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allowed ditional crest, an helmet, with the word the President, in all cases of of law ay, to Tulateni, or the name of the place where have the casting voice. they may have diftinguished themselves. This Order not to be worn in

The Candidates to fend to the Secretary other, unless by the Sovereig x and Heir of the Order, a Memorial of their preten. Apparent, or Presumptive of the Crown. fions and necessary proofs, which will be The infignia to be given to each Knight laid before the Chapter, and the President and Companion, and no expence whatever to report the result to his Majesty for his incurred on admillion. approbation.

If the investiture be at St. James's, the Britith Officers serving with our Allies, Knights elect to be introduced by four to be equally cotitled to this Order. Commanders or Knights, attended by the

Nine officers, not under the rank of rest of the Order present. Major-Generals, to be chosen by his Ma The Knighthood to be conferred on jesty, as Commanders in the first instance them kneeling on one knee, the Sovereign, in order to form a chapter for the election with his own hands invefting them with of the rest ; such, therefore, of the Gene. the inhynia of De Order. ral Officers' as may think themselves qua In camp or garcitrin, the investiture to lifed, may send memorials to his Majes- be performed as above by the Commander ty or to the Commander in Chief.

in Chief on the spot, with the addition of First class to conlist of Commanders, military honours. besides the Sovereign and Heir Apparent, If a Commander, he is afterwards to or Presumptive.

ride along the line, the officers and coSecond Class of Knights.

lours faluting. Third Class of Companions.

If a Knight, the same, with his own The Chapter to confift at least of six brigade; only the colours are not to saCommanders and the President. In cases lute. of necessity, three of them may be Com And if a Companion, his own regipanions ; ihc majoriey to determine, and ment; the officers faluting only with

their hats or Swords.



Account Sale, of the Public Budget of the Kingdom, March 1781.

Dec. of a
s. d.

Penny. 18bearing 353 15 interest from sth January, at

68111 per cent is 9,677,010 56 8 3,000,000l. of 4 per cent Stack bearing interett from sth January, ac

64 17 8

20134 per cent is 1,946,525 3 4

Amount of the Stocks f. 11,623,536 o The profit on tickets which being valued at 131. cach, the Nation's?

} profit on 48,000 tickets is sold at 36. cach, is

144,000 The value of the accrving interest, being 232,4641. Sterling Money in the Budget, at 100 per cent.

232,464 0 The whole amount of the Budget or purchase money thereoffio12,000,000 Lancaster, 16th February 1782.


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Account Sale of the Public Budget of the Kingdom, opened 25th February, 1782.

Dec. of a ko so do

Реллу. . 13,500,cool. Stock bearing 3 per cent in. 7 tereft from sth January, 1782, at

57 per cent is 7,003,445 12 6 6,750,000l. Síock bearing 4 per cent in

64 7 3

91 per cent is 4,344,724 13 9 tereft, from sih April 1732, at

Carry Over L. 11,343,170 6 3


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Dec. of a



266,302 5 4

3 per cost

4 per coat


Brought Over, b. 11,348,170 6 3.

£. so d. Penny. 118,125 1. Lous Annuity, commencing 3th Jan. 1782, (at not quite fourteen 14 17 9 77 for al. perAnn.is 1,758,964 18 S and nine tenths, years purchase) tay, at

Amount of the Stocks and Long Annuity 4.13,107,135 4 $ The profit on tickets, which being valued at £:13 6. each, the?

is 116,567 10 Nation's profit on 40,500 tickets is föld at 2:3 6. cach The value of the accruing interett, or discount, and which may be

called the money in the Budget, being £. 266,302 5 4. at 100 is per cent

The whole amount of the Budget or Purchase Money thereof k: 13,500,000 Lancafier, zıb January, 1783.

EX. DIV. Calculation of Accruing Interest, Account Sale, El. of the Nation's Budget,

opened the 16th April 1783. Interest of Stocks, and the Annuity accrued from 12th April, the day of contract, till the

days of payment.
Day of
Days of

Arcruing Interest
Slack. Stock.

Corirati. Payment,

and Annuity. 1,800,000 450,000 12,000 from April 12 to April 24, 2,761 12 10 1,200,000 300,000 8,000 from Ditto

to May 30,

20364 7 7 1,800,000, 450,000 12,000 from

Ditto to June 27,

17,490 8 1,200,000 300,000 8,000 from Dirto

to July 29,

16,596 17 2 1,800,000 450,000 12,000 from

Ditto to Auguf 29, 31,989 o, 1,200,000 300,000 8,000 from

Ditto to September 26, 25,621 18 3 1,800,000 450,000 12,000 from

Ditto to October 31, 46,487 13 4 1,200,000 300,000 8,000 from Ditto to December 5, 36,361 12 10 12,000,000 3,000,000 83,000 Amount of accruing Int. and Annuity £.184,646 10 11 Deduct interest to be allowed the Buyers, from the times they pay for the

4,542 7 7 accruing int. till the times they receive it back, at 5 per cent. per ans.

rel ceive back out of 12,000,000 l. obe amount of sbc Budget N. B. This value of the accruing intereft or sum received back by the Buyers, out of the.

12,000,000l, is fil 10° 0 5.24ths per cent on the said amount, viz. 12,009,000 l. at

fit 10 0 5-241hs per cent. is £. 180,104 3 4. The valuation of the stocks and Annuity, on the opening of the Budget, was, 3 per cent

Stock at 661 per cent; 4 per cent Stock at 33 per cent; and Long Annuity at 20 years purchase. According to which Ratio, the sale of the Budget is as follows.

Acccunt Sale of the Public Budget of the Kingdom, 12th April 1783. 12,000 Stock bearing-3 per cent inte. }at 64 4 111

79709,875 0 3,000,000 Stock bearing 4 per cent interest

at 80 13 st

2,420,187 10 from 3th April 1783 80,000 Long Annuity commencing 5th Ja.

nuary 1783, (at not quite 19 1-30 years at 19 6 si for kr. Annu. 1,545,833.6 % purchase) lay

Aviount of ibe Stocks and Long Anquiry 6. 11,675,895 16 8 The profit on Tickets which being fold ai ko 13. each, ibc Nation's ?

144,000 profit on 48,coo Tickets, is sold at, 31. each The value of the accruing intereft, or the money in the Budget, as a.?

180,1043° 4 bove 6.180,104 3 4 at 100 per cent. Tbe amount of ibe Budget or purchase money shercof fr. 12,000,000 mo


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per ccnt

per cent


The yearly interest paid for iba money raised by the above Stocks and Annuity is as follows: From the amount of the Stocks and Long Annuity as above

11,675,895 16 8 Interest of 12,000,000. Stock trom 5th Ja.

nuary to 12th April, is 97 days, at 3 per 95,671 4 8

cent per annum

Interest of 3,000,cool. Stock from 5th A-
Deduct { pril to 12th April, is 7 days, at 4 per 2,301 5

119,232 17 6
cent per annum
Value of Long Annuity from sth January
to. 12th of April is 97 days at 80,000 1.

21,260 5 5 l per annum

Remains the Sum received for he above Stocks and An- } . 11,556,662 12
nuily wiboutiny Accrction or Interej shereon

Dec. of a

d. Farthing For this sum of 11,556,662 19 2. tbe Public pays 4 16 104 8019;} 560,000 DO per cent interesi, berg por anoum

12,000,000 of Stocã at 3 per cent 360,000!.

interest, is per annum Proof 3,coo,coo of Stock at 4 per cent

is £: 360,000 interest, is per annum

}120,000/. 80,000 Long Annuiry, is per annum 80,000/. Lancaster, 24 January 1784.


To the .L EGIS L A T U R E. This is the third time of my writing to price of each part thereul, and that the valoe you concerning the Budget. the first being of the accruing interest was 180,1041. being fue oth of February, 1782, when I liated the above one and a half per cent on the amount raisale and price of cach component part of of the Budget. the Budget 17813-And the fecond, the 7th As ihe iale of the last Budget was by some of January 1783, when in like manner I extolled, and by others censured; and as a retated the sale of the Budget 1782, and also vitw thereof may convey some suggestions gave a strong circuartantial ploof of the for- serviceable to the purpose; it will be convc. tunate refule of my first effort, or a saving in went briefly and impartially to jospect iis tire fals of the said Budget 1782, of about merit, and examine whether the accruing in270,000l. or the value of the accruing ipre. tereft was saved or lost therein ; and if op reft; which has been the principal obje&t. of candid enquiry it doth evidently appear to my aim. The value of the accruing interest, have been loit, and in the very days or altisoor discount, I conceived had been continually nant æconomy; then it must be granted that omitted, until I undertook to commend it to the sale very jully deserved to be reprehendnocice, and explicated its importance. For ed by the collective and reparate voice of each even fo late as the sale of the Budget 1981, original proprietor of the Budget. which was ftrenuously oppoled, it will be re. The most express method of trying this, membered that the valur of the discount or will be by stating in my former manner, the the accroing intereft, was therein totally ne premiums of the last, and a competent num. gleted.

ber of the antecedent Budgets; which I will But since my first address, I have observed do in three diftinét readings; and will further rhe discount has gained attention at the openi explain the premiums of the two laft Budgets: ings of the two lait Budgets. Thus encou and then the comparative view of the whole, raged, I persevere in my plan, as an auxiliary will intallibly conduct the judgment to a true tuducement ro the fating of the accruing in decision. terest in the opening of the fubfequent Bud. The first reading comprises what I call the get; such a precedent being requisite to its Reticent Premiums of the fix falt Budgets, future security. And relying on your com bring the same as declared at the openings, plaçency, I now lay before you the sale of the and on each rool, are as follow. last Budget, as above, wherein iç seen, the Budget. Budget. Budget. Budget.

Bndget. Budget Frrft Reading


1780 1781. 1782.
Premium in Stocks,
ol3 2 933 0 0 4 10 os

3 Premium in Tickets, ! 28

O 18 9
Value of accrving interest
Forat Prew.deeta. at opening 3 18 oli 4 gå 14 0 0 15 10

0120 oli 18 : In the first reading, nothing is fern oppofire 'ries of vizard blanks, or a lamentable row 19 she value of the aceruing interest, bui a sc mutes; the wretched substitutes for a fplen


1783 O 14

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er be rank : the fum of which amounts in 1787, and 1781, are only charged $2 ros. hele fix Budgets as the second reading thews, each, which I thall alter to 31. and then the

1,206,0781. and atitets the debt 1,957,2221. fecond reading discovers the true piemiums, (the value of the temporary annuities being but only on supposition that the socks and Cathed at the ra'e of 4 per cent.). In this tickets were fairly eitimated, and is as now firit edding, the profits on the tickets in follows. Budget. Budget.

Budget. Budget. Budget. Second Reading

1779. 1730. 1781. 1782.

1783. Premium in Stocks, I JO

3 9313

4 10

3 O 14 Premium in Tickets,



O 18

4 Value of accruing intereft i 17 6 1 2 5.


I 1953 Total Prem. in each rool. 515 617 11

2 1 6

6 c117 12 013'19 5 1 3 8 In both these readings is seen in Budget mium would at least have 'bren equal to, or 1782, that most remarkable reform in the greater than some of those in the preceding premiums, which clofely pursued my fii ft at Budgets. This fortunate refrrm in the Budtempt to save the value of the accruing inte get, and the reason thereof, will be more reft; being in a year in 'which the war raged charly perceived in the third reading, which with its aimoft vivlence; when the largest is intended to display the real state of the nefom was raised, and consequently (uniels gotiations respecting the premiums of each Comething had interposed to impel a reform) and all these fix Bodger's, being thus. when it might have been expected the pre

Budget. Budget. Bueret. Budget. Budget. Budget. Third Reading


1780. 181. 1582. 1783. Premium in Stocks,


4 10

3 142 Premium in Tickets,

8 o


O 18

9 4 0 Value of accruing interest,

-1 195

2 To: al Prem. as negotiated 3 18 0 1 5 4 971 4 0 0151001319 si 138

If analogy is fuffered to guide the judgment, ter rold, as appears by the first reading, and it will be readily granted, that this third so will all Budgets if only about habt the prereading explains the real negotiation of the mium ihould be mentioned. 1. premiums, only with this small difference, Although it is evident by the third readihat instead of L. 19 51, I imagine the ac ing, that the premium of the latt Budget, cruing interelt was taken at 2 per cent in with the accruing interest includeci, is the Budget 1782 ; and therefore that the accruing iraft of all the tix; yet, as all premioms are interest or the discount, 'had oot been made or only conditional, and their propriety and akonwn as a component part of the Budget, moont depend wholly upon the estimation of boril I attempted its preservation, and had the stocks and tickets, impartiality contraias not ferched any price till that in 1782. for, me in explain the terms of the two laft proin the Budget 1781, it was the f..5 19s. pre mioms, which will be all that is further remium, as in the first and third readings, which quibte in preparing the fale of the lati BodTeemed to be centured as exorbitanr ; but if ger for a verdict. That in 1782, being gênethe accruing interest had been estimated by rally allowed to be a well fold Budget, and the seller as a part of the premium, be would much better than those prior to it, (the regte have meant to give a premium of fi: 7 12 9 of which is plain) I have relee ed il as the tias in the fecond reading. And had such teft to de compared wish the latt. premiom, or the accruing intereft been then It will now be reinbared that the Sioeiss "confidered, or thought of by the able oppola in Budger 1782, were efiimased under the Denrs of Budget 1981, it is not likely thrý market price of the day of contract, thus; would have been filent upon it. And after 3 per cents, about i per.ccot; the 4 pe: the value of the accroing interest was made 'corts, about 3 per cent ; and the Long An. publicly known, it cannot be supposed it nuity abnut three eighths of a year's purchase, would be lost or neglected; neither can tlic under the market price. reform in the premium of Budget 1782, be It will also be remembered, that the Stacks otherwise fairly accounted for, than by the in the lati Budger, were valued at the market accruing interest being privately estimated as price of the day of contract. Then if the a part thereof. But why the accruing inte. prices in the lait be reduced under the market rent was not stated in the openings of the two as much as those in 1782, so that the two laft Budgets, is not for me to teil, or perhaps *Budg-es be ftared with conditions thus timito know: and indeed by omitting it, a Budo lar, the sale of the dari will be chus. ger, to those who do not calculate, seems bet.



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of 3 per cent Stock at, 65 per cent, 63 10

o of 4 per cent Stock ar, 801 per cent
o 13 4 Long Anouity at, 19 years purch. 13 8
Value of accruing interett
Profit on Tickets


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Hereby it is demonstrated, that when e two dilcounts is charged or valued, they are qually circumstanced with that in 1782, rero lo homogeneous,, that the less is, or liands as peeting the market price of the Stocks, on the part of the greater; and confequentiy when

day of contract, the premium in the latt. Bud only the greater is charged or valued, the less .get, with the value of the accruing wereit is also charged cherein ; for when a man pass Javed and included was not more than five 8 2 before the rime agreed by contract, with inper cent.

rent to take the discount for pronipt, he then And having now ftated its real premium as paying in full for the Stocks, the accruing ioin the second and third readings, and also its teref from that time becomes his ow. by that premium with these allowances as in Budget payment; and in lieu thereof he takes the 1782, I leave it in this clear comparative prompt discount; by which he exchanges the view, perfectly open to candid decision. Have

one for the other, though the roms 1o exing observed the accruing interest in these lix changed may or may not be quite equal. Budgets, has affected the debt to the amount Thus in Budget 1732, in which according to of 1,957,2221. it may be proper to thew in the third reading above stated, and also as apwhat manuer. In the first four Budgies, pears by my circumftantial proof in my le1778, 1779, 1730, 1781, the value of ihe cond parver of the 7th of January 1783, the accruing intereit being tort, and amounting in value of the accruing intereft was saved, it 759,6727. has increased the debt 1,214,154. being as therein thewn 266,3021. and the disAnd in the two latt Budgets 1782, 1783, the count paid for prompt being about 76,000. value of the accruing interett being laved, those buyers who took this prompe discount, and amounting to 446,4061. has reprefled or would receive it in exchange for an equal or Saved in the debt 743,0556, and in caxation or perhaps lomuthing less tum of the accruing intereft, 26,146/. yearly. If to these iaft intereit, the diference, if any, depending upo Tums we add respectively, what the saving of on the times the prompt payments were made. the accruing interest in the approaching Bud But to charge 56,000l. for discount on prompe get may repress in the debt, and in the year. payment, and 199,000l, for accruing intereit, ly intereft, if it thould be one of the same is the same as chargiog 266,000l. for accrd. fum as the last; according to the presenting intereit. prices of the Stocks, it will make in three If, on the day of opening the Budget, the Budgets, a stoppage or saving in the debt of discount on the prompt calculated from ebat about 1,170,000l. and also in taxation or in- day thouid exceed the accruing intereft, as terett thereof until the time of its alternate was the care in the last, yet if I should argue payment is incurred, of above 40,0001, a year. that such discount on the prompt, thould, be In like manner will the faving of the accru cause it is the greater, be charged ja lieu of ing interest in future Budgets, repel a conh- the accruing interest, that would be arguing derable part of debt, and to the amount of le. that the buyers ought to pay ready money for veral millions in a war of long duration. the Budger; for otherwise they could not re

I will now advert to the two discounts; the ceive that amount of discount for prompt paya discount on prompt payment, and the accru And by selling a Budges for ready ing intereft, both of which being money re money, the accruing interest would be totally turned to the buyers, may be called discount. deftroyed or loft. The reason for charging These two discourts, when neither of them either of the discounts, being, for money are charged to the buyers, eisher privately or which will be returned to the bus ers; to ale at the opening of a Budget, are very different tempt to charge them more on that account, matters, and have no affinity to each other; than will be, or is likely to be returned, but cach impoverishes or diminishes the Bud would be to attempt injuftice. On the openget its amount ; that is, the accruing interest ing of a Budget, not any person can tell what its whole valve; and the difcount on the prompt payments will be made, or when they prompt, the sum that is paid for prompt. will be madr, or can be certain that a vy Taus in Budget 1731, the accruing intereit be made, and therefore what the discount on heing lot by not being charged, its valur, as prompt parment may or will be, cannot be I thewed in my first paper of the 16th of Fe then calcolared; but the value of the accruing bruary 1982, was 232,4646. and the discount, interest may tiven be exactly computed. And paid for prompt, being about 82,0001, if that experience proves that the amount of the fuas also be allowed to be a loss; would make a paid as discount on prompt payment, is alInfs in that Budget 1781, of these two roms, ways (mall in comparison with the accruing being together above 314,0001.

intérelt; and therefore, when parts of the one On the contrary, when the largek of those are exchanged at different times for parts




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