The National Register.
London, England, 1817-02-24 00:00:00

THE LORDS OF THE ADMIRALTY.

Sir M. Rtut.Ev gave notice, that he would on Tuesday next
wove an Address to the Prince Regent, praying for a reduc-
tion of the number of Lords of the Admiralty.
Mr. Gout.aunn gave notice of a motion for leave to bring
in a Bill to amend the Act of the 43d.0f the King, for regulat-
ing the number of persons who shall be allowed to glut the
country in foreign ships.
PROFITS OF THE BANK.

Mr. GRF:NFELL rose to bring forward the motion, of which
be gave notice on a former night, relative to our public con-
tracts and dealings with the Hank. The Hon. Member ob-
server], that every day increased the necessity of enquiry
into the state of the transactions between the Bank and the
public. But this enquiry could not be instituted with any
advantage to the pallier., except before a Select Committee
of the House. lit urging for this enquiry, lie might be sup-
posed hostile towards the Directors of the Bank, for whom
individually, lie entertained the highest respect; but as a
public body, he felt it leis duty to call for investigation of
their dealings. He had more titan once complained of the
sum paid by the public to the Bank for the management of
the public debt; and he had been told by an Hun. Director,
that their charge hail been most moderate, only seven-pence
for each 1091. This seemed moderate enough; butt would
gentlemen recollect that the public debt amounted to the
enormous sum of 800,000,0001. and upon this sum seven-
pence per cent. was paid, which amomited to no Ices than
21.3,0001. annually. Another great source of profit to the
Bank was the public ninnies allowed to remain in their hands,
amounting on an average to 11,509,0091., and not one of the
six Hon. Directors had attempted to invalidate the papers
which haul been laid on the table of the House, bearing tes-
timony on the face of them to the great anti enormous pro-
fits which the Bank of England were making. Its cause -
qiience of the abandonment of the principle adopted by Mr.
Pitt in 1799, the public had been deprived of the sum of
535,0091. By the operation of the new principle acted upon
by Lord Sielmouth in IMO I, in the first of the years, the com-
position amounted to 80,7901. and in the second year to up-
wards of 91,0001. An arrangement was entered into by the
Government with the tlank, hy which the Bank agreed to
advance six millions to the mitotic, at the rate of four per
cent. and this was hardly concluded before they consented to
advance three millions, all of which was public money—thus
enumerating the savings to the public, by the discussions in
the respect of composition, that the public had benefited
about 180,0001. Ile might be asked whether the public
would not be content with the amount of these savings? To
that question he would reply, he was not satisfied until full,
ample, and perfect justice was done to the public on the
score of farther retrenchments, and which he considered
might be effected by means of a Committee. The first in-
quiry for the Committee would be, the deposits at the Bank,
which amounted to II million.; which being unproductive,
was, in tact, a loss to the Public of 55,0001. and of course that
gain in amount to the Bank. From this sum must be de-
ducted 210,0001. the profits which the public derived front
the Loan just alluded to, thus leaving a inilance due to the
public of 270,0091. which the Bank obtaiu by the insignificant
office of acting as a treasure to the public. The Host. Gen-
tleman then referred a variety of minor arrangements, from
which he contended a sum of 150,0001. might be saved. The
last item appeared to him a most disgusting charge on the
part of the Bank of 10001. for hoes' expeoceri, for coals can-
dles, Sic. Bin they, being ashamed of the name, now call it
a charge for matiaeement. He concluded with assuring the
/lOW' that, in bringing the subject forward, lie had been ac-
tuated solely by a desire to benefit the public, and not from
any private motives. He then moved --" That a Select Coin.
mince be appointed, to enquire into the engagements now
subsisting between the Government and the Bank of Eng-
land; and to make such regulations a, may be consistent with
the principles of good faith, equiity,"&c.
Mr. V t Nstrra HT observed, that in a mere ease, which af-
fected the relations of the Bank as a commercial body, the
sans probandi would lay wile him. But ha respect of the
transactions snore immediately belonged to the public,
and of (.I,lll'Se in which the Government was concerned, those
reepiiied some observations. A Committee had been ap-
pointed for that purpose during the administration of his te-
mente I predecessor, Mr. Perceyel. :slice that period, in
onsequeuee of the termination of the war, the profits of the
Bank had most materially ilecreased—pertictilarly in Ex-
chequer Bills. The different subjects of enquiry have al-
ready undergone... examination; the question respretilig the
.
the other branches, the
could not upon mature
lvautage to the public.

Inanae,enient of the public money and
balance, to which he had referred, Cf
consideration be inauaged with ilium wii,
•