Note 56 — 1769.

"The navy bills are not due till six months after they have been issued; six months also of the seamen's wages by act of Parliament must be, and in consequence of the rules prescribed by that act, twelve months' wages generally, and often much more are retained; and there has been besides at all times a large arrear of pay, which, though kept in the account, could never be claimed, the persons to whom it was due having left neither assignees nor representatives. The precise amount of such sums cannot be ascertained; but they can hardly be reckoned less than thirteen or fourteen hundred thousand pounds. On 31st Dec, 1754, when the navy debt was reduced nearly as low as it could be, it still amounted to 1,296,567l. 18s. 11¾d. consisting chiefly of articles which could not then be discharged; such articles will be larger now, in proportion to the increase of the establishment; and an allowance must always be made for them in judging of the state of the navy debt, though they are not distinguishable in the account. In providing for that which is payable, the principal object of the legislature is always to discharge the bills, for they are the greatest article; they bear an interest of 4 per cent; and, when the quantity of them is large, they are a heavy incumbrance upon all money transactions"