Taken out of the duty on postage of letters, being the computed annual increafe of that revenue, by reason of the reftriction in franking, pursuant to act 35 Geo. III. Additional charge created anno 1795 5 104,028 19 20,094 13 2 40,000 0 0. 1,332,794 19 4 1,227,415 3 11 Surplus in the year ended 5th January 1797 105,379 15 5 Produce of the feveral Duties in the Year ended 5th January 1797, applicable to wards defraying the additional Charge created anno 1796. Ditto (excife) Sweets, ditto Legacies, ditto, after referving 10,2691. 15s. carried to the confolidated fund, being the annual average produce of former duties then repealed Hats, ditto, after referving 9,4791. 11s. carried to the confolidated fund for ditto 101. per cent. on affeffed taxes, anno 1796 Horfes, ditto 25. duty on ditto, not otherwife chargeable Dogs, anno 1796 Computed annual faving to the public, by reducing the allowance for wafte on falt, &c. Brought from the confolidated duties of customs, being the computed annual faving to the public on account of the allowance for drawbacks on the exportation of fugar, being difcontinued in the year 1796 47,833 15 16,930 O O.. 19,475 0 4,770 O 0 32,000 0 0 116,676 5 8 604,644 92 JAMES FISHER. H 3 No. I.-Copy of a Refolution of the Refolved, That the following refolution of the court be communicated to the Chancellor of the Exchequer. That the Court of Directors, after a very folemn deliberation, adequate to the importance of the fubject, are unanimoufly of opinion, that fhould fuch a loan take liament of Great Britain, in any light which will not, one way or other, be detrimental to this coun try, even if a law were paffed by jects from taking any share therein; parliament to prevent British fubThat fuch a call for money in Ger many will occafion demands of it from hence: Germans, Italians, and other foreign capitalifts, who have property here, will be induced to draw it away. People in Holland, who, by the late acts, have money locked up here, may go to place, they are but too well ground- Germany and draw for it from ed in declaring (from the actual thence. That funds, which would effects of the Emperor's laft loan, otherwife be employed in fpeculaand the continued drains of fpecie tions of trade with England, may, and bullion they ftill experience) by fuch an opportunity of inveftthat they have the moft cogent rea- ment at home, be diverted from the fons to apprehend very moment one to the other purpofe: That ous and alarming confequences. the exchange between this country They are, therefore, led to hope, and Hamburgh may be much af(after expreffing their acknowledg- fected by it: That, in fpite of lements to the Chancellor of the Ex-gal prohibitions, it is to be apprechequer, for having hinted that the hended that fome people here welfare and fafety of the Bank would take fhares in fuch a negoshould in this matter fuperfede tiation, under the names of their every other confideration) that he will be pleafed to lay afide the and other caufes, they are fully of foreign correfpondents. From these adoption of fuch a measure, which, opinion, that the Governor and they beg leave to repeat, would be Deputy Governor can give no adin their opinion moft fatal in its vice to Mr. Pitt in favour of fuch confequences. a measure; which is indeed of a the line of their duty to judge of. wide political extent, and beyond No. II. - Cory of an Opinion of the Committee of the Treafury, January the 14th, 1796. It is the opinion of the Committee of the Treasury, that the Governor and Deputy Governor fhould represent to the Chancellor of the Exchequer, That they cannot look upon the fcheme of affifting The Emperor to raise a loan in Germany, by the guarantee of the par No. III.-Copy of a Refolution, dated the 11th of February, 1796. Refolved, That it is the opinion of this court, founded upon its experience of the effects of the late imperial loan, that if any further loan or advance of money to the Emperor, or to any other fo reign state, should, in the prefent Viz. A loan of 3,000,000l. to the Emperor. ftate ftate of affairs take place, it will, in all probability, prove fatal to the Bank of England. - The Court of Directors do therefore most earnestly deprecate the adoption of any fuch measure; and they folemnly protest against any responsibility for the calamitous confequences that may follow thereupon.-Refolved, That the Governor and Deputy Governor do communicate thefe refolutions to the Chancellor of his Majesty's Exchequer. Anfwers of the Chancellor of the Exchequer to the Two Refolutions of the Court of Directors of the Bank, of the 3d of December, 1795, and 11th of February, 1796, on the fubject of an Imperial Loan. Anfwer to the firft.-The Chancellor of the Exchequer having perufed the refolution with great attention, repeatedly faid, that certainly, as matters were there stated, he fhould not think at prefent of bringing forward fuch à measure; adding, that though he fhould, in opening the budget, make it known that he made reserve with the present contractors for the loan, to permit the Emperor's raifing three millions, fhould circumftances require it, he fhould lay afide all thoughts of it, unless the fituation of things, relative to the Bank, should fo alter as to render fuch a loan of no importance or inconvenience to them in perfpective. The Governor promised him, that fhould fuch a change take place, and he should with for the adop, tion of such a measure, he certainly would communicate it to him with pleasure. Mr. Pitt wifhed very much to have the paper left with him, for the purpose of communicating its contents to the cabinet, if he found it neceffary; promifing, that no one fhould have a fight of it elsewhere, and that if the Governor would call upon him in two or three days, he would return it to him. Anfwer to the fecond.-Mr. Pitt replied, That after the repeated inti mations which he had given to the Governor and Deputy Governor of the Bank, that no further loan to the Emperor would be refolved on without previous communication with the Bank, and due confideration of the ftate of their circumftances, he did not fee any reason for thefe refolutions; that he did fuppofe they were adopted in a moment of alarm, and that he should confider them in that light. our own national wants of eighteen millions fterling, are about to be raifed, to bring to his confideration, that it is their wifh that he would fettle his arrangements of finances for the prefent year in fuch a manner as not to depend on any farther affiftance from them beyond what is already agreed for; and particularly, that the ftipulation for the future advances to be made by them, if neceffary, for the payment of Treafury bills of exchange, be Strictly adhered to, as they cannot allow that advance at any time to exceed the fum of five hundred thousand pounds. (No. 2.) In the Court of Directors, on the 16th of April, 1795. THE Governor and Deputy Governor were directed by the court to wait upon the Chancellor of the Exchequer, and to mention to him the uneafinefs they have felt on being left, during fo long a reriod, in an advance of one and an half, to upwards of two millions of money, for the bills accepted by the Treafury. That this mode of paying the Treafury bills in advance was never meant to be carried to any great extent, at the moft to 500,0001, and that only as a temporary accommodation. The Chancellor of the Exchequer did promife to the Governor and Deputy Governor, in December laft, and particularly in a converfation on the 17th of January, that the amount of thefe bills paid at the Bank, then exceeding the fum of 500,0001, fhould certainly be paid off after the receipt of the first payment on the new loan; which promise hath not yet taken place. The court have therefore come to a refolution, that they cannot in future allow of any disburse on this account exceeding the fum of 500,0001; and they do request that the Chancellor of the Exchequer will be pleased to order the fame to be paid. (No. 3.) Copy of a Note from the Governor and Deputy Governor to the Chancellor of the Exchequer. Bank, 5th June, 1795. THE Governor and Deputy Governor of the Bank prefent their refpectful compliments to Mr. Pitt, and take the liberty of ftating to him, that though he was pleafed to promife, the last time they had the honour of an interview, that the amount of the Treafury bills paid by the Bank, fhould immediately be reduced to the fum of 500,000l. (beyond which fum, by the refolution of the court, it was not to pals) the Bank are now in advance on: that account 1,210,0151. 17s. 5d; and before the end of next week it will be encreased to 1,658,4671. They at the fame time beg to exprefs their concern at being to repeatedly obliged to trouble him on the fubject; hoping he will give fuch directions as may in future prevent it. To the Right Honourable (No. 4.) Refolutions of the Court of Directors, 30th of July, 1795. Refolved, THAT the Governor and De puty Governor of the Bank be de-, fired to inform the Chancellor of the the Exchequer, that it is the requeft of this court that he will either adopt fome other mode of paying the Treafury bills of exchange, than by directing them for payment at the Bank; or fo to arrange the furnishing of money for the payment of thefe bills, that the amount for which the Bank fhould be in advance, fhall not at any time exceed the fum of 500,0001; as this court is determined to give orders to the cashiers to refufe payment of all bills whenever the ad vance fhall amount to fuch fum of 500,0001. That previously the court is defirous of fixing on a certain day with Mr. Pitt when fuch order fhall take place; but in the mean time depend on his former and repeated promife to reduce the prefent advance as fpeedily as poffible. THE Governor having laid before the court a letter from the Chancellor of the Exchequer, which was received yefterday at four o'clock in the afternoon, containing a request for a farther accommodation on the credit of the growing furplus of the confolidated fund, Refolved, That the confideration of this letter be poftponed; and that the Governor and Deputy Governor be defired to wait on Mr. Pitt, and inform him, that this court cannot take his letter into confideration until it has received fatisfaction refpecting the repay ment of the monies already advanc 1 ed for payment of Treasury bills of exchange, to reduce that account under the ftipulated fum of 500,0001. above which the Bank was never to be in advance; and until it has had fufficient fecurity held out that it fhall not be called upon to make farther advances on this account in future: and that they do request Mr Pitt to enter into full explanations on this fubject, which is not even touched upon in his letter. Interview with the Chancellor of the Ex chequer, 7th of Auguft, 1795, The Governor and Deputy Governor this day waited on Mr. Pitt at the hour he had appointed:When the Governor first observed to him that his letter did not arrive in time to be taken into confideration by the Committee on Wednesday; and that it was therefore of neceffity laid before the court on Thursday, without much previous confultation on it in the then read to Mr. Pitt the following Committee:-And the Governor note, as containing the fubftance of what paffed upon it in the court: The Governor having laid before the court a letter received yesterday afternoon from the Chancellor of the Exchequer, containing a request for a farther accommodation of two millions and an half, on the growing produce of the confolidated fund, Refolved, That the confidera tion of this letter be poftponed; and that the Governor and Deputy Governor be defired to wait on Mr. Pitt, and inform him that this court cannot fully take his letter into confideration until he has finally fettled the arrangement, notified to him laft week, relative to the re duction |