1 14 A. D. 1720. 



came not out till theclofe of the year T720, when every one too late 

 faw the general deception : but we remember many who were then of 

 opinion, that, had it been publifhed before the two fliameful fubfcrip- 

 tions at each Licoo per cent had been refolved on, it might have pre- 

 vented fo wild a meafurc. 



The infection of new projeds communicated itfelf in that fame year 

 of wonders into the cool and phlegmatic country of Holland, where fun- 

 dry new fubfcriptions for infurances of Ihips, merchandize, &c. were fet 

 on foot, not only in their greater cities, but even in fome inconfider- 

 able ones. Thofe idle fubfcriptions, however, were not carried to any 

 great and prejudicial height amongft fo wary a people, who foon return- 

 ed to their proper vocations. 



We had in that fame year a fcemingly-judicious view of the iron ma— 

 nufadure of England, from a flate of it publifhed by Mr. William 

 Wood *, who was then a great iron-proprietor. He obferves very juftly, 

 ' that the iron manufadlure is, next to the woollen manufadure, the 

 ' mofl conftderable of all others in this nation. That we then ufed 

 ' about 30,000 tons of iron per annum : of which (for want of a fuffi- 

 ' cient fupply of cord-wood) we are forced to buy of our neighbours 

 ' about 20,000 tons, with ready money; which, at Lio per ton, is 



* L200,ooo per annum. That we have iron-ftone enough, and may be 

 ' able to fupply ourfelves with cord-wood to make the greatefl: part of, 

 ' if not all, the iron we watit, by planting and raifing copices on 



* wafte and other lands of fmall value, and referving a certain quantity 



* of acres to grow for timber-trees.' Yet, as all this was faid with a 

 view to introduce the account of his iron-partnerfliip, amongft the pro- 

 jeds or bubbles of that year, it muft be read with caution. Mr. Wood 

 had then a leafe of all the mines on the crown-lands of thirty-nine 

 counties, whofe furnaces were well fupplied with pit-coal ; fome of the 

 beft iron-works in the kingdom ; feveral forges for refining and drawing 

 iron out into bars ; alfoa flitting-millfor rolling, flitting, and preparing, 

 the iron for its feveral ufes in manufadure ; furnaces for making pig- 

 iron, pots, rails, and banifters, backs and hearths for chimnies, and all 

 other forts of caft-iron, both with charcoal and pit-coal. 



It being found by experience, that filver plate, made according to the 

 old ftandard of eleven ounces and two penny-weight of fine filver, 

 (which was altered to eleven ounces ten penny-weight, by the ad 

 8 GuL III. c. 7) is more ferviceable and durable than that made by the 

 later ftandard, the old fterling ftandard of eleven ounces two penny- 

 weight of fine filver in a pound weight (troy) was reftored by ad of 

 parliament. 



* This is the fame Wood, who afterwards undeitook the coinage of copper halfpence for Ireland. ^. 



