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LOA 
LOA 
LIZARD. See Lacerta. 
LOAM, in mineralogy, is a sub-species of 
the clay genus, and of a yellowish grey co- 
lour, frequently spotted yellow and brown. 
It ocoirs massive, is dull and sometimes 
■weakly glimmering. It adheres pretty 
strongly to the tongtie, feels greasy, and is 
not very heavy : it is generally mixed with 
sand and gravel, and also iron ochre. Ac- 
cording to Mr. Jameson it may be consi- 
dered as sandy potter’s clay, mixed with 
mica and iron ochre. See Clay. 
LOAN, in finance, money borrowed by 
government for defraying the extraordinary 
expences of the state. 
The comparative advantage or disad- 
vantage of the terms, on which the public 
loans have been obtained at different pe- 
riods, has frequently been misrepresented, 
either from misconception or for party 
purposes, though it is evidently a subject 
on which the truth is very easily ascertain- 
ed. The economy or extravagance of 
every transaction of this kind depends on its 
correspondence or disagreement with the 
price of the public funds, and the current 
rate of interest at which money could be 
obtained on good security at the time the 
bargain was concluded ; and, consequently, 
a loan, on which the highest interest is 
paid, may have been' obtained on the best 
terms that could be made at the time it 
w'as negociated. The interest paid, how- 
ever, forms the real burthen of each loan to 
the country ; for, since the mode of buying 
up stock at the market price has been 
adopted in the redemption of the debt, the 
nominal capital that is created has become 
but of little importance, though certainly 
pot to be wholly disregarded. 
The first loans differed materially from 
those of subsequent periods, in being raised 
wholly on terminable annuities ; and in 
having a particular fund assigned for each 
loan, by the supposed adequateness or in- 
sufficiency of which the interest required by 
the lenders was frequently influenced, as 
well as by other causes, which have since 
ceased to exist. 
During the reign of Quegn Anne, loans 
were chiefly raised on annuities for 99 years, 
till 1 711 ; when, by the establishment of 
fhe South Sea Company, a variety of debts 
were consolidated and made a permanent 
capital, bearing 6 per cent, interest. About 
this period lotteries were also frequently- 
adopted for raising money for the public 
service, under which form a considerable 
premium was given, in addition to a high 
rate of interest. This mode of raisin;; 
money was followed in 1712, 1713, and 
1714. In the latter year, though the inte- 
rest paid was equal to only 5/. 7s. 2d. per 
cent, oil the sum borrowed, the premium 
allowed was upwards of 341. per cent. ; but, 
as peace was restored, and the legal rate of 
interest had been reduced to 5 per cent, it 
seems that a larger premium was allowed, 
for the sake of appearing to borrow at a mo- 
derate rate of interest. 
In the reign of George I. the interest on 
a considerable part of the public debts 
was reduced to 5 per cent, and the few 
loans that were raised were, comparatively, 
of small amount ; that of the year 1720, was 
obtained at little more than 4 per cent, in- 
terest. 
About 1730 the current rate of interest 
was 31 per cent. ; and, in 1736, govern- 
ment was enabled to borrow at 3 per cent, 
per annum. The extraordinary sums ne- 
cessary for defraying the expenses of the 
war, which began in 1739, were at first ob- 
tained from the sinking fund and the salt- 
duties ; a payment from the Bank, in 1742, 
rendered only a small loan necessary in that 
year, which was obtained at little more 
than 3 per cent, interest. In the succeeding 
years the following sums were raised by 
loans. 
Sum borrowed. 
Interest. 
£. 
£. 
s. 
d. 
1743 .. 
3 
8 
4 
1744 .. 
3 
6 
10 
1745 .. 
.... 2,000,000 
. 4 
0 
7 
1746 .. 
2,500,000 
5 
5 
1 
1747 .. 
.... 4,000,000 
4 
8 
0 
1748 .. 
.... 6,300,000 
4 
8 
0 
Loans of the seven years’ war. 
17.56 .. 
3 
12 
0 
1757 .. 
3 
14 
3 
1758 ., 
3 
6 
5 
1759 .. 
.... 6,600,000 
3 
10 
9 
1760 .; 
... 8,000,000 
3 
13 
7 
1761 .. 
....12,000,000 
4 
1 
11 
1762 .. 
....12,000,000 
4 
10 
9 
1763 .. 
.... 3,500,000 
4 
4 
2 
Loans of the American 
1 war. 
1776 .. 
3 
9 
8 
1777 .. 
.... .5,000,000 
4 
.5 
2 
1778 ... 
.. . 6,000,000 
4 
18 
7 
1779 .. 
.... 7,000,000 
5 
18 
10 
1780 ... 
5 
16 
8 
1781 .. 
....12,000,000 
5 
11 
1 
1782 ... 
5 
18 
1 
1783 ... 
4 
13 
9 
1784 ... 
... 6,000,000 
5 
6 
11 
