BANKS. 



i& and It. each, and as the demand for 

 notes of this description has increased, 

 the total amount of bank notes in circu- 

 lation has become considerably greater 

 than previous to the suspension of issuing" 

 cash, viz. 



On the 1st of Feb. 1805, *. 18,397,880 



1806, 17,293,570 



.,.,... 1808, 16,621,390 



From the reports of the secret commit- 

 tee appointed in 1797 to investigate the 

 affairs of the bank, it appeared, that on 

 the 25th of February, in that year, there 

 was a balance of 3,826,903/. andfon the 

 llth of November a balance of 3,837,550*. 

 in favour of the company; their profits 

 since must have been greater than while 

 they were obliged to maintain a large stock 

 of cash to answer their notes, which has 

 enabled them to make several occasional 

 dividends to their proprietors, and at La- 

 dy-day, 1807, to raise their usual dividend 

 from 7 per cent, which it had been for 

 the last 19 years, to 10 percent. 



The profits of the company arise from 

 the interest received from government on 

 the permanent debt, and on their annual 

 advances on exchequer bills and treasury 

 bills of exchange ; from their allowance 

 for receiving the contributions to loans, 

 and for paying the dividends on the pub- 

 lic funds ; from dealing in bullion, and 

 discounting mercantile bills of exchange, 

 and other sources of less importance. 



The concern is under the management 

 of a governor, deputy governor, and twen- 

 ty-four directors, who are elected annually. 

 5 JO*, bank stock entitles the proprietor to 

 a vote at the general courts, and no pro- 

 prietor is entitled to more than one vote 

 for any sum whatever. 



BANK of Scotland, was established under 

 the superintendance of Mr. W. Paterson, 

 from whom the plan of the bank of Eng- 

 land originated. It was erected by an act 

 of the parliament of Scotland in 1695, 

 and although its capital stock was only 

 1,200,000*. Scots, or 100,000*. sterling, it 

 was soon found very beneficial to the 

 commerce of North Britain. In 1774 

 they were authorised to increase their 

 capital 1,200,000*. Scots, or 100,000*. ster- 

 ling ; and in 1784 another addition was 

 made of the same amount. By an act 

 passed in 1792, they were empowered to 

 double the existing capital, which thus 

 became equal to 600,000*. sterling, and in 

 1774 a further addition was made, equal 

 to 400,000*. sterling; the total capita) thus 

 became 12,000,0007. Scots, or 1,000,000*. 



sterling. The company is under the ma- 

 nagement of a governor, a deputy gover- 

 nor, twelve ordinary directors, and twelve 

 extraordinary directors. 



BANK, Royal of Scotland, was estab- 

 lished by charter in 1727, with a capital 

 of 151,000*. sterling. The public reve- 

 nues of Scotland are paid into this bank, 

 and it is under the management of a go- 

 vernor, deputy governor, and sixteen di- 

 rectors. 



BANK of Ireland, was established in the 

 year 1781. The original capital was only 

 600,000*. and the company's privileges 

 were determinable on twelve month's 

 notice after the 1st of January, 1794. 

 Previous to this period the capital was 

 increased to 1,000,000*. and the term ex- 

 tended to the 1st of January, 1816 ; and 

 by a subsequent act they were empower- 

 ed to augment their capital to 1,500,000*. 

 In the original act by which this bank was 

 established, it was directed that they 

 should not borrow or give security by 

 bill, bond, note, covenant or agreement, 

 under their common seal or otherwise, 

 for any sum exceeding their capital ; and 

 a clause to a : > similar purport, though not 

 in the same precise words, was included 

 in the subsequent acts. Since the sus- 

 pension of payment in cash, however, the 

 total amount of the notes of the bank of 

 Ireland in circulation has been greatly- 

 increased, so that on the 1st of January, 

 1797, they amounted only to 621,917*. 6s. 

 4d. including bank post bills, whereas on 

 the 1st of February, 1806, the amount of 

 their notes of 5*. value and upwards was 

 1,676,118*. 11s. 2d. and of notes under 

 5*. value 811,4541. 10s. 9J. making toge- 

 ther 2,487,573*. Is. Il$d. 



The bank receives interest at 5 per 

 cent. from the government, on their per- 

 manent and temporary loans; and an al- 

 lowance for management of such part of 

 the public debt as has been made trans- 

 ferable at the bank of Ireland. 



BANK, in natural history, denotes am 

 elevation of the ground, or bottom of the 

 sea, so as sometimes to surmount the sur- 

 face of the water, or, at least, to leave the 

 water so shallow, as usually not to allow a 

 vessel to remain afloat over it. 



In this sense, bank amounts to muck 

 the same with flat, shoal, &c. There are 

 banks of sand, and others of stone, called 

 also shelves, or rocks. In the North sea, 

 they also speak of banks of ice, which are 

 large pieces of that matter floating. 



A long narrow bank is sometimes call- 

 ed a rib. 



The bank, absolutely so called, or the 



