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The Aid of 3s. in the Pound, which was granted to his Majesty for one Year, is, by the Act of Parliament for the same, made a Security by Tallies, and Orders in Course, for Principal Money, amounting to |
£. |
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1,500,000 |
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Memorandum: The said Sum consists of 366,621 l. 6s. 1d. transferred from a late Act for purchasing of Annuities; and of 479,911 l. 12s. 6 d. which was lent on the Exchequer in general; and of 653,467 l. 1s. 5d. which was lent on the said Act for 3s. in the Pound, after it passed. |
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The Interest of the said Money, transferred from the Annuity-Act, at 6 per Centum per Annum; and of the said Sum, transferred from the Exchequer in general, part at 6 per Centum, and Part at 8 per Centum per Annum; and of the said Loans, made upon the said Act for 3s. in the Pound, at 8 per Centum per Annum; will, by Computation from the respective Times of Borrowing, until the respective Times of Repayment, respect being had to the dilatory Collection of the said Aid, amount to, at least |
120,000 |
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The Subsidies, and other Duties, granted to his Majesty, by the aforesaid Act, for one Year, were made a Security to discharge Bills of Credit, amounting, in Principal Money, to |
1,500,000 |
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Memorandum: There is a Clause in the said Act, Page 132. That in case the said Duties should fall short of raising the last-mentioned Sum of 1,500,000 l. such Deficiency should be in the first Place made good and supplied out of any the Monies that should be raised by any Act or Acts of the then next Session of Parliament. |
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By a Clause in the late Act, for making good several Deficiencies, Page 385, an Interest after the Rate of 5d. a Day for every 100 l. is to attend the said Bills of Credit when they are not in the Exchequer, or in the Hands of publick Receivers or Collectors; which Rate by the Day amounts to 7 l. 12s. 1d. per Annum; and in the Whole, from the time of making forth those Bills, till the cancelling of the same, there may incur by such Interest, at least |
100,000 |
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The additional Aid of 1 s. in the Pound upon Land, granted in the last Session, was given for |
500,000 |
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Memorandum: The said additional Aid, together with a new Subsidy of Tonage and Poundage, were made a Security to discharge more Bills of Credit, amounting to 1,200,000 l. in Principal Monies, and the like Interest for the same: And there is a Clause in the Act, Page 521. That all the Bills, as well for the said 1,500,000 l. as for the said 1,200,000 l. which shall not be cancelled by the 25th Day of March 1698, shall be satisfied, as well by the Arrears of the Funds for the same then standing out, as out of the Monies which should arise by any Aid to be granted in the next Session of Parliament. |
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The Interest of so many of the said Bills as are to be cancelled on the said Aid of 1s. in the Pound singly, may, by Estimation, be reckoned at about |
33,000 |
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So that . . . Sum Total of all the Principal and Interest-monies, appointed by Parliament to be paid out of the Funds given in the last Session for the War, except the said further Subsidy of Tonage and Poundage, and except the Malt-Duty, doth amount to |
3,753,000 |
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The fourth Aid of 4 s. in the Pound, which was payable in the Year 1696, hath, almost wholly in clipt and hammered Monies, produced into the Exchequer the Sum of 1,706,869 l. 10s. 1d.; and, according to the best Information from the several Counties and Cities, the Duplicates not being returned, the Land-Taxes for 1697, will hold near the same Proportions, in the Whole, as in the former Year, altho', in some Places, the Assessments are increased, and in others, they are decreased; and if Three-fourths of the said Sum be taken for the Produce of the said Aid of 3s. per Liber', it will be about 1,280,000 l.: But there is to be deducted about 8d. an Ounce, for so much thereof as was paid in hammered Money before the First of June 1697; and about 2d. an Ounce, for so much thereof as is paid in hammered Money after that Day; which Deductions, by Computation, will amount to about 80,000 l.: And then the net Produce of the 3s. Aid, towards the Principal and Interest of the Loans thereupon, will be about |
1,200,000 |
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The Subsidies, and other Duties, commonly called the Capitation-Tax, will, by Estimation, make about 700,000 l.; out of which deducting 40,000 l. for the Payments in hammered Money, the net Produce, towards the Bills of Credit, will be |
660,000 |
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The net Produce of the 1 s. per L. towards the said Bills, according to the said Estimate for the 3 s. per Liber', is |
400,000 |
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So that the Sum Total of all the Monies which will effectually arise out of these Funds towards the Principal and Interest of the said Loans, and Bills of Credit, will be, by Estimation, about |
2,260,000 |
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The Deficiency, or Difference between the said Total Sums, is One Million Four hundred Ninety-three thousand Pounds |
1,493,000 |
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3,753,000 |
