In 1764 the national debt amounted to 2,360,000,000 livres, and the annual change to 93,000,000 livres.
Public Debt.The national debt of France is the heaviest of any country in the world., Its foundation was laid early in the 15th century, and the continuous wars of succeeding centuries, combined with the extravagance of the monarchs, as well as deliberate disregard of financial and economic conditions, increased it at an alarming rate.
The annual expenses of the board include £35,000 for cable repairs and reserve and a fixed payment to the National Debt Commissioners of £77,544 as sinking fund to amortise capital expenditure in fifty years.
The total national debt of Russia nearly trebled between 1852 (£57,038,600) and 1862 (£145,50o,000), and again between 1872 (£242,277,000) and 1892 (£526,109.000) it more than doubled, while by 1906 it amounted altogether to £812,040,000.
The finances were speedily put on an excellent footing, means were provided for carrying on the war to a successful issue (one of the chief expedients being the raising of the Sound tolls) and on the conclusion of peace Oxe, as lord treasurer, not only reduced the national debt considerably, but redeemed a large portion of the alienated crown-lands.
