G4 But moderate as
is
the scale of advances to
Go-
vernment, as here exhibited, during the whole of the war^
it
would be reduced
to absolute insignificance if
we were to deduct from it the balances in the hands such balances of the Bank belonoino- to Government
—
beino' allowed
against so
on
much
hands to be a leoitimate set-off
all
of the advances, in their effects on
the issue of bank-notes*.
This comparative smallness of the advances to
Government completely negatives the supposition so *
From documents
laid before Parliament, in consequence of the
attentiomcalled to the subject by the repeated motions of Mr. Grenfell,
appears that the amount of the Government deposits,
it
or
balances in the hands of the Bank, was as follows :—
....
In 1800, the aggi-egate average was
In 180G,
From
Now
ditto
1806 to 1817, the amount fluctuated between 11 the average of the advances by the
...
£6,251,488
.
.
Bank
to
12,197,303
&
12,000,000
Go-
vernment, from 1806 to 1810, both years included,
amounted Average
to
of public
money
in the
.
.
14,492,970
hands of the Bank,
about £11,500,000, from which are to be deducted about
having
£500,000] for
been
unclaimed
Bank advances
dividends, these
.....
deducted from the
amount of
Leaving the actual cash advance, and the amount fore
.
.
Or little more than medium of discounts five millions,
Bank, as a medium
medium, only 3,500,000
one-fourth of the amount issued through the in the
Since the year 181C,
about
11,000,000
there-
....
of bank-notes issued through this
fihout
the
and
same
intei-val.
the pul)lic balances have been diminished to this extent the effective
for the issue of
as having been increased.
its
by
advances by the
notes, should be considered