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this court do not accede to the pro- payment of bills of exchange dram pofál contained in the faid letter on the treafury. When the last reIt was farther resolved, That the folution was propofed, Mr. Winconrt do consent to Mr. Pirt's re- thrup moved the following amendo quest, in his letter of the 5th in- ment, and was feconded by Mr. ftant; namely, to advance two Simeon, to be added after the words millions five hundred thousand « Consolidated Fund," and to leave pounds en exchequer bills on the out all the remainder; security of the surplus of the con • Provided at least two millions folidated fund, to be re-paid ag “ of the same shall be applied follows:

" to the discharge of the fum About cleven hundred thousand “ for which the bank is now in

pounds from the produce of • advance, on account of bills the quarter ending the 10th of " accepted by the treafury; it Odober next; and for the “ being the intention of this remainder they are willing to “ court to restrain the amount wait till the ending of the “ of such advance to the lum quarter of the 5th of April, " of 500,000l. agreeably to 1796.

o their former resolucions." And that the governor and deputy The faid amnendment being put to governor be desired to inform Mr.

the vote, was negatived; and the Pitt, that the court Itill adhere to refolution as first moved was car. their former resolution, of infifting ried in the affirmative. that the credit on the treasury bills be restrained to 500,oool. but that

August 14, 1795 the court will wait for the re-pay THE governor and deputy govern ment of one million of the money nor, in compliance with the defire already advanced beyond the faid of the court held yesterday, waited sum of 500,000l. until the latter this day on the chancellor of the end of November (if it is of effen- exchequer, to signify to him, that tial service to the government of his letter of the 12th instant had the country that it fhould do fo , been duly considered ; and it was provided positive assurance is given resolved, that the propofals which by the chancellor of the exche. it contained could not be acceded quer, that this additional million to; and to communicate to him the Thall punctually be repaid at that farther resolution of the court retime; and that in no cafe, if this specting his request in his letter of proposition is acceded to, the bank the 5th instant, as minuted in this is to be in advance beyond one book yesterday. The governor put million and an half for payment of into his hands a copy of the two re. the treasury bills, which by the end solutions, which Mr. Pitt read atof November are to be reduced to rentively; and returned foon after 500,oool.

with a letter, written by himself, at The court also request, that the the request of the governor and degovernor and deputy governor will puty governor, fignifying his acexpress to Mr. Pitt, the earnest de. quiescence in the faid resolution, fire they have, that some other and promilng punctually to comnieans may be adopted, in the next ply with the conditions ftipulated febion of parliament, for the future therein,


Downing-Street, 14th Aug. 1795. court, formally announce to him Gentlemen,

their apprehenfions of the confeI HAVE to request the favour of quences that were likely to enfue

I HAVE to request the favour of from the emperor's loan taking agree to the conditions specified in justify their fears, and to render agree to the conditions specified in place; the events seem fully to their resolution of yesterday, (fee every measure of caution absolutethe note of the 13th of August,) ly necessary for their future fafefor the advance of two millions and

ty. an half on the credit of the confo

In addition to the above causes, lidated fund; and will take care it may be proper to state, thar large that they shall be pun&ually com

funis are likely soon to be called for plied with.

I return the paper by the claimants of the cargoes and containing the resolution; and am, freights of the neutral ships taken, Gentlemen, &c. &c. &c.

and about to be re-imbursed; many (Signed) Wm. Pitt.

of whom, as they are credibly inGovernor and Deputy?

formed, are inftructed by their Governor of the Bank. S

owners and proprietors to take

back their returns in fpecie or (No. 7.)

bullion. Copy of a written Paper delivered The present price of gold being

to the Chancellor of the Exche- from 41. 36. to 41. 45. per ounce, quer.

and our guineas being to be purBank of England, 8th 08. 1795. chased at 31. 175. 10 d. clearly de.

THE very large and continued monstrates the grounds of our fears; drain of bullion and specie which it being only necessary to state those the bank has lately experienced, facts to the chancellor of the exaring from the effects of the loan chequer. to the emperor, and other subsidies, Ever ready as the court of directogeiher with the prospect of the tors have been to accommodate and demand for gold not appearing like- give their asistance in the service ly soon to cease, has excited such of the public, they muft now exapprehensions in the court of di- press their hopes, that Mr. Pitt will, rectors

, that, on the mor serious on the meeting of parliament, lo deliberation, they deem it right to arrange his plans of finance, as not communicate to the chancellor of to depend upon the immediate ad. the exchequer, the absolute ne vance of the duties on land and ceßity they conceive to exist for malt, 1796; and that he will be diminishing the sum of tteir pre- pleased to provide the means of reTent advances to government the imbursement to the bank, con. last having been granted with ex- formably to his agreement, of the treme relu&ance on their part, on million on account of the treasury his preiling solicitariors and state- bills, and the one million one huo. ment, that serious embarrassments dred thousand, part of the advance would arise to the public service, on the product of the consolidated if the bank refused.

fund, in case it fhall not have been It must occur to Mr. Pitt's recol- previously paid, and also to re-imlection, that last January the go- burse the remaining 1,400,000l. yernor and deputy governor of the on the same produê in January or bank did, by iostructions from their February, instead of April.

(N 3)


(No. 8.)

were defigned to be applied to the Interview with the Chancellor of reduction of the amount of the

the Exchequer, 23d of O&o- treasury bills paid by the bank, ber, 1795

having, from the most urgent neTHE governor mentioned his ceflity, been otherwise applied to having heard that there might be the payment of the troops going aannexed W the ensuing loan, one broad. With respect to the million of 1,400,000l, for the emperor of which he had promised should be Germany; and stated, that in such paid in the course of this month in a case it would be highly proper farther reduction of the treasury for the bank to have some intima- bills, he said his intention was to tion of it, that they might adopt take out that fum in part of the such arrangements as the measure land and malt for 1796, and to pay. would render absolutely necessary: it on this account, having no other -The chancellor of the exchequer means to do it by. The governor replied, That he had not at present then hinted to Mr. Pitt, his appre. the most diftant idea of it ; though hensions from a rumour that a farhe did not pledge himself that on ther loan to the emperor was in no occasion such a thing might agitation, notwithstanding the af. happen. The governor thanked surances which Mr. Pitt gave him him for his answer, which he told some time back, that he had not Mr. Pitt he received with pleasure, then the most diftant idea of such a thinking, as he did, that another measure. The chancellor replied, loan of that fort would go nigh to That he then had not fich a ruin the country. The governor thought, from the tardy and low also acquainted him, that the drain operótions of the Austrians ; but of cash continued ; and was likely the face of things having Once to do so, while the bills from an changed, and the Austrian army havbroad continued to be drawn on ing been of lare very active and the treasury. Mr. Pitt said, they successful, he confessed it was his might lait two months longer, but opinion that a continuance of fuch he believed not longer.

exertions was the fureft way of di

ftreiling the French, and bringing (No.9.)

them to proper terms of peace ; Interview with the Chancellor of and on this ground ministry now

the Exchequer, 18th of Novem. had it in contemplation to let the ber, 1795

emperor have another loan, not THE governor informed Mr. exceeding two millions, trusting Pitt, that the present price of gold that it might be done with safety, was 41. 25. per ounce, and that the and on the confideration that the daily large drains of fpecie from subsidies of about 900,000l. per anthe bank filled the minds of the num, which had been paid to difdirectors with serious apprehen- ferent states in Germany, for troops, sons; and that in the present situ- would cease, and also the bills ation of their affairs, he must not drawn for the support of our army rely on any aids from them, not on the continent, which had last even the vote of credit and supply year amounted to near three milbills.

lions iterling : befide, that should The chancellor of the exchequer the loan take place, he had no obapologized for the warrants that jection to modify the ftated times


ber, 1795

fer the remittance thereof, so as to make the advance, which had been cause the lealt bad effect on the done before, of 2,500,0ool. on the course of exchange. And he far- vote of credit which might be patio ther added, That should the situ- ed this session; and he felt it right ation of the bank be such, as to to announce this in time to Mr. make this measure a very hazardous Pitt, before the loan, that he might one, he would, in compliance with make his arrangements accordingour requeft, overlook every other ly :-Wbich Mr. Pitt thanked him confideration, and abandon the loan. for having mentioned; faid he fupThe governor and deputy gover- posed he might venture to illue aa nor then told Mr. Pilt, that they bout 1,500,000l. of such exchequer would take the sense of their court bills to the public; and that he to-morrow on the advances, which must provide for the other million he wihad to have on the land and by an addition to the loan. The malt of 1796, and wait upon him governor then repeated to Mr. Pitt, with the determination of the court the absolute determination of the as soon as it thould break up. court to have the advance on the

treasury bills quite cleared off, by (No. 10.)

an early payment out of the monies Interview with the Chancellor of received in part of the loan. 1, the Exchequer, 20th of Novem

(No. 11.) THE court of directors having, Interview with the Chancellor of on a consideration of the advances the Exchequer, 12th of Decemproposed by the chancellor of the exchequer on the land and inalt, IN consequence of a message 1796, resolved to let him have the from the chancellor of the exche. suin of one million, under the re quer, the


and deputy go. ftri&tion that it be immediately ap vernor waited upon him this day; plied to the discharge of so much when he returned to them the paof the bank's advance on the trea- per which contained the copy of sury bills: and also a farther ad- the court's relolution made on the vance of 500,oool. for, his present 3d instant. accommodation : The governor

The governor renewed the fuband deputy governor went, as soon .ject of the payment of the treasury as the court was over, to wait on bills to Mr. Pitt, which amount the chancellor of the exchequer, to now to 2,670,00ol. ; but Mr. Pitt acquaiut him thereof. But at the said, the money hitherto received fame time the governor mentioned on account of the present loan, to him, that it was the expectation fhould be applied to the payment of the court, that he should not thereof, and a farther fum out of take

up any more on this fund un the payments in full, until that ad. tii about February next, and then vance was reduced to 500,oool. gradually, as the advance on the former year would be coming in.

(No. 12.) The governor also said, that from Interview with the Chancellor of the present Gtuation of ma:ters at the Exchequer, 8ih of January, the bank, and from appearances for 1796. the future, it would be absolutely THE governor and deputy goout of the power of the court io vernor this day waited on the chan.

(N 4) cellor

ber, 1795

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cellor of the exchèquer, by his de- caliers not to advance any money
fire. When he mentioned to them for the payment of these bills, not
his request that the bank would ac- to discharge any part of he same,
commodate him with an advance unless money fhali he fent down for
of 500,000l. which he wanted for the purpose'; in which cafe fach
the purpose of paying off fums dne money is to be app.opriated exrla-
to the arıny agents, and for which fively for the discharge of these
He would pledge exchequer bills on bills.
the land and malt of the present Refolved, That the governor,
year; and if the payments made deputy governor, and a deputation
upon the loan for this year should from this court, do wait on the
amount in all before the end of chancellor of the exchequer, with
this month to above 5,800,00ol. a copy of the above resolution ;
the excess beyond that furn, as far and do farther respe&tfully lay be.
ás 500,oool. Thould be employed in fore him, the determination of the
re-paying the bank's advance on court not to continue any longer
the exchequer bills on the credit of the mode of advancing the pay.
the growing produce of the con- ment of treafury bills, than to fuch
folidated fund for the fervice of time as shall be fixed on between
the last year. The governor told Mr. Pitt and the deputation before.
Mr. Pitt, that he did not think the mentioned, which time the court
court would object to such an ad. hopes will not be fixed for a distant
vance, and delired him to write an day.
official letter in time to be laid be.

(No. 14 )
fore the next court for that pur- Interview with the Chancellor of

the Exchequer, 29th of Janu: Mr. Pitt said, he had an imme

ary, 1796. diate necessity for 200,0col. which THE governor and deputy gothe governor said he might take up vernor, with Mr. Peters and Mr. directly; not doubting that it would Boľanquet, waited on Mr. Pitt this be approved of by the court of di- day with the resolution of the court, rectors.

as stated in the foregoing minute

He dwelt much on the inconveni. (No. 13.)

ence which it would put him to, to The Governor's Report

, and Refo- comply with it; but after some lution of the Court of Directors, conversation, said he would arrange 28th of January, 1796. his affairs, so as to provide the

THE governor having informed money in time for the payinent of the court, that a notice was brought the treasury bills due on the 3d of this morning from the treasury, February, by applying to that puro that certain bills drawn on the coin pore money which he had defined mitioners of the treasury, amounts for other services. ing to the sum of 201,000l. would As to fixing a period when the fall due on Wednesday the 3d of payment of the treasury bills thall February, and were directed for no longer be referred to the bank, piyment at the bank; and that the Mr. Pitt declared himself unable to fun now in advance on treasury settle that at fuch a thort notice; bills is 1,157,000l.

but that he would look into the Resolved unanimously, That the situation of his payments, and en. governor do give directions to the deavour to form such a plan as soon

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