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for the remittance thereof, fo as to caufe the least bad effect on the courfe of exchange. And he farther added, That fhould the fituation of the bank be fuch, as to make this measure a very hazardous one, he would, in compliance with our request, overlook every other confideration, and abandon the loan. The governor and deputy governor then told Mr. Pit, that they would take the fenfe of their court to-morrow on the advances, which he wifhed to have on the land and malt of 1796, and wait upon him with the determination of the court as foon as it thould break up.

(No. 10.) Interview with the Chancellor of the Exchequer, 20th of November, 1795.

THE court of directors having,

on a confideration of the advances propofed by the chancellor of the exchequer on the land and malt, 1796, refolved to let him have the fum of one million, under the reftriction that it be immediately applied to the difcharge of fo much of the bank's advance on the treafury bills and alfo a farther advance of 500,000l. for, his prefent accommodation : The governor and deputy governor went, as foon as the court was over, to wait on the chancellor of the exchequer, to acquaint him thereof. But at the fame time the governor mentioned to him, that it was the expectation of the court, that he fhould not take up any more on this fund unti about February next, and then gradually, as the advance on the former year would be coming in. The governor alfo faid, that from the prefent fituation of matters at the bank, and from appearances for the future, it would be abfolutely out of the power of the court to

make the advance, which had been done before, of 2,500,000l. on the vote of credit which might be pailed this feffion; and he felt it right to announce this in time to Mr. Pitt, before the loan, that he might make his arrangements according-. ly:-Which Mr. Pitt thanked him for having mentioned; faid he fuppofed he might venture to iffue a bout 1,500,000l. of fuch exchequer bills to the public; and that he muft provide for the other million by an addition to the loan. The governor then repeated to Mr. Pitt, the abfolute determination of the court to have the advance on the treafury bills quite cleared off, by an early payment out of the monies received in part of the loan.

(No. 11.)

Interview with the Chancellor of the Exchequer, 12th of December, 1795.

IN confequence of a meffage from the chancellor of the exchequer, the governor and deputy governor waited upon him this day; when he returned to them the paper which contained the copy of the court's refolution made on the 3d inftant.

The governor renewed the fubject of the payment of the treasury bills to Mr. Pitt, which amount now to 2,670,000l.; but Mr. Pitt faid, the money hitherto received on account of the prefent loan, fhould be applied to the payment thereof, and a farther fum out of the payments in full, until that advance was reduced to 500,000l.

(No. 12.) Interview with the Chancellor of the Exchequer, 8th of January, 1796.

THE governor and deputy governor this day waited on the chan(N 4)

cellor

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cellor of the exchequer, by his defire. When he mentioned to them his request that the bank would accommodate him with an advance of 500,000l. which he wanted for the purpofe of paying off fums due to the army agents, and for which He would pledge exchequer bills on the land and malt of the prefent year; and if the payments made upon the loan for this year fhould amount in ali before the end of this month to above 5,800,000l. the excefs beyond that fum, as far ás 500,000l. thould be employed in re-paying the bank's advance on the exchequer bills on the credit of the growing produce of the confolidated fund for the fervice of the last year. The governor told Mr. Pitt, that he did not think the court would object to fuch an advance, and defired him to write an official letter in time to be laid before the next court for that purpofe.

Mr. Pitt faid, he had an immediate neceflity for 200,000l. which the governor faid he might take up directly; not doubting that it would be approved of by the court of directors.

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(No. 13.) The Governor's Report, and Refolution of the Court of Directors, 28th of January, 1796.

THE governor having informed the court, that a notice was brought this morning from the treasury, that certain bills drawn on the commithioners of the treafury, amounting to the fum of 201,000l. would fail due on Wednesday the 3d of February, and were directed for payment at the bank; and that the fum now in advance on treafury bills is 1.157,000l.

Refolved unanimoully, That the governor do give directions to the

cahiers not to advance any money for the payment of thefe bills, nor to discharge any part of the fame, unless money fhall be fent down for the purpofe; in which cafe fuch money is to be app.opriated exclufively for the difcharge of these bills.

Refolved, That the governor, deputy governor, and a deputation from this court, do wait on the chancellor of the exchequer, with a copy of the above refolution; and do farther refpectfully lay before him, the determination of the court not to continue any longer the mode of advancing the payment of treafury bills, than to fuch time as fhall be fixed on between Mr. Pitt aud the deputation beforementioned, which time the court hopes will not be fixed for a distant day.

(No. 14) Interview with the Chancellor of the Exchequer, 29th of Janu ary, 1796.

THE governor and deputy governor, with Mr. Peters and Mr. Bofanquet, waited on Mr. Pitt this day with the refolution of the court, as ftated in the foregoing minute He dwelt much on the inconvenience which it would put him to, to comply with it; but after fome converfation, faid he would arrange his affairs, fo as to provide the money in time for the payment of the treafury bills due on the 3d of February, by applying to that pur pofe money which he had deftined for other fervices.

As to fixing a period when the payment of the treasury bills fhall no longer be referred to the bank, Mr. Pitt declared himself unable to fettle that at fuch a fhort notice; but that he would look into the fituation of his payments, and endeavour to form fuch a plan as foon

as

as poffible; and hoped to be able to conclude it by Friday the 5th of February, when he would expect to fee the deputation again.

(No. 15.)

Interview with the Chancellor of the Exchequer, 5th of February, 1796.

THE governor, deputy governor, Mr. Peters, and Mr. Bofanquet, this day waited upon Mr. Pitt again, according to appointment, to hear his determination about the latter part of the court's refolution, on the 28th ultimo, as to fixing a time when the prefent mode of paying the treasury bills in advance fhould be brought to a period. Mr. Pitt, after much converfation on the subject, faid, That measures were now taking for a payment of 500,000l. more on this account, to the bank, which would reduce their advance on this score to under 200,000l.; but that, as matters were fituated, he could not foresee a poffibility of paying the remainder, and quite finishing the account, till May or June next; for that, as fome part of our cavalry had not been brought home from Germany, there must ftill be fome monies drawn for their charges, but he did not think it could amount to above 300,000l. more in the whole. Mr. Pitt, however, faid, he would digeft his ideas on this fubject more particularly, and fend a letter with a propofal to the bank court against next Thursday.

Mr. Pitt dwelt much on the neceffity of fome farther fupport to be given to the emperor, to enable him to continue his efforts against the French, as the most probable means of bringing the war to an end; but knowing the fentiments

of the directors of the bank to be against any fuch affiftance in money, he promised that he would not commit himself to any engagement for a farther loan to the emperor, without a previous communication on the fubject with the gentlemen of the bank.

Mr. Pitt read fome extracts of letters from the British refident and others at Hamburgh, which mentioned that large quantities of Englifh guineas were imported thither by the packets from Yarmouth; and one mentioned that the guineas were melted down on arrival there. Mr. Pitt faid, that attention fhould be paid to this circumftance at the ports from which the packets failed.

(No. 16.)

Interview with the Chancellor of the Exchequer, 12th of February, 1796.

THE governor told Mr. Pitt, That the court had received his letter of the 11th inftant, and would comply with his defire of continuing to pay the treafury bills as ufual till May, when he hoped it would be totally done away; and that he might look to a temporary accommodation of 500,000l. in the interval; but abfolutely required, that it fhould never exceed that fum.

Mr. Pitt faid, That as far as lay in his power, it fhould not exceed it; but that demands did arife occafionally which he could not forefee, but which the public fervice required to be provided for; and if the money from the loan did not flow in faft enough, he might be obliged to have recourfe for temporary affiftance to the bank; and that it lay with the court of directors to judge whether they chofe to accommodate the public or not.

(No.

(No. 17.)

Interview with the Chancellor of the Exchequer, 11th April, 1796. THE governor and deputy governor this day waited on the chancellor of the exchequer at his defire; when he informed them, that he meant to propofe in parliament a farther loan of about fix millions and a half, in order to fund the four millions of exchequer bills, which the bank holds on the fupply and vote of credit of 1795; two millions of exchequer bills which have iffued to the public, and about half a million, the amount of navy bills held by the bank, due in the months when he means to fund them, but which the governor had informed Mr. Pitt that the bank chofe to have the payment of. Mr. Pitt faid, he hoped to be able to bring this matter before the houfe on Monday next the 18th inftant; and would defire the governor and deputy governor to come on fome day this week, to a previous meeting with the parties who were to be concerned in this bufinefs.

(No. 18.)

The Governor's Report, and Refolution of the Court of Directors, 19th of May, 1796.

THE governor having informed the court, That the prefent advance on treasury bills of exchange is 835,000l. beyond which there is a notice now lying in the houfe of a farther fum of about 200,000l. which will fhortly become due; and that a notice was brought on Monday last from the treasury, containing a lift of bills drawn on the commiffioners to the fum of goo,oooi. more, of which the principal part would fall due on the 29th inftant, which were directed for payment at the bank: the court

refolved, That a reprefentation in writing fhould be made to the chancellor of the exchequer on the fubject.

(No. 19.)

Interview with the Chancellor of the Exchequer, 24th May, 1796.

IN confequence of an appointment from the chancellor of the exchequer, the governor and deputy governor waited upon him this day, with a view to lay before him the refolution entered into by the court on the 19th inftant; but they found him fo impreffed with the neceffity of providing the funds to pay off the treafury bills for 900,000l. and that he had formed his plan for the liquidation thereof, that they thought it prudent to withhold the refolution from him.

Mr. Pitt explained his measure in the following letter to the governor and deputy governor, which he wrote while they were with him.

Downing-Street, 25th May, 1796,
Gentlemen,

I BEG leave to acquaint you, for the information of your court, that a warrant is directed for the iffue of 900,000l. for the payment of the bills to become due to that amount in the courfe of the prefent week. I must at the fame time defire you to request of the court, in confequence of the preffure arifing from this unexpected payment, that they will accommodate government by advancing a fum of 200,000l. to the account of the paymafter general, to be repaid out of the cash to be received on the next payment of the loan of 7,500,cool.

I have the honour to be, &c.
(Signed) WM. PITT.
Governor and Deputy
Governor of the Bank. S

The

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£.1,232,649 2 5 and requested that fpeedy measures might be taken to pay off the fame. Mr. Pitt told them, That he had made arrangements to pay off the 200,000l. which he had borrowed (as by his letter of the 25th of May, copied in the private minute book of the court), and alfo for the payment of 800,000l. out of the monies received on the laft loan, for which he would take up exchequer bills to that amount on the vote of credit of 1795; and in confequence of thefe payments he hoped the bank would have patience to wait for the discharge of the advance on the treasury bills abovementioned until the quarter ending the 5th of July, of the confolidated fund, when the furplus thereof hould be applied to that purpofe

which the governor faid he should refer to the court for their opinion.

(No. 21.)

Copy of a Letter from the Chan

cellor of the Exchequer, and Refolution of the Court of Direc tors, 21ft of July, 1796.

Downing Street, Wednesday, 20th of July, 1796. Gentlemen,

AS the preffure of demands for the public fervice, at the prefent moment, prevents the payment in cafh of the fum advanced by the bank on treasury bills, I fiould confider it as a great accommoda tion if the court would accept of exchequer bills on the vote of credit, to the amount of the fum now due beyond five hundred thousand pounds. I would alf beg the favour of you to propose to the court, in order to guard against any farther excefs on that point, that any farther fums to be advanced for treasury bills fhould be paid in exchequer bills, on the credit of the confolidated fund, at the end of each month. I am alfo under the indifpenfable neceffity of expreffing my ea neft hope, that the court will be induced to make a prefent advance of eight hundred thousand pounds, on the credit of the confolidated fund, which will enable me to make provifion for the prefent demands, and to pay immediately the four hundred thousand pounds lately advanced by the bank, and the navy bills now due. I fhall alfo be obliged to requeft a farther advance of the like fum of eight hundred thousand pounds, on the fame fecurity, towards the end of the month of Auguft. It gives me much concern to be obliged to apply for an accommodation to fo large an extent; but I cannot too ftrongly reprefent how neceflary it

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