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ENGLISH AND FOREIGN FUNDS,
AND THE PRINCIPAL
JOINT STOCK COMPANIES,
VARIOUS OBJECTS OF INVESTMENT NEGOTIABLE
WITH SOME ACCOUNT OF THE INTERNAL DEBTS AND REVENUES OF THE
IN DE X.
Commissioners for the Reduction of the National Debt
Dead Weight Annuity
3} per Cents.
Joint Stock Companies
ENGLISH AND FOREIGN FUNDS, &c.
PUBLIC DEBT OF THE BRITISH EMPIRE.
The National Debt at the period of the Revolution in 1688 amounted to about £660,000, principally in the form of terminable annuities, specially charged upon certain branches of the revenue. The system of borrowing money on annuities for terms of years and lives, was continued by government for several years subsequent to this period, until the magnitude of the public debt, and the heavy charge thus created, rendered the method no longer practicable.
It was during the war with France in which this country engaged at the time of the revolution, and which continued for a period of nearly ten years, that the foundation of the present national debt was laid. the year 1690 the sum of £750,000 was borrowed for the purpose of prosecuting the war in Ireland, the time of re-payment was limited to three years, and the produce of certain branches of the public revenue was set apart for this purpose ; but the war still continuing, the revenue was found insufficient to meet the increased expenditure, and the government was compelled to raise money upon annuities, and by the issue of exchequer