and three per cent in 1760, the annuity paid for them since their commencement; the fallacy of which is manifest; for the premiums in these cases can he neither more nor less than the additional capital for which the public stands engaged, and is just the same whether five or five hundred years’ annuity has been paid for it.  In private life, no man persuades himself that he has borrowed 200_l._ because he happens to have paid twenty years’ interest on a loan of 100_l._

[59] See Smart and Demoivre.

[60] Pages 30-32.

[61] In a course of years a few manufacturers have been tempted abroad, not by cheap living, but by immense premiums, to set up as masters, and to introduce the manufacture.  This must happen in every country eminent for the skill of its artificers, and has nothing to do with taxes and the price of provisions.

[62] Although the public brewery has considerably increased in this latter period, the produce of the malt-tax has been something less than in the former; this cannot be attributed to the new malt-tax.  Had this been the cause of the lessened consumption, the public brewery, so much more burdened, must have felt it more.  The cause of this diminution of the malt-tax I take to have been principally owing to the greater dearness of corn in the second period than in the first, which, in all its consequences, affected the people in the country much more than those in the towns.  But the revenue from consumption was not, on the whole, impaired; as we have seen in the foregoing page.

[63]
         Total Imports, value, Exports, ditto.
  1752 L7,889,369 L11,694,912
  1753 8,625,029 12,243,604
  1754 8,093,472 11,787,828
                  --------- ----------
  Total L24,607,870 35,726,344
          
                                      24,607,870
          
                                      ----------
           Exports exceed imports 11,118,474
          
                                      ----------
           Medium balance L3,706,158
          
                                      ----------

Total Imports, value, Exports, ditto.
1764 L10,818,946 L16,104,532
1765 10,889,742 14,550,507
1766 11,475,825 14,024,964
----------- -----------
Total L32,685,513 44,740,003
----------- 32,683,613
-----------
Exports exceed 12,054,490
-----------
Medium balance for three last years L4,018,163

[64] It is dearer in some places, and rather cheaper in others; but it must soon all come to a level.