Staiisilcs* 
253 
DESCRIPTION OF THE PUBLIC FUNDS. 
Navy five per cent, annuities, produced from about fifty mil*- 
iions of stock, partly formed out of navy bills, converted in 1784j 
ibto a stock bearing interest at five per cent, whence the name. 
Four per cent, consolidated annuities, produced from the same 
quantity of stock as the last, bearing interest at four per cent, as 
the title indicates ; these annuities are called consols, or consoli- 
dated, from the stock having been formed by the consolidation of 
several debts of government. 
Three per cent, reduced annuities, produced by about 170 mil- 
lions of stock formed from several debts, that originally bore a 
higher rate of interest, but which, on various conditions, has been 
reduced to the rate which the name of the stocks express. 
Three per cent, consolidated annuities produced by above four 
hundred millions of stock, in part formed by the consolidation of 
several stocks, bearing interest at three per cent. 
N. B. When the word consols is indefinitely used it is always 
understood to mean these annuities. 
Three per cent, imperial annuities, produced by above eight 
millions of stock created by loans to the emperor of Germany^ 
with the security of the interest being paid by the government of 
this country, whenever the emperor should fail his engagement. 
Five percent. Irish annuities, produced by about two millions 
of stock formed by loans for the use of Ireland, before the union. 
Bank stock, is a capital of nearly twelve millions with which 
the company of the bank has accommodated government with va- 
rious loans, and with which they carry on the banking business^ 
purchase bullion, &c. The dividends on bank stock are now ten 
per cent. ; so that the profits of the company are near twelve hun- 
dred thousand pounds per annum. 
India stock, forms the trading capital of the East India compa- 
ny ; this stock (consisting of six millions) produces an annual di- 
vidend of 10| percent. 
South sea stock and annuities consist of, or are produced from 
a capital of nearly twenty millions. The greatest part of this is 
lent to government, for which the company receive 3 per cent 
but from the increase of other profits the dividend to the proprie- 
tors is 3|. per cent. 
The terminable annuities are, 
Bank long annuities, so called from the annual payment being 
from their origin n^ade payable at the bank, and from their being 
granted for a greater length of time, than other terminable anhui- 
VqL II. K K 
