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The interest to be paid for this security, according to the most moderate strain of soucar demand, comes to 118,000l. a year, which, added to the 480,000l. on which it is to accrue, will make the whole charge amount to 598,000l. a year, as much as even a long peace will enable those revenues to produce.
Improvements, however, proceeded slowly, and it was not until 1810 that a sum of 10,000L. was granted by Parliament to enable the necessary works to be begun. Attention was then turned to the state of the roads, and here Mr. Telford's services were called into requisition.
Alfred Percy he seemed to grow in an instant several feet in their estimation: but he shrunk again when he acknowledged that he had merely met Count Altenberg accidentally at Greenwich that he knew nothing of the count's estate in Yorkshire, or of his foreign possessions, and was utterly incompetent to decide whether he had 10,000l. or 20,000l. per annum.
If Ormond would but secure Lady Masham 30,000l. of the 100,000l., she would join with him, and he should have the modelling of the army as he pleased. Ormond also failed to oblige Lady Masham, but Bolingbroke, whom she hated, snatched his opportunity in the quarrel and got her the money; in return for which service, Lady Masham had Harley turned out of office and Bolingbroke set in his place.
Then they charge a new twelve per cent on the whole from that period, for a transaction in which it will be a miracle if a single penny will be ever found really advanced from the private stock of the pretended creditors. In this manner, and at such an interest, the ministers have thought proper to dispose of 294,000l. of the public revenues, for what is called the Cavalry Loan.
This is flourishing, for the deposits are stated in recent accounts from Sydney to have increased, between June 30, 1840, and the same date in 1842, from 143,000l. to 178,000l., and the number of accounts opened was much greater than in former years. Extract from a private letter.
Evidence of J. MacArthur, Esq., before the Committee on Transportation, in 1837, No. 3371-2, p. 220. The richest man in the colony, an emancipist, was said, in 1837, to be worth 40,000l. or 45,000l. a year. For an account of the shameless roguery, and drunken folly, by means of which so vast an income was amassed, see Report of Transp. Com. 1837, p. 14 and 104.
Here I find them mighty hot in their answer to the Council-board about our Treasurer's threepences of the Victualling, and also against the present farm of the Customes, which they do most highly inveigh against. 5th. I hear the ill news of our loss lately of four rich ships, two from Guinea, one from Gallipoly, all with rich oyles, and the other from Barbadoes, worth, as is guessed, 80,000l.
The King did prevent my offering any thing by and by as Treasurer for Tangier, telling me that he had ordered us 30,000l. on the same tax; but that is not what we would have to bring our payments to come within a year. So we gone out, in went others; viz. one after another, Sir Stephen Fox for the Army, Captain Cocke for sick and wounded, Mr. Ashburnham for the household.
"I have learned, no matter how," continued Lord Oldborough, "that, by some strange mistake, 35,000l of that subsidy were not remitted at the time appointed by us, and that discontents, likely to be prejudicial to his majesty's service, have arisen in consequence of this delay."
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