Star.
London, England, 1808-02-08 00:00:00

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.STATE PAPERS.

?AMISS PII.IIIIMIItO 24.241 WOMB or 6oslmoipo,
LevrrsQ rs.sw.lieorx,
The first of **is 2 ivy of a letter. from the\
Chancellor of .the Exchequer, tti the Governor and
Deputy Governor of the Bank. It iin( no impor-
tance, except as being the envelope td certain propo-
s ils, founded on the enquiries and Report of the Com-
mittee of Public Expenditure, and which are now
made to the Bank, may be classed under three heads:
Ist. Unclaimed Dividends. 2cl. Charges of Manage-
ment of the public debt. 3d. Balances arising from
deposits of public money in the hands of the Bank.—
The statements upon each of these three subjects are
too much extended to admit of insertion, we- shall
therefore proceed to the proposals resulting from them,
which are contained in the following
LETTER FROM THE ('IL OF THE EXCHEQUER
To THE GOVERNOR AND DEPUTY GOVERNOR OF THE
YANK.
GENTLEMEN, Downing-street, Jan. 11.
In the several conferences and communications
which I have lately had the honour of holding with
you, respecting the expectation formed by me, on the
part of the public, of an advance by the Bank for the
public service,-the particular grounds of that expec-
tation have been discussed under three heads; namely,
Ist. Unclaimed Dividends.
'idly. The charge for the management of the pub-
lic debt.
3dly. Balances arising- from- deposits of public
money in the hands of the Bank.
Having most maturely considered every thing that
has passed between us, in those discussions, I now feel
myself enabled and called urn to make to' you the
following proposals, under each of the above heads ;
and I request that you will submit them to the Court
of Directors, for their consideration and concurrence.
I st. That out of the unclaimed dividends a sum of
500,0001. shall be advanced for the service of the pre-
bent year, under similar provisions to those contained
in the Act of 1791, cap. 33, and in addition to the
sum of 376,7391. already advanced upon that ac-
count ; but so as to secure that the amount of such•
dividends remaining in the Bank should never be less
than 100,0001.
idly. That the sums to be allowed to the Bank
for the management of the public debt, shall, from and
after the sth of April next, be regulated by the fol-
lowing 'scale :
When the total amount of debt unredeemed shall
exceed 400 millions, and not exceed 550 millions, the
tank shall receive an allowance for management at
the rate of 3401. permillion per annem upon the whole
of such debt.
.And when the total amount of such debt shall ex-
ceed 5.50 millions, the Bank shall receive the allow-
ance of 3401. per million for such 550 millions ; and
for any excess of debt which may now-exist, or may
hereafter be created,. beyond 550 millions, the rate of
allowance for management shall be 3001. per million
for the whole of Sue excess.
I have only further to propose. on this part of the
subject, that the 40001. paid to the Bank by the Ex-
chequer, under the denomination of" house money,','
should be discontinued ; but it is not my intention, if
the above proposals are acceded to, to suggest any
alteration in the established rate of allowance for re-
ceiving contsiisutions to the loan or to the lottery. - •
The consideration of what may be the proper rate
of management, in the event of the debt unredeemed
being reduced below 400 millions, may be• reserved
for subsequent atrangeinent when such an event may
take place.
3dly. With respect to the public balances; although
I have not been so fortunate in the several conferences
which we have had upon the subject, as wholly to
convince you, that the advantages derived to the Bank
from the deposit of those balances, must be in propor.
tion to their average amount ; I am not the less firmly
convinced in my own judgment of the truth and ac.
curacy of this position ; and having, I think, succeed.
ed in fully satisfying you, that a plan, the outlines of
Which I have had the honour of stating to you, might
easily be devised, and, with the sanction of Parliament,
carried into effect, by which these balances might, to
a very great extent, be rendered productive or profit
to the public ; you must be sensible, that, however
desirous I may be of avoiiii!ioncl to trouble you with any -
further discussion of the in whiih, accordinfromto.
my judgment, advantage is deriied to the Bank
the public balances, or of the precise extent to which
those advantages are carried, it would be altogether
inconsistent with my duty to the public, in the view
which'l have now shortly stated, to avoid pressing
upon the consideration of the Bank, the expediency of
Insuring to the public, in some shape or other, that
,aormaltle degree of profit which they are entitled to
xpect, and which, -as I have already observed, it is
fithin the competency of Parliament to secure to
Them, from the use of those balances. As, however,
my plan for this purpose to which the Bank might
iot be a party, though free from objection in its pan=
could not be carried into execution •witkoot a
lepartiffe from the course of business which hat so
tong.subsisted between the _.auk and the .Exchequer,
should on that account prefer.an arrangement prO-
aising even something less of advantage to the pub-
ic, which would leave this course of business in itsic-
Aistometi channel ; and, as I cannot doubt but that
he Bank will concur with me in preferring to avoid
my deviation from a long established system, it ap-
pears probable, that, from this and other considera-
-ions, it may be more satisfactory to them, as it will
:ertainly be to me, that the one or the other of the
following-pmppsitions (unquestienably not formed
upon any too sanguine a view of the comparative pro-
fit which in another mode Might be obtained for the.
public) should be acceded to by the Bank,' viz.
That the Bank shall, on or before the sth of April
next, advance to the Public, for the service of the
-ear, a loan of 3,000,0001. without inserest, but the
.wincip!ll to be secured by Exchequer-bills, payable
t.velve months after the ratification of a definitive
treaty of peace : or, that the Bank 'O4, on or be-
fire -the sth of -April in the present and each suc-
ceeding year during the continuance of the war, rind
Within twelve. tiwitiths after the termination thereof by
definitillp treaty 61 peace., pay *to tto
cepetixai t. of
the ExChequer, there to be• as. she • •of
Parliament, the ion" of 1504.001)1. iterfing. •
4n proposirrg- elternative. in the mode of af-
fording to the public that degree of all;t4;h4iit, upon
the most moderate principle, and with a reference to

• . . • ..
'the advantage that-. might. otherwise be attained,
appe,ars reasonable tnexrct an account of the dep
sit of publicineney,in e hands of the Blink, I. (te
it a duty at :the 'same tune to urge, -in the stronkes
manner, • the superior convenience and advantage
which would accrue to the public service from the
adoption-by the Bank of the ploposed Loan, instead
of an equivalent annual payment into the Exchequer.
In stating this comparative view..of the two proposals,
and my decided opinion in favour of the advance by
way of loan, I cannot doubt, from the general dis-
position of the Bank, that it-will be a most powerful
motive with the Court to give a preference to that
proposal, unless, from some reason of which I 'am
not aware, it should appear to them absolutely neces-
sary for the interests of the Bank to confine them-
selves to en annual payment.
In order to prevent the' possibility of any future
misunderstanding of the principles and grounds on
which the present arrangement, as .far as-relates to
the deposits of Public Balances, is brought forward,
I think it necessary to observe, that the proposal to
confine the duration of the advance by way of loan,
or of, the annual payment into the Exchequer, to the
period of the present war, and twelve months after
the termination of it, is by no means to be understood
I as an admission on my part, that, at the expiration
iof such period, the public will no longer be entitled
1 to look to any - advantage from the continuance Of
.such deposits ; but simply as a provision, by which
I the Government and the Bank may be respectively
lenabled, under the change in the state of affairs which*
will then have taken place, probably affecting the
amount of public balances in the hands of the latter,.
to consider of a new arrangement. And I have fur,
the* to add, that, as the pro
po
sal lI have now made is
founded on a view I have taken of the present annual
average amount .of those balances, assuming that
amount to be not less thin ten millions sterling, I
wish it to be understood that the present arrangement,
it carried into effect. should not be construed to pre-
i elude' his Majesty's Government (with the sanction
of Parliament if necessary) from using in such man- I
ner as they might think proper for the public inte-
rest, and consistent with any existing engagement
with the Bank, any excess of balance over and above
the said ten millions, if it should appear that atch
excess were likely to be permanent and of sufficient
magnitude to call for some application of it, by which,
without interfering with the arrangement now pro-
posed to the Bank, it might be rendered produc't'ive
of advantage to the public ; but without calling upon
the Bank for any direct assistance beyond the amount
now proposed—an assistance which, wliatever differ;
ence of opinion may exist as to the circumstances -by_
the operation of which they are enabled to grant it',
will, I cannot doubt, upon a fair consideration of the
whole case, appear to be entirely consistent with those,
principles of ecOity, and mutual liberality, whichc
ought to prevail, in tile. aeljusttnent of so important tot
arrangement, growing .oet of the extensive transa c.•
tions existing between the public and the Bank. .-
, I have the honour to be, Gentlemen,
. . your obedient humble servant,
• SP. emcee It. .
To the Governor. and Deputy-Governor of the Baitk. '

Copy of a Paper, intituled, " Resolutions of the Court of rllrce&
tors," January 14, 1506. •
•
• Resolved, That the proposal ,of the Chancellor of
the Exchequer to take 500,0001.41-om the Unclaimed
Dividends, in-addition to the-former sum of 376,7391,
•
be acceded to by this Court. •
Resolved, That in respect to the rate of manage-
ment, the following scale be proposed :
On 600 millions at 3401. per million.
On 513 ditto 3001. ditto.
On 400 ditto 4501. ditto.
On 300 ditto 5001. ditto.
Resolved, That in respect to the 4.0001. for ma-
nagement, allowed by the first charter, it is not eit •
pedient to make any alteration in that allowance, he=
ing part of the 100,0001. per annum continued from
the foundition of the Bank.
Resolved, That the Court of Directors do accede
, to the proposal of the Chancellor c!' the Exchequer;
to lend, for the use of Government, 3,000,0001. on
Exchequer Bills, without interest, duriik the war :
provided it is stipulated to be -returned within six.
months after the ratification of a treaty of peace, and
under the complete understanding that all transac-
tions between the Public and the Bank shall be conti-
nued in the accustomed manner,
.even 'though the
amount of public balances should excee4 the sum of
ten millions.

Copy of a better from the Chancellor of the FAchequer to the
Governor and Deputy Governor of the Bank.
• Downing-street, 15th January, i 808.
GErrtamys—The liberal disposition which has;
been manifested by the Court of Directors, to concur'
in the principal arrangements which 1 have thought
it my duty to suggest for their consideration, has 311.'N
forded me, great satisfaction.. . • -.7
While I feel convinced that my proposal has' not
lost. sight of The public interest, the manner in whielv
it has-been received by the Bank confirms me in thin
ing that it has not proceeded without a du!.:Csnisitit.l—
also of the fair and reasonableinterests ..lind efri
pectation of that respectable corporation,
..tindettlitc
' impression, I am strongly inclined to give way, to tAe,
suggestions. of the Batik in the minor parts of the ar-
rangement, arid will therefore accede to the scale of
allowances therein proposed for the management of
the Public Debt, so far as it applies to present cir-.
cumstaricesi or to such, as can be expected ..to occult in
:aify .htii-t period. .
- -
in this view,' therefore, I *all not object to the al-
teration by . which it is padposed that the allOwance to
he paid 'by the pul?ik for management, shall be at the I
rate of 3401. per million 'Upon any amount of debt'
between 400 gad. .600 millions inclusive, instead of
limiting* that rate of allowance to any amount be-
tween 40Q and 550 millions, 'as I had intended'; and
according to this arrangeinent, the reduced rate of
3001. per million will be allowed upon any excess of
debt now existing, or which may hereafter be created
above six hundred millions, instead of commencing
'from the amount 0f'550 millions.
But With respect to the proposal for increasing' he
taste of allnWance . for management to 5001. per • mil-
lion, in Case ffite.untedeemed debt ,should be .reduced
tq thrte hunditlAillious, I am persuaded that upon
reiconsicteationtlfe court of Dirpctors .Nvill agree with
`me 'in the difficulty& or,catberinipossibility, of roy,proe
posing io Parliament, at this moment, tp graliVav
higher rate of allowance upon a debt of . three hut;
• dred millions, than was granted by law in 1791 upon

- • •
a -decreasing debt of 220 millions ; and 1 trust that
they will consent to withdraw this part of their Reso-
lution. In stating this, Iby no means intend to un-
dervalue the reasons which may be urged to skew*
that circumstances may perhaps have occurred to ren-
der some increase not unreasonable ; but the event
which would bring these circumstances most properly
under consideration is, I am afraid, removed to such
a distance,_ that the Court of Directors will, 1 hope,
find no difficulty in agreeing with me to wave the dis-
cussion of this point for the present. .
With respect to that part of their resolutions, by
which the Court of Directors agree to advance
Three millions on Exchequer Bills, without inte-1
" rest, during the war, provided it is stipulated to be
" returned within six months after the ratification of
a definitive treaty of peace, and under the corn,
plete understanding that all transactions between
the public and the Bank shall be continued in the
" accustomed manner, even though the amount of
,i• public balances should exceed the sum of ten mil:.
lions ;" the proposal to limit the repayment to six
months, instead of twelve, after the ratification of a
aefinitive treaty of peace, is an alteration ha the ar-
rangement from which I do,not feel myself disposed
to dissent, as this abridgment of the term has proba.
bly appeared of importance to the Court of Directors.
I With respect to the understanding under which
the Court is willing to lend the sum tit three milliousi
-I have only to observe• that, subject to this advancerit
never was my intention to attempt, during its conti-
J
nuance, • any alteration in the course of bit;iiness-
tween the Bank and the Exchequer, or to propose-to
withdraw from the Bank any account now by law di-
rected to he kept there. This explanation will, I
trust, be entirely satisfactory to the Court of Direc-
tors ; and I have only to add, that.subject.to the mw;
dification now proposed respecting the management,
I shall be ready to submit to Parliarileat, to sanction
an agreement, founded in every respect upon those
resolutions.-1 have the lion:Amt.° be, . •
Gentlemen, your obedient htimble
(Signed) SP. eertesvar..
To the Governor and Deputy Governor of the Bath.,

- •

Copy of a I.etter from the Chancelior.vif th 4 .Eicheitner ,to the
1. overnor and Deputy-Governor of the 'Bank. • •
• Downing-street, Jan. 19; •1808
Gierr. LrstEN—Referring to the several cominunica-
'tions which I have had the honour of holding with
you, and to the correspondbnce which lias passed , be.
tWeen us, on the subject of an arrangement to be for.
med between the Public and the. Bank, .and especial',
to the proposals. which I transmitted to you on the
lithiiiit. to; the•kesolution of the Court of Directors
of the 14th inst. suggesting certainalterations in those
Proposalk; and to my letter of the-Upth inst. consen-
ting in panto those; alteratiots ;1 think it proper, in
order to remove every possibility of misunderstandin,
between us, briefly' to recapitulate the terms of thi
Itialigenient whieh.l haviteß:wised my readiness
submit to Parliament, in cane* should meet with the
• final concurrence 'and- assent Of the Bank.
' Under the following heads, viz.
isi, Unclaimed Diviclrne.s-2d, Allowance for Charges of M:
caging the !oldie Debt-3d, Public Balances kept at the Bank.
• I have.proposeclo*l-st, That the Bank shall now ad-
vance, out of-the &claimed Dividends in their hands,
thesuin of 300,00(A. for the use of the Public, in ad-
p sclitiOn to the sum already advanced out of that fun(
I.pursnant to the Aet.3l, -GO. 111, cap: 33, and under
similar conditions.; provided always, that the amoni
of such dividends remaining.** .Bank shill not '
reduced below 100,0001. • -..
...2dly, That for the management of the public del
the Bank shall henceforward be allonied as follows .
3401. per million per annutuamon.the whole of the Unredeemed
Debt, whenever it May amount to 400 millions, and
exceeding 6GO millions. • '• • • •
.3001 per million per annum upon the whole amount of any
• szss of debt unred:emed above 600 millions ; the said •
. millions continuing in such ease to be managedat the afore-
said rate OE3IOI. per million per annum. •
4.501. per !Millen per minim upon the whole Unredeemed Debt,
• whenever it may exceed 300 titlllionl, • end'nel amount
400 millions.
And that with respect to the rate of allowen4
which it may be proper to fix for the management
any debt less than 3(10 millions, it has been deerne,
advisable to defer the consideration of that stibje,
until the actual diminution of the debt
.may.-be such
as to require some determination upon it.
3dly, That the Bank shall, on or before the
'April next, advance for the public service in the lire.
sent year, .3,000,0001. by way of loan without inte.
rest,' tin!' principal to be secured by Exchequer bills,'
- be depbuted in the' hands of the Bank, payable at
expiration of six months after the ratification of a
^fnitive treaty of peace.
And it is understood, that daring the continuant
[
of 'this advance by the Bank,.no alteration is to be pro.,
posed in the general course of business between ,"
•lietia: and, the Exchequer, nor 'any regulation intro.)
rtluced by which the accounts now by law direetai
tote kept at the Bank, shall- be withdrawn tier
• thence.—l have the honoutf to be, Gentlemen, yoi
redient humble' servant,- . ( Signed)
. . . . SP. PERCEVAL.
o the Governor and bePulyGoVernor of the Bank. . •
No. V.--Copy of a Paper, intiteled" Reiolutkm of the Court
ti.•of Directors, on Mr. Perceval's Letter of the 19th January
, ItloB, and recommendation thereof to the General Court." •
.. At a Court of Directors at the Bank, on Thursda'
the 21st of January 1808, the following letters froi
the Chancellor of the Exchequer being read, viz.
" Downing-street, Jan. ill' 1808.
w GmyrurstzN—The liberal dispositiod," Atc..-- -.
• . " Downing-street, Jan. 19, 1808.
4 nr NTLENIF N—Referring to the several," &c....—.-
The Governor acquainted the Court, that the Com-
mittee of Treasury having considered the said letters,
recommend, that the terms proposed in the letter of
'the 19th inst. be complied with. ,The Court agreed
thereto. . .
Resolved, That the Chancellor o 1 the tichequer'i lettee .
19th inst. be laid before the General Court : and that the Gover-
nor be authorized to inform the-Proprietors; that this Court '
opinion, that the proposals contained in the said letter be
ded to.

No. Vl.—Copy of a paper, intjtuled" Resolution of the General
• Court, on Mr. Perceval's Letter of the 19th January 1808."
At a General Court of the Governor and Compal
of the Bank of England, held at their public office
Threadneedle-street, on Thursday the 21st Jan-

- -------
1800;_ttifollowing letter froleibe choicgligr.
Exchequer being read,
" Dowdajf4tret, 111k111104.
Gurrecmci4--Referting," •-•-
:Mbe 0/vernOrftqther 4cquainted ;he C.-curt; that,
Court of Direpors; having taken the saidlettik*
consideration, are of opinion to recommend to

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