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in which the masters of the vessels have had re, These measures, and the will (volonte) of the king, course to an appeal to the decisions of the supreme offer sure guarantees to the commerce of the United court. The undersigned flatters himself that Mr. States, that the vessel under their flag will be able Erving will find in this compliance of the king his to navigate in the seas and waters visited by the Danmaster, an evident proof of the desire of his majesish cruizers, without any risk or being molested by ty to see that the most exact justice may be observ-them or brought in if their papers are in order (en ed towards the American vessels brought into the regle) and there is no reason to suppose that they Danish ports. have been improperly used. The vessel which is

The undersigned has the honor, &c.
ROSENKRANTZ.

Copenhagen, 28th June, 1811.

Malthus on Population.

Analytical review of the "Essay on the principle of population, by T. R. Malthus, A. M." with some remarks more particularly applicable to the present and probable future state of the United States.

His majesty, who has seen with great satisfaction, destined to carry into any port whatever, produce that the president of the United States properly and merchandize which are not admitted into that appreciates the sentiments of justice and equity, port according to the laws of the state to which it which animates him; feels gratified in manifesting belongs, will not be considered as in rule (en regle) to him that he desires to preserve and to cultivate and the navigators who may aim at employing their on his part, the relations of good understanding and vessels in this way, will only have to blame themof amity, which have always subsisted between the selves if their enterprize leads to their injury. Danish government, and that of the United States The undersigned in acquitting himself as he has of America. It is enjoined on the undersigned to just done of the orders of his sovereign cannot decharge Mr. Erving with assuring his government prive himself of the honor of again reminding Mr. that the intentions of the king his master are inva Erving, that the navigation and the commerce of riable in this respect. the citizens of the United States, found a reception In regard to vessels under the Americrn flag and an outlet for the productions of their country, arrested at sea by Danish cruizes, and which were in the ports under the dominion of the king of Denfound under the convoy of British ships of war, mark, at a time when they did not enjoy the same Mr. Erving will permit the undersigned to have the advantages in the ports of the greater part of the `honor of observing to him, that when the fact is states of Europe. This circumstance will sufficientfully proven, the searching after and the use made ly prove to the American government that that of of the protection of the enemies of Denmark in the Denmark is fully aware of the reciprocal utility of seas which wash the shores of his majesty's domi- the relations of commerce and a good understandnions, or in those which environ them, cannot be ing between the two nations. viewed by the Danish government, but as having taken from those vessels their original character of neutrals. But the king, not having been willing that the courts should attribute to vessels under the American flag the having been placed (de s'etre mis) under the protection of his enemies unless the fact was proven, has very recently directed that An proofs the most evident be required to establish the fact, that a vessel under the American flag had been (ait ete) under English convoy. The undersigned cannot but urge in favor of the principle establish [CONTINUED FROM PAGE 147.] ed by the 11th article of the ordinance for privateer- Until within a few years past, the preventive ing, the argument, that he who causes himself to check will be found to have operated almost exclube protected by that act, ranges himself on the side sively in Norway. The military enrollments, which of the protector, and evidently renounces the advan- enjoined a service of ten years included every man tages attached to the character of friend to him, under the age of thirty six. The choice of the solagainst whom he seeks the protection. If Denmark diers was left to the officers, who generally prefershould abandon this principle, the navigators of all ed the oldest on the list as bein; the most effective nations would find their account in carrying on the men; and as none of these were permitted to marry commerce of Great Britain under the protection of without the special consent of his officer and a English ships of war without running any risk. certificate from the minister of his parish, that he We every day see that this is done; the Danish go was possessed of enough to support a wife: those vernment not being able to place in the way of it who were not in very good circumstances, rather sufficient obstacles. The undersigned will add a than encounter the trouble, expense and difficulty single observation which will serve to convince Mr. of obtaining these requisites, prefered to remain Erving that this principle is in the view of his ma single till the expiration of their service; so that jesty as just as it is invariable-it is that every Danish the men were for the most part pretty far advanc vessel which should make use of English convoy is ed in life before they thought of marrying. Other condemned-if she is convicted of it in like manner obstacles to early marriages existed in the peculiar as a foreign vessel. It is but two well known that state of the country. There are no large manufacin all times during maritime wars, neutral navigaturing towns to give employment to a redundant tion has been exposed to embarrassments and delays population; every man is an artisan and every famiThe Danish navigation has had experience of it in ly includes within itself its own artificers, butchers, its time. It is therefore that the king has establish bakers, brewers, &c. The farmerwho owns a quaned rules for privateering which place the navigation tity of land, divides it into such portions as are ade truly neutral under cover from vexations. His quate to the support of a family, and lets them out majesty would equally have wished entirely to have to a certain number of married labourers, who are prevented captured vessels from experiencing delays called housemen, and who in return are obliged to of any importance, when it was found that they had work for the farmer at a fixed and low price whentheir papers on board in order (en regle) and that ever called upon. A vacancy among these housethey had not improperly used them to carry on a men is the only prospect which presents itself to the simulated commerce on account of the enemy of laborer of supporting a family; and as the mortalDenmark. He is convined that he has taken for ity is very small, being only as one to 48, it is not this purpose all the measures in his power, and he surprising that we find from the registers, the prois resolved carefully to watch over their execution. Iportion of marriages to the population only as I to

collected on the subject; but from the most care

130. Until a vacancy happens, the young men and, in the author's own words, "In the maison des Enwomen remain with the farmer as servants. The na fans trouves, (or foundling hospital) the mortality is tural consequence of this state of the country is,that prodigious. No regular lists are published,and vei bal the lower classes of people in Norway are placed in commun cations are always liable to some uncertaina much better situation than might be expected from ty. I cannot, therefore, rely upon the information the nature of the soil and climate. Along the sea coast, on the contrary, where the hopes of pro-tul enquiries which I could make of the attendants curing adequate supplies of food from fishing, in duce the people to marry more frequently and early, the rise of population above their means of subsist ence, renders them miserably poor and wretched in comparison to the interior inhabitants.

at the house in Petersburg, I understood that one hundred a month was the common average. In the preceding winter, (which was the winter of 1788) it had not been uncommon to bury 18 a day. The average number received in the day, is about ten; The great improvements which have lately been and though they are all sent into the country to be made in agriculture, the division of the land into nursed, three days after they have been in the house, smaller farms, and the consequent increase of the yet, as many of them are brought in a dying state, number of housemen, have tended to give a consithe mortality must necessarily be great. The num derable start to the population. ber said to be received, appears, indeed, almost

The only difference between Norway and Sweden incredible; but from what I saw myself, I should in respect to the population, is, that in the latter be inclined to believe, that both this and the morcountry, agriculture seems to be better understood tality before mentioned, might not be far from the --the farms are divided into smaller tenements: and truth. I was at the house about noon, and four the impediments to early marriage of course fewer. children had just been received, one of which was The proportion of marriages to the population as evidently dying, and another did not seem as if it registered, is as 1 to 112. In proportion, however, would long survive. as the preventive check is less prevalent, the posi "A part of the house is destined to the purpose tive checks operate with greater force. Whether of a lying-in hospital, where every woman that from the natural unhealthiness of the soil, the ha comes is received, and no questions are asked. The bits of the people, or the nature of the government, children which are thus born, are brought up by which has been constantly directing its efforts to in nurses in the house, and are sent into the country crease the population without attending to the mean like the others. A mother, if she choose it, may perof supporting it, the mortality of Sweden is very form the office of nurse to her own child in the house great the average proportion of deaths being to-but is not permitted to take it away with her. A the population as 1 to 35. The medical colleges, the child, brought to the house, may at any time be relying-in and foundling hospitals which were esta-claimed by its parents, if they can prove themselves blished by government for the purpose of encourag able to support it: and all the children are marked ing population, or at least of impeding the mortali ty, have not been found in any degree to answer the desired end. Indeed our author is of opinion, that hospitals of that description, so far from producing any good effect, directly tend to increase the evils of society, by holding out encouragements to vice.

and numbered on being received, that they may be known and produced to the parents when required; who, if they cannot reclaim them, are permited to visit them.

"The country nurses receive only two roubles & month (which is only about fifty cents a week ;) yet Considering the very great natural resources of the general expences are said to be one hundred Russia, its population may be looked upon as com thousand roubles a month. The regular revenues beparatively much inferior to that of most other coun- longing to the institution are not nearly equal to this tries. This is ascribed to two causes, both power-sum; but the government takes on itself the manageful in their operation, namely, the hospitals before ment of the whole affair, and consequently bears all spoken of, and the abject slavery to which the boors the additional expences. As children are reclaimed and peasants are condemned, being considered as without any limit, it is absolutely necessary that the much the transferable property of the noblemen, as expences should also be unlimited. It is evident that the cattle which graze their fields. The revenue of the most dreadful evils must result from an unlimit a Russian nobleman arises from a capitation tax ed reception of children, and only a limited fund to upon all the males of his estate. Each family is al support them. Such institutions, therefore, if malowed a certain portion of land sufficient to support naged properly, that is, if the extraordinary mortaliitself and pay the tax. According to their increase, ty do not prevent the rapid accumulation of expence, new divisions of land are occasionally made; and if cannot exist long, except under the protection of a it is found that one farm has yielded more than the very rich government; and even under such, the support and tax of the farmer, it is divided into two. period of their failure cannot be very distant. It thus becomes the interest of the boor not to pay "At six or seven years old the children who have much attention to the cultivation of his land beyond been sent into the country return to the house, when those necessary purposes, as the consequence would they are taught all sorts of trades and manual operabe the loss of half his farm at the next division.-tions. The common hours of working are from To which may be added, the indolence and ignorance six to twelve, and from two 'till four. The girls which must necessarily accompany a state of igno leave the house at eighteen, and the boys at twenty minious bondage. As the imputation of inhumani or twenty one. When the house is too full, some of ty, or a want of proper respect for the condition of those who have been sent into the country, are not the poor, may be cast upon the author, from what brought back. The principal mortality, of course, has been said respecting institutions apparently bene takes place among the infants who are just received ficial to the general interest of society, and so ho and the children which are brought up in the house norable to the motives of their ounders, as hospitals but there is a considerable mortality among those for the reception of foundling children and lying in which are returned from the country, and are im women; it would be doing him injustice not to make the firmest stages of life. I was, in some degree, the reader acquainted with the facts and arguments surprised at hearing this, after having been particu upon which he has founded his opinion of their in-larly struck with the extraordinary degree of neat jurious tendency. We cannot do this better than pess, cleanliness and sweetness which appeared to

prevail in every department. This degree of neat hospital without the loss of her place. It should be ness, almost inconceivable in a large institution, observed however, that generally speaking, six chilwas to be attributed principally to the present em dren are not common in this kind of intercourse. press dowager, who interested herself in all the de- Where habits of licentiousness prevail, the births tails of the management, and when at Petersburg, are never in the same proportion to the number of seldom passed a week without inspecting them in people, as in the married state; and, therefore, the person. The mortality which takes place in spite discouragement to marriage, arising from this licen of all these attentions, is a clear proof, that the contiousness, and the diminished number of births stitution in early youth cannot support confinement which is the consequence of it, will much more and work for eight hours in the day. The children than counter balance any encouragement to marhad all rather a pale and sickly countenance; and if riage from the prospect held out to parents of disa judgment of all the national beauty had been form-posing of the children which they cannot support. ed from the girls and boys of this establishment, it Considering the extraordinary mortality which ocwould have been most unfavorable. curs in these institutions, and the habits of licen"The maison des Enfans trouves at Moscow, is tiousness which they have an evident tendency to conducted exactly upon the same principles as that create, it may be said perhaps with truth, that if a at Petersburg; and Mr. Tooke gives an account of person wished to check population, and were not the surprising loss of children which it had sustain-solicitous about the means, he could not propose a ed in twenty years, from the time of its first estab- more effectual measure than the establishment of a lishment in 1786. On this occasion, he observes, sufficient number of foundling hospitals, unlimited if we knew precisely the number of those who in their reception of children. And with regard to died immediately after reception, or who brought the moral feelings of a nation, it is difficult to conin with them the germ of dissolution, a small part ceive that they must not be very sensibly impaired only of the ortality, would probably appear to be by encouraging mothers to desert their offspring, fairly attributable to the foundling hospital; as none and endeavoring to teach them that their love for would be so unreasonable as to lay the loss of these their new-born infants is a prejudice, which it is the ce: tain victims to death, to the account of a philan-interest of their country to eradicate. An occathropical institution which enriches the country from sional child murder from false shame, is saved at a year to year with an ever-increasing number of heal- very high priee, if it can only be done by the sacrithy, active and industrious burghers. It appears fice of some of the best and most useful feelings of to me, however, that the greatest part of this pre- the human heart in a great part of the nation. mature mortality, is clearly to be attributed to these "On the supposition that foundling hospitals at. justitutions, miscalled philanthropical. If any retained their proposed end, the state of slavery in liance can be placed on the accounts which are giv Russia would, perhaps, render them more justifiaen of the infant mortality in the Russian town ble in that country than in any other; because every and provinces, it would appear to be unusually child brought up at the foundling hospital becomes amall. The greatness of it, therefore, at the found a free citizen; and in this capacity is likely to be ling hospitals, may justly be laid to the account more useful to the state, than if it had merely inof institutions which encourage a mother to decreased the number of slaves belonging to an indisert her child, at the very time when, of all others, vidual proprietor. But in countries not similarly it stands most in need of her fostering care.The frail tenure by which an infant holds its life, will not allow a remitted attention, even for a few hours. The surprising mortality which takes place at these two founding hospitals of Peters burg and Moscow, which are managed in the best possible manner, (as all who have seen them with one consent assert,) appears to me incontro vertibly to prove that the nature of these institutions is not calculated to answer the immediate end they have in view, which I conceive to be the preserva tion of a certain number of citizens to the state which might otherwise perhaps perish from poverty The author notices an extraordinary fact recordor false shame. It is not to be doubted, that if the ed in the registers for the city of Petersburgh, for the children received into these hospitals had been left to the management of their parents, taking the chance of all the difficulties in which they might be involved, a much greater proportion of them would have reached the age of manhood, and have become useful members of the state.

circumstanced, the most complete success in institutions of this kind, would be a glaring injustice to other parts of the society. The true encouragement to marriage, is the high price of labor, and an increase of employments, which require to be supplied with proper hands; but if the principal part of these employments, apprenticeships, &c. be filled up by foundlings, the demand for labor among the legitimate part of the society, must be proportionatey diminished, the difficulty of supporting a family be increased, and the best encouragement to marriage removed."

which, however, he does not pretend to account, and which is directly the reverse of what has been observed in all other countries; namely, the much greater mortality of female children than of male. Of 1000 boys born, 147 only died within the first year-but of the same number of girls, 310.

"When we look a little deeper into this subject, There is so little difference in the general operait will appear that these institutions not only fail in tion of the checks to population to be found in the their immediate object, but by encouraging, in the middle countries of Europe, that our author has most marked manner, habits of licentiousness, dis thought it sufficient to direct the reader's attention courage marriage, and thus weaken the mainspring to the register of marriages and deaths without a reof population. All the well-informed men with ference to each particular country. From the rewhom I conversed on this subject at Petersburgh, sults furnished by these, the inference is clearly deagreed invariably that the institution had produced ducible that the former are dependent on the latter, this effect in a surprising degree. To have a child or that they reciprocally influence each other. In was considered as one of the most trifling faults countries, therefore, where no great or sudden inwhich a girl could commit. An English merchant crease in the means of subsistence is to be expected, at Petersburg, told me that a Russian girl living in the government acts unwisely to hold out encou his family, under a mistress who was considered as ragements to marriage, as they would be only sa very strict, had sent six children to the foundling many means of increasing the mortality. Montes

But in certain

Debt of IRELAND payable in Great Britain. Consolidated annuities 3 per

cent.

cent.

3,254,375 00 00 572,000 00 00

do. 5 per cent. Totol Irish debt payable in G. B.

50,094,000 00 00

cent.

Great Britain.

7,502,633 6 8

quieu has justly observed in his Esprit des Loix, that wherever there is a place for two persons to live comfortably, a marriage will certainly ensue: par30,238,875 00 00 ticular laws, therefore, to encourage the propoga Reduced annuities, 3 per cent. 16,028,750 00 00 tion of the human species, are not only superfluous, Consolidated annuities, per bat destructive of the happiness of the people. The exact proportion which marriages bear with deaths Ditto. is strongly exemplified in Holland. Crome and Sussmilch, two statistical writers, of acknowledged accuracy, have estimated the average proportion of marriages to inhabitants as 1 to 108, and by the same calculation the mortality as 1 to 36. Dutch villages, it appeared from the registers that Debt of the EMPEROR OF GERMANY, payable in the proportion of marriages was 1 to 64, a number .which Sussmilch endeavored to account for by the Consolidated annuities, 3 per various trades and means of getting a livelihood in Holland; but this extraordinary deviation from the mean proportion is more correctly solved by the same register, by which it appeared that the mor tality was 1 to 22, instead of being in the usual proportion of I in 36. This increased number of mar-3 per cent. per annum riages, therefore, produced no increase of popula-4 per cent. tion, being occasioned merely by the vacancies 5 which death had created in employments whereby a family might be supported. A further illustration of the subject will be found upon recollecting the contrast exhibited in the state of Norway. In that country the mortality was stated to be 1 in 48, and the marriages only 1 in 130. Thus it will be seen that an exact relative PROPORTION is maintained. [TO BE CONTINUED.]

British Statistics.

NATIONAL DEBT-EXPENDITURE-TAXATION,
National Debt.

When queen Anne came to the throne

in 1701, the debt was When George I. came to the throne in 1714

When George II. came to the throne in 1727

£16,394,702

When George III. came to the throne

in 1760

At the close of the American war the
debt was (1784)

At the close of the war against "revo-
lutionary France.” (1801)
January 5, 1810.

Total funded debt of G. B. 735,611,762 8 11 3-4

Debt of IRELAND payable in Dublin.

per cent.

Total Irish debt payable
in Dublin,

Total funded debt of G. B. and

6,630,962 17 1 227,600 0 0 12,875,450 11 3

19,783,023 8 4

Ireland, January 1, 1809, 755,395,775 17 3 3-4 Unfunded debt of GREAT BRITAIN and IRELAND, Exchequer Bills,

Treasury Bills,

Army, barracks, ordnance,

navy, civil list advances,
Total Irish unfunded debt,

TOTAL BRITISH DEBT,
January 1, 1809,

£40,093,200

1,302,817

9,470,311 19 4 3-4 570,747 6 0

806,832,851 16 10 1-2

The present amount of the national debt is various. 54,145,362 ly stated by different writers. It is somewhere between 830 and 850 millions of pounds; a" handful of mil52,092,235 lions," to use the appropriate and significant words of a member of the house of commons, is of no great 146,632,844 consequence,-one way or the other.

As the greater part of the debt bears only three 257,213,043 per cent. per annum, and £100 of its stock will pro

duce no more than from 60 to £65 in money, the 579,911,447 British financial writers estimate its real amount to 811,393,082 be about 500 millions, because (say they) it might be purchased for that sum in cash.

Description of debt from papers laid before Parlia ment in February, 1809.

CAPITALS AT 3 PER CENT. PER ANNUMBank of England, and annu.

ities created in 1726, €12,686,800 0 0 South sea old and new annu

ities, in 1751,

Consolidated annuities,
Reduced annuities,

Total at 3 per cent.

CONSOLIDATED ANNUITIES
AT 4 PER CENT.

CAPITALS AT 5 PER CENT. Consolidated annuities Annuities created in 1797 and 1802,

TOTAL CAPITALS.

The following facts will explain to the reader why such great quantities of stock have been created at such low rates of interest.

In 1806, the British government borrowed 18 millions of money-but the stock created by it was exactly £29,880,000; thus-they gave £70 stock 25,984,684 13 11 1-23 per cent reduced; £70 3 per cent. consols; and 379,757,656 8 8 1-4 10, 5 per cent. navy; making £150 stock for £100 148,448,550 5 2 money; besides, there was £2,880,000 more stock created than the money produced, at this rate. Whe566,857,691 7 9 3-4 ther this was a bonus to the lenders, we are unable to say-the facts are as stated.

59,116,981 17 2

50,104,095 19 4
1,916,346 18 0

Again-in 1808, £10,500,000 were raised-for every 100, the lenders agreed to take £118 3s. 6d. in the 4 per cents-making a stock of £12,408,475 and so bearing a real interest of nearly 5 per cent. besides the usual discounts and premiums.

The foregoing may serve to give a general idea of the nature of the British funds. But we do not pretend to understand the subject minutely, or com678,015,119 2 3 3.4 prehend clearly, the financial operations of this government, They are surrounded by mystery; and

completely known only to the few who "gamble" in them. The annexed explanation of terms will assist the reader to feel the monied pulse of the nation, on seeing the price of stocks quoted in the newspapers:

DESCRIPTION OF THE PUBLIC FUNDS.

Navy five per cent. annuities, produced from about fifty millions of stock, partly fo med out of navy bills, converted in 1784, into a stock bearing interest at five per cent. whence the name.

Navy bills are merely bills of exchange, drawn at 90 days date, and are given by the commissioners of the navy for the amount of supplies, for the use of that department,and the interest upon those, amount to three per cent. per diem.

India bonds are issued by the East India company, and bear interest at five per cent. per annum.

Omnium is a term denoting the different stocks formed by a loan, while any part of the loan remains unpaid. For example, suppose twenty millions of Four per cent. consolidated annuities, produced money were to be raised, and for every 1100 in mofrom the same quantity of stock as the last, bearing ney, are to be given /100 stock in the 3 per cents, interest at four per cent. as the title indicates; these 50 stock in the 4 per cents. and 6s 3d per cent .in annuities are called consols, or consolidated, from the long annuities; then if any person engage to the stock having been formed by the consolidation advance /10,000 in money upon paying the first inof several debts of government. stalment, (for the money is usually advanced at the Three per cent. reduced annuities, produced by rate of about 10 per cent. per month, until the whole about 170 millions of stock formed from several is paid,) he will receive three receipts, which sepadebts, that originally bore a higher rate of interest, rately contain an engagement to answer to the perbut which on various conditions, has been reduced son possessing them /10,000 stock in the three per to the rate which the name of the stocks express. cents. 15,000 stock in the four per cents. and 731 Three per cent. consolidated annuities produced 103, stock in the long annuities, upon the whole of by above four hundred millions of stock in part form the instalments being paid, at or before the appointed by the consolidation of several stocks, bearing ed time-While these three receipts are sold togeinterest at three per cent. ther, and before the whole of the instalment has been paid they are called omnium, as they are made up of all, or of several of the stocks.

N. B When the word consols is indefinitely used it is always understood to mean these annuities. Three per cent. imperial annuities, produced by Script is a term given to each of the receipts of above eight millions of stock created by loans to the omnium, they are sold separately: thus in the the emperor of Germany, with the security of the foregoing supposition, if the receipt containing the interest being paid by the government of this coun-engagement to transfer the 10,000% in the 3 per try whenever the emperor should fail in his engage

ment.

Five per cent. Irish annuities, produced by about two millions of stock formed by loans for the use of Ireland before the union.

Bank stock, is a capital of nearly 12 millions with which the company of the bank has accommodated government with various loans, and with which they carry on the banking business, purchase bullion, &c. The dividends on bank stock are now ten per cent; so that the profits of the company are near twelve hundred thousand pounds per annum.

India stock, forms the trading capital of the East India Company; this stock (consisting of six millions) produces an annual dividend of 10 1-2 per

cent.

South sea stock and annuities consist of, or are produced from a capital of nearly twenty millons. The greatest part of this is lent to government, for which the company receive three per cent. but from the increase of other profits, the dividend to the proprietors is 31-2 per cent.

The terminable annuities are,

Bank long annuities, so called from the annual payment being from their origin made payable at the bank, and from their being granted for a greater length of time than other terminable annuities.These annuities extend to the beginning of the year 1806, and the annual payments are about eleven hundred thousand pounds.

Imperial short annuities, formed in the same man. ner, and upon the same conditions as the imperial three per cent. annuities; they extend to May 1809. Besides the permanent loans to government, which have created a perpetual and terminable an nuities, various sums have been raised from time to time, as temporary loans, on what are called exchequer bills from their being made payable at the treasury of the exchequer.

Exchequer bills are issued for different hundreds or thousand of pounds, and bear an interest of 3 1-2 per cent, per diem, from the day of their date to the time when they are advertised to be paid off,

cent. be sold without the other two receipts, this would be called a sale of script. Immediately the whole of the instalments upon any script is paid, the transfer of the stock is made to the person who holds it, and there is usually a discount allowed for any prompt payment.

N. B. When the stock created by any loan is formed in only one sort of stock, there is properly speaking no omnium; though, then by a misnomer, the script receipt is called by that name. The prices of the stocks, &c. are exhibited in the lists that are published, in this manner.

The value of any perpetual annuity, thus: Three per cent. consols, 63 1 8. 64 3 4, 1 2. Signifies that the value of 100. stock of these 2, 6d in money at the beginning of the market, annuities sold on the day this price is given, for 631. that

this stock rose to 64/15s and left off at 64/10s. The value of any terminable annuity, thus: Bank Long Annuities, 16 3 8, 16 1 16.

Signifying that any annual payment of these annuities was worth 16 3-8 years purchase at the beginning, and left off at 16 1-16 years purchase at the

end of the market.

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