A. D. 1 76 1. 



345 



nuary, and of twenty-four fifty-feventh parts of 3/ in Scotland, agree- 

 able to the feventh article of the union. 



The duties to be raifed by this new excife were appropriated to pay 

 the interefl: of twelve millions now borrowed as follows. 



For ;(^i 1,400,000 the fubfcribers were to receive for every £100 an 

 annuity or annual interefl of - - - £^ o o 



And alfo an annuity terminable in 99 years of , - 126 



Both to be computed from 5th January 1761, and to be payable at the 

 bank in equal half-yearly dividends on the 5th of January and 5th of 

 July in every year. 



The fubfcribers to the remaining ^{"600,000 were entitled to ;,(^6o,ooo 

 lottery tickets at ;;^i o each. In this lottery there were 1 1 ,945 prizes 

 from /^i 0,000 (of which there were two) down to /^2o ; and the blanks 

 were entitled to £6. But the holders of the tickets, inflead of being 

 paid in money, as in the prefent times, were put in pollellion of fo 

 much three-per-cent flock, as fortune appointed for them, to be computed 

 from 5th January 1762 ; fo that a prize of /^i 0,000 entitled the for- 

 tunate adventurer to an income of ^^300 a year, and a blank (valued at 

 ;^6) to one of 3/7 a year : and the value of them was whatever fuch 

 income would fell for, according to the fludluating price of the funds. 

 [i Geo. ///, c. 7.] 



In every loan adl there is a fecftion, in virtue of which the bank is 

 to continue a corporation, till all the annuities therein provided fhall be 

 paid off. But that long term does not extend to the privilege of exclu-' 

 Jive banking, or iflliing paper money. 



Mr. John Wood of Wedntfbury in Stafford-fhire obtained a grant for 

 a new invention of making malleable iron out of pig iron *. 



Canada being now a BritiHi province, the lords of trade and planta- 

 tions addrefled the king, that the trade of that country might be put 

 under the fame regulations with that of the other colonies, except luch 

 cafes as might be otherways particularly provided for in the capitula- 

 tion. After the conquefl of this vafl province, large orders for furs 

 were forwarded to this country from Handers, and even from Rullia, 



* Mr. Eton mentions a difcoveiy, by an Ara- deavouring to dilcovei the proccfsof his art. [.Sur- 



l)ian at Conllantinople, of the art of calling iron vey of Ttirlcy, p. 227.] Such, for want of the in- 



ID fiicli a manner, that, when it caine out of the tcrell neceffary to procure encouragement, has been 



mould, it was peifeCtly malleable : and he obfcrvcs, the fate of many a valuable difcovcry in other coun- 



with fome indignation at the wretched Hate of trio as well as in Turkey. 



knowledge and government in Tuikey, that this Mr. Reaumur, fo well known for his improvc- 



ait, which might have been of the greatcft im- meut of the theimomcter, in the year 1772 pub- 



poitance to focicty, miA •which tuoiild have injurid lilhed an tlTay on the art of rendering call iron 



the inventor a ffihniliJ fortune in Chrijlendom, Ian- ductile and fit to' be forged : and a maiiufadlory 



guidied for want of encouragement, and periflied of it was fet up in France, but afterwards given 



with the inventor, who died poor and unknown, up ; whence wc may infer, that tl.e projcft, if et - 



Some men of fcience (Germans and Italians) after fcctual, was unprofitable, 

 lus death pu7.zled thcmfclvcs, but in vain, in en- 



Vol m. X X 



