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

the Exchequer, 23d of October, treasury bills paid by the bank, 1795.

having, froni the most urgent ne. THE governor nientioned his ceflity, been otherwise applied to having heard that there might be the payment of the troops going annexed to the ensuing loan, one abroad. With respect to the million of 1,400,0ool. for the emperor of which he had promised should be Germany; and stated, that in such paid in the course of this mouth 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 sum in part of the such arrar genients as the measure land and malt for 1796, and to pay would render absolutely necessary: it on this account, having no other

The chanceilor 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 niost distant idea of it; though hensions from a rumour that a farhe did not pledge hiinself that on ther loan to the emperor was in no occasion such a thing might agitation, notwithstanding the al. 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 distant idea of such a thinking, as he did, that another measure. The chancellor replied, loan of that sort would go nigh to That he then had not such a ruin the country. The governor thought, from the tardy and flow also acquainted him that the drain operations of the Austrians; but of cash continued ; and was likely the face of things having ance to do so, while the bills from changed, and the Austrian army have abroad continued to be drawn on ing been of late very active and the treasury. Mr. Pitt said, they successful, he conferred it was bis, might last two months longer, but opinion that a continuance of such he believed not longer. ·

exertions was the surest way of dif

· tressing the French, and bringing (No. 9).

them to proper terms of peace; Interview with the Chancellor of and on this ground miniftry 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 miglit be, done with safety, was 4l. 2s. per ounce, and that the and on the confideration that the daily large drains of specie from subsidies of about 900,oool. per anthe bank filled the minds of the num, which had been paid to ditdirectors with serious apprehen- ferent ftates in Germany, for troops, fions; and that in the present situ: would cease, and aito the bills ation of their affairs, be 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 mil.

A lious sterling: beside, that should The chancellor of the exchequer the loan take place, he had no ob apologized for the warrants that jection to modify the stated times



for the remittance thereof, so as to make the advance, which had been cause the least bad effect on the done before, of 2,500,000l. on the çourse of exchange. And he far- vote of credit which might be partther added, That should the fitu. ed this feffion; 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 request, overlook every otherly :- Which Mr. Pitt thanked him consideration, and abandon the loan. for having mentioned; said he fupThe governor and deputy gover- posed he might venture to issue nor then told Mr. Pitt, that they about 1,500,oool 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 wished 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 should 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.

the Exchequer, 2oth of November, 1795.

(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 ber, 1795. exchequer on the land and malt, IN consequence of a message 1796, resolved to let him have the from the chancellor of the exchefum of one million, under the re- quer, the governor and deputy go. striction that it be immediately ap- vernor waited upon him this day; plied to the discharge of so much when he returned to them the pa. of the bank's advance on the trea- per which contained the copy of sury bills : and also a further ad- the court's resolution made on the vance of 500,000l. for his present 3d instant. accommodation:- The governor The governor renewed the suband deputy governor went, as soon ject of the payment of the treasury as the court was over, to wait on bills to Mr. Piti, which amount the chancellor of the exchequer, to now to 2,670,00ol.; but Mr. Pitt acquaint bim' thereof. But at the said, the money hitherto received same tiine the governor mentioned on account of the present loan, to him, that it was the expectation would 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. til 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 Gluation of matters at the Exchequer, 8th 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 to vernor this day waited on the chan

(N 4) cellor

cellor of the exchequer, by his de- cashiers not to advance any money sire. When he mentioned to them for the payment of these bills, nor his request that the bank would ac. to discharge any part of the fame, commodate him with an advance unless money shall be sent down for of 500,oool, which he wanted for the purpose; in which case such the purpose of paying off sums due money is to be appropriated exclu. to the army agents, and for which fively for the discharge of these he would pledge exchequer bills on bills. the land and malt of the present Resolved, 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,oool. a copy of the above resolntion; the excess beyond that sum as far and do further respectfully lay be. as 500,oool. Thould be employed in fore him the deterinination 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 paythe growing produce of the con- ment of treasury bills, than to such solidated fund for the service of the time as shall be fixed on between last year. The governor told Mr. Mr. Pitt and the deputation beforePitt, 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 desired 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 pose.

the Exchequer, 29th of January, Mr. Pitt faid, he had an imme. 1796. diate necessity for 200,000l. which THE governor and deputy gothe governor faid he might take up vernor, with Mr. Peters and Mr. direětly; pot doubting that it would Bosanquet, waited on Mr. Pitt this be approved of by the court of di- day with the resolution of the rectors..

court, as kated in the foregoing mi

nute. He dwelt much on the incon(No. 13.)

venience which it would put him to The Governor's Report, and Reso- to 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 payment 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 purthat certain bills drawn on the com. pofe money which he had destined missioners of the treasury, amount- for other services. ing to the sum of 201,000l. would As to fixing a period when the fail due on Wednesday the 3d of payment of the treasury bills shall February, and were directed for no longer be referred to the bank, payment at the bank; and that the Mr. Pitt declared himself unable to sum now in advance on treasury'settle that at such a short notice; bilis is 1,157,000l.

but that he would look into the Resolved unanimously, That the situation of his payments, and engovernor do gi-e directions to the deavour to form such a plan as foon

as possible; and hoped to be able against any such affistance in mo. to conclude it by Friday the 5th ney, he promised that he would of February, when he would expect not commit himself to any engageto see the deputation again, ment for a farther loan to the em

peror, without a previous commu. (No. 15.)

nication on the subject with the Interview with the Chancellor of gentlemen of the bank.

the Exchequer, 5th of February, Mr. Pitt read some extracts of 1796.

letters from the British refident and THE governor, deputy gover. others at Hamburgh, which mennor, Mr. Peters, and Mr. Bofan- tioned that large quantities of Engquet, this day waited upon Mr. lish guineas were imported thither Pitt again, according to appoint- by the packets from Yarmouth; ment, to hear his determination and one mentioned that the guineas about the latter part of the court's were melted down on arrival there. resolution, on the 28th ultimo, as Mr. Pitt said, that attention should to fixing a time when the present be paid to this circumstance at mode of paying the treasury bills in the ports from which the packets advance should be brought to a failed. period. Mr. Pitt, after much conversation on the subject, said, That

(No. 16.) measures were now taking for å Interview with the Chancellor of: payment of 500,000l. more on this the Exchequer, 12th of Februaccount, to the bank, which ary, 1796. would reduce their advance on · THE governor told Mr. Pitt, this score to under 200,000l. ; but That the court had received his that, as matters were situated, he letter of the 11th inftant, and could not foresee a possibility of would comply with his desire of paying the remainder, and quite continuing to pay the treasury bills finishing the account till May or as ysual till May, when he hoped June next; for that, as some part of it would be totally done away; and our cavalry had not been brought that he might look to a temporary home from Germany, there must accommodation of 500,oool. in the ftill be some monies drawn for their interval; but absolutely required, charges, but he did not think it that it should never exceed that could amount to above 300,00ol. fum. niore in the whole. Mr. Pitt, Mr. Pitt said, That as far as fay however, faid, he would digest his in his power, it should not exceed ideas on this subject more particu- it; but that demands did arise oce larly, and send a letter with a pro- casionally which he could not fore. pofal to the bank court against see, but which the public service next Thursday.

required to be provided for; and if Mr. Pitt dwelt much on the ne- the money from the loan did not ceflity of fome farther support to Aow in fast enough, he might be be given to the emperor, to enable obliged to have recourse for tem him to continue his efforts against porary assistance to the bank; and the French, as the most probable that it lay with the court of direc, means of bringing the war to an tors to judge whether they chose end; but knowing the sentiments to accommodate the public or not, of the directors of the bank to be


(No. 17.)

resolved, That a representation in Interview with the Chancellor of writing should be made to the

the Exchequer, 11th April, 1795. chancellor of the exchequer on the

THE governor and deputy go. subject. vernor this day waited on the chan. cellor of the exchequer at his de

- (No. 19.) fire; when he informed them, that Interview with the Chancellor of he meant to propose in parliament the Exchequer, 241h Mav, 1796. a farther loan of about six milions IN consequence of an appointand a haif, in order to fund the ment from the chancelior of the four millions of exchequer bills, exchequer, the governor and depuwhich the bank holds on the sup. tv governor waited upon him this ply and vote of credit of 1795; day, with a view to lay before two millions of exchequer bills him the resolution entered into by which have issued to the pubiic, the court on the 19th inftant; but and about half a million, the they found him so imprefied with amount of navy bilis held by the the necessity of providing the funds bank due in the months when he to pay off the treasury bills for means to fund them, but which ihe 400,cool. and that he had formed governor had intormed Mr. Pitt his plan for the liquidation thereof, that the bank chose to have the that they thought it prudent to payment of. Mr. Pitt said, he hoped withhold the resolution from him. to be able to bring this matter be. Mr. Pitt explained his measure fore the house on Monday next tho in the following letter to the go. jötb instant; and would defire the vernor and deputy governor, which governor and deputy governor to he wrote while they were with come on some day this week, to a him. previous meeting with the parties Downing-Street, 25th May, 1796. who were to be concerned in this Gentlemen, business.

I BEG leave to acquaint you,

for the information of your court, (No. 18.)

that a warrant is directed for the The Governor's Report, and Reso. ifsue of 900,ocol, for the payment lution of the Court of Directors, of the bills to become due to that roth of May, 1796.

amount in the course of the preTHE governor having informed sent week. I must at the same the court, That the present ad. time defire you to request of the vance on treasury bills of exchange court, in consequence of the presis 835,000l. beyond which there is sure arising from this unexpected a notice now lying in the house of payment, that they will accommoa farther sum of about 200,oool. Jate government by advancing a which will shortly become due; sum of 200,oool. to the account of and that a notice was brought on the paymaster general, to be repaid Monday last from the treasury, con out of the cash to be received on taining a list of bills drawn on the the next payment of the loan of commissioners to the sum of 7,500,ooel. : 900,000l. more, of which the prin- I have the honour to be, &c. cipal part vould fall due on the

(Signed) Wm. Pitt. 29th instant, which were directed Governor and Depu y z for payment at the bank : the court Governor of the Bank. I


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