increase of the establishment; and an allowance must always be made for them in judging of the state of the navy debt, though they are not distinguishable in the account.  In providing for that which is payable, the principal object of the legislature is always to discharge the bills, for they are the greatest article; they bear an interest of 4 per cent; and, when the quantity of them is large, they are a heavy incumbrance upon all money transactions”

[57]
  Navy L1,450,900
  Army 1,268,500
  Ordnance 174,600
  The four American governments 19,200
  General surveys in America 1,600
  Foundling Hospital 38,000
  To the African committee 13,000
  For the civil establishment on the coast of Africa 5,500
  Militia 100,000
  Deficiency of land and malt 300,000
  Deficiency of funds 202,400
  Extraordinaries of the army and navy 35,000
          
                                        ----------
                                   Total L3,609,700

[58] Upon the money borrowed in 1760, the premium of one per cent was for twenty-one years, not for twenty; this annuity has been paid eight years instead of seven; the sum paid is therefore 640,000_l._ instead of 560,000_l._; the remaining term is worth, ten years and a quarter instead of eleven years;[59] its value is 820,000_l._ instead of 880,000_l._; and the whole value of that premium is 1,460,000_l._ instead of 1,440,000_l._ The like errors are observable in his computation on the additional capital of three per cent on the loan of that year.  In like manner, on the loan of 1762, the author computes on five years’ payment instead of six; and says in express terms, that take 5 from 19, and there remain 13.  These are not errors of the pen or the press; the several computations pursued in this part of the work with great diligence and earnestness prove them errors upon much deliberation.  Thus the premiums in 1759 are cast up 90,000_l._ too little, an error in the first rule of arithmetic.  “The annuities borrowed in 1756 and 1758 are,” says he, “to continue till redeemed by Parliament.”  He does not take notice that the first are irredeemable till February, 1771, the other till July, 1782.  In this the amount of the premiums is computed on the time which they have run.  Weakly and ignorantly; for he might have added to this, and strengthened his argument, such as it is, by charging also the value of the additional one per cent from the day on which he wrote, to at least that day on which these annuities become redeemable.  To make ample amends, however, he has added to the premiums of 15 per cent in 1759,