Having now, Sir, gone through the Royal Family, I shall speak of their fine country, which I believe produces more to its sovereign than any other district of land of the same size in Europe. The last grant of the Diet of Saxony was between eight and nine millions of dollars (each dollar exactly three shillings and sixpence English money) per annum for nine years; yet ’tis likely that the whole may be anticipated and spent in five, and then the King calls a new Diet, and gets fresh supplies, so that ’tis not possible to say exactly what the King’s revenues are; but everybody must see that they are very large, and how the people will continue such payments begins to be a question. It is certain this country grows daily poorer, which is very visible by the decay of Leipsick fair. Everybody agrees that the last Easter fair was not half so good as it used to be; and this fair is the touchstone of the trade and money in this Electorate. The loss and expenses their own bad politics have drawn them into during this war have been very great; and the visit the King of Prussia made to Dresden was very expensive to this country; but above all, the visible decay of their linens and tinned iron manufactures (which England has been wise enough not to want any longer in such great quantities from foreign countries,) is a blow that is felt more severely than can be expressed. The Stier Bills, which are the funds here, and which always used to bear a premium, are now at 5 and 6 per cent. discount, and ’tis very difficult to negotiate them even at that price, though they carry 5 per cent. interest. I have been offered some, whose principal is due at Michaelmas, 1748, at 7 per cent. discount. This being so, you see that their credit is exhausted, and that they would hardly be able to borrow under 10 per cent.; and yet they must take up money, or their Army will mutiny, for their officers are most of ’em twelve or fifteen months in arrear. In the midst of all these difficulties the Court has squandered away above 200,000_l._ sterling at the late double marriages; given 100,000_l._ sterling for the Duke of Modena’s gallery of pictures; and Count Bruhl alone cannot spend so little as 60,000_l._ sterling a year. The pensions also that the King gives in Poland exceed the revenues he receives from thence by full 50,000_l._ per annum.