A. D. 1728. 141 



^ideration, an a6t of parliament was thereupon pafled, in the 2d year of 

 King George II, for eftablifhing an agreement with feven of the pro- 

 prietors of CaroUna for the furrender of tlieir title and interefl: in that 

 province to his majefly. In confideration whereof the faid feven pro- 

 prietors were to be paid the fum of L 17,500, being L2500 for each 

 feventh part, and L5000 more for the arrears of quit-rents, &c. due 

 to them. Thus for fo fmall a fum as L22,500 were feven eighth parts 

 of thofe fine provinces made regal governments from the r ft of June 

 1729. And as Lord Carteret chofe to retain the other remaining eighth 

 part of Carolina in his own right, a claufe in the ad of parliament re- 

 ferves to him, his heirs, executors, adminiftrators, and afligns, all fuch 

 eftate, right, title, &c. to one undivided eighth part or (hare of the faid 

 provinces, and one eighth part of all arrears of quit-rents, &c. thereof. 

 Notwithftanding which, the government of the whole is hereby made 

 entirely regal, And in this regal ftate Carolina, under two feparate go- 

 vernors, councils, and aflemblies, has wonderfully flouriflied and in- 

 creafed in trade and commerce, and has extended its plantations farther 

 weflvTard. Proper fupplies and relief having been fent thither by the 

 crown, the neighbouring Indians were reduced to live in a peaceable 

 condition till very lately, when alfo they have again been reduced to 

 reafonable terms, after much bloodfhed. 



The South-fea company this year fent out their twenty-three remain- 

 ing fliips for the whale filhery, and returned with only the blubber and 

 fins of eighteen whales ; which was undoubtedly a loiing voyage. 



This year the Britifh houfe of commons prefented to the king a par- 

 ticular account of the national debts contraded. before chriftmas 171 6, 

 and how much thereof has been fince difcharged by the finking fimd, 

 though till now but in its infancy ; which debt fo difcharged amounted 

 to 1.2,698,416:9:71 fince chriftmas 1716. That by the feveral re- 

 ductions, from 6 to 5, and from 5 now to 4 per cent, on the greateft 

 part of the public debts, fo great favings of intereft have been made, 

 -that the finking fund may now be eftimated to be about Li, 200, 000 

 per annum ; and will be every year increafing from the farther favings 

 of the intereft of the remaining debts from time to time, as they fliall 

 be paid off. This increafe of the finking fund from L40o,ooo to about 

 Li ,200,000 (fince midfummer 1727) being in the hands of the go- 

 vernment, and applicable from time to time to the difcharge of the 

 principal, makes a gain and profit to the public, equal to the difcharge 

 of one third of the principal debt ; fo that the additional L8oo,ooo to 

 the finking fund, if valued at twenty-five years purchafe, at which rate 

 all annuities are now currently fold, makes a real profit to the public of 

 twenty millions. And if, notwithftanding the many difliiculties this 

 nation has laboured under, by an unnatural rebellion, and by the mimy 

 lieinous plots and confpiracies fince formed, for overiiirning the religion 



