A. D. 1774. 553 



would be impoflible to call in their funds immediately without Ipread 

 ing great and general diftrefs throughout the country, and therefor 

 they had recourfe to other methods of railing money to difcharge the 

 demands upon them, as has been related under the year 1772. Being 

 defirous of putting the annuities they had then fold in a proper train 

 of redemption, agreeable to the contrad: with the annuitants, they call- 

 ed a meeting of them on the p* of February 1774, and made propofals 

 to cancell the annuity bonds, and fubftitute for them bonds of fifty 

 pounds each to the amount of the funis formerly Itipulated, to be ie- 

 cured upon fufficient unentailed eflates in Scotland, and to be paid in 

 London by four inftallments, (the laft of which was payable at Mid- 

 fummer 1782) with intereft at five per cent, and the bonds to be trans- 

 ferable in the manner of India bonds, exchequer bonds, &c. The an-* 

 nuitants having accepted the propofals, proper gentlemen were appoint- 

 ed to condud the bufinefs ; and the tranilidlion was fandioned by par- 

 liament. [14 Geo. HI, c. 21.] 



In the courfe of the month of March there arrived at Cadiz a flota 

 from the Spanifh Weft-Indies with a cargo of filver together witli fome 

 valuable merchandize, to the amount of 26,319,436 crowns, of which 

 above 22,000,000 was lilver. It has been already obferved, that the 

 Spanifh importations of treafure are tor the benefit of the induftrious 

 manufaduring nations. 



May — An ad was pafTed to prevent embezzlements in the important 

 manufadure of woollen cloth. [14 Geo. Ill, c. 25.] 



The Hudfon's-bay company were allowed to export a limited quaji- 

 tity of grain for the fubfiftence of the people at their fidories, what- 

 ever the prices might happen to be. [14 Geo. Ill, c 26.] 



The bank of Scotland, which was eftabliflied in the year 1695 with 

 a capital ftock of only /^ 100,000 fterUng (or ;(^ 1,2 00, 000 Scottilb *) hav- 

 ing proved very ufefiil to the country, and having ftood unftiaken dur- 

 ing the late convulfions of credit, the proprietors applied to ])arliament 

 tor liberty to double their ftock, which was granted. The old proprie- 

 tors were entitled to a preference during fix months in fublcribing for 

 the new ftock, fo as to double what they previoufly held ; and all the 

 qualifications for voting and bearing offices were now doubled. [14 

 Geo. Ill, c. 32.] 



The Eaft-Inclia company being obliged by law to fell their teas with- 

 in three years tiom the time of their importation, and the quantity re- 

 maining in th'-'ir warchoufes on the 5'" of April 1774 being too great to 

 be confumed v.iihin the limited time, they were alloved fiv. years for 

 the difpofal of their Singlo, and four years for their Boheu, teas, to 



* For fome time after the union of the king- cept in reckoning forvanti' wages, which, I bc« 



(.loms accounts continued to be kept in Scotland licv-e, arc (lill paid in old Scottifli rooaey in foinc 



in Srottini mimoy. But licforc ll>c miiidlc of the parti of the couuLry. 

 cigluccnth ci' i;ury il wta generally difufcd, ex- 



Vol. III. 4 A 



