A. D. 1797. 41 



■» 



time to bring the affairs of the bank to a final clofe, mufl: have been 

 fuch proportion for every /^loo of their flock, as ^^i i .642,400, the 

 whole flock, (fee above, V. iii, p. 699) bears to /^I5,5i3 690, the cor- 

 poration's net eftate by the balance. But as the greatefl part of that 

 balance, or net eftate, confids of a debt due by government, which is 

 not to be repaid, but in the event of the parliament refufing to renew 

 the exclufive privileges at the expiration of the term for which they 

 were granted, that capital, and the other government funds belonging 

 to the company, could then only be valued at what they could fell for, 

 which, if fuch a mafs of flock had been thrown upon the market at this 

 time would fcarcely have reached ^^50 for every £100, upon the average 

 of the whole. A ftill greater dedudion would have taken place in the 

 value of the buildings, which are fit for no other ufe than that for which 

 they were creeled. Hence it appears, that the proprietors, ?ipon a divifion, 

 mufl have lofl a confiderable part of their flock befides the whole of 

 their premium, for fuch we may call the excefs of the price paid for 

 bank ftock over X^ioo. There were however, comparatively fpeaking, 

 but very few proprietors, who wifhed to get rid of their flock : and a 

 premium, lefs or more, according to the general fludluation of the flocks, 

 continues to be paid for bank flock, the purchafers confidering the price 

 paid for ;^ioo of flock as the value of an annual income of /^y, which 

 the trade of the company has enabled them to divide ever fince the 

 year 1788, together with their proportional right to the accumulated 

 profits ; and, by their willingnefs to invefl their property in its funds, 

 giving a decifive proof, that they have no apprehenfions of the flability . 

 of the bank. 



A number of papers tending to account for the fcarcity of money 

 were prefented to parliament. Thofe containing the accounts of the 

 war expenditure do not come within the plan of this work. But it is 

 proper to give a concife view of thofe which throw light upon the com- 

 merce of the country. From the accounts prefented by Mr. Irving, 

 infpedor-general of imports and exports, it appeared, that the export- 

 ation of money for the purpofes of the war, though great beyond all 

 former example, was more than compenfated by the very large balances 

 flowing from the commerce of the kingdom, which greatly exceeded . 

 thofe of any preceding period erf war or peace, the exports to Germany 

 alone, which in time of peace ufed to amount to /^ 1,900,000, being 

 above ^{"8 ,000,000 in each of the two laft years, which is more by at 

 leafl ;^2,6oo,ooo than the whole of the annual exports in time of peace 

 to France, Flanders, Holland, and Germany, altogether*. Mr. Irving, 

 after obferving upon the nature of the balance of trade with various 



* That is cafily accounted for. Germany at BritiHi gooJs t!i^ formerly, being enabled to pay . 

 this time imported Brililh goods for all thefc conn- iia lor them with onr own money, 

 tries : and the Germans theaifelves confiiraeJ more 



