New Tables of Intereft; defigned to answer, in the most correct and expeditious Manner, the common Purposes of Business, particularly the Bufinefs of the Public Funds. By John Payne of the Bank of England. Printed on a fine Writing-Paper, and bound in a Pocket Volume. Price 4s.

As

S this work may be acceptable to many of our Readers, we fhall, for their fakes, give the titles of the feveral Tables contained in it, and an account of the most important of them, taken from the Author's own explanation of their nature and use.

I. Tables of Intereft, at an Eighth, a Quarter, Three Eighths,

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Half, Five Eighths, Three Quarters, and Seven Eighths of a Pound; and at One, Two, Three, Four, and Five Pounds per Cent.

The Principal on which these several Rates of Interest are given, is, ift, Pence, from one Penny to eleven Pence; 2d, Shillings, from one Shilling to nineteen Shillings; 3d, the Combinations of Shillings and Pence, from one Shilling and one Penny to nineteen Shillings and eleven Pence; 4th, Pounds, from one Pound to ten Pounds; 5th, the Combination of Units and Tens in the Pounds, from eleven Pounds to ninety-nine Pounds; and 6th, the remaining articles of Pounds, from one hundred Pounds to one hundred thoufand • Pounds.

This Principal, which is printed in a larger character than the Intereft, is placed in the firft column of every page; and is repeated, not as often as there are different rates of Interest, but only once, and in the oppofite page; for example, the • Principal, from one Penry to eleven Pence, in page 2, is repeated only in page 3, becaufe page 2 and page 3, and all the following two oppofite pages in thefe Tables, contain all the Rates of Interest above-mentioned.

The whole produce of Interest is minutely given to the decimal parts of a Penny, and placed on the fame line with the Principal in the fecond, third, fourth, fifth, fixth, and seventh columns, according to all the Rates above-mentioned, which are expreffed at the top of the page. The parts of a Penny are diftinguished, not by a Comma placed before the first figure, but by the contraction [pts] placed over them, as Pounds, Shillings, Pence, are by 1. s. d.

By the conftruction of thefe Tables it is intended, that many purposes of business shall be answered with peculiar accuracy and expedition,

In collecting the Intereft of the complicated fum 19991. 19s. 11 d. inftead of being obliged to put down first the Interest of 1000l. then of gool. then of gol. then of gl. then of 10s. then of 9s. then of 10d. and then of 1d. which make eight • lines of figures; no more is neceffary in these Tables, than to put down firft the Intereft of 1900l. then of 99. and then' of 19s. and 11d, which make but three lines of figures. So that in collecting the Intereft of fuch a complicated fum as 19991. 19s. id. and in proportion of all other fums lefs' complicated, five out of eight lines of figures are faved by the" • Combinations given in thefe Tables.

Further, as the Intereft is calculated at the feveral Eighths of a Pound, as well as at one, two, three, four, and five Pounds per Cent, and as all these different Rates are printed, not in fo many different parts of the book, but in two pages. that open to one view, the Intereft at any of the several eighths of a Pound may be readily connected by the eye, with the intereft at the rate either of one, two, three, four, five Pounds per Cent. and thus the exact amount of halfyearly Dividends, at any Rate of Intereft, and on any sum of principal however complicated, may be fpeedily known.

or

The Calculations of Intereft at the feveral Eighths of aPound, which may be thus fo readily taken in connexion with the other Rates of Intereft, from one Pound to five Pounds per Cent. will alfo fhew as exactly the value of any quantity of Stock, at any price, whether the stock be either at a premium or a discount. Of this two different examples' are given,

II. Tables of Intereft at 31. per Cent. on Eaft-India Bonds, of 251. 501. and 100l. Principal; and on any number of • Bonds of 100l. Principal, from one Bond to ten Bonds:" ⚫ for fingle Days, for fingle Months, and for Months and Days, through all their poffible Combinations.

Thefe Tables require no more Explanation than is given in their feveral titles. With respect to their conftruction and • extenfive usefulness, they are entirely new; and it is hoped they will fave much time and trouble in transacting that busi nefs to which they are peculiarly adapted.

III. Tables, fhewing the different Intereft that is made by • Money laid out in the purchase of the different transferable Stocks, dividing 3, 3, 4, 41, 5, and 6 per Cent. per

• Annum,

'In

In these Tables, the Price of Stock, in order to answer all ⚫ the probable revolutions of it, is taken as low as 71, and continued up progreffively through all the variations of a quarter, a half, and three quarters per Cent. to 120, and from 121 with the fingle variation of a half per Cent. to 200. But to be more particularly accommodated to the Annuities both at 3 and 3 per Cent. to Bank-ftock, South-fea ftock, and Eaft-India stock, the Price from 71 to 80 includes only the • Stock dividing 3 per Cent. per Annum; the Price from 81 to 110, includes the Stocks dividing 3, 3, and 4 per Cent. per Annum; the Price from 111 to 120 the Stocks dividing 3, · 4; and 4 per Cent. per Annum; and the Price from 121 to 200 the Stocks dividing 4, 5, and 6 per Cent. per Annum. The first and the fifth column of every page contain the Prices of Stock; and the other columns fhew how much is gained upon 100l. Stock, bearing thofe different Prices, and dividing the annual Intereft that is expreffed at the top of each. Thus, if 118 is given for 100l. Bank-ftock, which divides 4 per Cent. per Annum, the Intereft made by the Purchase is 31. 15s. 9d. If; and if 97 is given for 100l. 3 per Cent. Annuities, the Intereft made by that Purchase is 31. 11s. 7d. I f.

IV.

Tables fhewing the present value of an Annuity of one • Pound, from one Year to fixty Years, computed at the different Rates of 3, 3, 4, 4, and 5 per Cent.

These Tables will fhew the prefent Value of any other Annuity, whether of a greater or lefs amount, for the fame number of Years, and at the fame Rates of Interest.

Of this an example is given with refpect to the comparative Value between the Annuities 1756, which are to carry a ' certain Interest of 3 per Cent. for thirteen Years, and the • Annuities which now bear an Intereft only of 3 per Cent. in which it is fhewn, that the Annuities 1756, fuppofing them to bear 3 per Cent. Interest no longer than thirteen Years, are at this time dearer than the 3 per Cent. Annuities by 11. 175. per Cent.

V. Tables, fhewing the prefent Value of an Annuity of one Pound for a fingle Life, from the age of eight Years to the age of feventy-nine Years; computed at the feveral Rates of 3, 3, 4, 4, and 5 per Cent.

These Tables, are formed upon the principles of the celebrated Mr. de Moivre, and taken, together with the Tables

• immediately preceding, from the Calculations of the late Mr. James Dodfon, whofe unwearied diligence as well as great

skill and accuracy in the folution of the most abftruse questi⚫ons, will tranfmit his name to pofterity with fingular honour.

By thefe Tables the prefent Value of any other Life Annuity for the fame number of Years, and at the fame Rates of Intereft, may be exactly known.' Of this two examples are given.

VI. Tables of Intereft at 3, 4, and 5 per Cent. for any • number of Days from one Day to ninety-fix Days, and for fingle Months from one Month to twelve Months, on one • Pound Principal and progreffively to one thousand Pounds. Thefe Tables are printed from the Tables in common use; and being in common ufe they require no explanation.

VII.

Tables fhewing the Amount of each Capital in the several transferable Stocks, the Days and Hours of transfering, and the Time of paying Half-yearly Dividends; also the Holidays that are obferved at the Publie Offices through' out the Year.

VIII. A Table, fhewing the Number of Days from any Day in one Month, to the fame Day in any other Month, throughout the Year.'

Every Copy of this book is figned by the Author, which is done, it is faid, In teftimony of the Care with which the Calculations have been made, and the printed fheets exa'mined.'

The Preface to this work, with which we fhall conclude the Article, is as follows.

'Among the Writers of Fiction, whose business is to furnish that entertainment which Fancy perpetually demands, it is a ' standing plea, that the beauties of Nature are now exhausted; that Imitation has exerted all its power, and that nothing more can be done for the service of their Mistress, than to exhibit a perpetual tranfpofition of known objects, and draw new pictures, not by introducing new images, but by giving new lights and fhades, a new arrangement and colouring to the old. This plea has been chearfully admitted; and Fancy, lead by. the hand of afkilful guide, treads over again the flowery path < fhe has often trod before, as much enamoured with every new <diverfification of the fame profpect, as with the first appear'ance of it.

In the regions of Science, however, there is not the fame indulgence: the Understanding and the Judgment travel there in the perfuit of Truth, whom they always expect to find in

• one

one fimple form, free from the disguises of drefs and orna< ment; and, as they travel with laborious ftep and a fixed eye," they are content to ftop when the fhades of night darken the profpect, and patiently wait the radiance of a new morning, to lead them forward in the path they have chofen, which, • however thorny, or however steep, is feverely preferred to the moft pleafing excurfions that bring them no nearer to the object of their fearch. The plea, therefore, that nature is exhaufted, and that nothing is left to gratify the mind but different combinations of the fame ideas, when urged as a rea• fon for multiplying unneceffary labours among the fons of Science, is not fo readily admitted: the Understanding, when in poffeffion of Truth, is fatisfied with the fimple acquifition; and not, like Fancy, inclined to wander after new pleasures • in the diverfification of objects already known, which, perhaps, may lead to error.

But notwithstanding this general difinclination to accumulate labours for the fake of that pleasure which arifes merely from different modes of inveftigating Truth, yet, as the mines of Science have been diligently opened, and their treafures widely diffufed, there may be parts chofen, which, by a proper combination, and arrangement, may contribute not only to entertainment but use; like the rays of the fun, collected in a concave mirrour, to ferve particular purposes of light and heat.

The power of Arithmetical Numbers has been tried to a vaft extent, and varioufly applied to the improvement both of Bufinefs and Science. In particular, fo many Calculations have been made with refpect to the value and use of Money, that fome ferve only for fpeculation and amufement; and there is great opportunity for felecting a few that are peculiarly adapted to common business, and the daily interchanges of C property among men. Those which happen in the Public Funds are, at this time, the most frequent and numerous; and to answer the purposes of that bufiness, in fome degree, more perfectly than has hitherto been done, the following • Tables are publifhed. What that degree of perfection above • other Tables of the fame kind may be, is a matter, not of ⚫ opinion and tafte, in which many might vary, but of accuracy and ufefulness, with refpect to which moft will agree. The approbation they meet with will, therefore, depend upon the experience of thofe for whom they were principally defigned, the Proprietors of the Public Funds, and the Brokers who ⚫ tranfact the bufinefs of the Funds, to whofe patronage they are chearfully committed.

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