Star.
London, England, 1807-09-11 00:00:00

'ENE RANK MF ENGLAND.

The Ctammiatee appnitited tp examine and ennfider what regalia
Lions an' checks have been eflabilfbed, in order to eoturnal the
feveral branches of the Public Fxpendi•ure in Great Britain
and Ireland ; and how far the fame have been effeetual ; and
what further n lures cm he adopted lot reducing any part of
the faLd Expenditure. or dimitiifhing the amount of Salaries and
Emoluments, without detriment to the Public Service :

Dire led their earlieft inquiries to the management
of the Public Debt, which the Committee on Finance
in 1797, pointed out as the fi-ft objeet under the
head of expendi ore. in their XlVth report. The
annual charge is of no inc-nfiderable magnitude ;
end the following obfervarions are intended to thew
how far it may admit of redo inn.
The rate of allowance fettled in 1786 has not been
ied !ince ; but nn documents are preferred at the
Treafury, or the Bank, containing any calcula
Lions upon which it was founded. The propofal was
made by Mr. Pitt, under general eonfulerations of
" the increafed amount of the dLht," and a reliance
on the difpufitinn of " the Bank to Rive every tea-
fonable accommodation to the public." The titre
at which the agreement was concluded, affording a
profpelt of continued peace, could mfent no expec-
tation of a fpeedy augmentation of the debt, much
lets rut filch an augmentation as has 'lnce been in.
cu. red.

Whatever may have been the enmputatinn urn

which the bargain wasenneluded, it is to be obrerved
that the towel rate at which a part of the debt was
then managed (being 3601. per million) was not
adopted as the flandard ; and confeeptently, upon
the annuities created in 1726, an inconfiderable in-
mare of expence accri... 1 in equAiring the whole,
while upon every other part of the debt, a I trge
Paving was effcaed by reducing the allowance from
5621. tos. to 4501. for each million.
The management of the public funds differs fo
matetially in prailice from all other mercantile or
banking tranraainns, that it is n .t ear, to etlablins a
fatisfaaoty critetion fisr fixing the commillion at
which In extenfive and complicated a concern ought
to be concluded; but these are two inflar.ces, the
fame in kind, and differing only in degree, which de-
ferve attention, as they tend to throw Come light
upon the fubjea.
The fit ft ot there is that of the South Sea Com-
pany, which c-ntinues to manage its own portion nt
the debt according to she original allowances ; the
arrangements with the Batik in 1756, not having been
extended to this company, a circumnance which at
!rafted the notice cr the Oimmittee on Finance,
(XIV. tl.) who remarked. that, whether any fur-
ther teduainc can or ought to be made in this rate of
allowance." was a point GI for the wifdom of Parlia-
ment to decide."
Upon the part of the debt which forms the South
Sea Stock, the rate of charge is not uniform. The
proportion 0(5821. r3s. 6d. to each million, obtains
with regard to the greater part, and the allowance
upon the remainder beats the proportion of 5621. to,.
to each million. The whole expenfe of managing
this concern by the comp iny was, in the year ending
sth January 1807, 10,7271.1. f which 36921. was paid
to the rub and deputy g :vern rs and direaors, in
number 23, and 47351. to the desks and (dims, in
number 36. The rum annually paid by the public to
the South Sea Company, is 14 7131. to . 61. and
about 701. more for fees and allowances to the
cafhier. Tire prop-rti sn which the falasies of the
clerks bear to the whole ex7endittne dere:yes notice,
and alto the great number of the direaors, *lmo('
equal to thole who fupet intend the extenfive bufiners
ot the Bank.
The fecond example recurs in the more recent
agreement made with the bank of Ireland, by OA-
tote 4o Geo. 111. cap 3. in which the precife allow-
ances then and niqv given to the bank of England,
were fixed as the Ilandard fir managing the Irith
debt, though the debt of Ireland did not, in that year,
equal the capital of the Siiuth Pea Company, being
between 21 and 22
The management of the public debt in America
May alto afford force illir:lration of this fuhjeet,
though k differs in one ma•erial rerpea from the
bufinels tranfaard by the bank of England, inalintich
as the bunks of the United States undertake merely
the payment of the, dividends, the transfers being
made at the public offices of the Government. Uaiin
this account, and from limited number of Rock-
hi,ldert, who do not exceed 15,000, their trouble.
expenfe, and sige fearer!), admit nf companion with
the B ink of England. rhe American banks trait('
2,1 this bbfiners free of all expence to the Govern-
nent; the balances left in their hands, which are OW
for their advantage, lilt *thole dep. feted with any
private banker, being confidered as a fufficient ccm-
perdition,
Affirming as an incontrovertible prnporit ion, appli-
cable to all mercantile concerns, that, in proportion
as the Peale of bdiners becomes enlarged, the rate of
commiffion may be reduced, and that a moderate
commitfion upon a large bufinefa produces a greater
proportionate profit than a higher rate upon one
mote•confined, it is obvious that a charge of allow-
ance, which map be tearonable Upon 20 or 25 mil-
itnlS, becomes protufe alit' extravagant upon 5;.:.t or
6Y3 millions.

anual pregref. of the debt come* next to be
c.auider ed, which, on Jan. 5, 1786, was 2 24,1024241
.t.‘d the charges of management wet e then, accor.ling
to the reduc:d kale of allowances, t 00,3461. On the
3 1i January, 1797, the year in which the Committee
on Finance reported, the principal of debt untedeem-
ed WU 2721892.4441. the charges of mimagement
up, n which, fu far as concerned the Bank, were
"i• 5431.
On the sth January, tBoc, the year of the renewal
of the charter, the principal of debt unredeemed was
176485,80119 and the charges of management re•
ceived by the bank Were t 7.;,i.; 31.
The debt unredeemed on the ph January, 1837,
wac 55-40,341. and the charge* of management
received by the bank were 265,8'81 to which mull
be added 56871. on account rd the Aulirian Loan,
occuichng to the tame rate of commiffiun. The
allowance of 400 cl. wwaids the expences of tLe

Hanre, and alto the original allowance of 18981. oft
4.c00,0001. purchared from the South Sea Company,
are in addi'ion to the before mentioned fume.
The increafe in the enablithment of the Bank,
which has been rendered necefr.rry by the progreflive
augmentation of this branch of their bull iefs, contitls
principally in a large addition t.i the number or
etc? ks ; of whom the whole number employed in the
public bonnet's, exclotively, or principally, wac in
*786, 243 ; in 1796, 313 ; and in tBc7, 450 ; whore
falaties, it is p courted, may he calculated, at an
average, at between t so!. and 17(1. for each cletk ;
taking them at 1351. which exceeis the average of
thole employed in the South Sea Houfe, the film is
60.730
at trot. the font h 67 soo
at t ;a the him is Osseo
either of which two laft Corns would probably be
futEcient to provide a foperannuatiun fund.
The very moderate falaries received by the G
nor, Deputy G Ivernor, and DiteSors, amount to
between 7 an.] 80001. ; and only a part of thefe
mull be conlidered as cotnpeinfatinn for the- trouble
of cuperinteneing the pnbli:

incidental exper.fes and fundries may be eftimated at
about C 15.031
Buildings additional. and Repair•, e about •zo,oso
I.aw Fxpences, and luffes by frAuds and forgeries, at
about -

10,000

Without being ton minute in endeavouring to cal
cnlate what increafe may have taken place in thefe
IA articles, of which the Bank do not keep any
account, it is to be noticed that the whole
increafe of the officers who aaually tranfait the hu-
finefs, in the last eleven years, is only 137, ,hone
annual expenfe may be from 118,4491. to 23,290 t. ;
'he addition to the other permanent charges being
probably about one half, or two thirds of that fum ;
but that the additional allowance for management in
the IA ten year, is more than 155,0001. This ge•
neral conjatural eftima.e of the expences actually
incurred by the Bank exhibits, if it be near the truth,
the charge which would have attended the manage
ment of this linfinefs by G orernment, if previous to
the arran4ervient which took place in 1786, it had
been 'bought advifeahle to adopt the fity.fefli n,
racily made by the auditors of public acc tints, when
this whole matter was referred toahem by the treakit y.
Their report, already prirted in XIV. 30. well
deferves the c nfideration r f the Houle; and parti•
cularly the e4imate they formed of the teal value of
the fervice, which they fuppofed might be executed
at lefs than one-third of the charge at that tune incur-
red, that ie, at the rate of allowance under 1871.
los. for each million, when the debt was ao larger
than has been before tinted.

Your Committee, however they may approve the
&nerd' principle of the teaG►ning contained in that
report, are far from thinking that fuel' a tranbfer of
min 4getrent would have been expedient, or delirable
in itfelf, being If opinion that the debt can be MA
nAged no where more commodioufly, and that it
()tight no where to be managed fo cheaply, a• at the
auk.

The Committee on Finance Co far agreed with the
auditors of the public accounts, as to intimate an
opini‘ n in favour of the redutti'•n of the exulting rate
of allowance for managing the public deb,. They
nee " that the Bank, over and above the charger
of management, Nee accuflomed to receive allowances
from the public, at the rate of 8051. iss. tod. per
ro caving contributions lir loans ;—and
toool. or forr.etinse* for contributions to the
hotter y ; and-that they have the benefit of holding
all the money for half yearly dividends, betides hav-
ing the cultody of cafh forthe navy and at my fervices.
" Upon reviewing, therefore, thefe circumltances
in the prelim times (1797), and without qnefli ming
the propriety of the al rangement made in t 786, when
the public debt was Co much inferior in amount,
your Committee c moot forbear to !tate it as a quef-
lion fill deferving the attention of Parliament, whe•
then a I urther reduaion of expence cannot, and ought
not, to be made upon this branch of public expen
diture ?"

Betides the management of the debt, the Bank
have large traufaetions with the public, affording a
conlidetable pr• fit to the C rpolation ; into the na
cure and amount of which, for the purpofe of laying
the whole matter before the Houle, it is proper to
enter.

The amount of the feveral hiLinces of public
money, lying in their hand., are fit a to be Rated.

t. The average balance of zhe cads kept at the Bank during the
three ni"ntho ending the tth of January, tBoy, under the head of
Cultom•, Ezeik,at d Scary, appears to have becn about 1-43 71coo
and under the bead or the Volt Office,durirg fevtral
months in 1807, in which year that accutts.t was
ft: ft opened, about • 10,5C0

1.• 47740

a. The average balance of fundry other accounts
du ing a frmil :r period of three months, to tth Ja-
nuary, 'B4, viz under the head of Paymafter Ge-
neral of the Forces, Treafurer of the Navy, Trea-
furer of the Ordnance, Barrack Matter General,
Tranfport Office, Agest Gtneral of the Volunteers,
Trealuttr of cbelles Hofyital, Surveyor Central of
Woods and &wefts, Accountant General of the
Court of Chancery, and Commit/loners for the Re-
duiftion of the Land Tax 1.331 974
3. The average amount of Unclaimed Dividends
in the h .nds of the BAIA, during the year 180, ap-
pears ro have been L 3411154

Detii.a the turn !cot to Government on
that at count without intuelt - 176,739

964,41 S
4. The averag: balance during the period of three
•
months, to stb January, s 8:4, in unhands of Com-
nsilliotters fur the ftedudtion of the Natknal Debt,
sang from the Dividemds received by the Cottimif-
Goners on the Stock purehafed by them, and trout
the Me of Sitikirg Fund Money

I,41& .073

4,461,962

S. A further balance of cub to a very large
amount, coil its of fume lying nominally in the
Exchequer, which neverthclefs adtually accumulate
fur the benefit of the Bank, and are fur the mutt
part appl.cable at the end of each quarter, to the
payment of Dividends It is the edabliihed ufage
at the Batik to draw daily from the Exchequer the
vcral lama in queftion as they accrue, depufiting
indeed Eachequer Bills in return tor their own
Notes, which are received as meaty. This dep,ifit
is to be coeifidertal imply as a fecurity for the public
money drawn away, as the growing intereft on the
Exchequer Bills belongs entirely to the Batik; and
in cafe all the Each, quer Bills piiffeifed by the
Bank, which they think fit to apply to this purr(*)
prove ii.fulliciesit for the whole fum, the fumble
ruuiiw in the Exclacquer in the &ape of Bark
Netts. The mites thus taken oat of circulation

emotrt necafionally to ketml millions, and Their
detention in the Exchequer. both the Ba and
the Public arc placed in circurnitances fubftantially
the fame as if the notes in quellion were carried to
the Bank, and ennflituted a halance due to the pub-
lic on a dart& ace unt, differing in no refped from
other depnfits.
The total emotion of Fat:by-Tier Money, by which
the bank may thus have pn.litcd. was
Eschrqutr Bank
bills. Notes.

Total Sum.

In ill 6 -- _
Jan. 10 2 949 003 8,10) 8.9371"
Frb. 7 2,745,000 9.010 2,7(4,0'0
March 7 4.- ts too ts .8 0 4,733,800
Ditto a 8 6,739,373 15,900 6.754,9
April 2$ 4,997 033 11.•03 5,008,3-0
May 23 5 srag.ooo Lot 7 400 6.965410
June 23 6 009,003 3,014 8:0 9.023 830
July is 4 3 Lc"...0 J 1.603 4 jzo 6 0
Aug. t 5 4,780,003 •. 11,1814.800 003,200
Sept 18 4,326,r03 4t t 5.1100 8,84 EX*
Oct. to 5,102.000 4.019 no 9,121.700
Nov. 7 4.270.030 1,5 t a,BOO 5,788.803
Dee. 5 3,873,000 3,007 ,233 6,877,20.3
Dec. 19 4398,000 3,012.100 7 4t0,200

653 6a OCO 21 189.00 e 86 ;51,030
The averast amount of this total fum to 6.167,928

£t0,6z9,890
To this turn may be added a balance of a tem-
porary nature, which has remained for no inemta-
derahle time in the Bank, on account of the Com-
milßotters under the Convenlon with the United
State, of America. and which is part of Ocsa,cool.
originally depofited and gradually reduced to - 475,C19

Total average balances

L 11,104,919

Your Comm;l tee are aware, that in thus exhibiting
average balances of cafh in the Bank, inflead of the
feveral a&ual balances, they may paGhly be confi-
dered as prefenting an unfair view of the fubjeet ;
but it mull he obrerved, that however fluetuating
many of the ind;vidual balances may be, the aggre-
gate is never likely to vary materially : and that in
partictalar if the balances of Exchequer money, which
are moderate in the early part of each quarter, and
extremely large towards the cnncltdi m of it, are
compared with the balances of the Commiffinners for
the Sinking Fund, and t'inle on account of unpaid
Dividends, both i f which are large in the beginning
)f each quarter, and frnall towards the end, the ag
4regate film utOer thee p• incipal heads will be found
to (moan A ttationary balance of a sw.ti important
amount. The documents from the Bank, and the
Exchequer, which could conveniently be furnithed,
Jo not atrird an exact liatement of the whole aflual
balance of public money in the hands of the Bank,
on any great number of fepara e and given days ;
they, however, give the following ref-At., viz.
That on the a ath Oautser, illas the time immed ately preced-
ceding the payment of the dividends' the cum in the hands of the
Bank, under the brit-mentioned heal of Cuitoms, &c. was
176.974
Under the ad head, of Paymafier-General, ate. 180-78,9c0
Under the 3d head of Unetaime4 Di-
vidends on the 4.6 Odober 1,01,1.175
Daus% 376 739
---.. 656,436

Under the 4th head of the Commit--
losers for the Sinking Fund on the t 7th
of °dotter 389,197
. .

-
An•i under the sth head of Exchrqu• e
Munil, they were on the Toth October,
!king •he day on which the Fschequer
Monthly Accounts were made up 9 121,700

too 6,.133

Making the Total on the 9th, toth, and t tth
1806 11.723 so?
To which, if tke money veiled in the American
Comn itSoners be added 475429
The total adual halantes will be L. ts.t9t3 236
They alt. (hew, that on the tft November, a period of about
three weeks/eV-pent ro the payment of the thvideods, the ha-
lances under the fiat head, of Cullom,, &c. wire hat 33
Under the recoil& of l'Arnattee, &c. 1.356,:Ns
Under the third, of. Uticlaimed 1
Dividends 1459.144
Dedudt as before 376429

1,182 435
Under the fourth beta, of Sinking/ 2,217.17:
Fund
And under the fifth of Fzcbcquer
Money, they were, cn the 7th Nevem.
her, the day on which the Fiche quer
Monthly Ace• nuts were made up (being
4.170 Fichequer Bills, and
1,54 7,800 Batik Note,) 5.:81,8e9

9,t8z.376

Money of American Commitßoners

ti,t41363
475,029

Making the tn•al aetual batmees on
tbc tit and 7th November, 18:6

kit. 23,09

They alts thew that,
On the tit Dec. the Cuitorno,&c were L 954,733
On 29th Nov Paymaiter, &c. 2,40.3,155
On tit Dec. Unclaimed Dividends t.t7t.t 9
Dcdu& .376.739

796 393
On agth New. Sirkirg Fund 1,5 ti,lirs
jib Dec Exchequer Bills 3,870p00
Bank Notes 3,011 20)

6.877,z^K.

!f 4C5

To-eth,:r
Money of American Commillioncre

I g ..5.41.295
475,029

Total t2.0t8,324

They alto thew that
On Bth Nov. Cuftoms, &e. were 587.934
On Do. Paymafter, Sec. 141.5.853
On Do. unclaimed, Dividends probably I 461,0e0
Deduitt 3761739

e.c 80.261
On Du. Sicking Fund 2016,363
7 Nov Exchequer:
Exchequer Dills 6,427=0
Bala Flutes e -Sz S3co
I,s t sbSco 1 -' '
----"--" 8 981,124

Together 10,986,1 7 t
Money of American Cosnotifloners 475,129

Total t t,a6t ,aco

It this appears that the aggregate aelual balances. in four di&
ferrnt Kilo& of the quartrr rniling sth January 11107, fo far as
tilde balances can be stared, fluduatrtl only between the funs of
L t 0,986,1 71 and SI« It 713,207
:
475 C 29 L 471.0.9

1 t 461.100

11.198,236

The excels of the aftual balances of this petind
above the average balances before Rated, miles from
the ciscumflance of its having been thought proper,
in liming thole average balances, to form the
mate of the average calh in the Exchequer, from an
account of the "hole year.
The magnitude of thefe balances, aid of the

profit which mull be derived from them, a profit
which is likely to increafe during the war, but which
may be fohjeet to diminution on the return of peace)
has attrafted the attention of your Coen mi,ree no
lets Chap that of the allowance for the management
of the National Debt. The annual interett calculated
upon them amounts to between g and 600,0001. In
the cafe of a private banker, floating balances cannot
be cnnfidered as prnduetive of a profit equal, or
nearly equal, to the whole interell upon thein—be-
canfe both the charges of the management of the
concern, and the interefl hilt by maintaining the
Rock rf ready money, deemed neccifary for fecuring
the plinatiality of current payments, operate largely
in diminution of filch profit—but in the cafe of the
Bank of England, the charges belonging to their
banking tranfaCtions with Government mutt evidently
be (mall in comparifnn with the profits on th,.te d-
eceive tranfaftions. The aggregate balances of pub.
lic money, in the hands of the Bank, have been
(hewn to admit of no great fluEtuations ; nor do they
require to be provided for (efpecially at the prefent
period) by means of a flock of unproduftive money,
the notes of the Bank itfelf being employed t. meet
any fuch occafion.

Your Committee therefore are inclined to confider
a fain equal to five per cent. interelt on the average
balances in queftion to be not far from the am unit
of the profitsatifing from this fource. Thefe profits
undoubtedly are intermixed with the other profits of
the Batik, bin their general amount may, without
difficulty, be dillinguilhed and afcertained. Except-
ing the film gained by the management of Vac public
debt, and of loans and lotteries, and by trade in b►tl-
lion, the whole gain of the Bank mull obvioully con-
lift of interell on vaiieus fum• lent ; and •he amount
of the daily intere9 fo accruing, mull necefratily hear
an exaft proportion to the total daily amount of the
feveral funds in their hands, deduction being made
for that part only, which is kept invelled in call' and
thefe being the only unproduaive articles of
any moment in which their funds can be employed.
"But as lime doubts maybe excited by the annexes'
evidence, ref peOing the productive quality of fume of
thefe balances, it teems proper to enter fully into the
fubjed ; in doing which, the circumllances which
accompany and follow each augmentation of the Go•
vernment balances, mutt be minutely detailed.

Whenever an addition is made to the amount of
thefe balances, it is effected in general by a payment
into the Bank of their Lwn notes. The notes fo paid
in are cancelled. Thus a reclueliin takes place in the
circulating notes, and there notes are a tend, which
ruppiies, iri the fame manner as the Government ba-
lances, the means of lending at interest. Every (itch
redueti •n of notes, however, mutt be con fidered as
temporary, hecaufe the maintenance of the circulating
hank paper at the accnßnmed, or nearly the accuf-
thmed pLitit, is felt by the hankers arid merchants of
the metropolis to be neceftury to the regulatity of
current payments. Bills of exchange are therefore
.ffered to the Bank to be difcounted, in filch quantity
as to reltnre the amount, or nearly the amount of
notes cancelled by means of any increafe of balances,
unlers the B ink itfelf, by delivering uut notes in pay.
ment for exchequer bills which they may have bought,
or I,r loans to Government, fh iuld have rendered the
application fur additional difcounts unnecetTary.—
rhis application for additional difcounts, on the nc-
cation of an increafe of balances, mutt indeed ordi-
narily precede fuels increafe, and furnish the means
of elf,taing it.
That the great augmentation of Government ba-
lances in the Bank, which has taken place (lace the
year 1797, (an augmentation amounting probably to
(even or eight millian,), has not permanently dimi-
nailed the ri rtes in circulation, is proved by the an.
nexed account of notes in circulation between the 7th
I February, 1795, and tit February, IEIO7, by which it
appears that the notes, exciufive of tl. and al. notes,
were—

On 7 Feb. 1795 sa,B7a,sbo
6 Frb. 1795 st,sts,ooo
And on 1 Feb. ego() 1a,856,77*
And t Feb. 13°7 22.333,433
The fluftuation in thole twelve years (with the ex-
ception of a Ihnit period preceding the fufpention
of the cash payments) was only between the firms of
I /,09.3801. and 13,8458001. to which lalt men.
tinned !urn they am.utited on the 25:h January t Sot,
a period not long fubfecinent to t).•e day of paying the
dividends, when a more than ordinary ate of paper
mull be fuppofed to have taken place. Since there-
fore each augmentation of the Government balances,
though it may at fi it be attended by a diminution of
' bank paper, is followed by a proporti mate re ilTue
of that paper, and fince, in return for the paper fa
re-iffued, additional bills are difcounted, additional
exchequer bills are bhught, or additional loans are
furnilhed to Government, (all articles equally yield-
ing interen,) it follows that thole additions which
are made to the balances mull be confidered as pro.
clueing a currefponding increafe ct interelt. The pro-
portion. will be exad, whenever the notes ruppreffed
are welly rellored, provided the quantity of cafh
and bullion continues precifely the fame.
Whether the call' and bullion in the Bank have
been augmented fince the fame period of 1797, and
if augmented, whether in any material degree: on
the ground of the increafed magnitude of the balan-
ces due from the Bank to Government, is a queltion
I into which your Committee :annot, from the want
of documents, particularly enter. They conceive,
however, that if an augmentation of the calls and bul-
lion be admitted, it mull beconfidered as principally
intended to meet any demand 1..) which the Bank
may be expofed by its circulating paper, and efpeci-
ally as a provision for the payment of their one and
two pound notes, the eiretditints of which may ceafe
whenever the Bank Shall have refumed its payments
in cash.

In the evidence upon this part of the fubje&, it is
admitted, that the notes of the Bank are prodadive
of profit ; but it appears to be atiumed, that t4e Go-
vernment balances are only to in proration .' they
tend to augment the am'unt of notes ; whereas your
Committee are fully pet-Ina:Jed that both halaneesand
notes are, and mutt neceilarily be, produdtive.
The funds of the Bank, which are the ((mats of
profit, and which contlitute the meafure-of the fum
they have to lend, (fobjed only to a deduftion on
account of calls and bullion), may be clatfed under
three heads.

Fill, The (urn received from their Proprietors,

al cap;tal, together with the favings which have bcen
added to it.

Secondly, The firm received from perfons keeping
cafh at the Bank. This hum confifts of the balances
4 n the dep fir accounts both of Government and of
individuals. Io 1797, this fund, including all the
balances of individuals, was only 5,130,1401. The
prefent Government balances alone have been already
Rated at between eleven and twelve millions, includ-
ing hank notes departed in the Exchequer.
'Th'rdly, The fum received in return for notes rut
into circulati-m. A cu-ref Ponding value for every
note mutt originally have been given, and the value
thus given for notes conflitutes one part of the gene-
ral fund to he lent at interelt. A note holder indeed
does not differ effentially from a perfun to whom a
balance is due. Both ire creditors of the Bank, the
one holding a note, which is the evidence of the
debt due to him, the other having the evidence of an
entry in the ledger of the Bank. The hum at all times
running at intereff will be in exad proportion to the
amount of there three funds combined, dedut.tion be-
i,:g made for the value of cafh and bullion.
Under the three heads above mentioned, firli, of
capital and favings; fecondly. balances of depart
accounts ; and thirdly, notes in circulation ; all the
hums are Hated which the Bank would have to
charge in the event of the winding up of their of
fairs ; and they mull of courfe have affets fufficient
and available for this purple, which affets canannly
confilt (death and bullion, and fecurities for money
lent.

In whatever degree,therefore, any one of the three
&ft mentioned items, namely, capital, depofits, or
notes, increafe, the other two remaining fixed, in the
fame degree mull the (um running at interelt,increafe,
pt nvided the calb and bullion do not vary ; and thi,
adaptation of the rum at iniereft to the amount of
the balances may be prefumed to take place without
any particular cognizance of the fubjea by the Di-
reftors, who make a profitable ufe of the balances,
by contenting fo far to fatisfy the current demands
for difcount, or by making fuch loans to Govern-
ment, or buying fuch number of Exchequer Bills, or
other fecttrities, as may fuffice to maintain in eirculs-
tion the accuflomed quantity of notes.
It is impoffible therefore to admit, that the Bank
have no means of placing out at intereß the whole
of the large films which contlitute the Government
balances. Thole balances ate lent at intereft. be-
catte a demand for loans to this extent cannot fail to
irife out of the natural demand far the accußomed
quantity of notes. The Bank have no property of
any moment lying dead, cans and bullion excepted ;
they pofiefs indeed property in buildings, but thefe
are Rated in the evidence to have been paid for as
they were crated, nut of their current profits, and
conititute no article in their accounts. Unlefa, there-
fore, they have a fum at interea applicable, together
with the calls and bullion, to the purpofe of anfw•er-
ing the demands of thofe who have depolits io their
hands, they have not afters nrceffary t u fatisfy the
three clafres of claimants which have been men-
tioned.
Your Committee cannot allow the validity of an
argument which is to be found in the evidence,
againa the profit derived from the balance, that the
Bank do not with to enlarge the fcale of their buts-
nets, and that it is their cutlom to liapplefs, rather
than enoonrage, the demand for their notes, nor can
it be a !mitred as a general propofition, that their
notes hum the criterion of their pri.fits. Since there
balances are placed in their hands without interelt,
and are then lent out at interell, ihey mull unquet-
tionably be contidered as enlarging the fcale, not
merely of their bufinet, but of their profits. That
the amount of notes is one criterion, and is a
moll important fource of their profits, is undouht•
edly true, but it is equally trne that the amount of
balances is another ; and although the careful
limita-
tion of the circulating paper is an aft of ptudence,
the balances cannot be confidered as affated by fuch
limitation ; nor can it be inferred, from the pro-
priety of limiting the paper, that there exiiis any
fimilar occafinn for rettrieting the other branches of
the bufinefs at the Bank. .

..
The produdivc quality of the floating balances is confirmed ►y
a flatemcnt prcfcntcd by the Bank RIM to the Secret Committee
of the Houle of Lords in 1797, (page 132). From thuscc it
appears, that the Bank Notes were, ou the 25th Feb. 1797,
4.8,640,250
And the Drawing Accounts' (or Dcpnfit Accounts)
and Audit Roll' (nr Unclaimed Dividends, &c ) 5,143,130
And the Surpisi' fur undivided Profit of the Bauk)
which was of the uaturc of additional Capital 3 826,893
Making together C. 17597.280

This debit fide of the account exhibited the total
furn due both to the Bank Proprietors and others on
the 25 h February, 1797, With the exception of
t 1,6.86,800- capital lent to Government, which was
adverted to only at the foot of the flatemeut. The
credit fide of the account enumerated the effats,
(amounting to the fame turd of 17,597,28014 appli-
cable to the payment of that debt.
Thefe Wets were Qatcd to eonfill of advance.'
on Government fecurities," viz. on "land and malt"
on Exchequer Bills, &c." " bills difcounted, &c."
and " calh and bullion." Suppofing therefore the
amount of furplos capital and bank notes on the
debit fide, and the oath and bullion on the otedit
tide, to continue ftationary, the amount of the other
articles on the credit fide (all of them ankles pro
dmicingintereQ). mutt necetrarily fitiauate in wit
cot refpondence with every fltiftuation of the depofits;
and in cafe another statement, formed in the fame
manner as that ptefented in 1797, were now td be
made out, the (um of 8,640.2501. of notes having
been augmented to 16,611,3901. and the fum of
5.130,00c1. of depofits having rifen probably to about
13 or 14 million, there would unquellinnably be an
increafe of about 16 or 17 millions running at in-
terest to be Hated on the other fide, dedufling what
ever may have been added to the calls and bullion
fince February, 11797.
The annual and temporary bonus of five per cent
whici; the Bank have for foine fucceffive years added
to dub arcullomed dividends of (even per cent. ant'
the recent augmentation of their regular dividend
to ten per cent. exclufive of Property Tax ; the rift
alai of the market price of their Nock, which having
fold in 1800 from 1561. to 1721. per cent, now fell.
at 2301. are thong circumstances in confirmatiot
of the lam ge increase of their profits. This increaf
cannot be accounted for by any material augmen
beea in mine degtee adverted to ; but the propriety
nictitation of the advantages derived from the ma-

nigement of their own capital, nor from that part
of their hulinefs which they tranfad as bankers tr.
individuals, (a part indeed at all times comparatively
fmall in its amount) : for although the number of
perfons hav • accounts open with the Bank, has
been lately much increafed the floating balances on
thole accr.unts are known to he in general very fmall,
molt of the aecout.t,i being kept open only for the
like of the opportunity which they afford of borrow.
ing in the way of dilcount. The extenlion either of
loans to Government, or of difcounts to the mer-
chants, or of both. is the neceffary etre& of the aug-
mentation of the Government depofits, and it is to
the largenefs of there depolits that the increafed pro-
fits ought to he referred.
_ _

The gain which the Dank have derived from the
rue of one and two pound notes, amounting to
4,287,9601. on the in of February 1411, may be ex-
petted to eeafe whenever the payment of cal% !hall
have been refumed.

The next point to be confidered is whether any of
the public balances may fafely admit of diminution t
'l'hofe under the firli head, namely, the balances
which are lodged in the Bank by officers in the re
ceipt of revenue, which make weekly payments of
their cafh intu the Exchequer, evidently admit of no
redtglion.

Some few of the balances under the fecond head,
which belong to offices of large expenditure, may
perhaps be diminifhed by the more careful applica-
tion of an economical principle lately introduced,
that of occalionally furnifhing to the heads of cettain
offices, Exchequer Bills inilead of money, which hills
are fold in the market in the quan►ities, and at the
times which the immediate occafions of the office re.
quire, and therefore diminifh the neceffity of main-
taining large balances in cant.
The balances in the Bank, under the third head,
of Unclaimed Dividends, appear to your Committee
to admit of redueion. Thefe balances have been
already reptefented as leis by 376,7391. than the
grofs amount at which they are given by the Bank,
becaufe, in confequence of the A. pallid in 1791, C.
33. that fum remains in the poffeflion of the public,
out of the 500,00c1. advanced nominally by the
Bank, but really taken out of the Unclaimed Divi-
.dends, which were then, for the fira time, brought
under the notice r f Parliamew and ma.lt applicable
to the public fervice. It kerns to have been an un-
intentional omillion in framing that flatute, that no
provifion was made for making up deficiences to the
public, as well as to the Bank, whenever the whole
ibm of fuch Unclaimed Dividends might rife above,
as well as whenever it Should fall below the (Updated
amount of 600,0001. and if it Should be judged expe-
dient to continue and purfne the principle of that Aft,
it Should be amended with a view to this objeff ; and
the ufual amount of Unclaimed Dividends being al-
certained, it may be fit to apply to the public fervice,
according to the lame regulations, whatever may
probably he the furplus above the ioo,cool. which
WAS intended at all times to remain in the Bank. "'she
film, which, on the (cote of thole dividends, may be
now applied to the public fervice, is certainly not
lets than 4-43,2611. in addi inn to the 376.7391. making
in all 800,0001. The Unclaimed Dividends in the
hands of the Bank, amounted at that period of the
year 1806, at which they were the lowell, namely,
on the Sit July, to 986 5731. and at the lowa period
of form antecedent yea's, they have not fallen below
900.0001.
The following nnode of diminifhing the cant ba-
lances under the fourth head (of the Commiffioners
for the Reduitit n of the National Debt), and under
the fifth head (of Exchequer Money), has fuggelled
irfelf to your Committee.
A large part of the fum in the Exchequer is del.
tined to he paid on the four quarter days to the
C mmiffionets for reducing the National Debt, for
Dividends on redeemed debt (landing in their names,
and for Sinking Fund ; and the fum fn received by
the Curnmillioners (amounting now to above two
millions quarterly), is employed in thn putchafe of
Kock in equal pot nuns on all the transfer days of the
Succeeding quarter. It kerns expedient, that to a
portion of this fum an economical principle Should
be applied.
It may be inferred from the paper inferted in the
Appendix, and from the annexed evidence, that by
the middle of each quarter a hum of more than one
million is always nominally in the Exchequer, and
aetually in the Dank, which is applicable at the end
of the quarter to the putprife of paying the lum
then due to the Corntroffi ,ncrs for reducing the
National Debt. Your Committee, therefore, re
commend that the fum of about one milliot Should
be iffued in the middle of the next, or of tome tub
Sequent quarter, to the Commiflioners, to be applied
by them to the nhje& of buying up flock in the
courfe of fame fucceeding months, in addition to
the regular and accullomed purchafes. The means
of carrying on the regular prorchafes will be fur.
ninsed by ilfuing to the Commiflioners, on the
quarter•day fubfequent to the ilfue of the million, a
fum lets by one million than that which would have
been paid to them according to the accullorned
mule, and by iffuing a further million fix weeks
after that quarter day, by which time the Exche-
quer will be able to lupply it. Affuming that the'
lame mode of iffuing all firms due to the Comtnif-
fioners at half quarterly, inflead of quarterly periods,
may continue, the drat of the propnfed meafure
will be to give, in the year in which it is to take
place, a clear million Belling to the Sinking Fund,
by the application of which, in that year, annuities
amounting to neatly 50,0001. per annum may be
bought up, the other operations of the Sinking Fund
,:ontinuing precifely as before. In confequence of
the application of this extra million to the extinflion
if debt, there mull be a redullion of one million in
all the future balances of the Exchequer money in
he Bank, during the lall fix weeks of every quarter,
and a Similar recluelion in the future balances of
'he Ci•mmitlioners for the teduelion of the National
Debt lodged in the Bank during the fiat fix weeks
af every quarter. A reduetion to this extent is prat•
icable at prefent, and a further teduaion may, on
imilar principles, be made at any future period,
• hen the increafed amount of the Sinking Fund,
ind of the balances of calh in the hands of the Com.
mitlioners, Shall affird Similar teali,n4 for repeating
he fame operation. By this anticipation, the Ex•
chequer money dellined to pay the fun' due to the
Commiffioners of the Sinking Fund, would not he
beetled from its original purpnfe, but a portion of
•-t would be applied fomewbat earlier tai that

olleEt, and in addition to the original futt, add the
public creditor mull unquellicumbly be benefited by
fucb an augmentation of the Sinking Fund.
If the preceding propofttion thould be deemed
liable to objeCtion on account of the preference, f)
far as refpcits one million, which is propnfed to be
given to the Commiffloners for the Sinking Fund,
giver the general body of Stockholders, the objeBion
may be removed, by giving to the Stockholders a
preference to which they are not now entitled, as a
compenfation, empowering them to receive on the
quarter day ihe whole of their dividends nn Rock,
antecedently to the Mite of any dividends on the
(Lock of the Commit loners.

Such being the general Rate of the conneltion
I between the public and the Bank, it becomes an
üb-
jcEt of conlideration, in the lali place, what have
been the tranfaCtions between them lince the year
1786 ? There are, firfi, the fiatute of t 791 ; fecondly,
the renewal of the Charter in i 800 ; and thirdly, the
agreement for the loan of 3,000,0001. in 1806.
Fiat, The Alt of !Is'', c. 33, authorifed the Bank
to advance 300,0001. without intetell, for the fervice
4 the public, which Came in fad, as has been al.
ready explained, out of the ,thiclaimed Dividends,
but in confequence of the fecond claufe for repay-
ment, in cafe of a deficiency, the fum remaining in
the hands of the public, is not store than 3764391.
there being no provifion for inctearing it after the
diminution had once taken place.
It was a further enaftment of this flatute; that the
allowance for managing the debt thould c,ntinue at
the rate of 4301. per million ; and it is t.bfervable,
that this is the only ftatute which contains a.ry dittinEt
itipulation upon that point.
The Committee on Fmance, in 1797, dillinguithed
the debt created fubfequent to 1791, from that which'
is wi'hin the obligation of this Aft, remaiking ex.
prefsly, that " Since that year the cafe is different,
and no Inch Ripolati ns cult. All the fubtiquent
Loan Ass, and thofe for funding Exchequer, Navy,
and Vidtualling Bills, have left the contra& open,
referving a power to the Treafury to make any fuch
compenfation as &mild be reafonable."

Secondly, by the Aet 4o Geo. 111. c 28. the Bank
Charter was continued until eft Auguft 1833. or,
condition of three millions being advanced for the
public fe►vice, without interefl, for fix years ending
sth April 1806 the Pole-tight of banking as a Cor-
porate Body, and the other privileges, are fully re-
cited and confirmed but nothing is exprefsly flipu-
lated with regard to the rate of allowance for manag-
ing the debt. . The following, however, is the claufe
relating to this part of the fubjea
And for the encouragement of the (aid Governor and Com-
pany of the Bank of England and their ruceeitars, to exchange and
circulate the raid Excb, quer Bills, in the manner and during the
time herein before mentioned, and to the end that the laid Gover-
nor and Company, and their fueedrors, may have a competent re
commence and eonfideration for fo doing, it is hereby declared and
enacted, That Inch part of the raid recited provi6,m contained ht
the raid ad made in the at ft year of the reign of hi. pram Ma-
jcity ,as relates to the determining the raid fund of one hundred
thoufand pounds per annum. and the Paid Corporation of the Go.
ranee and Company of the Bank of England, upon the notice
and payments therein mentioned, Bull be and is hereby repe.ded
and made void ; and that the raid Governor and Company of the
Bank of England, and their fueedrors for ever, dull remain, con-
tinne, and be one body corporate and politic, by the name afore.
raid, and mall for ever have, receive, and enjoy the raid entire
yearly fund of one hundred thoufand pounds. out of the raid rates
and duties of excife, together with a perpetual fuecelßon and pri-
' allege of exelufive banking, as hereinafter Is mentioned, and all
other abilities. capacities, powers, authorities, franehifes immuni-
ties, exemptions, privileges, profits, emoluments, benefits, and ad-
vantages whatever. which the Governor and Company of the
Bank of England puffers and enjoy, or whereunto they arc, or be-
fore the snaking of this as were ,titled by the Paid adts of the
feventh and twelfth years of the reign of her late Majelly Ct2een
Anne, and the Paid ads of the fifteenth year of the reign of his late
Majefty King George the Second, and of the fourth and twenty
first years of the reign of his prc(cnt Majefty, or any of them. or by
any other ad or ads of Parliament, grants, or charters wind°.
ever, now in force, or by virtue of any employment by or on be-
half of the public ; all which are by this adt ratified and codirmed
to the (aid Governor and Company, and their rucceirors. freed and
di :Charged and from the raid provifo and conditions of redemp-
tion hereby repealcd,or intended to be repealed as aforefaid ; and
all other pnorifoee, powers, acts, matters, and things whatfoever
hcretvfore had. made, done, or committed, for redeeming. deter.
mining, or making void the raid Corporation, or tbt raid yearly
fund of one hundred thcufand pounds, and the raid privilege of
eultdive banking, and all other their abilities, capacities, powers,
authorities, franchires, immunities, exemptions pr vileges. profits,
emoluments, ben( fits, and advantages, or any of them, fut.ject ne-
verthelefs, to fuch teitridions, rules, and diredions, and alfo to
fuel% other agreements, matters, and things, u in the laid Ads and
Charters,or any of them now in force, are cont..lned or prefcribed,
and alto tubjedt to the power and condition of redemption herein-
after in this adt contained iu this behalf,"

The circumflataces attending this negociation are
related in the ee,idence of Mr. Thornton, who was at
that time Governor of the Bank, and from whom the
fuggetlirn of renewing the chatter originally came.
kle dates, that the various ((tutees from which the
Bank derive profit, in confequence of their exclufive
privilege, and of their connexion a ith Government,
were enumerated by Mr. Pitt, who made a claim on
the part of the public for a dire& participatil,n in the
prt fits, according to a fixed prt portion ; and that the
claim, though not admi:ted in it► fall extent by him.
felf on the part of the Company, was ultirm tcly
agreed to; that A calculation was fumed upon the
balls of luch participation, and that the interefl of
three millions, for fix years. was given to the public
as the fair refult.

The authority therefore of Mr. Pitt, and the con-
fent of the then Governfir of the Bank, ellablithed a
general principle of participation in thofe profits of
the Bank, which arife from their exchilive privilege,
and from the balances of public money in their hands,
and whether the participation be fuppofed to be in
the fixed proportion of t-4. t 3 or t 2, it cannot fail
to be extremely confiderable.
In one of the converfatimis upon this fobjed, it ap-
pears to hate been dittin.lly affirmed on one fide, and
to have been admitted on the other, that the Govern-
ment balances in the Bank which were drawn from
the Exchequer (eßimated then by Mr. Pitt, as they
dearly were, at two millions and a half on an act.
rage,) and the growing balances of the Commillioners
for the Sinking Fund, were productive of profit,
and an expedation is Paid to have been given, that
they thin'ld not be withdrawn from the Bank wiihont
compenfation. The produdive quality of lonic of
the Government balances being admitted, it is not
eafy to conceive.that the Bank have any method, ix.
cept that of increafmg their caul and bullion, of pre-
venting the produdive quality of the fame balances
when enlarged to the extent that they now ate, or of
other balances which have been added.

The circunsflance of the Bitnk gaining a profit by
the management of the public debt, appears to have
of the rate or allowance then fubfiuing did not come
partkularly under confidatation. The documents

beeeffary to fah; A correft opininn bnnh the c. MTV.
cated concerns of this extenfive were pro:
bably not fully before either of the two. parties at the
time of this agreement ; it is ebvinut, that they
cannot be collated without confiderable and detailed
invehigation, nor digelted without indufify and at.
tention ; and the preffure of other duties that' well
account fir. a wait of Icifure for fo laborious a re-
fearch at the period of the renewal of the charter.
The other balanCes of pitb is money do not appeal
to have entered iato Mr. Pitt'. calculation, as they
were at that lime of trifling amount, and the pro-
bability of any fuch inc cafe as has atually taken
place in the balances drawh from the Exchequer, in
confequence of the great augmentation of revenue
(an inereafe from an average Nib tff two millions and
a half to an average (um tit five or flit millions) was
not adverted to, and can hardly be fuppoied to have
been in contemplation,
Suppofing all the fuggeflions which your Ci.mmiti
tee have made with a view of diminithing the ba.
lances in the Bank to be adopted, the atro.unt of
balances Hill remaining will pri.balsly more thud
double the amount of thole which e eI in 'soot
or which could then be contemplated as likely td
exift at this time ; ani therefore, it the intention 6t
Mr. Pitt not to withdraw the balances of Exchequei
money, or thole arifing from the • cumulati‘ n of thE
then exilling Sinking Fund, without comprnfrtion,
fhould be adhered to, that intention will not he ft ttf-
trated ; the unexpated enlargement of the fame
balances, and the addition of to many whirs, tottnig
much more than the c.onpenfation in quation.
Thirdly, The lan agreement with the Back which
it Will be neceffary to notice, was in 0106, 46 Geo.
111. c. 41. when-the three millions which ought to
have Seen repaid on the sth April, were continued
as a loan to the public until fix months after the ra-
tification of a definitive treaty of peace, at an inte-
tell of 31. per cent. which is to be confidered as a gift
of 60,0001. per annum, fo long as the war cnntinnes.
Whether this bargain was c .4.cluded upon an exanti.
nation fuflicientlf comprehenfive of the genet al fi uaa
tion of the Bank, is not now the quellion ; but the
tranfation is molt material in another view, as it
evince; that the a;reement made in ;Soo, was not
confoiered either by thole who ailed upon the part of
the public, or by the Bank Dire dots themfelves, as
a bar againft further participation, whenever the in-
creafe of their profits derived from the public, ;tad
the circumflances of public affairs, might, upon
lar principles, make fuel' a claim reafonable And
expedient.

After a fnmmary recapitulation of the advantages
which the Bank derive from their charter. and from
their connation with the public, it will be proper to
enumerate the benefit' which the public receive front
them in return.

ft, A large profit on the management of the public debt is en-
joyed by the Bank ; and, adly, the interefi, ari6ug from between
and a a millions of Government balances lying in their hands.
idly, They have whatever profit is to be derived tram their paper
eirew:ation. amounting to i6,6xt,3901. the Hike of which refu is
(tom the exclutive powers giren to them by their chlrter. It may
be remarked. however, that it is a circulation of which they care-
fully limit the amount, and on account of which, as well as with
a view to the general demands of the State, they ard fuhj. et to
the burden of ordinarily maintaining a large flock of cam and
bullion, and of providing, except during the fulpeofion of pay.
taunts to cab, all the gold and filvce uteri for the coinage of
money.
The advantages which Government, on the part of
the

id, The capital (t t ,686,00 d.) of the Bank is lent to the pub-
lie at the rate of 31 per cent. The benefit derived from this loan,
amounting at preterit to 233.7 tot. is not ftated in the annexed evi-
dence, as having t:eien particularly adverted to in the cony. dada's
which took place between Mr Pitt and the Governor of the Bask,
on the nccafion of the renewal of the charter, but the continuance
of this benefit to the public is fecured by the adt.
ad.—Advances are made to the extent of 2.735.0001. upon the
annual lend and malt taxes, or the duties fubltituted, at aninterett
of 41. per cent. The ettalilitheel cultom of lending to this extent,
at a moderate intereft, mutt undoubtedly Ix wondered as an in-
tended compentation, in part, for the benefit which the bank de-
rive tram the ufe of public money.
3d.—A fum of three millions was loot to Government. as has
teen already flated, without loft-reit, for fix years from tBoa, as
the price of the renewal of the batik charter; and it was agreed its
rBo6. that the fame fhould be lest at 31. per cent during the coo,
tinuance of the war.

A:Either direft advantage derived to the public,
confills in the receipt at the hank of the Property
Tax upc.n tie dividends, and the prompt payment of
it into the E xchequer, without charge or extra
allowance ; by which means all delay is obviated in
the collalion of a large pot thin f the war taxer, and
the expenfe of aficers is laved. The Rock transferred
to the Comn►iflioners for ledocing the National Debt,
and on account of the tedreption of Land Tax, is
not charged by the bank with any allowance for
management, which two lons amount to about
134,c00,0001. exclufive of South Sea Annuities.
ptadice of making advances upon certain in-
flAlments of the public loans, on the fertility of the
receipts, is a confider able accommodation to the fub-
fcribers, and enables the G.lvernmenl! to contra& for
loans upon. terms fornewhat more advantageous than
could be done if that lability were not afforded
elle batik, however, receive in return the legal rare
of interefl, as they do alto upon all tranfaftions with
the G,,veinment, except thole already Bated. The
accommodation derived by the public from its con-
nexion with the bank, have been cart ied in tome years
to a very large amount, and it mutt always be con-
lideled as au (skied of the greaten confequence to
maintain the per inanence of an ellablifitment of loch
opulence and credit, which, by the judicious condua
of its own affairs, hits contributed fo materially to
extend the commercial prolperity, and to maintain
the public faith of the country.
Your Committee cannot conclude their Repines
without bearing teitimony to the favourable ditpoG-
lion In often manifedad on the part of the Bank
towards the public fervice ; and they entertain AO
doubt of the fame readinefs to accede to any egni•
table arrangement that may be propofed under the
prefent circumflances.

DIFD.
A few day. (ince, near Pieter, Mil. Jane Pare, aged tt.feraed
daughter of Colvin! Parc, late Infritiog Field Meer of the lyf.
rich
On the z stlt ult. at Aogbton , near Ormedrk, aged near ioo
years, Mr. Richard Brighoefe, leaving a widow to whom he had
been married yo years.
Monday fennight. at his houfe in St. Peter.ftceet, Wiochefter,
the Rev. John Wuodbourn, Senior Rettor of Rusuncy and Lizde
tots..gad 6a years.
MOM WATER' Ar- LONDUN BRIDGE I'9-MORROW
bitort.ing 43 minutes after • 10
After: oms ►s adolstm

LONDON: Priited and publlthei by LEVEL RENT, (dCan
terbtary-Place,_ Lambeth) at the STA It.olr FICIsN Care14
greet. P'll,itel A tiro at the Sra a-Or tic t. TeidPie-mr•