APPENDIX to the CIIPtONICLE. 



55^ 



at that time amounted, on the loan 

 of April, lioni 13 to 15 percent, 

 to atlcct injuriously the credit of 

 Boyd's house, especially if it had 

 transpired that their necessities com- 

 pelled them to make such disadvan- 

 tageous sales, and must thereby 

 have had a general tendency to aug- 

 ment the embarrassment of public 

 credit. It has also been stated in 

 evidence to your committee, that 

 if a failure in the Joans then in pro- 

 gress of payment had been occasion- 

 ed, either on the whole or in part, 

 by the circumstances above stated, 

 the deficiency could not have been 

 supplied by a fresh loan (had it been 

 necessary to resort to such a mea- 

 sure), except upon terms of very 

 considerable loss and disadvantage 

 to the public. Under these ditlicul- 

 ties, lord viscount Melville, then 

 treasurer of the navy, appears to 

 have suggested to IMr. Pitt, that the 

 sum wanted by Messrs. Boyd and 

 CO. might be spared, m ithout a pro- 

 babilily that the naval service would 

 suffer any inconvenience from ibe 

 advance, provided there was a suf- 

 ficient security for the re-pajment ; 

 and no other method having occur- 

 red, by which much serious mischief 

 to the public could be prevented, it 

 was thought advisable, by the con- 

 current opinions of lord Melville 

 and ]Mr. Pitt, that the application of 

 Messrs. Boyd and ro. should be com- 

 plied with, and that the sum of 

 40,0001. should be advanced, upon 

 a sufficient security being given. — 

 And it appears in evidence, that, 

 under the orders of lord Melville, 

 the sum of 40,0001. was drawn from 

 the bank, and on the same day paid 

 over to Mr. Boyd, by Mr. Long, 

 then secretary of the treasury, upon 

 Mr. Boyd's depositing with Mr. 

 LoDg securities amuuuting to about 



40,7001. consisting, in part, of bills 

 drawn on and accepted by the Last 

 India company from their preti- 

 deucies abroad, the rest in govern- 

 ment securities, which Mr. Long 

 transmitted to lord Melville, indors- 

 ing upon the cover the purpose for 

 which the securities had been so de- 

 posited ; that the said sura of 40,0001. 

 had b'-cn ail repaid ; and that, w ith 

 the exception of two bills on the 

 East India com.pany, one for 40(X)1. 

 piyable in October 1797, the other 

 for 70C01. or thereabouts, payable 

 in January 1798, all the rest of the 

 securities were payable within three 

 months from the time of the deposit. 

 We do not find that any regular 

 entry or memorandum, either of a 

 pi;L;ic or secret nature, was made 

 of this transaction at the time ; the 

 issue of 40,0001. appearing on the 

 books of the bank not discharged 

 by any correspondent pa) raeni on 

 the books of the pay-oflice, this ad- 

 vance must at all times have been 

 evident upon an inspection of the 

 balances as a debt against the trea- 

 surer of the navy ; but no entry- 

 seems to have been preserved, Avhich 

 would in itself have explained the 

 application of this advance (inde- 

 pendent of the evidence of the par- 

 ties), more particularly after the se- 

 curities were discharged, and the 

 funds replaced. In. the course of 

 our examination into this subject, 

 we thought it proper to enquire 

 whether, in fact, any inconvenience 

 had been sustained by the naval ser- 

 vice, in consequence of the diversion 

 of this portion of naval money, and 

 were more particularly led to this 

 enquiry, by the information, thataa 

 accepted bill for 10001. drawn upon 

 the victualling.oflice, from Marti- 

 nique, had been pre.sented for pay- 

 ment; and that on the 18th of Fe- 

 bruary 



