APPENDIX to the CHRONICLE. 443 



it may be useful to suggest the ge- 

 neral reasons : 



First, the public have an interest 

 in thus preferring the Bank, which 

 is nearly similar to that which the 

 commissioners may individually be 

 supposed to have had in favouring 

 their respective bankers. Indeed, 

 since the report on the Bank of 

 England, made by the former com- 

 mittee on public expenditure, in 

 which the average amount of the 

 government balances in the Bank 

 was stated, that corporation has 

 consented to make some compen- 

 sation for benefit of this kind, bj' 

 affording to the public the loan of 

 a considerable sum withoutinterest. 

 A general intention of employing 

 the Bank of England as the banker 

 of the public, was then professed ; 

 and there can be no doubt that 

 every preference shown to the 

 Bank ought now to be considered 

 as contributing to the liberal ful- 

 filment of the general conditions of 

 that arrangement, and even though 

 not repaid by a specific compen- 

 sation, as producing some corre- 

 sponding advantages. 



The more safe custody of the 

 public money entrusted to the 

 commissioners, is another motive 

 for lodging it in the Bank. Your 

 committee conceive, that in the 

 case of any loss arising out of the 

 confidence which the commission- 

 ers have placed in private banks 

 (an event, in the present high state 

 of credit, admitted to be extremely 

 improbable) the commissioners 

 would have been personally respon- 

 sible. 



There is a third reason for this 

 preference of the Bank of I'^ngland, 

 which is not less important. The 

 liank makes no allowance of inter- 

 est, and shows no species of favour 

 to the individual who places in it a 



considerable balance of cash. The 

 public accountants, who keep cash 

 in the bank, are therefore under no 

 temptation to render their balances 

 unnecessarily large, and are likely 

 not tofail in the punctuality of their 

 payments into the exchequer. 



Your committee have next to 

 notice the too great magnitude of 

 the balances of cash which appear 

 in the cash-book of the commis- 

 sioners, especially during a large 

 part of the two first years, a sub- 

 ject not unconnected with the pre- 

 ceding observations. 



The paper in the appendix shows 

 the balance to have been, at the end 

 of October, 1795, about 100,000/. 

 and to have gradually risen by the 

 end of April, 1796, to above 

 200,000/. between which period 

 and the end of May, 1797, it fell to 

 about 160,000/. It fluctuated be- 

 tween about 80 and 120,000/. dur- 

 ing the next fouryears.and between 

 50 and 70,000/. during almost the 

 whole succeeding period. 



Your committee have learned by 

 theirinspection of the minute-book 

 of the commissioners, that on the 

 25th February, 1796, information 

 was asked on the part of Mr. Pitt, 

 whether any and what sum then in 

 hand arising from the disposal of 

 Dutch property, could be paid into 

 the exchequer for the service of 

 the current year ; and that the 

 commissioners replied, that no pay- 

 ment of consequence into the Bank 

 according to the act of parliament 

 could be made, unless the treasury 

 should first move the lords of the 

 privy council to direct the India 

 Company to pay a sum (amount- 

 ing to about 118,000/.) then due 

 from tlic company to the com- 

 missioners. 



At the time of this application, 

 the balance in hand, the amount of 



which 



