Coals, ditto Taken out of the duty on poftage of letters, being the computed annual increase of that revenue, by reafon of the restriction in franking, purfuant to act 35 Geo. III. Additional charge created anno 1795 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. 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 carried to the confolidated fund, being the annual average produce of former duties then repealed Hats, ditto, after referving 9,4791. 11s.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 Horles, ditto 2s. duty on ditto, not otherwise chargeable Dogs, anno 1796 Computed annual faving to the public, by reducing the allowance for wafte on fait, &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 116,676 5 8 604,644 9 2 JAMES FISHER. No. I.-Copy of a Refolution of the Court of Directors of the Bank of England, dated December the 3d, 1795. Moved for by Mr. Sheridan. 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 place, they are but too well ground ed in declaring (from the actual effects of the Emperor's laft loan, and the continued drains of fpecie and builion they still experience) that they have the most cogent reafons to apprehend very momentous and alarming confequences. They are, therefore, led to hope, (after expreffing their acknowledgments to the Chancellor of the Exchequer, for having hinted that the welfare and fafety of the Bank fhould in this matter fuperfede every other confideration) that he will be pleafed to lay afide the adoption of fuch a measure, which, they beg leave to repeat, would be in their opinion moft fatal in its confequences. No. II. Copy of an Opinion of the Committer of the Treasury, January the 14th, 1796. It is the opinion of the Committee of the Treafury, that the Governor and Deputy Governor fhould reprefent to the Chancellor of the Exchequer, That they cannot look upon the fcheme of affifting the Emperor to raife a loan in Germany, by the guarantee of the par 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 ects from taking any share therein; parliament to prevent British fub That fuch a call for money in Germany 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 Germany and draw for it from thence. That funds, which would otherwife be employed in fpeculations of trade with England, may, by fuch an opportunity of invest. ment at home, be diverted from the one to the other purpose: That the exchange between this country and Hamburgh may be much af fected by it: That, in fpite of le hended that fome people here gal prohibitions, it is to be apprewould take fhares in fuch a negotiation, under the names of their foreign correfpondents. From these and other caufes, they are fully of opinion, that the Governor and Deputy Governor can give no advice to Mr. Pitt in favour of fuch a meafure; which is indeed of a the line of their duty to judge of. wide political extent, and beyond 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 meafure; and they folemnly proteft against any refponfibility for the calamitous confequences that may follow thereupon.-Refolved, That the Governor and Deputy Governor do communicate thefe refolutions to the Chancellor of his Majefty'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 present of bringing forward fuch a meafure; adding, that though he fhould, in opening the budget, make it known that he made referve with the prefent 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, fhould fo alter as to render fuch a loan of no importance or inconvenience to them in perfpective. The Governor promifed him, that fhould fuch a change take place, and he should wifh for the adoption of fuch a meafure, he certainly would communicate it to him with pleasure. Mr. Pitt wifhed very much to have the paper left with him, for the purpofe 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. Anfever to the fecond.-Mr. Pitt replied, That after the repeated intimations 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 state 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. 2 our own national wants of eighteen millions fterling, are about to be raifed, to bring to his confideration, that it is their wish 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 ftrictly 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 period, 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 most 500,0001, and that only as a temporary accommodation. to 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 500,000l, thould certainly be paid off after the receipt of the firft payment on the new loan; which promife 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 Treasury 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 pass) the Bank are now in advance on that account 1,210,015l. 17s. 5d; and before the end of next week it will be encreafed 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 Deputy Governor of the Bank be defired 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 cafhiers to refuse payment of all bills whenever the advance 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 promise 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 yesterday at four o'clock in the afternoon, containing a requeft 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 repayment of the monies already advanc 1 ed for payment of Treafury 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 August, 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 Thurfday, without much previous confultation on it in the then read to Mr. Pitt the following Committee:-And the Governor note, as containing the substance 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 confideration of this letter be postponed; 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 last week, relative to the re duction |