state of the Company. Sir James Mansfield's opinion was given as follows: "I am of opinion, that every proprietor, at a general half yearly court, has a right to require from the Directors, and it is the duty of the latter to produce all such accounts, books and papers, as are necessary to enable the proprietors to judge of the state and condition of the corporation and its funds, and to determine what dividend ought to be paid. The proper method to be pursued by those who consult me in order to obtain such a production is, that a number of respectable proprietors should immediately give notice to the Governor and other Directors, that they shall require at the next general court a production of all the necessary books, accounts and papers; and at the general court, when it shall be held, to attend and require such a production. If it shall not be obtained, I then advise them immediately, or within a few days after the holding of the general court, to make an application to the Governor to call a general court, which application must be made by nine members at least, having each 500l. stock. If the Governor shall refuse to call such general court, then the nine members who shall have applied to him to have a court called, may themselves call one in the manner prescribed by the charter; and whether the Governor calls such court, or it is called by the nine members, I advise them, as soon as it is called, to apply to the Court of King's Bench for a mandamus to the Governor and Directors, to produce at such court all the necessary books, accounts and papers. "Temple, March 9, 1801." "J. MANSFIELD." In consequence of this opinion, Mr Allardyce delivered a demand in writing at the next general court, held the 19th March 1801, that the accounts should be produced, and no doubt intended to follow up this proceeding in the way recommended by Sir James Mansfield, but he soon after died; and since that time no proprietor has made any demand for accounts, till at the last general court in December. It is remarkable that, very unexpectedly to the proprietors, a bonus of 5 per cent., in navy 5 per cents., was voted in the general court of the 19th March 1801, the day on which Mr Allardyce's demand was made and refused. The first motion for accounts made by Mr Allardyce was in the general court, held 14th December 1797; and in March 1799, there was a bonus of 10 per cent. in 5 per cents. 1797. Mr Allardyce did not, I believe, make any motion in the Bank court between December 1797 and March 1801. Since 1797, then, the proprietors have remained in utter ignorance of the affairs of the Bank. During eighteen years the Directors have been silently enjoying their lucrative trade, and may now possibly think that the same course is best adapted to the interests of the Bank, particularly as negociations are about to take place with Government, when it might be as well that the amount of their accumulated fund should not be known. But the public attention has been lately called to the affairs of the Bank; and the subject of their profits is generally canvassed and understood. Publicity would now probably be more beneficial than hurtful to the Bank; for exaggerated accounts of their profits have been published which may raise extravagant expectations, and which may be best corrected by official statements. Besides which, the Bank are secure of their charter for seventeen years to come; and the public cannot, during that time, deprive them of the most profitable part of their trade. If, indeed, the charter were about to expire, the public might question the policy of permitting a company of merchants to enjoy all the advantages which attend the supplying of a great country with paper money; and although they would naturally look with jealousy, after the experience furnished by other states, to allowing that power to be in the hands of Government, they might probably think that in a free country means might be found by which so considerable an advantage might be obtained for the State, independently of all control of ministers. Paper money may be considered as affording a seignorage equal to its whole exchangeable value,-but seignorage in all countries belongs to the State, and with the security of convertibility as proposed in the former part of this work, and the appointment of commissioners responsible to Parliament only, the State, by becoming the sole issuer of paper money, in town as well as in the country, might secure a net revenue to the public of no less than 2 millions sterling. Against this danger, however, the Bank is secure till 1833, and therefore on every ground publicity is expedient. APPENDIX. No. I.* Table showing the Amount annually paid by the Public, from 1797 to 1815, for Management of the British, Irish, German, and Portuguese Debt. Table showing the Amount annually received by the Bank from 1797 to 1815, for receiving Contributions on Loans.† Year commencing Michaelmas. 1796 L.20,506 3 4 The particulars in the above table are taken from the annual finance book, printed by order of the House of Commons. They include not only what is paid to the Bank, but to the Exchequer and South Sea Company. The annual charge of the South Sea Company is now about 14,5601. In 1797 it was 14,6571. The Exchequer charge was as high as 67601. 6s. 8d., in 1807 it fell gradually to 24857. and has now, I believe, ceased. The Bank have also been paid for management of life annuities since 1810, and since 1812, about 12007, or 1300l. per annum for management of a loan of 24 millions, raised for the East India Company, which are not included in this table. This table is taken from an account laid before Parliament, on the 19th of June 1815. The total Amount of the Unredeemed Funded Debt of Great Britain and Ireland, including Loans to the Emperor of Germany and Prince Regent of Portugal, payable in Great Britain, was on the 1st of February 1815, according to accounts laid before Parliament, Do. for East India Company, Debt contracted from Feb. 1 to Aug. 1, 1815, L.87,448,402 16 0 L.727,767,421 2 5 3,929,561 0 0 L.731,696,982 2 5 11,099,166 00 76,349,236 16 0 Total of unredeemed funded debt on Aug. 1, 1815, L.808,046,218 18 53 L.15,233,484 13 11 The charge for management on which is as follows: 11,686,000 0 0 600,000,000 0 0 South Sea Stock and annuities, for the management of which South Sea Co. is paid due to the Bank of England, at 3407. per million, 181,126,734 4 63 at 3007. do. L.808,046,218 18 53 2,795,340 0 0 39,735,898 6 8 L.850,577,457 5 13 life annuities, for 1,589,435. 6s. 8d. anns. at 25 years' purchase, 11,920 15 4 Deduct the first sum paid to the South Sea Company, L.291,616 9 7 14,560 4 11 8 Management paid to the Bank of England on the debt as it stood) stood? L.277,056 4 Aug. 1, 1815, |
