At the expiration of the loans interest ceased and repayment was made in ten equal annual instalments.[105] The amount legally outstanding in January 1740-1 was £340,000, (sterling value £88074-16s. 10-3/4d.)[106] the actual amount was doubtless greater, as we know that repayment was not always promptly made.[107] In addition to the Banks the General Assembly had from time to time made direct issues of bills of credit. Before 1739, however, these issues were principally to replace worn and torn bills and did not increase materially the circulation. According to a report made in October 1739 the amount issued up to that time (including everything but the banks) was £117,001-15s. This sum had been offset by bills burnt to the amount of £105,704-15s. 3d., leaving an increase of circulation due to these issues of £11296-19s. 9d. Under the stress of war which now began and continued for several years these issues were largely increased. According to a report prepared in February 1749/50, for transmission to the English government, there was issued from September 1740 to February 1747 £206,000. The committee sums up its report in regard to these bills as follows: "At divers times, from the year 1710, to the year 1747, the colony has emitted bills of credit to the amount of £312300, old tenor; and there hath been called in and burnt at several times from the year 1728 to 1748, £176,964, 6s. 10d.; and by the last settlement of the general treasurer's account, it appears that there was then in the public treasury, £24,891 10s. 10d. from all which it appears that there is now outstanding of the bills issued to supply the treasury, £110,444 2s. 3d.; the whole of which outstanding sum was issued in the years 1746 and 1747,and is equal to £10,040 7s. 5d. sterling."[108]. The amount legally outstanding in bank money was £390,000 old tenor (£210,000 nominal) sterling value £35,444, 9s. 2d. The increased issues had depreciated the paper money so rapidly that its relation to sterling was now as 11 to 1. As in 1739, the actual amount outstanding the legal amount. By the aid of remittances from England for the reimbursement of war expenditures Massachusetts succeeding in sinking her paper bills. Rhode Island with much larger proportional issues failed to follow the same course. Douglas in 1748 estimated the total amount of bills of all kinds outstanding at £550,000 old tenor and even this seems to have been an under rather than over estimate.