Much the greatest part of the foregoing debts, with the taxes for paying the interest, including the duties composing the Aggregate, South-Sea, and General Funds, have, by the 25th of George the Second, 1751, and several subsequent acts of Parliament, been thrown into one general account; and the surplus of the whole, after deducting the interest, 800,000l. per ann. to the civil list, and a few other payments, forms the Sinking Fund.—The debts not brought to this account are about seven millions and a half in the South-Sea House; 11.186,800l. of the Bank capital; the Civil List million; four millions and a half borrowed at 3½ per cent. in 1758; the capital of the East-India annuity; and the Exchequer long and life annuities, except those granted in 1758. But the surplusses of the duties which pay the interest of these debts are either carried immediately into the Sinking Fund account; or brought first to the Aggregate Fund, and from thence carried into that account.—On the contrary. Deficiencies in these duties when they happen, are made good out of the Sinking Fund; and afterwards replaced from the supplies.
For example. Three old nine-penny excises on beer, with an additional three-pence per barrel, producing above half a million annually; also, 3,700l. per week out of the hereditary excise on beer, together with some duties on paper, coals, &c. and ⅓ additional subsidy of tonnage and poundage, are appropriated to the payment of the Banker’s Annuity; the Life Annuities granted in 1693 and 1694; the Exchequer Long Annuities; and annuities on various sums subscribed to the South-Sea Company in 1720. The surplusses make a part of the Aggregate Fund; and after contributing to satisfy the charge on that fund, are carried into the Sinking Fund.—Again. Certain additional duties on soap, parchment, coals, &c. are appropriated to pay the interest of 1.250,000l. and of 1.750,000l. parts of the Bank capital.—The surplusses are carried directly to the Sinking Fund.—In like manner. The duties on houses and windows imposed by an act of the 20th of George the Second, 1747,[116] after deducting from them 91,485l. per ann. to satisfy certain charges on old house-duties in the Aggregate Fund; and, also, other duties on houses and windows imposed by the 2d and 6th of George the Third, amounting in all to about 205,000l. per ann. are carried into the Sinking Fund, together with the capitals, the interest of which has been charged upon them. But the addition to these duties (with a tax on pensions) granted in 1758, and charged with the interest (at 3½ per cent.) of the loan in that year, having not been carried into the Sinking Fund, and proving deficient; the deficiency is constantly made good out of this fund, and afterwards replaced from the supplies.
State and Amount of the National Debt at Christmas 1753; with the Charges of Management.
Bank of England.
| Principal. | Interest. | |
|---|---|---|
| £. | £. | |
| Bank capital | 11.686,800 | 393,038 |
| Of this capital 3.200,000l. bore at this time 3 per cent. interest; and the remainder bore 3½ per cent. till 1757, by 23d Geo. II. 1749.—See note (1) [p. 125]. | ||
| Management 5,898l. per ann. | ||
| Three per cent. Bank Annuities consolidated by 25 Geo. II. 1751.—See note (6) [p. 127]. | 9.137,821 | 274,135 |
| Management 4,450l. per ann. | ||
| Bank Annuities consolidated by 25 Geo. II. 2.713,618l. carrying 3½ per cent. interest till 1755; and 14.857,956l. carrying the same interest till 1757. See note (7) [p. 128]. | 17.740,132 | 619,546 |
| Management 9,884l. per ann. | ||
| Civil List million, 1726 | 1.000,000 | 30,000 |
| Management 360l. per ann. | ||
| Whole charge of Management at the Bank in 1753—20,592l. per ann. | ||
| South-Sea Company. | ||
| South-Sea Stock carrying 4 per cent. till 1757 | 3.662,784 | 146,511 |
| Old and New South-Sea Annuities carrying 3½ per cent. till 1757 | 21.362,525 | 747,688 |
| Three per cent. 1751—See note (10) [p. 131]. | 2.100,000 | 63,000 |
| Whole charge of management at the South-Sea-House on stock and annuities, 15,748l. per ann. | ||
| East-India House. | ||
| East-India Stock, reduced to 3½ till 1757 | 3.200,000 | 112,000 |
| East-India annuity 1744 | 1.000,000 | 30,000 |
| Management 1,687l. 10s. per ann. | ||
| Total[117] | £. 70,851,254 | 2.415,918 |
| Exchequer. | ||
| Annuities for 96 and 99 years from various dates in King William’s and Queen Anne’s times being the original sum contributed. See note (13) [page 132]. | 1.836,276 | 131,203 |
| Management 5,230l. per ann. inclusive of management for the two next articles. | ||
| Annuities for lives with benefit of survivorship, being the original sum contributed | 108,100 | 7,567 |
| Annuities for two and three lives, being the remainder after deducting the annuities fallen in by deaths, and reckoned worth 10 years purchase | 106,650 | 10,665 |
| Annuities for single lives 1745, being the remainder after deducting the annuities fallen in by deaths; and reckoned worth 14 years purchase | 296,142 | 21,153 |
| Annuities for single lives 1746, being the remainder after the lives fallen in | 582,274 | 41,591 |
| Navy debt in 1754—Interest reckoned at 2 per cent. | 1.296,568 | 25,931 |
| Total of the principal and interest of the public debts in 1753 | £. 75.077,264 | 2.654,028 |
State and Amount of the National Debt in 1739.
Bank of England.
| Principal. | Interest. | |
|---|---|---|
| £. | £. | |
| Bank Capital, consisting of 1.600,000l. old capital carrying 6 per cent; and 7.500,000l. carrying 4 per cent. See note 1, [p. 123]. | 9.100,000 | 396,000 |
| Bank Annuities at 3 per cent. for the lottery in 1731. | 800,000 | 24,000 |
| South-Sea Company. | ||
| Stock and annuities bearing 4 per cent. | 27.302,203 | 1.092,088 |
| East-India Company. | ||
| East-India stock carrying 4 per cent. | 3.200,000 | 128,000 |
| Exchequer Annuities. | ||
| Annuities at 3½ by 4 Geo. II. paid off in 1752 | 400,000 | 14,000 |
| Annuities at 4 per cent. charged on the duty on wrought plate by 6 Geo. I. 1720 | 312,000 | 12,480 |
| 182,250l. of this capital was paid off in 1750. The remainder is now included in the capital of the reduced 3 per cent. annuities. | ||
| Annuities at 3 per cent. charged on the Sinking Fund by 9 and 10 Geo. II. Now included in the consolidated 3 per cent. annuities | 900,000 | 27,000 |
| Annuities on Nevis and St. Christopher Debentures at 3 per cent. Now included in the consolidated 3 per cents. | 37,821 | 1,135 |
| Exchequer Bills charged on a duty upon victuallers by 12 Geo. I. 1726—Carrying 3 per cent. | 480,000 | 14,400 |
| Exchequer Bills charged on a duty on sweets by 10 of Geo. II. 1737—Carrying 3 per cent. and paid off in 1754—See the note [p. 140]. | 499,600 | 14,988 |
| Annuities for long terms from various dates | 1.836,276 | 131,203 |
| Annuities for lives with benefit of Survivorship granted in 1693 | 108,100 | 7,567 |
| Annuities for two and three lives, 1694 | 106,650 | 15,000 |
| Navy debt[118] | 1.300,000 | 26,000 |
| Total of the Principal and Interest of the National Debt in 1739[119] | £. 46.382,650 | 1.903,861 |