Faéts relative to the Finances of the Ba. 
25% 







. _ tAverage of Bank Bills Average Advances 
asi Pe i pete Nate Circulated. Difcounted. to Bs inte 
1794 March 8,608 ,020 11,159,720 2,908,000 8,494,160 
June $,208,coo 10,366,450 33263,000 79735800 
September $,096,c0® 10,343,040 2,009,000 6,779,300 
December 79768,000 10,927,970 1,387,000 79545300 
1795. March 73;94.0,000 12,4.32,240 2,287,000 -95773;700 © 
June 7)356.000 10,912,680 3,435,000 10,879,700 
September 5)792,000 II.034,790 ¥,887,C0o 10,197,600 
December 4.000.000 11.608,670 3,109,000 10,863,1ca 
1796. March 2.,972;0C0 10,824,150 2,820,000 11,351,000 
June 25582,000 10,770,200 3,730,000 11,269,759 
September 25532,000 91 720;440 35352,002 “9,901,100 
December 2,508,000 9,64.6,710 3,796,0c0 9,511,400 
1797. Feb. 26 1,272,700 3,640,250 2,905,000 10,672,490 
It is curious to obferve from this ta- 
ble, what little fervice the Bank of Eng- 
land has rendered to the commercial in- 
tereft of this kingdom, and of how much 
lefs importance its concerns are tothe real 
welfare of the ftate, than the pride and 
credulity of the nation had always ima- 
gined them to be. Accuftomed to foothe our 
vanity with an idea of the immenfity of 
the Bank, both as to its credit, and the 
extent of its tranfaétions, what furprife 
muft we feel, in finding that this credit, 
before the laft year, had feldom exceeded 
three or four millions, and that the con- 
cerns, which we had reprefented to our- 
felves as of fo much confequence to our 
trade and manufactures, were limited to 
difcounts ftill more trifling and inconfi- 
derable > How muft our lofty fentiments 
of the wifdom and greatnefs of this com- 
‘pany be depreffed by learning thar their 
notes, to which we hardly dared to affign 
any limits, have feldom amounted to 
12,000,000, and that often this circu- 
lating paper has been very nearly equal- 
led by the hoards of cath and bullion in 
the coffers of the bank ! We had hitherto 
been led to believe that the tottering 
foundations of private credit, had, on 
many occafions, been upheld by the fup- 
port of this company, and particularly 
that the affiftance which they had 
given to our commercial difficulties in 
the year 1793, was an exertion almoft 
too bold even for their ftupendous re- 
fources. But if the amount of our ex- 
ports and imports be accurately ftated by 
the off&cers of the Cuftoms, how inconfi- 
derable does this affiftance appear to have 
been!—I think the preceding ftate- 
ments inconteftibly prove that neither eur 
foreign trade nor our commercial inter- 
courie at home have derived much advan- 
tage from the operations of this bank. 
Its chief energies have been unequivo- 
cally direéted ro another quarter. The 
5 
advances to government have generally 
been four or five times greater than the 
private difcounts ; and it is evident that 
In proportion as the former are extended, 
the ability to increafe the latter muft be 
diminifhed.—I fhall not enter into the 
propriety of affifting trade by fuch an in- 
ftitution. only mean in this paper to 
thow, thatif our merchants and manufac- 
turers wanted fuch fupport, they have 
been very feantily fupplied with it by the 
bank.—To thofe who are ignorant of 
the nature of this eftablifhment, and 
who look over the foregoing ftatements 
with the leaft attention, it muft appear 
as if its principal purpofe had been to 
enable a minifter to lavifh the public re- 
venue much fafter than it could ever be. 
colleéted ; and to furnifh him with the 
means of engaging in the moft extrava- 
gant and ruinous expence, before his 
prodigality could be fubmitted to the de- 
liberation of Parliament. 
London, O@. 16, 1797. M. N,: 

To the Editor of ihe Menthly Magaziuc. 
SIR, 
MB: ElORNECK afks, in your laft Ma- 
gazine, what feafon of the year is mo 
proper for the purpofe of laying down 
land to grafs, without taking, at the fame 
time, a crop of corn, upon athin fuil, with 
a cold clay bottom ? Being the occupier of 
a confiderable traét of land, correfpond- 
ing with, his defcription, it has been my 
conftant praétice, when wifhing ta con- 
vert arable into pafture, to make firft a 
good fummer fallow, and the follawing 
{pring, to fow it with rye-grafs, Dutch 
clover, and trefoil; this management 
has generally provided me with good 
feed for the fucceeding Autumn. 
AN Essex FARMER. 
Hide- Hall, OG, 4, 1797. a 
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