The annuities of 1757, are estimated, by the author of the Considerations on Trade and the Finances, at 472 500_l._ or at 14 years purchase; and the annuities of 1761, 1762, at 6 826 875_l._ or at 27½ years purchase. But this valuation seems too low, for the reasons given in the note, p. 394. I shall, before I conclude this chapter, present a short scheme of the state of the nation at that time: but first let us take a view of the methods used to borrow so large a sum in the short period of eight years. Until 1757, money was borrowed by government, at a little above 3 _per cent._ but then a loan of 5 millions being necessary, government consented to create annuities of 4½ _per cent._ irredeemable for 24 years. By this expedient the monied people eluded the operation of reducing the interest of this fund, upon the return of peace. How far this expedient was to be preferred to the former, of increasing the capital beyond the money paid; or whether it would not have been still better to have paid for the money wanted, according to the current rate of interest in the market at the time, waiting until a peace might afford a favourable opportunity of reducing it, I shall not take upon me to determine. I have observed how rash it is for any one to censure acts of administration, when the motives of a statesman’s conduct are unknown. This, however, I have sometimes ventured to do, in speaking of things which happened many years ago; but we ought to be more cautious as we come nearer to our own times, because not having, as in this case, a course of experience to point out the errors, we must entirely rely upon our own sagacity, and reason only from analogy. During the last war, as in that preceeding it, taxes were increased in proportion to the interest of the money borrowed; and new impositions were now laid on the articles of great consumption, which produced abundantly. The new malt-duty of 3_d._ _per_ bushel, and the new beer-duty of 3_s._ _per_ barrel, bring in net into the exchequer near 820 000_l._ _per annum_, and discharge the interest of above 27 millions sterling, at 3 _per cent._ Such a sum raised at the end of a war so very expensive, and at the very time when the credit of France was totally fallen, must have operated in the strongest manner, and did in fact operate more, perhaps, than any other consideration to put an end to that war, the most glorious that Europe has beheld since the beginning of this century, or perhaps in any age whatever: advantageous to Great Britain, notwithstanding all the expence, providing that the consequences happen to correspond to what may be reasonably expected. I shall now set before my reader a short state of the taxes, debts, and public funds of Great Britain, at this bright period of her history.