The British Press; or, Morning Literary Advertiser. — London, England, 1807-09-11 00:00:00

at capital, together with the ravingr wbieb haws , beert added to it. Secondly. The sum received from persons keep " ing cash at the Bank. This sum consists of the balances on the deposit accounts both of Govern ment and of individuals. In 17)7, this fund, in cluding all the balances of iiidividuals, was only 5,130,1401. The present Government balances alone have been already stated at between eleven and twelve millions. including beak notes deposited i s the Exchequer. Thirdly. The sum received in return for notes ptst into circulation. A corresponding value for every note must originally have been giien, and the value t'• us given for notes constitutes one part of the general fund to he lent at interest. A note holder, indeed, does not ditFer essentially from person to whom a balance is due. Both are credi tors of the Rank, the one holding a note, which is the evidence cf the debt due es him, the other hay. ing the evidence of an entry sr, the ledger of the Bank. The sum at all times running at interest will be in exad propnrion to the amount of these three find, combined. dedudion being made for use value of cash and bullion. Under the three heads above mentioned, first. of capital and savings ; steamily, balances of d e posit accounts ; and thirdly, notes in circulation ; all the sums are stated which the Bank wool,' have to dis charge in the event of the winding up of their at faits ; and they must of course have assets sulificient and available for this purpose, which assets- can only censist of cash and bullion, and securities for money lent. ftT In whatever degree therefore any one of the three first-mentioned items, namely, capital, deposits, or notes, increase, the ether two remaining fisted, in the same degree must the sum running at interest inctease, provided the cash and Indliim do s o vary ; and this adaptation of the sum at interest to the amount of the balences, may be presumed to take place without any pesticide: cognizance of the sulljen by the Diredors, who make a profitable use of the balances, by consenting so far to satisfy the current demands for riNcounr, or by making • such loans to Government, or buying such number of Exch.ceter Bills, or other securities, as may toffee to maintain in circulation the accustomed quantity of times*. Jr is impossible 'beret; tee to edvsit, that the Bank have nn means of placing not at interest the whole of the Itrge sums which con3titnte the Government balances. Th - e balances are lent at interest. et . Cause a demand for loans to this relent cannot fail to arise out of the natural demand for the amiss Corned quantity of notes Tne Bank have no. pro perry of any moment lying dead, cash and bullion excepted; they possess indeed property in buildings, but these are stated in the evidence to have sees paid for as they were erefted, t3i , t of their current profits,, and constitute no attic; • is. their accounts. Unless, therefote, they have a sum at interest appli. table, together with the cash ansi billion, to the porpese of at:steering the demands of those who have deposits in tit it hands, they have not assets neees• set! to satisfy the three classes of claimants which bare been mentioned. Your Committee cannot allow the validity of an argument which is to be found in the evidence. against the profit derived from the bale:lc-a. that tile Bank do not wish to enlarge the se I • af Isusir.ess, and that is is their custom to suppress, reales than encourage, the demand for their note; unr can it be admitted as a gems al proposition, that their noes form the criterion or their p:A:s tikes these :ialance. are placed in their hands without interest, an I are then lent out ..t int•• rest, they must uncw-stimahly be considered as enlarging the scale, not merely of their business, but of their misfits. That the amount of notes is one criterion, and is a inset important +OW ce of their p•ofits, is undoubted " ly true. hut it is evally tit..that the amount of balances is another ; and although the careful limit. *lion of the circulating paper is en ad of prudence, the balances cannot be considered as affeded by stseh limitation 1 Ant can it be inferred, from the propriety of limiting the paper. that there exists any similar oceaston.lor mirk:ling the mber branches ot the bo.initas cf the. atik. The pi reluctAve (panty of the floating baleneea Y amilirmed by a statement ptebent.l by the Soft Herb ea the newel Comanh , ee,f the Hou-o of 1.0 , 4. Hi In/. (Pete 132 ). Erna I s,. se appear*, tkat the Seek Paters trete, on the 13th Pee. 1W L. b. 440,2.50 Ani the " INi g Accounts" (or De?oeit Ac e .uoh) 5,14 •• A6sltt Roll" (or Ustelameed soLses, as ) A-14 ,4 5u•p4,..." (or Pr..it of the Ito 5,) slush leased Use n.sture of a'lou.o,al Cepaal Making t,getlier 5.14 1 .150 • 8.914,90 1. 17,:),7,260 This debit side of the account exhibited the total warn due both to the Bark Proprietors and others on the 35th February, 1797, with the exception 01 I !.656,8001. capital lent. to Government, which was adverted to only at the foot of the statement. The credit side of the acc , :unt erurnrrated the affe3s (amounting to the san:e sum oi 17,:Q7,2401.) ap• plicable to the pa)ment of that debt. These assets were stated to consist of " advances on Government securitie,," viz. on " Lind and malt," nn •• Exchequer Bills, kr." "'bills dis counted, kc." and •• cash and bullion." Suppos ing tit , rehiie the arsii,uut of surplns capital and bank it. tes on the debit side, and the cash And bullion on th, et..,;it side, to cominue stationary, the amount of ther articles on the credit side (all of them article producing intere , t), must necebsatily fluc tuate in etaa correspondence with evvry fluftaation of the ; and in eatt another statement, forried in the ‘37,1C canter as din presented in 17.)7, were ti-As to be made our, the sum of 8.640.:.!,01. of notes having beets augmented to 16,6-21,3!) , l. and the sum M 5,130,0001. of deposits havitg risen probably to about 13 or 14 millions, there wt•uld unquestionably be as increase of about 16 or I 7 miiiions running at interest to be stated on the other side, dedvaing whatever may have been added to the cash and bullion since February 1797. The annual and temporary bonus of live per cent. which the Bark have for some snecessive years added to their accustomed dividends of seven per cent. and the recent augmentation of 'their regular dividends ve of Property lax ; the rise of tbcir stock, which hay to 1721. per cent now rr circumstarces in ccntirma /se of thin. ptotits. 'I cats muted tot by any material aug- ~f~~.T a. .a OUglib•gltAt.‘ , ll to ten per tent exclmin atm of the market price iugg sold in t 800 from setts 2101. are stron ties of the lair Mere Chita cannot be ectoeo mentation of the advantages derived from the ma nagement of their own appal, nor from that part of their business which they transat as bankers to individuals, (a part indeed at all times compara tively small in its amount) ; for although tlie turn. tier of persons having accounts open with the Bank. has been lately much increased, the floating ba lances on those accounts are known to be in general very small, most of the accounts being kept open only for the sake of the opportunity which they afford of borrowing in the way of discount. The ever:lion either of loans to G Aternment, or of dis counts to the mercha• ts, or of bo:h, is the necessary effect of the augmentation of the Government de posits, and it is to the largeness of these deposits that the i: , cressed profits ought to be referred. The gain which the Bank have derived from the issue f ene and two pound notes, amounr:ng to +.2'47.9ti0l on the Ist of February last, may he espeaed to cease whenever the paymeat of cash shall have been resumed. The next paint to he considered is whether any nt the public balances may sst•ly admit of diminu tion ? Tlinae under the first bead, namely, the ba lances which are lodged in the Bank by officers in the receipt of revenue, which make weekly payments of their cash into the Exchequer, evidently admit of no redunion. Some few of the balances under the second heal, which being to offices of large experditure, may perhaps be diminished by the mote careful appli cation of an economical principle lately introduced, that of occasionally furnishing to the heads of cer tain offices, Etchequer Bills instead of money. which bills are sold in the market in the quantities, and at the times which the immediate occasions of the office require, and therefore diminish the necessity of maintaining large balances in cash. The balarces in the Bank, under the third head. of Unclaimed Dividends, appear to your Com mittee to admit of ret:ation. The. balances have been already represented as less by :33.7391. than the gross amount at which they are given by the Bank, because. in c-nsequence of the tilt passed in 1791, c 33, that sum remains in the possession of the public, out of the 500.0.91. advanced neminally by the bank, bit really taken out •.f the Unclaimed Dividends, which were then, for the first time, brought under the ,entice of Parliament and m ide appl cable to the puntic service. It .et ni to have bun an unintentional militants in Ira !sing that statute, that no provi.ion was made for making up si..ficiencies to the public, as well as to the Bank, whenever the whole sum of such Unclaimed Divi dends, migA rise above, as well as whenever it should fail below the stipulated amount of 6,10,0001. and if it should be judged expedient to contii.ue and patstte..tbe principle of that Aft, it should he amended with a vi-w to this . onjeft ; and the usual amount of Unclaimed Dividends being ascertained, It may be At to apply to Use public service according to the same revisions, whatever may probably be the sn-pla• air teethe 100.0001. wh ch was intended at all times to remain in the Bank The sum, which. on the score of these dividends, may be rn.w apg;ied to the pufstie service. is certainly not less than 423.2611. to addition to the 9760391. making in all , 1100,0001. Th• uneraim.d in the hands rf Y.:. Bank. amounted at that period of the a . which they were the lowest, nam ly, tLe Bth July. to 986,5731. and at the lowest pe riod of same antecedent yedirs, they have not tallest bel'iw 090.0001. The following m ale of diminishing the cash ha laaces nod. r the fourth head (of ele for the ReduElion of the National l)eht)osild under the fifth bead (of Exchequer Money), has suggested it e eli in your Committee. A large part of the sum in the Exchequer des ti.ied to be paid on the four quarter days t, the Commissioners for reducing the National Debt. for Dividends on redeemed debt standing in their names. and Inc Sinking Fund ; and the sum so received by the Commi<siJners (amounting now to above two millions gleaned,), is employed in the purchase of strait In equal portions nn all the trensfrr days of the succeeding quarter. It 'seeps eapediem, that to a portion of this um an economical principle ebnrld be applied. It may be inferred from the paper inserted in the Appeddig, and fram the innesed evidence, that by the middle of each quarter a sum of more than one milks,' is always nominally Mille Exchequer, and ado illy in ;he Bank, which is applicable at the end of the quarter to the purpose of paying the sum Then due to the Commissioners for reditcmg the National Debt. Vont Committee, thsretore, re enmmendhat the sum of about one million should be issued in the middle of the next, or of some sub- _ . sequent quirsier, to the Commissioners, to be applied by them to the objet of buying up stock M the course of some succeeding months, in addition to the regular and accustomed pit; arse.. The means of carrying on the regular purci,:tqrs will be fur nished b issuing to the Commissioners, on the quarter day subsequent to the issue of the million, a sum less by one million than that which would have been paid to them according to the accustomed course, anJ by issuing a further million sir we" after that q'rarter•day, by which time the Exche quer will be Able to supply it. Assuming that the some mode ot issuing all sums due to the Commis sioners at half quarter!y, instead of gnarte•ly pe riods, may continue, the effear4 the prop ,, sc d mea sure will be to give, in the ; ..r i: - : ..:.:,is it is to take ' , lace, a clear million sterling to the Sinking Fund. by the application of which, in that year. annuities amounting to nearly 50,0001. per annum may be bought up, the other ile..-ctiuns ^f ele Ssokt;:g Fund continuing precisely as before. hi consequence of the application of this extra ”•:11k • to the exttnaion ot debt, there must be a redation ot one million in all the future balances of the Exchequer money in the Bank, during the last six weeks of every quar ter, and a rimier redudion in the future balances of the Commissioners for till re !,:dMrt of the Naional Debt lodged in the Bank during the first .:1 weeks of every quaver. A redutlien to this extent is prac ticable at r.: ....to, and a furrier redo/lion may, on similar priociples, ►e made at aay future period, svi,et, the increased amount of the Sinking Fond, and of the balances of cash in the hands of the Corn naissitosers, s!.all afford similar reasons for repeating the same operation. By this anticipation. the Ex chequer ninney destined to pay the sum dLe, to the Commissioners of the Staking Fund. would not be diverted from its original purpose, but a poi tion of it would tie sakes' sconestbat earlier to that very Obje/t, and in addition to the original sum, and the public creditor must unquestionably be benefite4 by such an augmentation of the Sinking Fund. If the preceding proposition should be deviled liable to objection on account of the preference, so far as respects one million, which is proposed to be given to the Commissioners for the Sinking Fund, over the general body of Stockholders, the oltjedtion niav be removed, by giving to the Stockholders a preference to which they are not now entitled, as a compensation, empowering them to receive on the quarter-day the whole of their dividends on stock, antecedently to the issue of any dividends on the stock of t! e Commissioners. Such being the general state of the conneaios between the public and the Bank. it becomes an ob. jea of consideration. in the la.t place. what have been the transaaion. between Lileal since the year I 756 ? these are, first, the statute of 1791; secondly. the renewal of the Charter in 1800; and thirdly, the agreement for tl.e loan of 3,000,0001. io 180 b. First, The Ad of 1791, e. 33, authorised the Bank to advance 500,0001. without interest, for the service of the public, which came in tad, as has been already explained, out of the Unclaimed Dividends, but in consequence of the second cltuse for re-pay ment, in case of a deficiency, the sum remaining in the hands of the public, is not more than 376,7391. there being no provision for increasing it after she diminution had once taken place. It was a further enadmen't of this statute, that the allowance for managing the debt should conti nue At the rate of 4531. per million ; and is is ob servable, that this is the only statute which codtains any distinct stipulation upon that point. Ti!e Committee on Finance, in 1797, distin guished the debt created subsequent to 1791. from that tvitich is within the obligation of this Aa, re mtr king expressly, that •' Since that year the case is different. and no such stipulations exist. All the subsequent Loan Acts, and those for funding Ex chequer, Navy, and Vidualling bills, hive kit the contract open, reserving a power to the Cri asury to make any such compensation asshiiuld be reasonable." Secondly, h 7 the ,Et 40 Geo. 111. c. 28. the Bank Chatter was continued until Ist August 1833, on condition of three millions being advanced for the public service, without interest, for six years ending itie April IWO : the sole right of banking as a Cot - pot :ate Bady, and ti'e ottiA- privileges, are fully re cited and confirmed ; but nothing is expressly sti pulated with regard to the rate of allowance for ma naging the debt. The following, however, is the clause relating to this part of the subjeA : " And for Ilse encouragement of the said Governs and Company the Bank of England and their Succ•s•ws, to ex change aid circulate itt a said Excites's', Nils, in the ernotf and dorrog Use Lore heretu ...dine mentioned, and to tire en:l that toe said Governor and Company, and their Succes s:Rs, may hare a eu•np-tent rerompence and corivideratinn fir at, doing, it is hereby declared and enacted, 'that such part .1 the said recarwl pro•bnnt contained in the said eel made in the twenty-first l em or the reign of tin pr:•ten( Majesty, as relates to the almeeniining the said fund of tree hundred thou sand poon%ls per amount, ►nd the said Corporatrea of the Governor anti Company of the bank of Eddiatots urn , " the notice and payments therein nientautied,shall be and Is hereby repealed and made void; and emit Sim said Governor 'and Company of the Sauk of England, and their socvessws der ever, shad remain, cantinue, an.l Do one body corporate and points:, by the manee atutevaid, and shall for ever have, re. any., and ern .7 the said entire ready fund of one hundred thousand pounds, out of the said vents and duties of excise, roar thee with a pe.pelual siccs•-eton arid prrs 'lege of exclusive banking, as hermetic( is raentioned, and ad other abilities, Cipscitios, p•iwerS, allthOfit OS, ffaiiellises, rob:a, emoluments, twetrits, and advantages whatever, •hich the governor A:lel company or the ►ank of Loglend tossolon and enjoy, or whr 'mom they are, or before ilia making of this MS Wan em i tted by tee smd aaa or the seventh and twelfth years of the reign of Her lit': Majesty Queen Anne, and the said acts of trip teenth year.: tire reign of His late MAcste Clue Cowes the Second, and of the fourth arid twen•r-first years of the rig•: of Ills me.:ent Majesty, or and of them, or by any other act or alts of pasliament, grants, or charters whatsoevet, lino in fore , •, of by Vidisouf any emptoyment by or on behalf of the peddle; all which are by rhea ,r rat•hed and cmilirinerl to the and g mernot and cuinpenr, sod their successors, heed an.l drechaigett of and Ifolll the saes pow.) ■nd conditions: lit rmien.jamii, hereby repeaMd, W our/tided to be repealed as stu.e•ate arid all other provisoes, portent, acts, matter., and sh r u g . w.•.rnnerer heretofore had, root:, done, re committed, lot terkermorgolciermlnitig, or making •00l the said Carpo.a. tires, or the sari seamy fund of one hundred tlunrsand pounds, and the yard p.i•rlege of exclusive banking, and all other their abilities, cap mitre., powers, authorities, (ranch's -11, inernum. I ties, exemptions, pArileges, profits, ewddumen•,, ht.-heists, end advantage., sir ally in them, t•hjecr, nevertheless, to such •re.tnrtirnna, rul?g, nod dr.:U.4ls, ales to Such other agree ' merit.. Midgets, and things, as in the sad Acts and Ch uteri, or any cite rn rrnl• in lure', are :.maimed Of pielefilltd, and a:,o subject to the power and cr oilitsno of redemption bsrsui aft-r its this Act LOW/Oiled m tin. behall." The circumstances attending this negociation are related in the evidence of Mr. Thornton, who was at that time Governor of the Bank, and limn whom the suggestion of renewing the. charter originally came. He states, that the various sources from which the bank derive profit, in consequence of their exclusive privilege, and of their connexion with Go vernment, were enumerated by Mr. Pitt, who made a claim on the part of the public for a direct parti cipation in the profits, according to a fixed propor tion ; and that the chirn, though not admitted in its full extent by hiifiself on the part of the Company, was ultimately agreed to; that a calculation was formed upon the basis of such participation, and that the interest of three millions, for six years, was given to the public as the lair result. Tne authority therefore of Mr. Pitt, and the con. sent ca the then Governor of the Bank, established a general principle of participation in those profits of the sank, which arise from their exclusive privi lege, and from the balances of public money in their hands, and whether the participation be supposed to be in the fixed proportion of 1-4 1.3 Cr 1-2, it can not fail to be extremely considerable. In one of the conversations upon this subjeft, it Appears to have been distindtly . assumed on one side, and to have been admitted on the other, that the Go vernment Balances in the Bank which were drawn from the Exchequer (estimated then by Mr. Pitt, as they nearly were, at two millions and a half on an average,) and the growing balances of the Commis sioners for.tiw Sinking Fund, were prisduttive of profit, and an expectation is said to have been given, that they should not be withdrawn from the flank without compensation. The produdive quality of some of the Government Balances being admitted, it is not easy to conceive that the Bank have any me thod, except that of increasing their cash and but ' lion, of preventing the prodative quality of the sane balances when enlarged to the extent that they now are, or of other balances which have been added. The citcnautance of the Bank gaining a profit by .. be the en management of m :h ad e v p .r ab ted lic t d o ts e ; t b . u srpe the ar t t to have of the rate of allowance then subsisting did i n ". come particularly under consideration. 'Do tt meats necessary to form a as ref opinion lio n compliCated concerns of th is extens i ve bud f l u were probably not fully before either of the o t ' a parties at the time of this agreement; it is obei n ,,,. that they cannot be colleted without c onsider. les: and detailed investigation, nor digested without in dustry and attention ; and the pressure of other duties may well account for a w ant o f l e i sure fo, % laborious a research at the period of the renewal n r the charter. The other balances of public money do not an . pear to have entered intc Mr. Pitt's cakulsti.,n, as they were at that time of trilling amount, and the probability of any such increase as has Meal! taken place in the balances drawn fr om the Excite! quer, in conseqttence of she great augmentatio n of revenue (an increase from an average sum of ni millions to an average sum of five or six million,) was not adverted to, and can hardly be supposed have been in contemplation. Supposing all the suggestions which your rhamt rCopt. m;ttee have made with a view of di m i nish i ng Cie balances in the Bank to be adopted, the emetic o f balances still remai.iing will probably mnr double the amount of those which existed in 160 4. or which could then be contemplated as likely to • exist at this time ; and therefore, if the intention of Mr. Pitt get to withdraw the balances of Exchequer money, or those arising from the accummlatiou of the then existing Sinking Fund, without compens 4 . titan, should be adhered to, that intention will not be frastrated ; the unexpeeted enlargement of the same tsilances, end the addition of so many others, forming much more than compensation in question. Thirdly, The last agreement with ilia Bank which it will be necessary to notice, was in 1806. 46 Geo. 111. c. 41. when the three million., which ought to have been repaid on the sth April, were continued as a loan to the public until Six months after the ratiff ation of a definitive treaty of peace, at an interest rd 51 per cent. which is to be coon dated as a gilt bf 60,0001. per annum, so long u the war continues. Whether this bargain est con. eluded upon an examination sufficiently compre. hensive of the general situation of the bank, is not new the question ; but the transition is most ma. terial in another view, as it evinces that the agree. meat made in 11100, was not considered either by those who ailed upon the part of the public, nor by the bank diretnrs themselves, as a bar against fut. then participation, whenever the increase of their profits derived from the public, and the eircums staneesoof public affairs, might, upon similar prin. ciples, make such a claim reasonable and expedient. Mier' a summary recapitulation of the clean. tapes which the bank derive from their charter, and from their conneaion with the public, it will be prc per to enumerate the benefits which the public re ceive horn them in return. I.t, A urge profit on the management of the public debt it • nee e 4 .iy the batik ,• and, 24/y, the interest arising from tie. user,' 11 and 12 m pious of Government balances lying :a their hands. 9dly. They have whatever profit is to be deri‘e4 ft •oi their paper circulation. amounting to 16,6 V t,3!01. the italic of which results from the exclusive powers given to them by their charter. It may be remarked, however, that it ie a ciiculaties of which they carefully limit the amount, said on ammo( of • welt, as well as with a view to the *viva' de. wands of the state, they are subject 4t the burden of ad...". the roai..taining • large stock of cult and bullion, and in pi. voting, except dosing the superman of payments in wh, a 1 the sold and silver used for the roinage of money. • The advantages which Goverument. on the part of sloe public, receives in return, are the following: 1.5..--The Capital (11,696,0001 ) ..f the leak u lent to She public at the rate of 91. per cent. The benefit deriver' from this 1.0. n, amouittoig at present to 23J.7601. is not staled ra the annexed evegoee, as having been particulaily *Melted to 111 the conversat sns wiiicii took ;rime. bets, n lire cant and the %amour or the batik, soi the occasion of the reumml of the Chatter, out the CJ:161111.11101 of this bought to the public it Wore' by Marna. Ild....Aultarices are made to the extent Q 13,750,0001. upon the wino.; Lull cod unit taxes, or trit duties sutastittitesl, at an interest of 41 per cent. The established custom of lend. Ing to this extent. at a moderate interest, mutt undoubtedly be considered a.. an intended tompeneation in part for the be. leolit which the Flank dense Crum the use of public nse.oey. 3.1.-1 sum of Ulm* million, was lout to Government, es hos been already stated; without interest, for six years from sane, as the pries of the reaewel of the batik auto , ; and it was agreed in 1606 that the tame should West at 31 per cent. during the continuance of the ear. Another direa advantage derived to the public conuts in the receipt at the Bank of the Property Tax upon the dividends, and 'the prompt payment of it into the Exchequer, without chatge, or extra allowance ; by which means all delay is obviated is the eolleaion of a large portion of the War Taxes, end the expense of officers is saved. The stock trans ferred to the Commissioners for reducing the Nalitilla al Debt, AO on account of the redemption of Land lax, is not charged by the Bank with any allowance for management, which two sums amount to about 134,u00.u001. exclusive of South-Sea Annuities. The pradlice of making advances upon certain instalments of the public loans. on the security of the receipts, is a considerable accommodation to the subscribers, and enables the Goveroment IA comma for loans upon terms somewhat more advantageous than could be done if that facility were not afford ed. The B nnk, hot , receive in return the legal rate of intereit, as thil do also upon all transaaions with the Governmiint. except those already stated. The accommodation, derived by the public from its tonnexien with the bank, have been carried, in some to a very large amount; and it must always considered as an objea of the greatest conse quence to maintain the permanence of an establish t ient of such opulence and credit, which, by t'.e judicious condua of its own affairs, has contributed so mate Tally to extend the commercial po'sperity• and to maintain the public faith of the enuatry. Your Committee cannot conclud.: their Hepott without bearing testimony to the favourable diaper sition so often manifested on the part of the bank to. wards the public service; and they entertain no doubt oldie same readiuess to accede to any equit able arrangement t h at may be proposed under the present circumstances. MART Wednesday. Mt. 51isw — aed - , - ;;144 --- no — Losisa /lint. Ham wATi..t. THIS DAY, AT LONDON-411110(k - Macs ....S) am. arm ..9 16v0n..4 min itt. LONDON !;; . •Filisiied - WirIYAIIIDsOIt; court, I%:w.otroot. Come-garden, sod pubhohod at the ( Km, N. 15, 'Wok of St. Clement's Church, Sttr,d, by W.ST UCK, of No. 7, New hfliJn-otrest, Long-Acm 41 - Orden, &c. for Ulm Pawn, 144. t 1 tho Dice, (pose Pod' will be duly atteuded 10. —" 7 - V l l/" . gement of the public debt, eppeara to h e ma deree adverted to ; b ut t h e pi .et",- to of allowance then subsisting did ' ns; rticularly under consideration, lhe d ne ' fenny to form a to reet opinion upon th , tint concerns of this eatensive busitte.; bably not fully before either of the to o the time of this agreeme n t ; i t i s °beim. Lint cannot be colleted without con s id erabl st : r i led investigation, nor digested without in rd attention ; and the pressure of oth er iy well account for a want of leisure ho. a research at the period of the renewal s c: } l SS er. her balances of public money do not a g , ace entered inte Mr. Pitt's caltulath,n, (o t an a n t s e increase t,aiesme of frorfodrinterin greatga average ae m rua n gg u me n et suns Nis and t he Lori :y of any such increase as has actu a lly ce in the balances drawn from the Exche. Until o an avenge sum of it view own fi si v , fw e di : ctat directed to, and can hardly be supposed s„ : n icneg i n maal contemplation. hse.,tshu evs in the Bank to be adopted, the amount of still remaining will probably mire. than e amount of those which existed in 1104, could thou be contemplated as likely to Ttl iis time ; and therefore, f the intention of let to withdraw the balances of Exchequer r those arising from the accummlatiou of !living Sinking Fund, without compmn,. ri ild be adhered to, that intention will not ated ; the unexpeeted enlargement of the et knees, end the addition of so many o th ers, 61' much more than compensation in question. son r. The last agreement with tl.e flank si. will be necessary to notice, was in 1.06. s,, 11. c. 41. when the three million., which have been repaid on the sth Apsil, were " r , as a loan to the public until six months 1 ratiff ation of a definitive treaty of peace, !rest rd SI per cent. which is to be entni. a gilt bf 60,0001. per annum, so long u otitinues. Whether this bargain cat con. f pon an examination su ffi ciently comm. f the general situation of the bank, is not luestion ; but the transaßion is most ma- neither view, as it evinces that the agree. le in ISO°, was not considered either by 3 sifted upon the part of the public, nor by direftors themselves, as a bar against fut. :icipation, whenever rie incrcaie of their rived from the public, and the eircum. public a ff airs, might, upon similar pro- ske such a claim reasonable and expedient. a summary recapitulation of the advert. ch the bank derive from their charter, and r conneetion with the public, it will be pre- unterate the benefits which the public re• n them in return. rgi, profit on the management of the public debt is the Rank ,• and, 24/y, the interest arising fmm be. ,:rnhiiinyxiouolrnuan:itinueno:nfol:nkai nd 12 m lautts of Government balances lying as . 9dly. They have whatever profit is to be dittoed paper circulation, amnuntieg to 16,01,6901. the Bch results from the exclusive powers given to them titer. It may be remarked, however, that it r a of which they carefully limit the amount, and on ' ninth, as wen as with a ricer to the *viva' de. he state, they are subject t., the burden of sedne- mning a large stock of mils and bullion, and .1 pl. ept dining the superman of payments in cath,.:l it silver used for the roinage of money. Ivaritaxes which Government. on the part of 4 receives in return, are the following: me Capital (11,69i,0001) ..f the leak u lent le it the tate of 91. per cent. The foment deriver' fool amountaig at present to 23.47301. is nit vtated td evidtace, as having been permuted, adverted so *mat •ns widen took p...ce bet., n Sir Pitt and she t the Rank, rm .he occa.ion of the renewal of the at the CJ:161111411101 of this bench' to the public is the aft. suite., are made to the extent M 3,750,0001. upon land arid met taxes, or the duties stentitittea, at of 41 pan cent. The established custom of lend. extent, at a moderate interest, must undoubtedly ed a. an intended tompeneation in part for tbe be. the Rank derive from the use of public m o ney. urn of three million. MIS NUS to Government, at ready stated; without interest, for six years Eros e pries of the renewal of the bank aarte , ; and it in 1606 that the lame should Went at 31 per cent. continuance of the ear. er (firth advantage derived to the public n the receipt at the Bank of the Property the dividends, and . the prompt payment the Exchequer, without chatge, or extra e ; by which means all delay is obviated in Lion of a large portion of the War Taxes, xpense of officers is saved. The stock trans- the Commissioners for reducing the Nation- .O on account of the redemption of Land )t charged by the Bank with any allowance gement, which two sums amount to about VOL exclusive of South-Sea Annuities. adlice of making advances upon certain its of the public loans. on the security of Its, is a considerable accommodation to the rs, and enables the Government to contrail upon terms somewhat more advantageous d be done if that facility were not afford- sl3 ink, hot • , receive in return the legal .tere.t, as th:•y do also upon all transetions Governm,nt. except those already stated. mmodations derived by the public from its s with the bank, have been carried, in some a very Large amount; and it must always lered as an objed of the greatest come- s maintain the permanence of an establish- such opulence and credit, which, by t'.e condua of its awn affairs, has contributed rally to extend the commercial pri . sperity• aintain the public faith of the cc.uatry. Committee cannot concludo their Hepott tearing testimony to the favourable dispo• often manifested on the part of the bank to• is public service; and they entertain no the same readiness to accede to any equit- sngement that may be proposed under the irctunstances. MARRIAGE. day, Mr. Steward, is Mao Louisa nat. THIS DAb, AT LONDOICIIRIUtit - ..93 vin. after 9I Evien..4 mist I ~•ritistid- W ir- D AVIDSON, Na. 17, I mw-stress, Covent-garden, and publitahed et the Nn. 13, lack of St. Clement's Chinch, Shand, by .ICK, of No. 7, New 11214ametreet, Lang-Acie. '- Sec . for this Paper, wit to the (Nice, (post pod. duly mewled Is.