4,600
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, 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