Account of Public Debts discharged, Money borrowed, and Annual Interest saved from 1763 to 1775.
| Debts paid off since 1763. | Annuity decreased. | |||||
|---|---|---|---|---|---|---|
| £. | £. | s. | ||||
| 1765 | 870,888 | funded, bearing interest at | 4 | per cent. | 34,835 | 10 |
| 1.500,000 | unfunded, | 4 | per cent. | 60,000 | 00 | |
| 1766 | 0.870,888 | funded, | 4 | per cent. | 34,835 | 10 |
| 1.200,000 | unfunded, | 4 | — | 48,000 | 00 | |
| 1767 | 2.616,777 | funded, | 4 | — | 104,671 | 0 |
| 1768 | 2.625,000 | funded, | 4 | — | 105,000 | 0 |
| 1771 | 1.500,000 | funded, | 3 | per cent. | 45,000 | 0 |
| 1772 | 1.500,000 | funded, | 3 | per cent. | 45,000 | 0 |
| 1773 | 800,000 | unfunded, | 3 | — | 24,000 | 0 |
| 1774 | 1.000,000 | funded, | 3 | — | 30,000 | 0 |
| 1775 | 1.000,000 | funded, | 3 | — | 30,000 | 0 |
| Total | 15.483,553 | Total | 561,342 | 0 | ||
In 1764, there was paid off 650,000l. navy-debt; but this I have not charged, because scarcely equal to that annual increase of the navy-debt for 1764, 1765, and 1766, which forms a part of the ordinary peace establishment. The same is true of 300,000l. navy-debt, paid in 1767; of 400,000l. paid in 1769; of 100,200l. paid in 1770; 200,000l. in 1771; 215,883l. in 1772; and 200,000l. in 1774.
Account of money borrowed and debts contracted since 1763.
| £. | Annual interest increased. | |||
|---|---|---|---|---|
| Borrowed and funded, at 3 per cent. | in | 1765 | 1.500,000 | 45,000 |
| in | 1766 | 1.500,000 | 45,000 | |
| in | 1767 | 1.500,000 | 45,000 | |
| in | 1768 | 1.900,000 | 57,000 | |
| Unfunded | in | 1774 | 250,000 | 7,500 |
| Civil list debt | in | 1775 | 500,000 | [136] |
| Total | 7.150,000 | 199,500 |
From 15.483,553l. the total of debts discharged, subtract 7.150,000l. the total of debts contracted; and the remainder, or 8.333,553l. will be the diminution of the public debts since 1763. Also, from 561,342l. the total of the decrease of the annual interest, subtract 199,500l. (the total of its increase), and the remainder, or 361,842l. will be the interest or annuity saved since 1763.—To this must be added 12,537l. per ann. saved by changing a capital of 1.253,700l. (part of 20.240,000l.) from an interest of 4 to 3 per cent. pursuant to an act of the 10th of George III.; also the life-annuities that have fallen in; and 7,500l. per ann. gained by the falling (in 1771) of 1.500,000l. from an interest of 3½ to 3 per cent.; which will make a saving in the whole of near 400,000l. per annum: And it is to this saving, together with the increase of luxury, that the increase of the Sinking-Fund for the last ten years has been owing.
To the debts discharged the following additions must be made.
In 1764 there was paid towards discharging the extraordinary expences of the army, 987,434l.: In 1765, these expences amounted to 404,496l.: In 1766, to 479,088l.—Total 1.871,018l.—This sum is at least a million higher than the extraordinary expences of the army for three years in a time of peace. This excess, being derived from the preceding war, must be reckoned a debt left by the war. And the same is true of 1.106,000l. applied, in 1764, 1765, and 1766, towards satisfying German demands.—There are likewise some smaller sums of the same kind; such as subsidies to Hesse-Cassel, Brunswick, &c. And they may be taken at 200,000l.—The total of all these sums is 2.306,240l.; which, added to 8.333,553l. makes the whole diminution of the public debt since 1763, to be 10.639,793l.