On the 27th said month-Joseph Maria Chico, by the British government, though a familiar topic lawyer' Josef Solis, intendant of the army of the of conversation, and a fruitful subject of criticism, insurgents; Vicente Valencia; Onofre Portugal, is very imperfectly understood. Some of the ablest brigadier general. political writers have regarded it as the surest proof On the 27th July, 1811--The curate HIDALGO, of the strength of the country; while others, not chief of the rebellion. less wise, nor patriotic, deprecate it as the harbinThe following were sentenced to hard labour:-ger of inevitable ruin. Conviction seldom attends Andres Molano, during life; Aranda, Jacinto, political reasoning. There seems to be a natural Norina, Charles, Martinez, Ignacio, Maldonado, attachment, in every man, to his own opinion, more and Abasolo, for 10 years at Encinills; their es-especially on the two important subjects of religion tates confiscated and their descendants attained. and government; from which'a powerful argument Town of Xerez, 5th September, 1811. might be drawn in favour of republics.. We shall not, however, so far forget our present purpose, as (Signed) Now let us suppose that Napoleon Bonaparte to lead the reader into metaphysical discussions.were to obtain possession of Romana, Blake, and The intention of the writer is simply to explain, as some ten or twelve others of the leaders of the concisely and as intelligibly as possible, the meanSpaniards-to put some to death, sentence others to ing of terms which are frequently used; but which hard labour for life, confiscate the estates of all, and it is not in every one's power to make himself ac"attain their DESCENDANTS?”—— -Would not the quainted with. He has been particular in adducwhole world be called upon to rise in vengeance ing the authorities upon which his statements are at the bloody deed, and heaven, earth and hell be founded, that the reader might have an opportunity interceded with to destroy and punish the infamous of knowing from what sources he can collect a fultyrant? The American press would groan under ler information, should the present abstract not be the weight of its criminations; and the chosen sufficient to satisfy his curiosity. JOSEF MANZEL DE OCHOA." curses of Suthorax be too light to express our hor for at the barbarous story. * In 1422 the revenue of the monarch who then swayed the English sceptre (Henry V.) amountbut the patriots ofed only to the sum of 55,714, and a few shillings; Mexico, men of high souls and generous pursuits, which left the small surplus over and above the orhave descended to the tomb unpitied and unla-dinary expenses of his government of about 3,2004; and from this sum the king was not only obliged to mented! If the sanctity of their cause could have insured support his household, but to pay the expense of its success, these men had not perished.-A reverse enibassies, &c. To supply the expenses of the nu. of events that prescrved Hancock and Adams from merous wars in which he was engaged, and for the halter, brought death to HIDALGO and his com- which the grants by parliament were insufficient, he patriot friends. But for these adverse ciscumstan- was often obliged to borrow money upon the pawn ces a representative system of government would of his jewels, and sometimes of the crown itself. have established in Mexico; and Hidalgo, perhaps,t the accesion of Mary in 15 3, the revenue of hailed as the Washington of his native land, might the kingdom had increased to 300,000 pounds, but have directed its concerns to the happiest destinies. so considerably also had the expenses of govern-But while my very soul mourns for the fate of ment been augmented, that this sum was found inthose chiefs, I thank heaven for the gleam of hope adequate even to the support of a peace establishafforded by many accounts from that country; ment; and to meet her exigencies, the queen trusting the seat of royalty is shaken to its centre, found it necessary to levy large sums upon her suband that the bloody archbishop and viceroy will jects, as well as to anticipate the supplies from parsoon pay the forfeit of his murders. Respect shall liament. then be paid to the manes of the illustrious dead, and the despised "insurgents" be held up to future generations as examples of patriotism, of virtue and suffering. British Statistics. H. N. HISTORY OF THE SINKING FUND, &c. The ordinary disbursements of James I. exceeded his revenue to the amount of 36,00023--But the civil war which ended in the protectorship of Oliver Cromwell had increased the expenditures of government to such an enormous amount, that though his son Richard had a revenue of nearly two millions, he was under the necessity of demanding an additional supply from Parliament of more than 300,0: 01.4 The revenue of Charles II. at the restoration, did not amount to so much by upwards of 500,0001; and having a great portion of the DERIVED FROM VARIOUS SOURCES. debt, contracted during the existence of the com -"Mobilitate viget-Viresque acquirit eundo."-monwealth, thrown upon him, and having also to In the early ages of the world, even down to the sustain several expensive wars; it is not wonderful sixteenth century, when Princes or other supreme that he exceeded his income. Upon the shutting up heads of government were in want of money to of the exchequer in 1672 he forcibly detained from supply their exigencies, either real or imaginary, it the bankers the sum of 1,200,000, for which he was the common custom for them to mortgage their paid them an interest of 6 per centum; but notwithterritories in security for the repayment of the sums standing this outrage. upon faith and common hothey found it necessary to borrow. Under such cir-nesty, his credit was so good as to enable him to cumstances it eventually depended on the success or borrow money a few years afterwards at the former good faith of the potentate whether the lenders were rate of 8 per cent. interest.5 ever reimbursed; and the facility of borrowing was, consequently, extremely limited. Whether an increase of that facility by the invention of other modes of insurance less problematical, has added either to the aggrandizement of the prince, or to the happiness of the people, is a question involving so many adverse interests, that a satisfactory solution can hardly be expected. The nature of the debt due In order to avoid the necessity of increasing the 1 Hume's England, Vol. III. 3 4 lb. Vol. VII. 5 lb. Vol. VIII. taxes upon the people, to keep peace with the un-war against the American colonies, about ten, milprecedented increase of the national expenditures, lions were paid off, which left at the beginning of which at the revolution in 1688 exceeded the amoun 1775 a debt of 129,146,322. The American war, of revenue by the enormous sum of 1,054,925 which in every instance proved so disastrous to the the government resorted to the policy which had mother country, increased it to the enormous sum of been adopted by Florence in the year 1344. This 262,318,1987, an average of more than sixteen milwas neither more or less than throwing the bur-ion per annum.? The same war cost the United then of the debt upon posterity; and thus by borrow-States only 135,103,703 dollars, 10 and gained them ing every year the sums necessary for the current independence with an empire of incalculable value. services of the state, and creating thereof a trans-From the year 1786 to 1793 the debt was reduced ferable fund, they imposed no more taxes than suf-about nineteen millions and an half, and in the next ficed to pay the interest of the sum borrowed.6 seven years, again nearly doubled amounting in Thus originated the national debt of Great Bri-January 1800 to 463,878,0347.11 In 1804 it amountain. Upon each sum borrowed, a specific tax wasted to 531,463,363/12 The amount at the comimposed to pay its interest; and the produce of each mencement of the present year (1812) is variously tax was in the first instance made to constitute a dis-stated by different calculators, none of whom howtinct fund: But the sums to be borrowed becoming ever, have made it less than EIGHT HUNDRED MILmore numerous every year, it soon became neces- LIONS; for the payment of the various interests of sary, in order to avoid the confusion of creating so which prodigious sum, the people of the kingdom many separate funds, to unite themall into threeunder are now burthened to the utmost stretch of their the denomination of the Aggregate, the South sea capacities. and the General Fund. The first of these consisted of However light it might have been deemed in the various taxes, surplusses, and duties consolidated in first instance to discharge the interest of the public 1715, and given as a security to the bank of Eng-debt; the necessary increase of taxes towards the land. The South Sea fund consisted of a duty on commencement of the 18th century became a subcandles, and imposts on wines, vinegar, tobacco, ject of serious apprehension and alarm, not only to and East India goods, and was appropriated to pay the people but to the minister; and early in the the interests of the South Sea Company's capital. year 1717, Sir Robert Walpole, then first lord The General Fund consisted of a subsidy on goods commissioner of the treasury, introduced a bili into exported, a tax on hackney coaches and chairs, du- parliament by which it was enacted that all the pubties on soap, hides, stamps, policies of insurance, lic fun is redeemable by law, and bearing higher &c. This was appropriated to the discharge of the interest than 5 per cent be redeemed according to interest of the South Sea annuities. Besides the their respective provisoes, or, with the consent of debt under these three heads, which is called the the proprietors, be converted into an annuity not funded debt, there is likewise a considerable sum due exceeding 5 per cent. And the surplusses arising, by government under the appellation of the unfunded as well from the proposed reduction of interest from debt. This accrues from those subjects of expence 6 to 3 per cent as from the excesses of the several for which the provision made has been inadequate, taxes appropriated to the payment of the interest, and consists principally of exchequer bills and navy were declared to be solely and unalienably applicabills. The chancellor of the exchequer, and the ble to the discharge of the principal of the public board of admiralty are empowered, during the re-debt; under the denomination of a SINKING FUND,13 cess of parliament, to issue notes to the amuont of But the undisguised corruption and bribery practi- . their several exigencies, bearing interest, which sed by the government in those days, and of which rotes, the parliament standing pledged to pay them, have the same currency with bank notes. sir Robert Walpole is justly accused of being the father, did not. long suffer this fund, though legally Various rates of interest have been paid upon the unalienable, to remain devoted to its original purdebt, according to different acts of parliament or pose. In 1727 a further reduction of interest took according to the nature of the contracts which place from five to four per cent, by which the surcould be made with the lenders; and this variety plusses annually saved and applied to accumulation, of interests, creates an additional variety of stock were increased to the very considerable sum of in the national debt.--The following brief state- 1,200,0007.14 Whether the acute eye of the miment will shew the great facility with which nister foresaw the embarrassment which would arise the government were enabled to borrow mo- from this curtailment of the general circulation, or ney, and the consequent rapid accumulation of the whether he found this sum necessary to his system debt. In the year 1688, as has been before observed, of corruption as Dr. Price15 more than insinuates, the public debt amounted only to little more than certain it is that in 1733 he carried a motion in parone million. On the 31st December 1697 it was liament for the appropriation of half a million out 21,515,472 pounds. Of this sum 5,121,071. were of the sinking fund for current services16 Sir Ropaid, so as to leave at the commencement of 1700 a bert endeavoured to defend this direct attack upon balance of 16,394,4014. The next fourteen years increased it to 55,681,0761. An uninterrupted. peace of seventeen years, namely from 1722 to 1739 again reduced it to 46,954,6237. In the next nine years it increased to 73,293,3031. About four millions were paid off in the succeeding seven years of peace, and the war which followed to 1763 again increased it to 139,561,806. In the interval between this period and the commencement of the • Blackst. comment. 7 Vid. Resources of the British empire, by John Bristed. Hume's England, Vol. VIII, p. 349. 9 Vid. Financial and Political facts, By Mr.. M'Arthur, p. 325.. p. 10 Blodgett's statistical manuel. 12 Guthrie's Geo, gram. article England. 13 Vid. Memoirs of George I by Belsham, vol. 1 169. 14 Vid. Estimates of the comparative strength of" Great Britain, by George Chalmers, F. R. S. S. A. p. 110. 15 Vid. Appeal to the public on the subject of the national debt, by Dr. Price. 16 Belsham, memoirs &c. Vol. 1 p. 527. his own favourite measure by asserting that the great riod of twenty years, will prove that personal inte maturity to which the sinking fund had grown, had rest did not influence his ministry. The favourite become a terror to all the individual proprietors of object of his administration was to preserve his the public debt. The high state of credit, the low country in a state of peace, and thus encourage rate of interest, and the advanced price of all public manufactures, commerce and agriculture. It was stocks and funds above par, made the great monied to maintain an uninterrupted state of tranquillity, companies, and all their proprietors, apprehend be- that his plan of bribery was put in practice; and ing obliged to receive their principal too fast; and that he found it necessary, or that he found it suc it became almost the universal consent of mankind, cessful, is surely at least as great a reproach to the that a million a year was as much as the creditors of integrity of his countrymen, as it is a blot in his the public could bear to receive in discharge of part own escutchion. Walpole himself made no scruof their principal.17 The great contest among the ple of acknowledging the means he employed to public creditors at that fortunate epoch, was not so allay the refactory spirits of the members of parlia much who should be paid his capital as who should ment. Madame Pompadour the favourite of Louis be suffered to remain the creditors of the state. 18-XV. among many other curious state secrets which And the south sea company, who were by far the she has given to the world in her very interesting larges creditors, were so far from looking upon memoirs, has the following extract from the cortheir being first paid off, as a privilege or beneficial respondence of the British minister with the cele preference that they expressly provided against it.19 brated Cardinal de Fleury, which was put into her Nor will this seem at all extraordinary when it is hands by the king. "I pay a subsidy to one half of considered that the capital thus forced upon the the parliament to keep it within pacific bounds; stockholders must have remained in their hands un- but as the king (George II.) has not money enough, employed; or they must have been forced to employ and as those to whom I have given none declare it at a diminished profit; and this must have con- themselves openly for war, it would be proper for tinued progressively till capital became so abundant, your eminence to send me three millions tournois, and its profits would have been induced to remove it to other Gold is here a metal that has a prodigious effect in so diminished, that the proprietors for lowering the voice of those who cry out loudest. countries where it might to be more wanted and cooling hot blood and martial spirits. There is no where it might be employed to greater advantage.20 impetuous warrior in the parliament, but a pension But Dr. Price, who as a political economist ranks of two thousand pounds would make exceeding gendeservedly high, was of a different opinion; and tle."24 Pope, who in various parts of his works has instead of allowing credit to sir Robert, which if done justice to the private virtues of sir Robert, conhis apprehensions were real he certainly deserved, firms this universal prevalence of corruption in the for abandoning a system pregnant with so many se- following nervous lines: rious evils, asserts that it would have rendered Great Britain the envy and terror of the world, had it not been prematurely destroyed by the unnatural hand of its own parent.21 And Chalmers affirms it to be of greater importance to the country than the acquisition of the American mines 22 "See thronging millions to the Pagod run, Hear her black strumpet through the land proclaim "From tail to mouth they feed and they carouse: It would be difficult at this remote period, amidst the various contradictory suggestions of the parti- Mr. Doddington, expresses himself in equally strong The Baron of Melcombe Regis, better known as zans and opponents of Sir Robert Walpole, to find language upon this subject; he says that baseness, out the real motives which actuated his conduct in degeneracy and corruption were carried to such a regard to the sinking fund. He was undeniably the height as to destroy all pretensions of the people to father of a system of corruption, which, under a Divine favour or interposition. Such were the palittle disguise, has been closely followed by minis-triots of England, somewhat less than a century ago. ters to the present-day; but might he not have easi-Whether any succeeding minister has found them ly supplied himself with the means of carrying on his equally flexible must remain to be discovered by plans, without resorting to the fund which his own some future madame Pompadour. ingenuity had devised for other purposes? If an experience of sixteen years had convinced him of sinking fund existed, and sums were occasionally After this period (1733) though the name of a the beneficial operation of the sinking fund, is it appropriated to the purchase of the public debt; not fair to conclude, without derogating from the many years elapsed before any thing like regularity respectability of Dr. Price, that he would not have was restored to the system of accumulation.26 suffered so solid a foundation to fall, upon which to From its establishment to the year 1776 a period of raise the superstructure of an immortal fame? The sixty years, this boasted fund had redeemed no more private character of sir Robert Walpole was unim-than eight millions and an half of the public debt.27 peached. His most violent political opponents But as this was attributed rather to the outrages have not denied him to possess the domestic virtues committed upon it, than to any inadequacy of the in a pre-eminent degree; and his having died in cir-scheme itself, Mr. Pitt, in the year 1786, then cumstances by no means affluent23 although he had prime minister of England and chancellor of the had the revenues of Britain at his disposal for a pe 17 Considerations concerning the public funds, &c. by sir R. Walpole. 18 Estimates of the comp. strength of G. B. p. 114. 19 Appeal to the public, &c. &c. 20 Vid. Lauderdale on the nature and origin of public wealth. 21 Appeal to the public, &c. &c. 22 Vid. Chalmer's Estimate, &c. p. 183. 23 Belsham's Memoirs, vol. II. page 158. exchequer, brought forward a bill in parliament for the appropriation of one million annually to the hands of commissioners: And as the surplus of purposes of the sinking fund; to be vested in the proposed an additional duty on spirits, on certain the revenue amounted only to 900,000, Mr. Pitt 24 Vid. Memoires de Mad. la Marquise de Pompadour. 25 Pope's Epilogue to the Satires. 26 Nature and origin of public wealth, p. 232. kinds of timber imported, and on perfumery, which place; for the interest which was before paid to the he calculated would yield more than enough to make individuals who held the stock, is still paid, to the up the deficiency 28 The commissioners, named government; and the commissioners, for the second by the minister in the bill, were the speaker of year, in addition to the annual million, will receive the house of commons, the chancellor of the ex-an interest on the first of 50,000; making their cachequer, the master of the rolls, the governor and pital for that year 2,050,000; the interest on which deputy governor of the bank of England, and the being 102,500, will give them a capital for the accomptant general of the high court of chancery; third year of 3,152,500l. and so on progressivelysuch were the distinguished persons which Mr. Thus from the year 1786, the time of the establishPitt proposed to appoint to this important trust; ment of Mr. Pitt's sinking fund, to the year 1792, and still further to secure it from violation he re-a period of six years, 8,200,000l. of the capital of the commended that no sum might be left in their hands, public debt had been redeemed, as it is somewhat at any time sufficiently large to tempt a minister to fancifully termed. But the portion thus said to be infringe upon this national fund; and to this end sedeemed, is not extinguished, and of course the proposed that 250,000%. should be applied quarterly burthen of the people is not rendered lighter by any to the purchase of stock, for the period of twenty- diminution of the taxes. eight years, at the end of which time it was calcu- The object of the minister, as avowed in his orilated that this annual million would produce an in-ginal scheme, was to limit the annual income of the come of four millions per annum. 29. Mr. Fox, the sinking fund to a maximum of four millions, and by great leader of the opposition, offered an amendment extinguishing so much of the public stock, reduce empowering the commissioners, whenever a new the yearly taxes to the same amount. But seduced loan should thereafter be made, to accept so much by the dazzling glare of wealth which he saw flow. of it as should be equal to the cash then in their ing in upon the nation, by his fallacious computahands-for example, if, when a new loan of six tions, he suffered his restriction to be removed, as millions was proposed, there should be one million has been seen, in 1802, when the old and new sinkin the hands of the commissioners, they should ining funds were consolidated. such case take a million of the loan; and the bonus Notwithstanding all the praise which has been so or douceur of that million should be received by lavishly bestowed upon Mr. Pitt for the wisdom, them for the public; so that in fact the public would and ingenuity of this financial arrangement; which only have five millions to borrow. This amend-has been considered as the only practicable conment was readily agreed to by Mr. Pitt, and after trivance that could be devised, to save the nation some frivolous objections from other members the from impending bankruptcy; it seems evidently bill finally passed with very general approbation.30 rather calculated to increase the number of specuIn 1792 the Parliament voted an additional appro-lating stockjobbers, than to produce any import priation of 200,0004, thus making the sum of ant benefit to the community at large. It certainly 1,200,000% the basis of the annual income of what does not in any degree, diminish the debt. By is now called the old sinking fund; and by another always furnishing a market for the stock, it affords act of parliament passed in the same year, it was to the government a facility of borrowing money, provided that on all future loans, in addition to the which, indeed, seems to be the only advantage extaxes necessary for the payment of their interest, a pected from it by its most strenuous supporters. surplus of one per cent. should be imposed, to be Unless the purchases made by the commissioners applied to the redemption of the capital. This con- were nearly equivalent to the daily redundance of stituted what was termed the new sinking fund.31 stock, it is contended that the large stockholders These two funds were combined or consolidated in would find no ready money purchasers; the funds 1892, the limitation of the yearly income of the old would depreciate whenever a tendency to sell had sinking fund to a maximum of four millions was done once begun; government would of course be comaway, and the income of their joint operation perpelled to borrow at a double rate of interest; and, mited to go on, progressively increasing to any it would soon become impossible to keep afloat so amount which parliament, in its discretion, may vast a national debt.33 On the other hand it is think proper to allow. The annual appropriation argued, that the fluctuating value of the funds in of 200,000 (made in 1792) was rendered a perma- troduces a system of stockjobbing, and withdraws nent grant; and thereby the necessity for the addi- capitals from agriculture, manufactures, and comtional one per cent. on new loans was abolished.32— merce to be employed in the more idle business of Various minor provisions have been made, from time speculation; that money brokers and gamblers acto time, towards a further augmentation of this fand, cumulate large fortunes, while the public are imwhich are not, however, of material importance to poverished; in short, that it is just so many milthe general plan-we have given its principal out-lions a year raised upon the people, for the purpose lines. A few words will suffice to explain the na- of keeping up the price of stock.34 The earl of ture of its accumulating operation. For the sake of Lauderdale in his very valuable work, already perspicuity, we will suppose the annual appropria-quoted, has in the most ample manner exposed the tion to be (what it originally was) the round sum of fallacy of those golden dreams with which Mr. Pitt one million, and that with this sum, the commis-so long continued to amuse the parliament and the sioners of the sinking fund purchase stock, bearing people, through the medium of his calculations.35 an interest of 5 per centum. The purchase of this stock, is the purchase of so much of the national debt, though no actual diminution of the debt takes 28 Belsham's Memoirs of Geo. III, vol. IV, p. 93. 29 Annual Register for 1786, p. 99. 30 Belsham as before cited. 31 Resources of the British empire, p. 241. 32 Inquiry into the naturo and origin of public wealth, p. 261. His arguments are founded on the truth of a propesition; accorded by almost all writers on political economy, that the whole quantity of industry employed to bring any commodity to market, natural 33 Aikin's Annual Review, Vol. III. p. 252. 35 Resources of the British empire, p. 240, where a table of the result of his calculations may be found. ly suits itself to the effectual demand, and constant- an annuity of 801. 158. 8d. If he lives 28 years, he ly aims at bringing the precise quamity thither will have received at the end of that time a sun total that is sufficient to supply the demand.36 The of 2,2631. 6s 8d.; and the stock transferred to the money, then, actually applied by the commission-commissioners will for the same period yield an ers to the increase of their capital, by the purchase amount of 4,0001. by the compound operation of the of stock, is an abstraction of demand, in the same sinking fund. The following table will exhibit at a proportion, for commodities of British growth or single view the various appropriations which have manufacture; and it necessarily follows, that this been made to the sinking fund from its revival by Mr. diminution of demand must occasion a similar di-Pitt in 1716, to the commencement of the year 1809. minution of the productions of the country. The Annual charge by act 26th George revenue is the groundwork of a government's exIII. (1786) pense. It is necessary that the whole of it should be expended, that it may return into the general calculation; for every saving in the revenue will occasion a diminution of expenditure, and by direct consequence a diminution also of production, the source of future revenue.37 Ditto by 42d George III. (1802) Ditto for 10 years expired in 1807 cent. Ditto on 4,295,700l. at 4 per cent. cent. on account of do. per cent. fund of the Irish sinking fund on the debt Annual interest on stock redeemed If this reasoning be grounded on correct principles, (and the most eminent writers concur in maintaining them) then the conclusion is obvious that the rapid increase of the nation's capital, by the progressive augmentation of the sinking fund, at the expense of abstracting annually so large a sum from expenditure in consumable commodities, must inevitably tend to produce very serious injury, if not ultimate ruin to the country. In 1807, lord Henry Petty (now marquis of Lans-Ditto on 465,9517. transferred for downe) proposed a scheme of finance to the parlia- purchase of life annuities at 3 ment, which appeared well calculated to produce beneficial results, as it provided for the prevention of new taxes for thirteen years of the twenty during Total income of British sinking which it was intended to operate. But his plan, satisfactory as it was to the country generally, was To whichmay be added the income not adopted, in consequence of a subsequent change in the administration. In 1808, the prime minister, Mr. Percival, offered some alterations to the consideration of the house, which like every other suggestion of the minister, were ultimately sanctioned by act of parliament. The principal object of this act, was to allow to the stockholders in the 3 per cent. consols, the liberty of exchanging their stock for life annuities; to transfer it to the commissioners for the reduction of the debt, who were authorised to give for it such an annuity over and above the dividend, as with the dividend should be equal to the value of the stock so transferred. The stock was to be valued at the current price of the day, and the annuity calculated according to the age of the party; to be confined, however, to persons above the age of thirty-five years, and not to be given for less than 100 capital.38 This plan appears to be alike beneficial to the individual annutant, and to the nation; in as much as it affords to the former a more abundant income than the common interest of the stock would yield, and to the latter a speedier means of redeeming the public debt, by the increased force given to the sinking fund. For example, if a man forty years of age transfers stock to the amount of 10007, to the com. missioners, when the funds are at par, he receives 36 Nature and origin of public wealth, passim, 37 Maximes generales du gouvernement economique, by Qesnay. Also Smith's Wealth of Na tions, passim. Forming the grand total, of the in- S. d. 1,000,000 0 0 200,000 0 0 54,880 14 6 25,000 0 0 51,277.16 10 4,069,080 19 9 171,828 0 0 7,100 0 0 3,626,726 4 3 626,255 10 5 52,031 9 9 13,978 13 7 1.9,898,159 61 228,847 11 1 128,652 2 1 7.10,255,658 19 3 *The interest,&c. added on this sum from 1st May, 38 The following table, copied from Bristed, will 1810, to the 1st August, 1811, will bring it nearly show the annual amount of life annuities, granted to the amount as stated in the Weekly Register, vol. on the continuance of single lives, according to the 1. p. 22. We have found so much difference in the average price of stocks, and the age of the holder statement of different writers, that we were obliged at the time of the transfer. To understand it pro-to bestow considerable labour in our endeavours to perly, suppose a person 75 years old wishes to come at the truth. In the present calculation notransfer his stock when the price is at 80%, he re-thing is added but what belongs legitimately to the ceives from the commississioners 144. 13s. to which sinking fund: and so far as we are able to judge we is added the yearly dividend upon the capital 100%, believe the statement correct. |