Page:Encyclopædia Britannica, Ninth Edition, v. 3.djvu/334

318  Date of Kcnewa Conditions under which Renewals were Penn irent Debt made and Permanent Debt contracted. Date of Renewa. Conditions under which Renewals were made and Permanent Debt contracted. Permanent Debt. J697 1708 1713 1742 Brought forward s. (I. 1,200,000 2,175,027 17 10 2,000,000 4,000,000 1764 17S1 1800 1833 1844 861 15 rou glit forward ,9. d. 11,686,000 3,000,000 Charter continued by 8 and 9 Will III. c. 20, till twelve months no tice after 1st of August 1710, 01 payment, &o. Under this Act the bank took up and added to their stock 1,001,171 Exchequer bills and tallies. Charter continued by 7 Anne, c. 7, till twelve months notice after 1st of August 1732, on payment, &C. Under this Act the bank ad vanced 400,000 to Governmem without interest, and delivered up to be cancelled 1,775,027, 17s. lOd. Exchequer bills, in con sideration of their receiving an annuity of 106,501, 13s., being at the rate of 6 per cent Charter continued by 4 Geo. III. c. 25, till twelve months notice after the 1st of August 1786, on payment, &c. Under this Act the bank paid into the Exchequer 110,000, free of all charge. Charter continued by 21 Geo. III. c. 60, till twelve months notice after the 1st of August 1812, on payment, &c. Under this Act the bank ad vanced 30,000,000 for the public service for three years, at 3 p. cent. (Charter continued by 40 Geo. III. c. 28, till twelve months notice after the 1st of August 1833, on payment, &c. Under this Act the bank ad vanced to Government 3,000,000 for six years without interest ; but in pursuance of the recommenda tion of the committee of 1807, the advance was continued, without in terest, till six months after the sig nature of a definitive treaty of peace. In 1816, the bank, under au thority of the Act 56 Geo. III. c. 96, advanced at 3 per cent., to be repaid on or before the 1st of August 1833 Charter continued by 12 Anne, stat. 1, c. 11, till twelve months notice, after the 1st of August 1742, on payment, &c. In 1716, by the 3 Geo. I. c. S, the bank advanced to Government, at 5 per cent And by the same Act the in terest on thu Exchequer bills can celled in 1780 was reduced from 6 to 5 per cent. In 1721, by 8 Geo. I. c. 21, the South Sea Company were autho rized to sell 200,000 Government annuities, and corporations pur chasing the same at 26 years purchase were authorized to add the amount to their capital stock. The bank purchased the whole of these annuities at 20 years purchase Charter continued by 3 and 4 Will. IV. c. 98, till twelve months notice after the 1st of August 1855, with a proviso that it may be dissolved on twelve months notice after the 1st of August 1855, on payment, &c. This Act directs that in future the bank shall deduct 120,000 a year from their charge on ac count of the management of the public debt ; and that a fourth part of the debt due by the public to the bank, or 3,671,000, be paid off 14,686,000 3,671,000 Five per cent, interest was pay able on this sum to midsum mer 1727, and thereafter 4 per cent. At different times between 1727 and 1738, both inclusive, the bank received from the public, on account of permanent debt, 3,275,027, 17s. 10d., and ad vanced to it, on account of ditto, 3,000,000: Difference 9,375,027 17 10 275,027 17 10 Permanent advance by the bank to the public, bearing interest at 3 per cent., independent of the ad vances on account of dead weight, or otlier public securities held by it... 11,015,000 Debt due by the public in 1738 Charter continued by 7 and 8 Viet. c. 32, till twelve months after the 1 st of August 1 8 55, on payment, c. This Act exempts the notes of the bank from ali charge on ac count of stamp-duty, and directs that in future the bank shall de duct a further sum of 180,000 a year from the charge on account of the management of the public debt. It also allows notes of the value of 14,000,000 to be issued on securities, separates the bank ing from the issuing department of the establishment, and effects other important changes, rhe Act 24 and 25 Viet. c. 3, pro vides fresh terms of payment to endure until the 5th April 1886. The amount to be deducted to be 60,000 plus the whole allowance out of profits of issue, making in all at that time 188,078, and now (1875) about 200,000. The amount to be issued on se curities was raised to 15,000,000 on 21st February 1866. 9,100,000 1,600,000 936,000 Charter continued by 15 Geo. II. c. 13, till 12 months notice after the 1st of August 1764, on pay ment, &c. Under this Act the bank ad vanced 1,600,000 without in terest, which, being added to the original advance of 1.200,000, and the 400,000 advanced in 1710, bearing interest at 6 per cent. , reduced the interest on the whole to 3 per cent In 1745, under authority of 19 Geo. II. c. 6, the bank delivered up to be cancelled 986,000 of Exchequer bills, in consideration of an annuity of 39,472, being at the rate of 3 per cent In 1749, the 23d Geo. II. c. 6, reduced the interest on the 4 per cent: annuities, held by the bank, to 3| per cent, for seven years from the 25th of December 1750, and thereafter to 3 per cent. Carry forward 11,686,000

