not conveniently take out of their They opened a fubfcription, which account. 30,000 The Bank receives from the £. The clear gain to the Bank they deal very largely in foreign gold and filver, in difcounting bills of exchange, &c. Befides which, they are allowed by the government very confiderable fums annually for the management of the annuities paid at their office. All which advantages render a fhare in their ftock very valuable, though it is not equal in value to the East-India ftock. The company make dividends of the profits half yearly, of which notice is publickly given; when those who have occafion for their money may readily receive it; but private perfons, if they judge convenient, are permitted to continue their funds, and to have their intereft added to the principal. This company is under the direction of a governor, deputy-governor, and 24 directors, who are annually elected by the general court, in the fame manner as in the Eaft-India company. Thirteen, or more, compofe a court of directors for managing the affairs of the company; but if the governor or deputy fhould be abfent for two hours after the ufual time of proceeding to bufinefs, the directors may chufe a chairman by majority, and their acts will be altogether as valid, as if the governor or deputy were prefent. The officers of this company are very numerous. The Origin of the South Sea Campany. During the long war with France in the reign of Queen Anne, the payment of the failors of the royal navy being neglected, and they receiving tickets inftead of money, were frequently obliged by their neceffities to fell thefe tickets to avaritious men at a discount of 40l. and fometimes 50l. per 'cent. by this and other means the debts of the nation unprovided for by parliament, and which amounted to 6,500 9,471,3211. fell into the hands of these ufurers. On which, Mr. Harley, at that time chancellor of the exchequer, and afterwards earl of Oxford, propefed a fcheme to allow the proprietors of thefe debts and deficiencies 61. per cent. per annum, and to incorporate them, in order to their carrying on a trade to the South-Seas; and they were accordingly incorporated under the title of The Governor and Company of Merchants of Great Britain, 23,500 This is the state of the cafe, provided the company fhould make no call on the fubfcribers, which they will be very unwilling to do, becaufe it would not only leffen their profit, but affect the publick credit in general. Bank stock may not improperly be called a trading stock, finct with this trading trading to the South-Seas and other parts of America, and for encouraging the Fishery, &c. Though this company feem formed for the fake of commerce, it is certain the miniftry never thought feriously during the courfe of the war, about making any fettlements on the coaft of South America, which was what flattered the expectations of the people, nor was it indeed ever carried into execution, or any trade ever undertaken by this company, except the Affiento, in pursuance of the treaty of Utrecht, for furnishing the Spaniards with negroes, of which this company was deprived by the convention between the courts of Great Britain and Spain, foon after the treaty of Aix la Chapelle, in 1748. After this, fome other fums were lent to the government in the reign of Queen Anne at 6 per cent. On the third of George I. the intereft of the whole was reduced to 5 per cent. and they advanced two millions more to the government at the fame interest. By the ftatute of the 6th of George I. it was declared, that this company might redeem all or any of the redeemable national debts, in confideration of which the company were empowered to augment their capital according to the fums they should difcharge: And for enabling the company to raife fuch fums for purchafing annuities, exchanging for ready money, new exchequer bills, carrying on their trade, &c. the company might, by fuch means as they should think proper, raife fuch fums of money as in a general court of the company should be judged neceffary. The company were alfo empowered to raise money on contracts, bills, bonds or obligations under their common feal, on the credit of their capital stock. But if the fub-governor, deputy-governor, or other members of the company fhould purchafe lands or revenues of the crown, upon account of the corporation, or lend money by loan or anticipation, on any branch of the revenue, other than fuch part only on which a credit of loan was granted by parliament, fuch fub- governor, or other member of the company, fhould forfeit treble the value of the money fo lent. The fatal South-Sea fcheme tranfact ed in the year 1720, was executed upon the laft mentioned ftatute. The company had at first fet out with good fuccefs, and the value of their stock for the first five years had risen fafter than that of any other company, and his majefty King George I. after purchafing 10,000l. ftock, had condefcended to be their governor. Things were in this fituation, when taking advantage of the above ftatute, the SouthSea bubble was projected. The pretended defign of which was to raise a fund for carrying on a trade to the South-Seas, and purchafing annuities, &c. paid to the other companies, and propofals were printed and diftributed, fhewing the advantages of the defign, and inviting perfons into it. The fum neceffary for carrying it on, together with the profits that were to arife from it, were divided into a certain number of fhares, or fubfcriptions, to be purchafed by perfons difpofed to adventure therein. And the better to carry on the deception, the directors engaged to make very large dividends, and actually declared, that every 100l. original ftock would yield 50l. per annum, which occafioned fo great a rife of their flock, that a fhare of 100l. was fold for upwards of 1000l. This was in the month of July; but before the end of September it fell to 150l. by which multitudes were ruined, and fuch a fcene of diftrefs occafioned as is fcarcely to be conceived. But the confequences of this infamous scheme are too well known. We fhall pass over all the other tranfactions of this company in the reign of King George I. as not material to our prefent purpofe. By a ftatute of the 6th of his late majefty, it was enacted, that from and after the 24th of June 1733, the capital stock of this company, which amounted to 14,651,103. 85. id. and the fhares of the refpective proprietors, fhould be divided into four equal parts, three-fourths of which fhould be converted into a joint stock, attended with annuities, after the rate of 4 per cent. until redemption by parliament, and should be called The new South Sea annuities, and the other fourth part should remain in the company as a trading capital ftock, attended with the refidue of the annuities or funds payable at the exchequer to the com pany 2 The intereft of all the debts owing by the government is now reduced to 3 per cent. excepting only the annuities for the years 1756 and 1758, the.. life annuities, and the exchequer orders: but the South-Sea company ftill continues to divide four per cent. on their prefent capital flock, which they are enabled to do from the profits they make on the fums allowed to them for management of the annuities paid at their office, and from the interest of annuities which are not claimed by the proprietors. pany for their whole capital, till re- The annuities of this company, as well as the others, are now reduced to 31.per cent. For the advantage of thofe gentlemen and ladies who are fo little acquainted with the language made ufe of in the tranfictions of the above companies, as to be unable to understand the price of ftocks published in the news-papers, we fhall give an explication at one view of the price of the feveral ftocks for one day, by which they will be enabled perfectly to underftand this lift on any future oc cafion. The Price of Stock The fame explained fo as to be intelligible to the meanTest Capacity. Every 100l.of Bank Stock is fold for 1171. India ditto 134 a The price of 100!. 1341 India Stock is from 134. to 1346. 55. South Sea Stock The price of 100l. 971 of South Sea ftock is 971. 105. This company is under the direction of a governor, fub-governor, deputygovernor, and 21 directors; but no perion is qualified to be governor, his Old Annuities 87 The price of 100l. majefty excepted, unlefs fuch governor has in his own name and right, 5000l. in the trading ftock; the fub-gover- New ditto 86 The Laft-India company, the bank of England, and the South-Sea company, are the only incorporated bodies to which the government is indebted, except the Million Bank, whofe capital is only one million, conftituted to purchase the reverfion of the long exchequer orders. Jan. 1773. Three per cent. Three per cent.con- of Old Annuities is 871. 55. The price of 100l. of New Annuities is 861 105. The price of 100l. of three per cent, Bank reduced,is from 861. 155. to 871. The price of 100. of three per cent. confol. is 861. The price of 100l. of three per cent. confolidated 1726 is 851. 105. Three In comparing the prices of the different ftocks one with another, it must be remembered, that the intereft due on them from the time of the last payment, is taken into the current price, and the feller never receives any feparate confideration for it, except in the cafe of India bonds, where the intereft due is calculated to the day of the fale, and paid by the purchafer over and above the premium agreed for. But as the intereft on the different ftocks is paid at different times, this, if not rightly understood, would lead a perfon not well acquainted with them into confiderable mistakes in his computation of their value; fome always having a quarter's intereft due on them more than others, which makes an appearance of a confiderable difference in the price, when, in reality, there is none at all. Thus, for infance, old South-Sea Annuities fell at prefent for 851. or 851. 10s. while New South Sea Annuities fetch only 8411. or 841. 155. though each of them produce the fame annual fum of 31. per cent. but the Old Annuities have a quarter's intereft more due on them than the New Annuities, which amounts to 15s. the exact difference. There is, however, one or two caufes that will always make one fpecies of annuities fell fomewhat lower than another, though of the fame real value; one of which is the annuities making but a fmall capital, and there not being, for that reafon, fo many people at all times ready to buy into it, as into others, where the quantity is larger, because it is apprehended, that whenever the government pays off the national debt, they will begin with that particular fpecies of annuity, the capital of which is the smallest. A ftock may likewife be affected by the court of chancery; for if that court should order the money which is under their direction to be laid out in any particular stock, that stock, by having more purchasers, will be raised to a higher price than any other of the like value. Befides the stocks in the fcheme we have exhibited, there are several others which are managed nearly in the fame manner, as the royal affurance; London, ditto; navy bills; Million Bank, &c. which when fet down may be explained like the rest. By what has been faid, the reader will perceive how much the credit and intereft of the nation depends on the fupport of the publick funds.-While the annuities, and intereft for money advanced is there regularly paid, and the principal infured by both prince and people (a fecurity not to be had in other nations) foreigners will lend us their property, and all Europe be interefted in our welfare; the paper of the companies will be converted into money and merchandize, and Great Britain never want cash to carry her schemes into execution. In other nations, credit is founded on the word of the prince, if a monarchy; or on that of the people, if a republic; but here it is established on the interefts of both prince and people, which is the ftrongeft fecurity; for however lovely and engaging honefty may be in other refpects, interest in money matters will always obtain greater confidence; because many people pay great regard to their intereft who have but little veneration dr virtue. An Account of the Sea-Ware, or Herb of which Kelp is made in the Highlands of Scotland, by which the Value of many Eftates there has of late been greatly increafed. Communicated by a Gentleman of Scotland. THE HE ware or herb of which help is made is of two forts, yellow and black, different in their properties as in their colours. The yellow ware, which was the only kind made into kelp till within thefe few years that people became exceedingly expert in the manufacture of this ufeful commodity, is, on that account, generally known by the name of kelp-ware. It grows upon ftones and rocks, lying in fuch deep water that they are feldom acceffible, except at the ebbing of fpring tides. From its fituation this ware cannot be carried out upon horfes, or otherwife at pleafure; but is with great labour collected into bunches, and made faft to the rocks by ropes, fo that the flowing of the tide fets it afloat; when the people return and carry it off in boats, or drag it on shore. The ware which grows as is gathered in this manner, is a plant confifting of many fmall ftems or fibres, which connect together a number of round hollow fubftances in the form of nuts. This plant from its formation can have little juice or fubftance to fit it for a manure; but has a tendency to vitrify; which makes it extremely proper for manufacturing into kelp. And accordingly it was, till within these few years, the only ware ufed for that purpose, and is ftill the principal ingredient made into kelp, and at a lefs expence, and to greater advantage than any other of the different kinds of sea ware. The black ware likewife grows upon ftones or rocks along the fhores and creeks, but in fhallow water; fo that, though overflowed generally by every tide, it is always acceffible at ebb water. From its fituation the black ware may be carried off upon horfes, or in boats where it happens to be on an ifland, without the labour and expenfive operation of collecting it; which has been described as neceffary in gathering the yellow. The black ware has a flat broad ftem, which fets out feveral branches, and has a great number of leaves of a tolerable fize, fomewhat refembling the foliage of oak wood. This plant from its formation has a good deal of natural juice, which, together with falts acquired by the overflowing of the tides, makes it an excellent manure. Accordingly the black ware being fitter for that purpofe, and at the fame time got at a much lefs expence, is alone used for manure; while the yellow ware is ma nufactured into kelp, an ufe for which it is better adapted, and which makes returns better able to bear the expence of gathering it. To the AUTHOR of the LONDON MAGAZINE. SIR, Jan. 30, 1771., HETHER party divifions are, W or are not the fupport of the English conftitution may be a doubt ; but it is a great misfortune that individuals, in fuch cafes, though deferving of the highest praife, thould be fubjected to every invective of party rage. The commemoration of this day has occafioned more injuftice of this kind, than ever happened in this nation, or it is hoped ever will again. The goodness of heart, and excel lency of the difpofition of King Charles the First, will ever be recorded in the annals of time; and when our paffions and prejudices have fubfided as to him, his character will be admired, allowed, and revered; and his principles of justice and moderation in fuch an exalted ftation, will be acknowledged as unparalleled educated as he was with the then fashionable notions of prerogative inherent in him by defcent from his ancestors, his conduct will appear confiftent with his character. Queen Elizabeth well fupported her prerogative in its full extent, during her long and glorious reign; and her fubjects not only approved of it, but thought themfelves happy under it, and they certainly were fo. It was the misfortune of King James the First, who fucceeded her, that he did not with all his pedantick wisdom know how to fupport his favourite prerogative on that balis which |