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of Directors, the 15th of Janu- In the Court of Directors, on the

ary, 1795. Refolved,

THAT the governor and depu

16th of April, 1795

THE governor and deputy governor were direct by the court to wait upon the chancellor of the exchequer, and to mention to him the uneafinefs which 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 treasury. That this mode of paying the treasury bills in advance was never meant to be carried to any great extent, at the most to 500,000l. and that only as a tem porary accommodation.

ty governor do take an early opportunity of informing the chancellor of the exchequer, that the court of directors, defirous at all times to give every affiftance and accommodation to the public fervice, think it proper at the prefent period, when a loan, under the guarantee of this country, for a foreign ftate, of the large amount of fix millions fterling, and alfo one for our own national wants of eighteen millions fterling, are about to be raised, to bring to his confi- The chancellor of the exchequer deration, that it is their wish that did promife to the governor and he would fettle his arrangements of deputy governor in December laft, finances for the prefent year in fuch and particularly in a converfation a manner as not to depend on any on the 17th of January, that the farther affiftance from them beyond amount of thefe bills paid at the (N)

1797.

bank,

bank, then exceeding the fum of 500,000l. fhould certainly be paid off after the receipt of the firit 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 difburfe on this account exceeding the fum of 500,000l.; and they do requeft, that the chancellor of the exchequer will be pleafed 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 a refolution of the cart, it was not to pafs); the bank are now in advance on that account 1,210,0151. 17s. 5d. and before the end of next week it will be increased to 1,658,4671. They at the fame time beg to exprefs their concern at being fo repeatedly obliged to trouble him on the fubject, hoping he will give fuch directions as may, in future prevent it.

To the right hon. Wm. Pitt,
&c. &c. &c.

(No. 4.) Refolution of the Court of Direc

tors, 30th of July, 1795Refolved,

THAT the governor and deputy governor of the bank be defired to

inform the chancellor of the exchequer that it is the request 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 500,000l. as this court is determined to give orders to the cafliers, to refufe payment of all bills, whenever the advance shall amount to fuch fum of 500,000l. 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.

(No. 5.)

Report of the Governor, and Refolution of the Court of Direc tors, 6th of Auguft, 1795.

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 request for a farther accom. modation on the credit of the grow ing furplus of the confolidated fund:

Refolved, That the confider ation 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 take his letter into confideration, until it has received fatisfaction refpecting the re-pay. ment of the monies already advanced for payment of treasury bills of exchange, to reduce that account under the ftipulated fum of 500,000l. above which the bank

Was

was never to be in advance; and antil it has had fufficient fecurity held out, that it shall not be called upon to 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 Exchequer, 7th of Auguft, 1797.

THE governor and deputy governor this day waited on Mr. Pitt at the hour he had appointed: When the governor first obferved to him, that his letter did not arrive in time to be taken into confideration by the committee on Wednefday; and that it was therefore of neceffity laid before the court on Thursday, without much previous confultation on it in the committee:-And the governor then read to Mr. Pitt the following note, as containing the fubftance of what paffed upon it in the court:

The governor having laid before the court a letter received yefter day afternoon from the chancellor of the exchequer, containing a requeft 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 laft week, relative to the reduction of the amount of the treasury bills paid by the bank, so that the fum advanced may never exceed 500,000l. of which his letter makes not the leaft mention.

(No. 6)

Copy of a Letter from the Chancellor of the Exchequer, and Refolution of the Court of Directors, 13th of Auguft, 1795 Downing-Street, 12th of Aug. 1795. Gentlemen,

I HAVE to request the favour of you to ftate to your court, that if they think proper to afford the accommodation which I have requested in my letter of the 5th inftant, by taking exchequer bills payable out of the growing produce of the confolidated fund, they may depend upon meafures being immediately taken for the payment of one million of the fum they have advanced for the payment of bills; and farther payments to the amount in the whole of another million may be made in the courfe of September, October, and November, in fuch proportions as may be found convenient. But as fresh bills may be expected to arrive, I am under the neceffity of requesting that a latitude fhould be allowed for the payment of fuch bills to an amount not exceeding one million; in addition for which fum, payment fhall be provided before the end of February, or, if the court materially prefer it, of January. In order to guard against any fresh difappointment, I beg leave to fuggeft that it may be ufeful, if from time to time you fend me notice, whenever the amount advanced comes within fifə ty thousand pounds of the limit fixed, that warrants may be prepared without delay.

I am, &c.

(Signed) WM. PITT. Governor and Deputy Governor of the Bank. J

IN the court held this day, after reading Mr. Pitt's letter of the 12th of Auguft, it was refolved, That (N 2)

this

this court do not accede to the propofal contained in the faid letter. It was farther refolved, That the court do confent to Mr. Pitt's requeft, in his letter of the 5th inftant; namely, to advance two millions five hundred thousand pounds on exchequer bills, on the fecurity of the furplus of the confolidated fund, to be re-paid as follows:

About eleven hundred thousand

pounds from the produce of the quarter ending the 10th of October next; and for the remainder they are willing to wait till the ending of the quarter of the 5th of April, 1796.

And that the governor and deputy governor be defired to inform Mr. Pitt, that the court still adhere to their former refolution, of infifting that the credit on the treasury bills be reftrained to 500,000l. but that the court will wait for the re-payment of one million of the money already advanced beyond the faid fum of 500,000l. until the latter end of November (if it is of effen tial fervice to the government of the country that it fhould do fo), provided pofitive affurance is given by the chancellor of the exchequer, that this additional million fhall punctually be repaid at that time; and that in no cafe, if this propofition is acceded to, the bank is to be in advance beyond one million and an half for payment of the treasury bills, which by the end of November are to be reduced to 500,000l.

The court alfo request, that the governor and deputy governor will exprefs to Mr. Pitt, the earneft defire they have, that fome other means may be adopted, in the next feffion of parliament, for the future

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August 14, 1795.

THE governor and deputy governor, in compliance with the defire of the court held yesterday, waited this day on the chancellor of the exchequer, to fignify to him, that his letter of the 12th inftant had been duly confidered; and it was refolved, that the proposals which it contained could not be acceded to; and to communicate to him the farther refolution of the court refpecting his request in his letter of the 5th inftant, as minuted in this book yefterday. The governor put into his hands a copy of the two refolutions, which Mr. Pitt read at-\ tentively; and returned foon after with a letter, written by himself, at the request of the governor and deputy governor, fignifying his ac quiefcence in the faid refolutton, and promifing punctually to comply with the conditions ftipulated therein.

Downing

Downing-Street, 14th Aug. 1795

Gentlemen,

I HAVE to requeft the favour of I HAVE to requeft the favour of you to inform your court, that I agree to the conditions fpecified in their refolution of yesterday, (fee the note of the 13th of Auguft,)

for the advance of two millions and an half on the credit of the confolidated fund; and will take care that they shall be punctually complied with. I return the paper containing the refolution; and am, Gentlemen, &c. &c. &c.

(Signed) WM. PITT. Governor and Deputy Governor of the Bank.

(No. 7.)

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Copy of a written Paper delivered to the Chancellor of the Exchequer.

Bank of England, 8th O&. 1795. THE very large and continued drain of bullion and fpecie which the bank has lately experienced, arifing from the effects of the loan to the emperor, and other subsidies, together with the profpect of the demand for gold not appearing like ly foon to cease, has excited fuch apprehenfions in the court of directors, that, on the most serious deliberation, they deem it right to communicate to the chancellor of the exchequer, the abfolute neceffity they conceive to exift for diminishing the fum of their prefent advances to government-the laft having been granted with extreme reluctance on their part, on his preffing folicitations and statement that ferious embarraffments would arife to the public fervice, if the bank refused,

It must occur to Mr. Pitt's recollection, that laft January the governor and deputy governor of the bank did, by inftructions from their

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In addition to the above causes, fums are likely foon to be called for it may be proper to state, that large by the claimants of the cargoes and freights of the neutral fhips taken, and about to be re-imbursed; many of whom, as they are credibly informed, are inftructed by their owners and proprietors to take back their returns in fpecie or bullion.

The prefent price of gold being from 41. 3s. to 41. 4s. per ounce, and our guineas being to be purchafed at 31. 17s. 10 d. clearly demonftrates the grounds of our fears; it being only neceffary to state those facts to the chancellor of the exchequer.

Ever ready as the court of directors have been to accommodate and give their affiftance in the fervice of the public, they must now exprefs their hopes, that Mr. Pitt will, on the meeting of parliament, so arrange his plans of finance, as not to depend upon the immediate advance of the duties on land and malt, 1796; and that he will be pleased to provide the means of reimbursement to the bank, conformably to his agreement of the million on account of the treafury bills, and the one million one hundred thoufand, part of the advance on the product of the confolidated fund, in cafe it fhall not have been previously paid, and alfo to re-imburfe the remaining 1,400,000l. on the fame product in January or February, inftead of April. (N 3)

(No.

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