longer be fuffered to hazard any future inconvenience, or burthen, from engagements of alliance. It formerly was fupposed to be in our favour to the amount of between four and five hundred thousand pounds per annum: but the schemes of the + Conde de Oeyras have proved equally fatal to the interests of both kingdoms, how ever they may have ferved to cram his own coffers. The whole of their colony trade, and much of their home, has been converted into hurtful monopolies and iniquitous jobbs, contrary to every principle of found policy; while the kingdom has been ruining, and the colonies oppreffed and disgusted, by mischievous regulations, and taxations that are enormous. Our trade with Italy in general may be at present in a small degree gainful, but far less fo than heretofore. Some of our imports from thence are likewife advantageous, particularly raw-filk and pot-afhes. Their oil too may be conidered as a neceffary article. It has long been acknowledged our Turky trade was on the decline; and of late it has become fuch, that the company has requested and received parliamentary aids. This article is placed here, as the metropolis of that empire is in Europe. Our carrying trade, by mercantile hipping in the Mediterranean, was formerly confiderable and lucrative, as well as greatly ferviceable by the employ of teamen. At prefent it may be confidered as almoft totally loft: owing perhaps to burthens on navigation, and abuses in granting Mediterranean pasfes. The making of Minorca a free port, under an effectual civil government, might prove of effential service to the kingdom, as we fee the good effects that have refulted to France from a like measure at Marseilles; for by that means they acquire almost the whole trade of Barbary and the Levant. Our Barbary trade is quite infig nificant. That of Senegal, Goree and Guinea important. In return for our manufactures, spirits, arms, ammunition, toys, utenfils, India goods, and other commodities, we receive gold, gums, elephants teeth, bees-wax, and other useful articles. This trade likewife furnishes a supply of negroes to our Weft-India and North-American colonies, as well as for fale to the colonists of other nations. It is at prefent perhaps not in an improving itate: but it is certainly very advantageous, though principally applied to the leffening of the Weft-India balance against us. pro The imports from, greatly overbalance the exports to, our Weft-India islands, fo that not only the far greater part of the returns of our Guinea trade ftop there, but gold from hence has become one of the most fitable commodities which can be sent to fome of our fugar islands. Where it travels to from thence, may perhaps be worthy of enquiry. There is however another kind of trade prosecuted in the Weft Indies, which returns us fome bullion, but not in the degrees At the time of our entering into engagement for the support of Portugal, during the laft war, the late Mr. Charles Townshend, then fecretary at war, fent for the writer, to learn from him the fate of our trade with that kingdom; who, though unapprized of the bufinefs, and of course greatly unprepared for giving the information required, did affign reasons for fuppofing, to the time of the great earthquake, our balance had been as is here mentioned. That opinion be published immediately afterwards in a fpeculative way, with the grounds on which he framed it. The merchants upon the Exchange acknowledged it to be just and the parliament agreed with them in opinion thereon. Soon after, be wrote publickly like-wife againfi our entering into engagements for the fupport of Portugal, till grievances and injur ries were redreffed in that kingdom, by the refloration of privileges and due obfervance of treaties; but his admonitions were disregarded. What the effects of that Portugueze war were, fuch as it was, by greatly adding to our burthens, accele rating the peace and clogging conditions in our favour, we have experienced to our coff, and may have caufe long to lament. The firength and value rtuguezé friendfbip and gratitude we bave likewife fince fufficiently difcovered. † A minifter, whom many bere have often greatly applauded, either at the expence of their candow, or to the great exposure of their ignorance. it was used to do and most of the profits made by Weft India planters are fuppofed to be spent in England. Was that not the cafe, in the prefent state of things, our trade with the fugaridlands would quickly prove our ruin. Yet it may be apprehended too great a portion of the gains of planters become invested in land-property here, which forms fuch an increafing influence, as may threaten in time to make the mother country not only greatly tributary, but even fubfervient to the intercfts of the fugar iflands. Our North-American trade hitherto has been extremely valuable. What it may hereafter prove, time only can difcover. It is my wifh not to inflame diffenfions about matters of right, concering which it must be ever danger. ous to give caufe for enquiries. To refrain a people from getting money, and, at the fame time, to claim a right of taxing them, without their own con fent given, would be reducing them to fo abject a condition as must be to. tally incompatible with every right idea of conftitutional freedom. Away then with the tea-duty: and let us ceafe combating against reafon and natue. Could we compel them to acquiefcence, we fhall leave jealousy and anger to rankle for ever in their hearts, which. will always obftruct our intereft, and muft accelerate feparation; an event to be foreseen by every man of undertanding. Let us content ourselves with obtaining all the wealth they can acquire, by better means than taxation, which is through the channel of commerce. They are taxed in our THE commodities, and support our popula. tion by their dealings with us, which is the great fource of our power. We have been colonizing mad with regard to North-America: the quick peopling of which continent has been made too much our object. Time and nature will too foon render them fuperior to our controul. Sir William Petty was, in his time, for inviting the New-Englanders to return, from rightly confidering home population to be our true national object: and Mr. Trenchard made a jeft of the fuppofition, that they would continue longer dependent on us than neceflity compelled them to be, for no other reafon than because their grandmothers and ours had been formerly acquainted. It is our policy to let them be divided by rival interefts and religions, as they will be, and ever were, till we indifcreetly furnished them with a common caufe for union. Let us, in fine, think like men, and forbear to act like wilful women. Of what importance is a preamble that must prevent an act from being confidered as conftitutional, and therefore, on all occations, to be refifted? From this brief view of the state of our commerce it must appear, that the European balance is almost every where against us; that the African balance, in our favour, is funk in that to our prejudice with the West Indies,and that thefe deficiencies could not have been fupplied by our gains from NorthAmerica, as will hereafter be made still more evident. BENEVOLENT SOCIETY. Tis with infinite pleasure that the Benevolent Society can inform their readers that during this last year, their labours for the advantage of, at least, the youthful part of the community, have been very fuccefsful; they have now feveral schools, of which they have undertaken the perpetual fuperintendance, and in order to excite a worthy emulation in their pupils, it was early determined, as they believe has been air sady mentioned, that medals fhould be prefented on New-Years-day to thofe who could prove themfelves moit petect in any of the accomplishments of the fair fex, or that had most eminently distinguished the miclves by the propriety, the ingenioufnefs, or the generofity of their conduct. The alternate amufements of thefe little feminaries, for thefe feminaries know nothing of tasks, are reading the best English authors in hiftory, both natural and political; and the belles lettres; mufic; tranflating from the French by the ftricteft grammatical rules; geography, and the various operations of the needle. Inftead of idle tales and fabulous impreffions, their minds, from the first dawning of reafon reafon, are ufefully cultivated; and all that curiofity peculiar to infants, and meant for the purpose of pleasingly en. larging their knowledge, fo happily gratified and fo happily directed, that they enquire only to be improved and reflect only to be delighted." The Benevolents are far from intending to make a parade of their wif dom,or their merit upon this occafion; but as education is the grand axis of human actions, and as it is to a proper or an improper mode that we owe the chief beauties, or the chief deformities in the conduct of each individual, they cannot but be of opinion, that they ought to communicate an humble hint to their cotemporaries, which is all they have in view when communicating their plans of operations; and as it remains with their readers either to adopt or reject what they have perfuaded themfelves is not without utility, they must hope that the charge of arrogance or felf-fufficiency will never be brought against them. The great error of families in gene, ral is the apprehenfion of hurting their children's vivacity or fatiguing their memories, when not employed upon trifles; but it is not the matter, it is the method, that constitutes the grievance: whatever exercife or purfuit we are particularly fond of, would become the feverest of tasks, if once they were to contract the air of business or compulfion. The infant mind is ftill lefs fufceptible of pride, though fubject to its little petulances; all that is neceffary, therefore, is, that chearfulness fhould go hand in hand with inftruction; that fo much affiftance Thould be given, as to prevent the fenfe of difficulty, and fo much concealed as to keep the curiofity in full vigor. Not an object of fight but is capable of in, formation to the young and intelligent; for the world is no lefs replete with wonders to the infant imagination, than to the eye of the adult juft emerging from a state of confined blindness. We well know that all knowledge is derived from fenfation and reflexion; we first confider the thing fimply, then are naturally led on to confider its ufes, and from feeling the power we poffefs of combining and feparating our ideas in . one inftance begin to comprehend the poffibility of the fame power in every other respect, and as every whole has Jan. 1771, its parts, fo, if happily directed in our firft enquiries, and firft ftudies, all that we learn afterwards is only a more clear extensive and entertaining conception of things, by the pleafanteft and eafieft gradations. Inftead of which our children have scarcely attained their ninth year before they find they must unlearn whatever they have taken the pains to learn; it is true the improbable tales they have read, have answered mama's defired purpofe, the bringing them forward in their reading; nor does the once fufpect that it is with an equal degree of mortification and altonishment that they difcover, that their beloved hero Tom Thumb is a mere creature of the author's brain, and all the noble exploits through which they have traced him altogether improbable, abfurd and irrational; on the contrary were they to be told, not as pieces of history, but little detached ftories, the most remarkable events during each fucceeding reign of our British monarchs; if,from playing with the diffected maps, they were taught the different form and fituation of every British county; and if they were incited to literary refearches confiftent with their age, capacities and inclinations, refpecting the natural productions, curiofities, manufactories and regulations of thofe counties; need I ask how much more profitable and pleafing, than all that fund of the marvellous and the ridiculous by which their judgement is miled, and their expectations expofed to difappointment. Mr. Locke tells us of a lady, who taught her fon hiftory and geography from the Dutch files once fo much in fashion, for ornamenting the fides of chinnies; the boy could tell, before he was even able to fpeak without lifping, by their different habits, to what country and nation the penciled travellers belonged; to what provinces they were trading, and at what markets they had purchafed their commodities; what particular foils were moft favourable to the cultivation of those commodities; by what hands they were manufactured, and in what itate in. ported and exported by the feveral nations under the fun; what kind of animals were moft in ufe, or other modes of conveyance according to the cuftoms or fites of the countries; what were their peculiar religious cere D monie monies, and their civil; their difpofitions; their virtues; their foibles, and their prejudices and there is no doubt but by repetition and fome little attention, that most children, however extraordinary it may feem, would be capable of the fame. It is from neglects or deficiencies in the maternal character, that we find young women in general with fuch idle propenfities; drefs, public amufements, every fpecies of diffipation, that plays round the head, but comes not near the heart, is the univerfal paffion, for having no refources in themfelves, they fly all felf-acquaintance and have no idea of felf converfe, and unqualified to penetrate beyond the furface, take fuperficials for eflentials, and chatter only to be defpifed. The Benevolent Society, in this one inftance, must be allowed to boast of having formed a few female minds a-right-Mifs Brif tow and Mifs Caroline Middleton, at the fame time that they have all the modefty, humility and gentleness of their own fex, have all the knowledge, refolution and fociality of the other; the ftudent, the naturalist, the traveller, nay the virtuofo, could not but receive pleasure from their converfation; good-fenfe, the foundation of their cu riofity, good-fenfe, the bafis of their obfervations; not one of the abovementioned bordlings difdain the endeavour to fix an admirer, where they fo unexpectedly discover a fufceptibi themselves utterly incapable of defpicable arts to rife, will never fall in the estimation of the public by steping out of the common track; they have, therefore, only intimated their readiness to comply with the wishes of their correfpondents, and fhall be determined as to their future fubjects according to the letters they may hereafter receive. In order, however, to make amends for the want of variety in this paper, we can promife fome entertaining particulars the ensuing month; as Mrs. Milnham, accompanied by three or four of her fair friends, intends going to court on her majesty's birth-day, attended by two of the young gentlemen who have obtained the countenance of the fociety. As courts and courtiers are nouvelle things to, at leaft, one third of the party; their surprise, their reflexions, their fentiments and the criticisms they will occafion, cannot but be worth the perufal. Whatever is genuine muft have fuperior merit with the rational and the contemplating members of the community, and there is fo little to be met with in this generation that is not a mere copy or actual repetition of the paft, that nature in her fpontaneous, her unornamented ftole, muft have charms for most imaginations. nor, A not be poffible for them to derive an increase of knowledge from this feminine intercourse, fail to be fenfible how little they knew of refinement until that period, as refinement is the undeniable characteristic of the cultivated female. If the Benevolent Society could be certain that fuch a procedure would be acceptable to their readers, they would prefent them with occafional letters, on various fciences and fubjects, as prepared for the amusement and inftruction of their pupils, but they would not feek occafions of difgufting, and they need not be told how foreign the reigning tafte to the moral, the philofophic page. If indeed they could defcend to fashionable difquifition, or proftitute their pen to purposes of scandal; they would enfure themfelves the approbation of the multitude: they, however, at the fame time that they declare [To be continued.} The Hiftory of the Public Funds. S there are few fubjects of con value of ftocks, and hardly any thing fo little understood, nothing can be more useful than a fhort account of them, which we shall here give in as clear and concife a manner as poffible, prefenting our readers with the rationale of the stocks, and a short history of the feveral companies, defcribing the nature of their separate funds, the ufes to which they are applied, and the various purposes they anfwer, both with refpect to the government, the companies themfelves, and the community in general. In order to give a clear idea of the money tranfactions of the several companies, it is proper we should say some thing of money in general, and particularly of paper money, and the dif ference between that and the current fpecie. Money is the ftandard of the value of all the neceflaries and accommodations modations of life, and paper money is the representative of that standard to fuch a degree, as to fupply its place, and to answer all the purposes of gold and filver coin. Nothing is neceflary to make this representative of money fupply the place of specie, but the credit of that office or company, who defivers it; which credit confifts in its always being ready to turn it into fpecie whenever required. This isexactly the cafe of the bank of England; the notes of this company are of the fame value as the current coin, as they may be turned into it, whenever the poffeffor pleases. From hence, as notes are a kind of money, the counterfeiting them is punished with death as well as coining. The method of depofiting money in the bank, and exchanging it for notes (though they bear no intereft) is attended with many conveniences; as the cafh is not only fafer than in the hands of the owner himself; but as the notes are more portable and capable of a much more eafy conveyance; fince a bank note for a very large fum, may be fent by the pofts, and to prevent the defigns of robbers, may, without damage, be cut in two and fent at two feveral times. Or bills, called bank poft bills, may be had by application at the bank, which are particlarly calculated to prevent loffes by robberies, they being made payable to the order of the perfon who takes them out at a certain number of days after fight, which gives an opportunity to stop fuch bills at the bank, if they fhould be loft, and prevents their being so easily negotiated by ftrangers as common bank notes are; and whoever confiders the hazard, the expence and trouble there would be in fending large fums of gold and filver to and from diftant places, must also confider this as a very fingular advantage. Besides which another benefit attends them; for if they are deftroyed by time, or other accidents, the bank will, on oath being made of fuch accident, and fecurity being given, pay the money to the perfon who was in poffeffion of them. Bank notes differ from all kinds of ftock in these three particulars, 1. They are always of the fame value. 2. They are paid off without being transferred, and 3. They bear no intereft; while stocks are a fhare in a company's funds, bought without any condition of haveing the principal returned. India bonds indeed (by fome perfons, though erroneously, denominated stock) are to be excepted, they being made payable at fix months notice, either on the fide of the company or of the poffeffor. Before we proceed, it may not be improper to obferve, that it is not neceffary the bank fhould always have a fund fufficient to discharge all its notes at one time, it being enough if it is capable of answering any demand, and of paying all notes as foon as prefented: nor is it neceffary that the several companies funds or ftocks fhould ever be large enough to pay off the proprietors of the feveral thares; for as thefe fhares of the general stock are transferable, they may be turned into specie whenever the proprietor pleases. By the word Stock was originally meant, a particular fum of money contributed to the establishing a fund to enable a company to carry on a certain trade, by means of which the perfon became a partner in that trade, and received a share of the profit made thereby in proportion to the money employed. But this term has been extend ed farther, though improperly, to fignify any fum of money which has been lent to the government, on condition of receiving a certain intereft till the money is repaid, and which makes a part of the national debt. As the fecurity both of the government and of the public companies is esteemed preferable to that of any private perfon, as the stock is negotiable and may be fold at any time, and as the intereft is always punctually paid when due, fo they are thereby enabled to borrow money on a lower intereft than what might be obtained from lending it to private perfons, where there must be always fome danger of losing both principal and interest. But as every capital stock or fund of a company is railed for a particular purpose, and limited by parliament to a certain fum, it neceffarily follows, that when that fund is completed, no ftock can be bought of the company; though fhares already purchased, may be transferred from one perfon to another. This being the cafe, there is frequently a great difpropertion between the original value of the fhares, and what is given for them when trans D 2 ferred; |