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But the lands in Jamaica do not yield for plants and rattoons, at an average, more than one hogfhead of fugar per acre, on a general calculation (which his is fuppofed to be), and it follows, that his allowance does not quadrate in this point with our Jamaica properties.-Further, we must allot 400 of the 6co acres (agreeable to his rule) for land planted in canes, and the other 200 for fallow; fo that here remains no allowance whatever, for wood-land, for pasture, for provifion-grounds, and wafte. If his estimate of the produce is unjuftifiably too high, his calculation, on the other fide of the account for charges, is enormously too low.

Still further to evince his entire ignorance of Jamaica, whofe affairs he affects to understand fo thoroughly, he acquaints us, that the rate of intereft there is 81. per cent. (p. 140.) ·

He goes on in his reveries, and (p. 141.) computes the gain which the planter makes on his capital, at from 157. to 30%Perfuing this idea, he treats with much feeming contempt, the New Hifiory of Jamaica; which, he fays, allows the planter to gain no more than rol. per cent.; an allowance which Mr. American confiders fo very inadequate,' that, if true, the planter must very foon be in gaol.' (p. 142.)

As this is a direct attack upon the reputation of a work which we have very much commended (fee Review for August and December 1774), the caufe of the ingenious Writer * becomes our own, and we must be allowed to defend, at once, that Hiftorian and ourfelves:- But the Public are still more concerned in the question.

At the clofe of his detail (Hift. of Jamaica, vol. i. p. 464), Mr. L. mentioned, that his opinion would probably be found to differ from that of others; but he knew, at the fame time, that most of his brethren, the planters, were apt to gaze at their Weft India poffeffions through the wrong end of the telescope. It does not, therefore, feem, that he would have intended any delufive eftimate, which might caufe a particularly hurtful effect, by not undeceiving thofe, who are too apt to take every opinion upon truft; and by misleading young and inexperienced proprietors belonging to the iffand, to form too extravagant a notion of their fortunes: he appears rather to have done all in his power, to come at the truth, or near to it; but in order to fatisfy ourselves how far he is, or is not entitled to this praise, we have reconfidered the fubject with fresh attention, and we are ftill more strongly perfuaded that he is as right, as his cenfurer is wrong and that the Reader may judge this matter fairly, as umpire between them, we will prefent him with three eftimates of different eftates in Jamaica, with which the present Reviewer happens to be fo perfectly well acquainted, as to be able to produce the most unquestionable vouchers for their ex

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actness. We must premife, that the fugar made on these estates, is of nearly equal goodness, and has generally a prompt fale at the London market.

The first of thefe examples, is a plantation fituated on the north fide of the island, within a fhort diftance of the fea; and confifts of the following articles, all fairly valued:

Acres. Rs. Ps.

225 o 10 land in canes

248 0 o ditto pasture and provifions 453 I 30 ditto wood-land, worth 18134

926 2 0

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Mill, diftilling-houfe, curing ditto, and all
other buildings and offices, complete.
Implements and utenfils of all forts in ftore,
or in ufe

146 Negroes

82 Head of cattle (horned), old and young 35 Mules

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3.600

300 8.760

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The produce of this eftate (one year with another) has been

Hhds: Sugar.

100

Punchs. Rum.

56

The nett proceeds (communibus annis), the medium being taken of the laft four years, and deducting every contingency, except as below,

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£ 2.200 per An.

£108 15 7

From this deduct annual intereft, at
6 per cent. on 18137. being the
value of the wood-land lying un-
employed, viz.
Allow for purchase of four new ne-
groes, fuppofed annually put on,
young and middle-aged, with the
duty, cloathing, and all other
charges included

Remains clear for the proprietor

- 251 4 5

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This eftate however (in fact) had no negro recruits, during the fpace above-mentioned. The clear gain ought therefore to

be

be ftated at 2c91 1. which is about equal to 97 per cent. on the capital.

If this eftate was brought to a fale, and its books of account carefully examined by the purchafer, we are confident, that he would not give more for it than 24,000 l. including the price of the wood-land. If, however, the capital was to be rated agreeably to the bubble-practice lately introduced into the Cided Iflands (with a finifter view to raise the value of property there above its natural pitch), it would be an eafy matter, by a fupervaluation upon every article on one fide of the eftimate, and by a diminution of charges on the other, to defcribe it as a capital of 30,000. Such a capital, according to the rule of 10. per cent. ought to yield a clear income of 3000. Our American, reckoning at 201. per cent. would call it 6000/ whereas, in truth, it is found to be little more than one-third of his calculation.-It is evident then, that the higher the computation of the capital is carried, the more reduced in proportion will be the apparent gain per cent on that capital.

Our fecond example is a larger eftate, in the fame quarter of the island. We need not defcend into the particulars, but only state, that it has a complete water-mill, and other works, and neceffary appendages; 290 negroes, a fhort carriage to the fea, and has been fettled a great many years.

The produce of this eftate, on an average of four late years, was, at a medium, 150 hogfheads of fugar, and 84 punche

ons of rum.

The annual grofs proceeds at a medium

The annual contingent charges (negroes included) at the like medium

Nett proceeds per annum about

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Jamaica Currency. £4.300

1.300

·

£ 3.000

We apprehend that no intelligent perfon would bid more for this eftate than about 30.000-But if another, thinking ditferently of its value, should give 60.000l. the confequence muft be this: if he has not fuperior skill in the management, or does not put on additional labourers to augment, or improve the produce, his income from it will still be 3000, which is only 5 per cent. on the capital fum he has expended in the purchase of it.

Our third example is a plantation on the fouth fide of the ifland, well circumftanced in every refpect.-The medium of its produce, on a computation of four late years, was 271 hogfheads of fugar, and 133 puncheons of rum.

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Jamaica Currency. £8.455 11 11

The medium of grofs proceeds per annum Medium of contingent charges and fupplies, including new negroes purchased

Clear proceeds

- 3.505 15 7

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We should rate the value of its capital at about £50.000. 10l. per cent. on this is

Deduct for intereft at 6 1. per cent.

on 3.200. the value of woodland and waste ditto, lying unoccupied

Clear balance to the proprietor per

annum

£5.000

192

4.808

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We will not conceal, that this eftate (which is Mr. Clarendon parifh) yielded, in one of these four years, a profit of 16. per cent. and in another, not more than 31. per cent. This great difparity happened from the cafualty of irregular feafons; from uncommonly favourable rains in the one, and a fevere drowth in the other; which may ferve to demonstrate the fallacy of any pofitive mode of calculation taken from one year, or not founded on the medium of feveral years taken in a feries.

But to bring the queftion more home to our Author, he gives us (p. 149.) an account of Mr. Kennion's eftate, in the parish of St. Thomas in the Eaft, fold not long fince to Mr. Simon Taylor. The capital. here is put at 100,cool. which is the price it fold for.-Yet it appears, on the very face of it, that the profit it yielded. to Mr. Kennion for a series of feven years preceding the fale, was no more than 32,000l. The medium of which per ann. is about 4570 1. which is not 51. per cent. on the capital. Every addition of negroes, &c. which the prefent owner may heap upon it, will augment the capital, and in proportion augment the profit.-Yet we believe, if he could gain 10. per cent. on his purchafe money, or 10,000l. per anņ. he would be very well fatisfied.

In reply to the latter part of Mr. American's reflection on the Jamaica Hiftory, we fhall recur to the third example, above cited, of an estate valued at 50,000 1. let us suppose that the proprietor of it is indebted to his merchant even 20,000. This is a large fum, and equal to two fifths of the capital. If he owes this money to a perfon in Jamaica, he pays 61. per cent. intereft for it; if to a merchant in Britain, 51. per cent. We hall take the larger intereft, and fuppofe he pays 61.

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This amounts per annum to 1200l. and reduces the clear income to 36081. We admit further, that the proprietor refides in Britain, and allow a further deduction of 61. per cent, on the grofs proceeds, for the attorney's, or manager's commiffion. This is about 5071. and reduces the income to 31011. which at 41. per cent. exchange, is fterling 2.2151 Will Mr. American affert, that fuch an income is not fufficient to keep the proprietor from starving ?--On the contrary, may he not live in Britain in a respectable style, and if he is frugal, fave 1000 l. a-year to be applied in reducing the principal and intereft of his debt?-Our American (in the fame note) alledges, that if the planter refides in England, and makes 61. per cent on his capital, he ought, if he refided in Jamaica, to make 201.'-But why, or how this is to be expected, we cannot difcern. He would fave (it is true) the commiffion paid to an attorney, and if he confined himself in general to his plantation, fome retrenchments might alfo be made, in the articles of dreís, furniture, equipage, and houfe-keeping; all which, might enable him to lay up fomewhat the more out of his income annually, towards reducing his debt.-Or, (if not in debt) he might make a greater annual addition to his capital, by the purchase of labourers. But his gain will ftill regularly keep its due proportion with the value of his capital, whatever it may be. He will not, in fact, gain more, but only spend lefs; and even this implies, that the eftate is equally well managed when he refides upon it, as when he is abfent, which, however, is very far from being always the cafe. If the planters gained 151. to 30 l. per cent. as our American prefumes, they would be in very happy circumftances indeed! But the fad truth is, that almost all of them are in debt; and the major part have to struggle with it their whole lives. They exist in a kind of fplendid poverty, fubfifting chiefly by the credit they receive from the merchant, ftill in hopes to get the better, and perhaps ftill difappointed. Their negroe recruits, the duties and excife, the heavy freight, the infurance, and many other defalcations, commonly fwallow up one half of the grofs proceeds, and fometimes more; their taxes in the island are often very high; their works coftly, as well as their implements; and the expences of manufactures, and carriage great. Their eftates are continually changing hands; fo that fome have been under three different owners, in the course of seven years. Yet we have known a few retrieved from very heavy incumbrances of debt; but this happened by a long minority, and honeft active guardians. Others, lefs loaded, have been recovered by a timely recourfe to very ftrict parfimony, and a fteady perfeverance in it for many years. The fluctuation of the market, is another circumftance, which may fhow the impropriety

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