Page:The reign of George VI - 1763.djvu/43

 thousand pounds; and as the principal was every year increasing to pay off the interest; it was evident that it must very soon come to a spunge. To prevent the dreadful consquences such an event must be attended with, the parliament laid a tax of ten per cent on stock, for one year: but this was only a temporary expedient, and ruined numbers whose property in the public funds was fluctuating. They voted five hundred thousand pounds to be expended in repairing the navy and building new ships; a service most necessary and advantageous, for the Russian fleet threatened that of Britain with utter destruction in case of a new war, which it was feared was not far off; for the truce which had been signed was almost expired, without having as yet produced its desired effect, a lasting peace. The grants on the whole amounted to fourteen millions; a sum which would have astonished all the world had we not been in possession of such a flourishing commerce;