But the observation I here intended principally to make is, that the balance, since the year 1764, appears, from the preceding abstract, to have been against Britain; and that this accounts for the high price of bullion, the scarcity of specie, and the distress of the Bank from that year to 1773.
It deserves farther to be observed that, while the exports were decreasing from 1764 to 1773, the Imports appear to have increased faster than ever: And the fact is, that since 1760, a greater addition has been made to them, than had been made during the whole time from the Accession to that year.—This is a striking proof that luxury has been for some years increasing with rapidity among us; and it is worth adding, that the productiveness of the taxes has kept pace, as might have been expected, with this increase of luxury, both the Customs and Excises having brought in lately, near 250,000l. per ann. each, more than they did twelve years ago.—It should be attended to, that this improvement of the revenue must be the effect solely of an increased consumption occasioned by luxury; the taxes, ever since the end of the last war, having been nearly the same.
The exports from 1710 to 1764 went on increasing constantly. I have observed, that from 1764 to 1773 they have decreased. One reason of this has been, the decline of the Portugal trade; the exports to that country having fallen, since 1760, from 1.200,000l. per ann. to 600,000l. per ann.—Another reason has been the check which a wretched policy has been giving, ever since 1763, to our trade with the Colonies. This trade had for many years contributed more than any other trade towards raising our exports; and even in the period between 1763 and 1774, notwithstanding the checks it received, it went on increasing, and produced a balance in our favour of a million and a half per ann. But since 1774 it has been entirely lost. Before this loss, the balance of payment between us and the rest of the world was, according to the account I have given, against us. Undoubtedly then, it was a loss we could by no means have sustained, had it not been for the seasonable interposition of some very particular causes. Time will shew whether these causes are of a permanent nature, or temporary and accidental.
SECT. II.
Historical Deduction and Analysis of the Public Debts.
State and Amount of the National Debt, at Midsummer, 1775, with the Charges of Management.
Capitals and Annuities transferable at the Bank of England.
| Principal. | Interest. | |
|---|---|---|
| £. | £. | |
| Capital of their original Fund—See Note (1) [p. 125] | 3.200,000 | 96,000 |
| Exchequer bills, by 3d of Geo. I. c. 8th, bearing originally 5 per cent. interest, but reduced to 4 per cent. in 1727, and to 3 per cent. by 23d George II. 1749. See Note (2) [p. 126] | 500,000 | 15,000 |
| Purchased of the South Sea Company in 1722,—reduced from 6 to 5 per cent. interest in 1717; from 5 to 4. per cent. in 1727; and to 3 per cent. by 23d of George II. 1749.—See Note (3) | 4.000,000 | 120,000 |
| Lent to government at 4 per cent. in 1728, charged on the surplus of the fund for the lottery in 1714, and reduced to 3 per cent. by 23d George II. 1749 | 1.250,000 | 37,500 |
| Lent at 4 per cent. in 1727; charged on the duties on coals; and reduced to 3 per cent. by 23d of George II. 1749 | 1.750,000 | 52,500 |
| Lent at 4 per cent. in 1746; charged on licences for retailing spirituous liquors; and reduced to 3 per cent. by 23d Geo. II. 1749 | 986,800 | 29,604 |
| Amount of Bank capital | 11.686,800 | 350,604 |
| See Note (4) [p. 126]. | ||
| Charge of management 5,898l. per ann. | ||
| Bank Annuities. | ||
| Consolidated 4 per cent. annuities due April 5, and October 10—See Note (5) | 18.986,300 | 759,452 |
| These annuities fall to 3 per cent. in January, 1781. | ||
| Charge of management 10,680l. per ann. | ||
| Annuities at 3½ per cent. 1758, due Jan. 5, and July 5.—These annuities fall to 3 per cent. in 1782 | 4.500,000 | 157,500 |
| See an account of them in [p. 101]. | ||
| Charge of management 2,805l. per ann. including management on half a million raised at the same time by a lottery, and made a part of the consolidated 3 per cents. Consolidated 3 per cent. annuities due Jan. 5, and July 5. See Note(6) | 38.251,696 | 1.147,551 |
| Management 21,087l. per ann. | ||
| Reduced 3 per cent. annuities, due April 5, and Oct. 10. See Note (7) | 18.353,774 | 550,613 |
| Charge of management 10,324l. per ann. | ||
| Three per cent. 1726, due Jan. 5, and July 5, charged on the deduction of 6d. per pound on all pensions from the civil list; and on all payments from the crown, except to the navy and army—See Note (8) [p. 128] | 1.000,000 | 30,000 |
| Management 360l. per ann. | ||
| Long annuity due Jan. 5, and July 5 | 6.702,750 | 248,250 |
| The remaining term from Jan. 1776, is 84 years—See Note (9) [p. 128]. | ||
| Management 3,491l. per ann. | ||
| Capitals and Annuities transferable at the South Sea House. | ||
| South Sea Stock | 3.662,784 | 109,884 |
| The dividend on this stock, at 3½ per cent. is 128,197l. 9s.—Due Jan. 5, and July 5. | ||
| South Sea 3 per cent. Old Annuities due April 5, and Oct. 10 | 11.907,470 | 357,224 |
| Three per cent. New Annuities due Jan. 5, and July 5 | 8.494,830 | 254,845 |
| Three per cent. 1751, due Jan. 5, and July 5 | 1.919,600 | 57,588 |
| Charge of management on South Sea Stock and Annuities 15,100l. per ann.—See Note (10). | ||
| Capital and Annuities transferable at the India House. | ||
| East India Stock | 3.200,000 | 96,000 |
| Interest 3 per cent. | ||
| Dividend 7 per cent. 224,000l. due Jan. 5, and July 5.—See Note (11). | ||
| Charge of management 1.285l. 14s. 4d. | ||
| East India Annuity due April 5, and Oct. 10, charged on the surplus of a tax on spirituous liquors. See Note (12) | 1.000,000 | 30,000 |
| Management 401l. 15s. 8d. per ann. | ||
| Annuities payable at the Exchequer. | ||
| Annuities for 96 and 99 years, from various dates, in the time of King William and Queen Anne—See Note (13) | 1.836,276 | 131,203 |
| Salaries to Exchequer officers, and management—5,250l. per ann. | ||
| Annuities for lives, with benefit of survivorship, granted by the 4th of William and Mary, 1693.—These annuities are not yet extinct, and they are valued at three years purchase | 22,781 | 7,567 |
| Annuities for lives, with benefit of survivorship, by an Act of the 5th of Geo. III. 1765—See Note (14) | 18,000 | 540 |
| Annuities for two or three lives, granted in 1694.—Also, Annuities on single lives 1745, 1746, and 1757.—See Note (15)—Their original amount, taken all together, was very nearly 124,000l. but they are now reduced by deaths to near 80,000l. and their value is here taken at 10 years purchase | 800,000 | 80,000 |
| Unfunded Debt, consisting of Exchequer bills, (1.250,000l.) Navy debt, (1.850,000l.) and Civil list debt, supposed 500,000l.—The interest is reckoned at 2 per cent.—See Note (16) | 3.600,000 | 72,000 |
| Salaries to Exchequer bill officers 650l. per ann. | ||
| Total of the principal and interest of the National Debt at Midsummer 1775. | £. 135.943,051 | 4.440,821 |