686 A. D. 1781. 



four-per-cent confolidaletl fund, for every ;i^i 00 paid in; with a pri- 

 vilege to the fubfcribcrs of /^ 1,000 to have four lottery tickets at /^lo 

 each. 



By this bargain, to fay nothing of the douceur (or in the jargon of 

 flock-jobbing the bonus) of the lottery tickets, the real permanent in- 

 tereft payable for the money borrowed was Jive and a half per cent, be- 

 fides the charge for management ; and the capital of the debt created, 

 inftead of tivelve millions, was twenty-one millions, which may adually 

 require twenty-one millions to cancell it. The terms of the loan were 

 feverely animadverted upon in both houfes of parliament ; and it was 

 affirmed by fome members, that the minirter's friends were enabled to 

 pocket nine or ten per cent on the fums affixed 10 their names the very 

 next day, without advancing one penny. Such high interefl with 

 government fecurity evidently makes it extremely difficult, if not quite 

 impoflible, for individuals to borrow any money vpon legal iuttnjl, either 

 for the extenfion of commerce and manufadtures, or the improvement 

 of agriculture. 



March 29"' — The difcounts, hitherto allowed on the duties payable 

 on the importation of foreign goods, were now repealed ; and addition- 

 al duties were impofed, of i-^^ on every pound of tobacco, and 4/8 on 

 every 112 pounds of fugar, together with a further charge of five per 

 cent upon thele additional duties. [21 Geo. Ill, c. 16.] 



The additional five per cent was alfo extended to moft of the excife 

 duties. [21 Geo. Ill, c. ly.] 



April 11"'. — Flax and flax-feed were allowed to be imported into 

 Great Britain and Ireland in neutral velfels from the 20''' of April 1781 

 till the termination of the war. 



The king of Pruffia having joined his fmall maritime force to the 

 armed neutrality, which, upon his acceflion to it, comprehended all the 

 powers, whole dominions border on the Baltic fea, a new article was 

 thereupon added to their maritime code, declaring, that the Baltic fea, 

 on account of its inland and inclofed fituation, ought to be preferved 

 free for the fafe navigation of the (hips of all nations, and that no war- 

 like fhips, belonging to the belligerent powers or their fubjeds, (hould 

 be permitted to enter it, with a view to commit hoftilities agaiiifl the 

 fubjeds of any flate whatfoever. The king of Great Britain fo fixr 

 approved of the refolution of the northern powers, as to iflue a pro- 

 clamation (April 21"), prohibiting all Britifli fliips of war and privateers 

 from molefting any velfels in the Baltic fea. 



The freedom of navigation was a moft important objed to the nations 

 fituated on the fhores of the Baltic, who were reaping fuch a golden 

 harveft from the heavy expenfes of the belligerent powers, as they had 

 never at any time enjoyed before. Ttie oak forefts of Great Britain 

 are very from being fufficient to fupply the building yards in time of 



