SECOND ADVERTISEMENT.
Since the foregoing Advertisement in January last, the price of the 3 per cent. annuities has fallen from 72 to 60½. But the difference of price between them and the 4 per cent. annuities created in 1777, has risen to near 18l. agreeably to the true comparative value of these annuities, as computed in [page 14] of the Supplement.—It is necessary I should farther mention, that there has been a new loan of six millions for the service of the present year; but that, contrary to my hopes, the managers of our finances have returned to the old modes of borrowing—The consolidated 3 per cent. annuities being, when the loan was settled on the 6th of February, at 66½; one hundred 3 per cent. stock estimated at this price, was given for every 100l. in money, with FOUR-FIFTHS of the profits of a lottery ticket reckoned at 2½l. and an ANNUITY of 2½l. for 30 years, reckoned worth 14 years purchase (or 135l.) but really worth above 15 years purchase. This made a profit of 4l. on every 100l. advanced. But the 3 per cent. annuities falling immediately to 64, and in a few days to 60½; and the short annuity also happening to sell for no more than 13 years purchase, this loan has been constantly at a discount, which has fluctuated between 2 and 4½ per cent.
The scheme of this loan is the first of the old schemes described in the following Supplement, [page 2d]; and it is apparent that by including the value of the douceurs in the capital, it brings on the public an artificial debt, for which nothing will be received, of above two millions.—The sum to be lent, should it be ever paid, might have been as well obtained, without making any material addition to the annual charge, by selling separately the two douceurs worth 2.244,000l. and offering for the remaining sum necessary to make up six millions, an interest of five per cent. subject to the regulations proposed in the Second Tract, [page 98], or in the Supplement, [page 24].
April 24, 1778.
The following accounts have been laid before the House of Commons since January last.
Account of the Gold Coin brought into the Mint from Great Britain and Ireland by the Proclamations in 1773, 1774, and 1776.
| £. | s. | d. | ||
|---|---|---|---|---|
| First Proclamation brought in | 3.806,435 | 7 | 2 | deficient more than 6 grains in a guinea. |
| 2d Proclamation brought in | 4.876,171 | 18 | 3 | deficient between 3 and 6 grains. |
| 3d Proclamation brought in | 6.880,986 | 5 | 3 | deficient between 1 and 3 grains. |
| Total | 15.563,593 | 10 | 8 |
Compare Second Tract from [page 56 to 64].
Account of the Expence of calling in and recoining all the Gold Coin deficient more than a grain in a guinea.
| £. | s. | d. | |
|---|---|---|---|
| Expence to the Bank for melting | 16,786 | 14 | 6 |
| Deficiency in melting | 317,314 | 6 | 11 |
| Interest of money advanced to the holders of gold coin | 231,982 | 17 | 7 |
| To master of the Mint for the charge of recoining and other charges | 115,459 | 12 | 9 |
| To several persons who were appointed in the several counties to take in and exchange the gold coin, and for other charges and expences | 72,476 | 8 | 0 |
| Total | 754,019 | 19 | 9 |
Towards defraying this expence there have been applied the following sums:
| £. | s. | d. | ||
|---|---|---|---|---|
| Out of the supplies in | 1774 | 250,000 | 0 | 0 |
| in | 1775 | 69,671 | 8 | 3 |
| in | 1776 | 92,421 | 14 | 11¼ |
| Out of the million vote of credit in | 1776 | 30,000 | 0 | 0 |
| Out of the million vote of credit in | 1777 | 206,699 | 8 | 3¾ |
| Provided for in | 1778 | 105,227 | 8 | 3 |
| 754,019 | 19 | 9 |
These accounts shew, that in the note, [p. 63] of the Second Tract, the words 16 millions and a half should have been 15 millions and a half; and that in [p. 69], 2d line, 650,000l. should have been 754,019l. 19s. 9d.
N. B. The loss attending the deficiency in the coin brought in by the first proclamation amounted nearly to 300,000l. but having been thrown on the holders of the coin, it could not be brought to account.