242 A. D. 1744. 



pcrfons, unacquainted vvitli the pracflice of that particular branch of com- 

 merce, can rcalonably defirc to know. 



We fliall clofe this year, 1744, with a fummary view of the flate of 

 the flock and funds of the bank of England, viz. 



The original capital doubled, and reduced to 3 per cent 

 intercfi:, is-------- L3, 200,000 



For cancelling exchequer bills (3//0 Geo. I) at 4 per 

 cent - - _______ 500,000 



Purchafcd in 1722, of the South-fea company, at 4 per 

 cent _________ 4,000,000 



Annuities charged on the furplus of the funds of lottery 

 17 14, at 4 per cent - - _ _ _ _ 1,250,000 



Annuities at 4 per cent, charged on the duty on coals 

 nnce lady-day 1710 - - _ _ _ _ 1,750,000 



Total bank capital - Li 0,700,000 

 Befides the feveral 3 per cent lottery annuities transferable at the 

 bank, i. e. of the year i73r, being L8oo,ooo ; of the year 1742, be- 

 ing alfo L8oo,ooo ; of the year 1743, being Li, 800,000 ; and the like 

 fum of the year 1744, or L 1,8 00, coo ; all which four lad fums arc 

 quite feparate and dillinct from what is known by the name of the ca- 

 pital ftock of the bank, the faid four fums being entitled to their re- 

 fpedive annuities alone, without any other profit whatever ; whereas 

 the capital flock of Li 0,700,000 was entitled to all the benefits of that 

 company's banking, in the largeft fenfe of that word. We are here, 

 however, to note, that though the principal fum of Lro, 700,000 was 

 adually due from- the public to the bank, yet the transferable capital 

 in the bank books, as divided among all their proprietors, was really but 

 L9, 800, 000 bank flock ; there being the fum of Lgoo,ooo undivided 

 capital remaining in that company's corporate capacity ; by the intereft 

 whereof, and their profits by banking (i. e. by all the advantages the 

 bank can make, either by circulating the government's exchequer bills, 

 and by other dealings with the public ; by what they make by difcount- 

 ing merchants bills of exchange ; by dealing in foreign bullion ; and, 

 laftly, by employing fo much of the cafh of their circulating notes as is 

 not judged abfolutely requifite to remain in bank, for anfwering all the 

 demands of thofe notes, that prudent and mofl ufeful corporation was 

 enabled to make at this time an annual dividend of 5^ per cent on their 

 transferable capital of L9, 800,000. 



Now the annual intereft paid to them from the public 

 on L3,2oo,coo, at 3 per cent, is - . - - - L96,ooo 



And on L7, 500, 000, at 4 per cent, is - - - 300,000 



Total of the bank's interefl from the piiblic - L396>odo 



