 3 10 6 1 6 3 8 6 11 1 6 3 2 6 5 1 1 6 3 6 5 9 6 13 4 6 5 5 6 8 2 6 5 3 6 8 6 ,5 7 6 7 8 6 10 5 6 7 6 6 10 3 6 17 11 6 10 6 12 9 6 9 10 6 12 7 7 4 6 12 5 6 .5 6 12 3 6 ,5 7 2 10 6 14 1 1 6 17 S 1 6 14. 6 17 6 7 5 5 6 17 6 7 1 6 17 4 7 1 7 8 1 7 2 7 ^ 1 1 7 7 2 9 7 10 1 1 7 3 7 5 c, 7 2 10 7 5 7 7 13 id 7 5 i 1 7 8 V 7 5 9 7 8 6 7 16 10 7 3 1 1 7 H ; 7 8 9 7 II G 8 7 12 ] 7 '4- 10 7 1 1 1 1 V 7 14 S S 3 3 7 15 4 7 iS 1 7 15 2 7 '7 u 8 6 S 7 18 9 8 1 7 18 7 8 1 4 8 10 2 S z 3 8 5 8 2 1 8 A lo 8 13 10 3 5 i 1 8 8 8 8 5 r; S 8 6 8 I? 9 8 9 S 12 7 8 9 s; 2 12 5 9 1 <) 8 ' 3 10 8 16 - 8 13 g j jC ( 120 ) Oct . 11 1799. April 6 1800. Yrs Annuity Intereft produ ced when the Intereft produ ced v hen the Pur. received. referve is improved at re "erve is i npro tied at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. - 1. 6 n 1 6 2 10 6 S 7 6 2 8 6 S 5 15 6 13 4 6 5 1 6 7 10 6 4 11 6 7 8 i4| 6 '5 7 6 7 4 6 10 1 6 7 2 6 9 i 1 i 6 17 11 6 9 8 6 12 5 6 9 6 6 12 3 T 4 7 4 6 12 1 6 14 10 6 11 11 6 14 8 14 7 2 10 6 14 7 6 17 4 6 14 5 6 17 2 I3l 7 5 5 6 17 2 6 19 11 6 17 0- 6 19 9 x 7 8 1 6 19 10 7 2 7 6 19 8 7 ^ 5 f 4 7 10 11 7 a 8 7 S 5 7 a 6 7 5 3 13 7 13 10 7 5 7 7 8 4 7 5 5 7 8 2 12J 7 16 10 7 8 7 7 11 4 7 8 5 7 11 2 X 2 8 7 11 9 7 '4 6 7 11 7 7 14 4 T 8 3 3 7 15 7 17 9 7 14 10 7 17 7 12 8 6 8 7 18 5 S I 2 7 18 3 8 1 11$ 8 10 2 8 1 11 8 4 8 8 1 9 8 4 6 h 8 3 10 8 5 7 8 8 4 8 5 5 g 8 2 \ 8 17 9 8 9 6 8 12 3 8 9 4 8 12 1 11 9 1 9 8 13 C 8 16 3 2 13 4 8 16 i ( 121 ) oa "> 1800. April 6, 1801. 'is Annuity [ntereft produ ced when the Intereft produced when the 'ur. received. referve is improved at referve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. ' <* T~ d. > ' J. C *. d. C ' 3 " 5 6 7 * 5 14 3 5 5 9 5 j 5 5 6 5 8 5 I 5 15 ti 5 7 5 5 10 1 5 7 3 5 9 11 7 S '7 7 5 9 1 5 " 1 1 5 8 11 5 n 9 H 5 '9 4 5 > 10 5 '3 6 S 10 8 5 '3 4 i 6 1 z 5 2 8 5 J 5 6 5 1* 5 5 15 4 .t 630 5 '4 6 5 17 2 5 i4 4 5 '7 16* 650 5 '6 5 5 19 3 5 16 3 S 19 1 '5i 6 6 11 5 18 5 6 1 1 5 18 3 6 11 I 690 6 5 6 3 3 603 631 J 611 1 6 2 7 6 5 3 625 6 5 1 5 6 13 4 6 4 10 6 7 6 648 674 Hi 6 15 7 6 7 1 6 9 9 6 b 11 697 4 6 17 u 6 9 5 6 12 1 6 9 3 6 11 11 1 704 6 11 JO 6 14 6 6 11 8 6 14 4 > 7 2 10 6 14 4 6 17 6 14 2 6 16 la Mi 7 5 5 6 ib 11 6 19 7 6 16 9 6 19 5 i 7 8 1 6 19 7 7 2 3 6 19 5 7 2 1 I 4 7 10 1 1 7 2 5 7 S 1 723 7 4 11 M 7 13 10 7 5 4 7 8 752 7 7 10 i 7 16 10 7 * 3 7 11 7 * 1 7 10 10 * 800 7 >i 5 7 14 2 7 11 3 7 14 i. 3 3 3 7 14 i> 7 17 5 7 14 b 7 '7 3 ; 1 8 6* 7 l* 1 8 10 7 17 11 808 "i 8 10 2 8 1 7 8 4 4 8 1 5 842 1 8 13 10 5 3 8 S 8 5 , 8 7 10 i 4 8 17 9 8 v 2 8 11 1 1 S u 8119 II 9 x 9 8 13 2 8 i 5 1 1 1 8 IJ 2 15 4 ( I" ) qa . 11 1S01. April 6, 1802. Yrs Annuity Intereft produced when the Intereft produ ced when the Pur. received referve is i mproved at referve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. > *. ' d. & ' d. ' d. . s. d. 22| 4 S IO 3 19 11 4 * 10 3 19 9 428 I 4 4 9 10 4 11 4 3 8 4 9 436 22 4 10 10 4 11 4 4 10 4 1 9 448 2I| 4 1 1 II 4 3 4 5 10 4 * 10 4 5 8 4 n 4 4 1 4 6 11 4 3 10 469 I 4 14 I 4 5 2 4 7 11 4 5 4 7 9 21 4 15 2 4 6 3 4 9 2 4 6 1 490 20| 4 16 4 4 7 5 4 10 2 4 7 3 4 10 i 4 17 6 4 8 7 4 6 4 8 5 4 11 4 4 4 18 9 4 9 10 4 12 8 4 9 8 4 12 6 20 5 4 11 1 4 i3 11 4 10 10 4 13 9 19* 5 1 3 4 12 4 4 J 5 2 4 12 2 4 15 I 5 2 6 4 13 7 4 16 6 4 13 5 4 16 4 I 4 5 3 10 4 14 11 4 17 9 4 14 9 4 17 7 *9 5 5 3 4 16 4 4 19 2 4 16 1 4 19 i8l 5 6 8 4 17 9 5 6 4 17 7 504 i 5 8 1 4 79 2 5 * 5 18 11 5 1 10 1 5 9 6 5 7 5 3 4 S 5 S 3 * 18 S 1 1 1 5 ~ 2 5 5 5 1 11 5 4 10 I7l 5 iz 7 5 3 8 5 * 6 5 3 6 5 6 4 $ 5 14 3 5 5 4 5 8 2 5 5 1 580 i 4 5 IS n 5 7 5 9 10 S 6 10 S 9 8 7 5 17 7 S 8 9 5 J1 7 5 8 6 5 11 5 i6| 5 l 9 4 5 o 5 5 T 3 3 5 i 3 5 13 J * 6 1 2 5 I 3 3 5 *5 1 5 i* 5 14 11 i 4 6 3 5 J 4 1 5 16 10 5 13 11 5 16 8 16 6 5 5 16 1 5 '8 11 5 15 10 5 18 9 i Si 6 6 1 1 5 18 6 9 5 i7 10 607 6 9 6 1 6 2 11 5 19 10 629 4 6 1 j 1 6 2 2 6 4 11 6 2 649 5 6 13 4 6 4 5 6 7 2 6 4 3 670 *4* 6 J 5 7 6 6 8 6 9 5 6 6 6 693 1 1 6 17 11 6 9 c 6 11 9 6 8 10 611 7 X 4 7 4 6 11 5 6 14 2 6 11 3 6 IA 14 7 2 10 6 13 11 6 16 8 6 13 9 6 16 6 *3* 7 5 5 6 16 6 6 19 3 6 16 4 6 19 1 2 7 8 1 6 19 2 7 1 1 1 6 19 7 1 9 4 7 10 11 7 2 7 4 10 7 1 10 748 3 7 '3 10 7 4 1 1 7 7 9 7 4 9 7 7 7 i 7 16 10 7 7 11 7 10 8 7 7 9 7 10 6 f 8 7 11 1 7 13 10 7 10 11 7 i3 8 5 8 3 3 7 14 4 7 17 1 7 14 2 7 16 1 1 12 8 6 8 7 17 9 8 6 7 17 7 804 Hi 8 10 z 8 1 3 8 4 8 1 ) 8 3 10 * 8 3 10 8 4 11 8 7 8 8 4 9 8 7 6 4 8 '7 9 8 S 10 8 11 7 8 8 8 8 Ji 5 11 9 I 9 8 12 10 8 15 7 S 12 8 8 15 5 ( 1^3 ) oa . 11 , 1802. April 6, 1803. Annuity Intereft produced when the fntereft produced when the received. referve is improved at referv* is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. * o d. ' d. C ' J. > * d. ' J. 4 8 10 3 19 7 4 * 6 3 19 5 4 ^ 4 4 9 10 4 7 4 3 4 4 5 4 3 2 4 10 10 4 7 4 4 6 4 1 5 4 4 4 4 " U 4 * 8 4 s 6 4 2 6 4 5 4 4 13 4 3 8 4 6 7 4 3 6 4 6 5 4 '4 1 4 4 10 4 7 7 4 4 8 4 7 5 4 15 2 4 5 11 4 8 10 4 5 9 4 8 S 4 16 4 4 7 1 4 9 10 4 6 11 4 9 8 4 *7 6 4 8 3 4 " 2 4 8 1 4 11 4 18 9 4 9 6 4 12 4 4 9 4 4 12 2 5 o 4 10 8 4 13 7 4 IC 6 4 13 5 5 * 3 4 12 4 14 10 4 i' 10 4 H 8 5 * 6 4 13 3 4 16 2 4 13 1 4 16 5 3 10 4 '4 7 4 17 5 4 '4 S 4 17 3 5 5 3 4 S 11 4 18 10 4 15 9 4 18 8 5 6 8 4 17 5 5 2 4 17 3 5 5 3 1 4 18 9 5 * 8 4 18 7 5 1 6 5 9 6 5 3 5 3 5 1 5 2 10 5 u 1 5 9 5 4 8 5 7 5 4 6 5 " 7 5 3 4 5 6 2 5 3 2 5 6 5 H 3 S 4 11 5 7 10 S 4 9 5 7 8 5 IS 11 S J 8 5 9 6 5 6 6 5 9 4 5 *7 7 5 * 4 5 11 3 5 8 2 5 11 1 5 19 4 5 i 1 5 i* n 5 9 11 S 12 9 6 1 2 5 " 10 5 14 9 S u 8 5 14 7 6 3 5 *3 9 5 ib 6 5 13 7 5 16 4 6 5 5 J 5 8 5 18 7 S IS 6 5 18 5 6 6 11 5 *7 8 6 5 5 ] 7 6 6 3 6 9 5 J 9 8 6 2 7 5 19 6 6 2 5 6 11 1 6 1 10 6 4 7 6 1 8 6 4 5 6 13 4 6 4 1 6 6 10 6 3 11 6 6 8 6 , 5 7 6 6 4 6 9 1 6 6 2 6 8 1 1 6 17 11 6 8 8 6 11 5 6 S 6 6 n 3 7 4 6 11 1 6 13 10 6 10 1 1 6 13 8 7 2 10 6 13 7 6 16 4 6 13 5 6 16 2 7 5 5 6 16 2 6 iS 11 6 16 6 18 9 7 8 1 6 18 10 7 1 7 6 18 8 7 1 5 7 10 1 1 7 1 8 7 4 6 7 1 6 7 4 4 7 13 10 7 4 7 7 7 5 7 4 5 7 7 3 7 16 10 7 7 7 7 10 4 7 7 5 7 10 2 8 7 10 9 7 13 6 7 10 7 7 13 4 8 3 3 7 14 7 16 9 7 13 10 7 16 7 8 6 8 7 '7 5 8 2 7 17 3 S 8 10 a 8 11 8 3 8 8 9 3 3 6 8 13 10 8 4 7 8 7 4 8 4 5 8 7 2 8 17 9 8 8 6 8 11 3 8 8 4 8 11 1 9 * 9 8 12 6 8 ,5 3 8 12 4 8 i S 1 R t TABLE ( "4 ) TABLE IV. Shewing the Intereft: which the Short Annuities will pro- duce on jioo invefted, at a certain Time and Price, when fuch a Portion of the Annuity received fhall be continually referved and improved, at the Rates of 4 or 5 per Cent, per Annum, Compound-Intereft, as will, at the Expiration of the Term the Annuity has to run, amount to the Purchafe-Money. oa " 1798. April 6, 1799- , Years Annuity [ntereft produced when the Intereft produ ced when the Purchafe. received. referve is improved at referve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. > * d. ' d. *. . s. d. . s. d. 7 5- 1 6th 13 13 6 4 12 S 5 IO 404 486 X 4 13 '5 10 4 15 5 3 2 428 4 10 IO 3-i6t!i 13 18 3 4 '7 5 5 5 7 4 5 1 4 13 3 1 14 8 4 19 TI 5 8 476 4 15 8 i-i6th H 3 2 5 a 4 5 10 6 4 10 4 18 2 7 H 5 8 5 4 ] 1 5 i3 4 12 7 508 6 J5-i6th 14 8 3 5 7 6 5 i5 7 4 15 1 S 3 3 7 14 10 IC 5 10 1 5 18 2 4 17 9 5 S 13.16th 14 13 6 5 I2 9 6 10 5 5 5 8 6 3 14 16 3 5 '5 6 6 3 7 5 3 1 5 " 3 1 1- l6th 14 19 5 *8 3 6 6 4 5 5 Ji 5 14 f *5 10 6 1 1 6 9 2 5 9 5 16 10 9- 1 6 th '5 4 9 6 3 I! 6 12 1 5 11 7 5 19 9 X 2 S 7 8 6 6 IO 6 15 5 14 6 628 7- i 6th 15 10 8 6 9 IO 6 18 5 17 6 6 5 8 1 a 15 13 8 6 12 II 7 1 607 6 8 8 5- i 6th 15 16 9 6 16 O 7 4 1 6 3 8 6 11 10 x 4 16 6 19 2 7 7 4 6610 6 15 3-i6th 16 3 2 7 5 7 10 6 6 10 1 6 18 2 1 16 6 6 7 5 8 7 13 10 6 13 4 716 j-i6tli ,6 9 10 7 9 j 7 17 2 6 16 9 7 4 1 6 16 13 4 7 " 6 8 7 702 784 515.16th 16 16 10 7 J6 O 8 4 2 7 3 8 7 11 10 i 17 5 7 *9 7 8 7 9 7 7 3 7 15 4 13-1 6th *7 4 1 8 3 3 8 11 5 7 IO II 7 19 * | 17 7 9 8 6 11 8 ,5 1 7 14 7 829 n-i6th 17 11 7 8 10 9 8 18 11 7 18 5 867 i 17 15 6 8 14 S 9 * 10 824 8 10 6 9- 16th 17 19 6 8 18 8 9 6 10 864 8 14 6 i 18 3 7 9 z 9 9 10 11 8 10 5 8 18 7 7- 16th ,8 7 9 9 1 1 9 J 5 1 8 14 7 929 X 8 18 12 1 9 JI 3 9 J 9 5 8 18 11 9 7 J 5i6th 18 16 5 9 >5 7 10 3 9 9 3 3 9 11 5 i 19 11 10 1 10 8 3 9 7 9 9 S IJ 3-1 6th J 9 5 6 10 4 8 10 12 10 9 12 4 10 6 1 19 10 3 10 9 S 10 17 7 9 1? 1 10 5 3 i-ioth 19 15 jo 14 2 11 2 4 10 1 10 10 10 5 20 10 19 2 11 7 4 10 6 10 io 15 c ( 5 ) Year* Purchafe. 6 I X3-i6th i Ii-i6th * 9- i 6th i 7- 1 6th i 5-1 6th 3- 1 6th i l-i6th 6 5 1 5- J 6th 7 y 13.16th n-i6th ? 9- 1 6th x 7- j 6th 5-i6th i 3-1 6th i i-ioth Annuity received. 0t. ix, 1799. I:, tereft produced when the ve is improved at Cent. 5 per Cent. April 6, 1800. Intereft produced when the referve is improved at 4 per Cent. 5 per Cent. *. d. % 2 IO 10 13 7 3 10 3 19 4 * 4 5 4 8 4 " 4 H 4 17 5 5 5 5 5 S 6 6 6 6 7 7 7 7 7 8 z 8 7 8 iz 8 ,7 4 6 3 10 7 2 10 7 14 2 17 9 1 5 5 * 8 11 12 10 16 10 o u S * 9 5 13 9 18 3 z 10 7 4 8 6 8 n 8 15 9 9 5 . s. d. 3 16 5 3 '9 4 1 10 4 4 7 4 7$ 4 10 4 4 13 3 4 16 z 4 9 3 5 * 4 5 S 6 5 8 9 5 12 1 5 S S 5 18 10 6 1 5 660 697 6 13 4 6 17 2 7 1 7 5 * 79a 7 13 4 7 17 7 ( "6 ) oa . 11 , 1800. April 6, 1801. Years Annuity- Intereft produced when the Intereft produced when the Purchafe. received. referve is improved at referve is improved at 4 per Cent. 5 per C< .nt. 4 per Cent. 5 per Cent. *. J. . s. d. s. T s. d. T~~ 6 3-i6th 16 3 2 4 * 8 4 11 322 3 10 6 i 16 6 6 4 6 4 14 3 356 3 13 9 i-i6th 16 9 10 4 9 4 4 17 7 3 8 10 3 17 2 6 16 13 4 4 12 9 5 1 1 3 12 4 407 5 J5-i6th 16 16 10 4 16 4 5 4 7 3 15 10 4 4 1 i 7 5 4 19 11 5 8 2 3 19 5 4 7 8 I j- 1 6th 17 4 1 5 3 6 5 " 10 4 3 1 4 11 4 4 17 7 9 5 7 3 5 iS 7 4 6 10 4 15 1 3I-l6th 17 11 7 5 11 1 5 19 4 4 10 7 4 18 11 s S 17 l 5 6 5 IS 6 3 3 4 14 6 S 2 10 q-l6th 7 19 6 5 19 6 7 3 4 18 6 5 6 10 I 1 18 3 7 6 3 1 6 11 4 527 5 10 11 7- i 6th 18 7 9 6 7 3 6 i 5 6 S69 5 iS 1 x 8 18 12 1 6 11 6 6 19 10 5 11 1 5 19 4 5-i6th 18 16 5 6 IS 11 7 4 2 5 iS S 6 3 9 j. i9 11 7 5 7 8 8 5 19 11 682 3-i6th 19 5 6 7 5 7 13 3 646 6 12 10 I 19 10 3 7 9 8 7 18 6 9 3 6 17 6 I-l6th 19 15 7 14 6 8 2 30 6 14 724 5 20 7 19 6 8 7 9 6 19 7 7 3 4 i5-i6th 20 5 8 4 6 8 12 10 7 4 7 12 4 7 20 10 3 S 9 8 8 18 7 9 3 7 17 6 X3-i6th 20 15 6 8 i S 9 3 4 7 14 7 8 2 10 4 21 1 9 5 9 8 9 800 8 8 3 li- 1 6th 21 6 8 9 6 1 9 14 S 8 s 8 8* 13 11 5 21 12 5 9 11 10 10 2 8 11 s 8 19 8 9- i 6th 21 18 4 9 17 9 10 6 1 8 17 4 9 S 7 h 22 4 S 10 3 10 :o 12 2 9 3 5 9 11 S C "7 ) oa. 11 , i8or. April 6 . 1802. Yeirs Annuity Intereft produced when the Intereft produced when the Purchafe. received. referve is improved it referve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. s. 5 3 17 1 19 o 5 7 7 10 2 12 10 4 7 10 8 13 7 8 16 11 904 9 5 JO Nov. 2, 1798. [ntereft produced when the referve is i u proved at 4 per Ce nt. 5 per Cent. ' d. T- 1. d. 4 3 O 4 19 10 4 T 4 7 5 5 4 16 1 5 2 11 4 17 8 5 4 6 4 '9 4 5 6 3 5 1 5 7 10 5 * 9 5 9 8 5 4 6 5 11 4 5 6 4 5 13 2 5 1 5 14 11 5 10 5 16 10 5 " 11 5 18 8 5 '3 10 6 8 5 x 5 10 6 2 S 5 7 11 6 4 8 6 6 6 10 6 2 2 6 8 11 6 4 4 6 1 1 1 6 6 6 6 '3 4 6 8 lo 6 15 8 6 11 2 6 18 6 ,3 7 7 5 6 16 1 7 2 11 6 18 7 7 5 S 7 1 2 7 8 7 3 10 7 10 8 7 6 7 7 x 3 5 7 9 5 7 16 3 7 12 3 7 19 ; 7 15 3 S 2 i 7 <8 3 s S 1 8 1 5 8 8 3 8 4 7 S 11 5 8 - ir 8 14 ? 8 11 4 8 18 1 8 14 1C 9 1 2 ( "9 ) Annuity received. .,. d. 7 10 ii 7 ii 4 7 ,-3 10 7 J 5 4 7 16 io 7 i3 6 i 7 3 3 4 > 6 * S IO 2 8 12 O 8 13 10 8 15 9 8 17 9 8 19 9 9 * 9 9 3 i 960 9 8 x 9 o 5 9 ix 9 9 '5 1 9 17 6 10 2 10 5 1 10 7 9 10 10 6 10 13 4 10 16 2 10 19 2 11 22 11 S 4 11 8 6 11 11 10 11 15 3 11 18 9 12 1 5 12 5 IO 12 IO O May 2, 1799. [ntereft produced when the referve is improved at 4 per Cent. 5 per Cent. ' d. ' J- 449 4 11 8 461 4 13 4 7 8 4 J4 7 4 9 > 4 15 ' 4 10 3 4 17 7 4 12 3 4 19 2 4 13 9 509 4 J 5 4 S 1 3 4 17 c 5 3 11 4 18 8 5 S 7 5 S 5 7 4 5 * * 5 9 540 S 10 11 5 5 9 5 12 8 5 7 S 14 6 5 9 6 5 16 s 5 11 6 5 18 5 5 '3 6 605 S S 6 625 5 17 8 646 5 '9 9 6 6 8 620 6 8 10 642 6 ii 1 6 6 6 6 13 5 6 8 10 6 15 9 6 11 3 6 18 2 6 13 9 707 616 3 732 6 18 10 7 5 9 716 7 8 5 7 4 3 711 2 7 7 1 7 13 7 9 n 7 16 10 7 12 11 7 19 9 7 5 ' 829 7 '9 8 5 11 823 8 9 1 5 7 8 12 5 890 8 15 10 I 8 12 6 8 19 4 8 16 2 9 3 1 8 19 7 9 ^ 5 I 9 3 9 9 10 7 | Not. 2, 1790. [ntereft produced when the referve is improved at 4 per Ce nt. 5 P e r Cent. - - ' 4. T" t. d. 4 * 3 4 9 3 4 3 8 4 10 7 4 5 2 4 12 * 4 6 7 4 13 7 4 8 2 4 IS l 4 9 10 4 16 9 4 " 4 4 18 4 4 12 11 4 19 10 4 H 6 5 1 6 4 16 3 S 3 *. 4 '7 11 S 4 " 4 19 8 5 6 8 5 6 5 3 6 5 3 4 5 10 3 5 5 2 5 12 2 5 7 1 5 14 5 9 5 16 5 5 18 5 '3 1 6 s 15 2 6 2 2 5 i7 4 6 4 3 S 9 6 6 6 6 6 1 9 6 8 8 6 4 1 6 11 6 6 5 6 13 4 6 8 10 6 '5 9 6 11 3 6 18 3 6 ,3 10 7 9 6 16 5 7 3 4 6 19 1 7 6 7 1 10 7 8 9 7 4 7 7 11 7 7 7 6 7 H S 7 10 5 7 17 5 7 >3 5 8 S 7 16 7 8 3 7 7 19 9 8 6 9 8 3 1 S 10 1 * 6 6 8 13 6 8 10 8 17 8 13 8 9 8 17 1 9 4 * 9 * 3 9 8 3 ( '3 ) M*y 2, 1800. Nov. 2, 1800. Yrtj Annuity Intereft produced when the Intereft produced when the Pur. received. referve is improved at referve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. * rf. . s. d. . * d. * d. ~~r d. 13 7 ij IO 427 4 9 7 - 3 '9 10 4 6 ti l 7 15 4 440 4 " 4 1 3 4 8 4 4 7 16 10 4 5 7 4 12 7 4 * 10 4 9 10 j 7 18 6 4 7 3 4 14 3 4 4 6 4 11 6 I 8 488 4 is 9 4 5 11 4 13 i 8 1 7 4 10 3 4 '7 3 4 7 6 4 H 7 1 3 3 3 4 11 11 4 18 11 4 9 2 4 16 4 i 8 4 11 4 13 8 5 8 4 10 II 4 '7 H 12 8 6 8 4 IS 4 S * 5 4 12 7 4 19 9 "1 8 8 5 4 17 5 4 1 4 14 4 S 1 5 * 8 10 2 4 18 n 5 S 11 4 16 2 S 3 2 I 8 12 509 5 7 9 4 18 S 5 I 8 13 10 527 5 9 7 4 19 10 S 6 11 i 8 15 9 546 S " 6 5 1 9 5 8 10 I 8 17 9 5 6 5 S n 5 5 3 8 S 9 i 8 19 9 5 8 5 5 i5 5 5 5 8 5 1* 9 ji 9 * 9 5 10 6 5 *7 6 5 7 9 . s 14 10 * 9 3 JO 5 ia 7 s 19 7 5 9 JO S 16 11 i 9 6 5 14 9 6 1 9 S 1* 5 19 1 9 2 5 i 6 " 6 3 11 s 14 2 6 1 3 I 9 10 5 5 '9 * 6 6 2 5 16 5 6 3 6 f 9 12 9 6 1 5 6 8 S S 18 8 6 S 9 a: 9 J 5 1 6 3 10 6 10 10 6 1 1 6 8 1 t 9 J 7 6 662 6 13 2 6 3 6 6 10 6 10 10 6 8 8 6 15 8 6 5 1 1 6 13 51 10 2 6 6 11 2 6 18 2 6 8 6 6 i S 6 * 10 5 1 6 13 10 7 10 6 11 1 6 18 1 5 10 7 9 6 16 6 7 3 6 6 13 9 7 9 * 10 10 6 6 19 2 7 6 2 6 16 6 7 3 6 J 10 13 4 720 7 9 6 19 3 7 6 4 * 10 16 2 7 4 11 7 11 11 7 2 2 7 9 2 i 10 19 2 7 7 10 7 14 10 7 5 1 7 12 2 9 11 2 2 7 10 11 7 17 11 7 8 - 7 IS 3 i " S 4 7 14 8 1 7 11 3 7 18 4 I 11 8 6 7 17 2 8 4 2 7 H 5 8 1 6 a 11 11 10 806 8 7 6 7 17 9 8 4 10 i 11 15 3 8 3 11 8 10 11 8 1 z 8 8 3 i 11 18 9 8 7 5 8 14 S 8 4 8 8 11 9 * 12 2 S 8 11 1 8 18 1 8 8 4 8 15 5 i 12 5 10 8 14 6 9 1 6 S 11 9 8 18 10 8 12 IO S 1? 8 9 5 8 8 .5 11 ? 3 ( i3i ) May 2, 1S01. Nov. 2, 1801. Yrs A inuity Intcreil produced when the Interelt prodi cedwhen the Fur. received. referve is improved at referve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. s. d. ' d. * d. -*' d. > d. ia4 8 4 3 4 IO 4 4 4 7 a 1 3 I 7 4 4 8 4 " II 4 1 7 4 8 9 i 4 8 3 3 464 4 13 7 4 3 3 4 10 5 1 1 8 4 11 480 4 S 3 4 4 11 4 12 1 .1 8 6 8 4 9 8 417 4 6 8 4 13 10 "i 8 3 5 4 11 6 4 18 9 4 8 5 4 IS 7 i 8 IO 2 4 13 3 5 6 4 10 2 4 17 4 5 8 12 4 15 1 5 2 5 4 12 4 19 2 * 8 3 10 4 16 n S 4 3 4 13 10 5 1 | 8 '5 9 4 1S 10 5 6 2 4 IS 9 5 2 11 | 8 17 9 5 iu S 8 1 4 '7 9 S 4 11 i 8 19 9 5 2 10 5 10 1 4 19 9 S 6 11 ii 9 1 9 5 4 10 5 12 2 5 1 9 S 8 11 ?oj 9 3 10 5 6 11 5 14 3 5 3 10 5 11 ' 4 9 5 9 1 5 ,(> 5 S 6 5 13 2 i 9 8 2 5 11 3 S <8 7 5 2 5 i5 4 * 9 10 5 5 13 6 6 IO 5 10 s S 17 7 1 9 12 9 5 J 5 i 6 3 1 5 '* 9 5 19 11 i 4 9 '5 1 S 18 2 6 5 6 5 IS 1 623 1 9 17 6 607 6 7 10 5 17 6 648 io IO 6 3 1 6 10 4 6 672 9* IO 2 6 657 6 12 10 6 2 6 698 I 4 IO 5 1 . 682 6 , 5 6 6 5 1 6 12 3 | IO 7 9 6 10 10 6 18 1 6 7 9 6 14 n IO 10 6 6 13 7 7 10 6 10 6 6 17 8 | IO 13 4 6 16 4 7 3 8 6 , 3 4 706 i IO 6 2 6 19 3 7 6 6 6 16 2 7 3 4 i 8 IO 19 2 722 7 9 6 6 19 2 764 9 1 1 2 2 7 s 3 7 12 7 7 2 2 7 9 4 8s II 5 4 7 8 5 7 15 8 7 5 4 7 12 6 i II s 6 7 11 7 7 18 11 7 8 6 7 '5 8 * 1 1 1 1 10 7 14 11 8 2 2 7 11 10 7 19 * 1 1 S 3 7 18 4 8 5 7 7 IS 3 825 i I I 18 9 8 1 10 8 9 1 7 iS 9 8 S 11 j 12 2 5 8 s 6 8 12 9 8 2 5 8 9 7 i 12 5 10 8 8 11 8 16 2 8 5 10 8 13 s 12 10 8 13 1 9 4 8 10 8 17 2 7s 12 13 1 1 8 17 9 4 3 8 ,3 1 1 9 1 1 4 IZ 18 9 * 1 9 8 4 8 iS 9 i * S a ( 132 ) May 2, 1802. Nov 1802. Yrs Annuity ntereft pioduced when the Intereft produced when the Pur. received. referve is it' proved at referve is improved at 4 per Cent. 5 per Cent. 4 per Cent. 5 per Cent. * d. T~~ ~~n T~r J ~.TT "i 8 15 9 4 13 9 5 9 4 10 9 4 17 9 i 8 17 9 4 >5 9 529 4 1* 9 4 19 9 i 8 19 9 4 17 9 5 4 9 4 J 4 9 5 9 it 9 1 9 4 19 9 569 4 16 9 5 3 9 io| 9 3 10 5 1 10 5 8 10 4 18 10 5 5 10 1 9 t 540 511 1 5 1 c 580 g 9 * 2 562 5 13 2 5 3 2 5 .0 z 4 9 10 5 5 8 5 5 i5 5 5 5 5 5 12 5 I 9 12 9 5 10 9 5 7 9 5 7 9 5 >4 9 9 15 1 5 '3 601 5 IO 1 5 J 7 ' 1 9 *7 6 5 15 6 626 5 '* 6 5 19 6 IO 10 5 18 c 650 5 IS 620 9l 10 2 6 606 676 5 17 6 646 * 10 5 1 6 3 1 6 10 1 6 1 671 1 10 7 659 6 12 9 6 2 9 699 4 10 10 6 6 8 6 6 15 6 6 5 6 6 12 6 3 3 10 13 4 6 11 4 6 18 4 6 8 4 6 15 4 J TO 16 2 6 14 2 712 6 11 2 6 18 2 i IO 19 2 6 17 2 742 6 14 2 712 9 11 2 2 702 772 6 17 2 742 8* " S 4 7 3 4 7 JO A 7 4 7 7 4 1 11 8 6 766 7 13 6 7 3 6 7 10 6 f II TI 1C 7 9 10 7 it) 10 7 6 10 7 '3 i x II 15 3 7 *3 3 >' 3 7 10 3 7 '7 3 1 II l8 9 7 16 9 8 3 9 7 '3 9 809 i 12 2 S 805 8 7 5 7 17 5 845 i 12 s 10 8 % 10 8 10 10 8 10 8 7 10 ? 12 IO 880 8 15 8 s 2 O 7* " 13 ii 8 11 11 8 18 11 8 6 ii 8 15 11 i 1 12 l8 8 16 93c 8 43 j 9 c OBSFfi- ( 33 ) OBSERVATIONS ON, AND USES OF, THE FOREGOING TABLES. THE growing intereft on the feveral public funds affecting the values of their current prices, in order to difcover the true prices it is neceiTary to deduct the faid intereft. As the days belonging to the two half-yearly dividers'?*, for any fund, are unequal i;i number, and vary in uif- ferent funds; Table I. was calculated to {hew the pro- portionate intereft in each refpeitive fund for every day in the year, according to each divifion. The intereft in this Table is given only to the neareft penny of the exadt amount; the ufes for which it was calculated not requiring a greater degree of exaiStnefs. As no comparifon or judgement can be well formed, concerning the advantage or difadvantage a bu)er or Idler may derive from the current prices of the public funds, without knowing what intereft a certain fj'n inverted at fuch current prices would yield ; Table II. w:S calculated to fhew what annual intereft ^103 fterling would yield, when invelKd, at any probable price, in one of the feveral funds, paying 3, 3I, 4, or 5 per Cent.* In order to find what annual intereft 100 fterling will yield, when inverted at any time in the public funds, paying one of the feveral rates of intereft contained in With regard to the title of Tabl. II. it may be remarked, that, frvrn the cireumftarue of the variation in trie pricis of the feveral f,inds being by eighths, money cannot be inverted at mar.y of the exact piices therein p\m. The puipofe of this Table, however, is to Ih.w the fevnal piites the differcit funds muft be at to produce an equal U'.ereji, and its particular ul'- is to cif- tinguifh what the diffcieLt funds, di-njicd .y tbw gr.ii:;r^ ir.urffl, wiU yirld. Table ( 134 ) Table II. add the brokerage to the current price and deduct the growing intereft for the time, (to be found in Table I.) and call the remainder the true price ; then, in Table II. under the proper rate of intereft, feek the price neareft thereto, in a line with which, in the laft column, the in- tereft will be found, which 100 fterling fo invefted will produce. By dividing the current price of Bank-Stock, bearing 7 per cent, intereft, by 2, and India-Stock, bear- ing 1 of per cent, intereft, by 3, and feeking under the column of 7,\ P er Cent, the fum neareft correfpondino- to the quotient, the annual intereft upon jioo fterling, laid out in Bank or India Stock refpeclively, will be found in the laft column in a line with the faid fum. The difference between the real interefts produced by any funds, fhewn as above, with allowance for certain contingencies,* will furnifh a criterion by which to de- termine with regard to fale or purchafe. All or mod of the Tables already extant on Terminable Annuities are calculated to {hew the years purchafe they muft be at, according to the feveral times they have to run, fo as to produce a certain intereft, in cafe fuch a referve from the intereft actually received be from time to time conftantly improved, at exactly the rate of this certain intereft, in order to realize the fum laid out at the period when the annuity (hall ceafe. Such Tables being too circumfcribed in the intereft actually produced to be of much ufe in forming comparifons between different Terminable Annuities, occcalloned Tables III. IV. and V. * The intereft produced by the 3 per Cent. Confols is always lefs than the intereft produced by the 4 per Cent. Confols or t per Cent. Navy ; which dif- ference would probably be grsateft, when either or both thefe fund;, arc- near or above par; fmce the capitals of both are now redeemable. to ( 135 ) to be calculated for the purpofe of comparing the Long, Short, and Imperial Annuities with each other, or with the other funds. The principles upon which thefe Tables are formed, and which is a teft whereby to try their exa&nefs, is that the portion of the annuity rcferved, if conftantly improved half-yearly at the given rate of in- tereft, will amount to the purchafc-money at the periods, when thofe refpe&ive annuities will terminate. With regard to the Long and Short Annuities, it fhould be remembered that the half-yearly payments, on the former, end Odl. 10, 1859, and, on the latter, 06t. 10, 1807, after which times one quarter of a year's annuity is payable on each refpe&ively. In order to find what annual intereft jico fterling will yield, when inverted at any time in any of the Terminable Annuities contained in Tables III. IV. and V- dedudl the amount of the growing intereft for the time, (to be found in Table I.) from the current price of the refpeclive annuity, and call the remainder the true price; then, under the day and date next after the time the Lift payment was due, and in a line with the title years purchafe., nearcft correfponding to the true price, the intereft will be found which ^ioO Reding fo inverted will produce. The difference between the real interefts produced by the Long, Short, or Impe- rial, Annuities, or of any other funds, ihewn as before, will furnifh a criterion by which to determine with regard to fale or purchafe. From th^ uncertainty of the future rate of intereft which it may be pofliblc to improve mom y at, and from the trouble there muit neceiiarily be in reali- zing a capital by half-yearly inveftments, the Terminable Annuities fhould rccompcnlc the purchafe: bv yielding an immediate advantage beyond what a purchale ia the Per- petual would at the fame time yield. EXAMPLES. ( 136 ) - *Q O r> r<% C2 c V 'i "8 u O "ii ^ . n M 1^ x n z * < w V CU >s 3 fc/5 vn ^^ VO CO > 3 o u J3 < *xs ^ "*" c* U4 c c a O u pj o a c *; t>*oo 3* CO j=: *-* O -3 o vO 4-1 3 J= V 02 <- *- U 3 ^ o m 00 M u fi e Jj ^3 ** t o "3 3 c u tu V o a C3 u. u u t; Ih > *-# o J3 c c S w tS c o E o oo o ^ -1 00 d s?2 1 o "T3 O - 1 1 ^ .s c < .y ^+2 o oo |m| 1- OJ 3 ^ !* U^ o M i NO 3 4* -^ CO~ C< o <^ vO ^ v> .c in w "5 v^^o o vO c . o < D a, "t? !s vO "fc. oo C3N M O O ~ 3 is *- < - : -3 St?E E t^ -= C^V t^ .s <^d I) )^ 1-3 | o -2 " -> S.S J*e *J _e _Q c s v -. rt - t> -ex e '- "S (J o u V B o . U D U ^ >s-f= v . H -*= -J -d > re a "~ o O NH _ > 1 I to t> .Ecsi U 1) to v C " ^ F 1- o *i .E^ ^ co O o '"_ c -a 1= C - ri ,U h S2* 5 c o Q. U 3J r re -D a. - i/i -; = u - c; C U O i- o ^ y o - n "- O T3 U ^^ Si - o ^S o -5 . o .2"! c r jr ^ L o Q a. c 2 '^ a. -; .. = * i/5 r; ut 1- - Q. c- y CJ CJ o - *- "* c cr STATE. ( 138 ) CO O h ^- o "O K w Q < O i < s h o H w w h < 1-- 3 E ,3 =3 g no a c. 4-> "J- o <- o o CO g o - "* - u- t^ ON -. LO () to on no OO ^* Th to n rs o oo <* w o vO ( 1 2 t^ r*. o p< co vo o vO c On VO CO vO SO VO ocT vo S? ** o M Tf OV CO co vo vO IS s? O vO t^ o o on o no o O O0OvS o r^ CTv ^*- o o vO vO o o ON o o rt- *4* H- VO LO O tfc O^ \D sO Ov "^ M i-i CO i-T 00 ON s? I I 1 I I I ! i I I OO NO rC vO vo OO cs /-. 3 C _o a VO v2 v2 u -5 2 '3 t ^i < < '3 O u < CJ p CJ C/5 ij i-i c 4J Vj rt i 1 < nU "TJ 3 1} "3 "^ O A 3 O C/3 c* o n r>. o M r CO >-< ** Ti o to CO o CO CO ON " l-l *"* *"' ro VO H o o o (S ro CO ** CO N 'tf- oo cs On o \D C tx. o - N vD \o N -i CO o n CO r^. ** CO "< to o H4 - ( '39 ) o o o o to SO S2 ^ po fO U-t CO O CO vO in vO i-~ r>. o O ** t^. to to ^O CO M O n ts O ( j; h (J)0O O O^ vO On m On * CO <* cu Q Q .t: c c c c o < H o CO sO O O o o O O o o O O o o ~ ^ *+ * O O o o o o o o to to i/-, i^, o "* r> ^ ^ #s o CO S2 D 3 o - T3 U3 1 Q I I I U = !2 c jj O rh cq *j i < 13 3 cr o P. o o A w Q 3 T 2 C 140 ) t^ m vo so m O "> h W Q J O < 55 M E 4-1 vO vO CO vO vO O <^ * M IH H B T3 C M J^ N CO OO *} C M M m w 1- Cm OO f<~ -< OO CO w 2 ~ - CO CO O u- O o *o co vo CO 00 ON U S2 * *^ CO o o CO t^ o o SO vO .. .. vo VO M t>^ O VO vO t^. OO VO "* VO * >-< t>. o M vO ooooonn o M M 1-4 CsO CT> O ^ o OOO r^-COO ~ ** i ^ ^ O 00 ^ + vD Thin<>cNrosOcr^.xc N vO vO tJ-t}.O0OvOOO> imm CSvO n OvOvO O -4" O OO O >0 fO ifl m *i CO >- 00 m f cs - o CO o ** CO CO o s w < 1/2 I 1 1 ' I I I I I I I c c < > 3 c c < vO cs .- >n T3 "O " 3 c c < Cm* U C C c vU iu aj u u u G C CU O- D, VO VO ^. a. a. CO CO U CO a. S co c CO CO ^ 2 1 o 4-> =3 -a c O " to < :s a> C LO S .a < * 1 & CO rt o ( f4i ) v v u> t* o pj MM O Ml* p r 1 c Ih (1 hi O C* 5 > to o OO o t> 00 mi O IS e , c .3 +3 O N "* o o P* u- oo vO *h -h to < * o 00 jC -f ~ vO vO cH >-l -a S? s? Q vO c H4 H* H|* .. lO * HI M O * **- o O O O IO CO M CO sO 3 c s < o> m oo o o N t>* M O O O . cT M t-i * to a> O CO OO CO o t^ QN N O O N ON N + W o in. on o O O o & tN o - *. ^ M IN N OO* O M to 4 OO O. O O C 00 (A >o f* to co OO 1 O \D vO O O ^ c CJ w tO fc. CO M ^ C to "t co ? scT to co i-T V JC Vk. O 1 o 5 AnnuitiesonLives withSurvivorfliip, 1765 Tontine-Annuities, 1 789 Prcfcnt Value of Exchequer-Annuities, Q CJ "X3 C 3 Navy,Victualling,&TranfportDebt,about Exchequer-Bills Ditto Hank-Advance Ditto Vote of Credit 1 otal of the National Debt and of the ? annual Intereft thereon J CO CL> O. E 1 u JS u. "5 u h ment guarantee the Dividends amounting Years of 230,000 per Annum. ( 142 ) The foregoing ftatements fbew the amount of the Na<* tional Debt, according to the poll ufual method of efti- mating the fame; but it muft be obferved, that although the public creditors are bound to accept 100 for every hundred of their capital, yet government are by no means obliged to redeem the debt on this condition, but are at liberty to pay off any part of the fame,' on fuch terms as the proprietors are willing to accept ; and, as. the majority of ftockholders would confent to be paid off upon being offered a fmall advantage beyond the price at which they could otherwife have difpofed of their flock, it may be thought a fairer mode of efli- mating the capital of the debt, by flating the amount according to the rate at which government might at pre- fent be able to liquidate or redeem any part of the fame. This method, however, being founded upon the fuppo- fition that the public creditors would confent to be paid off at a fmall addition to the market-price, is liable to the objection, that it makes the amount of the fame debt to vary, with different political circumftances and other caufes that affect the current price. It may likewife be remarked, that the redemption of a confiderable part of the capital, bearing a certain rate of interefl, would raifc the price of the remainder ; and, confequently, that no ftock confiding of a large capital, if under par, could be paid off or bought up on the fame terms as a fmall part thereof. For the fatisfadlion, however, of fuch perfons as approve of this mode of efrimating the capital of the debt, the following flatement is given according to the price of flocks at Midfummer, 1798. Capital -a a 3 ( 143 ) *> t>* sO + 00 sO O CO sO tS mOmO'-O '^t^ sO sO >0 voOOsO O O" sO cs *> 1-. 10 N T m ^O ** r* *> ~ ~ ^ . V^ * O ^fO N - vO* sO CO eo c CJ CT vfT vO 10 t^ CO vO M i/" d s? o a 1 1 1 1 1 1 1 1 1 1 1 00 vS. .c '% 1 1 1 1 1 01 u 3 n. JZ ^ 3 to (J 1 ! I 1 1 * - 3 a. (/> i~ ra .C (J -. 3 CU L. rt 0-1 v!J JZ u 3 a, /> . s_ PS U. en rt a> ;>*. O -t 4-1 1- u >s cs -< 4-> rt e OO 3 a. H w D < 4-1 C U u *4 sO 4-> ra CO C 00 -j rt in 4-1 C u CO *-> rt vO C >-> VO vO en u M O C *4J CJ 3 a" ID O 4> u Oh O 0. '3 c c < '5 c c < '5 c c < 3 C c < c < 1 a < 3 O -C h 1-1 4-* -C OO 1 1 3 c h X W Ml-f ** CO VO 00 cs 1-1 t^ O sO ^ ^. c c O o On o 00 cu Th CO M w- rn O O (S r< 00 ON *n C) CO SO -+ "4- rs 00 ON cs r^. 00 rh OO vO 00 vO vO ~< VO r^ (S CO >o r~^ * rt- CO S2 ( 144 J o> c*4 co cv 1 a cu 2 co ^ e< ** . rf> t> = 00(30 < CO bo > u a 3 O ! 1 i I I 1 J ! co so a* l-t N M lO i-i t>. w "O f^ M CM < P CO s # I I t I I I I I 3 O vO O CO o oo ^ O uo _ j, " M CO ft ^ 5 *$ bo i >-i M CO CS * U o w VO f- M CO M -i JS 9 JO o vo VO co O vo CO vO o -4- vo i- vO CO l-~ vo O -3 r2 3 ^ ^r ON M cT CO vo s? vo" 1 S2 M ** -o s? S3 S? *- "c3 M|f U;. O d IH O fcJJ ha U 8 <3 1 1 1 3 C ' C < v2 u a 1 1 1 3 B P cl O *t3 J2 O J rt v, O -1 1 1 1 < 1 1 1 o h O g bO s & o *5 c I 1 1 1 I 1 J J= 3 w & 1 I 3 O 1 1 p a a. E o 1 CU *J o *- o .2 "8 DC 1 U C JD 3 o fc-i 3 b o pq CO 1 -Cj o co a* QJ .C U X w M a PQ CO 1 -C 3 O CO a* u jg (j X W o 3 c E ^ o - n r* E c o - 6 U Of ( 146 ) Of the Sinking-Fund. The plan of paying off the national debt, by the fund formerly exifting under the name of the Sinking-Fund, was projected by Earl Stanhope, and carried into execution, in March, 17 17, by an a& of 3 Geo. I. by which the fur- plufles remaining of the Aggregate Fund, South-Sea Fund, and General Fund, were formed into a feparatc fund, under the above title, for the purpofe of difcharging fuch debts as were contracted before the 25th of Dec. in that year. Eut, although the act, which was worded as ftrong as poilible, exprefsly ordains that this fund fhali be applied to the difcharge of the public debts, and to no other ufe or purpofe whatever, it was in 1722 made a collateral fecurity for the interefl: of ,f 1,000,000 on Ex- chequer-Bills, which prepared the way for more direct encroachments. In 1724, the furn of ^15,144 : 19 was taken from the fund to make good the lofs to the Trea- fury from the reduction of the value of gold coin, and within twelve years fiom its eftablifhment it was charged with the interefl of new loans. In 1733, the grofs fum of half a million was taken from it towards the fupplies, at which time the medium annual produce of the fund for five years had been ^i,2I2,C0Oj but, the alienation of it being continued, no greater part of the public debts than about eight millions and a half were difcharged by the fund from this period to the year 1786 ;* when, in con- ference of a new arrangement of the public accounts, * 5ee Dr. Price's Obfervatimt en Rev rfisnary Pcymtntt, vol. i. p. 220, &c. the C 147 ) the diftin&ions of Aggregate, South-Sea, General, and Sinking Funds, were abolifhed, being all included under one general head, called the Confolidated Fund.* In the fame year, a new fcheme for liquidating the pub- lic debts was propofed, formed upon one of three different plans, communicated to the minifter by the late Dr. Price, and which have been fince publifhed by Mr. Morgan, in " a Review of Dr. Price's Writings^ &c." in order to eltablilh this plan, which, like the former Sinking-Fund, confided in the application of the principle of compound- intereft, the furplus of the revenue, which was ftated to be ^919,291, was, by new taxes, raifed to one million, which annual fum is, by 26 Geo. III. c. 31, verted in certain commiflloners, who are, the Speaker of the Houfe of Commons, the Chancellor of the Exchequer, the Matter of the Rolls, the Accomptant- General of the Court of Chancery, and the Governor and Deputy-Go- vernor of the Bank, for the tune being refpedtively. This million is to be iil'ued in four equal quarterly pay- ments, and is to be applied cither in paying off fuch re- deemable annuities as fhall be at or above par, in fuch manner as fhall be directed by future acls of parliament, or in the purchafe of annuities below par at the market- price. The dividends on the fums redeemed or purchafed, with the annuities for lives or terms that fall in or expire, and the fums that may be faved by any redu^ion of inte- reft, are to be added to the fund, which is to continue thus increafing till it fhall amount to 4 millions annually; which, at the time of its cirablifhment, was computed would be in about 26 years, when upwards of 56 millions of (lock will have been redeemed. From this time the The amount of the national debt at the e^abliilimc ret the fund in 1717 was about 48,000,000 ; in 17S6, it was upwardi fa66,cco>.<.a. U 2 dividend ( h8 ) dividends on fuch capital as (hall in future be paid off or purchafed by the commifiioners, with fuch annuities as may afterwards fall in, are to be at the difpofal of parli- ament. The commifiioners are directed by the act to make their purchafes " in equal portions, as nearly as may be, " on every day (Saturdays and Mondays excepted) on " which the fame (hall be transferable." So that they purchafe on four days in every week, in which there are no holidays. They are empowered to fubfcribe towards any public loan, to be raifed by a& of parliament, upon Perpetual Annuities, fubject to redemption at par : and an account of the fums iflued to them, and of the flock purchafed to the ift of February in every year, is to be annually laid before parliament on or before the 15th of February. The purchafes, till lately, were all made in the 3 per Cents,* probably with the view of redeeming the 5 per Cents, if the ftate of the public funds fhould render fuch a meafure practicable, or of inducing the proprietors to agree to a reduction of the intereft at the time when they (hall become redeemable. The progrefs of the fund to the year 1791 will appear by the following ftatement. Total amount of 3 per Cent, (lock purchafed by the commifiioners to Feb. 1, 1791 6,772,350 : o : For which the fum paid was 5,424,592 : 4 : 7 Arifing as follows : By annual million 4,750,000 : 0:0 Carried over, 4,750,000 : 0:0 * On the 3d of November, 1795, the commilfioners began to purchafe in the 4 per Cents. By ( H9 ) Brought over, 4,750,000 : o By dividends on ftock purchafed, 452,506 : 10 By Short Annui- ties of 1777 ex- pired 87,500 : By annuities un- claimed or de- termined I34>585 : 14 ' j5>424>59 2 : 4 : 7 The fum at this time applicable to the purchafc of flock was 1,254,804 : 14 : 6, as under: Annual million 1,000,000 : 0:0 Intereft on ftock purchafed, 203,170 : 10 : o Annuities of 1777 25,000 : 0:0 Annuities unclaimed 22,030 : 14 : 6 Annuities expired 4)603 : 10 : o 1,254,804 : 14 : 6 On the 17th of February, 179?., the minifter propofed that the fum of 400,000 fhould be iiTued in addition to the million, for the purpofe of accelerating the operation of the fund ; and ftateJ that, in confequence of this and fu- ture intended additions, it mi^ht be cx.ecr.cd that 25 mil- lions of 3 per Cents will be paid off in the year 1800; and that, in the year 1808, the fund will have rifen to 4 millions per annum, being the fum to which it is re- ftricled by the act. But the moft important improve- ment was a provifion, that, whenever in futu.e any Tarns fha'.I ( 15 ) fliall be raifed by loans, on Perpetual Redeemable Annui- ties, a fum, equal to one per cent, on the frock created by fuch loans, fliall be iflued out of the produce of the Confolidated Fund, quarterly, to be placed to the account of the commiflioners : and if the loan, or any part, is raifed by annuities, for a term longer than 45 years, or for lives, a computation is to be made of what will be, at the end of 45 years, the actual value of fuch part of the annuities as may be then outftanding, and the fum to be placed to the account of the commiflioners is to be equal to one per cent, on this computed future value. By this means the prefent progrefs of the fund is quickened, and future loans are put into a courfe of redemption. The total amount of the purchafes of the commif- fioners, at the end of each year from the eftablifhment of the fund to 1794, was as follows: On 1 ft Auguft, 1787, ^1, 343,100 Stock. 1788, 2,874,150 I7S9, 4>447i5 1790, 5,997,900 i79' 7,568,875 1792, 9,441,850 1793. 11,196,165 *794> i3> 6l 7> 8 95 This amount of ^ 13.617,895, Three per Cent, ftock, eoft ^10,599,265, or nearly 78 per cent, on the whole, but the fall of ftocks fince 1794 has greatly increafed the operation of the fund. The fum received by the commiflioners, and expended in the purchafe of ftock during the year ending the 31ft January, 1795, was ,1,872,200 14:2. In the year ending; ( i5i ) ending the 31ft of January, 1796, 2,143,595 : 16 : I) and in the year ending 31ft January, 1797, 2,639,724 9 j. $d. The extent of the loans during the prefent war, and the terms on which they have been made, though it has greatly increafed the capital of the public debts, has, at the fame time, confiderably augmented the fund appro- priated for their difcharge, in confequence of the 1 per cent, on the capital created, applied to this purpofe, pur- fuant to 32 Geo. III. c. 55, and which, upon the flock created fince the commencement of the war, amounted on the 5th April, 1797, to i>34i,66i : 18 : 7, viz. On Loan, 1793 62,500 : : O Loan, 1794 147,180 : : Navy-Bills funded 19,265 : 5 : Loan, 1795 252,835 : : Navy-Bills funded 16,098 : 19 : 6 Firft Loan, 1796 269,460 : : Second ditto 111,675 : : Navy-Bills funded 44,140 : 14 : 10 Loan, 1797 202,500 : : Navy-Bills funded 2i6,cc6 : 19 : 3 1,341,661 : 18 : 7 A feparate account is kept of the flock pu; chafed by this new fund, from which it appear", that the capital of 3 per Cents, bought up to the 1 ft February, 1797, was 2,099,288; and, as its operation, as well as that of the original fund, is conftantly increasing, and has been much ailiftcd of late by the low price of the flocks, the progrefs that has been made in the redemption of the debt ( is* ) debt gives reafon to believe, that, if the fund continues to be faithfully applied, its effecl: will be greater than was expected from it at the time of its eftablifhment j and it is much to be regretted, that its operation will be checked by a reftri&ion, at the time when it would begin to evince the efficacy of the principle on which it is founded. The income of the whole fund on the 16th March, 1797, was as follows : Annual million Annual grant Dividend on 22,827,200, 3 per Cents Ditto on 507,000, 4 per Cents, Annuities, 1777, expired Exchequer-Annuities expired Life-Annuities unclaimed and expired, Fund of one per Cent, on the new loans - 1,341,661 : 18 : 7 3>365>"9 : 5 7 The amount of flock purchafed, to the fame period. 3 per Cent. Confols 12,115,450 3 per Cent. Reduced 6,250^000 Old South-Sea Annuities 2,167,500 New South-Sea Annuities 1)783,250 South-Sea Annuities, 17 51 511,000 4 per Cent. Confols 507,000 23,334,200 The 1,000,000 : : 200,000 : : 684,816 : : : 20,280 : : : 25,000 : : 54,880 : 14 : 6 ed, 38,480 : 12 : 6 '( 153 ) The fum received by the commiflioners and expended in the purchafe of ftock in the year ending the 31ft January, 1798, was 3,369,218 : 3 : 3f, and in the following quarter ending the 30th April, 931,584 9 s. *$d. The total amount of ftock purchafed to Mid- fummer, 1798, was upwards of 32,000,000. In the Reports of the Select Committee of Finance, various calculations are given refpe&ing the future operation of the fund, iu the reduction of the debt; but, as this muft greatly depend upon the future prices of ftock, it is evident that all fuch eftimates muft be mere- ly hypothetical, and can ferve only as inftances to fliew what effect different variations of price may pro- duce.* According to thefe calculations, the whole of the public debt that exifted prior to 1793, which is taken at 240,000,000, will be redeemed in thirty-three years, upon the fuppofition that the whole of the 3 per. Cents are bought up at 50, and the 4 and 5 per Cents at a proportionate price ;f and the whole of the additional debt incurred fince 1793 will be redeemed by the appro- priation of 1 per cent, in lefs than twenty-four years. All the calculations are made upon the fuppofition that the 3 per Cents are at or above 50, and that, as the price of thefe advances, the intereft on the 5 and 4 per Cents will be reduced', fo that the lofs of the advantage of purchafing at alow price would be, in fume degree, coun- ter-balanced by the increafe of the fund from the intereft fiived on the itock; reduced. The inoft remote period Fi;ft Report, Afpcndlx. (I. 3.) t Ditto. [I. 5.) X which ( 154 ) which the Committee have afligned for the extinftion of the debt, upon the fuppofition that the 3 per Cents are at the average-price of 75 till the year 1808, and after- wards at par, is fomewhat lefc than fifty-four years i and the extinction of the new debt, upon the fame fup- pofition, will be effected in lefs than forty-three years and a half, f * FirJk Report, Appendix. (1. 11.) f Supplementary Appendix to Firfl Report. THE END.