S!49 
Statistics^ 
BRITISH STOCK OR FUNDS. 
These are denominations of public debt, and the taxes appro- 
priated by parliament to pay the interest of that public or national 
debt, and support the current expences of government ; these hav6 
at different times been funded ; that is, classed, arranged, and 
made permanent under different names, as temporary expedience 
required. Such as three per cents 1726; three per cents consol 
(consolidated annuities) ; three per cents reduced ; three per centf> 
deferred stock; three per cents south sea of 1751 ; three per cent, 
old south sea annuities ; three per cent, new south sea annuities ; 
three per cent, imperial annuities ; four per cent, consols. Five 
per cent, navy annuities ; five per cent, stock of 1797, and 1802 ; 
five per cent. Irish. Old annuities ; long annuities ; short annui- 
ties ; Irish annuities ; imperial annuity ; south sea stock. The 
Bank stock, and India stock, India annuities, India bonds belong ex- 
clusively to those two chartered companies respectively. 
Thus it appears that some of these funds, consist of annuities 
payable to the public creditor or stock holder, for ever ; and others, 
of annuities that expire at certain periods. 
When three per cent, consols, or any other three per cent, per- 
petual annuities can be purchased at 60 ; four per cents at 80 ; 
five per cents at 100 ; Bank stock yielding a dividend of seven 
per cent, at 140; India stock yielding 10|^ dividend, at 210, then 
does the purchaser get five per cent, or legal interest, for his mo- 
ney. Whenever the three per cent, consols for instance, which is 
the largest stock in amount, fall below 60, the stock is manifestly 
depreciated by national circumstances. Indeed, when legal inter- 
est is at five per cent, three per cents ought to fetch 80, owing to 
the ease and certainty, with which the interest is receivable. 
The funds existing in Sir R. Walpole’s time, were then form- 
ed (1715, and 1716) into three general funds, the fund; 
the ^Quth sea fund and the general £und: to which in 1716 Sir 
Robert added the sinking fund, of which I shall speak separately. 
To these funds certain taxes were respectively annexed, the pro- 
duce whereof was invariably to be applied to the payment of the 
of that fund, vfhich thus formed a mortgage on the tax. 
