Encyclopaedia Britannica > Volume 3, Athens-BOI

318
BANKING
Date of
Renewal.
1697
1708
1713
1742
Conditions under which Renewals were
made and Permanent Debt contracted.
Brought forward
Charter continued by 8 and 9 Will.
III. c. 20, till twelve months’ no¬
tice after 1st of August 1710, on
payment, &c.
Under this Act the hank took
up and added to their stock
£1,001,171 Exchequer bills and
tallies.
Charter continued by 7 Anne, c. 7,
till twelve months’ notice after
1st of August 1732, on payment,
&c.
Under this Act the hank ad¬
vanced £400,000 to Government
without interest, and delivered
up to he cancelled £1,775,027,
17s. 10d. Exchequer hills, in con¬
sideration of their receiving an
annuity of £106,501, 13s., being
at the rate of 6 per cent
Charter continued by 12 Anne,
stat. 1, c. 11, till twelve months’
notice after the 1st of August
1742, on payment, &c.
In 1716, by the 3 Geo. I. c. 8,
the hank advanced to Government,
at 5 per cent
And by the same Act the in¬
terest on the Exchequer hills can¬
celled in 1780 was reduced from
6 to 5 per cent.
In 1721, by 8 Geo. I. c. 21, the
South Sea Company were autho¬
rized to sell £200,000 Government
annuities, and corporations pur¬
chasing the same at 26 years’
purchase were authorized to add
the amount to their capital stock.
The hank purchased the whole
of these annuities at 20 years’
purchase
Five per cent, interest was pay¬
able on this sum to midsum¬
mer 1727, and thereafter 4 per
cent.
At different times between 1727
and 1738, both inclusive, the
bank received from the public,
on account of permanent debt,
£3,275,027, 17s. 10d., and ad¬
vanced to it, on account of ditto,
£3,000,000: Difference
Debt due by the public in
1738
Chai'ter continued by 15 Geo. II.
c. 13, till 12 months’ notice after
the 1st of August 1764, on pay¬
ment, &c.
Under this Act the hank ad¬
vanced £1,600,000 without in¬
terest, which, being added to the
original advance of £1.200,000,
and the £400,000 advanced in
1710, hearing interest at 6 per
cent., reduced the interest on the
whole to 3 per cent
In 1745, under authority of 19
Geo. II. c. 6, the bank delivered
up to he cancelled £986,000 of
Exchequer hills, in consideration
of an annuity of £39,472, being
at the rate of 3 per cent
In 1749, the 23d Geo. II. c. 6,
reduced the interest on the 4 per
cent, annuities, held by the hank,
to 34 per cent, for seven years
from the 25th of December 1750,
and thereafter to 3 per cent.
Carry forward
Permanent Debt.
Date of Conditions under which Renewals were
Renewal. made and Permanent Debt contracted.
Permanent Debt.
£ s. d.
1,200,000 0 0
2,175,027 17 10
2,000,000 0 0
4,000,000 0 0
9,375,027 17 10
275,027 17 10
9,100,000 0 0
1,600,000 0 0
986,000 0 0
11,686,000 0 0
1764
1781
1800
1833
1844
1861
Brought forward
Charter continued by 4 Geo. III.
c. 25, till twelve months’ notice
after the 1st of August 1786, on
payment, &c.
Under this Act the hank paid
into the Exchequer £110,000, free
of all charge.
Charter continued by 21 Geo. III.
c. 60, till twelve months’ notice
after the 1st of August 1812, on
payment, &c.
Under this Act the hank ad¬
vanced £30,000,000 for the public
service for three years, at 3 p. cent.
Charter continued by 40 Geo. III.
c. 28, till twelve months’ notice
after the 1st of August 1833, on
payment, &c.
Under this Act the bank ad¬
vanced to Government £3,000,000
for six years without interest; but
in pursuance of the recommenda¬
tion of the committee of 1807, the
advance was continued, without in¬
terest, till six months after the sig¬
nature of a definitive treaty of peace.
In 1816, the bank, under au¬
thority of the Act 56 Geo. III. c.
96, advanced at 3 per cent., to be
repaid on or before the 1st of
August 1833
Charter continued by 3 and 4 Will.
IV. c. 98, till twelve months’
notice after the 1st of August
1855, with a proviso that it may
be dissolved on twelve months’
notice after the 1st of August
1855, on payment, &c.
This Act directs that in future
the bank shall deduct £120,000
a year from their charge on ac¬
count of the management of the
public debt; and that a fourth
part of the debt due by the public
to the bank, or £3,671,000, be
paid off
Permanent advance by the bank
to the public, bearing interest at 3
per cent., independent of the ad¬
vances on account of dead weight,
or other public securities held
by it
Charter continued by 7 and 8 Viet,
c. 32, till twelve months after the
Istof Augustl855,on payment,&c.
This Act exempts the notes of
the bank from all charge on ac¬
count of stamp-duty, and directs
that in future the bank shall de¬
duct a further sum of £180,000
a year from the charge on account
of the management of the public
debt. It also allows notes of the
value of £14,000,000 to be issued
on securities, separates the bank¬
ing from the issuing department
of the establishment, and effects
other important changes.
The Act 24 and 25 Viet. c. 3, pro¬
vides fresh terms of payment to
endure until the 5th April 1886.
The amount to be deducted to he
£60,000 •plus the whole allowance
out of profits of issue, making in
all at that time £188,078, and
now (1875) about £200,000.
The amount to be issued on se¬
curities was raised to £15,000,000
on 21st February 1866.
£
11,686,000
3,000,000
14,686,000
3,671,000
11,015,000
s. d.
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0 0
0 0
0 0
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