Note 117 — PART III.

The whole of this sum, (except 16.437,821l. consisting of the old Bank capital, the consolidated 3 per cents, the South-Sea 3 per cent. annuities 1751, the Civil List million, and the East-India annuity) that is, 54.413,433l. was reduced by 23 Geo. II. 1749. from an interest of 4 per cent. to 3½ till 1757, and afterwards to 3 per cent.—The proprietors of a capital of 3.290,042l. refused to consent to this reduction, which, therefore, was paid off; 1.190,042l. with Exchequer Bills (afterwards cancelled); and 2.100,000l. with money borrowed at 3 per cent. and added to the capital of the South-Sea annuities. The whole sum, therefore, reduced and paid off, was 57.703,475l. which produced a saving to the public, and an addition to the Sinking Fund after 1757, of 612,735l. per ann.

The Salt Duties in 1753 had been for some time mortgaged to pay the principal and interest of a million borrowed in 1745. In 1757, after clearing the mortgage, they became free, and were carried into the Sinking Fund, of which they have ever since formed a part. This produced a farther addition to the Sinking Fund, after 1757, of about 220,000l. per ann.

I have not included the million now mentioned in the account given above of the public debts in 1753, because it was in a fixed course of redemption; nor have I included 499,600l. in Exchequer Bills charged on the duty on sweets, because these Exchequer Bills were paid off in 1754.