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 UNIVERSITY OP CALIFORNIA. 
 \ 1* J UN 14 1893 ' 8q ■■ 
 
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 REFORM 
 
 OF THE 
 
 BAM OF ENGLAND NOTE ISSUE. 
 
REFORM OF THE 
 
 BANK OF ENGLAND NOTE ISSUE. 
 
 STATISTICAL CRITIQUE 
 
 On the Operation of the Bank Charter Act o/1844 ; and Suggestions 
 
 for an Improved System of Issue. 
 
 PAPER 
 
 Bead before the Statistical Society' or London, 
 ox the 17th December, 1872. 
 
 reprinted from the journal of the statistical society. 
 
 I 
 
 WITH FULL RETURNS OF THE BANK OF ENGLAND S WEEKLY STATEMENTS 
 
 FROM 1844 TO 1871. 
 
 AND ADDITIONAL NOTES 
 
 BY 
 
 ERNEST SEYD, F.S.S. 
 
 LONDON : 
 
 HARRISON AND SONS, ST. MARTIN'S LANE, 
 
 Printers in Qrbinarg to iicr gfjtgjtstp;. 
 
 1873. 
 
\A0 %<X 
 
 fZ. o t'f 
 
PREFACE. 
 
 The Paper read before the Statistical Society is here 
 reprinted from the Journal. The copyright belongs to the 
 Society, but the authors of papers are permitted to have 
 extra copies printed for distribution. 
 
 To the above Paper the Author has added some matters 
 which may be considered as having reference to the whole 
 question. 
 
 The Returns of the Weekly Bank of England Statements 
 
 for the last twenty-seven years are given, with extra 
 columns for Rate of Discount and Circulation of Notes 
 above the Amount of Bullion. The columns of Bankers' 
 Balances, Bills Discounted, and Temporary Advances, taken 
 from Parliamentary Returns, do not go beyond 1857. 
 
 Copies may be obtained gratis, on application (stating Name and Address, 
 and enclosing Book Post Stamp) to Messes. Seyd & Co., la, Princes Street. 
 Bank. 
 
Statistical Critique on the Operation of the Bank Charter Act 
 of 1844, and Suggestions for an Improved System of Issue. 
 By Ernest Seyd. 
 
 [Read before the Statistical Society, 17tU December, 1872.] 
 
 The subject of the Bank Act of 1844 has always been a favourite 
 theme in this Society, and although it has rarely been treated 
 statistically, yet the Society cannot complain of the lack of variety 
 of opinions under which it has been brought before them. 
 
 Of the two parties which stand at the extreme ends of diverging 
 views, the one not only utterly condemns the Bank of England 
 Act and its limit of issue, but recommends the introduction of 
 so-called " free banking." The other upholds and praises the Bank 
 Act, but condemns the public for not knowing how to make proper 
 use of it. All the controversy which has hitherto taken place upon 
 the question lies between these two extremes. 
 
 One author modifies the extreme suggestion of " free banking ' 
 by proposing that the right of issuing bank notes should be con- 
 ferred only on joint stock banks. Why should such a privilege 
 be granted to joint stock banks, institutions which, but for the fact 
 of their being composed of more than seven partners, and of their 
 falling under a special law designed for their better control by the 
 public, differ in no way from other corporations, partnerships, or 
 individuals constituting firms ? The State cannot grant such general 
 privileges to a class, and in making the proposal its authors alto- 
 gether ignore the very first principles of legislative duties. But 
 supposing it were carried out, the questions would arise : shall these 
 notes have legal tender rights, involving the responsibility of the 
 State, and forcing it to control the securities of the issuers ; or shall 
 they not have legal tender rights ; shall their acceptance in payment 
 remain optional ? The State cannot act as an inspector or spy of 
 the concerns of a number of joint stock banks, and for the safety 
 of the contract basis and the due legal vindication of the contract, 
 it cannot permit the issue of a general currency which has no legal 
 tender rights. " But," says the proposer of such scheme, " we want 
 " this kind of currency principally when there is a crisis and money 
 " is scarce, and our country bankers now issue notes without legal 
 " tender rights." Now whenever a crisis threatens, the issue of the 
 country bankers, it is curious to notice, contracts rather than 
 expands ; the more severe the pressure the more does the country 
 
Seyd — On the Operation of the Bank Act of 1844. 5 
 
 banker endeavour to cancel his liabilities by calling in bis notes, a 
 perfectly natural result, when it is borne in mind that his issue is 
 nothing more than an ordinary promissory note without legal 
 tender force. And any issue of the kind proposed, instead of being 
 sought during a crisis, would be refused, and a perfect currency 
 demanded. In ordinary times our present country bankers' issues 
 are no doubt successful as far as the profits of the issuers are con- 
 cerned ; whether they are really useful to public interests as regards 
 their influence on prices in their international relationship, and in 
 other directions, is a matter of doubt with some parties ; my own 
 opinion is that all the pleas as to their local importance are falla- 
 cious, and that they are mischievous ; but this much is certain, that 
 in the event of a crisis they become, like all non- legal tender 
 moneys, absolutely useless. A further or temporary admixture of 
 this kind of currency without legal tender, with the true circulating 
 medium (gold and Bank of England notes) now vested with legal 
 tender rights, could not be borne. Fortunately, the country issues 
 are confined within their own limited spheres ; our great national 
 and international financial centre would, by the mere force of a 
 natural law, sweep them aside, together with all other similar issues 
 proposed as remedies by the class of authors referred to. 
 
 Another class of reformers propose to take the issue of bank 
 notes from the Bank, and to transfer it to the Government. The 
 State, through the Treasury, is to make the issue, say, partly on 
 bullion, partly on credit. The Government can take in bullion and 
 print notes, receiving and paying away money in exchange for notes ; 
 but what can it do with the fiduciary or credit portion of the issue ? 
 To whom are these notes to be given, and for what consideration ? 
 Can the State purchase consols or discount bills ? This question 
 I ask quite independently of the liability of the State to pay the 
 fiduciary notes. The fact is that all issues of bank notes must be 
 brought into direct contact with commercial interests, and no 
 Government can issue a presumably convertible bank note without 
 becoming a banker, liable to all the chances of that business. A few 
 Governments, in distress for money, have issued inconvertible notes 
 from their treasury, but they have speedily dropped them, transferring 
 the right of issue to banks. The most notable case of this kind is 
 that of the United States of America, and the issues, under Govern- 
 ment inspection, of their national banks. The Government inspects, 
 investigates, and spies into the assets of these banks as rigorously 
 as possible, and so makes itself responsible for their safety. Would 
 such a system suit England ? And bear in mind that this system 
 can only be carried on because the American notes are inconvertihh , 
 and legal tender at the same time ; if they were convertible it could 
 not be maintained. 
 
6 Seyd — On the Operation of the 
 
 Wilder schemes than these are now and then proposed, the heroic 
 remedy of the issue of 70 millions of bank notes (the amount of 
 our annual imperial taxation), for the purpose of paying taxes, is 
 frequently suggested by social reformers of a certain type. I do 
 not care to notice them ; but one idea I may now set forth, for the 
 consideration of those whose mind is not yet made up as to the 
 relative value of a fiduciary bank note issue, compared to an issue 
 based on the precious metals alone. 
 
 If it were an absolute truth that a fiduciary issue is as good as 
 a bullion note issue, there would be no doubt in the matter nor need 
 of any controversy ; the absolute truth would assert itself with 
 the unerring force of a natural law, in spite of all endeavours to 
 prevent it, and if that were so, if both issues were equal in value, 
 the fiduciary issue would reign supreme, and set aside the use of 
 metallic money. As this has not taken place, as, on the contrary, 
 all attempts to establish a fiduciary issue have either failed, or, 
 where seemingly successful, have been attended with overwhelming 
 evils, we must conclude that such issue is, to say the least, inferior 
 to the one based on metal. The question of degree of inferiority is 
 of less importance, and whatever that may be, it is quite evident 
 that its evil results do not manifest themselves alone in issues wholly 
 fiduciary, but that in some measure they are present also in all issues 
 in which the fiduciary element forms a part. 
 
 I make these remarks in order to define the point of view on 
 which I stand, from which all ingenious combinations proposed as 
 to general issues by banks, or a special issue by the State, or kin- 
 dred issues by way of seignorage on legal tender coin, are dispelled 
 and placed into the category of financial alchemy. The duty of the 
 State in regard to the provision of legal tender coin is simply that of 
 certifying to its value by the dies of the Mint, and to forbid the 
 issue of similar pieces by other parties. The same attitude, neutral 
 in its main principle, must also be maintained in regard to bank note 
 issues, and if the Government gives way to the pleas upon which a 
 paper issue is demanded, it must retain the power of making a contract 
 with one responsible factor whom it can control on behalf of the 
 public, so as to be justified in giving legal force to the issue, without 
 at the snme time involving the direct liability of the State. I indi- 
 cate thereby that I am in favour of our present bank note issue 
 being retained, and altogether undertaken by a single establish- 
 ment, the Bank of England ; and now face the questions : is 
 the present Bank of England issue so constructed that it satisfies 
 the pleas upon which it has been established ? does it meet require- 
 ments ? is it faulty ? and can it be improved ? 
 
 It is needless for me to point out here the conflict of opinions 
 which, in reference io this matter, has raged for years, and the evidence 
 
Bank Charter Ad of 1844. 7 
 
 of the remarkable disturbances in our commercial history since the 
 passing of the Bank Act; it is sufficient to say that in the whole 
 of the controversy I have never met with an expose of the "first 
 " principles " upon which this matter is to be decided, and yet such 
 first principles must exist. 
 
 The only attempt to bring out first principles is made by those 
 who defend the Act of 1844 by saying : " The Bank Act is perfect in 
 " every way — but (and here come their so-called first principles) 
 " the public is not good enough for it; our merchants will speculate, 
 " they will draw accommodation bills, and get themselves and our- 
 " selves into trouble; if the public would only act properly the 
 " Bank Act would be a splendid success, and nobody would have 
 " reason to complain." The Pharisee who in his pride set himself 
 so far above the publican is much less to blame than those who pit 
 their system against the whole community and its degree of civiliza- 
 tion — who are unable to deal with human nature, unable, therefore, 
 to govern it or to invent a system which will suit human nature. 
 Fancy the prime minister of this country, finding himself in conflict 
 with the British nation, coming forward and saying: "I am not to 
 " blame, it is you, the people, who are bad, and not fit to be governed.'' 
 And so the defenders of the Bank Act have moralised for years in 
 this strain without improving the public. They have boasted of 
 the convertibility of the note, although we all know by what a 
 contradictory process it has in times of danger been maintained ; 
 parliamentary inquiries have taken place, and heavy blue books 
 have been printed thereon. ~No wonder that all these seemingly 
 authoritative and copious matters should bother the ordinary 
 Englishman ; that he should finally shake his head, acknowledging 
 humbly that he is not good enough for the Bank Act. He may 
 wish himself on some other planet with a superior race of beings, 
 and if by chance there should be a similar Bank Act in such 
 higher realms, his report to us on its working would be very 
 desirable. 
 
 I think you will agree with me that this line of defence, taken by 
 the admirers of the Bank Act, is in reality its severest condem- 
 nation. 
 
 Yet bank notes must exist, and must be used. Why and how, 
 that is the point. I shall endeavour, subject to your considerate 
 criticism, here to establish the first principles upon which an issue 
 of bank notes can be conducted ; but before I do so, I shall lay 
 before you a closer account of the intention and construction of the 
 Bank Act, together with statistical facts showing how far these 
 intentions have been carried out or not, and the evils which have 
 arisen in connection therewith, so as to prepare the way for i; first 
 " principles." And in thus criticising one of your favourite institu- 
 
8 Seyd — On the Operation of the 
 
 tions, I trust that you will concede to me the privilege which the 
 native Englishman enjoys, when, though full of respect for his 
 national greatness and prosperity, he yet feels anxious about some 
 matter of public interest. 
 
 The first, and to many persons the most important purpose of 
 the Act of 1844 was to secure the convertibility of the bank note. 
 That this has been accomplished I will allow, but not by strict 
 adherence to the Act ; on the contrary, whenever the danger of 
 inconvertibility drew nigh, the suspension of the Act had to be 
 resorted to. There is no special merit in the Act, even including 
 the absurdity of its suspension, for having accomplished this, other 
 equally efficient methods of preserving the bullion basis might have 
 been adopted. Other nations and other national banks have main- 
 tained the convertibility and par value of their bank notes as well 
 as ourselves. If during the existence of the Act we had been 
 involved in war on our own soil, like America and France, I 
 question whether we should have maintained the convertibility 
 of the note, especially as we have in thoroughly peaceful times 
 been, at all events, very near to its failure. But I will allow 
 that we have so far succeeded in maintaining the convertibility, 
 and I will go so far as to say that, in the next crisis, especially 
 if we again suspend the Act, we may again succeed in doing so. 
 I say this in order to forestall and render unnecessary any discussion 
 on this point. You will, however, I am sure, generally agree 
 with me in this, that if we issue notes against bullion only, and not 
 against bullion and Government securities, the convertibility of the 
 note would be absolutely secure, and that, consequently, the extra 
 issue of i 5 millions of notes against Government securities does not 
 improve the convertibility. 
 
 The Act further carries out the purpose of placing the purchase 
 and sale of gold bullion upon a firm basis, and the firmness of the 
 valuation which has thereby been established as regards gold is one 
 of the principal means of our success as international bankers. 
 That is the best feature in the system. In its practical working it 
 has lately undergone a slight improvement in the way of greater 
 accuracy. The arrangements made by the Bank for the control of 
 our gold coinage are also admirable. 
 
 But in addition to the bullion which the Bank purchases as 
 material for the convertibility of the note, and the arrangements 
 connected with the dealings in the precious metals, the Bank also 
 issues 15 millions (originally 14 millions) of bank notes on securities, 
 not bullion. The whole controversy as regards the Bank Act turns 
 upon this extra issue of 1 5 millions. The advocates of the bullion basis 
 condemn it as too large and unnecessary, the partisans of the fidu- 
 
Bank Charter Act of 1844. 9 
 
 ciarv system say that it is too small and not elastic enough. Now, I 
 am perfectly well aware that, in talking of Bank of England notes 
 generally, the public in its faith makes little distinction between the 
 bases on which they rest, and seems to expect that everybody 
 should do the like. The investigator, however, must inquire into 
 their origin, and to him the two elements present in the Bank of 
 England issue, viz., the bullion and the Government securities, 
 appear as two distinct matters. 
 
 The Bank then, as you are aware, besides the notes issued against 
 bullion, also issues 15 millions against 11,015,100/. Government 
 securities, and 3,984,900/. other securities. Why is this extra issue 
 made ? What are its objects, either for the benefit of the State, 
 or the public, or the Bank ? I propose to answer these questions 
 in succession. 
 
 The Government, some long time ago, it may be said, owed a 
 debt of 1 1 millions to the Bank, and not finding it convenient 
 to repay this sum, granted to the Bank the privilege of issuing 
 notes to that amount (and 4 millions more) to be used as money, 
 the debt of 1 1 millions (and 4 millions other securities) serving as 
 guarantee to the public who hold the notes. Whatever may have 
 been the original necessity of the State, it cannot be said that in its 
 present prosperity it requires to borrow 1 1 millions of the Bank, 
 and this sum might as well be added to the great national debt. 
 The Government, therefore, at the passing of the Act was not, and 
 is not now, under any necessity to use the issue as a means for 
 borrowing money ; it might have long since repaid the sum . 
 The main object in keeping the debt standing was the conception 
 that it would serve as security for the issue of the notes. And 
 here let me at once declare that all the controversy in regard 
 to this matter of the debt of the State to the Bank, the proposed 
 repayment, the paradox of such a security, is, as far as this 
 question of the issue of 1 5 millions is concerned, quite immaterial. 
 It does not matter in the least whether this debt is booked or held 
 by the Bank in consols, or whether it is repaid to the Bank, who 
 with the money thus obtained might replace this security by sub- 
 stituting some other kind for it, for it does not matter what 
 securities the Bank holds against fiduciary issue, so long as they 
 fall within the same category of safety as the 4 millions "other" 
 securities in the issue department. 
 
 The primary object of the extra issue itself, undoubtedly, was 
 that of providing money or supposed money for the public wants. 
 At the time when the Bank Act passed, it had been ascertained that 
 the public had been accustomed to a circulation in their hands 
 of some amount of bank notes, for which an issue of fiduciary notes 
 
10 
 
 Sei'd — On the Operation of the 
 
 to the amount of 14 millions seemed suitable, and the legislature 
 conceded this amount, and fixed it as a limit. Without referring 
 here to the nature of such an issue as combined with bullion, 
 or to the prudence or imprudence of the limit so rigorously fixed, let 
 me dwell upon the point that the evident and beneficient intention 
 of the laiv was that of providing the public, through the medium of the 
 Bank, with 15 millions (at first 14) of money beyond that which the 
 nation possessed in coin and coinable bullion, so that the 1 5 millions 
 should circulate freely, encouraging commerce and industry. Could 
 the object have been anything else ? 
 
 If such was the object, I invite you now to look at the returns 
 placed before you of the reserve of bank notes held by the Bank of 
 England, in its banking department, during the time the Act has been 
 in existence (see the full returns for the twenty-seven years). You 
 will there find that the greater portion of 15 millions of notes, 
 instead of being in the hands of the public in " circulation," is in 
 " reserve," in the banking department of the Bank of England, 
 idle, inviting employment. There is only one instance out of 1,409 
 when the w T hole amount was used by the public ; a few when it 
 was fully employed within 2 and 3 millions ; more when three- 
 quarters or one-half was made available ; but in the vast majority 
 of the 1,409 weeks, or twenty-seven years, a comparatively small 
 proportion came into the hands of the public. On many occasions, 
 almost the whole of the sum lay idle in reserve, on several occasions 
 there was even a surplus beyond it. The following table show 
 what was in the hands of the public : — 
 
 Table A. — Table showing the Amount of Notes held by the Public in 
 Excess of the Bullion in the Issue Department, Weeks and Amounts 
 from 1st January, 1845, to 31st December, 1871. 
 
 The amounts issued above bullion being : — « 
 
 From 1st September, 1844, to 8tli December, 1855 14,000,000 
 
 „ 8th December, 1855, to 10th July, 1861 14,475,000 
 
 „ 10th July, 1861, to 21st February, 1866 14,650,000 
 
 „ 21st February, 1866 15,000,000 
 
 The amounts used by the public have been : — 
 
 1 week between 1 5 and 1 6 millions.* 
 
 5 weeks „ 14 
 
 5) 
 
 15 
 
 j) 
 
 147 
 
 1 week „ 13 
 
 )5 
 
 H 
 
 55 
 
 113 
 
 11 weeks between 12 
 
 >J 
 
 '3 
 
 )> 
 
 68 
 
 18 „ 11 
 
 >) 
 
 12 
 
 >) 
 
 26 weeks 
 
 37 „ 10 
 
 ?) 
 
 1 1 
 
 )) 
 
 5 „ 
 
 81 „ 9 
 
 19 
 
 10 
 
 5) 
 
 4 „ 
 
 151 „ 8 
 
 )> 
 
 9 
 
 )> 
 
 1 week 
 
 148 „ 7 
 
 J) 
 
 8 
 
 ») 
 
 
 
 200 „ 6 
 
 )> 
 
 7 
 
 )> 
 
 1,409 weeks 
 
 217 „ 5 
 
 >> 
 
 6 
 
 5) 
 
 
 
 175 weeks between 4 and 5 million s. 
 
 » 3 >> 4 " 
 
 >> *• )> 3 " 
 
 )> ' 11 * 5) 
 
 below 1 million, 
 
 surplus under 1 ,, 
 
 „ over 1 
 
 ,, ,, 2 million.-. 
 
 * Special issue of 2,000,000?. 
 
Bank Charter Act of 1841. 
 
 11 
 
 Roughly dividing the issue into four portions, it can he said that 
 the public had the advantage of it in circulation during the twenty- 
 seven years as follows : — 
 
 For 1| years of three-quarters of the issue above bullion. 
 ,, 12 ,, one-half 
 ,, 12! ,, one quarter 
 I ,, none at all. 
 
 
 The following table shows the highest and lowest point during 
 each year, and the average calculated on each week. 
 
 Ta ■■' .". B. — Table showing the Highest and Lowest Circulation of Bank 
 Xotcs above Bullion in each Year, and Averages of Circulation and Idle 
 Reserve in the Banking Department. 
 
 
 Issued above 
 
 Highest 
 
 Lowest 
 
 Average 
 
 Idle Reserve, 
 
 
 
 Circulation above 
 
 Circulation above 
 
 Week 
 
 Week 
 
 
 Bullion. 
 
 Bullion. 
 
 Bullion. 
 
 by Week. 
 
 by Week. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 isir, . 
 
 14.000,000 
 
 8,780,000 
 
 4,145,000 
 
 6,105,000 
 
 7,895,000 
 
 '46 
 
 >> 
 
 8,887,000 
 
 4,r53,oco 
 
 6,123,000 
 
 7,877,000 
 
 '17.. 
 
 91 
 
 12,840,000 
 
 5,723,000 
 
 9,389,000 
 
 4,61 1, ceo 
 
 '18.... 
 
 J) 
 
 6,848,000 
 
 2,691,000 
 
 4,892,000 
 
 9,io8,oco 
 
 '49.... 
 
 5> 
 
 5,889,000 
 
 1,518,000 
 
 4,015,000 
 
 9, 955, ceo 
 
 1850.... 
 
 )> 
 
 4,695,000 
 
 1,989,000 
 
 3,455,000 
 
 10,545, ceo 
 
 '51 .... 
 
 J) 
 
 7,350,000 
 
 1,8^8,000 
 
 5,529,000 
 
 8,471,000 
 
 '52 .... 
 
 J» 
 
 3,887,000 
 
 244,650* 
 
 1,778,000 
 
 12.222,000 
 
 '53 .... 
 
 >' 
 
 8,988,000 
 
 2,868,000 
 
 5,633,000 
 
 8,367,000 
 
 '51.... 
 
 55 
 
 10,099,000 
 
 5,647,000 
 
 7,464,000 
 
 6.536.000 
 
 1855 .... 
 
 5) 
 
 9,737,000 
 
 2,113,000 
 
 6,269.000 
 
 7>73i>ccc 
 
 '56 .... 
 r 
 
 I4,475,COO 
 
 11,924,000 
 -j 
 
 7,086, ceo 
 
 9,417,000 
 
 4,958,000 
 
 ,, { 
 
 55 
 
 2, 000,000 
 extra 
 
 1 13,327,000 
 
 8,281,000 
 
 9,S16,000 
 
 4,659, ceo 
 
 '58 .... 
 
 14.475,000 
 
 7,480,000 
 
 1,233,000 
 
 3,093,000 
 
 1 1, 372, ceo 
 
 '59 .... 
 
 >> 
 
 6,120,000 
 
 1,125,000 
 
 4,016,000 
 
 10,429,000 
 
 1860... 
 
 55 
 
 9,552,000 
 
 5,151,000 
 
 0.768,000 
 
 7,707,ccc 
 
 '61 i 
 
 55 
 14,650,000 
 
 | 9,736,000 
 
 4,628,000 
 
 7,844,000 
 
 6,8c6,ccc 
 
 '02 .... 
 
 5, 
 
 0,538,000 
 
 4, 1 68, ceo 
 
 5,320,000 
 
 9,330,000 
 
 '63 
 
 >5 
 
 8,846,000 
 
 5,172,000 
 
 6,897.000 
 
 7,753,ccc 
 
 'ill .... 
 
 5' 
 
 9,757,000 
 
 5,692,000 
 
 7,819,000 
 
 6,831,000 
 
 1865".... 
 
 55 
 
 10.356,000 
 
 5,1 i9,coo 
 
 7.387.000 
 
 7,263,000 
 
 '66 ... 
 
 15,000,000 
 
 14,584,000 
 
 3,625,000 
 
 9,189,000 
 
 5,811,000 
 
 '67 — 
 
 55 
 
 5,183,000 
 
 1 70,000 
 
 3.230,000 
 
 11, 764. ceo 
 
 '68 ... 
 
 55 
 
 6,502,000 
 
 2,009,000 
 
 4,255,000 
 
 ic,745,cco 
 
 '09 .... 
 
 55 
 
 8,495,000 
 
 3,268,000 
 
 5,679,000 
 
 9,321,000 
 
 ■1870.... 
 
 55 
 
 0,173,000 
 
 814,000 
 
 3,449,000 
 
 1 1,551,000 
 
 '71.... 
 
 55 
 
 7,713,000 
 
 2,100,400* 
 
 1,530,000 
 
 13,470,000 
 
 * The two items in 1852 and 1871 in italics being surplus above the whole 
 
 is?' 1 . ; 
 
12 
 
 Setd — On the Operation of the 
 
 The average of the whole "being 5,794,000/., i.e., that being 
 the amount of which, out of the 14 and 15 millions assigned, the 
 public has had the use during the existence of the Bank Act. This, 
 of course, includes the years of very high interest and those of crises, 
 during which abnormal times the fiduciary circulation was excep- 
 tionally large, as you see by Table A. 
 
 The following statement shows the average of notes above 
 bullion in circulation at respective rates of interest : — 
 
 2 to 24 
 per Cent. 
 
 3 per Cent. 
 
 31 to 4£ 
 per Cent. 
 
 5 per Cent. 
 
 5£to8 
 per Cent. 
 
 9 to 10 
 per Cent. 
 
 315 weeks 
 
 £3,500,000 
 
 318 weeks 
 £4,568,000 
 
 315 weeks 
 
 £6,043,000 
 
 140 weeks 
 
 £7,694,000 
 
 230 weeks 
 
 £8,716,000 
 
 31 weeks 
 £11,277,000 
 
 1 
 
 99 
 
 )> 
 
 The average for the 27 years is 
 
 If the exceptional times of crises and high 
 interest from 5I to 10 per cent, be deducted, 
 viz., 261 weeks or 5 years, the average would 
 be for the remainder 
 
 If the interest up to 4^ per cent, be deemed the 
 
 normal state, the 140 weeks at 5 per cent. )■ „ 
 
 deducted, there would remain an average for.... 
 
 Whilst from 2 to 3 per cent., representing 693 
 
 weeks, or nearly one-half of the whole time, the )■ 13 £ „ 
 average would be for 
 
 £ 
 5,794,000 
 
 5,000,000 
 
 4,630,000 
 3,987,000 
 
 These statements show to what extent the public has profited by 
 the fiduciary issue of 1 4 to 15 millions by way of circulation. I am 
 aware that some of my hearers are preparing now to urge that the 
 balances thus lying idle at the Bank constitute the reserve, that they 
 are available, that they arise from this and that and the other cause. 
 I beg of them not to forestall me here, for I will deal with all these 
 matters ; the simple question which I have so far discussed is, that 
 if the legislature intended that the 14 to 15 millions of extra issue 
 should circulate for the benefit of the public, how has this intention 
 been carried out ? The figures given speak for themselves. 
 
 I think you will agree with me that the balances held as reserve 
 by the Bank, and not in circulation, stand on the same ground as 
 hoarded money — utterly inactive. The facts before us prove what 
 their " availability ' amounts to, and even hoarded money is 
 " available ' when it meets with proper demand. I shall presently 
 again allude to this so-called " available " character of the reserves ; 
 but as far as the practical use in the hands of the community for 
 the current transactions of commerce is concerned, the Bank might 
 as well hold securities or merchandise, or no reserve at all. 
 
Bank Charter Act of 1844. 13 
 
 In presenting the matter to yon in this light, the admirers of 
 the Bank Act may feel disposed to charge me with having forgotten 
 theii* distinction between the issue department and the banking 
 department; the 15 millions of notes emanating from the former, 
 the reserve accumulating in the latter. They maintain, as you arc 
 aware, that the issue department is so entirely separated from the 
 banking as to constitute separate interests. Yet, as we all know, 
 the stockholders of the Bank alone are responsible for the issue, 
 and receive the profit arising therefrom. The Stale, it is true, 
 owes a debt of 1 1 millions to the Bank, it also taxes the issue by 
 a certain sum per annum, and it gives the privilege of legal tender 
 to the notes, but it is in no way responsible for the issue depart- 
 ment. Indeed, the debt of 1 1 millions might be converted into 
 consols to be held by the Bank, or the Bank might hold other 
 securities, without any reference whatsoever to the State. The only 
 monetary connection between State and Bank then remaining would 
 be the annual contribution paid by the latter to the Exchequer, and 
 the nature of this connection is none other than that of ordinary 
 licences or duties in taxation. The right of legal tender which the 
 Government has granted to the Bank of England note has nothing 
 to do with the responsibility of the State, or the accountancy at the 
 Bank. The whole weight of the issue department rests upon the 
 shoulders of the Bank itself; and as far as this question of the 
 ''mount of notes in the hands of the public is concerned, it matters 
 not a whit to them v:hetlier the idle reserve he held in the issue 
 department, or is held in the bankmg department, in the left or in 
 the right hand of the Bank — in either case it is not in circulation. 
 
 I here introduce and concede the alleged distinction between 
 the issue and banking departments, for it is not only convenient for 
 an investigation of the accounts which are given in that form, 
 but later on I may show also that this same distinction between the 
 departments, or rather the automatic character of the one, can be 
 maintained, as a matter of separate account in connection with an 
 improved bank-note issue. 
 
 Glancing now again at the amounts of the fiduciary issue in the 
 hands of the public, and, byway of contrast, at the large reserves in 
 the Bank, the question arises, how do these accumulate ? The sug- 
 gestion nearest at hand is that they are money which the public, or 
 rather the customers of the Bank, have paid in ; and if the reserve 
 is small, it follows that the reduction should have been caused by 
 money withdrawn. That means, in other words : an increase in the 
 deposits at the Bank must bring about a corresponding increase in 
 the reserve, and vice versa. Now if yon look at the column of " Total 
 " deposits and bills " in the general returns (under which I have united 
 ihe three items of liabilities — public deposits, private deposits, and 
 
 b 2 
 
14 Seyd — On the Operation of the 
 
 seven days and other bills, as money liabilities of the banking depart- 
 ment), and at the column of reserve of notes, yon will find that this is 
 but very partially the case. The variations in the deposits are caused!' 
 chiefly by the public accounts (the most unsteady np to 1871), the 
 periodical payments of taxes, dividends on the debt, deductions from 
 the " rest " of the Bank, &c, and if there are numerous cases where 
 an increase or decrease in the deposits means a corresponding effect 
 in the reserve, there are more where this is the case but very 
 slightly, and many where the contrary takes place. The absorption 
 of any sudden increase is met by the temporary investment in or 
 advance on Government and other securities of casual surplus. 
 These movements, with the demand at harvest time, &c, represent 
 but the current transactions within certain reasonable limits, and in 
 accordance with the progressive increase, year by year, of the busi- 
 ness. But what we must look to, in order to verify the proposition 
 that the increase or decrease in reserve is tantamount to increase 
 or decrease of deposits by the public, are the larger movements 
 under which at different times the reserve is either insignificant or 
 redundant ; — and in doing so, it must be strictly borne in mind that, 
 according to the theory of the separation between issue and banking* 
 department, the presence of bullion in the former is an element 
 which can be entirely separated from the latter. For the Bank 
 assumes that its banking department stands on precisely the same 
 ground as every joint stock bank or private banker, the action of 
 the issue department being merely automatic for the sake of the 
 public, of which the banking department is but a member. In the 
 general returns for the twenty-seven years, 3*011 will find numerous 
 disproportions between deposits and reserve, in flagrant contradiction 
 with the theory that the latter declines and falls with the former: 
 
 Between the 19th December, 1845 and 10th January, 1 846, there 
 is a difference of 100,000/. in the reserve, but one of 8 millions in 
 deposits. On the 24th July, 1847, the reserve is 1 million, the 
 deposits over 14; on the 5th of August, 1848, the reserve is 8 mil- 
 lions, with 14 millions deposits. Look at 1853-54, and all subse- 
 quent years, and you will find still greater variations, not only in the 
 same years, but more so in periods of two, three, or more years. In 
 December, 1857, the reserve is near 1 million, the deposits being 
 19 millions; four months later, with the same deposits, the reserve 
 exceeds 10 millions. Still more flagrant in the years 1866-67, when 
 with deposits at 27 millions, the reserve is at one time under half-a- 
 million, at another above 14 millions. This independence in the 
 relationship between the reserve (or rather the issue) and the 
 deposits becomes all the more extraordinary at times when the so- 
 called pressure for money brings money to the institution, instead 
 of the contrary, as might be expected. In the table which I now 
 
Bank Charier Act of 1814. 
 
 I-j 
 
 'lay before you, I have selected in each half-year the highest and 
 lowest state of the reserve, and placed them in juxtaposition with 
 the deposits of the same week. I have avoided to include the last 
 and first weeks of each half-year, for these exhibit the most abnormal 
 'results ; for reasons well known, I exclude them so as to escape 
 the charge of forcing my case. There are also numerous instances 
 where the deposits are much larger proportionately than those 
 resulting from the comparison with high and low reserves. 
 
 Table C. — Table showing the Highest and Lowest State of the Re&crve 
 of each Half- Year from 1845 to 1871 inclusive (avoiding the cxir 
 Weeks at the End and Beginning of each Half- Year), with Bullion, 
 Dejjosits, and Percentage of Idle Deposits or Idle Fiduciary Issue. 
 
 [000's omitted.] 
 
 Dale. 
 
 Bullion. 
 
 Reserve of 
 
 Notes. 
 
 Deposits ami 
 Bills. 
 
 Difference. 
 
 Percentage 
 
 of Idle 
 
 Deposits. 
 
 Percentage 
 
 of Idle" 
 
 Fiduciary 
 
 Notes. 
 
 1845. 
 
 25th Jan 
 
 14th June .... 
 
 £ 
 14,128, 
 
 £ 
 7,418, 
 9,857, 
 
 £ 
 
 12,650, 
 
 i7,55 2 > 
 
 £ 
 5.232, 
 7,695, 
 
 58 
 56 
 
 53 
 
 70 
 
 13th Sept 
 
 1st ]S"ov 
 
 14,79^, 
 13,276, 
 
 8,430, 
 5,219, 
 
 16,600, 
 14,693, 
 
 8,170, 
 9,174, 
 
 ^1 
 36 
 
 60 
 33 
 
 1846. 
 
 -31st Jan 
 
 13th June .... 
 
 12, 5*7, 
 14,603, 
 
 5,112, 
 9,011, 
 
 22,413, 
 
 22,918, 
 
 17,301, 
 13,807, 
 
 23 
 40 
 
 37 
 64 
 
 12th Sept 
 
 31st Oct 
 
 15,864, 
 i4>3 c 9, 
 
 9,816, 
 6,934, 
 
 17,197, 
 H,399, 
 
 7,351, 
 7,465, 
 
 57 
 48 
 
 70 
 50 
 
 1847. 
 
 16th Jan 
 
 17th April .... 
 
 8,801, 
 
 6,545, 
 2,558, 
 
 16,372, 
 13,925, 
 
 9,827, 
 11,367, 
 
 40 
 
 !9 
 
 '7 
 IS 
 
 23rd Oct 
 
 18th Dec 
 
 7,865, 
 n,3°9> 
 
 1,154, 
 7,551, 
 
 H,293, 
 18,227, 
 
 13,139, 
 
 10,676, 
 
 8 
 41 
 
 8 
 
 54 
 
 1848. 
 
 loth Jan 
 
 18th March.... 
 
 12,247, 
 H,4H, 
 
 7,152, 
 10,967, 
 
 15, 9 l h 
 17,600, 
 
 8,761, 
 6,633, 
 
 45 
 62 
 
 51 
 
 78 
 
 5th Aug 
 
 16th Dec 
 
 12,690, 
 13,982, 
 
 7,998, 
 11,216, 
 
 13,966, 
 18,123, 
 
 5,986, 
 6,877, 
 
 5 7 
 62 
 
 57 
 
 so 
 
 1849. 
 24th March.... 
 5th May .... 
 
 14,582, 
 13,495, 
 
 10,953, 
 8,281, 
 
 18,065, 
 
 i5»7°5, 
 
 7,113, 
 
 7,421, 
 
 61 
 
 — » 
 
 59 
 
 21st July .... 
 22nd Dec 
 
 13,834, 
 16,284, 
 
 8,111, 
 12,481, 
 
 15,218, 
 
 20,801, 
 
 7,107, 
 8,320, 
 
 53 
 60 
 
 58 
 
 89 
 
 1850. 
 
 23rd March.... 
 20th April .... 
 
 16,472, 
 i5,873> 
 
 11,854, 
 9,537, 
 
 20,Z2I, 
 16,732, 
 
 8,307, 
 7,195, 
 
 59 
 5 7 
 
 85 
 67 
 
16 
 
 Setd — On the Operation of the 
 
 Table C. — Highest and Lowest State of Reserve of each Half-Year — Contd. 
 
 [OOO's omitted.] 
 
 Date. 
 
 • Bullion. 
 
 Reserve of 
 Ts'otes. 
 
 Deposits and 
 
 Bills. 
 
 Difference. 
 
 Percentage 
 
 of Idle 
 
 Deposits. 
 
 Percentage 
 
 of Idle 
 Fiduciary 
 
 Notes. 
 
 1850. 
 
 21st Sept 
 
 19th Oct 
 
 £ 
 16,176, 
 15,406, 
 
 £ 
 11,313, 
 
 9,304, 
 
 £ 
 
 20,431, 
 17,219, 
 
 £ 
 9,118, 
 7,915, 
 
 55 
 54 
 
 80 
 65 
 
 1851. 
 22nd March.... 
 22nd April .... 
 
 *3>7i5, 
 
 12,733, 
 
 9,221, 
 6,793, 
 
 18,685, 
 15,203, 
 
 9,464, 
 8,410, 
 
 49 
 45 
 
 64 
 
 49 
 
 19th July .... 
 13th Dec 
 
 13,283, 
 16,279, 
 
 6,649, 
 11,390, 
 
 14,723, 
 !9P45> 
 
 8,073, 
 7,655, 
 
 45 
 60 
 
 48 
 81 
 
 1852. 
 
 17th Jan 
 
 20th March.... 
 
 17>I5I> 
 
 i9,<75, 
 
 10,112, 
 13,195, 
 
 17,489, 
 
 20,882, 
 
 V.377, 
 7,687, 
 
 58 
 6, 
 
 72 
 94 
 
 25th Sept 
 
 30th Oct 
 
 2I,T3Z, 
 20,767, 
 
 13,619, 
 10,954, 
 
 22,044, 
 1^,937, 
 
 8,425, 
 7,983, 
 
 58 
 
 58 
 
 97 
 
 1853. 
 
 19th March.... 
 
 7th May .... 
 
 18,596, 
 
 17,744? 
 
 11,132, 
 
 8,274, 
 
 22,430, 
 17,885, 
 
 11,298, 
 9,611, 
 
 5o 
 46 
 
 78 
 59 
 
 15th Oct 
 
 17th Dec 
 
 14,679, 
 14,-729,. 
 
 5,012, 
 8,124, 
 
 17,870, 
 22,376, 
 
 12,858, 
 14,252, 
 
 28 
 36 
 
 36 
 
 58 
 
 1854\ 
 
 18th Feb 
 
 6th May .... 
 
 11,874, 
 
 7,858, 
 3,900, 
 
 15,704, 
 14,191, 
 
 7,846, 
 10,291, 
 
 50 
 28 
 
 56 
 
 28 
 
 11th Oct 
 
 16th Dec 
 
 i2,333> 
 *3,3 6 9, 
 
 5,755, 
 8,330, 
 
 14,851, 
 i6,739, 
 
 9,096, 
 8,409, 
 
 38 
 50 
 
 41 
 59 
 
 1855. 
 
 20th Jan 
 
 16th June .... 
 
 11,509, 
 i7>35°> 
 
 5,463, 
 11,814, 
 
 i4, T 38, 
 19,929, 
 
 8,675, 
 8,115, 
 
 39 
 59 
 
 39 
 
 84 
 
 18th Aug 
 
 27th Oct 
 
 10,689, 
 
 9,229, 
 
 4,262, 
 
 19,670, 
 16,007, 
 
 10,441, 
 11,745, 
 
 47 
 
 27 
 
 66 
 30 
 
 1856. 
 
 3rd May .... 
 
 14th June .... 
 
 9,181, 
 11,43 7, 
 
 3,430, 
 6,678, 
 
 T5,496, 
 15,105, 
 
 12,066, 
 
 8,427, 
 
 22 
 44 
 
 27 
 46 
 
 23rd Aug 
 
 18th Oct 
 
 11,751, 
 9,23*, 
 
 6,287, 
 2,550, 
 
 15,626, 
 15,506, 
 
 9,339, 
 12,957, 
 
 4° 
 16 
 
 43 
 18 
 
 1857. 
 11th April .... 
 13th June .... 
 
 8,321, 
 10,221, 
 
 3,044, 
 5,924, 
 
 i6,3H> 
 17,730, 
 
 13,270, 
 11,806, 
 
 18 
 33 
 
 21 
 41 
 
 12th Sept 
 
 11th Nor 
 
 10,592, 
 6,666, 
 
 6,194, 
 
 957, 
 
 17,622, 
 i9,i33, 
 
 11,428, 
 18,176, 
 
 35 
 5 
 
 43 
 
 7 
 
Bank Charier Act of 1844. 
 
 17 
 
 Table C. — Hiyhctt and Lowest Slate of Reserve of each Half- Year — Contd. 
 
 [000*8 omitted.] 
 
 Date. 
 
 Bullion. 
 
 Reserve of 
 
 IS'otes. 
 
 -its ami 
 Bills. 
 
 Difference. 
 
 Perceii 
 of Idle 
 Deposits. 
 
 Percentage 
 or Idle 
 1 iarj 
 
 Ni 
 
 1858. 
 20th Jan. 
 24th March... 
 
 £ 
 
 13,764. 
 
 1 7)845, 
 
 £ 
 8,199, 
 13,013, 
 
 £ 
 22, 289, 
 --,263, 
 
 £ 
 14,090, 
 9,250, 
 
 37 
 
 58 
 
 57 
 
 90 
 
 4th Aug 
 
 15th Dec 
 
 16,659, 
 
 1 8,3 7 7, 
 
 10,317, 
 13,106, 
 
 19, -°7, 
 22,896, 
 
 8,890, 
 8,790, 
 
 54 
 
 62 
 
 72 
 
 90 
 
 1859. 
 
 16th March.... 
 
 4th May .... 
 
 16,571, 
 
 13,349, 
 
 8,790, 
 
 23,260, 
 22,216, 
 
 9,911, 
 13,126, 
 
 57 
 39 
 
 92 
 
 61 
 
 28th Sept 
 
 19th Oct 
 
 16,9 16, 
 16,368, 
 
 10,185, 
 8,355, 
 
 23,188, 
 20,445) 
 
 12,003, 
 12,090, 
 
 44 
 40 
 
 70 
 
 58 
 
 1860. 
 11th April .... 
 13th June .... 
 
 13, 9H) 
 
 1 5.434, 
 
 4.922, 
 8,942, 
 
 2', i55) 
 2i,499) 
 
 16,233, 
 12,557, 
 
 4- 
 
 31 
 62 
 
 19th Sept 
 
 14th Nov 
 
 i5>598, 
 
 i2>53-> 
 
 9,215, 
 6,338, 
 
 20,897, 
 19,186, 
 
 11,682, 
 12,848, 
 
 44 
 
 33 
 
 44 
 
 1861. 
 16th Jan. 
 20th March.... 
 
 11,004, 
 11,829, 
 
 5,081, 
 7,453, 
 
 17,871, 
 
 20,253, 
 
 12,790, 
 12,800, 
 
 28 
 
 35 
 52 
 
 17th July .... 
 11th Dec 
 
 10,711, 
 
 I4>23°; 
 
 4,913, 
 9,378, 
 
 16,913, 
 19)759) 
 
 12,000, 
 10,381, 
 
 ^9 
 47 
 
 34 
 6L 
 
 1862. 
 19th March... 
 11th June .... 
 
 15^71, 
 14,238, 
 
 10,451, 
 8,195, 
 
 21,965, 
 22,618, 
 
 11,514, 
 14,423, 
 
 47 
 36 
 
 71 
 
 55 
 
 24th Sept 
 
 5th Nov 
 
 i6,333> 
 14,561, 
 
 10,482, 
 8,111, 
 
 23,89-, 
 22,030, 
 
 13,410, 
 13,919, 
 
 44 
 
 37 
 
 71 
 
 55 
 
 1863. 
 28th Jan. . . 
 25th Feb 
 
 12,737, 
 
 I3;72C, 
 
 7,206, 
 9,253, 
 
 20,501, 
 20,967, 
 
 12,295, 
 11,711. 
 
 40 
 44 
 
 49 
 
 63 
 
 16th Sept. ..... 
 
 4th Nov 
 
 14,684, 
 i3» x 94i 
 
 S,560, 
 5,803, 
 
 27,57o, 
 19,670, 
 
 13,010, 
 13,867, 
 
 40 
 29 
 
 58 
 40 
 
 1861, 
 23rd March... 
 4th May ... 
 
 t3>702, 
 n,778, 
 
 8,495, 
 4,941, 
 
 22,831, 
 19,821, 
 
 14,336, 
 
 11,877, 
 
 37 
 
 59 
 34 
 
 3rd Aug. ... 
 14th Dec. ... 
 
 12,171, 
 
 • 13,3 54) 
 
 4,892, 
 8,825, 
 
 19. 2 3 6 ) 
 19,920, 
 
 11,311. 
 11,095, 
 
 25 
 44 
 
 31 
 
 60 
 
 1865. 
 
 18th Jan 
 
 23rd March... 
 
 i4>454> 
 
 7,350, 
 9,530, 
 
 19,357, 
 24,206, 
 
 12,007, 
 14,676, 
 
 • 38 
 
 40 
 
 50 
 65 
 
18 Seyd — On the Operation of the 
 
 Table C. — Highest and Lowest State of Reserve of each Half- Year — CoiUd. 
 
 [OOO's omitted.] 
 
 Date. 
 
 Bullion. 
 
 Reserve of 
 
 Notes. 
 
 Deposits and 
 Bills. 
 
 Difference. 
 
 Percentage 
 
 of Idle 
 
 Deposits. 
 
 Percentage 
 of ldlc~ 
 
 Fiduciary 
 Notes. 
 
 1865. 
 
 11th Oct 
 
 29 th Nov 
 
 £ 
 13,348, 
 
 £ 
 4,294, 
 
 7,776, 
 
 £ 
 21,284, 
 
 i9,5°9, 
 
 £ 
 16,990, 
 11,733, 
 
 20 
 40 
 
 30 
 53 
 
 1866. 
 21st March.... 
 30th May .... 
 
 13, 554, 
 n,434» 
 
 7,918, 
 415, 
 
 19,700, 
 27,"99, 
 
 11,782, 
 26,784, 
 
 40 
 
 53 
 
 2f 
 
 1st Aug 
 
 12th Dec 
 
 12,93-, 
 17,497, 
 
 2,412, 
 
 10,403, 
 
 21,644, 
 26,255, 
 
 19,232, 
 15,852, 
 
 1 1 
 
 40 
 
 16 
 69 
 
 1867. 
 8th May .... 
 12th June .... 
 
 17,963, 
 20,181, 
 
 9,816, 
 12,413, 
 
 25,399, 
 27,428, 
 
 15,583, 
 15,105, 
 
 39 
 45 
 
 65 
 83 
 
 25th Sept 
 
 6th Nor 
 
 23,237, 
 31,217, 
 
 14,829, 
 11,610, 
 
 27,823, 
 24,79 x » 
 
 12,994, 
 13,181, 
 
 53 
 47 
 
 99 
 
 78 
 
 1868. 
 
 29th Jan 
 
 6th May .... 
 
 21,203, 
 19,234, 
 
 12,728, 
 9,779, 
 
 26,676, 
 25,809, 
 
 13,948, 
 16,030, 
 
 48 
 38 
 
 85 
 65 
 
 29th July .... 
 2nd Dec 
 
 20,784, 
 17,007, 
 
 11,422, 
 
 8,497, 
 
 25,454, 
 24,223, 
 
 14,032, 
 15,726, 
 
 45 
 35 
 
 77 
 57 
 
 1869. 
 5th May .... 
 16th June .... 
 
 *5>5 10 , 
 18,043, 
 
 6,504, 
 10,465, 
 
 21,496, 
 25,040, 
 
 14,992, 
 14,575, 
 
 30 
 42 
 
 45 
 
 70 
 
 25th Aug 
 
 3rd Nov 
 
 19,999, 
 
 17,600, 
 
 11,731, 
 8,604, 
 
 22,955, 
 21,617, 
 
 11,224, 
 13,013, 
 
 5 1 
 40 
 
 78 
 58 
 
 1870. 
 4th May .... 
 15th June .... 
 
 18,701, 
 19,9*7, 
 
 10,026, 
 12,313, 
 
 2<,o6o, 
 
 28,876, 
 
 15,034, 
 16,563, 
 
 40 
 42 
 
 67 
 81 
 
 3rd Aug 
 
 14th Dec 
 
 17,957, 
 
 22,021, 
 
 8,527, 
 14,185, 
 
 27,308, 
 26,388, 
 
 18,781, 
 12,203, 
 
 31 
 54 
 
 57 
 95 
 
 1871. 
 12 Hi April .... 
 14th June .... 
 
 21,541, 
 
 2 5, I 35, 
 
 12,340, 
 16,418, 
 
 29,921, 
 29,042, 
 
 17,580, 
 12,624, 
 
 41 
 
 56 
 
 82 
 109 
 
 26th July .... 
 Uth Oct, 
 
 18,394, 
 
 16,620, 
 
 7,286, 
 
 32,269, 
 
 27,155, 
 
 15,649, 
 19,869, 
 
 5i 
 
 27 
 
 111 
 
 49 
 
 A further proof that the surplus reserves have little connection 
 with the public may be draAvn from the bankers' balances. The 
 bankers are the great factors in whose hands any surplus money 
 
Bank Charter Act ••/ 1- 11. 19 
 
 would collect and flow into the Bank; but, if you glance at the 
 column of bankers' balances in the general Bank statements 
 appended (which unfortunately only go as far as 1857), you will 
 find that the variations between them cannot have any important 
 bearing on the matter, and that they often have a quite contrary 
 effect, i.e., they increase, when the reserve is dangerously small. 
 
 The abnormal conditions in which the bank note reserve is so 
 often placed may further be ascribed to the variations in the bulli- a 
 at the Bank. I contend that by the theory which maintains the pre- 
 sent bank note issue, viz. that of the admixture of a fixed fiduciary 
 issue with bullion, there should be no reference to bullion, as far as 
 the banking department and its reserve is concerned. The sepa- 
 ration between the one and the other department implies that the 
 banking department uses "the money' as constituting an indi- 
 visible whole. It does not acknowledge the inferiority of the fiduciary 
 portion : on the contrary, it gives it precedence as the original issue, 
 as the basis. Now, if that were correct, and if the i 5 millions form 
 an integral part of the 25 to 35 millions of notes issued, and con- - 
 quently also of the 100 to 120 millions of metallic money in circula- 
 tion, the demand for money should be regulated by the ordinary 
 means of raising and lowering the rate of interest in some proporti< n 
 to the actual amount asked for at the Bank as a percentage 011 the 
 total of 120 to 150 millions in the country, and the store of bullion 
 of the Bank would be of less importance. 
 
 But the view is not correct ; and, whatever may be the value or 
 the boast as to the independence of the banking from the issue 
 department, the Bank directors cannot, as bankers, apply the ordi- 
 nary rule as to interest. They must also watch the issue depart- 
 ment, wherein a drain of bullion, which represents but a small per- 
 centage on the whole metallic wealth of the country, is a large 
 percentage on that stored at the Bank. So, in addition to the neces- 
 sity of raising or lowering the rate for what we may call ordinary 
 monetary movements in banking, they must make extra efforts, for 
 the sake of the issue, in a double or fourfold measure. Hence the 
 nervous susceptibility of our money market, the extreme spasmodic 
 movements, the consequent exhaustion and flatness, and the large 
 useless reserve of notes. 
 
 A reference to Table C shows, under the head of "Bullion," the 
 sums in the issue department at the periods of low and high reserve 
 indicated. If you except the years 1847, 1857, 18G6, when the Bank 
 Act was turned upside down, you will find that the variations in the 
 reserve of notes correspond much better with the bullion reserve — 
 that when the latter decreases there is more issue of notes, and v 
 versa. Nevertheless, the rule shows large divergences, the cause of 
 which is the varying supply of securities in which the Bank finds 
 
20 Seyd — On the Operation of the 
 
 itself able or unable to invest — a subject to which I shall presently 
 allude. 
 
 The fact that our bullion reserve stands in much better relation- 
 ship to the momentary condition of commerce and its progressive 
 increase with the prosperity of the country, would seem compli- 
 mentary to the system. In reality the compliment is due to the 
 directors, whose instinctive wisdom has applied heroic remedies, 
 irrespective of their bad influence on other legitimate interests, and 
 who have succeeded somehow to maintain this bullion reserve, such 
 as it has been at times. The disease requiring these rough heroic 
 measures lies in the old misconception that a fiduciary issue is 
 as good as the pure metallic ore. There are people who actually 
 assert that the surplus of notes in the Bank is due to the increase in 
 bullion, and not to the extra issue. In their eyes the btdlion is the 
 scum of our monetary system. Common sense must repudiate this 
 notion ; the highest logical reasoning would dispose of this aber- 
 ration of thought at once. But, if we admitted the foolish claim 
 that the fiduciary issue thus has precedence over the increase 
 in bullion, we can answer, " The matter is as broad as it is lono\ 
 " the 15 millions themselves either become superfluous, or, through 
 " their presence, they place so much bullion in that position." 
 
 The allegation may be made that if the fixed fiduciary issue did 
 not exist, that is, if the issue were a pure bullion one, there would 
 be the same kind of plethora from time to time, and the same 
 abnormal idle reserves. Unfortunately this country has never tried 
 the pur© bullion basis, so that statistics might refute this allegation ; 
 but as a matter of fact the state of the note reserve at all times 
 shows that bullion is never in surplus. In 1870 only, from the 
 7th June to 2Gth July, there is a surplus of bullion, owing to the 
 exceptional import of gold from France after the war. The case of 
 absolute idleness of metallic money has otherwise been unknown. 
 A lowering of the rate of interest will always give it employment, 
 and although a sudden plethora may require days and weeks for 
 absorption, it will not, like in the case of fiduciary notes, take 
 months and years before use is found for it. The law of exchanges, 
 the great clearing system involved in " arbitrations " of exchanges, 
 rules the equalisation of the value and the stores of solid money 
 with almost mathematical certainty, and makes a permanent surplus 
 of solid international means an impossibiliiy. Unfortunately we 
 do not well understand and appreciate these laws in our banking 
 practice, and our bankers, confining themselves to local national 
 claims, neglect the opportunity of holding and profiting from claims 
 on foreign countries ; so that England, the great international trader 
 and banker, holds but a one-sided position in the great system of 
 claims and counter-claims. Independently, however, of the principles 
 
Bank Charter Act of 1844. 21 
 
 of adjustment which a better policy in international trade would 
 turn to account, if any more or less permanent surplus of metallic 
 money were to arise it would be absorbed by the m the prices of 
 
 commodities, and thus disappear. Anybody acquainted with the first 
 elements of the theory of prices must admit this. A permanent, or 
 even a more or less permanent, accumulation of solid money, capable 
 of giving an average, becomes an impossibility ; the law of prices 
 would absorb it with unfailing certainty, even supposing that the 
 inland intercourse of the country stood entirely apart from the inter- 
 national intercourse. 
 
 The fiduciary element has no relationship to international trade, 
 and, whatever value it may be supposed to have in reference to 
 local intercourse, it brings international and national commerce 
 into continual conflict. As far as the British public (which has 
 received so little benefit from it) is concerned, the fiduciary issue 
 of 15 millions might as well be abolished. There have been periods 
 when the variations in bullion exceeded the average of issue, and 
 longer periods of almost total idleness of the sum, tantamount to 
 a practical . abolition, and no inconvenience was felt. If it w< 
 finally abolished, you will concede to me that, to commence with, 
 all danger of ' ; inconvertibility " of the note, for which we now 
 make such sacrifices, would cease for ever. 
 
 I think that I have pointed out to you the slender connection 
 between the fiduciary note issue and the public, it remains for me 
 only to dispose of one other suggestion connected therewith. It may 
 be said : True, the bank note reserve is generally unused and large, 
 but it is avail able, and in times of great pressure it is so used. 
 A reference to the years 1857 and 1866, notably, will show that at 
 such times it is not the note issue which comes to the rescue, but 
 the depositors ; and, paradoxical as it may seem, the depositors, at 
 their risk, save both the bank and the note issue. 
 
 If, then, the object of the Act, that of benefiting the public by 
 the issue of 15 millions fiduciary notes, has substantially failed, 
 what other object remains ? The only other object could be a sup- 
 posed benefit or monopoly in favour of the Bank itself. Now I 
 utterly repudiate the suggestion that, at the charge of commerce or 
 anything else, the legislature ever intended to confer a privilege 
 of this nature ; but let us suppose, that though not intentionally 
 such were the consequences of the arrangement (a very natural 
 suggestion, for "when one loses, the other wins," it is said). 
 An examination of the results will show the truth of the rule 
 that in matters of general commercial intercourse an identity of 
 interest alone will bring profit to both, by the contrary both will 
 suffer. 
 
-22 Seyd — On the Operation of the 
 
 Let us therefore start the proposition. " the issue is useful and 
 " profitable to the Bank, both as reserve and as investment." 
 
 There are two purposes for which a banker covets a reserve. 
 The first is that of being able to accommodate his customers. Now, 
 if the 15 millions of issue are serviceable for this purpose, the 
 figures given before, as regards the extent to which that issue has 
 been used by the customers of the Bank, will enlighten you. The 
 banking department finds it impossible to move the reserves but 
 within the narrow limits shown, or by the uncontrollable force of 
 panic and confusion. Here the lover of the separation of the issue 
 department from the banking department will smile again in his 
 wisdom and say, " But the banking department has received the 
 "15 millions of notes and invested them, the surplus of notes is quite 
 u another thing." That is to say, he wants to make out that the 
 15 millions of notes are gone, that they are involved in the general 
 business, and that the " reserve " is but the consequence of the notes 
 returned to the Bank by deposits. I have shown the want of con- 
 nection between the issue and deposits, nevertheless it suits me, for 
 the present to throw the onus of the idle surplus on the deposits. 
 Taking, then, his view, we find that the banking department has at 
 its disposal 15 millions of notes plus the deposits of its customers to 
 do business with. The first being invested and gone, the deposits 
 have their turn. 
 
 Look now at the general returns, viz., the deposits and the 
 reserves supposed to arise from their plethora, and notice how very 
 large a portion of the former would be idle. In Table C you will find 
 column headed "Difference." The use of this will now appear. If 
 precedence is given to the 1 5 millions as invested and disposed of, 
 the difference between the reserve of notes and the amount of depo- 
 sits shows the sums which the Bank has been able to employ out of 
 the deposits, and, comparing them with the deposits, the balances 
 being idle, you find that these range from 63 per cent, downwards, 
 the average of the whole twenty- seven years giving 42 \ per cent, of 
 idle deposits. If the abnormal times of crises, when nearly all the 
 deposits are used at extra high rates of interest, are deducted there- 
 from, and calculated over the whole of each week, the result is an 
 average of 51^ per cent, of unused deposits. 
 
 Is this right and proper ? Separate the question for a moment 
 from that of the safety reserve of the Bank, which I shall presently 
 consider. The banking department, it is pretended again, is inde- 
 pendent of the issue, as a banker — so say the advocates of the Act — 
 it stands upon the precise footing as all other banks, and may use 
 its deposits as it pleases. But can any banking concern be conducted 
 when, as is thus frequently the case with the Bank of England, 
 more than half of the deposits are idle ? That the Bank docs 
 
Baul- CJiarter'Aci of 1844. 23 
 
 not leave them uninvested as a matter of choice we ;ill know, for 
 it tempts commerce to use tliem by lowering the rate of interest, at 
 times to an extremely low figure, yet all in vain. And the fact that 
 the Hank pays no interest on deposits docs not concern the trade 
 of the country, which requires banking capital. The great principle 
 in every banking system is that the funds which, cither as accumu- 
 lated wealth or as average of balances, are placed in a bank, 
 should, within reasonably safe limits, be used for the development 
 of business ; yet here we find that this cannot be done, excepting 
 in the most spasmodic manner. The wealth and strength of the 
 country represented by these deposits, the fruits of our economy and 
 industry, seems half wasted when thus brought into competition with 
 the fiduciary issue. I must leave you to judge which of the two is 
 the more worthy of consideration. 
 
 The last column in Table C, headed " Percentage of Idle Notes," 
 proceeds upon my assumption, that the deposits have precedence, 
 and that the burden of idleness is thrown on the fiduciary issue, 
 Wee an incurable disease, cheating us into the belief that these idle 
 notes constitute a reserve. 
 
 A striking proof of the disadvantages under which the Bank 
 suffers by this hallucination is furnished by the discount business of 
 the Bank. You are no doubt under the impression that the Bank 
 of England, as the great centre of the monetary power of the country, 
 the leader in the rate of discount, does an enormous discount business, 
 and holds in hand the : ' cream of the cream " of all that is fine in our 
 oio-antic system of commercial intercourse at home and with all parts 
 of the world. In the general returns for the years 1845 to 1857 
 (unfortunately the returns only go so far), under the head " Bills 
 ' : discounted,"' you will find that there were times when the Bank 
 held no more than two millions of such bills. 
 
 The columns of Table D, which I submit, contain — 1st, the 
 total banking funds or liabilities of the banking department, viz., 
 capital, rest, deposit, and bills ; 2ndly, deposits and bills separately ; 
 3rdly, the note reserve; 4thlv, the investments in Government 
 securities ; 5thly, the other securities ; and in the sixth and seventh 
 columns the bills discounted and temporary advances. The table 
 starts with the highest and lowest amounts of bills discounted in 
 each year, and gives the corresponding items under the other 
 columns. The amounts, which, under the head of bills discounted, 
 appear large, are exceptional, they would seem to make the average 
 larger ; but a reference to the general tables of the Bank returns 
 will show you, notably during the years 1848 to 1854, that the 
 smaller sums are in the greater majority. 
 
24 
 
 Setd— -On the Operation of the 
 
 Table D. — Table showing the Amount of Total Banking Funds and Bills Discounted 
 and Temporary Advances, &c., from 1845 to 1857 {the Half- Yearly Weeks avoided). 
 
 [OOO's omitted.] 
 
 Date. 
 
 1815. 
 
 1st Feb 
 
 20thDec 
 
 184G. 
 28th Feb.. 
 12th Sept. 
 
 1847. 
 9th Jan. 
 13th Oct. 
 
 184S. 
 15th Jan. 
 9th Dec. 
 
 1849. 
 20th Jan.. 
 
 29th Nov. 
 
 1850. 
 25th May.. 
 7th Dec... 
 
 1851. 
 3rd May. 
 4th Oct.. 
 
 1852. 
 
 1 7th Jan 
 
 11th Sept.... 
 
 1853. 
 
 30th July.... 
 15th Oct 
 
 1854. 
 11th Mar... 
 10th June 
 
 1855. 
 16th June 
 20th Oct... 
 
 1S56. 
 26th July... 
 15th Nov... 
 
 1857. 
 10th Jan.... 
 2nd Dec... 
 
 Capital, 
 
 Rest, and 
 
 Total 
 
 Funds. 
 
 £ 
 
 3°>5° 2 
 36,858 
 
 44>i33 
 
 35*6i8 
 
 34* 6 93 
 32,629 
 
 34^87 
 
 35*559 
 
 34*5 6 4 
 36,380 
 
 38,186 
 
 33>i34 
 37,622 
 
 35*344 
 39>"3 
 
 34«i9° 
 
 35>484 
 
 33>i84 
 32,238 
 
 37,605 
 34*283 
 
 33*233 
 33*74 x 
 
 33=083 
 39*362 
 
 Deposits 
 and Bills. 
 
 £ 
 12,650, 
 19,083, 
 
 25,891, 
 17,197, 
 
 16,620, 
 14,538, 
 
 15,903, 
 17,631, 
 
 16,529, 
 1S,663, 
 
 18,052, 
 20,540, 
 
 15,457, 
 19,460, 
 
 17,489, 
 21,009, 
 
 16,388, 
 17,870, 
 
 14,913, 
 
 14,397, 
 
 19,929, 
 16,569, 
 
 15,318, 
 15,933, 
 
 15,275, 
 21,349, 
 
 Kote 
 Reserve. 
 
 £ 
 7,642 
 6,768 
 
 6,994 
 
 9*H 6 
 
 6,715 
 1,176 
 
 7,152 
 10,771 
 
 9,641 
 n,57i 
 
 10,884 
 10,642 
 
 6,957 
 8,958 
 
 10,112 
 13*263 
 
 7,97o 
 5,012 
 
 7,626 
 5*667 
 
 11,814 
 4*3io 
 
 5*803 
 3,606 
 
 4*603 
 2,268 
 
 Govern- 
 ment 
 Securities. 
 
 £ 
 13,541, 
 13,201, 
 
 13,136, 
 12,961, 
 
 12,757, 
 10,613, 
 
 11,203, 
 13,329, 
 
 13,621, 
 14,338, 
 
 14,316, 
 14,228, 
 
 14,125, 
 13,464, 
 
 13,269, 
 14,189, 
 
 13,337, 
 12,455, 
 
 11,747, 
 10,024, 
 
 12,681, 
 10,635, 
 
 13,713, 
 10,457, 
 
 11,513, 
 5,441, 
 
 Other 
 
 Securities. 
 
 £ 
 8,652, 
 16,329, 
 
 23*242, 
 12,321, 
 
 14,464, 
 
 20,409, 
 
 15*254* 
 10,668, 
 
 10,522, 
 9,660, 
 
 9*697* 
 12,722, 
 
 n*44i* 
 14,624, 
 
 11,388, 
 11,116, 
 
 12,466, 
 17*425* 
 
 13*054* 
 15*799* 
 
 12,399, 
 18,789, 
 
 13*094* 
 19*054* 
 
 16,342, 
 31*19!* 
 
 Bills 
 Discounted, 
 
 £ 
 2,030, 
 9,561, 
 
 13,137, 
 
 5,568, 
 
 7,490, 
 12,738, 
 
 7,734, 
 3,182, 
 
 3,236, 
 2,308, 
 
 2,207, 
 3,695, 
 
 3,855, 
 5,883, 
 
 3,569, 
 2,674, 
 
 4,525, 
 9,116, 
 
 4,515, 
 
 7,488, 
 
 3,614, 
 9,054, 
 
 3,761, 
 9,789, 
 
 5,833, 
 
 17,788, 
 
 Temporary 
 Advances. 
 
 Percentage 
 to Resources of 
 Bills Discounted 
 and Temporary 
 
 Advances. 
 
 £ 
 
 i,i75» 
 1,064, 
 
 4* T 4 2 , 
 560, 
 
 97o, 
 1,728, 
 
 1*793* 
 1,109, 
 
 9 T 9* 
 59i> 
 
 6z6, 
 1, 74°* 
 
 680, 
 1,668, 
 
 622, 
 284, 
 
 228, 
 319* 
 
 178, 
 496, 
 
 235* 
 811, 
 
 938, 
 632, 
 
 i,978, 
 3.215, 
 
 10^ 
 27 
 
 39 
 17 
 
 24^ 
 
 44i 
 
 28 
 15 
 
 12 
 8 
 
 8 
 14 
 
 20 
 
 12 
 
 26 i 
 
 2^ 
 
 29 
 29 
 
 3« 
 
 23^ 
 
 Note. — The reserve of coin is left out. 
 
Bank Charter Act of 1844. 25 
 
 The table shows that, -with hanking resources ranging from 30 
 to 40 millions sterling, the bills discounted frequently fall as low as 
 2 to 3 millions. In the column " Percentage to resources of bills 
 " discounted and temporary advances," you find the proportions of 
 bills and advances thereon which have been so employed. Tliey 
 range from 7 J per cent, to 53 | per cent., the latter being the 
 extraordinary moment in December, 1857. The average is 21^ per 
 cent., but this includes the two short crises of 1847 and 1857, 
 which, when deducted, leave an average of 17 per cent. During 
 more than one-half of the entire time the average is but 12^ per cent. 
 That is to say, if by " Bills discounted and temporary advances " 
 are meant dealings in those instruments of exchange which form 
 the life and soul of our commerce, with advances thereon, there 
 are periods stretching over several years in which but one- eighth 
 of the banking resources of the great centre are so engaged. 
 But I am justified in going much farther than I have done in this 
 table. The Bank's discount business can be divided into two cate- 
 gories, the one being that for customers with regular current 
 accounts, the other that connected with the general market, through 
 less regular accounts ; the former, in which the regular business at 
 branches is included, may be represented by averages of from 2 to 
 4 millions, and if these be deducted from the percentages given in 
 Table D, it will appear that there are times when the Bank is, 
 for many months together, altogether severed from the general 
 market, so that the whole average is but 10 per cent., and nothing 
 for about one-half the time. Bearing in mind the original intention 
 of the issue of 15 millions, its great resources, and its natural 
 position, the Bank has no right to refuse such fine discount business 
 on capricious excuses, nor does it do so when the market suits it. 
 It is said that since 18G6 there have been more bills, more discount 
 on the average, but an increase of 3 or 4 millions even would not 
 much affect the principle of irregularity. Yet lately the proposition 
 was started that the Bank should give up discounting, an indication 
 of the state of doubt and demoralisation into which we have fallen 
 in the controversy. (After 1857 the Bank ceased to make tem- 
 porary advances, for reasons which were then given: in 1871 they 
 were resumed. It is much to be regretted that the returns do not 
 continue, so as to show us what the Bank has done since, especially 
 in 1865, 1866, and shortly after; as also in 1870-71.) 
 
 In general the overwhelming proportion of the Bank's funds 
 is invested in Government securities and in " other securities,"' 
 not commercial bills and temporary advances. The business of 
 investing in Government securities (and these securities in the 
 banking department are independent of those in the issue), rail- 
 way, colonial and other securities of that kind, is a very simple 
 
26 Seid — On the Operation of the 
 
 one, and hardly requires a large organisation by way of a bank. It 
 is rather the business of the capitalist, not that of the banker. I am 
 far from saying that a banker should never make use of Government 
 stocks of any kind as an investment ; indeed he must invest any 
 surplus money in them, and thus maintain a certain percentage of 
 reserve; but they should not be the principal investment, if only for 
 the reason that they vary in price and cannot always be sold without 
 loss. Bills, however, are not subject to variations in price, they 
 are securities continually absorbing and reproducing money by a 
 self-acting process. 
 
 The Bank of France, before the war, held 39 millions sterling 
 of bills, and, although the war and sieges intervened, they were all 
 paid, the loss being about one- quarter per cent. The trade of 
 France is not one-half of ours, the Bank of France has no monopoly, 
 for the banks and bankers of Paris and the large towns are com- 
 paratively as powerful as our own other joint stock banks and 
 bankers. Nor is the Bank of France compelled, as is erroneously 
 supposed, to discount all bills with three signatures, it simply rejects 
 those without that number, and has full liberty to do as it pleases. 
 Examine the accounts of the Bank of France, or that of Prussia, and 
 you will find that their chief investments are in commercial bills, 
 the true banking security. The Bank of Prussia, on "Lombard" 
 business, i.e., advances on Government securities, railways, &c. 
 charges 1 per cent, above the bank rate. Look at our own banks, 
 bankers and discount companies, several of them hold more than 
 double as much in bills as the Bank of England, the whole 
 aggregate does not probably fall short of 200 millions sterling. 
 
 It would almost appear as if our great Bank of England 
 had lost the power of acting upon the principle that good bills are the 
 most valuable, the most legitimate, the most reproductive and 
 equalising security for banking purposes. At one time, or rather 
 for a length of time, it holds between 2 or 3 millions sterling, at 
 another time (1857) it holds 20 millions, as if our trade had sud- 
 denly increased eight-fold, and vice versa. Why this irregularity ? 
 why cannot the Bank, claiming the total independence of the 
 banking department, at all events keep some kind of regular 
 percentage share in the business of the country, especially as it 
 determines the rate of discount ? I am far from proposing that the 
 Bank should only deal in bills (upon a three-signature system or 
 some other absurd plan), and agree with Mr. Hankey, who in his 
 book on the institution, says that the Bank should also jiromote 
 railway and public enterprises ; but to such advances, which endanger 
 a bank, no preference must be given ; at all events some reasonable 
 proportion must be maintained in that kind of business for which 
 
Bank Charter Act of 1844. 27 
 
 banking institutions are established. That our Bank makes every 
 effort to obtain these securities we all know; as' soon as its 
 reserve reaches a certain figure, it lowers the rate, say, from 4^. 
 to 4, instantly the market rate becomes 3! ; the Bank says 3^, 
 the market 3j, and so on, until the Bank says 2 and the market 
 if. This process resembles nothing so much as omnibus nursing. 
 Yet the Bank Directors cannot act otherwise, the rule in regard to 
 money or supposed money is absolute, and interest must be lowered. 
 But they obtain no more bills ; on the contrary, the reserve 
 increases and remains stationary for years, until the demoralisation, 
 gradually sown, brings on the violent reaction. The fact is, 
 that when the note reserve is large, when consequently the country 
 itself is on the bullion basis, the successful competition of the 
 adulterated currency at the Bank with the bullion basis becomes 
 impossible. 
 
 The fits, starts, and extraordinary divergences in the rate of 
 interest often puzzle the public, and create great mischief, not 
 only in destroying legitimate profits, but in causing ruin and failure. 
 To what are they due ? When any change in the rate takes place, 
 we endeavour to account for it, by referring either to declines or rises 
 in the bullion, the reserve, the deposits, or the securities ; and although 
 we often doubt the necessity for strong measures, we on the whole 
 rely upon the wisdom of the directors. A closer and comparative 
 examination of the actual state of matters will, in reference to this, 
 reveal to you singular facts, and furnish the true explanation of 
 the anomaly. In order to show this I have, in Table G, herewith 
 submitted, put together the moveable items, viz., bullion in issue 
 department, total deposits, Government securities, "other" securities, 
 and reserve in banking department (the others, viz., securities in the 
 issue and capital, being fixed, rest and coin, more or less fixed 
 items), and placed them in juxtaposition to the rate of discount. 
 The test as to the demand for money on the one hand, and the 
 absorption of the Bank's strength on the other hand, is given by 
 the "other" securities in the banking department; and selecting 
 (without any special choice, and avoiding the extreme weeks of each 
 year) three different stages in each year, with the corresponding 
 other items, you can with greater ease glance over the results. In 
 order now to test the demand for money or its value, it must be 
 borne in mind that an increase in bullion, in the deposits and in 
 the reserve, a decrease in Government and other securities, have the 
 effect of lowering the rate ; whilst a decrease in bullion, deposits, 
 and reserve, as well as an increase in the two securities, have 
 the tendencv to raise the rate. 
 
 C 
 
28 
 
 Seyd — On the Operation of the 
 
 Tarle G. — Table showing "Other" Securities in the Banking Department 
 at Three Different Stages in each Year, and Bullion Deposits, Govern- 
 ment Securities, Rate of Discount, Xote Reserve, and Bills Discounted 
 and Temporary Advances. 
 
 [OOO's omitted.] 
 
 Dale. 
 
 Issue 
 Depart- 
 ment, 
 Bullion. 
 
 Banking 
 Depart- 
 ment, 
 
 Deposits. 
 
 Banking 
 
 Department, 
 
 Government 
 
 Securities. 
 
 Banking 
 Department, 
 
 Other- 
 Securities. 
 
 Rate of 
 Dis- 
 count. 
 
 Reserve 
 
 of 
 Notes. 
 
 Bills 
 Discounted 
 
 and 
 Temporary 
 Advances. 
 
 1845. 
 
 25th Jan 
 
 5th July... 
 6th Dec... 
 
 £ 
 14,122, 
 15,891, 
 12,540, 
 
 £ 
 12,560, 
 18,471, 
 18,136, 
 
 £ 
 13,651, 
 13,384, 
 13,201, 
 
 £ 
 
 8,561, 
 
 12,944, 
 
 16,224, 
 
 2! 
 3* 
 
 £ 
 7,418, 
 9,279 
 5,945, 
 
 £ 
 3,i78, 
 7,162, 
 
 10,512,. 
 
 1846. 
 28th Feb 
 27th Juno 
 7th Not... 
 
 I3,TO<, 
 
 15=273. 
 
 H> 2 35, 
 
 25,891, 
 23,693, 
 14,729, 
 
 13,136, 
 12,987, 
 12,808, 
 
 23,242, 
 12,257, 
 12,153, 
 
 3* 
 
 3 
 
 6,994, 
 9,664, 
 7,264, 
 
 I7,279r 
 
 12,763, 
 
 6,H7r 
 
 1847. 
 
 3rd April 
 
 3rd July... 
 
 20th Not.... 
 
 9,554, 
 
 9>5 62 > 
 9,52 5, 
 
 16,464, 
 18,514, 
 15,967, 
 
 11,990, 
 
 11,806, 
 10,633, 
 
 18,627, 
 18,758, 
 18,791, 
 
 4 
 
 5 
 
 8 
 
 3,699, 
 5,158, 
 4,228, 
 
 12,606, 
 12.977, 
 12,782,. 
 
 1848. 
 15th Jan.... 
 10th Juno 
 11th Not... 
 
 12,247, 
 12,961, 
 
 15,903, 
 15,764, 
 15,727, 
 
 11,2-03. 
 12,197, 
 13,329, 
 
 15.251, 
 11,398, 
 10,758, 
 
 5 
 4 
 3 
 
 7,152, 
 9,505, 
 8,894, 
 
 9,527, 
 
 5,212, 
 
 4-993- 
 
 181-9. 
 31st Marcli 
 11th Aug... 
 15th Dec 
 
 '4,407, 
 
 13,648, 
 
 16,137, 
 
 18,184, 
 15,783, 
 20,528, 
 
 14,072, 
 14,282, 
 
 14,35°, 
 
 11,278, 
 
 9,551, 
 
 10,803, 
 
 3 
 2| 
 
 10,461, 
 
 8,902, 
 12,184, 
 
 4<33o, 
 2,978, 
 
 4,06 I .y. 
 
 1850. 
 
 IGthFeb 
 
 22nd June 
 5th Oct.... 
 
 16,340, 
 16,192, 
 
 15,831, 
 
 18,089, 
 19,927, 
 20,861, 
 
 14,399, 
 »4»375> 
 
 H,443, 
 
 9,657, 
 11,115, 
 13,389, 
 
 2| 
 
 ,5 
 
 11,153, 
 11,339, 
 10,527, 
 
 2,929, 
 4,246, 
 
 6,078, 
 
 1851. 
 1st Marcli 
 5th July.... 
 15th Dec... 
 
 13,7/2, 
 13=581, 
 15,902, 
 
 18,369, 
 
 18,782, 
 18,773, 
 
 . H> H5, 
 
 13,545, 
 i3,24 J , 
 
 13,174. 
 14,251, 
 11,547, 
 
 :> 
 
 8,536. 
 
 8,036, 
 
 11,018, 
 
 5,674, 
 7,387, 
 
 4,570, 
 
 1852. 
 20th March 
 26th June 
 11th Dec 
 
 i9'!75, 
 21,587, 
 20,970, 
 
 20,882, 
 21,699, 
 21,907, 
 
 13,567, 
 13,874, 
 13,962, 
 
 11,722, 
 
 10,755, 
 12,620, 
 
 2} 
 
 )7 
 
 13,195, 
 14,241, 
 12,415, 
 
 3,493, 
 
 3,H3, 
 4,414,. 
 
 1853. 
 5th March 
 23rd July... 
 
 10th Dec... 
 
 18,361, 
 17,460, 
 14,620, 
 
 21,313, 
 16,496, 
 22,129, 
 
 13,464. 
 1 3,537, 
 1 5,°43, 
 
 15,401, 
 12,553, 
 16,525, 
 
 3 
 3i 
 
 5 
 
 10,086, 
 7,852, 
 7,575, 
 
 7,156, 
 
 4>836> 
 8,624. 
 
 1854. 
 4th Feb. 
 30th Sept.... 
 2nd Dec... 
 
 1 5,5! 3, 
 12,464, 
 
 13,244, 
 
 15,704, 
 16,741, 
 15,806, 
 
 n,757 } 
 11,006, 
 
 n,5i7, 
 
 13,346, 
 16,912, 
 13,710, 
 
 5 
 
 7,858, 
 6,499, 
 7,627, 
 
 5,396, 
 8,545- 
 
Bomh Charter Ad of 1844. 
 
 29 
 
 Table G. — Showing "Other" Securities in the II ml lay Department^ <£c. 
 
 — Coni I. 
 
 
 
 
 ["< 00's omi 
 
 tted.] 
 
 
 
 
 Date. 
 
 Issue 
 Depart- 
 
 Banking 
 Depart- 
 
 Banking 
 
 Department, 
 
 Banking 
 Department, 
 
 Rate of 
 Dis- 
 
 Itc crve 
 of 
 
 Bills 
 
 Discount cil 
 
 and 
 
 
 ment, 
 
 Bullion. 
 
 ment, 
 Deposits. 
 
 Government 
 Securities. 
 
 £ 
 
 Other 
 Securities. 
 
 count 
 
 Notes. 
 
 Temporary 
 Ad\anccs. 
 
 1855. 
 
 £ 
 
 £ 
 
 £ 
 
 
 £ 
 
 £ 
 
 31st March 
 
 14,510, 
 
 17,183, 
 
 11,581, 
 
 14,991, 
 
 5 
 
 9,129, 
 
 5,43 ! » 
 
 1st Sept.... 
 
 14,368, 
 
 10,315, 
 
 13,031, 
 
 15,661, 
 
 . 1 
 3 a 
 
 8,263, 
 
 6,463, 
 
 GthOct 
 
 11,765, 
 
 18 ; 05G, 
 
 1 1,413, 
 
 19,791, 
 
 5* 
 
 5,173, 
 
 10,706, 
 
 185G. 
 
 
 
 
 
 
 
 
 20th March 
 
 9, 831, 
 
 10,161, 
 
 11,871, 
 
 20,063, 
 
 5i 
 
 5,289, 
 
 12,458, 
 
 10th July.... 
 
 11,708, 
 
 15,00 1, 
 
 14,798, 
 
 13,153, 
 
 4-V 
 
 5,321, 
 
 4,760. 
 
 15th Nov.... 
 
 9,061, 
 
 15,933, 
 
 io,45 7, 
 
 10,054, 
 
 7 
 
 3,606, 
 
 10,412, 
 
 1857. 
 
 
 
 
 
 
 
 
 •1th April 
 
 8,570, 
 
 19,181, 
 
 i',645> 
 
 21,699, 
 
 6k 
 
 3,507, 
 
 12,867, 
 
 3rd Oct 
 
 10,078, 
 
 19,122, 
 
 10,593, 
 
 21,835, 
 
 5* 
 
 4,686, 
 
 1 >4"5, 
 
 25th Nov 
 
 6,784, 
 
 21,555, 
 
 5,807, 
 
 31,350, 
 
 10 
 
 1,918, 
 
 21,185, 
 
 1858. 
 
 
 
 
 
 
 
 
 20th Jan 
 
 13,746, 
 
 22,280, 
 
 9,191, 
 
 22,250, 
 
 5 
 
 8,199, 
 
 — 
 
 17th Feb 
 
 16,542, 
 
 21,222, 
 
 9,857, 
 
 17,634, 
 
 3 
 
 11,313, 
 
 — 
 
 27th Oct 
 
 18,510, 
 
 20,321, 
 
 10,809, 
 
 14,783, 
 
 5, 
 
 11,760, 
 
 — 
 
 1859. 
 
 
 
 
 
 
 
 
 27th April 
 
 16,960, 
 
 21,351, 
 
 n,37i, 
 
 17,505, 
 
 A 2 
 
 9,496, 
 
 — 
 
 1st June.... 
 
 17,095, 
 
 23,921, 
 
 11,281, 
 
 19,206, 
 
 4i 
 
 10,478, 
 
 — 
 
 5th Oct, 
 
 17,025, 
 
 22,708, 
 
 11,219, 
 
 19,702, 
 
 
 9,388, 
 
 — 
 
 18G0. 
 
 
 
 
 
 
 
 
 18th Jan, 
 
 15,168, 
 
 20,876, 
 
 10,813, 
 
 19,593, 
 
 2! 
 
 7,589, 
 
 — 
 
 27th June 
 
 i5,77o, 
 
 22,330, 
 
 9,814, 
 
 20,263, 
 
 4 
 
 9,285, 
 
 — 
 
 21st Nov 
 
 i*,535, 
 
 10,464, 
 
 9:49o, 
 
 20,298, 
 
 6 
 
 6,613, 
 
 — 
 
 1861. 
 
 
 
 
 
 
 
 
 20th March 
 
 11,829, 
 
 20,253, 
 
 io,599, 
 
 19,707, 
 
 8 
 
 7,453, 
 
 — 
 
 17th April 
 
 12,368, 
 
 18,268, 
 
 10,272, 
 
 18,415, 
 
 5 
 
 6,548, 
 
 — 
 
 13th Nov.... 
 
 13-566, 
 
 17,769, 
 
 10,812, 
 
 16,392, 
 
 3 
 
 7,477, 
 
 — 
 
 1862. 
 
 
 
 
 
 
 
 
 28th May.... 
 
 15,317, 
 
 22,285, 
 
 io,335, 
 
 19,392, 
 
 3 
 
 9,36 J, 
 
 — 
 
 30th July.... 
 
 17,565, 
 
 23,539, 
 
 II,C02, 
 
 19,442, 
 
 •7 
 
 10.022, 
 
 — 
 
 29th Oct 
 
 14,695, 
 
 23,266, 
 
 H,763, 
 
 18,978, 
 
 ?> 
 
 8,330, 
 
 — 
 
 1863. 
 
 
 
 
 
 
 
 
 13th May... 
 
 i3,73i, 
 
 21,077. 
 
 H,151, 
 
 18,952, 
 
 3 
 
 7,711, 
 
 — 
 
 28th Oct 
 
 13,769, 
 
 20,205, 
 
 10,995, 
 
 19,603, 
 
 4 
 
 6,517, 
 
 — 
 
 23rd Dec 
 
 13,503, 
 
 23,505, 
 
 IO,762, 
 
 21,118, 
 
 8 
 
 8,496, 
 
 — 
 
 1861. 
 
 
 
 
 
 
 
 
 2nd March 
 
 13,264, 
 
 21,992, 
 
 H,I24, 
 
 20,708, 
 
 6 
 
 7,670, 
 
 — 
 
 25th May.... 
 
 13,04!, 
 
 21,304, 
 
 IO,785, 
 
 20,414, 
 
 8 
 
 7,274, 
 
 — 
 
 9th Nov.... 
 
 12,925, 
 
 19,528, 
 
 9,97-, 
 
 10,506, 
 
 9 
 
 7,181, 
 
 ~ "" 
 
 Note. — The returns of " Bills Discounted and Temporary Advances " cease 
 after 1857. 
 
 
30 
 
 Seyd — On the Operation of the 
 
 Table G.— Showing "Other" Securities in the Banking Department, £c. 
 
 — Contd. 
 
 [000's omitted.] 
 
 Date. 
 
 Issue 
 Depart- 
 ment, 
 Bullion. 
 
 Banking 
 Depart- 
 ment, 
 Deposits. 
 
 Banking 
 Department, 
 Government 
 
 Securities. 
 
 Banking 
 Department, 
 
 Other 
 Securities. 
 
 Rate of 
 
 Dis- 
 count. 
 
 Reserve 
 
 of 
 Notes. 
 
 Bills 
 Discounted 
 
 and 
 Temporary 
 Advances. 
 
 18G5. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 £ 
 
 £ 
 
 1st Feb. 
 26thJuly.... 
 22nd Nov.... 
 
 13.734= 
 18,603, 
 
 I3>673> 
 
 20,455, 
 20,229, 
 19,513, 
 
 11,023, 
 10,398, 
 
 9574V 
 
 18,920, 
 21,782, 
 19,004, 
 
 5 
 3 
 7 
 
 7,852, 
 6,181, 
 7,739, 
 
 — 
 
 1866. 
 
 
 
 
 
 
 
 
 16th May.... 
 27th June 
 11th Nov.... 
 
 11,851, 
 14,170, 
 16,084, 
 
 25,086, 
 29,364, 
 22,425, 
 
 10,837, 
 
 n,348, 
 12,304, 
 
 30,943, 
 30,883, 
 19,061, 
 
 10 
 ,, 
 4 
 
 730, 
 4,346, 
 7,807, 
 
 — 
 
 1867. 
 
 
 
 
 
 
 
 
 29th May.... 
 31st July.... 
 13th Nov.... 
 
 19,287, 
 
 21,72.5, 
 21,150, 
 
 26,584, 
 25,9S2, 
 24,471, 
 
 12,886, 
 12,830, 
 12,319, 
 
 18,883, 
 17,322, 
 16,682, 
 
 3 
 
 2 
 
 11,358, 
 
 12,512, 
 12,000, 
 
 __ 
 
 1S68. 
 
 
 
 
 
 
 
 
 1st April 
 10th June 
 18th Nov.... 
 
 I 9»935> 
 
 20,943, 
 
 17.202, 
 
 27,725, 
 28,185, 
 24,398, 
 
 13,271, 
 
 13.294. 
 
 i5>30i, 
 
 20,698, 
 18,850, 
 16,873, 
 
 2 
 >. 
 
 10,767, 
 
 12,408, 
 
 8,713, 
 
 — 
 
 1869. . 
 
 
 
 
 
 
 
 
 31st March 
 9th June 
 6th Oct. 
 
 16,473, 
 17,468, 
 18,62,6, 
 
 25,848, 
 24,583, 
 
 24,082, 
 
 H.999-- 
 14,148, 
 
 i5> 2II > 
 
 20,130, 
 17,331, 
 16,377, 
 
 3 
 
 4* 
 2| 
 
 7,862, 
 9,626, 
 9,361, 
 
 1 
 
 1870. 
 
 
 
 
 
 
 
 
 11th May.... 
 
 10th Aug.... 
 
 5th Oct...,, 
 
 i8,735> 
 18,230, 
 
 21.545. 
 
 25,615, 
 
 26,981, 
 25,746, 
 
 12,931, 
 12,483, 
 12,983, 
 
 19,018, 
 
 22,207, 
 17,254, 
 
 3 
 6 
 
 22 
 
 10,290, 
 
 9,449, 
 
 12,270, 
 
 — 
 
 1871. 
 
 
 - 
 
 
 
 
 
 
 8th March 
 20th Sept.... 
 15th Nov.... 
 
 21,021, 
 22,844, 
 
 23.23*/. 
 
 32,296, 
 27,326, 
 29,041, 
 
 12,923, 
 
 14.043. 
 
 15,001, 
 
 23,983, 
 17,781, 
 17,583, 
 
 3 
 
 2 
 5 
 
 12,874, 
 13,058, 
 13,471, 
 
 — 
 
 Apply this rule throughout to the table, and you will find that, 
 whether you compare periods within a year, according to bullion or 
 securities, or whether you select different years according to rates of 
 interest, you will find a majority of vast and seemingly inexplicable 
 divergences. And let me state here distinctly, that the increase in 
 business (the doubling and trebling of our trade) has little or 
 nothing to do with this matter ; for, in spite of this increase, of which 
 all our banks have profited so immensely, the Bank of England has 
 remained nearly stationary. The column of other securities (showing 
 what the Bank has done) is as large in 1845 as in 18G8, in 1856 as 
 in 1869, &c. &c. The deposits in 1845, 1852, 1856, are higher than 
 those of 1860, 1861, 1865. The bullion shows similar relations. 
 
Bank Gharter Act of 1*14. ::1 
 
 From 1865 to 1871 there is a general increase in the! bullion, dep 
 and other securities ; but even this increase is but a small percent:: 
 on the colossal development of our commerce. Notable examples of 
 the seemingly inexplicable movements of interest are furnished, amc 
 others, by the year 1817. Comparing 3rd April with 20th November, 
 you will find that there is no change in bullion and securities, but a 
 decline of 500,000/. in deposits, telling for a rise ; a decline in 
 Government securities of 1,300,000/., and increase in note reserve of 
 500,oooZ., in favour of lowering the rate: in all, 1,300,000/. in fav 
 of a decline in interest from 4 per cent. Instead of that the rati- 
 is doubled, viz., 8 per cent. (It is true that three weeks before 
 the 3rd April, reserve was 2\ millions below, but this would have m;i 
 but 1 \ million in favour of a rise.) Take the year 1863, when between 
 loth May (when the rate was 3 per cent.) and 23rd December 
 bullion agreed, there being a rise in deposits of 2,500,000/., a declin- 
 in Government securities of 400,000/., and a rise in reserve of 
 700,000/., together 3,600,000/.. for lowering; against a rise of 
 2,500,000/. in other sesurities for an increase (balance against 
 lowering being 1, [00,000/.), yet the rate rises from 3 to 8 per cent. 
 Similar examples appear in other years. 
 
 It will be evident to you that, upon the ordinary merits of the 
 case, these examples are inexplicable; hut the fact is this : the Bank- 
 is anxious at such times to improve the bullion basis, and raises the 
 rate of interest for that purpose, at any cost to the inland trade. 
 Say that upon bullion of 9 millions it is desirable that 2 millions 
 should be added. The rule of raising the rate to attract " money'' is 
 put into operation, and a rise from 4 per cent, to 6 per cent, brings in 
 2 millions of "money." But, remember that the Bank's money 
 consists of bullion and of notes ; so that, say, one-half of the 2 millions 
 coming in is notes, the other half is bullion — only 1 million ; and. 
 2 millions are wanted, it follows that, instead of jumping from 4 to 
 6 per cent., the Bauk must jump from 4 to 8 per cent. The mathe- 
 matician will at once understand this case, and he will also perceive 
 that this necessary doubling of the increase of interest beyond 
 legitimate wants must produce the contrary effect when interest i> 
 to be lowered, viz., that the decline must be at a double ratio, so as 
 to affect in ecpial measure two objects, that of the decline in the 
 bullion as well as in the fiduciary reserve. Hence the frequent rapid 
 decline in the rate, so inexplicable to many people, and the long 
 periods of excessively and unreasonably low rates. In the second 
 part of my paper, when speaking of an improved plan, I shall revert 
 to this matter, and show its closer relationship to international 
 exchanges. So far you may have gained the idea that the 15 millions 
 of fiduciary issue act as the " dog in the manger " in both directions. 
 
 In the above example I have assumed that a rise in the rate pro- 
 
32 Seyd — On the Operation of the 
 
 duces an effect of which half falls on bullion, half on fiduciary notes. 
 That can take place only'when our foreign relationship stands fairly 
 neutral. As soon as the balance of trade is definitely against us, the 
 effect on bullion becomes less, that on notes more ; so that the rate 
 must be more than doubly increased in order to procure bullion. 
 This leads to all sorts of mischief and incomprehensible complications, 
 particularly visible in the years of pressure. Compare, for instance, 
 25th November, 1857, with 27th June, 1866, when interest stood at 
 io per cent. The difference in bullion was 7,400,000/., in deposits 
 7,200,000/., in reserve 2,400,000/., in other securities 500,000/. in 
 favour of 1866, with 5! millions difference in Government securities 
 against, the balance being 1 2 millions against lowering the rate in 
 1866 as compared to 1857, upon a total of other securities of 30 
 millions ; and whilst in 1857 the bullion was 6| millions, and rose 
 rapidly, until seven weeks later it had increased 100 per cent., it 
 took, in 1866, twenty weeks until the rate could be lowered to a 
 reasonable figure through an increase of only 30 per cent, on the 
 bullion. I quite admit that, in the latter case, next to our strong 
 international indebtedness, the want of confidence of the foreigner 
 delayed the import of bullion ; but this is only an additional element 
 of confusion, caused originally by the speculation fostered through 
 the false issue. Finally, as the results in a crisis show, when all the 
 ordinary means of conforming to the Act prove ineffective — when 
 failures take place on all sides — the whole system becomes like the 
 bull in the china shop, dashing and breaking the crockery about, 
 and threatening to push through the walls, until more room is made 
 by suspending the Act. 
 
 The causes of the extreme rates may now be more clear to yon, 
 and you may agree with me that the rates must be in conflict with 
 the market at home as well as the markets abroad. Hence the Bank 
 cannot share properly in the life of commerce, and only at certain 
 rare times can it, by way of its exceptional position, profit from such 
 business in a way which is more or less usurious. The year 1872 
 will be such an example. Obliged to raise (in October and November) 
 to 7 per cent, so as to protect bullion, the market being bare of 
 money, although there were between 8 and 10 millions of reserves 
 at the Bank, it accumulated at the same time " other securities'' at 
 a charge for interest of 7 to *]\ per cent. In view of the seemingly 
 threatening state of German wants, the Bank may appear to have 
 done right in holding up the rate, but that at the same time it 
 should hold so large a note reserve might seem inexplicable. Through 
 all these misfits and misconceptions, our money market lias beccme 
 so chafed and uncertain as to wear almost the ludicrous aspect 
 of a strong, powerful man, afflicted with hysteria or hypochondria. 
 A movement of a couple of hundred thousands in bullion either for 
 
Bank Charter Act of 181^. 33 
 
 abroad, or for Scotland or Ireland, frightens ns — a decline in ilia 
 reserve of a small percentage causes us to make long faces ; and, as 
 far as the Bank itself is concerned, we must suppose that the 
 •discount of a quarter of a million of bills, or thereabouts, is made the 
 - ►ccasion for raising the rate. Is this right and proper ? 
 
 The second purpose for which a Bank covets a reserve is thai 
 of its own safety. Sudden withdrawals of its deposits may take 
 place, and a cash reserve must be maintained in order to meet Buch 
 contingencies. In the case of the Bank of England there can be no 
 question as to safety of position, the question of reserve here con- 
 cerns momentary requirements only. The investments of the Bank 
 of England, partly in other securities, are of such a nature that 
 almost at any time they can be realised at once, in order to meet 
 any decline in the deposits. So, at all events, it appears from the 
 returns furnished. Besides this, the Bank has a large amount 
 (equal nearly to its capital) in Government securities, and the powc r 
 of moving these appears notably from the year 1857, when from 
 10 millions on the 4th November, they fell to 5 millions on the 
 25th November, at which occasion 2 millions of them passed 
 temporarily into the issue department. Nevertheless, when there 
 is a surplus of notes, I quite admit that the Bank can take supply 
 from them without disturbing securities, but let it be distinctly 
 understood that I am speaking here only of ordinary requirements 
 in o-ood times. When extraordinary requirements arise, as in times 
 •of crises, I have already stated that the extraordinary feature 
 presents itself, not of a withdrawal of deposits, but of a large 
 increase in them. 
 
 For such ordinary requirements, then, in times of peace, we may, 
 •notwithstanding the capital and securities at the Bank and their 
 abundance, set aside an amount, which as you all will agree with 
 me, ought to exhibit a certain degree of regularity, and within what- 
 ever that may be supposed to be, the fiduciary issue can be said to 
 be available. Bear in mind here that the banking department also 
 holds an amount of gold and silver coin ranging, say, from one-half 
 to 1 5- million sterling. This feature I have left altogether out of my 
 calculations. It would make a very large item in favour of all that 1 
 have laid before you, and strictly speaking I have the right to regard 
 it as reserve, both from the point of idleness and safety, especially 
 as, by the Act, the Bank can incorporate silver coin with the note 
 issue within the limit of one-fifth of the whole of the bullion. Bui 
 .is it may be pleaded that this reserve of gold and silver coin in the 
 Bank, in spite of its permanent character, is the result of the busi- 
 ness across the counter, I have left it out. It is, however, an element 
 when sudden withdrawal of deposits are i roblematieally considered, 
 
34 Seyd — On Hie Operation of the 
 
 and can assist in overcoming a sudden dangerous demand. Granted, 
 then, that two or three, or four or more millions of extra notes should 
 be kept idle to meet such a contingency (though presently I may show 
 you how with a better system of issue there would be no need what- 
 ever, even for this), what must we think of a reserve which varies 
 from 1 5 millions downwards to less than one million ? Can it be 
 said to be in any way connected with this question of safety for 
 a withdrawal of deposits ? It is, as you see, either extravagantly 
 large, or, when both for momentary requirements and for dan- 
 gerous withdrawals of bullion it is called upon, it proves totally 
 inadequate, the depositors alone save the situation, at their own 
 risk. 
 
 The charge that our other banks and bankers in London invest 
 too closely, to within one-eighth or one-tenth of their deposits, 
 whereas the Bank keeps larger reserves, may be true as regards 
 general policy, but the Bank of England itself has no right to make 
 such a charge, for were it not for the privilege of the fixed issue 
 of i 5 millions, that institution would have no reserve at all. Sup- 
 posing any other bank in London had 5 millions of capital, with 
 15 millions of deposits, holding securities to the amount of 17! mil- 
 lions, and consequently a cash reserve of 2\ millions, only. If to 
 such a bank the privilege of issuing notes were granted, say, by the 
 transfer of 5 millions in consols, book-debt of the State or " other' 
 securities to an "issue department," that bank would virtually 
 possess a reserve of 7 \ millions, viz., z\ millions cash, and 5 millions 
 fiduciary notes to 1 5 millions of deposits. The Bank of England has 
 14! millions of capital with 3 J millions rest, and (13th November, 
 1872), 27I millions deposits, and 460,000/. in bills, together 
 46 millions to invest. Of this sum 13 \ millions are invested in 
 Government securities in the banking department, 23 J millions in 
 "other" securities, and 15 millions in the securities of the issue 
 department, in all 515 millions, against cash capital and deposits of 
 46 millions. But the privilege of converting the 15 millions invested 
 in and deposited in the issue, gives the Bank the right to issue- 
 15 millions of fiduciary notes to cover this apparent deficiency. 
 Comparing this with the position of a bank with 5 millions, and a 
 similar right of issue, the Bank of England ought to hold 4J millions 
 in cash, plus the 15 millions of notes. Therefore, when the Bank 
 holds in reserve the whole of the 15 millions of notes, it has prac- 
 tically invested its cash resources to a shilling, without margin. 
 What is the nature of such a reserve compared with an actual 
 cash reserve ? 
 
 Do not permit yourself here to be misled by the usual cry about 
 separation between issue and banking department. The separate 
 
Bank Ghwrle> Art of 1841. 
 
 or "automatic" character of the issue department has reference 
 only to bullion, and therein it is neutral, but as regards the 
 15 millions extra issue, its origin and present character, the case is 
 in every respect identical with the supposed case of the Bank with 
 5 millions capital and the supposed issue thereon. 
 
 You are no doubt all familiar with the method of stating tin 
 accounts of the Bank as prescribed by Parliament, so as to separate 
 the issue from the banking department. But, Let us take, for example, 
 the statement of 13th November, 1872, in the following manner: — 
 
 Liabilities. 
 
 Issue Department — £ 
 
 Xotes issued against bullion 18,978,380 
 
 „ securities 15,000,000 
 
 Banking Department — ■ 
 
 Proprietors' capital 14,553,000 
 
 Best 3,188,605 
 
 Public deposits 7,612,438 
 
 Other „ 19,841,727 
 
 Seven days' bills, &c 460,644 
 
 79» 6 34»794 
 
 Assets. 
 
 Issue Department — £ 
 
 Bullion 18,978,380 
 
 Government and other 
 
 } 
 
 I C.OOO.OCO 
 
 securities 
 
 Banking Department — 
 
 Government securities 1 3,259,8 73 
 
 Other ,, 23,152,710 
 
 Xotes in reserve 8,481,410 
 
 Coin 762,421 
 
 79,6.34*794 
 
 That the Bank, and nobody else, is responsible for the whole of 
 these 79! millions of liabilities, you will admit. That the Bank can 
 discharge all these liabilities we all know, we all agree that it is the 
 best and safest institution, because it has the largest capital and rest 
 of all known banks. The \*}\ millions of capital and rest must 
 first be lost before the noteholders and depositors are in jeopardy, 
 and such a contingency need not be thought of. Nor is this the 
 question before us, the capital and rest of the Bank is a matter 
 entirely apart from the principle upon which the note issue is 
 conducted. The former, and the risks which it runs, concern the 
 proprietors ; the latter is dependant upon a form of contract between 
 the State and the Bank through which the public is to be furnished 
 with a species of currency. The former comes into play when the 
 question of winding up the Bank arises, and for this purpose it can 
 be called a security or reserve invested, the latter is a matter con- 
 cerning a constant or suitable supply of currency, of free uninvested 
 reserve, needful for the regulation of the current necessities and 
 claims upon the Bank. "We must be clear upon these points in 
 order to understand the real nature of the controversy. Unfor- 
 tunately, whenever the principles of the issue are under discussion, 
 the defenders of the system come forward with the capital and rest 
 of the Bank, and. although thev know well that the issue has its 
 own system and securities, they endeavour to veil its anomalies by 
 
'36 Seyd — On the Operation of the 
 
 an appeal to the capital and rest. No wonder that with the con- 
 fusion of ideas thus brought about, the public is disposed to lump 
 it altogether, and to listen to the song of " lullaby " in sheer fatigue 
 of the subject. Should the national economist fall into the same 
 snare, and allow this proceeding ? Does the large capital of the 
 Bank justify a gigantic error in the issue from which all suffer ? 
 
 The boast of the Bank's capital and rest frequently takes the 
 form of separating the two items from the liabilities, and represent- 
 ing them as independent reserve. That this is contrary to the rules 
 of accountancy will be conceded, but it is no doubt true that the 
 capital and rest would bear the first brunt of losses, that the share- 
 holders of the Bank would first suffer. But I maintain that the 
 national economist has just as much right to make his voice heard 
 on behalf of the stockholders of the Bank, as he has the right to 
 draw attention to other public matters ; and the Bank, as a public 
 institution, is subject to the same control. Bank stock is an 
 important feature in the social and economical arrangements of the 
 country, and requires just the same conscientious guarding as the 
 deposits and notes. Hence any attempt to exclude the capital 
 and rest of the Bank from the liabilities proper must be repudiated 
 and looked upon as tainted with the suspicion of demoralisation, 
 unworthy of the institution. 
 
 I think, therefore, that I am justified in maintaining, that, for all 
 the current business of the Bank (and that does not mean the 
 winding up), and all the controversy as regards the issue arrange- 
 ment, the capital and rest of the Bank stand in. the same category 
 as the other liabilities, and being invested, the mere question 
 of free reserve becomes one of pro rata on the whole aggregate 
 of liabilities. 
 
 Now if you look at the form in which I have given the account, 
 which states the issue department first, and more truthfully, inas- 
 much as it states the amounts of notes virtually issued against 
 bullion and against securities, you can please your fancy in either 
 adding the whole of the liabilities or assets together, or in keeping 
 the departments separate, in either case you cannot alter the result. 
 The total liabilities being 79^ millions, there are as assets 19 millions 
 of bullion, 9 j millions of note reserve and coin, together scemiuijlij a 
 reserve of 28 \ millions, and 52]: millions of securities, leaving thus an 
 apparent cash reserve of about 35 per cent. Is this view, generally 
 given by the defenders of the Act, a correct one ? It is utterly 
 false, for the 19 millions of bullion must be struck out as an item 
 which has entirely lost its character of a free reserve, it is distinctly 
 and clearly pledged for the notes, and the Bank directors have no 
 control whatever over it, the very plea of the " automatic r 
 character of the issue department proceeds upon this ground. The 
 
Bank Charter Act of 1^44. 37 
 
 only free "reserve," then, is the 9} millions of reserve of notes 
 and coin. 
 
 If the issue is now separated from the account, the liabilities in 
 the banking department would amount to 45^ millions against a 
 free reserve of 9} — so that about one-fifth (in juxtaposition to other 
 bankers' one-eighth or one-tenth) would seem to be available. The 
 separation of the issue department, however, cannot do away with 
 the fact that 15 millions of claims or assets of the Bank have been 
 transferred to it, that the institution is responsible for their validity, 
 and so I maintain that the actual amount of securities, or assets, or 
 investments effected is 61I millions against 9} millions free assets ; 
 •or between one-seventh and one-eighth, whereas in the case of a 
 supposed bank with 5 millions of capital and 1 5 millions of deposits 
 — investing 17^ millions in securities and having z\ millions unin- 
 vested, the free reserve would be one-eighth. Can the Bank, under 
 these circumstances, say that it is so immensely more prudent than 
 other "banking houses" as regards free reserve? 
 
 Recollect here that I take the 9^ millions of reserve (of which 
 8| are notes) as wholly consisting of real cash, passing over the 
 anomaly that in the issue the whole 15 millions of notes against 
 securities are liability — whilst in the banking they act as assets, 
 and that is the reason why I am justified in including the 1 5 millions 
 of securities as investment. But if the issue department be left 
 out of the account, if the 15 millions be deducted again, leaving 
 the liabilities in the banking department at 45^ millions, the free 
 reserve amounting to 9^ or about one-sixth, then the question must 
 arise again, what is the real nature of this free reserve ? The other 
 banker holds his one-eighth free reserve in actual cash, free of any 
 contingency whatsoever, but the one- sixth reserve of the Bank of 
 England arises from a transaction in the issue department, which is 
 a mixture of bullion and securities, in which the notes out in circu- 
 lation can diminish the bullion, and render the Bank's reserve of 
 less value, until the contingency draws near under which the larger 
 proportion of " Government securities '' in the mixture must fiisi 
 be converted into bullion. The best that can be said under the 
 circumstances is that the 15 millions of notes issued on securities, 
 and the 19 millions against bullion, together 34 millions, must share 
 in the 19 millions of bullion — each receiving a percentage — in this 
 case 56 per cent. The actual cash value of the Bank's free reserve 
 of 9j millions (8| notes) then becomes reduced to about 5 | millions 
 — or about one-tenth of real reserve. 
 
 I am aware that an outerv will he raised against this method of 
 stating the case, the controversy will turn again upon the point 
 whether fiduciary issue is equal to bullion issue ; and I must leave 
 you to decide whether the arithmetical difference of -J^tli between 
 
o 
 
 8 Seyb — On the Operation of the 
 
 the absolutely free cash reserve of other bankers of one-eighth, and 
 the fiduciary reserve of the Bank of England of one-sixth, gives to 
 the latter institution a superior claim as to the holding of available 
 reserves. If in addition to this you bear in mind the fact that the 
 other bankers keep their cash reserves at the Bank of England, and 
 that this one- eighth is included in the one-sixth of the latter, which 
 they have the right to withdraw at any time, you can put the 
 climax upon the matter without me. 
 
 Now, if this is the state of things when 8 or 9 millions are in 
 "reserve," what is the true position when that reserve is reduced 
 to 2 or 1 million, or when the cry of misery is raised for the 
 suspension of the Act. What rescued the Bank from its dilemma ? 
 who else but the depositors and bankers, long before the effects of 
 the rate of interest upon bullion and reserve could manifest them- 
 selves. Let me ask you again to separate this question from that 
 of the capital and rest of the Bank ; the question here is not thai 
 of the last extremity of winding up the institution, but that of the 
 requirements of the moment — and that of avoiding this winding up, 
 brought near by the deception in the employment of the fixed 
 fiduciary issue, at all hazards, and at a tremendous sacrifice to the 
 welfare of the country. 
 
 In my opinion, the Bank when holding even as much as 10 or 
 12 millions of notes in reserve, when, according to the opinion 
 of some authorities, it is " strong," is in reality in a far more 
 precarious position than the other bankers with their habitually 
 small, but free cash reserves. The situation is extremely artificial and 
 delicate on all points, and were it not for the Bank's strong capital 
 and the general faith of the public in its stability, the system would 
 have broken down long before this. 
 
 In Table C, pp. 15 — 18, I have exhibited the proportions of idle 
 deposits as large. This might lead to the supposition that in spite 
 of what I have said here the Bank keeps large free reserves. 
 Becollect, however, that on p. 22 I distinctly state that this table is 
 made on the supposition that the 15 millions of fiduciary issue have 
 precedence over deposits, that they are gone and invested, leaving 
 the deposits to come after. I accepted the fallacy only in order to 
 show to what unnatural results it must inevitably lead ; but to 
 Table D I added another column headed " Percentage of Idle 
 " Fiduciary Issue," throwing the onus of the idleness upon that 
 issue. 
 
 Let me here endeavour to bring the common sense of English- 
 men back to the truth by another method of illustration. The 
 defenders of the present form of issue allege that the 1 5 millions 
 are as good as gold, and that as far as the banking department is 
 concerned, no liability whatever is attached to the value of the 
 
JCank Charter Act of 1844. 30 
 
 reserve. If such were the case, i.e., if- the Bank could freely use 
 the 1 5 millions, why does it not cease the more or less precarious 
 
 discount business and invest the 15 millions again in Government 
 securities? The origin of the transaction is the investment of 
 15 millions in Government and other securities, placed in the issue 
 against the right of issuing 15 millions of notes. I hese being 
 " money," the Bank might purchase another 1 5 millions of sccurh 
 and profit also from the interest gained thereon, thus killing two 
 birds with one stone. The first investment gives 3 per cent., from 
 that, it is true, expenses of issue and share of profit to the State 
 must now be deducted, but these items have nothing to do with the 
 " security " offered by the investment; the expenses of the issue, if 
 need be, might be much reduced, and the State might resign its 
 share of profit (like the French Government). We should then 
 witness the pleasant spectacle of seeing how 1 5 millions of money 
 can be manipulated so as to be invested in 30 millions of securities, 
 obtaining the interest on each 1 5 millions, and yet leaving one of 
 the 15 millions unpledged and free in the hands of the investor. 
 Now if this second 1 5 millions consists of Government and other 
 securities, of the same character as the first, equally valuable, what 
 objection would there be to allowing the investor again to place 
 them in an issue department, and to issue a second batch of 
 1 5 millions ? Why should not a third, fourth, and more batches, 
 ad infinitum, be so created ? You will admit the utter absurdity of 
 such a proposal, yet it can be made, if it be maintained that the 
 first 15 millions have an absolutely independent value of their own, 
 founded on such securities ; and you must rise to the level of this 
 theory in order to be able to conceive the utter weakness of the 
 allegation that fiduciary notes are as good as gold. If, however, 
 under these reflections you should say, we cannot go so far as to 
 maintain that such notes are quite as good and safe as gold ; if you 
 admit only the principle of inferiority, I have gained my case, for 
 the degree of inferiority can be determined between us. 
 
 Determine it in this way : the Bank looks upon the 1 5 millions 
 as an absolutely free and valuable asset, and tries to act with it 
 accordingly ; in reality it is an asset subject to the liability of 
 bullion, and moreover to the bankers' balances. The Bank acts 
 like a merchant who with, say 100,000/. of assets and 60,000/. to 
 120,000/. liabilities (varying according to the state of the bullion in 
 store, the reserve in hand, and the bankers' balances and deposits 
 generally), nevertheless considers himself worth 100,000/. These 
 are "singular" views, no doubt, but it is just possible that they 
 fairly represent the case. 
 
 No wonder, then, that such singular assets as these 1 5 millions 
 of fiduciary issue should refuse to do their office, that our generally 
 
40 Seyd — On the 0+ cration of the 
 
 sound trade should decline to associate itself regularly with it, and 
 leave large unemployed reserves of such " unnatural " money. No 
 wonder that in so false a system the evidence of mutuality and 
 compensatory action is so frequently absent and replaced by irre- 
 gular profits and conflicting disturbances. "No wonder that such a 
 system should give rise to false charges, to doctrines of finance and 
 policy which seem as if they had been dragged by the hair through 
 the thick and thin of all anomalies until, after this process, they 
 are, forsooth, set up as idols destructive of all common sense in the 
 matter. Lead any of the defenders of the Act on to the subject of 
 the large and false reserve of notes, and you will find that he will 
 endeavour to explain it by allegations which I have here refuted, 
 and he is unable to perceive that that which seems natural in his 
 sphere, can possibly be submitted to more general tests. In the 
 same manner he sees nothing but " right ' in the course that has 
 been pursued when the reserve becomes small, and is disinclined to 
 entertain the thought that a system which has generated the 
 doctrines to which he is wedded, might possibly be improved so as 
 to give a more natural aspect to all the matters which are connected 
 with the present seemingly complicated state of the question. 
 He cannot realise the fact that the fiduciary issue of 15 millions 
 is liable to heavy claims which have precedence over its usefulness 
 as a banking reserve, that indeed (and this is the mildest form of 
 expression which can be used as descriptive of its character), it is a 
 mere nominal and unavailable, but not a practical and really avail- 
 able reserve — a helpless, crippled thing — for the sake of which so 
 many great interests, imbued with vigorous life and having an 
 absolutely free and independent value of their own, are sacrificed. 
 
 What is the cause of this failure of the rules of supply and 
 demand, this danger to, and weakness of the Bank of England 
 in the matter, this waste and neglect of the wealth of the counfaw 
 represented by the deposits (and therein lies the wrong to the 
 depositors who practically bear the brunt of both the extremes of 
 the situation), in short of the whole conflict? Here is the largest 
 and most powerful institution in the world, in midst of the richest 
 trading nation, it is managed by the most experienced members of 
 our mercantile community, men who are disinterested and have at 
 heart the public good alone, and that of the Bank. These men 
 should not have a vacillating policy, for if they changed their 
 course, the charge of having done wrong before or doing so now 
 might be made against them. And the outside public, honouring* 
 wealth and experience, proud of its own great quasi National 
 Bank, is loth to believe, in spite even of the conflict and discomfort 
 which manifest themselves (or whatever term you may choose to 
 apply to the existing feeling of doubt), that there can be any- 
 
Bank Charter Act <>f 1844. 11 
 
 tlimo' wrong. Yet the whole grievous disorganisation of their 
 splendid and powerful machinery is due to the uncouth, unscientific 
 notion, that 15 millions of fixed fiduciary issue are as good as 
 15 millions of gold, and that they must be looked upon and treated 
 as such. I trust I have succeeded in showing that the idea of 
 " stabilit v : * which some persons of weak arithmetical education 
 seem to perceive in the "fixed issue' is fallacious, and thai this 
 issue acts in no other way than the enticer of the Bank of 
 England itself into danger. This is the sum and substance of the 
 " stability." 
 
 I now come to the question of the supposed direct pecuniary 
 profit to the Bank arising from the issue, and what I have to lay 
 before you will go far to confirm that which I have said. 
 
 The arrangement which exists is as follows : — The Bank, in its 
 issue department, holds invested 15 millions of securities, on which 
 it receives an annual interest of say 3 per cent., or 450,000/. Aftei 
 deducting the ex]^enses of the issue and the share of so-called profit 
 which the State receives, there remains a certain balance to the 
 profit of the issue department. Besides this, then, the Bank receives 
 back its investment (to use this expression) in the shape of 1 5 millions 
 of fiduciary notes, which it can use as money ; and you probably 
 imagine that by this process of investing money twice over — of 
 killing two birds with one stone — the Bank must make a con- 
 siderable profit. Yet I am prepared to show that the Bank- 
 loses a sum by it, which on the average is equal to 100.000/. per 
 annum. 
 
 In order to make this clear to 3*011, you must bear in mind the 
 fact that the sum of notes issued on bullion brings no profit what- 
 ever to the Bank of England. As far as interest or profit on this 
 portion of the issue is concerned, it is immaterial whether the 
 amount in bullion be 5 or 25 millions, or any other sum; indeed it 
 may be said that the Bank, for the convenience of the public, 
 entirely bears the general charges which fall on the issue against 
 bullion for the benefit of the public. 
 
 The whole merit of the case of profit and loss rests on the 
 15 millions of fiduciary notes the use of which as money is 
 supposed to cover the expenses on the total issue, and to leave a 
 profit besides. It is absolutely necessary that you should agree to 
 this as a matter of account, and thus bear in mind the purpose of 
 the 15 millions, not because I seem to you to be opposed to these 
 1 5 millions, but because this method of stating the case is the onl}- 
 true one. 
 
 In a Parliamentary Paper (Bank of England. 7th February,. 
 
42 Seyd — On the Operation of the 
 
 1861, No. 12, p. 13), the committee makes the following report in 
 reference to the issue : — 
 
 " Issue Department. 
 
 " The expenses of the issue department of the Bank of England, 
 
 ** have been returned to us as follows : — 
 
 £ 
 
 Wages 89,731 
 
 Pensions 8,063 
 
 Rent „ 25,600 
 
 Repairs 8,568 
 
 Directors' allowance 2,926 
 
 Rates and taxes 2,300 
 
 Stationery 1,81 1 
 
 General charges 6,790 
 
 Bank note paper 1 1,623 
 
 Interest on cost of machinery i 5 5oo 
 
 Compensation paid to bankers 20,493 
 
 Totals..^ . 179,405 
 
 " This statement shows a great increase of charge over the 
 "" amount of the account presented to the Bank Committee in 1832 ; 
 " and the aggregate is largely in excess of the estimate submitted 
 " to the Chancellor of the Exchequer in 1844. The augmentation is 
 " chiefly explained by the composition paid to country bankers for 
 " issue under the Act 7 and 8 Vict., cap. 32, and the increased 
 " charges for rents, and for the renewal of bank notes. 
 
 " The profits of the issue department for the year have been 
 
 " returned to us as follows : — 
 
 £ 
 Interest on fixed securities 44.5,117 
 
 Grain on foreign coin and bullion 10,811 
 
 455,928 
 Deduct expenses as above 179,405 
 
 Profit 276,523 
 
 Of this sum the public receives from the Bank — 
 
 1st. Composition in lieu of stamps £60,000 
 
 2nd. For share of profits of the circulation 1 1 9R -,,_o 
 
 department J " ' ' 
 
 188,078 
 
 Net profit 88,445 
 
 It is unnecessary here to discuss the correctness of the items of 
 expenditure given ; nobody need doubt that they are all perfectly- 
 justified and legitimate, appertaining to the issue. The only excep- 
 tion, on principle, might be the last item, " compensation paid to 
 " bankers" who have given up their issue; but as this item forms 
 part of the actual contract, it must be retained. 
 
Bank Charier Ac t of 181 1 . !:; 
 
 I must further state that this return refers to a year when the 
 
 Issue stood at 14,475,000/. No returns of expenses were published 
 
 when the issue stood at 14,000,000/., or when, in 1861, it was raised 
 
 to 14,650,000/., and finally, in 186G, to 15 millions. I am obliged, 
 
 therefore, to determine the expenses of these other years according 
 
 to the amount of issue; and, when it is borne in mind that during 
 
 recent years bankers' compensation has increased, and rent or other 
 
 charges have risen, the proceeding would seem fair, and serve as a 
 
 set off against any miscalculation of previous years. I accordingly 
 
 return the expenses : — 
 
 £ 
 Front 1845 to 1855 !73>5i 1 
 
 „ '00 „ '61 i79>4°5 
 
 '61 „ '66 181,574 
 
 ,, '66 185,912 
 
 Besides the actual expenditure on the issue, the Bank pays to 
 
 the State a sum in composition of stamp duty, and so* called profits 
 
 on the issue, which in the first period, 
 
 £ 
 
 From 1815 amounted to 180,000 
 
 „ '55 „ i88,o;8 
 
 „ '61 „ 192,480 
 
 '6Q » 195.078 
 
 So that the total expenditure may be given, 
 
 £ 
 
 Since 1845 353>5" 
 
 '55 367,483 
 
 „ '61 374>o54 
 
 „ '66 381,000 
 
 On the other hand the investment of the "fixed securities."" 
 which at the above return were 14,475,000/., yielded 445,117/.; cal- 
 culated at the same pro rata manner — 
 
 £ £ 
 
 14,000,000 would hare brought 430,510 
 
 14475,000 „ 445> TI 7 
 
 14,650,000 ,, 45°>495 
 
 15,000,000 ,, 461,261 
 
 In the return submitted there also appears the item, "gain 011 
 " foreign coin and bullion, 10,811/.," as profit on the issue. I leave 
 this item (which is sometimes larger) out here, for it has no imme- 
 diate reference to the issue of the 15 millions of notes. It arises 
 solely in connection with the portion issued on bullion, and the Bank 
 can deal in that article without the fiduciary issue. In this view 1 
 am confirmed by one of the directors of the Bank of England 
 who at the Bank Inquiry of 1857 (see Report 220, Sess. 2, p. 36, 
 No. 360), said: " The profit upon bullion and coin is entirely irre- 
 
 D 
 
44 Seyd — On the Operation of the 
 
 " spective of the issue of notes, and, though it comes to the profit of 
 " the same department, it is in reality not a profit contingent upon 
 " the issne of notes." 
 
 I then arrive at the result that the investment of the 14 millions 
 — until the present 1 5 millions, at the interest here set forth, less 
 expenses — gives an annual balance in favour of the issue depart- 
 ment of — 
 
 From 1845 76,999 
 
 „ '55 77,634 
 
 '61 76,44 l 
 
 „ '66 80,261 
 
 That is to say, the Bank, having parted with 1 5 millions of money 
 byway of investment in certain advances to the State and on other 
 securities, receives, when the expenses are deducted, an annual 
 profit of 80,261/., equal to a rate of interest of T \, or a little more 
 than one-half per cent, per annum on the money laid out. 
 
 But you will say, the Bank receives this money (I am careful not 
 to say this " capital," for the meaning can be twisted) back again 
 by the authority to issue the 15 millions of notes. I agree with this, 
 but, naturally, it depends upon the employment of the 15 millions 
 whether the Bank shall make a profit or not. If the whole 
 1 5 millions were thus employed at, say, 4^ per cent, (the average 
 rate of interest), the Bank would make, including the 80,261/., a 
 total profit of 717,761/. per annum. A reference to the state of the 
 reserves will show you that this is impossible ; but, before I lay 
 the results before you, let me again remind you that the question 
 of what is uppermost — bullion issue or fiduciary issue — will again 
 arise here. The Bank- Act-people will tell you that the surplus is 
 not notes, but bullion ; they may say even, " We never gave our 
 " capital, or any capital, in bullion for the securities of the issue, we 
 " paid in notes and hold our capital intact." I must leave it to your 
 common sense whether you agree with them, but even if you should 
 do so, I can maintain that if the surplus is bullion, and bullion instead 
 of notes is consequently idle, it is the fault of the fixed issue of 
 1 5 millions fiduciary notes that it is so, and so the matter remains as 
 broad as it is long. I have calculated the total interest which the 
 Bank thus receives from the employment of that portion of the 
 fiduciary issue which it has been able to use, or, if you like it better,, 
 of that portion of the total issue, which, after deducting bullion, is 
 put into circulation. In doing so I have taken the Bank rates of 
 discount as they stood from week to week, and although the Bank 
 makes certain advances below that rate, in which the employed pro- 
 portion has a share, I have — seeing that on rare occasions it makes- 
 a higher charge for long bills — adhered to the current rate. 
 
Bank Charter Act of 1844. 
 
 43 
 
 Table F. — Total of Interest Earned by the Brink on the AWei \n 
 Circulation above the Amounts of Bullion held. 
 
 1845 167,207 
 
 '46 204,769 
 
 '47 485,567 
 
 '48 188,003 
 
 '49 121,351 
 
 1850 86,791 
 
 '51 166,005 
 
 '52 38,460 
 
 '53 222,956 
 
 '54 379, 35 1 
 
 1855 300,721 
 
 '56 549,672 
 
 '57 675,227 
 
 '58 103,864 
 
 '59 U3>9°2 
 
 1860 285,300 
 
 '61 426,930 
 
 ;62 138,584 
 
 '63 3 10,108 
 
 '64 576,180 
 
 1865 347,8i4 
 
 '66 690,177 
 
 '67 88,984 
 
 '68 92,986 
 
 '69 186,611 
 
 1870 111,566 
 
 '71 59,o<3 
 
 7,118,148 
 
 The total for the twenty-seven years gives an average of 263,635/., 
 and if yon add thereto the so-called profit of the issue department 
 at the respective rates (according to issue), an average of 77,641/., 
 you obtain 343,276/., which, on the average amount of the issues, 
 gives a return of interest of 2*346 per cent, per annum, or a little 
 over 2\ per cent. 
 
 That is to say, the investment of the 14. to 15 millions at 3 per cent. 
 (or a trifle more), after allowing for expenses, together with the profit 
 which the Bank makes on the 14/0 15 millions of notes — the two 
 birds killed with one stone — the whole business yields but z\ per cent., 
 equal to an annual loss of 100,000/. on the supposed first invest- 
 ment of the money at 3 per cent. 
 
 But the question has no great special reference to the investment 
 of the 1 5 millions in the first instance. That investment is an 
 accomplished fact, yielding, at 3 per cent., 450,000/. per annum, and 
 standing as a mere security, the issue might go on, say under some 
 other form of guarantee, without taking into account the rate of 
 interest derived from the investment. Indeed, if that were made 
 a question, I have the good right to say : the Bank might use this 
 money in commerce, at a free rate of interest varying on the aver- 
 age at 4]- per cent., without being encumbered by the rate of 
 interest imposed by the issue and the expenses attached thereto. In 
 that case the loss per annum might be stated at 287,500/., a 
 matter for the consideration of the proprietors. 
 
 The question may be narrowed simply to the expenses of the 
 issue on the one hand, and the profits of its productive element on 
 the other hand, and then according to the average expenditure of 
 263,635/. per annum, against the annual expenditure of 365,688/., 
 the loss is 102,000/., showing about the same result. Putting 
 together the annual expenditure as against the annual produce of 
 interest, the following profit and loss account can be made out. 
 
 d 2 
 
46 
 
 Setd — On the Operation of the 
 
 Table H. — Showing the Annual Charge on the Issue, the Annual Interest, 
 and consequent Profit and Loss per Annum. 
 
 Y«»ars. 
 
 184£ 
 
 '46 . 
 '47. 
 '48 . 
 '49. 
 '50. 
 '51. 
 '52. 
 '53. 
 '54. 
 
 1855. 
 '56. 
 '57. 
 '58. 
 '59. 
 '60. 
 
 1861. 
 '62. 
 '63. 
 '64, 
 '65 
 
 1866 
 '67 
 '68 
 '69 
 '70 
 '71 
 
 Annual 
 Total Charge. 
 
 £ 
 
 -\ 
 
 r 
 
 Annual 
 Interest Earned. 
 
 353,511 J. 
 
 -> 
 
 367,483 -{ 
 
 I 
 
 "\ 
 
 374,054 
 
 381,000 { 
 
 £ 
 167,207 
 204,769 
 
 485.567 
 
 188,003 
 
 121,351 
 
 86,791 
 166,005 
 
 38,460 
 222,965 
 
 379.35 1 
 
 300,721 
 
 549> 6 72 
 675,227 
 103,864 
 113,902 
 285,300 
 
 426,930 
 
 138,584 
 310,108 
 576,180 
 347,8i4 
 
 690,177 
 
 88,984 
 
 92,986 
 
 186,611 
 
 * 1i j556 
 
 59,°53 
 
 Ttofit. 
 
 25,840 
 
 182,189 
 307,744 
 
 52,876 
 
 202,126 
 309,177 
 
 Loss. 
 
 £ 
 
 £ 
 
 — 
 
 186,304 
 
 — 
 
 148,742 
 
 132,056 
 
 — 
 
 — 
 
 165,508 
 
 — 
 
 232,160 
 
 — 
 
 266,720 
 
 — 
 
 187,506 
 
 — 
 
 3 1 5,o5 l 
 
 ■ — 
 
 i30,54 5 
 
 66,762 
 
 263,619 
 
 253, 5 Sl 
 182,183 
 
 235>47o 
 63,946 
 
 26,240 
 
 292,016 
 288,014 
 
 194,389 
 269,434 
 32i,947 
 
 Note. — The only profits are made in years of pressure and crisis. 
 
 If interest be calculated on the reserve of gold and silver coin 
 held in the banking department, there would be a loss of 789,211/. 
 for the twenty-seven years, or an additional loss of 29,000/. per 
 annum, but for reasons already given, I have left this reserve quite 
 out of my calculations. 
 
 As regards the expenses in the issue department, I have 
 followed out the method employed in the parliamentary paper, 
 which I should imagine ought also to be that in use at the Bank, 
 for both the expenses of the issue and the Government share of 
 profit belong to the " issue department," and the Act reads in accord- 
 ance therewith. I mention this because efforts may be made to 
 construe the account differently ; the Bank- Act-people, although 
 they fully adhere to the pleasing fiction of the total separation 
 between the two departments, are quite ready to mix them up when 
 it seems suitable for an argument. However they may twist the 
 matter, I challenge them to produce a different result in the account. 
 
 A favourite way of puzzling the inquirer is this : — " Here is our 
 
Bank Charier Ad of 1844. 47 
 
 ' ; weekly return, our issue department, in which our 15 millions are 
 " invested (the greater part of our capital as you are pleased to say), 
 " against securities ; you think, therefore, it is gone in that, but 
 " look at the banking department, there is our capital again, fully 
 " stated and active in the account." Admitting this as a method of 
 stating an account, what is the actual fact? The Bank has invested 
 15 millions (capital if you like) in the issue, from which it receives, 
 after deducting charges, a return of one-half per cent, interest per 
 annum only. This capital appears back again by the authority of 
 issuing 15 millions of fiduciary notes, but, as the reserves show, 
 these notes cannot somehow be properly used. In truth, in con- 
 sideration of an income of 70,000/. to So,ooo/., or one-half per 
 cent, per annum, in the issue department, the Bank has parted with 
 resources of cash or capital against securities which should be 
 realisable into gold, but are not allowed to be thus converted, taking 
 in return the authority to issue 15 millions of fiduciary notes, upon 
 the supposition that they are as good as gold. Here Hercules 
 stands again at the cross roads, and must decide for himself which 
 is best, gold or fiduciary notes. In my opinion this action on the 
 part of the Bank bears a close resemblance to Esau and his mess 
 of pottage. 
 
 The defenders of the Bank Act have another method of stating 
 their case ; they say, " The issue department is totally distinct from 
 " the banking, and we have nothing to do with the 15 millions 
 " of issue. Let the State take over the whole issue, bullion and 
 " all, paying us for the securities, or leaving us to sell them, we 
 " should then cease to have anything to do with it." This is true, 
 and the Bank would not only obtain its reserve in cash, it would 
 also be rid of the annual expenditure of 381,000/. and I am 
 inclined to think that this would be a very good job for the Bank, 
 for if you look at the present results of the issue at only 263,000/., 
 whilst all the time the reserve of notes shows so large an average 
 of idle notes, you will see that the saving of the 100,000/. would 
 enable the Bank to keep an extra reserve of about 2J millions 
 cash, without reckoning on the one-half to 1 § million of coin now 
 habitually held in the banking department. 
 
 Take, for instance, the year 1852, when the interest of the 
 fiduciary issue amounted to but 38,460/. — a loss against expenses 
 of 327,000/. — interest during that year was at 2 per cent., so that 
 the Bank might have kept an absolutely idle cash reserve in actual 
 coin of over 1 6 millions sterling, besides the habitual 1 to 1 | million 
 of gold and silver coin. The years 1850, 1867, 1868, and 1871 
 show similar results. 
 
 In pursuit of anomalies, permit me further to point out, that the 
 average result of the interest on the notes in circulation above 
 bullion is given as 263,000/. per annum. This average, however, 
 
•18 Seyd — On the Operation of the 
 
 would be much less were it not for the exceptionally high profits on 
 the issue which the Bank makes during the times of panic, crises, 
 and mercantile ruin ; for at such times the institution makes its 
 best harvests. The Bank may say : but we are also suffering heavy 
 losses during these times. Would that the Bank were compelled to 
 state the amount so lost — but the plea of these losses does not concern 
 the legitimate traders, who are compelled to furnish the harvest. 
 The years 1847, 1856, 1857, 1864, and notably 1866, are examples 
 of this kind ; but bear in mind that they are principally portions of 
 these years, not the whole years which bring these high profits. A 
 reference to the highest or lowest states of the reserves, and the 
 rates of interest during those times of distress, will show what I 
 mean. These extra profits arising from the mercantile community 
 (so far on a fair basis of momentary supply and demand, I admit), 
 ought to be deducted from the average. 
 
 Reflect further how this state of things clashes with the fair 
 rules of mutuality which should guide all matters of money and all 
 banking laws. What are the facts in this case ? The issue costs 
 the Bank 381,000/. per annum. Now, when the fiduciary issue 
 circulates to the amount of, say, 13 millions (leaving but 2 millions 
 in reserve), this charge is equal to about 2-^ per cent, per annum. 
 At such times the actual interest rules high, say at 8 per cent., and 
 the bank is brought face to face with the desire to make larger 
 profits. Notably, however, the longest periods are those of quiet; 
 and when the reserve amounts to, say, 14 millions, leaving 1 million 
 over bullion in circulation, the costs on this 1 million are equal to 
 3^tV P er cen t- P er annum, and the Bank cannot get more than 2 or 
 z\ per cent, in return. No wonder that with these contradictory 
 positions the directors of the Bank must proceed with a degree of 
 prudence and circumspection which brings them into frequent con- 
 flict with the real interests of the community. 
 
 The defenders of the Act, ready to turn anything into use, may 
 even say this is the very thing we want, but I question whether 
 they could bring forward a string of logical arguments without 
 introducing some hocus pocus as a supposed final blow, with which 
 they would ruthlessly destroy even their own scanty admissions of 
 the force of true reasoning. 
 
 I think I have shown to you that in the question of account or 
 profit and loss the Bank is a loser by the Act. But, it may be said, 
 the Bank, by means of its connection with the Government and the 
 right of issue, enjoys other indirect advantages which compensate 
 it for any such drawback. Let us analyse what they are. The 
 Bank of England has the management of the National Debt. For 
 this service it receives a specified sum amounting to about 200,000/. 
 per annum (see " Hankey on the Bank of England," p. 57), just 
 
Bank Charter Act of 1844. l.< 
 
 like any paid agent, and the State gets rid of a duty which it could 
 not itself perform at the same price. Necessarily, inasmuch as the 
 Bank is the great banker of the State, of other banks and bankers 
 and important persons, more or less connected with government;! I 
 money business, there is a great mechanical advantage in this 
 arrangement for all parties concerned. But the whole is a business 
 which stands entirely on its own merits, and for the profit which it 
 brings to the Bank, ie., the pro rata salary paid, it has been hinted 
 even that the remuneration is not sufficient. Then it may be said, 
 the Bank keeps the Government account, and this is a set-off. 
 Now, of all the accounts which the Bank keeps, the public accounts 
 are the most irregular. A glance at the general returns will show 
 this. No banker can look upon such an account as being worili 
 more than the interest on the minimum balance. The surplus 
 over the minimum, being simply collected by the State, and 
 already assigned to specific purposes, cannot be actively employed, 
 and for that matter it might as well be held at the Treasury as 
 at the Bank. No wonder that the governor of the Bank stated 
 during last session, when the question of the Bank's paying interest 
 on this account was mooted, that the Bank did not care for the 
 account at all. This account, however, by its violent fluctuations, 
 in spite of its uselessness for commerce, affects the reserve consider- 
 ably. The Government, besides the mechanical facilities of the 
 account, of course enjoys the advantage of keeping its money with 
 the largest and safest institution, and could not dare to change 
 its bankers. 
 
 It has been alleged that the lost notes form a considerable item 
 in favour of the Bank. Nothing has been published showing what 
 kind of profit this is, and the Bank is no doubt bound to pay any 
 note which may turn up. The Bank can tell from the half-notes 
 handed in how many of them are lost, and it is well known that it 
 facilitates the recovery of the other halves, and pays the first under 
 certain guarantees. For the notes absolutely lost it must, never- 
 theless, retain provision until the State settles the question of 
 whether, after a while, the Bank is freed from paying them. In any 
 case, the supposed profit from lost notes would not be a legitimate 
 source of profit to the institution. 
 
 It has also been suggested that the Bank of England derives 
 great advantages from old and forgotten deposits, that just as 
 claims for dividends on consols are forgotten, so there might be 
 deposits for which no claimant appears. Certain continental papers 
 ■occasionally allude to large sums supposed to have been lodged with 
 the Bank of England many years back, and although such allega- 
 tions are of the " cock-and-bull ' class of stories, yet they have 
 given colour to surmises. It is certainly not the business of the 
 managers of the Bank to publish such claims, on the contrary, they 
 
50 Seyd — On the Operation of tlie 
 
 must remain quite passive in the matter. Nor (supposing such 
 deposits did exist) have those dealing with the Bank any concern in 
 it, with the exception of the State on behalf of the public at large ; 
 for the question arises, whether such forgotten deposits should 
 remain with the Bank or whether they should accrue, after proper 
 steps having been taken, to the Treasury. The view can be main- 
 tained that such deposits have been made at the Bank of England 
 because of its character as a quasi State bank, and a parliamentary 
 inquiry into the subject seems advisable, if it were only for the 
 purpose of setting at rest all the cock-and-bull stories here and 
 elsewhere. The bank note issue itself has no connection whatever 
 with this matter. 
 
 The great position of the Bank, its high credit, its large deposits 
 without interest, and its general influence and monetary power, are 
 due simply to its enormous capital and rest, and to the prudent and 
 superior management of the institution under all circumstances. 
 The fiduciary issue confers no advantage which can be kept secret, 
 which would not at once be made apparent, and stand the test of 
 all criticism in its details and the full light of the sun. The dis- 
 advantages, however, which the issue brings, I have endeavoured to 
 point out to you in each single instance or object, and the final 
 question remains, does it answer on the whole " somehow," i.e., if 
 it does not suit one object at one time, does it not suit on the 
 average. This "somehow" reminds me much of the gentleman, 
 who being with his daughter on board an American steamer where 
 all the machinery stood on deck, was asked to explain its principles. 
 Pointing to the steersman he said " You see that man working the 
 " wheel round; Avell then, there is this crinkum crankum pushing 
 " that iron thing in and out, pumping away at it, and there are the 
 ' ' firemen with long iron pokers pushing in and out, and so you see 
 " they all perspire and push, and so, between them, they shove the 
 " boat along somehow!" If any principle of compensation or 
 counteraction existed between the various objects which the Bank 
 Act is supposed to carry out, it would clearly assert itself in 
 the averages, but the present extremes show clearly that these 
 objects, singly and jointly, are more or less defeated by the system. 
 
 But what the fixed fiduciary issue does is this : it disturbs our 
 valuation, it cheats us into the belief that we have plenty of money, 
 for I have met with bankers who looked upon a strong note reserve 
 as indicating strength of the Bank and the situation. I myself 
 look upon this supposed strength as the sign of weakness and con- 
 sequent danger. The large reserve, although it is chiefly due to 
 the blood-letting and want of animation that has taken place 
 during a crisis, may appear satisfactory for a short time following 
 the upset, but when after a few months it still remains, and con- 
 tinues for years, it becomes the great agent which fosters speculation. 
 
Bank Chart r Act of 1P44. 51 
 
 Interest falls very low, and the necessity to use the money a 
 Speculation begins from below ; for a time bankers and others resist, 
 bat when the better class of speculators make money, and securities 
 are shown of more or less legitimate value, one banker or capitalist 
 follows the other in advancing' upon them. The prudent bankc 
 (let me admit, however, that many of our bankers know well to 
 keep clear of all speculative things) and the Bank of England 
 resist to the last, but I have it upon hearsay that tin's institu- 
 tion itself had some interest in the very things which assisted 
 in laying the foundation of the crisis of I860. The crisis, the 
 strangling process, the loss to legitimate commerce all over the 
 country, the increased pauperism, then follow the deception. If 
 the Bank directors were able to control the reserve, they would, 
 instead of lowering the rate of interest, keep it at a reasonably 
 higher figure long before the crisis is due. But they cannot do 
 this, for however far the directors may be able to sec, they cannot 
 overcome the fact that the reserve exists, that the ordinary rules 
 must be applied ; the fallacy of the issue acts as a fog, hence the 
 haste and terror when the pursuer suddenly looms through it. 
 
 There arc many people who would altogether refuse to the Bank 
 of England the title to rule the discount market ; and. indeed, as far 
 as the small share which the Bank takes in discount or the actual 
 working business of the country is concerned, this opinion seems 
 justified. And if it is borne in mind that the notes, gold, and silver 
 currency in the country out of the Bank amounts to from 120 to 
 130 millions, it would seem singular that the demand for a few 
 millions, say even 10 millions, should go so far as to affect, through 
 1 he rise in discount, the money value of the raw material in Lanca- 
 shire, Yorkshire and elsewhere, where legitimate non-speculative in- 
 dustry flourishes, the mainspring of the country's wealth. I quite 
 admit that the lead which the Bank takes in altering the rate of dis- 
 count suits other bankers, for it appears that they can compete success- 
 fully in lowering, and can profit only by the raising, of the rate ; and, 
 on the other hand, there must be some central institution which h 
 the power of initiating such movements. The question whether 
 they have been initiated fairly does not depend on principle, but on 
 the good judgment of the directors of the Bank, and although we 
 may admit that, at tremendous sacrifices to the commerce of the 
 country, they have succeeded in triumphing over a bad and confused 
 system, yet the good judgment in this respect stands on no other 
 footing than that which might deal with an unrestricted issue — and 
 can be supplemented by a more self-acting process. 
 
 As regards the expenditure on the issue, it might here be sug- 
 gested that the Bank of England conducts it in rather an extravagant 
 manner by the continual destruction of notes, and that otherwise the 
 
 A. * 
 
52 Seyd — On the Operation of the 
 
 items might be diminished. The destruction and reprinting of the 
 notes is not a very important item in the expense, as you observe by 
 the statement. The chief expenditure is in salaries, rent, and com- 
 pensation to bankers whose issue the Bank has taken. Now, where 
 the system of registering the numbers of the notes prevails, a larger 
 staff of employes is required ; and the system, with the renewal of 
 the note, is so useful to the public, and serves as so efficient a pro- 
 tection to the Bank, that I am by no means inclined to recommend 
 its abolition. I may mention that the Bank of France now follows 
 the same plan, registering even the 20-franc notes, keeping back 
 the dirty ones, and only reissuing clean notes. And although the 
 Bank of Prussia has hitherto not registered the small and dirty 
 paper money, yet, as soon as the small notes are abolished and larger 
 amounts issued, it will probably follow a plan similar to that of our 
 Bank. 
 
 The only item which, properly speaking, does not belong to the 
 general system of issues, is compensation to bankei's. But, supposing 
 this were to disappear, and that altogether a considerable reduction 
 in the expenditure of the issue were made, you will agree with me 
 that, although the Bank would not lose as much as it does now, 
 such economy would have no influence whatever on the numerous 
 anomalies consequent on the fixed limit. There is, however, one 
 item iu the expenditure of the issue which, in the form that it is 
 levied, merits severe condemnation. The State (by a compromise 
 well known) receives from the issue 195,000/. per annum (originally 
 180,000/.), viz., 60,000/. in lieu of stamps, and 135,000/. so-called 
 profits. This sum is paid regularly, whether the actual or real profit 
 of the Bank is 300,000/., or whether the loss is 300,000/. Is this 
 right and fair ? I quite recognise the principle that the State should 
 receive a share in the profits of the issue, and shall speak of this later 
 on ; but when such a share bears the character of a partnership in 
 profits, it appears to me that it ought to rise and fall in accordance 
 with the actual results. For if in the first a fixed sum be taken as 
 .a compromise, the inference lies near that it is liable to error, to the 
 prejudice of either State or Bank. But, it will be said, what does 
 this matter, and of what consequence are 195,000/. in a system where 
 so many hundred millions of transactions take place ? The country 
 or the Bank can easily pay it ! Arguments like this were used in 
 the free- trade controversy ; but the freetrader knows that even the 
 smallest regular tax can have the effect of preventing trade — that 
 the smallest grain of sand can disorganise a whole machinery. A 
 trifling tax can stop the importation of one of our commodities into 
 a foreign country ; yet, when it is there, the retail trader can put a 
 profit on it twenty times larger than the duty. It is the question of 
 a tax on the first movement, on the embryo of business, which iff 
 •expected to develop itself, and which when developed and grown 
 
Bank Charter Act of 1844. 53 
 
 strong, can bear bleeding ; whereas the same amount of blood-letting 
 on the embryo itself would prove the ruin of its future. So 1 look 
 upon the origin of our bank note issue, whose few millions are 
 expected to develop a thousand millions of transact ions, as an embryo 
 in principle, and any rough and unscientific treatment or detraction 
 from its growing power has a thousand-fold effect hereafter; and 
 where, as in the case of the Bank of England, a yearly settlement or 
 dividend is contemplated and striven for, this rough tax forms an 
 element which must, though perhaps unconsciously, affect the action 
 of the sytem. The system being that upon which our commerce 
 depends, it is clear that any damage to it injures commerce a 
 hundredfold, and weakens the tax-bearing power of the nation. A 
 more refined plan, then, say, that of the State taking its share in 
 accordance with actual profits made by means of the whole issue 
 system, might improve the banking power of commerce, and might 
 probably give a larger average of profit to the State. 
 
 In my discourse so far I have taken the great liberty to criticise 
 the banking department of the Bank of England, that which certain 
 people consider "private," for, beyond the weekly accounts and the 
 returns which Parliament now and then enforces, the Bank of 
 England publishes nothing regular or irregular concerning its 
 business, and shuns criticism, as it has the right to do. Other State 
 banks, like the Bank of Prussia, or quasi State banks, like the 
 Bank of France (whose connection with the State is even less than 
 that of the Bank of England, because it has less legal privileges), 
 fully and freely publish their affairs, giving a complete view of all 
 their transactions in each department of action. Our Bank should 
 be compelled to do so likewise ; we cannot presume that it is under 
 the necessity of hiding something ; the country ought to be rather 
 proud of what is done by it, independently of the instruction 
 and knowledge which this proceeding would distribute. The plea 
 that the Bank of England banking department is as much a quasi 
 private matter as that of other banks, cannot be maintained 
 when it is borne in mind that the issue contract between it and 
 the Government, as representatives of the public, gives the latter 
 the full right to look into all its affairs. Mr. Hankey's answer 
 to the wish for publishing banker's balances that, "if it were so 
 " ordered by Parliament, I believe it would lead to no good,"' etc., 
 belongs to the dark ages, when Parliaments and courts of law were 
 held secretly for similar reasons. Let us hope that some powerful 
 reformer will come forward on behalf of all these matters. 
 
 I have shown you that the theory of the fixed fiduciary issue is 
 wrong, but I have shown also that when it is taken as it stands, and 
 that when propositions are made in accordance with, and in supposed 
 explanation of its working according to the wishes of its defenders, 
 
54 Seyd — On the Operation of the 
 
 that almost every one of such propositions in actual practice meets 
 with flat denial or contradiction, and that the whole exhibits a 
 picture of misconceptions and conflicts in which there are but few 
 accords, and these few accords bear more the character of forcible 
 driving, than that of correspondence or unity of interests. 
 
 The errors to which such a system leads in theory and practice 
 manifest themselves on all sides. Just now (December, 1872), 
 when the pressure of October and ^November has passed away, 
 when bullion has again accumulated, we hear it said, " See how 
 " the Act has triumphed over the difficulty!" Is there anything 
 in the Act itself that provides for the raising of the rate of interest ? 
 Certainly not. The action of the rate of interest is a matter 
 standing alone, apart from the Bank Act. Indeed, if you believe 
 in the correctness of the views which I expressed on p. 31, as 
 regards the competition of the 15 millions of fiduciary notes with 
 bullion, you may with me come to the conclusion that it is not 
 the Act which has triumphed, but " that the rule under which 
 " interest attracts bullion has triumphed over the Act/' Can 
 business be properly conducted when perversions like the above are 
 accepted as truths ? 
 
 Without unison and logical connection, no system can work 
 smoothly, and one essential error in construction can throw the 
 whole organisation out of gear. If the existing anomalies could be 
 removed, the power of the Bank, its usefulness to the great com- 
 merce of this country would be largely increased, to the benefit of 
 the State, the bankers and merchants, and the community at large, 
 and the shareholders of the Bank itself. The Bank directors have 
 to act according to law, they may be advisers, they cannot be 
 movers in this matter, indeed, they have the right to remain 
 conservative or impassive. But those members of the Government, 
 to whom the initiative in these matters belongs, might be requested 
 to show whether, in their conceptions and actions in reference 
 thereto, they are mere menders of kettles and sharpeners of scissors, 
 or great financial engineers. 
 
 It remains for me now to remark that I have purposely abstained 
 .from discussing the clauses of the Act of 1844, which relate to the 
 country banker's issue. You may have inferred that I am totally 
 opposed to them, but the question of their abolition can be con- 
 sidered apart from the Bank of England, whose issue might be 
 continued or reformed without reference to such country issues. 
 The only plea for their maintenance is the issue of 1 /. notes ; but, 
 under certain conditions, the Bank of England might issue a 
 limited number of such notes for the accommodation of the public. 
 In any case, the present issues of country bankers arc an injustice 
 to the Bank of England. 
 
Bank Charter Act of 1841. 55 
 
 Suggestions for an Improved Systi m of Issv . 
 
 My criticism on the Bank of England issue would hardly appi 
 justified, unless I were prepared to lay before you sonic plan for a 
 better system. Bank notes must be used for certain purposes, i lie 
 question is what are the clear principles upon which they can be so 
 used? Let these principles be established, and surely. there will bo 
 little difficulty in constructing a system in accordance with them. 
 
 What are the picas upon which the issues of bank notes or 
 paper money are usually made ? 
 
 The first and foremost is that of the convenient instrument ot 
 exchange. Gold is heavy, paper is light; and if I can carry 10/., or 
 100L, or i ,000/. in a piece of papei instead of in weighty money, I 
 prefer the former. You will observe that this plea is based simply 
 on a natural mechanical law, which will bear no disputing. 
 
 The second plea is that bank notes, ; 1 their capacity as money, 
 can make an addition to the mediums of exchange for the purpose 
 of assisting commerce. Here the fiduciary element, entirely apart 
 from the above mechanical law, comes into consideration. 
 
 The third plea is the necessity of the State. In times of war 
 and distress, the State, compelled to lay out heavy sums, is obliged 
 to create an enormous issue of bank notes, and to give them the 
 force of legal tender. This plea again is distinct from either of the 
 two named above. 
 
 Inexact accordance with these pleas bank notes may be classified 
 as follows : Firstly. The bullion note ; the foundation of which is 
 nothing but bullion, so that, say, on a store of 20 millions of bulli< .1 
 20 millions of bank notes, and no more, are issued, for no other 
 purpose than that of furnishing to the public a convenient medium 
 of exchange, and the presumed object of saving wear and tear in 
 metallic currency. None of the great nations make such an issue, 
 although the relative position of bullion reserves to the notes in 
 actual circulation had frequently, or nearly, brought it about, both 
 in England and France. 
 
 Secondly. The good bank note ; based upon a certain proportion 
 of bullion, the rest of the issue being made on securities, one of the 
 chief objects of such issues being that of poising the admixture of 
 the two elements, so as to maintain, at all events, the convertibil i y 
 of the note. Our Bank of England issue, the Prussian issue, the 
 French issue before 1870, are examples of this kind; although the 
 manner in which they are severally conducted differs materially as 
 to methods of limitation. 
 
 Thirdly. The depreciated bank note issues; in which the exces- 
 sive fiduciary issue has altogether overwhelmed the metallic basis, 
 so that metal has been set aside and risen to a premium. The con- 
 
56 Seyd — On the Operation of the 
 
 vertibility of such notes has of course been lost. The value of the 
 metal varies in accordance with political prospects. Modern 
 examples of this kind are the United States, Russia, Italy, Austria. 
 &c, and France seems on the point, by excessive fiduciary issue, to 
 enter the class. 
 
 To these three classes may be added the fourth class — the value- 
 less bank note — of which Hayti, where 500 to 700 paper dollars are 
 counted as one dollar silver ; and the notes of the defunct Confederate 
 States of America, are examples. 
 
 I give this last class merely in order to show the rapid descent 
 into nothing. We can dismiss it, as far as England is concerned ; 
 and so we might dismiss the third class, the depreciated bank note, 
 for England is at peace, rich and prosperous ; and we may trust that 
 it will never again, as it did at the end of last and beginning of 
 present century, issue depreciated bank notes, which the conquest 
 of independence, wealth, and political supremacy, enabled it to set 
 aside. A reflection as to the actual effects upon the prosperity of a 
 country labouring under a depreciated issue may, however, be useful. 
 Why is it that such countries continually lose bullion, and become 
 poorer ? Why should the mere addition of paper currency to 
 metallic currency, which in the first instance actually seems to 
 improve prosperity, make such a country the debtor of other nations, 
 and force it to part with gold, thereby increasing the evil of depre- 
 ciation progressively ? The reason for this will appear plain to you 
 when you reflect what is done in such cases. Take a country which 
 carries on its business, say with 100 million pounds of metallic 
 currency. A war breaks out ; the Government requires enormous 
 supplies in material, &c, and pays for them, say in 100 millions of its 
 own notes. The currency of the country becomes 200 millions, and 
 it follows that the prices of all commodities must rise in order to 
 correspond with this increase. The increase is not due to industry 
 or some solid equivalent as a neutralising element ; it is more or less 
 sudden, without original countervalue. The classes of contractors, 
 and the individuals and traders connected with them, suddenly 
 become rich, and the apparent plethora of money creates through- 
 out the country considerable extravagance. Not only do native 
 commodities rise in price, yielding large profits, but all foreign 
 produce benefits by the change ; higher prices and higher profits are 
 made. But the great distinction between native and foreign com- 
 modities and trade becomes this : the native producer receives his 
 profit in paper currency, whereas the foreign producer, not able to 
 use this currency at home, must take out his profit in gold, and gold 
 leaves the country accordingly in an increasing ratio. At the same 
 iime the high prices of native produce prevent its exportation, and 
 the importation of foreign goods is encouraged to the injury of home 
 
Bank Charter Act of 1844. 57 
 
 industry. Hence the extraordinary state of the exchanges, and the 
 o-reat straggles which a nation must make afterwards in order to 
 restore the equilibrium. Where immigration, bringing hundreds of 
 thousands of immigrants — where immense resources in land, mines, 
 and the future generally, are in store, as in the United States — the 
 process of recovery is easier. In other countries less favourably 
 situated, the demoralisation, the struggle, the division of the people 
 into richer and poorer, the labouring and suffering, cannot be over- 
 come for long periods. 
 
 Xow, if this is correct as regards overwhelming issue, it follow.- 
 that any issue above the neutral bullion basis must have a similar 
 effect, although in a lesser degree. The mere question of the depre- 
 ciation or par value and convertibility of the note is dependent on 
 the mere amounts of fiduciary issue ; the effects on prices remain, 
 and with the consequent separation between national and inter- 
 national trade, become a question of degree. And so, if we pretend 
 that 15 millions of fixed fiduciary issue are a permanently useful 
 addition to our currency, we are in error, for in reality they operate 
 permanently against our bullion basis. 
 
 Our choice between the classes of bank notes now lies between 
 the bullion note and the good bank note, or in a compromise between 
 the two. Strictly following the pleas put forth, let us first deal with 
 that of the usefulness of the note as a convenient instrument of 
 exchange. It is often said that bank notes save the currency from 
 wear and tear. This is true ; but the expenses of bank note issues 
 are larger than the cost of mintage and wear and tear of coin, as 
 the foot-note annexed will show.* 
 
 Nevertheless, the plea that bank notes are such easy instruments 
 of exchange is the most legitimate of all, and they must be main- 
 tained, if for this purpose alone, independently of the expense. 
 
 * Professor Jevons has calculated that on the average a sovereign in circulation 
 becomes light in eighteen years, i.e., that it loses the legal three-quarters grain 
 and the right of tender. This calculation I have verified by researches as to the 
 sums coined by the Mint since 1816, the light coin taken in at the Bank, the 
 exports and imports, and the proportion of light coins remaining' in circulation, and 
 substantially agree with him, although I would extend the period to twenty years. 
 Rut I will go further than he does. Instead of assuming that on the 123*274. 
 grains 0^750 grain is lost, I will take a whole grain, and allow one-quarter grain 
 for costs of recoinage, so that, within twenty years 1*232 grain, or, say, 1 per 
 cent, are absorbed. This would show that the annual wear and tear on coin cost9 
 one-twentieth per cent. 
 
 The issue of our bank notes costs 180,000/. (exclusive of the 195,000/. paid to 
 the State) on a circulation taken as high as 30 millions pounds. Let us reduce this 
 by economies to 150,000/., the annual cost of the issue would be equal to one-half 
 per cent., or ten times as high as on coin. 
 
 It will be seen how large a margin is left for further reduction l>efore a bank 
 note issue can be said to be cheaper than the issue of coin on the mere ground of 
 wear and tear of coin versus printing, paper, and administration of paper issue. 
 
£8 Seyd — On the Operation of the 
 
 Bullion notes, i.e., pure bullion notes, are, however, not issued, 
 for they are not only not profitable to the issuer, but involve the 
 large expenditure of printing and administration. No bank would 
 undertake such a bullion issue unless it secured a profit which, at 
 all events, would cover the cost. A small charge on each bank 
 note used by the public is impracticable in a medium of exchange 
 which must be legal tender. The State cannot be asked to bear the 
 costs, for that would be unfair to certain classes of the community. 
 What remains to be done ? Take, then, the case of an issue of, say, 
 20 millions of notes against 20 millions of bullion, at a cost of 
 J 00,000/. per annum. The 1 co, 000/., at the rate of interest of, say, 
 4 per cent, would represent the produce of a capital of z\ millions, 
 so that if on 20 millions of bullion an issue of 22| millions of notes 
 were made, all being employed at 4 per cent., the cost of the issue 
 would be recovered. On some such plan, which is not necessarily 
 confined to 20 millions, to 100,000/. expense, and 4 per cent, interest, 
 but which must be fitted to the case, can the fiduciary or productive 
 element of bank note issue be used, and a contract for its carrying 
 on be offered and accepted by a bank. Later on I shall modif} r the 
 suggestion again, but so far you may be willing to admit, that some 
 such arrangement can serve to satisfy the plea of convenience of the 
 note to cover its costs, and that an issue so arranged is the best 
 practical bullion note issue. 
 
 The plea of convenience being so disposed of, the question 
 remains : Is a further fiduciary issue for the purpose of encouraging 
 commerce at all advisable ? In the foregoing, I have sufficiently 
 shown that a permanent addition of a fixed fiduciary issue is the 
 great mistake which underlies the whole of our present system. But 
 if that is so, it is all the more clear also that no issue at all, i.e., 
 the flat and absolute bullion basis would, in a certain sense, also be 
 an error. For there are times when harvests fail, when mercantile 
 disturbances take place ; at other times great discoveries are made, 
 new industrial channels are opened, requiring money, the contin- 
 gencies of commerce are numerous, they cannot, as they are irregular, 
 be always brought into accord with the currency whose increase is 
 less spasmodic. For these times a temporary increase in the 
 currency is quite justified, even necessary. But as there are also 
 times when greater regularity in trade prevails, during which profits 
 and currency accumulate, the latter over-reaching the commodities, 
 so must such a temporary allowance of fiduciary issue be with- 
 drawn again. That this is the true state of things, all the movements 
 in commerce and the value of money prove abundantly. Now, if 
 thus at one time 2 millions of fiduciary money can be used, at 
 another 20 millions, would it be right to say : Oh ! the average is 
 1 1 millions, and this must suffice. Nothing can be more false than 
 
Bank Charter Act of 1844, 50 
 
 such an average, for tlic \fvy word belies and contradicts its own 
 original basis. 
 
 The legislators of 1844 seem to have thought that there wi 
 only two ways open to them, viz., either to leave the i al tin- 
 
 discretion of the Bank directors under the old Act — in principle tin; - 
 granting an unlimited right — or that of establishing a fixed limit. 
 Although the old Act was condemned, yet the discretion which the 
 Bank exercised appears to me to have been quite as effioieni as that 
 which they now exercise in forcing the rate of discount. I am far 
 from recommending that we should fall back on the old Act, with its 
 system of liabilities and means, for I fully recognise that discretion, 
 however wisely exercised, is liable to errors, and prefer a machinery 
 with a modicum of discretion only, with less than is now required 
 under the Act of 1844. 
 
 Such machinery can be constructed on the two elements: — the 
 amount of Initio,/ and the value of money or the rate of interest, so 
 as to afford any suitable scale of limitation. If you will kindly listen 
 tome, I will try to lay before you maxims and practical illustrations 
 which may guide you to a conception of the theory involved. 
 
 If, as we all know, commerce has its varying phases, which at 
 one time bring about a strong demand for money, indicating a d : - 
 proportion between the currency and the business to be done, it 
 follows that there are also neutral times when both are in due pro- 
 portion, This level of neutrality we have frequently arrived at in 
 this country ; as I have before explained, the large reserves of notes 
 in the Bank show them — and I am entitled I think to leave country 
 bankers' issue out of the question — as far at least as London is con- 
 cerned. There must have been, consequently, also times when there 
 was a neutral rate of interest in connection with the neutral bullion 
 basis. Many people think that this neutral or normal rate of interest 
 may be deduced from that on our national debt, because investments 
 in that are made when money falls to a certain stage of inactivity, 
 viz., 3 per cent. I decline to bind myself to this figure; indeed, in 
 binding oneself in this manner, however plausible the assumption 
 may seem, the first error is committed, and I may presently succeed 
 in showing vou that the neutral rate of interest will result from a 
 self-acting process. 
 
 In order to start with the two elements, let us suppose there 
 were 20 millions of bullion at the Bank and interest at 2\ per cent. 
 Suddenly (I use this term for convenience of illustration only) there 
 was so strong a demand for money as to make the rate 5 per cent., 
 could we legitimately say : the value of money has doubled, and the 
 20 millions available must do double duty ? If we could say that, 
 we need only issue 20 millions of fiduciary money more to make 40; 
 but then interest should fall back again to 2\ per cent., and so the 
 
 1: 
 
GO Seyd — On the Operation of the 
 
 original cause of the rise would disappear again, In fact, if we 
 doubled the issue with the doubling of the interest, or increased it 
 with the increase of the latter, we should adopt a species of geome- 
 trical progression which could not be maintained on its own ground. 
 
 But if there were 20 millions of bullion at z\ per cent., and if 
 interest rose to 5 per cent., would we be justified in issuing 
 10 millions (only half of the proportionate increase of interest), say, 
 altogether 30 millions, and keep interest at 5 per cent. ? I trust 
 you do not look upon this method of opening my case as involving 
 a mere fanciful little arithmetical problem with which I please 
 myself ; it rests upon certain principles in mathematics in connection 
 with limits ; and I may succeed in showing you that it works in 
 accord with all the contingencies and practical matters that I am 
 required to deal with. 
 
 Accept, then, for the present, my proposal " that the Bank shall 
 " have the right to add to the issue made on bullion, an amount of 
 " fiduciary issue equal in proportion to the bullion, to one-half of 
 " the increase on the normal* rate of interest. On the reduction 
 " of the rate of interest, the Bank shall reduce the fiduciary issue in 
 " the same proportion, but the Bank shall not be bound to reduce 
 " the rate of interest." 
 
 Test, now, this proposition by ordinary examples. Supposing 
 there were, as before, 20 millions of bullion and the rate of interest 
 rose from z\ to 5 per cent.: when 10 millions more might be issued. 
 If the rate rose to 10 per cent, the additional issue might be 30 
 millions more. But the rise in the rate of issue must not be taken 
 upon the 20 millions of bullion, for the rise in the rate of interest is, 
 in the first place, due to a withdrawal of bullion ; say, then, that 
 bullion has diminished from 20 to 15 millions, when interest stands 
 at 5 per cent., the additional issue might then be made 7I millions 
 more, so as to give 2i\ millions. And if bullion further diminished, 
 say, to 10 millions, interest being at 10 per cent., the total issue 
 might become 25 millions. If the bullion should fall as low as 
 7 J millions, a rise in the rate of interest to 12 J per cent, would be 
 required to justify the addition thereto of 1 5 millions of fiduciary 
 issue. Submit now this system to any further tests with any given 
 amount of bullion, and you will observe that it is capable of afford- 
 ing limits which will regulate and satisfy the demand and enforce 
 the importation of bullion at the same time. You will sec, therefore, 
 that as far as the cautious idea of limiting excess is concerned, that 
 this system is far more effective; and that, in order to produce a 
 state of disproportion between bullion and notes, such as existed in 
 1857, when bullion was but one-fourth of the issue, a far higher 
 
 * The term "normal " will be explained hereafter. 
 
Danh Charier Ad of 1841. 61 
 
 rate of discount would have prevailed, without absolutely excluding 
 further supplies of money. 
 
 The present Act practically and presumably exercises the same 
 
 effect upon bullion in an irregular and spasmodic fashion, as I hn 
 
 shown, whereas, by the method proposed, the process would becoun' 
 regular and self-acting, causing more gradual and less frequent 
 movements both in the rate of interest and the export of bullion. 
 
 A rise in the rate of interest has a twofold effect. It induces 
 money to stay at home, and attracts money from abroad, for the 
 Englishman finds a better remuneration for it here than abroad ; 
 and the foreigner, when interest with him is cheaper, realises and 
 sends money over here for investment. Now, it must not be for one 
 moment supposed that these movements involve a direct sending 
 over of cash or bullion ; they take effect through the changes in the 
 rates of exchange. The English merchant or banker disposes of his 
 claims and bills on abroad, and asks his correspondent for short 
 remittances in return ; and the banker abroad, instead of sending 
 bills to England for discount, prefers to hold them in portfolio, 
 because they give him a higher rate of interest. Thus money is 
 supplied to our market on the one hand; on the other hand t lie 
 discount market is relieved, because bills are withheld from it ; the 
 exchanges turn in our favour because our bills are sought abroad, 
 whilst we ourselves sell our foreign claims. A divergence from the 
 par of exchange in our favour, or in favour of the foreigner, may 
 thus exist for a length of time without reaching the bullion points, 
 i.e., the points at whicli the rate of exchange covers the expense of 
 shipping or receiving bullion ; and other exchanges, favourable or 
 unfavourable to us, may, by arbitration, assist in maintaining the 
 transitory state until either the par is recovered or until bullion must 
 be forwarded. In February, 1870, I had the honour to lay before 
 you (see Journal of the Statistical Society, pp. 63 to 69), the exact 
 calculations how such bullion shipments between England and 
 France are made, and what their margins are. Nothing can disturb 
 the absolute right of bullion in these movements; and when, as is 
 now the case in France, a premium is paid on gold, it has the effect 
 merely of influencing the nominal rate of exchange, which is but the 
 bullion rate of exchange with the premium added. 
 
 Our requirements or obligations as regards bullion can be fol- 
 lowed up from the first departure from the pars until the shipment 
 point. At first measures are required to maintain our existing 
 stock of bullion : subsequently they must be strengthened so as to 
 retain in the country the bullion, or more of the bullion, passing in 
 tromsitu through our market, so as to add to our stock. In the third 
 stage the rates of interest must be forced, so as to attract bullion 
 from abroad, to cover a deficit in what we hold. And, when circum- 
 
 E 2 
 
62 Se*1> — On the Operation of {he 
 
 stances are reversed, and we have bullion enough, or can afford to 
 let that in transitu pass, or when, finally, we have a surplus, the 
 natural law of arbitration of exchanges will progressively effect a 
 clearance. 
 
 All these operations, however, in their adjustment, involve the 
 same principle of compromise that prevails in buying-and-selling 
 prices, i.e., the middle-price is the ultimate result ; each sacrifices 
 one-half of the whole margin ; and upon that ground I base my pro- 
 posal that, in increasing the rate of interest in a double ratio, we 
 obtain the half of its effect, namely, the whole of what we require ; 
 whereas, in raising the rate merely in accordance with apparent 
 demand, we should only obtain one-half of the supply. 
 
 "But," 3*011 will say here, "that is what the Bank does now, 
 " according to your own showing on p. 31, as that which is the 
 " cause of the violent movements in the rates of discount. The 
 essential difference between the present fiduciary issue and my pro- 
 posal will now appear. On p. 31, I state that the Bank is obliged 
 to raise the rate of interest in double ratio, because, when thereby it 
 attracts "money" in the general sense, it obtains half in bullion, 
 half in fiduciary notes, which, with bullion, constitute our money, 
 that the effect is divided between the two, both being attracted from 
 out of the circulation. And that such is the case 3*011 will admit, 
 because in most cases, when a raising of the rate attracts bullion, 
 the note reserve generally also increases, and increases frequently 
 without increase in bullion. According to my plan, however, there 
 is no fixed fiduciary issue, and none at all at the normal rates, so 
 that a rise in the rate of interest above them must concentrate its 
 effect solely upon bullion. Take the case of interest of z\ per cent, 
 or 3 per cent, as normal rates. A glance at the returns shows you 
 that even at these low rates there are large amounts of fiduciary 
 notes in circulation which come in with the bullion ; whereas, 
 according to my suggestions, there would be none in circulation, and 
 consequently none to come in. So that if, under my plan, interest 
 is i\ jDer cent., if by its rise to 5 per cent, we obtain the 1 \ propor- 
 tion of bullion, the Bank, with its present system, must raise the 
 rate to 7^, so as to attract z\ of money, of which i\, the half, is 
 bullion. The validity of the rule of doubling the increase, in accord- 
 ance with the law of arbitrations of exchanges and the rules of 
 suppiy and demand, thus remains undisturbed ; but in the case of the 
 present issue of the Bank of England, although I have spoken before 
 of the necessity under which it labours to double the increase, I 
 ought to have said then, bufc better say it now, that, in reality, the 
 Bank must proceed at a quadruple ratio in order to attract bullion. 
 
 Again you may say : " but by 3*0111' own plan 3*011 create a kind 
 " of reserve." True, but the character of this reserve is quite different 
 
Bank Charier Act of 1844. 
 
 from that of the present one; it lias no permanent existence, and. 
 does not lie like a dead weight upon the market. Its purpose 
 and use can be distinctly appreciated as apart from the question of 
 bullion. It is to meet local demands when Local demands show 
 themselves. But the purpose for which it serves principally is 
 this: When the rate of discount rises, money is kept at home and 
 brought in from abroad, and both flow into the Bank. When no 
 fiduciary issue exists, all this money is gold, and upon the same 
 principle enunciated before, one-half comes from the interior, say 
 in sovereigns, one-half from abroad, say in bullion. Thus currency 
 would be withdrawn from our inland intercourse for the sake of 
 attracting bullion. The reserve of notes to he created lnj wy plan 
 does nothing else than restore the equilibrium in the currency at home; 
 it has no immediate connection with foreign exchanges, and the 
 effect of the rate of interest on foreign bullion remains the same. 
 Do you appreciate the high importance of this action in connection 
 with the whole system as I propose it ? 
 
 It can be so appreciated without any direct reference to the 
 principle involved in doubling the ratio of increase in the rate of 
 discount, for it can be alleged that the country may not always 
 require the whole replacement. Now, according to my plan, the 
 Bank would have the right or power to make the issue, with the 
 in crease of interest, but it is not bound to do so; and although it 
 would be obliged to reduce the issue with the reduction of the rate 
 of interest, it is not obliged to reduce the rate of interest, and can 
 maintain the power of the issue, and the issue itself, within the 
 requirements. This marginal power of reserve (in which the dis- 
 cretionary part of the manager's action will find play) will serve 
 to keep the rate of discount more steady, i.e., it will leave a margin 
 against immediate change ; it will also produce, by a self-acting 
 process, the normal state and rate of interest. 
 
 But, it may be said, at other times, the public may require more 
 issue for home trade when the proportion of one-half is not 
 enough. The signs by which this kind of demand is detected 
 are simple enough. As soon as the state of exchanges indicates 
 that we are either on a par with other nations, and that bullion is 
 actually flowing in (the better observance of foreign exchanges is, 
 therefore, necessary), we can relax at all events the forcible 
 measures for its importation, and must do so in order to avoid sur- 
 plus. The extra demand then becomes local, the whole allowance of 
 the issue may then be made, and a further supply of means given by 
 raising the rate, that is, by satisfying and at the same time checking 
 the demand in the opposing proportions of one-half, vindicating u 
 principle of insurance. The higher rate may also continue to 
 attract bullion, but wdien the whole system has been in operation 
 
64 Seyd — On the Operation of the 
 
 there will have arisen, before this, points of adjustment and com- 
 pensation which will modify many necessities. 
 
 But what about speculation, that bugbear against which the 
 Bank must guard, when its necessities go hand in hand with 
 those for bullion ? In that case, the whole force of a rise in 
 discount must be brought to bear so as to effect both objects, that of 
 checking speculation and that of attracting bullion. In this sense, 
 I aj>prove, for instance, of the action which the Bank has taken in 
 October and November, 1872 — when interest ruled at 6 and 7 per 
 cent. — there being, evidently, not only strong local speculation which 
 had absorbed the free money in the outer market — but when also an 
 unfavourable state of exchanges existed. But, although I fully 
 recognise that this fever of speculation is an element against which 
 strong measures must be taken, I allege, at the same time, that it is 
 fostered and nursed by the present habitual large reserve of notes, 
 and if I start the proposition that if this nursing did not exist, 
 would I be entitled to say that speculation would not be so strong ? 
 That, in order to deal fairly between the independent fault of the 
 public and the fault of the Bank's fiduciary issue, speculation would 
 only have half the force ? If so, you will agree with me that 
 speculation, if reduced to one-half, might, for the other half of its 
 development, be checked on the way by more moderate rates, i.e., 
 rates not too low and not too high. And this might take place 
 without involving so much foresight on the part of the directors as 
 to the future effects of a present speculative tendency, for as we 
 know, although all shake their heads at the future, yet the Bank 
 directors keep the rate of interest low for long periods, as if no fear 
 existed, until, as I said before, the gigantic spectre suddenly looms 
 through the fog. 
 
 If you can believe that, through the abolition of the habitual 
 reserve, interest will not fall so low as it has hitherto done, 
 encouraging speculation, but that, so to speak, it will at all events 
 halve it ; that through the non-existence of this reserve we shall be 
 able to obtain bullion in a more direct manner, without raising 
 interest to so high a pitch ; if you can believe that, through the 
 better concurrence of mathematical truth and the more intelligent 
 appreciation of the practical elements involved, we shall bring about 
 a more regular state of things, you may deem it worth while to 
 folloAV up the suggestions here made, of which, for want of time and 
 space, I can only give the outlines. 
 
 It is not impossible, as we advance in the definition of the laws 
 of supply and demand, that we may discover the paramount 
 importance of the rules here laid down in all that relates to equili- 
 brium between demand, supply, and price. In special cases its 
 absoluteness may fail because other not visible influences, though in 
 
Bank < 'harter Act of 1844. 65 
 
 themselves depending upon the rule, intervene; but in large 
 aggregates — and such an aggregate is represented by the millionfold 
 movements of ordinary social and commercial intercourse, in which 
 all factors have al read)-, to some extent, exchanged com] ition, 
 until they come to the Bank of England — the rule will be found 
 unfailing. 
 
 On tin's ground I uphold the rule of the one-half effect. You will 
 agree with me generally, that proportions of three-fonrtl gainst 
 one-fourth, or seven-eighths against one-eighth, whether they are 
 made purposely and continuously, or by error of judgment spas- 
 modically, cannot produce the equilibrium. The points of logic 
 here arising I need not discuss, but I revert to such disproportions 
 in order to bring out the capability of my system to meet special 
 contingencies when wider questions arise, when, in contradistinction 
 to the ordinary social and commercial intercourse (the term used in 
 the last paragraph), extraordinary disturbances arise. Such extra- 
 ordinary disturbances might be revolutions or long wars, requiring 
 a considerable fiduciary issue. In such cases the rate of issue, 
 instead of being at one-half of the increase in interest, might be 
 raised to three-fourths or seven-eighths or more, and thereby 
 assume, at all events, a clearly defined character far preferable to 
 the more or less extravagant allowances, or the undefined loose 
 issues, of which France, the United States, and other countries 
 give us examples. The system is also capable of reduction by adopt- 
 ing measures below the one-half, say, to one-third or one-fourth, if 
 we should ever reach such a state of stability. 
 
 The strongest confirmation that, in ordinary times of fair social 
 and political life, the half-rate of which I speak is that which cor- 
 responds to the truth, can be gathered from the Bank returns them- 
 selves. For although, as I have stated, the majority of the instance 
 show large and (but for the explanations I have given) seemingly 
 inexplicable divergencies, there is, on the other hand, a not incon- 
 siderable minority, where the rules applied upon normal rates of 
 interest, are found in full operation. And this is especially the 
 case when the reserve is all idle, and we stand, practically, on the 
 bullion basis. I have here selected (see next page), as fair starting 
 points, the two periods in 1852 and 1871, when the whole amount 
 of the fiduciary issue was in reserve, i.e., when we had the practical 
 pure bullion basis. In 1852 interest was at 2 per cent., it rose to 
 4 per cent, on 3rd September, 1853, to 5 on the 22nd October, to 
 8 on 31st October, 1857, to 10 on 11th November; and, under the 
 two columns " Fiduciary circulation '* and " What it ought to be by 
 " the half-rates," you will find how nearly they correspond, whilst, 
 by the column " What it would be by the whole rates," the unsuita- 
 bility of such a rate of increase is made manifest. Similar results 
 appear from the reverse process of investigation between the year 
 
66 
 
 Sbyd — On the Operation of the 
 
 1866-67 and 1871, when, in the latter year, interest stood at i\ per 
 cent. 
 
 [COO's omitted.] 
 
 Date. 
 
 Circulation. 
 
 Bullion. 
 
 Rate 
 
 of 
 
 Interest. 
 
 Fiduciary 
 
 Circulation. 
 
 What it ouidit 
 
 to be by 
 tlie Half Rates. 
 
 What it would 
 be by the 
 
 Whole* Rates. 
 
 1852. 
 21st June .... 
 
 £ 
 21,500, 
 
 £ 
 
 21,500, 
 
 Per cut. 
 
 £ 
 Nil 
 
 £ 
 Nil 
 
 £ . 
 Nil 
 
 1853. 
 3rd Sept 
 22nd Oct 
 
 2 2,400, 
 25,000, 
 
 16,100, 
 11,300, 
 
 4 
 
 5 
 
 6,300, 
 8,700, 
 
 8,oco, . 
 10,500, 
 
 16,000, 
 21,400, 
 
 1857. 
 
 31st Oct 
 
 lllli Not 
 
 20,300, 
 20,100, 
 
 8,100, 
 6,600, 
 
 8 
 10 
 
 12 ; 200, 
 13,500, 
 
 13.200, 
 
 24,300, 
 26,400, 
 
 I860. 
 18th April.... 
 30th May .... 
 26th Sept. 
 
 22,100, 
 
 25,900, 
 23,000, 
 
 13.000, 
 
 11,400, 
 15,600, 
 
 6 
 10 
 
 5 
 
 0.100, 
 
 14,500, 
 
 7,400, 
 
 9,100, 
 
 17,000, 
 
 7,800, 
 
 18,200, 
 34,000, 
 15.600, 
 
 1870. 
 22nd June.... 
 
 22,400, 
 
 20,500, 
 
 3 
 
 1,900, 
 
 2,000, 
 
 4,000, 
 
 1871. 
 31st May .... 
 
 24,100, 
 
 21,100, 
 
 2* 
 
 Nil 
 
 Nil 
 
 Nil 
 
 I have selected these items almost at random, excepting that I 
 started with the points of bullion basis alluded to, and, in the full 
 general returns for the twenty-seven years you will find a large 
 number of instances where similar results appear. I admit, how- 
 ever, that in the long periods when interest is exceptionally low, 
 these instances are, if not mainly lost, at all events greatly diverging : 
 these are the years of large idle reserves on one hand, and gradual 
 enforced circulation and inflation, when the seeds of corruption are 
 sown and manured, when the fiduciary issue is not required at all, 
 and yet exists in all the glory of its misconception and misuse. 
 There are also divergencies at times of pressure and crisis, when the 
 fixed limit stops all further operation of the principles which I 
 have elucidated. Nfote the accord between my rule and the state of 
 things in November and December, 1857, when (less the 2 millions 
 extra issue granted through the suspension of the Act) the fiduciary 
 circulation stands at double that of the amount of bullion, interest at 
 the Bank being 10 per cent., in the market 10 to 12 J per cent. My 
 rule would have required 12\ per cent, in order to produce the 
 same proportion, and if the Bank had had authority to increase 
 the issue in this way at \2\ per cent., there would have been 110 
 need whatever for the suspension of the Act, whilst the effect on the 
 import of bullion would have been enhanced. If, during the week 
 of 18th March, 1857, when bullion stood at 6,100,000/., and the 
 
Banh Charter Act of 184 I. 
 
 67 
 
 fiduciary issue (including the 2 millii us extra) at 15,300,000/., th 
 rate had been made iz| or 15 per cent., it would, by my rule, hi 
 produced that issue without violating the Ac . 
 
 The following scale will serve as an easy means of testing the 
 proportions between bullion and fiduciar inlation. If the normal 
 rate of interest is taken at 2 per cent. — at which no fiduci; 1 ae 
 
 would seem necessary — the respective higher rates would author] 
 an issue in the following proportions on bullion: — 
 
 -» 
 
 pen- 
 
 ce] it. 
 
 , 1 
 
 - s 
 
 
 jj 
 
 3 
 
 
 jj 
 
 3^ 
 
 
 jj 
 
 4 
 
 
 jj 
 
 4* 
 
 
 jj 
 
 JJ 
 
 Nil 
 
 c\ per cent * 
 
 1 
 
 8 
 
 6 
 
 1 
 
 
 4 
 
 7 
 
 ~3 
 
 1 
 
 8 
 
 2 
 
 
 1 
 
 9 
 
 1 
 
 
 4 
 
 10 
 
 ft 
 
 8 
 ' O 
 
 H 
 
 14 
 
 « 
 
 8 
 
 But if 2 1 per cent, be taken as the normal rate, and it 
 to me to be the more correct of the two, the allowable 
 would be — 
 
 appeal's 
 increase 
 
 2 per cent. 
 
 -■1 
 
 j> 
 
 3 
 
 M 
 
 3* 
 
 JJ 
 
 4 
 
 JJ 
 
 4^ 
 
 JJ 
 
 5 
 
 JJ 
 
 5* 
 
 JJ 
 
 6 
 
 J) 
 
 N'il 
 
 6-1 
 
 per cent 
 
 JJ 
 
 7 
 
 j) 
 
 1 
 10 
 
 7£ 
 
 j> 
 
 2 
 
 10 
 
 8 
 
 j) 
 
 10 
 
 9 
 
 jj 
 
 4 
 
 10 
 
 10 
 
 ') 
 
 5 
 10 
 
 1 1 
 
 jj 
 
 6 
 
 10 
 
 \z 
 
 » 
 
 7 
 10 
 
 iz\ 
 
 j> 
 
 _f 
 10 
 _p_ 
 10 
 
 J " 
 1 0" 
 
 1 1 
 10 
 1 :{ 
 10 
 
 1 5 
 
 10 
 
 17 
 10 
 19 
 
 1 o 
 
 20 
 
 T&- 
 
 If the normal rate is taken at 3 per cent., the allowable 
 over bullion would be — 
 
 increase 
 
 per cent Nil 
 
 zk 
 
 j) 
 
 3 
 
 JJ 
 
 32 
 
 5) 
 
 4 
 
 JJ 
 
 4i 
 
 J J 
 
 5 
 
 *J 
 
 JJ 
 
 1 
 12 
 
 2 
 12 
 
 3 
 12 
 
 JL 
 
 55 per cent. 
 
 6 
 
 jj 
 
 6k 
 
 j> 
 
 7 
 
 jj 
 
 8 
 
 jj 
 
 9 
 
 j j 
 
 10 
 
 ;j 
 
 5 
 12 
 
 6 , 
 
 12 
 
 12 
 
 J.O 
 12 
 
 1 2 
 12 
 
 1 4 
 12 
 
 By either of these scales you may test the actual fiduciary 
 circulation with bullion during the last twenty-seven years, in order 
 to ascertain when the former was in excess, when it fell short of 
 requirements, and when it agreed ; in other words, when the rate 
 of interest was too low or too high or normal. You will have to 
 make certain allowances for half-yearly and quarterly dividend 
 times, requirements for harvests and other regular matters during 
 the course of the year. 
 
 In the table here following, I have noted down the respective 
 
08 
 
 Seyd — On the Operation of the 
 
 changes in the rate of interest which have taken place during the 
 twenty-seven years ; and for the respective times or periods of each 
 rate I have taken the average of bullion, together with the average 
 of the amount of fiduciary issue out in circulation. This will be 
 useful, in order to show again the great divergences at certain times 
 in another form ; but alongside of these columns I have placed 
 others, viz., three principal columns, of which the first denotes the 
 fiduciary issue which would have been allowable upon the bullion if 
 the normal rate had been 2 per cent., with the excess actually 
 issued and the excess which the rule would have allowed over the 
 actual issue made. The second principal column (with its two side 
 columns), gives the same thing at a supposed normal rate of z\ per 
 
 Table I. — Showing the Average Amount of Bullion during each Period of Change 
 during the same Periods, together with the Issues which would have been allowed by 
 Margins Over and Under the Allowances and the actual Fiduciary Circulation, 
 
 [000's omitted.] 
 
 
 
 Number 
 of 
 
 Average 
 of 
 
 Rate 
 
 of 
 
 Average 
 of Fiduciary 
 
 Circulation 
 
 Normal Rate 2 per 
 
 Cent. 
 
 To Date. 
 
 
 
 
 
 Weeks. 
 
 Bullion. 
 
 Interest. 
 
 actually 
 made. 
 
 What it 
 
 ought to be. 
 
 Issued 
 Over. 
 
 Issued 
 Under. 
 
 
 
 
 
 Per cnt. 
 
 
 
 
 
 - 
 
 11th Oct 
 
 41 
 
 15,940, 
 
 2k 
 
 5,576, 
 
 1,880, 
 
 3,696, 
 
 — 
 
 1845 < 
 
 1st Nov 
 
 3 
 
 I3 5 4 8 7 5 
 
 3 
 
 8,621, 
 
 3,382, 
 
 5>539, 
 
 — 
 
 - 
 
 27th Dec 
 
 8 
 
 12,756, 
 
 3| 
 
 7,689, 
 
 4,784, 
 
 3,95°, 
 
 — 
 
 1846 j 
 
 22nd Aug. 
 18th Dec 
 
 34 
 18 
 
 13,735, 
 14,861, 
 
 31 
 3 
 
 6,45!, 
 
 5,151, 
 3,715, 
 
 1,300, 
 1,785, 
 
 — 
 
 r 
 
 9th Jan 
 
 2 
 
 J 3,9°5, 
 
 3 
 
 6,529, 
 
 3,476, 
 
 3,053, 
 
 — 
 
 
 16th Jan 
 
 1 
 
 13,225, 
 
 3£ 
 
 7,454; 
 
 4,959, 
 
 2,495, 
 
 — 
 
 
 3rd April.... 
 
 11 
 
 11,169, 
 
 4 
 
 8,475, 
 
 5,589, 
 
 2,886, 
 
 — 
 
 
 31st July .... 
 
 17 
 
 9> I 5 1 , 
 
 5 
 
 9,871, 
 
 6,863, 
 
 3,oo8, 
 
 — 
 
 
 11th Sept. 
 
 5 
 
 8,572, 
 
 5i 
 
 9,8n, 
 
 7,500, 
 
 3,3n, 
 
 — 
 
 1847-^ 
 
 9th Oct 
 
 5 
 
 8,i57, 
 
 5 
 
 10,083, 
 
 6,118, 
 
 3>965, 
 
 — 
 
 
 23rd Oct 
 
 2 
 
 7,927, 
 
 o 2 
 
 11,911, 
 
 6,936, 
 
 4,957, 
 
 — 
 
 
 20th Nov 
 
 4 
 
 8 ,702, 
 
 8 
 
 11,442, 
 
 13,053, 
 
 — 
 
 1,611, 
 
 
 27th Nov 
 
 1 
 
 9,95 6 , 
 
 7 
 
 9, OI 3, 
 
 12,445, 
 
 — 
 
 3,432, 
 
 
 18th Dec 
 
 3 
 
 10,815, 
 
 6 
 
 7,472, 
 
 10,815, 
 
 — 
 
 3,343, 
 
 ^ 
 
 25th Dec 
 
 1 
 
 11,609, 
 
 5 
 
 6,213, 
 
 8,707, 
 
 — 
 
 2,494, 
 
 r 
 
 22nd Jan 
 
 4 
 
 12,068, 
 
 5 
 
 6,554, 
 
 9,051, 
 
 — 
 
 2,497, 
 
 1848 i 
 
 10th June .... 
 
 20 
 
 13,386, 
 
 4 
 
 4,839, 
 
 6,693, 
 
 — 
 
 1,854, 
 
 28th Oct 
 
 20 
 
 i3,o74, 
 
 o 2 
 
 4,061, 
 
 4,903, 
 
 — 
 
 842, 
 
 I 
 
 30th Dec 
 
 9 
 
 13,321, 
 
 3 
 
 3,889, 
 
 3,330, 
 
 559, 
 
 — 
 
 1849 1 
 
 17th Nov 
 
 29th Dec 
 
 46 
 6 
 
 14,102, 
 T5>99°> 
 
 3 
 
 ^2 
 
 4,355, 
 i,999> 
 
 3,525, 
 1,999, 
 
 870, 
 
 — 
 
 1850 1 
 
 21st Dec 
 
 51 
 
 15,900, 
 
 01 
 
 -•1 
 
 3,44°, 
 
 1,987, 
 
 i,453, 
 
 — 
 
 28th Lee 
 
 1 
 
 i4,35 T , 
 
 3 
 
 4,222, 
 
 3,588, 
 
 634, 
 
 — 
 
 1851... 
 
 27th Dec 
 
 52 
 
 J 3,939, 
 
 3 
 
 ^532^ 
 
 3,185, 
 
 2,048, 
 
 — ' 
 
Bank Charter Act of L844. 
 
 
 cent., and the third at 3 per cent, h is noticeable that the great 
 
 over issues occur principally in the firsl years of the • •■ in the 
 
 latter years they are less, as if the Bank had unconsciously increase <l 
 
 its base of interest (to use this term) from 2 to 3 per ci nt. Upon 
 i lie whole, the rate of 2 per cent, would authorise an habitual exa 
 of 2,124,000/. over the actual issue made; that of 3 per cent., 
 exhibits an excess of 2,214,000/. of actual issue over allowance, bo 
 that the rate of 2 J per cent, would seem the mean rale. The n 
 of 2\ per cent, shows a continual allowance of 389,000/. ever actual 
 issue, but this seems in accord with what I propose, for so much 
 allowance, or even more, could always be kept up in order to meet 
 ordinary contingencies without raising' the rate. 
 
 of Rate of Discount, with the Average of Fiduciary Circulation ("bore Bullion) 
 the system proposed at Normal Rates of 2, 2^, and 3 per Cent., and the ret\ 
 
 
 
 
 [000's omitted.] 
 
 
 
 
 
 Norma 
 
 Rate 23 pei 
 
 Cent. 
 
 Normal Rate 3 per 
 
 Cent. 
 
 Number 
 
 of 
 
 
 
 
 
 
 
 
 To Date. 
 
 What it 
 
 Issued 
 
 Issued 
 
 What it 
 
 Issued 
 
 Issued 
 
 Weeks. 
 
 
 ought to be. 
 
 £ 
 
 Over. 
 
 Under. 
 
 ought to be. 
 
 Over. 
 
 Under. 
 
 
 
 £ 
 
 3& 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 
 Nil 
 
 5y576, 
 
 
 
 Nil 
 
 5,576, 
 
 — 
 
 41 
 
 11th Oct. " 
 
 
 1,348, 
 
 7,273, 
 
 
 
 ,, 
 
 8,626, 
 
 — 
 
 3 
 
 1st Nor. V 
 
 1815 
 
 2,551, 
 
 5> l %3> 
 
 
 
 1,063, 
 
 6,026, 
 
 — 
 
 8 
 
 27th Dec. . 
 
 
 2,757, 
 
 3, 6 94> 
 
 
 
 1,114, 
 
 Si 5 57} 
 
 ^__ 
 
 34 
 
 22nd Aug. "1 
 18th Dec. J 
 
 1816 
 
 1,486, 
 
 4,014, 
 
 
 
 Nil 
 
 5,5°°, 
 
 — 
 
 18 
 
 1,390, 
 
 5> x 39, 
 
 
 
 Nil 
 
 6,529, 
 
 ^^ — 
 
 
 £1 
 
 9th Jan. "> 
 
 
 2,615, 
 
 4>7°9> 
 
 ■ 
 
 1,102, 
 
 6,352, 
 
 — 
 
 1 
 
 16th Jan. 
 
 
 3,351, 
 
 5> I2 4> 
 
 
 
 1,861, 
 
 6,614, 
 
 — 
 
 11 
 
 3rd April 
 
 
 4,575, 
 
 5, 2 9 6 , 
 
 "~"~ 
 
 3,050, 
 
 6,821, 
 
 — 
 
 17 
 
 31st July 
 
 
 5,143, 
 
 4,668, 
 
 
 3,571, 
 
 6,240, 
 
 — 
 
 5 
 
 11th Sept. 
 
 
 4,078, 
 
 6,005, 
 
 
 
 2,719, 
 
 7,364, 
 
 
 5 
 
 9th Oct. , 
 
 1847 
 
 4,756, 
 
 7,155, 
 
 
 
 3,302, 
 
 8,609, 
 
 . — 
 
 2 
 
 23rd Oct. 
 
 
 9,572, 
 
 1,870, 
 
 
 
 1,251, 
 
 10,191, 
 
 — 
 
 4 
 
 20th Nov. 
 
 
 8,904, 
 
 109, 
 
 ^~~ 
 
 6,637, 
 
 2,376, 
 
 — 
 
 1 
 
 27th Nov. 
 
 
 7,570, 
 
 89, 
 
 
 
 5,107, 
 
 2,065, 
 
 — 
 
 3 
 
 18th Dec. 
 
 
 5,805, 
 
 408, 
 
 
 
 3,869, 
 
 2,344, 
 
 — 
 
 1 
 
 25th Dec. _, 
 
 
 6,034, 
 
 5-°, 
 
 
 4,021'. 
 
 2,532, 
 
 _ 
 
 4 
 
 22nd Jan. " 
 
 
 4,016, 
 
 823, 
 
 
 2,231, 
 
 2,608, 
 
 — 
 
 20 
 
 10th June 1 
 
 1848 
 
 2,615, 
 
 1,446, 
 
 
 
 1,006, 
 
 3,°55> 
 
 — 
 
 20 
 
 28th Oct. f 
 
 1,945, 
 
 i,944, 
 
 
 
 Nil 
 
 3,889, 
 
 
 9 
 
 30th Dec. J 
 
 
 1,410, 
 
 -,945, 
 
 
 Nil 
 
 4>355i 
 
 
 
 46 
 
 17th Nov. \ 
 29th Dec. J 
 
 1849 
 
 Nil 
 
 1,999, 
 
 
 
 :, 
 
 »>999j 
 
 — 
 
 6 
 
 Nil 
 
 3,44°, 
 
 
 Nil 
 
 344^, 
 
 
 
 51 
 
 21st Dec. 1 
 28th Deo. J 
 
 ; 1850 
 
 1,435, 
 
 2,787, 
 
 
 ,, 
 
 4,222, 
 
 
 1 
 
 1,394, 
 
 4^39, 
 
 
 
 Nil 
 
 5-533, 
 
 
 52 
 
 27th Dec 
 
 1S51 
 
70 
 
 Sbyd — On the Operation of the [Dec. 
 
 Table I. — Showing the Average Amount of Bullion during each Period oj 
 
 
 
 
 [000's omitted.] 
 
 
 
 
 
 
 Number 
 
 of 
 
 Average 
 of 
 
 Rate 
 of 
 
 Average 
 of Fiduciary 
 Circulation 
 
 Norma 
 
 1 Rate 2 per 
 
 Cent. 
 
 
 To Tate. 
 
 
 
 
 
 
 Weeks. 
 
 Bullion. 
 
 Interest. 
 
 actually 
 
 What it 
 
 Issued 
 
 Issued 
 
 
 
 
 
 
 made. 
 
 ought to be. 
 
 Over. 
 
 Under. 
 
 
 
 
 
 £ 
 
 Per cut. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 1852 1 
 
 3rd April... 
 
 14 
 
 18,286, 
 
 2| 
 
 2,159, 
 
 2,286, 
 
 — 
 
 127, 
 
 
 24th Dec 
 
 38 
 
 -0,875, 
 
 2 
 
 1,636, 
 
 Nil 
 
 1,636, 
 
 — 
 
 
 r 
 
 1st Jan 
 
 1 
 
 20,014, 
 
 2 
 
 3,o39, 
 
 Nil 
 
 3,039, 
 
 — 
 
 
 
 15th Jan 
 
 2 
 
 18,918, 
 
 2h 
 
 4,595. 
 
 2,364, 
 
 2,231, 
 
 — 
 
 
 
 28th May .... 
 
 19 
 
 18,128, 
 
 3 
 
 4,5io, 
 
 4,532, 
 
 — 
 
 22, 
 
 
 1853 < 
 
 27th Aug 
 
 13 
 
 i7»5 1 5» 
 
 3| 
 
 5,7o6, 
 
 6,568, 
 
 — 
 
 862, 
 
 
 
 10th Sept 
 
 2 
 
 16,015, 
 
 4 
 
 6,317, 
 
 8,007, 
 
 — 
 
 1,090, 
 
 
 
 24th Sept 
 
 2 
 
 *5,»33> 
 
 4| 
 
 6,946, 
 
 9,520, 
 
 — 
 
 2,574, 
 
 
 k. 
 
 31st Dec 
 
 14 
 
 14,841, 
 
 5 
 
 7,i5i. 
 
 11,131, 
 
 — 
 
 3,981, 
 
 
 r 
 
 6th May .... 
 
 18 
 
 14.315. 
 
 5 
 
 7,55i, 
 
 10,736, 
 
 _ 
 
 3,185, 
 
 
 1854 « 
 
 29th July ... 
 
 12 
 
 iM57> 
 
 5* 
 
 7,853, 
 
 10,987, 
 
 — 
 
 3,436, 
 
 
 - 
 
 30th Dec 
 
 22 
 
 12,883, 
 
 5 
 
 7,042, 
 
 9,662, 
 
 — 
 
 2,620, 
 
 
 r 
 
 31st Mar 
 
 13 
 
 129652, 
 
 5 
 
 6,800, 
 
 9,489, 
 
 _ _ 
 
 2,689, 
 
 
 
 28th April.... 
 
 4 
 
 H>477, 
 
 4-h 
 
 5,732, 
 
 9,048, 
 
 — 
 
 3,316, 
 
 
 
 9th June .... 
 
 6 
 
 16,105, 
 
 4 
 
 3,648, 
 
 8,052, 
 
 — 
 
 4,404, 
 
 
 1S55 < 
 
 1st Sept 
 
 12 
 
 16,11 g, 
 
 3^ 
 
 4,224, 
 
 6,043, 
 
 — 
 
 1,819, 
 
 
 A.\JKJXJ ^ 
 
 8th Sept 
 
 1 
 
 13,668, 
 
 4 
 
 6,474, 
 
 6,334, 
 
 140, 
 
 ■ — 
 
 
 
 22nd Sept 
 
 2 
 
 12,902, 
 
 4i 
 
 6,658, 
 
 8,064, 
 
 — 
 
 1,406, 
 
 
 
 29th Sept 
 
 1 
 
 12,368, 
 
 5 
 
 7,804, 
 
 9,276, 
 
 — 
 
 1 472 
 
 
 V 
 
 29th Dec 
 
 13 
 
 10,707, 
 
 5\ 
 
 8,683, 
 
 9,368, 
 
 — 
 
 685, 
 
 
 f 
 
 17th May .... 
 
 20 
 
 9,655, 
 
 *>2 
 
 9,58o, 
 
 8,448, 
 
 1.132, 
 
 — 
 
 
 
 24th May .... 
 
 1 
 
 9,939, 
 
 6 
 
 9,393, 
 
 9,939, 
 
 — 
 
 516, 
 
 
 
 21st June .... 
 
 4 
 
 9,°°3, 
 
 5 
 
 8,16.6, 
 
 6,752, 
 
 I,4H, 
 
 — 
 
 
 
 27th Sept 
 
 14 
 
 n,737, 
 
 4i 
 
 8,411, 
 
 7,335, 
 
 1,076, 
 
 — 
 
 
 1856 < 
 
 4th Oct 
 
 1 
 
 10,226, 
 
 5 
 
 • 10,699, 
 
 7,669, 
 
 3, 30, 
 
 — 
 
 
 
 8th Nov 
 
 5 
 
 9,120, 
 
 61 
 
 11,428, 
 
 10,260, 
 
 1,168, 
 
 — 
 
 
 
 29th Nov 
 
 3 
 
 9,38o, 
 
 7 
 
 10,27 T, 
 
 11,725, 
 
 — 
 
 1,554, 
 
 
 
 13th Dec 
 
 2 
 
 9,95i, 
 
 6i 
 
 8,988, 
 
 11,195, 
 
 — 
 
 2,207, 
 
 
 s. 
 
 27th Dec 
 
 2 
 
 9,763, 
 
 6 
 
 8,8l5, 
 
 9,763, 
 
 — 
 
 918, 
 
 
 f 
 
 28th Mar 
 
 13 
 
 9,5^5, 
 
 6 
 
 9,423. 
 
 9,525, 
 
 — 
 
 102, 
 
 
 
 13th June .... 
 
 11 
 
 9,088, 
 
 6i 
 
 10,268, 
 
 10,224, 
 
 44. 
 
 - — 
 
 
 
 11th July .... 
 
 4 
 
 10,736, 
 
 6 
 
 8,608, 
 
 10,736, 
 
 — 
 
 2,128, 
 
 
 
 3rd Oct 
 
 12 
 
 10,685, 
 
 51 
 
 8,733. 
 
 9,362, 
 
 — 
 
 629, 
 
 
 1857- 
 
 10th Oct 
 
 1 
 
 9,540, 
 
 6 
 
 10,451, 
 
 9,540, 
 
 911. 
 
 — 
 
 
 17th Oct 
 
 1 
 
 8,925, 
 
 7 
 
 11,258, 
 
 11,156, 
 
 102, 
 
 — 
 
 
 
 4th Nov 
 
 o 
 O 
 
 8,273, 
 
 8 
 
 11,842, 
 
 12,409, 
 
 — 
 
 757, 
 
 
 
 11th Nov 
 
 1 
 
 6,666, 
 
 9 
 
 13,517, 
 
 11,665, 
 
 i.952, 
 
 — 
 
 
 
 23rd Dec 
 
 6 
 
 7,744, 
 
 10 
 
 10,738, 
 
 15,488, 
 
 — 
 
 4,750, 
 
 
 v 
 
 30th Dec 
 
 1 
 
 10,906, 
 
 8 
 
 8,410, 
 
 16,359, 
 
 — 
 
 7,949, 
 
 
 ' 
 
 6th Jan 
 
 1 
 
 12,113, 
 
 6 
 
 7,386, 
 
 12,113, 
 
 
 
 4,727, 
 
 
 
 20th Jan 
 
 2 
 
 13,492. 
 
 5 
 
 C,6ot, 
 
 10,119, 
 
 — 
 
 3,514, 
 
 
 1858 « 
 
 3rd Feh 
 
 2 
 
 14,789, 
 
 4 
 
 5,080, 
 
 7,394, 
 
 — 
 
 2,314, 
 
 
 10th Feb 
 
 1 
 
 15,746, 
 
 3i 
 
 3,858, 
 
 5,905, 
 
 — 
 
 2,047, 
 
 
 
 1st Dee 
 
 42 
 
 17,4/8, 
 
 3 
 
 2,860, 
 
 4,369, 
 
 — 
 
 1,509, 
 
 
 ^ 
 
 29th Dec 
 
 4 
 
 18,409, 
 
 2% 
 
 i,5i9, 
 
 2,301, 
 
 \ 
 
 782, 
 
 
Bank Charter Act of 1844 
 
 71 
 
 Change of Rate of Discount, with the Average of Fiduciary Circulation 
 
 O'a omitted.] 
 
 Normal Rate -1 per 
 
 Cent. 
 
 Normal Rate 3 per 
 
 
 Number 
 
 of 
 
 
 
 
 
 
 
 
 
 : 
 
 What it 
 
 Issued 
 
 Issued 
 
 What it 
 
 Issued 
 
 1 -mil 
 
 Weeks. 
 
 
 ought to be. 
 
 Over. 
 
 Under. 
 
 ought to he. 
 
 Over. 
 
 L'uder. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 
 Nil 
 
 2,159, 
 
 — 
 
 Nil 
 
 2,159, 
 
 
 14 
 
 April"! 
 24th Dec. J 
 
 18J 
 
 ,, 
 
 1,636, 
 
 — 
 
 ,, 
 
 1,636, 
 
 — 
 
 3S 
 
 Nil 
 
 3>°39> 
 
 — 
 
 Nil 
 
 3,o39, 
 
 — 
 
 1 
 
 1st Jan. 
 
 
 ,, 
 
 4,595? 
 
 — 
 
 3) 
 
 4>595, 
 
 — 
 
 2 
 
 15th •Inn. 
 
 
 1,813, 
 
 2,697, 
 
 — 
 
 J) 
 
 4,5 !°, 
 
 — 
 
 19 
 
 h May 
 
 
 3,503, 
 
 2,203, 
 
 — 
 
 1,459, 
 
 4, 2 47, 
 
 — 
 
 13 
 
 27th Aug. J> 
 
 18! 
 
 4,S03, 
 
 i»5 J 4, 
 
 — 
 
 2,6 69, 
 
 3,648, 
 
 — 
 
 2 
 
 10th Sept. 
 
 
 6,093, 
 
 853, 
 
 — 
 
 3,808, 
 
 3,i38, 
 
 
 2 
 
 24th Sept. 
 
 
 7,901, 
 
 
 270, 
 
 4,947, 
 
 2,204, 
 
 — 
 
 14 
 
 31st Dec. j 
 
 
 7,163, 
 
 388, 
 
 
 
 4,771, 
 
 2,780, 
 
 __ 
 
 18 
 
 6th May " 
 
 
 7,53G, 
 
 3*7, 
 
 — 
 
 5,232, 
 
 2,631, 
 
 — 
 
 12 
 
 29th July » 
 
 1854 
 
 6,442, 
 
 600, 
 
 — 
 
 4,294, 
 
 2,748, 
 
 — 
 
 99 
 
 30th Dee*. 
 
 
 6,326, 
 
 474, 
 
 — 
 
 4,217, 
 
 2,583, 
 
 _ 
 
 13 
 
 31st Mar."] 
 
 
 5,792, 
 
 
 60, 
 
 3,619, 
 
 2,1 13, 
 
 — 
 
 4 
 
 - h April 
 
 
 4,830, 
 
 — 
 
 1,182, 
 
 2,684, 
 
 964, 
 
 — 
 
 6 
 
 b June 
 
 
 3.223, 
 
 — 
 
 1,001, 
 
 1,312, 
 
 2,882, 
 
 — 
 
 12 
 
 1st Sept. 
 
 1855 
 
 4,100, 
 
 2,574, 
 
 — 
 
 2,278, 
 
 4> J 9 6 > 
 
 — 
 
 1 
 
 8th Sept. > 
 
 5,160, 
 
 1,489, 
 
 — 
 
 3,225, 
 
 3,433, 
 
 — 
 
 2 
 
 22ml Sept. 
 
 
 6,184, 
 
 1,630, 
 
 — 
 
 4,122, 
 
 3,682, 
 
 — 
 
 1 
 
 29th Sept. 
 
 
 6,450, 
 
 2,233, 
 
 — 
 
 4,461, 
 
 4,222, 
 
 — 
 
 13 
 
 29th Dee. J 
 
 
 5,793, 
 
 3.787, 
 
 — 
 
 4,022, 
 
 5,568, 
 
 — 
 
 20 
 
 17th May ""} 
 
 
 6,958, 
 
 2)435, 
 
 • — 
 
 4,969, 
 
 4,424, 
 
 — 
 
 1 
 
 24th May 
 
 
 4,500, 
 
 3,666, 
 
 — 
 
 3,001, 
 
 5, l 6$, 
 
 — 
 
 4 
 
 21st June 
 
 
 4,695, 
 
 3,7i6, 
 
 — 
 
 2,934, 
 
 5,477, 
 
 — 
 
 14 
 
 27th Sept. 
 
 
 5,113, 
 
 5>5 66 i 
 
 — ■ 
 
 3,408, 
 
 7,291, 
 
 — 
 
 1 
 
 4th Oet. > 
 
 1S56 
 
 7,296, 
 
 4^32, 
 
 ■ — 
 
 4,560, 
 
 6,868, 
 
 — 
 
 5 
 
 8th Nov. 
 
 
 8,442, 
 
 1,829, 
 
 — 
 
 6,253, 
 
 4,018, 
 
 — 
 
 3 
 
 29th Nov. 
 
 
 7,960, 
 
 1,082, 
 
 — 
 
 5,804, 
 
 3,184, 
 
 — 
 
 2 
 
 13th Dec. 
 
 
 6,834, 
 
 1,981, 
 
 — 
 
 4,881, 
 
 3,934, 
 
 — 
 
 2 
 
 27th Dec. _, 
 
 
 6,667, 
 
 2,75 6 , 
 
 — 
 
 4,762, 
 
 4,661, 
 
 . — . 
 
 13 
 
 28th Mar. " 
 
 
 7.272, 
 
 2,99 6 » 
 
 — 
 
 5,301, 
 
 4>967, 
 
 — 
 
 11 
 
 13th June 
 
 
 7,511, 
 
 1,097, 
 
 — 
 
 5,368, 
 
 3,240, 
 
 — 
 
 4 
 
 11th July 
 
 
 6,412, 
 
 2,321, 
 
 — 
 
 4,452, 
 
 4,281, 
 
 ■ — ■ 
 
 12 
 
 3rd Oct. 
 
 
 6,678, 
 
 3,773, 
 
 — 
 
 4,770, 
 
 c,68i, 
 
 
 1 
 
 10th Oet. 
 
 1857 
 
 8,032, 
 
 3,226, 
 
 — 
 
 5,950, 
 
 5,3o8, 
 
 — 
 
 1 
 
 17th Oct. * 
 
 9,100, 
 
 -,/4-> 
 
 — 
 
 6,894, 
 
 4,94 s , 
 
 — 
 
 3 
 
 4th Nov. 
 
 
 8,665, 
 
 4,85 2 , 
 
 — 
 
 6,666, 
 
 6,851, 
 
 — 
 
 1 
 
 11th Nov. 
 
 
 11,616, 
 
 
 878, 
 
 9,03 1 , 
 
 1.-704, 
 
 — 
 
 6 
 
 23rd Dec. 
 
 
 11,990, 
 
 
 3,508, 
 
 9,0S8, 
 
 — 
 
 678, 
 
 1 
 
 30th Dee. ., 
 
 
 8,479, 
 
 
 1,093, 
 
 6,056, 
 
 i,330, 
 
 
 1 
 
 6th Jan. 
 
 
 6,746, 
 
 
 141, 
 
 97, 
 
 2,108, 
 
 — 
 
 O 
 
 £4 
 
 20th Jan. 
 
 
 4,437, 
 3,149, 
 
 543, 
 709, 
 
 z 
 
 2. i<; 1 1, 
 
 1,312, 
 
 2,616, 
 2,546, 
 
 — 
 
 2 
 
 1 
 
 3rd Feb. 
 
 10th Feb. 
 
 1S58 
 
 1,748, 
 
 1,112, 
 
 — 
 
 Nil 
 
 2,860, 
 
 — 
 
 42 
 
 1st Dee. 
 
 
 Nil 
 
 i,5*9i 
 
 ~~~ 
 
 ,, 
 
 W* 
 
 ~~~ 
 
 4 
 
 29th Dec. j 
 
 
72 
 
 Setd — 0)i the Operation of the 
 
 Table I. — Showing the Average Amount of Bullion during each Period of 
 
 [OOO's omitted.] 
 
 
 
 Number 
 
 of 
 
 Average 
 of 
 
 Rate 
 of 
 
 A vi rage 
 of Fiduciary 
 
 Circulation 
 
 Normal Rate 2 per 
 
 Cent. 
 
 
 To "Date. 
 
 
 
 
 
 
 "Weeks. 
 
 Bullion. 
 
 Interest. 
 
 actually 
 made. 
 
 Wliat it 
 
 ought to be. 
 
 Issued 
 Over. 
 
 Issued 
 
 Under. 
 
 
 
 
 
 £ 
 
 Per cut. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 r 
 
 20th April.... 
 
 16 
 
 18,580, 
 
 2k 
 
 2,381, 
 
 2,322, 
 
 59, 
 
 — 
 
 
 j 
 
 27th April.... 
 
 1 
 
 16,571, 
 
 3| 
 
 4.978, 
 
 6,214, 
 
 — 
 
 1,263, 
 
 
 1859 -j 
 
 25th May .... 
 1st June.... 
 
 4 
 1 
 
 16,683, 
 
 l7>2/ 6 > 
 
 4i 
 3| 
 
 5,121, 
 3.99 6 , 
 
 10,427, 
 6,178, 
 
 1 
 
 5,036, 
 
 2,582, 
 
 
 
 6th July .... 
 
 5 
 
 17.499. 
 
 
 
 O 
 
 3.557, 
 
 4,375, 
 
 — 
 
 881, 
 
 
 k 
 
 28th Dec 
 
 5 
 
 16,470, 
 
 n 
 
 5. T2 i, 
 
 2,059, 
 
 3=062, 
 
 — 
 
 
 f 
 
 18th Jan 
 
 3 
 
 1^,503, 
 
 21 
 
 1 5,503, 
 
 1,938, 
 
 4.451. 
 
 — 
 
 
 
 25th Jan 
 
 1 
 
 14,868, 
 
 3 
 
 14,868, 
 
 3,717, 
 
 3.032, 
 
 — 
 
 
 
 28th Mar 
 
 9 
 
 14,466, 
 
 4 
 
 14,466, 
 
 7,233, 
 
 — 
 
 715, 
 
 
 
 11th April.... 
 
 2 
 
 14,063, 
 
 4£ 
 
 H>°63, 
 
 8,789, 
 
 — 
 
 196, 
 
 
 I860- 
 
 9th May .... 
 
 4 
 
 ^>^3, 
 
 5 
 
 14.H3, 
 
 10,607, 
 
 — 
 
 2,860, 
 
 
 23rd May .... 
 
 2 
 
 14,923, 
 
 4i 
 
 14.923, 
 
 9,327, 
 
 — 
 
 2,837, 
 
 
 
 31st Oct 
 
 23 
 
 14,987, 
 
 4 
 
 H,987, 
 
 7,493, 
 
 — 
 
 1,090, 
 
 
 
 7th Nov 
 
 1 
 
 13,160, 
 
 4| 
 
 13,160, 
 
 8,225, 
 
 — 
 
 180, 
 
 
 
 21st Nov 
 
 2 
 
 12, 536, 
 
 5| 
 
 12,536, 
 
 10,969, 
 
 — 
 
 2,970, 
 
 
 V 
 
 26th Dec 
 
 5 
 
 11,801, 
 
 5 
 
 11,801, 
 
 8,851, 
 
 — 
 
 1,637, 
 
 
 c 
 
 2nd Jan 
 
 1 
 
 n,93 6 , 
 
 6 
 
 8,575, 
 
 11,936, 
 
 — 
 
 3,361, 
 
 
 
 3rd Feb 
 
 6 
 
 Uji53) 
 
 7 
 
 9,090, 
 
 13,941, 
 
 — 
 
 4,851, 
 
 
 
 20th Mar 
 
 5 
 
 11,217, 
 
 8 
 
 7,866, 
 
 16,825, 
 
 — 
 
 8,959, 
 
 
 
 3rd April.... 
 
 2 
 
 1 2,042, 
 
 7 
 
 7,569. 
 
 15,052, 
 
 — 
 
 7,483, 
 
 
 
 10th April.... 
 
 1 
 
 12,374. 
 
 6 
 
 7,785, 
 
 12,374, 
 
 — 
 
 4,589, 
 
 
 
 15th May .... 
 
 5 
 
 12,060, 
 
 5 
 
 8,112, 
 
 9,045, 
 
 — 
 
 933, 
 
 
 1861-j 
 
 3rd July .... 
 
 7 
 
 11,287, 
 
 6 
 
 8,264, 
 
 11,287, 
 
 — 
 
 3,023, 
 
 
 
 31st July .... 
 
 4 
 
 10,926, 
 
 6 
 
 9.335, 
 
 10,926, 
 
 — 
 
 1,591, 
 
 
 
 14th Aug 
 
 2 
 
 11,612, 
 
 5 
 
 8,613, 
 
 8,709, 
 
 — 
 
 96, 
 
 
 
 28th Aug 
 
 2 
 
 12,116, 
 
 4| 
 
 7,767, 
 
 7.572, 
 
 195, 
 
 — 
 
 
 
 18th Sept 
 
 3 
 
 12, 74 2 , 
 
 4 
 
 7,220, 
 
 6,371, 
 
 849, 
 
 — 
 
 
 
 6th Nov 
 
 7 
 
 13,34®. 
 
 H 
 
 7,460, 
 
 5,002, 
 
 2,458, 
 
 — 
 
 
 V. 
 
 24th Dec 
 
 7 
 
 I4,H8, 
 
 3 
 
 5.7i5, 
 
 3,562, 
 
 2,153, 
 
 — 
 
 
 r 
 
 8th Jan 
 
 2 
 
 I 5.i75> 
 
 3 
 
 5.084, 
 
 3,794, 
 
 1,290, 
 
 — 
 
 
 
 21st May .... 
 
 19 
 
 15.598, 
 
 2| 
 
 5,068, 
 
 1,949, 
 
 3,H9, 
 
 — 
 
 
 1862 \ 
 
 i 
 
 9th July .... 
 23rd July .... 
 
 7 
 2 
 
 15.035. 
 17,006, 
 
 3 
 
 2^ 
 
 5.911, 
 
 5.2 74, 
 
 3,759, 
 2,126, 
 
 2,152, 
 3.H8, 
 
 ^"^ 
 
 
 I 
 
 29th Oct 
 
 14 
 
 16,380, 
 
 2 
 
 5,131, 
 
 Nil 
 
 5,13 !> 
 
 ■ — 
 
 
 I 
 
 31st Dec 
 
 9 
 
 14,186, 
 
 3 
 
 5,748, 
 
 3,516, 
 
 2,202, 
 
 — 
 
 
 r 
 
 14th Jan 
 
 2 
 
 13.512, 
 
 3 
 
 6,745, 
 
 3,378, 
 
 3.367, 
 
 — 
 
 
 
 18th Feb 
 
 3 
 
 12,846, 
 
 4 
 
 ^,5 2 5, 
 
 0,423, 
 
 I02, 
 
 — 
 
 
 
 28th Jan 
 
 2 
 
 13,212, 
 
 5 
 
 7,290, 
 
 9,909, 
 
 — 
 
 2.619, 
 
 
 
 22nd April.... 
 
 9 
 
 H. io 3, 
 
 4 
 
 5,969, 
 
 7,051, 
 
 -- 
 
 1,082, 
 
 
 
 29th April... 
 
 1 
 
 14,491, 
 
 5^ 
 
 6,377, 
 
 5,435, 
 
 83 2, 
 
 — 
 
 
 
 13th May .... 
 
 2 
 
 14,012, 
 
 3 
 
 6,694, 
 
 3,503. 
 
 3. 1 9 I , 
 
 — 
 
 
 1863 \ 
 
 20th May .... 
 
 1 
 
 13,695. 
 
 3* 
 
 6,986, 
 
 5,135, 
 
 1,854. 
 
 . — 
 
 
 
 28th Oct 
 
 23 
 
 14,111, 
 
 4 
 
 7,042, 
 
 7,< 55, 
 
 — 
 
 13, 
 
 
 
 4th Nov 
 
 1 
 
 13.195. 
 
 5 
 
 8,846, 
 
 9,896, 
 
 — 
 
 1,050, 
 
 
 
 25th Nov. ... 
 
 3 
 
 12,729, 
 
 6 
 
 8,280, 
 
 12.729, 
 
 — 
 
 4,449, 
 
 
 
 2nd Dec 
 
 1 
 
 12.434, 
 
 7 
 
 8,588, 
 
 15,542, 
 
 — 
 
 6,954, 
 
 
 
 23rd Dec 
 
 3 
 
 12,899, 
 
 8 
 
 6,984, 
 
 19,318, 
 
 — 
 
 12,864, 
 
 
 V. 
 
 30th Dec 
 
 1 
 
 13,682, 
 
 7 
 
 6,444. 
 
 17,102, 
 
 
 10,658, 
 
 
Ba/ith Charter Act of 1844. 
 
 fjn 
 
 Change of Rate of Discount, with the Average of Fiduciary Circulation — Contd. 
 
 mitted.] 
 
 
 Norm::' . per 
 
 Cent. 
 
 3 per 
 
 Cent. 
 
 ihi r 
 of 
 
 
 
 
 
 
 
 
 
 
 ' e. 
 
 
 Wlial it 
 
 Issued 
 
 1 isued 
 
 What it 
 
 I sued 
 
 I!!'(l 
 
 Wei 
 
 
 
 ought to be. 
 
 £ 
 
 Over. 
 
 Under. 
 
 ought to be. 
 
 £ 
 
 Over. 
 
 Under. 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 
 
 Nil 
 
 2,381, 
 
 — 
 
 Nil 
 
 2,38l, 
 
 — 
 
 16 
 
 :1> April' 
 
 
 
 3,31 !, 
 
 i,6 64, 
 
 — 
 
 1,380, 
 
 3,59?. 
 
 — 
 
 1 
 
 27;!i April 
 
 
 
 6,673, 
 
 — 
 
 1,55:', 
 
 4,170, 
 
 95 ', 
 
 — 
 
 4 
 
 25th May 
 
 1 1 .1 mio 
 
 1859 
 
 
 8,456, 
 
 54o, 
 
 — 
 
 1,459, 
 
 2,557, 
 
 — 
 
 1 
 
 
 1.750, 
 
 1,807, 
 
 — 
 
 Nil 
 
 3-557, 
 
 — 
 
 5 
 
 6th July 
 
 
 
 Nil 
 
 5,121, 
 
 — 
 
 ;, 
 
 5,121, 
 
 — 
 
 5 
 
 28th Dec. - 
 
 
 
 Nil 
 
 6,399, 
 
 — . 
 
 Nil 
 
 15,503, 
 
 — 
 
 O 
 O 
 
 18th Tan. " 
 
 
 
 1,480, 
 
 5,263, 
 
 — 
 
 5, 
 
 14,868, 
 
 — 
 
 1 
 
 25th Jan. 
 
 
 
 1.339, 
 
 -,079, 
 
 — 
 
 2,411, 
 
 12,055, 
 
 — 
 
 9 
 
 28th Mar. 
 
 
 
 5,20 1, 
 
 ?,9 6 9, 
 
 — 
 
 3,513, 
 
 10,550, 
 
 — 
 
 2 
 
 11th April 
 
 
 
 7,072, 
 
 5,709, 
 
 675> 
 7-i, 
 
 — 
 
 4,71 1, 
 3,730, 
 
 9-429, 
 1 i,i93, 
 
 — 
 
 4 
 2 
 
 9th Mav 
 23rd May 
 
 1860 
 
 
 4,497, 
 
 1.906, 
 
 — 
 
 2,497, 
 
 12,490, 
 
 — 
 
 23 
 
 31st Oct'. 
 
 
 
 5,20 1 , 
 
 2,781, 
 
 — 
 
 3,290, 
 
 9,870, 
 
 — ■ 
 
 1 
 
 7!li Nov. 
 
 
 
 7,426, 
 
 5 73, 
 
 — 
 
 5,223, 
 
 m *» 7 -5 
 
 — 
 
 2 
 
 21s1 Nov. 
 
 
 
 5,905, 
 
 i,3C9> 
 
 — 
 
 3,933, 
 
 ; : 868, 
 
 — 
 
 
 
 2Gth Dec. _ 
 
 
 
 7,355, 
 
 1,220, 
 
 — 
 
 5,908, 
 
 2,607, 
 
 — . 
 
 1 
 
 2nd Jan.^ 
 
 
 
 10,038, 
 
 — 
 
 9 IS, 
 
 7,435, 
 
 1,665, 
 
 — 
 
 G 
 
 3rd Feb. 
 
 
 
 12,339, 
 
 ■ — 
 
 4,473, 
 
 9,347, 
 
 — 
 
 1.-181, 
 
 
 20th Mar. 
 
 
 
 10,838, 
 
 — 
 
 3,209, 
 
 8,028, 
 
 — 
 
 459, 
 
 2 
 
 3rd April 
 
 
 
 8,502, 
 
 — 
 
 tit, 
 
 6,187, 
 
 1,589, 
 
 — 
 
 1 
 
 10th April 
 
 
 
 0,030, 
 
 2,082, 
 
 — 
 
 4,020, 
 
 4 ; °92, 
 
 — 
 
 5 
 
 15th May 
 
 
 
 7,899, 
 
 •> 6 5> 
 
 — 
 
 5,043, 
 
 2,621, 
 
 — 
 
 7 
 
 3rd July 
 
 1861 
 
 
 7,018, 
 
 1,687, 
 
 — 
 
 5, 103, 
 
 3,872, 
 
 — 
 
 4 
 
 31st July 
 
 
 
 5,800, 
 
 2,807, 
 
 — 
 
 3,870, 
 
 4,743, 
 
 — 
 
 2 
 
 14th Aug. 
 
 
 
 4,846, 
 
 2,921, 
 
 — 
 
 3,029, 
 
 5,738, 
 
 — 
 
 2 
 
 28th Aug. 
 
 
 
 3,713, 
 
 3,487, 
 
 — 
 
 2,123, 
 
 5,097, 
 
 ■ — ■ 
 
 3 
 
 18th S 
 
 
 
 2,008, 
 
 4,792, 
 
 — 
 
 1,112, 
 
 6,348, 
 
 — 
 
 7 
 
 0th Nor. 
 
 
 
 1,425, 
 
 4,290, 
 
 — 
 
 Nil 
 
 5,715, 
 
 — 
 
 7 
 
 24th Dec. _, 
 
 
 
 1,518, 
 
 S,?66, 
 
 — 
 
 Nil 
 
 5,084, 
 
 — 
 
 2 
 
 8th Jan. ^ 
 
 
 
 Nil 
 
 5,068, 
 
 — 
 
 ,, 
 
 5,068, 
 
 — 
 
 19 
 
 21st May 
 
 
 
 1,500, 
 
 Nil 
 
 4,4°5> 
 
 5,-74, 
 
 . 
 
 
 5,9H, 
 
 5,2 74, 
 
 
 7 
 
 9th July 
 23rd July ■ 
 
 
 
 ,, 
 
 5» T 3ij 
 
 — 
 
 ,, 
 
 f^:^, 
 
 — ■ 
 
 14 
 
 29th Oct. 
 
 
 
 1,119, 
 
 4,329, 
 
 — 
 
 ,, 
 
 5,748- 
 
 — 
 
 9 
 
 31st Dee. _, 
 
 
 
 1,351, 
 
 5,394, 
 
 — 
 
 Nil 
 
 6,745, 
 
 — 
 
 •> 
 
 Li 
 
 14th Jan. "^ 
 
 
 
 3,855, 
 
 2,670, 
 
 — 
 
 2,141, 
 
 4-3 ■ 
 
 — 
 
 3 
 
 18th Teh. 
 
 
 
 0,100, 
 
 1,084, 
 
 — 
 
 4,404, 
 
 . 
 
 — 
 
 2 
 
 b Jan. 
 
 
 
 4,231, 
 
 i,738, 
 
 — 
 
 a j*5 DUj 
 
 3, 6 '9> 
 
 — 
 
 9 
 
 22nd April 
 
 
 
 2,898, 
 
 3-479, 
 
 — 
 
 6,037. 
 
 34°, 
 
 — 
 
 1 
 
 29th April 
 
 
 
 1,101, 
 
 5,293, 
 
 — 
 
 Nil 
 
 •94, 
 
 ■ — - 
 
 2 
 
 13th May 
 
 
 
 2,739, 
 
 4,2 5°, 
 
 — 
 
 1,141, 
 
 5,848, 
 
 — 
 
 1 
 
 20th May ;• 
 
 1S63 
 
 
 4,233, 
 
 2,809, 
 
 — 
 
 51, 
 
 4/ , 9 1 > 
 
 — 
 
 23 
 
 28th Oct. 
 
 
 
 6,598, 
 
 2,248, 
 
 — 
 
 S98, 
 
 4-448, 
 
 — 
 
 1 
 
 4th Nov. 
 
 
 
 8,910, 
 
 — 
 
 030, 
 
 0,30 1 , 
 
 1,916, 
 
 — 
 
 3 
 
 h Nov. 
 
 
 
 11,190, 
 
 — 
 
 2,002, 
 
 8,289, 
 
 299, 
 
 — 
 
 1 
 
 2nd Hoc. 
 
 
 
 14,190, 
 
 — 
 
 7,300, 
 
 10,719, 
 
 
 3,705, 
 
 3 
 
 23rd Dee. 
 
 
 
 12,313, 
 
 1 
 
 5,809, 
 
 9,121, 
 
 ■ 
 
 2,077, 
 
 1 
 
 30th Dee. 
 
 
74 
 
 Seyd — On the Operation of the 
 
 Table I.— Showing the Average Amount of Bullion during each Period of 
 
 [COO's omitted.] 
 
 
 
 Number 
 
 of 
 
 Average 
 of 
 
 Bate 
 of 
 
 Average 
 of Fiduciary 
 
 Circulation 
 
 Normal Bate 2 per 
 
 3ent, 
 
 
 To Date. 
 
 
 
 
 
 
 Weeks. 
 
 Bullion. 
 
 Interest. 
 
 actually 
 made. 
 
 What it 
 ought to be, 
 
 Issued 
 Over. 
 
 Issued 
 Under. 
 
 
 f 
 
 
 
 £ 
 
 Tor cut. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 20th Jan 
 
 3 
 
 i*>955. 
 
 7 
 
 7,816, 
 
 16,194, • 
 
 — 
 
 8,378, 
 
 
 
 10th Feb 
 
 3 
 
 12,577, 
 
 8 
 
 7,758, 
 
 18,886. 
 
 — 
 
 11,108, 
 
 
 
 24th Feb. ... 
 
 2 
 
 12,958, 
 
 7 
 
 6,953, 
 
 16,197, 
 
 — 
 
 9,244, 
 
 
 
 13th April... 
 
 7 
 
 i3>H5> 
 
 6 
 
 7,232, 
 
 13,145, 
 
 — 
 
 5,913, 
 
 
 
 27th April.... 
 
 2 
 
 11,942, 
 
 7 
 
 9,io7, 
 
 14,927, 
 
 — 
 
 5,820, 
 
 
 
 4th May .... 
 
 1 
 
 ii ; 7/8, 
 
 8 
 
 9,706, 
 
 17,667, 
 
 — 
 
 7,961, 
 
 
 
 11th May ... 
 
 1 
 
 12,059, 
 
 9 
 
 8,900, 
 
 21,103, 
 
 — 
 
 12,203, 
 
 
 1864 -{ 
 
 25th May .... 
 
 2 
 
 12,821, 
 
 8 
 
 7,797, 
 
 19,231, 
 
 — 
 
 11,434, 
 
 
 
 15th June.... 
 
 3 
 
 i3,44i, 
 
 7 
 
 6,988, 
 
 16,801, 
 
 — 
 
 9,813, 
 
 
 
 3rd Aug 
 
 7 
 
 12,909, 
 
 6 
 
 8,399, 
 
 12,909, 
 
 — ■ 
 
 4,510, 
 
 
 
 7th Sept,, . 
 
 5 
 
 14,081, 
 
 8 
 
 8,806, 
 
 21,121, 
 
 — 
 
 12,315, 
 
 
 
 9th Nov 
 
 9 
 
 12,400, 
 
 9 
 
 8,39°, 
 
 21,700, 
 
 — 
 
 13,310, 
 
 
 
 23rd Nov 
 
 2 
 
 13,260, 
 
 8 
 
 6,619, 
 
 19,890, 
 
 — 
 
 13,271, 
 
 
 
 14th Dec 
 
 3 
 
 i3>2i7> 
 
 7 
 
 6,3 3i, 
 
 16,524, 
 
 — 
 
 10,193, 
 
 
 V 
 
 28th Dec 
 
 2 
 
 i3>455> 
 
 t>i 
 
 5,839, 
 
 11,773, 
 
 — 
 
 5,934, 
 
 
 r 
 
 11th Jan 
 
 
 13.364. 
 
 o 2 
 
 7,135, 
 
 11,693, 
 
 
 
 4,558, 
 
 
 
 1st Mar 
 
 7 
 
 13,720, 
 
 5 
 
 6,45°, 
 
 10,290, 
 
 — 
 
 3,840, 
 
 
 
 29th Mar 
 
 4 
 
 14,257, 
 
 4i 
 
 5,493, 
 
 8,910, 
 
 — 
 
 3,417, 
 
 
 
 3rd May .... 
 
 5 
 
 14,083, 
 
 4 
 
 7,o75, 
 
 7,041, 
 
 37, 
 
 — 
 
 
 
 24th May .... 
 
 3 
 
 H,i34, 
 
 4i 
 
 7,ooc, 
 
 8,834, 
 
 — 
 
 1,834, 
 
 
 
 31st May .... 
 
 1 
 
 I 4»9 1 9. 
 
 4 
 
 5,99i, 
 
 7,459, 
 
 — 
 
 1,468, 
 
 
 
 14th June.... 
 
 2 
 
 H-491, 
 
 3.V 
 
 5,955, 
 
 5,434, 
 
 52i, 
 
 — 
 
 
 18G5 \ 
 
 2Gth July .... 
 
 6 
 
 14,702, 
 
 3 
 
 7,090, 
 
 3,675, 
 
 3-315, 
 
 — 
 
 
 
 2nd Aug 
 
 1 
 
 13,604, 
 
 H 
 
 8,993, 
 
 5,101, 
 
 3,892, 
 
 — 
 
 
 
 27th Sept 
 
 8 
 
 13,327, 
 
 4 
 
 8,334, 
 
 6,663, 
 
 1,671, 
 
 — 
 
 
 
 4th Oct 
 
 
 12,440, 
 
 41 
 
 10.288, 
 
 7,775, 
 
 2,503, 
 
 — 
 
 
 
 11th Oct 
 
 1 
 
 n,956, 
 
 5 
 
 io,35 6 , 
 
 8,967, 
 
 J, 389, 
 
 — 
 
 
 
 18th Oct 
 
 1 
 
 12,005, 
 
 6 
 
 10,331, 
 
 12,005, 
 
 — 
 
 1,692, 
 
 
 
 22nd Nov 
 
 5 
 
 12,805, 
 
 7 
 
 8,570, 
 
 16,00G, 
 
 — 
 
 7,436, 
 
 
 V 
 
 27th Dec 
 
 5 
 
 13,201, 
 
 6 
 
 7,270, 
 
 13,201, 
 
 — 
 
 5,913, 
 
 
 /- 
 
 3rd Jan 
 
 1 
 
 12,380, 
 
 7 
 
 9,397, 
 
 15,475, 
 
 
 
 6,078, 
 
 
 
 31st Jan 
 
 4 
 
 12,216, 
 
 8 
 
 9,°°5, 
 
 18,324, 
 
 ■ — 
 
 9,319, 
 
 
 
 21st Feb 
 
 3 
 
 12,548, 
 
 8 
 
 8,466, 
 
 18,822, 
 
 — 
 
 10,356, 
 
 
 
 14th Mar 
 
 3 
 
 13,23*, 
 
 7 
 
 7,444, 
 
 16,539, 
 
 — 
 
 9,095, 
 
 
 
 2nd May ... 
 
 7 
 
 13,236, 
 
 G 
 
 8,758, 
 
 13,236, 
 
 — 
 
 4,478, 
 
 
 
 9th May .... 
 
 1 
 
 12,295, 
 
 ' 7 
 
 10,050, 
 
 15,369, 
 
 — 
 
 5,319, 
 
 
 18G6< 
 
 15th Aug 
 
 14 
 
 13,025, 
 
 10 
 
 12,457, 
 
 26,050, 
 
 — 
 
 13,593, 
 
 
 22nd Aug 
 
 1 
 
 13, 69 1 , 
 
 8 
 
 10,491, 
 
 20,536, 
 
 — 
 
 10,045, 
 
 
 
 29th Aug 
 
 1 
 
 H,732, 
 
 7 
 
 9,166, 
 
 18,415, 
 
 — 
 
 9,249, 
 
 
 
 5th Sept. 
 
 1 
 
 15,098, 
 
 G 
 
 9,123, 
 
 15,098, 
 
 — 
 
 5,975, 
 
 
 
 26th Sept 
 
 3 
 
 15,229, 
 
 5 
 
 8,050, 
 
 11,422, 
 
 — 
 
 3,372, 
 
 
 
 7th Nov 
 
 6 
 
 15,605, 
 
 4i 
 
 8,309, 
 
 9,753, 
 
 — 
 
 1,444, 
 
 
 
 19th Dec 
 
 6 
 
 17,399, 
 
 4 
 
 5,537, 
 
 8,699, 
 
 — 
 
 3,162, 
 
 
 
 26th Dec 
 
 1 
 
 18,308, 
 
 3V 
 
 3,625, 
 
 6,865, 
 
 — 
 
 3>240, 
 
 
 ( 
 
 " 6th Feb 
 
 G 
 
 18,176, 
 
 3i 
 
 4,93 2, 
 
 6,816, 
 
 — 
 
 1,884, 
 
 
 1867 < 
 
 29th May .... 
 
 16 
 
 18,370, 
 
 3 
 
 4,473, 
 
 4,592, 
 
 — 
 
 119, 
 
 
 24th July .... 
 
 8 
 
 20,970, 
 
 
 2,589, 
 
 2 621 
 
 — 
 
 32, 
 
 
 
 . 24th Dec. ... 
 
 22 
 
 21,925, 
 
 2 
 
 2,106, 
 
 Nil 
 
 2,106, 
 
 
 
Bank Charley Ad of 1844. 
 
 1h 
 
 Change of Rate of Discount, with the Average of Fiduciary Circulation — Contd. 
 
 [OOO'a omitted.] 
 
 Normal Rate 2^ pei 
 
 Cent. 
 
 Normal Kate 3 per 
 
 Cent. 
 
 Number 
 of 
 
 
 
 
 
 
 
 
 
 To Date. 
 
 What it 
 
 Issued 
 
 Issued 
 
 What it 
 
 Issued 
 
 Issued 
 
 Weeks. 
 
 
 i uglit to be. 
 
 £ 
 
 Over. 
 
 Under. 
 
 ought to be 
 
 Over. 
 
 Under. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 
 11,695, 
 
 — 
 
 3,879, 
 
 8,652, 
 
 — 
 
 83 1 , 
 
 3 
 
 201 li Jan. "^ 
 
 
 |::.S35, 
 
 — 
 
 6,077, 
 
 10,481, 
 
 — 
 
 2,723, 
 
 3 
 
 lOtli Feb. 
 
 
 11,663, 
 
 — 
 
 4,710, 
 
 8,650, 
 
 — 
 
 1,597, 
 
 2 
 
 24th Feb. 
 
 
 9,201, 
 
 — 
 
 1,969, 
 
 6,572, 
 
 660 
 
 — 
 
 7 
 
 13(1. April 
 
 
 10,747, 
 
 — 
 
 1,610, 
 
 7,961, 
 
 2,146, 
 
 — 
 
 2 
 
 271 li April 
 
 
 12,955, 
 
 — 
 
 3,249, 
 
 9,815, 
 
 — 
 
 109, 
 
 1 
 
 4th May 
 
 
 ] 5,670, 
 
 — 
 
 6,770, 
 
 12,059, 
 
 — 
 
 3,159, 
 
 1 
 
 11th May 
 
 
 13,264, 
 
 — 
 
 5,467, 
 
 10,760, 
 
 — 
 
 2,968, 
 
 2 
 
 25th May ] 
 
 1864 
 
 12,097, 
 
 — 
 
 5,109, 
 
 8,960, 
 
 — 
 
 1,972, 
 
 3 
 
 15th June 
 
 
 9,036, 
 
 — 
 
 637, 
 
 6,454, 
 
 i>945> 
 
 
 7 
 
 3rd Aug. 
 
 
 15,189, 
 
 — 
 
 6,683, 
 
 11,734, 
 
 — 
 
 2,674, 
 
 
 
 7th Sept. 
 
 
 16,120, 
 
 — 
 
 7,730, 
 
 12,400, 
 
 — 
 
 4,010, 
 
 9 
 
 9th Nov. 
 
 
 1 1,586, 
 
 — 
 
 7,767, 
 
 11,050, 
 
 — 
 
 1, 131, 
 
 2 
 
 23rd Not. 
 
 
 11,895, 
 
 
 5,564, 
 
 8,811, 
 
 — 
 
 2,480, 
 
 3 
 
 14th Doc. 
 
 
 8,073, 
 
 — 
 
 2,13 1, 
 
 5,767, 
 
 72, 
 
 — 
 
 2 
 
 28th "Doc. _, 
 
 
 8,618, 
 
 
 
 1,483, 
 
 5,707, 
 
 1,428, 
 
 
 
 2 
 
 11th Jan. "> 
 
 
 6,860, 
 
 — 
 
 110, 
 
 4,573, 
 
 1,877, 
 
 — 
 
 7 
 
 1st Mar. 
 
 
 5,703, 
 
 — 
 
 210, 
 
 1 3,564, 
 
 1,929, 
 
 — 
 
 4 
 
 29th Mar. 
 
 
 4,225, 
 
 2,843, 
 
 — 
 
 1 2,347, 
 
 4.728, 
 
 — 
 
 5 
 
 3rd May 
 
 
 5,654, 
 
 i,34 6 > 
 
 — 
 
 3,526, 
 
 3,474, 
 
 — 
 
 3 
 
 24th May 
 
 
 4.176, 
 
 hS 1 S» 
 
 — 
 
 2,485, 
 
 3>4 o6 > 
 
 — 
 
 1 
 
 31st May 
 
 
 2,898, 
 
 3>°57, 
 
 — 
 
 1,276, 
 
 4> 6 79> 
 
 — 
 
 2 
 
 14th June 
 
 
 1,470, 
 
 5>52°, 
 
 — 
 
 Nil 
 
 7,090, 
 
 — 
 
 6 
 
 26th July \ 
 
 1865 
 
 2,721, 
 
 6,272, 
 
 — 
 
 1,134, 
 
 7,859, 
 
 — 
 
 1 
 
 2nd Aug. 
 
 
 3,998, 
 
 4>336, 
 
 — 
 
 9 221 
 
 6,113, 
 
 — 
 
 8 
 
 27th Sept. 
 
 
 4,976, 
 
 5>3!2, 
 
 — . 
 
 3,110, 
 
 7, I 7°5 
 
 — 
 
 1 
 
 4th Oct. 
 
 
 5,978, 
 
 4>378, 
 
 — 
 
 3,985, 
 
 6,37i, 
 
 — 
 
 1 
 
 11th Oct. 
 
 
 8,404, 
 
 1.-909, 
 
 — 
 
 6,002, 
 
 4,3 t 1, 
 
 — 
 
 1 
 
 18th Oct, 
 
 
 11,524, 
 
 
 2,954, 
 
 8,570, 
 
 j 
 
 — 
 
 5 
 
 22nd Xoy. 
 
 
 9,240, 
 
 — 
 
 1,970, 
 
 6,600, 
 
 670, 
 
 — 
 
 5 
 
 27th Dec. ^ 
 
 
 11,142, 
 
 , . 
 
 1,745, 
 
 8,254, 
 
 M43, 
 
 
 
 1 
 
 3rd Jan. 
 
 
 13.137, 
 
 — 
 
 4,432, 
 
 10,180, 
 
 — 
 
 1,175, 
 
 4 
 
 31st Jan. 
 
 
 13,792, 
 
 — 
 
 5,326, 
 
 10,455, 
 
 — 
 
 1,989, 
 
 3 
 
 21st Feb. 
 
 
 11,907, 
 
 — 
 
 3,463, 
 
 8,820, 
 
 — 
 
 1,376, 
 
 3 
 
 14th Mar. 
 
 
 9.265, 
 
 — 
 
 507. 
 
 6,618, 
 
 2,140, 
 
 — 
 
 7 
 
 2nd May 
 
 
 11,065, 
 
 — 
 
 1,015, 
 
 8,198, 
 
 1,825, 
 
 — 
 
 1 
 
 9th May 
 
 
 19,526, 
 
 — 
 
 7,069, 
 
 15,196, 
 
 — 
 
 2,739, 
 
 14 
 
 15th Aug. , 
 22nd Aug. 
 
 1S66 
 
 15,060, 
 
 — 
 
 4,569, 
 
 11,341, 
 
 — 
 
 750, 
 
 1 
 
 -L O \.t \J 
 
 13,258, 
 
 — 
 
 4,092, 
 
 9,821, 
 
 — 
 
 (555, 
 
 1 
 
 29th Aug. 
 
 
 U',568, 
 
 — 
 
 1,445, 
 
 7,549, 
 
 1/74, 
 
 — 
 
 1 
 
 5th Sept. 
 
 
 7,615, 
 
 43 5> 
 
 
 5.076, 
 
 2,974' 
 
 — 
 
 3 
 
 26th Sept. 
 
 
 6,242, 
 
 2,067, 
 
 — 
 
 3,901, 
 
 4.408, 
 
 — 
 
 6 
 
 7th Xov. 
 
 
 4,220, 
 
 h:^7, 
 
 — 
 
 2,900, 
 
 2,637, 
 
 — 
 
 6 
 
 19th Doc. 
 
 
 3,662, 
 
 
 37, 
 
 1,526, 
 
 1,099, 
 
 — 
 
 1 
 
 26th Doc. _ 
 
 
 3,635, 
 
 1,-97, 
 
 _ 
 
 1,515, 
 
 3>4*7, 
 
 — . 
 
 6 
 
 6th Fob. ' 
 
 
 1,837, 
 
 2,6^6, 
 
 — 
 
 Nil 
 
 4>473> 
 
 — 
 
 16 
 
 29th May 
 
 1867 
 
 Nil 
 
 -,589, 
 
 — 
 
 ,; 
 
 2,589, 
 
 — 
 
 8 
 
 24th Julv f 
 
 
 >> 
 
 2,106, 
 
 — 
 
 ,5 
 
 2,106, 
 
 — 
 
 22 
 
 21th Doc. . 
 
 
76 
 
 Seyd — On the Operation of the 
 
 Table I.— Showing the Average Amount of Bullion during each Period of 
 
 
 
 
 [OOO's omitted.] 
 
 
 
 
 
 
 
 
 Average 
 
 Normal Rate 2 per 
 
 Dent. 
 
 
 Number 
 [Of 
 
 Average 
 of 
 
 Rate 
 of 
 
 of Fiduciary 
 
 Circulation 
 
 
 
 
 To date. 
 
 
 
 
 
 
 
 
 actually 
 made. 
 
 £ 
 
 What it 
 
 Issued 
 
 Issued 
 
 
 Weeks. 
 
 Bullion. 
 
 Interest. 
 
 ouglit to he. 
 
 Over. 
 
 Under. 
 
 
 
 
 £ 
 
 Per cut. 
 
 £ 
 
 £ 
 
 £ 
 
 " 
 
 18th Nov 
 
 47 
 
 20,003, 
 
 2 
 
 4)°345 
 
 Nil 
 
 4,o34, 
 
 — 
 
 1868 < 
 
 2nd Dec 
 
 2 
 
 17,07*) 
 
 2^ 
 
 6,3045 
 
 2,135, 
 
 4, l6 9, 
 
 — 
 
 - 
 
 30th Dec 
 
 4 
 
 17,031, 
 
 3 
 
 6,065, 
 
 4,258, 
 
 1,807, 
 
 — 
 
 r 
 
 31st Mar 
 
 13 
 
 17,217, 
 
 3 
 
 6 ->■>% 
 
 4,304, 
 
 159245 
 
 — 
 
 
 5th May .... 
 
 5 
 
 15,874, 
 
 4 
 
 7,906, 
 
 7,937, 
 
 — 
 
 31, 
 
 
 9th June .... 
 
 5 
 
 16,280, 
 
 4| 
 
 7,1 H> 
 
 1,017, 
 
 6,097, 
 
 — 
 
 1869 < 
 
 
 2 
 
 19,227, 
 
 4 
 
 4,401, 
 
 9,613, 
 
 — 
 
 5,212, 
 
 14th July .... 
 
 3 
 
 18,706, 
 
 3| 
 
 5,061, 
 
 7,105, 
 
 — 
 
 2,041, 
 
 
 18th Aug. 
 
 5 
 
 i9>5°5> 
 
 3 
 
 45326, 
 
 4,876, 
 
 — 
 
 550, 
 
 
 3rd Nov 
 
 11 
 
 18,831, 
 
 2i 
 
 4,831, 
 
 2,354, 
 
 2,477, 
 
 — 
 
 
 29th Dec 
 
 8 
 
 17,812, 
 
 3 
 
 5 J I 3'> 
 
 4,453, 
 
 678, 
 
 -— 
 
 r 
 
 20th July .... 
 
 29 
 
 19^56, 
 
 3 
 
 35845, 
 
 4,814, 
 
 — 
 
 969, 
 
 
 27th July .... 
 
 1 
 
 18,395, 
 
 4 
 
 55782, 
 
 9,197, 
 
 — 
 
 3,415, 
 
 
 3rd Aug 
 
 1 
 
 i7>95 8 > 
 
 5 
 
 6,473> 
 
 13,468, 
 
 — 
 
 6,995, 
 
 
 10th Aug 
 
 1 
 
 18,230, 
 
 6 
 
 5>55°> 
 
 18,230, 
 
 — 
 
 12,680, 
 
 1870 < 
 
 17th Aug 
 
 1 
 
 18,812, 
 
 5£ 
 
 45720, 
 
 16,460, 
 
 — 
 
 11,740, 
 
 24th Aug 
 
 1 
 
 19,107, 
 
 4.V 
 
 4> T 395 
 
 11,942, 
 
 — 
 
 7,803, 
 
 
 31st Aug 
 
 1 
 
 i9>748, 
 
 4 
 
 35609, 
 
 9,874, 
 
 — 
 
 6,2G5, 
 
 
 14th Sept. 
 
 2 
 
 20,421, 
 
 "3| 
 
 2,850, 
 
 7,783, 
 
 — ■ 
 
 5,933, 
 
 
 24th Sept 
 
 2 
 
 21,245, 
 
 3 
 
 1,940, 
 
 5,311, 
 
 — 
 
 3,371, 
 
 k. 
 
 28th Dec 
 
 13 
 
 21,508, 
 
 2k 
 
 2,1545 
 
 2,689, 
 
 — 
 
 535, 
 
 f 
 
 1st Mar 
 
 9 
 
 21,3155 
 
 2| 
 
 2,381, 
 
 2,664, 
 
 __ 
 
 2S3, 
 
 
 12th April.... 
 
 6 
 
 21,321, 
 
 3 
 
 2,3H5 
 
 5,330, 
 
 — 
 
 3.01(5, 
 
 
 14th June.... 
 
 9 
 
 23,39^ 
 
 2i- 
 
 W8, 
 
 2,924, 
 
 — 
 
 1,886, 
 
 
 12th July .... 
 
 4 
 
 2558395 
 
 1 
 
 ^4 
 
 — 
 
 1,615, 
 
 — 
 
 — 
 
 
 20th Sept 
 
 10 
 
 24,701, 
 
 2 
 
 6535 
 
 Nil 
 
 6535 
 
 — 
 
 isn\ 
 
 27th Sept 
 
 1 
 
 20,303, 
 
 3 
 
 4,7ic, 
 
 5,076, 
 
 — 
 
 366, 
 
 
 4th Oct 
 
 1 
 
 ii),66S, 
 
 4 
 
 6,627, 
 
 9,834, 
 
 — 
 
 3,207, 
 
 
 15th Nov 
 
 G 
 
 21,087, 
 
 5 
 
 4,454, 
 
 15,815, 
 
 — 
 
 11,361, 
 
 
 29th Nor 
 
 2 
 
 23,620, 
 
 4 
 
 724, 
 
 11.810, 
 
 — 
 
 11,086, 
 
 
 13th Dec 
 
 2 
 
 23,860, 
 
 31 
 
 347, 
 
 8,947, 
 
 — 
 
 8,600, 
 
 \ 
 
 27th Dec 
 
 2 
 
 24,320, 
 
 3 
 
 29> 
 
 6,080, 
 
 ~ 
 
 6,051, 
 
 The close study of this table, i.e., the excesses over and below a 
 regulated issue, can be brought into connection with many features 
 in the commercial history of the country during the last twenty- 
 seven years, showing the fruits of the Bank's liberality in the early 
 years of the issue, the rapid development when money was too 
 cheap, of speculative enterprise and " company- mongering," the 
 times of "calls," of losses, disappointments, crisis — and it dis- 
 tinctly shows to what extent experience has guided ; to what extent 
 the system has failed to guide those who manage the use of the 
 issue. 
 
Bank Charter Act of 1844. 
 
 77 
 
 Change of Rate of Discount, with the Average of Fiduciary ( Hreulation—Ct 
 
 [OOO's omitted.] 
 
 - 
 
 Norma! 
 
 Hate 2$ pei 
 
 Cent. 
 
 Norma 
 
 •'5 per 
 
 Cent. 
 
 Number 
 
 of 
 
 
 
 
 
 
 
 
 
 
 To Date. 
 
 
 What it 
 
 Issued 
 
 Issued 
 
 What it 
 
 Issue:! 
 
 Issued 
 
 We 
 
 
 
 ought to be. 
 
 Over. 
 
 Under. 
 
 might to be. 
 
 £ 
 
 Over. 
 
 Under. 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 
 
 Nil 
 
 4,034, 
 
 — 
 
 Nil 
 
 4,° 3 4, 
 
 — 
 
 17 
 
 1 stli Nor. " 
 
 
 
 )> 
 
 6,3°4, 
 
 — 
 
 ,, 
 
 6,3^4, 
 
 — 
 
 2 
 
 2nd]), 
 
 18G8 
 
 
 1,703, 
 
 4o^2, 
 
 — 
 
 ,, 
 
 6,065, 
 
 — 
 
 4 
 
 30th Dee. 
 
 
 
 1.722, 
 
 4,506, 
 
 — 
 
 Nil 
 
 6,228, 
 
 _ 
 
 13 
 
 31st Mar. " 
 
 
 
 1.732, 
 
 3,174.- 
 
 — 
 
 2,6 16, 
 
 5,260, 
 
 — 
 
 5 
 
 5th May 
 
 
 
 6,512, 
 
 502, 
 
 — 
 
 4,070, 
 
 3,o44, 
 
 — 
 
 5 
 
 9th Juno 
 
 
 
 5.765, 
 3,741, 
 
 1,320, 
 
 1,361, 
 
 3,205, 
 1.559, 
 
 3,o3 7, 
 3,502, 
 
 ^^_ 
 
 2 
 3 
 
 23rd June 
 14th July 
 
 1869 
 
 
 1,951, 
 
 2,375, 
 
 — 
 
 Nil 
 
 4,326, 
 
 — 
 
 5 
 
 18th Aug. 
 
 
 
 Nil 
 
 4» 8 3', 
 
 — 
 
 ,, 
 
 4, 8 3i, 
 
 — 
 
 11 
 
 3rd Nov. 
 
 
 
 1,781, 
 
 3,35°, 
 
 — 
 
 ,, 
 
 5> l 3ii 
 
 — 
 
 8 
 
 29th Dec. _ 
 
 
 
 1,926, 
 
 i,9 l 9, 
 
 — 
 
 Nil 
 
 3,845, 
 
 — 
 
 29 
 
 20th July ~1 
 
 
 
 5,518, 
 
 264, 
 
 — 
 
 3,066, 
 
 2,716, 
 
 — 
 
 1 
 
 27th July 
 
 
 
 8,979, 
 
 — 
 
 2,506, 
 
 5,986, 
 
 487, 
 
 — 
 
 1 
 
 3rd Aug. 
 
 
 
 12,761, 
 
 — 
 
 7,211, 
 
 9,115, 
 
 — 
 
 3,560, 
 
 1 
 
 10th Aug. 
 
 
 
 10,286, 
 7,643, 
 
 — 
 
 5,546, 
 
 3,504, 
 
 7,938, 
 
 4,777, 
 
 — 
 
 3,218, 
 538, 
 
 1 
 
 1 
 
 17th Aug. | 
 21th Aug. 
 
 1870 
 
 
 5,824, 
 
 — 
 
 2,215, 
 
 3,291, 
 
 — 
 
 318, 
 
 1 
 
 31st Aug. 
 
 
 
 4,081, 
 
 — 
 
 1,234, 
 
 1,701, 
 
 1,149, 
 
 — 
 
 2 
 
 Hth Sept. 
 
 
 
 2,125, 
 
 — 
 
 185, 
 
 Nil 
 
 1,94°, 
 
 — 
 
 9 
 
 21th Sept. 
 
 
 
 Nil 
 
 -,i54, 
 
 — 
 
 ,, 
 
 2,154, 
 
 — 
 
 13 
 
 28th Dec. _ 
 
 
 
 Nil 
 
 2,381, 
 
 
 
 Nil 
 
 2,381, 
 
 _ 
 
 9 
 
 1st Mar. ^ 
 
 
 
 2,182, 
 
 182, 
 
 — 
 
 :, 
 
 2,3H, 
 
 — 
 
 6 
 
 12th April 
 
 
 
 Nil 
 
 1,038, 
 
 — 
 
 ,, 
 
 1,038, 
 
 — 
 
 9 
 
 1 1th June 
 
 
 
 i j 
 
 
 — 
 
 ,, 
 
 — 
 
 — 
 
 4 
 
 12th July 
 
 
 
 )> 
 
 653> 
 
 — 
 
 ,, 
 
 6Sh 
 
 — 
 
 10 
 
 20th Sept. 
 
 
 
 2,030, 
 
 2,680, 
 
 - — - 
 
 ,, 
 
 4,7io, 
 
 — 
 
 1 
 
 27th Sept. [ 
 
 1S71 
 
 
 5,900, 
 
 7-7, 
 
 — 
 
 3,278, 
 
 3,349, 
 
 — 
 
 1 
 
 4th Oct! 
 
 
 
 10,504, 
 
 — 
 
 6,050, 
 
 7,012, 
 
 — 
 
 2,55S, 
 
 6 
 
 15th Nov. 
 
 
 
 7,086, 
 
 — 
 
 7,362, 
 
 3,936, 
 
 — 
 
 3 " 7 1° 
 
 2 
 
 29th Nov. 
 
 
 
 4,772, 
 
 — 
 
 4,425, 
 
 Nil 
 
 347, 
 
 
 
 2 
 
 13th Doc. 
 
 
 
 2,132, 
 
 ~^ 
 
 2,403, 
 
 ,, 
 
 29, 
 
 ~ 
 
 2 
 
 27th Dec. a 
 
 
 The following table arranges these items at the three respective 
 rates, so that the eye may glance over them and see how the balances 
 lie on the whole and during the resjDective years : — 
 
 f2 
 
78 
 
 SlYD= — On the Operation of the 
 
 Table J. — Showing the Excesses of Fiduciary Issues, and Hie Excesses of Allowances over Actual 
 Fiduciary Issues made at the respective Nominal Normal Rates of 2, z\, and 3 per Cent. 
 
 Normal Rate at 2 per Cent. 
 
 Millions Issued Over Normal Allowance. 
 
 i. i. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. It 
 
 IS 15... 
 '46... 
 '47... 
 '18... 
 '•19... 
 '50... 
 '51... 
 •52... 
 '53... 
 '51... 
 '55... 
 '51*,... 
 '57... 
 '58... 
 '59... 
 '60... 
 '01... 
 '62... 
 '63... 
 Ml... 
 '05... 
 '66... 
 '67... 
 '63... 
 '09... 
 '70... 
 '71... 
 
 1 . 
 
 1 . 
 
 1 1 
 
 '. i 
 
 Millions Issued Under Normal Allowance. 
 
 Over 
 
 2 - i. 
 
 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 11. 15. 
 
 1 2 
 1 . 
 
 1 
 
 1 
 
 2 1 
 
 . 1 
 
 . 1 3 
 
 2 1 1 
 
 3 1 2 
 
 '. i 
 
 ! i 
 
 i ! 
 
 . 1 
 . 1 
 
 1 . 
 
 2 i 
 1 . 
 
 i 
 i 
 
 i 
 
 2 
 j 
 
 L 
 L 
 
 I 
 
 i 
 
 L 
 
 > 
 
 L 
 2 
 
 > 
 
 
 Normal Rate at 2J per Cent. 
 
 1845.. 
 '46... 
 •47... 
 '48... 
 '49... 
 '50... 
 '51... 
 '52... 
 '53... 
 '51,.. 
 '55... 
 '56.. 
 '57.. 
 '58... 
 '59... 
 '60... 
 '61... 
 '62... 
 '63.. 
 "01... 
 '05... 
 '06... 
 '67... 
 'OS 
 '09.. 
 '70. 
 '71... 
 
 1 1 
 
 1 . . 
 2 
 
 1 i '. 
 
 . i 1 
 
 1211 
 
 2 2 
 
 •2 
 3 
 1 
 2 
 2 
 •2 
 2 
 
 1 2 
 
 Norma 
 
 J 845.. 
 •46.. 
 
 '17.. 
 '48.. 
 '49.. 
 
 '50 . 
 
 '51. 
 
 '52.. 
 
 '53 
 
 '54. 
 
 '55. 
 
 •50 
 
 '57. 
 
 •58. 
 
 '59. 
 
 'GO. 
 
 '01. 
 
 '02. 
 
 '03 
 
 •64 
 
 '05, 
 
 '00. 
 
 '07, 
 
 ■68. 
 
 '69. 
 
 '70. 
 
 '71 
 
 1 1 
 1 1 
 
 I 
 
 2 2 
 
 1 1 
 
 2 
 
 . i 
 1 1 
 
 3 1 
 . 
 
 1 . 
 1 1 
 
 . 1 
 1 1 
 . l 
 
 . 1 
 
 . 1 
 2 
 
 1 i 
 
 Rate at 
 
 per Cent. 
 
 1 
 I 
 
 
 J 
 
 i 
 1 
 
 . i 
 
 i ! 
 
 1 2 
 L . 
 . 1 
 
 2 i 
 i . 
 
 i 3 , 
 i i 
 
 ! i 
 1 . 
 
 3 ! 
 
 i 
 
 L 
 2 
 
 i 
 
 i 
 
 1 
 
 
 
 
 
 
 
 t 1 
 
 1 1 
 
 4 1 
 
 
 
 i ? 
 
Bank Charter Act of 1844. 79 
 
 These tables will also be useful in leading to a clearer apprecia- 
 tion of what I have called "normal" rates of interest. My propo- 
 sition implies, as a matter of course, that the fiduciary issue made 
 should diminish as the rate of interest declines, until, when the latter 
 reaches its normal state, the fiduciary part should altogether dis- 
 appear. And here you will perceive what I mean by the self-acting 
 process, which should determine this so-called normal rale. The 
 Bank can allow the whole fiduciary issue to disappear without 
 making a further decline in the rate of discount, and if it can 
 maintain such a higher rate (than the present normal rate), or 
 3 per cent., on a pure bullion issue, such a rate becomes, de facto, 
 the normal rate. 
 
 Such supposed higher rate, however, is subject to the checking 
 power of competition in the market ; for the Bank, as the central 
 institution, is but the factor of the market, and under the arrange- 
 ment, in its dependence upon the public, it w r ould have no absolute 
 power of its own in defiance of its constituents. If it held the rate 
 too high, for the purpose of obtaining bullion, without issuing 
 fiduciary notes, it would lose business which the market would take 
 up. Hence the necessary store of bullion would settle itself in a 
 natural tray Inj its competition with the sovereigns or bullion notes in 
 the open market. If the Bank held the rate too low, it would be 
 overwhelmed with business. This same principle of competition 
 would apply to all stages of interest and all stages of the issue, as 
 in some measure it does now. 
 
 For the commencement of the new issue it would, however, be 
 necessary to establish some starting point as the normal rate to 
 begin with. It is of little importance whether this rate be 2 or i\ 
 or 3 per cent., for as after all, from the previous remarks, its influence 
 is halved or quartered, there would be question only of this fractional 
 effect upon proportions of increase of either one-eighth, or one-tenth, 
 or one-twelfth. And whether the one or the other be adopted, or 
 whether they w r ere changed during the course of the experience made, 
 any one of the three rates would afford a firm clear ground, without 
 detracting from the definite and comprehensive character of the 
 arrangement. Nevertheless, as, according to the figures shown, the 
 choice lies between 2 as too low and 3 as too high (and for this 
 reason normal rates of below 2 or above 3 are already out of the 
 question), the proper figure would be 2 \ per cent. ; and this, as I 
 have stated, gives the slight advantage in favour of issue which is 
 desirable as a margin. So far, I think, we can follow the course 
 of experience as a guide, for, when experience shows an infallible 
 rule, it obtains the value of a principle. 
 
 If the arrangement be carried out, will it be simple in its control, 
 
80 Seyd — 0)i the Operation of the 
 
 or more complicated than now ? The first thing which the managers 
 of the Bank hare to watch is bullion. They may maintain the rate 
 of discount, without fiduciary issue, at any figure they like, nntil 
 they have enough — or, rather, until the country has enough — for, if 
 the Bank overdoes it, the competition of the market will check it. 
 But, whether the bullion reserve be large or small, they can always 
 observe the rates of exchange, and, independently of the market, 
 protect their store of bullion whenever these exchanges, or their 
 balance, appear against us. I do not know whether the close 
 observance of the exchanges now forms part of the Bank's policy ; 
 I presume it does, but have no means of judging of the accuracy of 
 the foundations. My impression is that there are very few people 
 in this country who have more than a superficial knowledge of 
 exchanges as a whole, and who can calculate to a point the results 
 of shipments of bullion according to freight, charges, Mint and Bank 
 regulations, stamps, and interest ; yet upon such minute points do 
 the exchanges turn; and the information is easily obtained and 
 kept up. Our stock of bullion at the Bank is in immediate contact 
 with exchanges, as the reservoir between our circulating coin and 
 foreign trade ; and nothing is more important than a close watch of 
 all the channels through which it is supplied or exhausted. Any 
 error, which might be avoided by quick appreciation and forestalled 
 by a timely movement in the rate, may cause the loss of a million or 
 more of bullion ; and we all know how anxious we are when a few 
 hundred thousands, or even 100,000/., are withdrawn — vide the 
 "money articles." You will agree with me that this matter of 
 the stock of bullion stands on its own merits, and that less local 
 prejudice, or rather, more cosmopolitan intelligence, may lead to a 
 better appreciation of exchange matters. And when these are fully 
 brought to bear, the operation of guiding the bullion store will 
 become more automatic than it is at present — more rule will prevail 
 and less discretion be required ; and although the latter will still 
 have its play, and most effectively if occasion calls for it, you may 
 admit that, on the whole, the control over the bullion can be 
 exercised with more certainty, therefore with more simplicity, upon 
 my plan than under the present system. 
 
 The next thing the Bank would have to control is the fiduciary 
 issue for satisfying the local demand. Finding the exchanges 
 favourable, it can, without fear, make the issue ; indeed, it must 
 make it so as to prevent not only too large an accumulation of 
 bullion, but also on account of the competition of the open market ; 
 and when it reduces the rate, and with it the issue, it just performs 
 that beneficient and automatic action which marks the approach 
 between two contending forces, and therefore enables the judgment 
 to be formed at once, because the effect is brought about at once. 
 
Bank Charter Act of 1844. 81 
 
 This more regulated proceeding- docs not, as I have said before, 
 prevent the directors from giving to the country all the benefit of 
 their wisdom and discretion, and they can exercise the latter with 
 all the more immediately visible results just because certain main 
 points are no longer subject to doubt. 
 
 And if, in thus meeting the discount market in either way, the 
 directors were able to seenre to themselves a regular supply of 
 bills — that is, if the respective resources of the Bank, as well as the 
 fiduciary issue, sought to meet the requirements regularly, without 
 repelling them excessively at one time, and at other tini ,:smo- 
 
 dically attracting them, if the " Discounted bills and temporary 
 " advances " obtained anything like regularity (as they ought to do 
 in every bank) the Bank would supply an additional element of 
 compensation for regulating the market, viz., a reasonable absorp- 
 tion of the demand for money. How this element of compensation, 
 which, as perhaps the most important of all, I must ask yon now to 
 add to the other elements spoken of as working in the same direc- 
 tion, for halving (so to speak) abrupt differences, has hitherto been 
 treated, appears from the returns furnished. 
 
 The third subject which the directors must watch, is the ordinary 
 one of general mercantile credit and that of individual credits. 
 And here let me remark, that in spite of the high and, I may say, 
 noble intention of those who rule the Bank, in spite of excellent 
 machinery and powerful position, the Bank cannot control matters 
 of general or special credit unless it is in regular and almost 
 unbroken connection with the market, in continuous practical con- 
 nection in which matters of feet and actual insight replace matters 
 of hearsay. Through these means of regular connection only can 
 the Bank retain its power and influence in the market, and it is not 
 enough that it should merely have a hand in it, but as the richest 
 and best institution it should be able to take the lead, so that it 
 may be enabled to retain sufficient influence in general mercantile 
 credit, the term "general" here being an element in the guidance 
 of a policy. Without this general and continuous policy the Bank 
 is liable to run an eccentric course, by which at certain times it 
 encourages, at other times suddenly discourages a particular class 
 of business, as the experience of bankers and discounters has 
 shown. Further, when this practical share in the business of the 
 country is gained, it will pay, and will bring with it a certain per- 
 fection of arrangements, which, with a broken course, remain 
 ineffective for some time, in spite of every intelligent and high 
 minded endeavour, as far as excellency of control is concerned. 
 Many bankers and others may be able to appreciate these remarks 
 and estimate them accordingly. 
 
 That this share of the Bank in the real business of the country 
 
82 Seyd — On the Operation of the 
 
 can be recovered when the present misconceptions as to fiduciary 
 issue are removed, and a better system is substituted, is not a 
 matter of doubt in my mind. Is it not an astonishing fact, that 
 whereas all other national banks have increased their business in 
 accordance with the growth of the respective nation's trade and 
 beyond (see Bank of France, Prussia, &c.) ; and whereas, our own 
 joint stock banks have shown such splendid prosperity, whereas our 
 trade has trebled since 1844, the Bank of England should alone 
 have lagged behind, scarcely improving its position ? It is true 
 that during late years there have been larger deposits, the Bank has 
 also more bullion ; but this increase bears no sensible proportion to 
 that of the general prosperity. And although the stock of bullion is 
 larger, does it not appear as if this w r ere consequent upon some 
 change of policy in answering demands through the reserve — i.e., 
 in not acceding to them — does it not seem as if this slight improve- 
 ment was rather due to some mysterious and painful effort ? Then 
 where lies the fault ? 
 
 In my opinion, the Bank of England, with its gigantic capital 
 and its superior management, ought to hold an amount of good bills 
 largely in excess of that of any other bank or an aggregate of 
 them, it ought to pay larger dividends than it does now, and thus, 
 by making larger profits, be able to meet the public demands more 
 fairly, and thereby bring into action another factor of compensation, 
 through whom excesses of interest, excesses of import and export 
 of bullion, excesses of speculation, with all their concurrent excres- 
 cences, may find amelioration for the mutual benefit of the Bank 
 and all classes of the community, if not of the great system of 
 commerce all over the world. If the idle note reserve were 
 abolished, the deposits of the Bank, the real monetary power of the 
 country, would enter again into their legitimate rights, and be better 
 invested ; it is now the deposits which rescue the Bank from the 
 false position of the fiduciary issue ; whereas the power of reserve 
 contained in the proposal I make here would come to the assistance 
 of the deposits. Under such altered circumstances, the question 
 might even be mooted whether the Bank should not pay interest on 
 certain classes of such deposits, as other Banks do. 
 
 The plan proposed by me demands, of course, a revision of the 
 arrangement as to the share of profit which the State receives. The 
 State is entitled to a share, not so much for the sake of State 
 necessities, as in vindication of a principle. For the privilege and 
 authority given to a bank to issue fiduciary notes resemble the loan 
 of a capital ; and if the Bank had this capital free of interest, the 
 privilege would be too much, and become an odious monopoly. The 
 
Bank GhaHer Act of 1-1 I. 83 
 
 fairest way of looking upon this matter is that of regarding the 
 fiduciary issue as an interest-bearing deposit, upon the usual banking 
 rules. Under the present Act the Stale receives 195,000/. | 
 annum. I have already stated my objection to that, and prop< 
 that the State's profit should in future be in exa< cordance with 
 the actual issue made and the actual profit. If at any time an extra 
 issue of, say, 10 millions were made, employed at 5 per cent., the 
 gross profit would be 500,000/. ; an issue of 5 millions, at 4 p tit., 
 would give 200,000/. ; an issue of 12 millions, at 8 per cent., would 
 give 960,000/. At other times, there would be no issue and no pre 
 Referring now to what I have said before respecting the cost of* 
 bullion notes, I would propose that from the produce of the fiduciary 
 issue there should first be deducted the expense attendant the issue. 
 Among the items of this expenditure are several which may 1 e 
 reduced, viz., bankers' compensation (which expires at the expira- 
 tion of the present issue) ; the expenses for the Bullion Office, &c, 
 as not properly belonging to the fiduciary issue; other economies 
 niio-lit be made; and in consideration of the fact that the Bank 
 otherwise, through the same system, effects certain economies in its 
 banking department, the Bank, or a bank, might be induced to 
 accept the note contract as involving an annual expenditure of 
 120,000/. There would then remain upon the gross profits named 
 above, balances of 380,000/., 80,000/., and 840,000/. At other times 
 there would be a fiduciary issue below 5 millions, just covering or 
 scarcely covering the expenditure ; and there may be times when 
 there is no necessity for any fiduciary issue at all. These til 
 should be debited to the issue account ; so that the whole arrange- 
 ment stands on a pure, equitable basis, without the shadow of sus- 
 picion as to one-sidedness. The balances remaining should then be 
 divided between the State and Bank, either by crediting the State 
 with the interest atone-half or 1 percent, below the Bank rate, or by 
 allowing the Bank a proportionate share by way of del . the 
 
 greater portion of the produce, of course, going to the State. But 
 the Bank should suffer no loss whatever, as, according to my showing, 
 it does now, and for the advantage gained, including the higher 
 interest obtainable 011 its deposits, the Bank might be satisfied with 
 but a small share on the net profits of the fiduciary issue. 
 
 It is quite true that in such a case the Chancellor of the 
 Exchequer could no longer count on the regular annual income 
 from the Bank of 195,000/. Instead of that he may sometimes go 
 without, at other times receive much larger sums ; and the more 
 equitable operation of the whole may, after all, bring better results. 
 I am of opinion that the actual working of the system would 
 result in far more regular annual profits. Certain it is that, if 
 we succeed in avoiding crises and their baneful consequences, there 
 
84 Seyd — On the Operation of the 
 
 will be a considerable increase in the tax-bearing power of the 
 conntry. Further, if the Bank Act requires amendment at all, such 
 amendment must either be the total abolition of the issue, and with. 
 it that of the 195,000/., or some more elastic plan in lieu of the 
 present fixed limit, and to such elasticity the fixed payment to the 
 State could not be reconciled. It is time altogether that our states- 
 men and financiers should open their eyes to the conflict between 
 such an item in the Budget and the great diverse interests, the 
 very foundation of it all, at stake in this instance ; and that, instead 
 of adhering tenaciously to such small tax, for the mere sake of the 
 budget, they should gain the conception that, by abolishing it they 
 might confer an incalculable benefit upon the public, the Bank, the 
 State, and the budget. 
 
 It remains for me to state, that my proposal requires no essential 
 alteration in the constitution of the Bank. The separation between 
 the issue department and the banking department may be main- 
 tained as it is now, and there would, at one time, appear bullion on 
 one side, notes on the other, without Government and other secu- 
 rities ; at another time, certain sums in Government and other 
 securities would appear in order to account for the increase of issue. 
 These securities might be transferred from the banking department 
 as the case may arise, to serve, as the State debt and other securities 
 do now, as security for the issue. The proceeding is not new, for in 
 1857 the Bank transferred two millions of its Government securities 
 from the banking department to the issue, a proceeding which, 
 in the minds of some illogical financiers, was designated as the 
 " safety valve " to the present system. You see how this resembles 
 my plan, with this difference, that I require the safety valve to be 
 in continuous operation for the regulation of the machinery, whereas 
 these alchymists want to wait with its application until the machinery 
 has whirled itself into partial destruction, and until the boiler is on 
 the point of bursting. 
 
 For my part I consider the security and guarantee of the Bank 
 itself perfect, and further, I think that in the case of issue " Other 
 " securities," notably fair bills of exchange realisable, are the proper 
 and legitimate guarantees. Other State banks think so too, but 
 upon that point we need open no controversy ; the British jrablic 
 looks to Government and other securities, and these can be furnished 
 by the Bank, to stand as directly applicable to the issue, the interest 
 on them belonging to the Bank. ~No change whatever would be 
 required between the Bank and the public. The note system would 
 go on as before, and nobody would be the wiser for the alteration 
 but those who study the weekly accounts of the Bank, who would 
 find that the large, inexplicable, and demoralising "reserves'' of 
 notes were no longer in the account, but they would also be aware 
 
Bank Charter Act of 18-14. 80 
 
 that, in spite of the disappearance of this Item money could be had 
 at any time on fair principles of compensation, tomei t eont ingcnci' 
 
 I claim that the plan I have suggested will, when in operation, 
 do the following : — 
 
 Firstly. It will, by a self-acting process, determine the amou 
 of bullion which is suitable to the- trade of this count; b ith 
 as stock in the Bank, and as circulating coin in the country. 
 
 Secondly. It will check the export of bullion without disturb] 
 the amount of currency at home, for the fiduciary poTR 
 arising will replace the currency drawn in from the inla 
 trade, and it will enable us to dispose of a surplus of bullion 
 against profitable investment in a gradual and regular 
 manner. 
 
 Thirdly. It will, by a self-acting process, determine a normal 
 rate of interest, the departures from which will not be so 
 violent or excessive as they are now, and thereby it will 
 counteract undue speculation as well as ameliorate the severe 
 effects of the results of speculation. 
 
 Fourthly. It will altogether put in force elements of compensa- 
 tion from which the commerce and prosperity of this country 
 will derive advantages. 
 
 It remains for me only to notice other suggestions, which have 
 been made from time to time in reference to an improved issue. 
 One gentleman has lately proposed that the Bank of England, 
 instead of holding English Government securities for the guarantee 
 of the issue, should hold foreign securities, so that at any time they 
 could be sent abroad to obtain the gold necessary for us. The 
 suggestion is not suitable, if only for the question of buying-and- 
 selling- price. Nor can the Bank of England hold foreign bills of 
 which the full value may be realised. As a quasi national bank, the 
 storehouse of the country's wealth, it has an implied degree of 
 political importance which must be kept free of foreign securities of 
 any kind. That our other banks and private bankers would do well 
 to invest in foreign bills, so as to obtain a turn of exchange in our 
 favour when necessary, I admit, and in the paper which I read 
 before this Society in February, 1870, I advocated this policy. In 
 order to carry it out, the science of exchanges and the considera- 
 tions of credit connected with it must first be better understood in 
 this country. 
 
 Other suggestions have been made, the most current one being 
 that of the insufficiency of the 15 millions of fiduciary issue, as 
 compared to the larger store of bullion, and the increase of the 
 country's trade. So it has been suggested that this 15 millions 
 should be increased to 20 or 25 millions. If you should agree with 
 
8G Seyd — On the Operation of the Bank Ad of 184-4. 
 
 tlic evidence and the views I have here laid before you, you will 
 admit that such an increase in the fixed fiduciary issue could only 
 tend to increase the present gigantic evils from which we suffer. 
 
 The more reasonable of the reformers begin to perceive that the 
 issue must be elastic, so as to admit of extension without neglecting 
 the principle of concurrent limits. Several plans may be suggested 
 for this purpose, but none has as yet been definitely proposed ; you 
 will also admit that, in the main, the controlling and compensating 
 factors should be found in the system itself, and not be dependent 
 upon an outside assumption, just as little as any scientific subject, 
 which, having the germ of vitality in itself, can be correctly and 
 logically developed by dependence on any assumption or maxim 
 outside its proper sphere. When such outside assumption carries 
 an alchyniistical semblance of being connected with financing, and 
 is, falsely, taken as a guide, confusion becomes worse confounded. 
 Such is the case with the idea of fixed issue, and the "stability' 
 ensuing therefrom in our present arrangement, until some of our 
 best thinkers have despaired of ever unravelling the mystery. Such 
 would also be the case with so-called fixed sliding scales which 
 assume a definite amount of bullion with definite rates of interest. 
 
 The question which those who peruse this paper must ask them- 
 selves is this : Does the proposal here made contain that great 
 principle of prudence and conservatism which at all events is 
 implied in the present fixed issue and its limitation ? Let the pro- 
 posal be tested by examples, i.e., by calculation, and it will be found 
 that, if anything, it is more prudent. If this point be gained, the 
 most conservative supporters of the present issue, whose just con- 
 servatism is founded on the fear that any new proposal might lack 
 this element of prudence, may be willing to admit that the plan 
 here suggested combines this desirable characteristic with the 
 element of productiveness. 
 
ADDITIONAL REMARKS BY THE AUTHOR. 
 
 The Larger Dividend to be Paid by the Bank of England. 
 
 In the foreffoing' criticism of the Bank Act I have alleged that 
 the Bank of England, if the present system of issue were abolished, 
 would pay higher dividends to its shareholders. I have been 
 requested to substantiate this assertion in a more definite manner 
 (and as for want, of time I was nnahle to do that before the 
 Statistical Society, I do so now). The reader, on referring to 
 pp. 42 — 46 of the Paper, will find that the nett profits of the 
 issue department, viz., the balance left after deducting 380,000/. 
 expenses and share of profit of the State from the 460,000/. earned 
 on securities, amounts to 80,000/. per annum, or only about \ per 
 cent, on the investment in the issne of the 15 millions. That is the 
 only profit made by the Bank on the issne. But the Bank receives 
 back the money so invested by the authority of issuing 15 millions 
 of fiduciary notes. 
 
 Now let ns suppose that the issue were either abolished, or trans- 
 ferred from the Bank to the State. In the former case the Bank 
 might receive 11,015.000/. from the State and sell the 3.984,900/. 
 other securities for cash, cither gold or notes. If in gold, the Bank 
 might cancel the 1 5 millions of the issne, and place the gold in 
 the banking department; if in notes, it might claim the share of 
 bullion in the issne to which the 1 5 millions, or rather the momentary 
 reserve of notes, entitle it. Or, if the Government, instead of pay- 
 ing the debt to the Bank, said : we will undertake the whole issue on 
 your transferring bullion and securities to ns, the Bank, holding a 
 note reserve, would claim bullion for it. It is necessary thus dis- 
 tinctly to show that the abolition of the note issue would convert 
 the 1 5 millions of notes (if so much were held in reserve at the Bank, 
 or any part of the sum), into actual cash, for those who use the argu- 
 ment of the transfer of issue to the State, as relieving the Bank from 
 the liability connected with it, often forget that the Bank of England 
 would surrender bullion and securities without surrenderino- its 
 note reserve, which would have to be paid by the State in cash. 
 Indeed, in whatever way the issue were abolished, the abolition 
 pure and simple would result in changing the 15 millions fiduciary 
 issue, or the share of it held by the Bank, into coin or bullion. 
 
88 Seyd — On the Operation of the 
 
 The case as it stands now is this : the Bank receives 80,000/. 
 per annum from the issue, bnt has the use of 1 5 millions of fiduciary 
 notes ; if the issue were abolished, the profit of 80,000/. would dis- 
 appear, but the Bank would receive 15,000,000/. in cash or bullion. 
 The question is whether it is worth while, as far as the Bank itself 
 is concerned, to sacrifice the 80,000/. per annum in order to make 
 this change; whether in that case the large reserve of "money" 
 now held by the Bank would become less, whether more money 
 could be invested and thus bring larger profits to the Bank, without 
 endangering its safety in the least. 
 
 Those who believe that the fiduciary note is as good as gold will 
 now say: the change would make no difference, there will be the 
 same reserves, the same limited profit, and the Bank will have 
 sacrificed the 80,000/. profit on the issue in vain. 
 
 In the foregoing paper I Lave sufficiently shown that solid 
 money can never be idle, that exchanges and prices rule its use, but 
 1 will for one moment suppose that all I have said in reference 
 thereto is of no value. Where then would be the advantage to the 
 Bank ? The advantage would be this : the Bank, getting rid of 
 the issue department, would get rid of the necessity to keep a 
 reserve of notes for the protection of that department, which is now 
 inheritant in the system. That reduces the question to the point, 
 is the Bank under the necessity to protect the issue by note reserve ? 
 I am aware that there are persons who will say, " No ! the Bank 
 " might use every pound of the notes issued in investment, without 
 " reference to bullion ! ' Common sense, however, every experience, 
 and every reflection connected with the Bank teaches us that bullion 
 is the principal object which, as regards the issue department, 
 engages the Bank's attention; that it must keep a large . reserve in 
 notes, merely in order to stave off demand on bullion or interpose 
 between it and its stock of that material. The very plea that such 
 notes are as good as gold, in itself confirms this. 
 
 The question, then, becomes narrowed to the sum, which, say on 
 the average, the Bank is thus obliged to hold for the protection of 
 bullion. Experience now shows us that as long as the note reserve 
 stands at 10 millions or more, there is comparatively little appre- 
 hension as to bullion, but when, as is generally the case, both bullion 
 and reserve decline, the latter falling say to 7 millions, then the 
 question of bullion, and with it the measures for protecting or 
 increasing its stock, come to the front. In November, 1872, the 
 reserve stood as high as 9 millions, when the strongest measures to 
 increase bullion were adopted, when, in discounting bills and making 
 advances, the Bank confined itself to the reinvestment of funds 
 falling due, and to the use of increasing deposits, without allowing a 
 diminution of the reserve. This (in spite of all attempts to gainsay 
 
Haul- Charter Ad of 1841. 89 
 
 it), bears no other construction than that the Bank was compelled to 
 keep intact or idle the 9 millions of notes in order to protect the 
 bullion in the issue 
 
 I am of the opinion, then, and (orm this opinion on the rm 
 careful study and weighing of the facts, thai the; a\ sum 
 
 which, as inheritant in the combination of the issue the Bank is 
 obliged to keep in reserve, is not less than 6 millions, a bhe con- 
 struction here put upon this matter will go far to explain again I 
 anomaly of the large reserves of which I spoke in the Pa] hy 
 
 it is that they arc so excessive, not only at times, but on the wb 
 average. 
 
 If, then, the Bank were relieved of this liability, it follows that. 
 the 6 millions would be set free, and that they might be used I 
 investment, say in bills. If so invested, say, at 4! per cent., the 
 Bank would gain 270,000/. per annum, and deducting therefrom 
 the 80,000/. forfeited with the issue, the gain would be 190.000/. 
 per annum, ox about i\ per cent, additional dividend on the capital. 
 That the Bank would have no difficulty in obtaining best securities 
 for the investment of the 6 millions in a market, where more 
 than 100 millions of the finest paper are in existence, need not be 
 questioned here, the only point remaining for discussion is this : — 
 What will be the state of the Bank's reserve if these 6 millions are 
 thus invested ? Recollect that I speak of 1-3- per cent, more dividend, 
 upon the supposition that the dividend made now is gained partly 
 through the use of the fiduciary issue at an average of 5 millions 
 (see the Paper) and that the additional 6 millions would absorb 
 1 1 millions, leaving but 4 millions of reserve. Adding the one-half 
 to 1 1 millions of usual reserve of gold and silver coin, in the bank! 
 department, there would be 5 millions of actual cash reserve. 
 Would this suffice ? that is now the point. 
 
 I can fully understand that, accustomed as we are to the present 
 large nominal reserves, this amount seems small, but we are apt to 
 forget that several times the present nominal reserve has been lower. 
 Nevertheless the subject can be considered calmly and regularly. In 
 the first place, the Bank is under no obligation whatever to keep a 
 reserve for the accommodation of the public, for the question of 
 policy can be separated from that of profit and loss, and when the 
 Bank is free of the more or less official issue business, it really 
 becomes an institution entitled to guard its own interest. The Bank 
 has frequently exercised the right of keeping its reserve intact, refusin 
 to use it for the accommodation of the public, notably in October 
 and November, 1872, when, as I said before, it accommodated the 
 public only through the funds derived from bills falling due, or the 
 increase in deposits. As far, then, as the keeping of the 5 millions 
 of free reserve for the accommodation of the public is concerned, the 
 
 1 r 
 © 
 
90 Seyd — On the Operation of the 
 
 Bank might invest every shilling of it and be content to take fresh 
 securities only when the previous ones become due. 
 
 But, like every other banker, the Bank of England is obliged 
 to keep a reserve of cash in order to be prepared for any more or 
 less sudden withdrawal of its deposits ; and here the character of 
 these deposits, and their probable diminution, must be considered. 
 The deposits at the Bank of England are of a twofold character, i.e., 
 they are made either for the purpose of reserving money or currency, 
 or for the purposes of trust and safe keeping. To the former the 
 bankers' deposits prominently belong, although, if for clearing pur- 
 poses alone, a considerable percentage of them remain stationary, as 
 the returns show ; the public deposits belong to the latter class, a 
 considerable portion of them change into private deposits, although 
 they also absorb, at half years and dividend times, a more or less 
 regular amount of actual money for a time. 
 
 Our next inquiry must now be this : are 5 millions of reserve in 
 gold sufficient to meet any demand for currency purposes manifested 
 through withdrawal of deposits ? With the exception of May, 1866, 
 there is, in the weekly returns of the Ba-nk, not a single instance 
 Avhere in one week's time the reduction in the Bank's reserve 
 exceeded 3 millions, and in 1866, as well as in almost all instances 
 where the variation exceeds half a million, the cause of the absorp- 
 tion can be distinctly traced either to decline in bullion or to the 
 extended accommodation granted by the Bank, and both these 
 causes, as I have before said, can be dismissed from consideration. 
 That in these instances the Bank did not pay all out of reserve, but 
 effected reductions in securities to replenish the reserve, is under- 
 stood, and that same power would remain. Indeed, if the 6 millions 
 of which I have before spoken were invested, notably in bills, if, say, 
 under altered circumstances (see pp. 25 — 26, and 81), the Bank held 
 30 millions in bills, averaging thirty days' date, it would receive 
 currency at the rate of 1 million per day, to be added to the 5 millions 
 cash reserve. The demand for currency can be reduced to a certain 
 range, the maximum of which can be met by a moderate fraction 
 of the 5 millions of the reserve and the funds derived daily from 
 securities falling due. 
 
 The withdrawal of deposits by bankers and others from the 
 Bank (for the employment of money means virtually nothing else 
 than the withdrawal of currency), and the same operations which 
 are now in force in replenishing the reserve would be available. 
 This must be borne in mind, and when I speak of 5 millions of 
 reserve as sufficient, I use this figure only for illustration — when 
 the deposits become very large, when, consequently, larger with- 
 drawals may be anticipated hereafter, the Bank would keep, and 
 could afford to keep, larger reserves — at other times when these 
 
Bank Charter Act of 1844. 01 
 
 floating deposits are reduced to a figure which leaves the more 
 permanent ones in the majority, the reserve may be smaller — these 
 are matters of intelligent appreciation. What I want to convey to 
 you here is the idea that the reserve necessary for mere safety in 
 banking, can be distinctly defined and separated from that which con- 
 cerns the necessities of bullion in an issue and the claims of th< 
 who require advances of money. For defining this simpler pur- 
 pose, you will admit that in all ordinary times they have a kind of 
 regularity, which can be expressed by limits, and on the whole, 
 considering that we progress in wealth, the increase is in favour of 
 the Bank. Thus by a reverse process of investigation, I claim to 
 have demonstrated that the abnormally large reserves of the present 
 note issue are chiefly due to the contingencies of the issue depart- 
 ment. 
 
 It may here be said : all this is very fine, but what about a crisis ? 
 The times of crises again mean a demand for money, i.e., actual 
 currency,* and the variations before alluded to show its ranges. 
 Deduct from these ranges the effects of withdrawal of bullion and 
 the power of the Bank to refuse accommodation, and you compress 
 them within ordinary channels. At the same time I do not deny that 
 when such times are in prospect, the Bank may prepare for them, 
 if only for the purpose of assisting those constituents on whom it 
 holds claims. 
 
 Finally, it may be said that the Bank might suffer from a 
 sudden withdrawal of all deposits, a run might be made upon it. A 
 suggestion like that may be made against all banking, it is of the 
 least value in regard to the strong Bank of England. But " if the 
 " skie shoutd thus fall," the Bank, with only 5 millions of actually 
 free cash reserve would be in a much better position than it is now, 
 say, with 10 millions of note reserve, for the run in the latter case 
 would be both upon deposits and upon bullion. Virtually, with 
 10 millions of note reserve, the Bank would have 10 millions of cash 
 less, and would be thrown back upon the realisation of its securit : 
 I think that this consideration can be dismissed even without 
 reference to the remarkable fact that in times of danger the creditors 
 have not withdrawn, but, on the contrary, have increased their 
 deposits. 
 
 If, now, I have succeeded in showing you that the Bank of Eng- 
 land, if it were rid of the issue and the 80,000/. annual profit, and 
 could consequently invest the 6 millions now "engaged" as idle 
 reserve for the sake of the issue, so as to yield 270,000/., a clear 
 
 * In this case the reader must not allow himself to mix this matter with bills 
 of exchange, — cheques, and clearing system, these instruments of exchange have 
 but an indirect connection with currency, — and, as far as " accommodation " at 
 the Bank of England is concerned, there would be nothing but gold in question. 
 
 G 
 
92 Seyd — On the Operation of tie 
 
 balance over the present profit of 190,000/., equal to 1^ per cent, mora 
 dividend, I have done so on the assumption tl.at the issue would 
 be altogether abolished, that the Bank should use nothing but gold 
 or bank notes, of which somebody else, say the State, was the issuer, 
 so that the Bank might claim gold for them without considering the- 
 issuer, as the public does now in regard to the Bank. But, as you 
 have seen from the paper read before the Statistical Society, I do 
 not propose to abolish the issue of bank noies altogether, on the- 
 contrary I recognise its necessity. My proposal, however, distinctly 
 states that this issue must be made so as to avoid the actual exist- 
 ence of large reserves, and so as to leave no loss to the Bank ; indeed, 
 the share of the profit which the Bank would receive should be cleai 
 and definable. (Here read the proposal again, pp. 82 and 83.) 
 
 A closer study of the proposal will then show that it creates a 
 power of reserve which is available at any time through a change in 
 the rate of interest, and which covers all the contingencies for which 
 an actual existing cash reserve is supposed to serve, not only in order 
 to secure the safety of the institution against withdrawals of deposits, 
 but for demands of currency and accommodation required by the 
 customers of the Bank. I contend that, with this power of reserve r 
 an actual cash reserve becomes unnecessary, and that the 5 millions 
 spoken of before may be invested to a shilling. If so invested, at 
 4! j)er cent., or 225,000/. per annum, an additional dividend of about 
 1 § per cent, would be gained on the capital of the Bank. 
 
 Further, there would be the extra profit on the issue itself. 
 Allowing 3! millions of fiduciary issue to pay expenses, and counting 
 (in order to remain on the present basis) on an average of only 
 3^ millions more out in circulation — giving about 165,000/. per 
 annum, of which, say, 50,000/. might fall to the Bank — another 
 g- per cent, would be added to the dividend. I purposely state this 
 item low ; it might be much larger. And if the 15,800,000/. country 
 bankers' issues were to fall in to the Bank, averaging in actual issue 
 but 10 millions, another profit of 475,000/. would arise to be divided 
 between the State and the Bank, or partly assigned to " compensa- 
 " tion" to bankers, if the Act providing for the cessation of this 
 system of compensation, by the abolition of the present Bank of 
 England issue, is not put into force.* Under these conditions tin 
 total profits on the issue might rise to 150,000/., giving 1 per cent, 
 more dividend. 
 
 So far, I think, I have vindicated my assertion that the abolition. 
 of the present issue system would enable the Bank to pay larger 
 dividends, here put at from 3 to 4! per cent, more : at all events, I 
 
 * These are matters for the consideration of the Government ; my opinion, 
 naturally, is that the Bank's new issue should not he saddled with such an item as. 
 " compensation to hankers." 
 
Bank Charter Act of 1-11. D3 
 
 have shown the grounds upon which such increasei -.■iv obtainable. 
 It does not follow that the precise figures \\ ill be attained, nor thai 
 the Bank will succeed in obtaining the country bankers' issues, unjust 
 as they are in their present form. But I maintain that the prin- 
 ciples enunciated as to the employment, in the firsl instance, of the 
 6 millions, and in the second instance of the whole deposits under 
 the power of reserve, are correct, It must not be supposed here 
 that this power of issue would induce the Bank to make imprudent 
 investments, so that it might be compelled at some time suddenly to 
 raise interest to an extravagant rate, iu order to help itself out ol 
 difficulties : on the contrary, if the same rules of high prudence which 
 are now in force are adhered to (and who for a moment could suppose 
 that the directors would abandon them), the operation of the whole 
 system will become regular and smooth. In that case the general 
 improvement in the Bank's action would engender many matters 
 from which extra profits would arise ; the business of the Bank 
 ■would increase in a manner not less pleasing than the prosperity 
 shown by many of our other banking institutions. 
 
 Those who are willing to reflect over these matters may come to 
 the conclusion that the real value of a fiduciary issue can only be 
 made available by some such groundwork as has here been suggested 
 — that constructed in accordance therewith, it becomes a positive 
 gain (in juxta-position to the present negative), from which all con- 
 cerned derive mutual advantages. Our present issue confuses, ruins, 
 and pits against each other all the useful elements, and is the cause 
 why the shareholders of the Bank receive such small dividends, 
 although the institution enjoys the great advantage of having its 
 deposits free of interest. The large capital is not the real cause, 
 for the advantage of free deposits (not to speak of the supposed 
 advantage of the issue), when compared to the interest which other 
 bankers pay on deposits, diminishes this consideration as to capital 
 to a corresponding minimum. 
 
 The Universal Money Market, the English Money Market, and 
 the Cheque and Clearing-House System. 
 
 Many of the readers of this publication might desire to meet 
 with some explanation of the above subjects. They may entertain 
 doubts as to the necessity of variations in the rate of interest ; they 
 may not have a clear conception of the " Money Market" in the 
 
 g2 
 
94 Seyd — On the Operation of the 
 
 special meaning of the term, and they may not sufficiently understand 
 the relationship thereto of the Cheque and Bankers' Clearing- House 
 system. The author, in undertaking the task of furnishing these 
 explanations, is well aware that certain so-called practical men 
 deprecate anything like " theory" in this field of inquiry (a great 
 misfortune in the way of arriving at the truth) ; but there are many 
 minds who can appreciate a simple, plain course of reasoning, whose 
 conclusions on these matters only require agreement on certain 
 points in order to lead to a clear view, and to such thinkers only the 
 author addresses this chapter. 
 
 The TJnicersal Money Market. 
 
 " Business," i.e., the whole social commercial intercourse between 
 mankind, is carried on through and stimulated by "money." By 
 " business" and "transactions"' we must not merely understand 
 ordinary buying and selling, or " trade," local and international, in 
 its narrow sense, but pursuits of pleasure, matters of intelligence, and 
 all the higher aims of civilisation. In the whole gigantic intercourse 
 the numbers of "transactions" would seem to be incalculable and 
 infinite, but in reality they are limited by the number of individuals 
 in existence. If, presupposing the same degree of civilisation, the 
 number of people in the world were doubled, it is evident that the 
 number of transactions would be doubled also. Money (whatever 
 may ultimately be understood by that term) is not present in unli- 
 mited measure : it is also bounded by amount. It follows that 
 between the amount of transactions and that of money there is, if 
 not a strictly calculable, at all events an existing definite equilibrium 
 — a certain tacit understanding between the two factors, "business" 
 and "money." 
 
 This understanding can be disturbed only through a variation in 
 the amount or condition of one of the factors — an increase or decrease 
 in the one or the other. If thus the number of transactions became 
 double, could we double the amount of money ; or, if they were to 
 diminish to one-half, could we abolish one-half of the money ? And 
 if money were to double in amount, or to become one-half, would the 
 number of transactions immediatelv be increased or decreased in like 
 proportions ? If not, what takes place, and how is the equilibrium 
 re-established ? It is regained by prices, i. e., the prices of com- 
 modities on the one hand, and the value or purchasing power of 
 money on the other. Imagine, say, a community carrying on 
 4 millions (numbers) of transactions by means of 100,000 units of 
 money, what would take place if the latter were suddenly reduced to 
 50,000 ? Would the amount of transactions have to be reduced to 
 2 millions, or the prices of the commodities concerned fall to one- 
 
Bank Charter Act of 1844 
 
 half? No, but the effect is divided between the two extremes : the 
 transactions are reduced to 3 millions, and prices by one-fourth. 
 Increase the amount of money to double, the transactions would be 
 increased to 6 millions, and the prices rise by 50 per cent. If the 
 process be reversed, i.e., if the transactions of themselves declined 
 to one-half, the amount of money remaining stationary, prices would 
 double; if business doubled, prices would fall to one-half. 
 
 Comparing these propositions — viz., the initiative when thu- 
 taken by money with that of the initiative taken by business — we find 
 that the former is capable of compromise; and that the latter is not. 
 Here arises one of the most important considerations in the whole 
 controversy — one that is so often overlooked by economists, who 
 pretend to understand the money market and the questions of supply 
 and demand connected therewith. The "number of transactions." 
 or the " business," is the really pliable factor ; the amount of money. 
 as a whole, is the more or less stationary factor. The former can 
 increase or decrease, can be created and depressed ; the latter, money, 
 cannot be destroyed or created at will. The production of gold and 
 silver is more or less beyond control : it is dependent more or less on 
 accident, on natural causes ; and we cannot reduce the general stock 
 of precious metals, nor augment it. in the same way as we can 
 diminish or increase the consumption and production of commo- 
 dities. 
 
 We can, it is true, make use of other instruments of exchange — 
 cheques, bills, accounts, and clearing systems ; but in reality these 
 represent nothing more than superior methods* of handling gold and 
 silver, as the terms in which thev are couched and the conditions on 
 which they are used clearly indicate ; and, whatever amount of solid 
 currency we may thus be able to economise, the balance which must 
 still be used assumes a proportionately definite position in reference 
 to commodities. 
 
 The notion that mankind might carry on its intercourse by means 
 of credit and clearing systems only — this absurd idea of Utopia — is 
 an indefinite one ; and it requires but little more practical reflection 
 in order to awaken within one's self the conviction that all suggestions 
 as to excessive bank note issues, "free banking," national paper 
 " currency of 70 millions,' ' and kindred schemes of happiness, belong 
 io the same category of indefinitcness and untruthfulness. That solid 
 metallic money is the chief and the only unfailing factor in these 
 movements of business, production, consumption, and civilisation, 
 the history of the world since the discoveries of Californian and 
 Australian gold fields has abundantly shown. ''Business' 1 has 
 inci'eased immensely ; it has doubled, and even trebled, in many 
 
 * The question of trust or credit being one quite apart from the operation of 
 exchanging. 
 
96 Seyd — On the Operation of the 
 
 directions, and the general increase in commodities and prices is ;n 
 accordance with the additional means acquired. 
 
 The first immediate consequence of a fresh supply of money i s 
 the greater demand for commodities, and this demand must be 
 satisfied "before money can enter into use. The prices of commodities 
 rise, and the producer, making larger profits, hastens to produce 
 more, the absorption of the money offered being thus effected or 
 balanced by higher prices and more commodities. Now, although a 
 rise in prices is that of which many people are apt to complain, yet 
 the ultimate nett result for mankind at large is ihe creation of more 
 commodities — the fruits of nature, labour, and intelligence, the 
 acknowledged requisites for enhancing civilisation. And if the 
 increase of money through the discovery of Californian and Australian 
 gold fields, and the amount of metallic means existing previously, be 
 put in juxta-position to the rise of prices, and the vast increase of 
 commerce since 1848, it will be found to bear out the theory laid 
 down here. 
 
 If such is the effect of an increase in metallic money, it follows 
 that a decrease must have the opposite effect — that it must lower 
 prices and lessen production, thus checking progress ; and the 
 importance of this rule should be borne in mind by all those disposed 
 to demonitise one of the precious metals. It is money, then, and 
 principally metallic money, which guides or fructifies the whole 
 system of social and commercial intercourse. Hence all movements 
 in money, by way of increase or decrease, have a prescribing or dic- 
 tating influence, and they are watched with anxiety. Of these move- 
 ments alone we can, in some measure, form an estimate by actual 
 amounts; but we cannot well estimate, i.e., by actual figures, the 
 disturbances taking place in production and consumption ; they are 
 felt only in a general way. The instinctive knowledge exists that 
 production and consumption, the value of property, commodities, and 
 all contracts based thereon, are liable to this influence of money ; 
 and although therein lies all that we live and care for, we find that 
 money is the more convenient numerical indicator of their immediate 
 or prospective condition. " But," the reader may say, " wc all know 
 li how important money is ; what need is there for this supposed 
 "theory?" 
 
 Let us recollect that we live in a time when statesmen and 
 economists display the most opposite opinions on this very plain 
 matter. When the Chancellor of the Exchequer and Master of 
 the Mint tells the British public (as Mr. Lowe has done on the 
 6th August, 1869) that " the possession of a gold and silver coinage 
 " is not a necessity, but rather a luxury, &c, that it is matter of 
 " taste/' we must expect two things : the Finance Minister may 
 either turn out the great financial redeemer of the world, and, in 
 
Bank Charter Act of 18-14. 07 
 
 defiance of all other economists and great thinkers of bygone and 
 present times, conceive some happy-making scheme of currency, or 
 we must expect that he will bring forth some abortion which will 
 ■damage the prosperity of this country; and when economists differ 
 as to real effects of the cheque and clearing system, or at the most 
 express but hazy undefined opinions as to its true value, it is i. 
 impossible that sophistry may, for a time, become troublesome to 
 the public. Mr. Lowe, in his celebrated speech exhibited a kind of 
 ■" light hcartedness " (not unlike that shown by Monsieur Olivier 
 before the Franco- German war), against which we must guard our- 
 selves. 
 
 The Bank of England, and most of our bankers and merchants, 
 as well as foreign Finance Ministers, and State banks, will continue to 
 recognise the supreme value of the precious metals, the true inter- 
 national and universal medium of exchange ; and in laying down 
 here the "general theory" the author desires to show the "universal ' 
 importance of metallic money, irrespective of nation or country. - i 
 that the reader may "understand, prima facie" why supply of an I 
 -demand for money are matters of such serious consideration 
 all over the world. 
 
 The connection of these considerations with a special money 
 market such as our own, and with the rise and fall of the rate of 
 interest, is in the first instance of a general nature. The term 
 "value of money" here used in juxta-position to "prices of com- 
 " modifies," only applies to the purchasing power of the precious 
 metals. A universal rise or fall of the rate of interest is observable 
 only during the times when the supplies of fresh money bring ab^ut 
 the struggle between demand and price in all parts of the world, 
 when for a time, the profits on production being larger, a higher rate 
 can be paid for use of money; but this can only continue until the 
 adjustment is completed, when it may be said that interest falls 
 again to its previous average : and this fact is a strong confirmation 
 of the prescribing force of money. 
 
 When speaking of the money market, either as the universal 
 international one or a special national one, it will also appear here- 
 after that the greater portion of money is more or less fixedly 
 engaged in the business of regular intercourse, and that the 
 " money market," properly speaking, only deals with reserves of 
 money, or with such portions of the money which it can attract from 
 the larger quantity chiefly engaged in circulation. The special 
 national money market directs its demands and supplies to its own 
 local sphere as well as to foreign money markets, and the variations 
 in the rate of interest are not only due to local contingencies but also 
 to .competition between the various money markets of the world. 
 
98 Seyd — On the Operation of the 
 
 The currency of the world, according to the researches made by 
 the author, and confirmed by other estimates, consists of about — 
 
 £ 
 
 700 millions gold coin and bullion of full value. 
 
 500 „ silver „ 
 
 90 „ of subsidiary silver coin. 
 30 „ „ cypper „ 
 
 In addition thereto there are 
 170 millions * 
 
 of fiduciary bank note issues of par value, England, Germany, 
 other European States (France is included although the 
 issue threatens depreciation) 
 fof depreciated bank note issues (United States, Russia, Italy, 
 45° » \ Turkey, Spain, &c.) 
 
 ,940 millions sterling. 
 
 Of this total, the 1,200 millions (viz., 700 millions full- valued 
 gold, mostly held in Europe, and the 500 millions silver, one-half 
 of which is in the East) are real money, whose nominal value corre- 
 sponds with the metallic one, serving both for local and international 
 trade. The 90 millions subsidiary silver and 30 millions subsidiary, 
 copper coins being under value, as well as the total of both kinds of 
 bank notes of 620 millions, have but a nominal and conditional value, 
 and they can serve only for local purposes. The metallic value of the 
 subsidiary silver and copper coins of 120 millions may be given at 
 about 75 millions, so that, with the full- valued coins and bullion, 
 1,275 millions of metal, are in existence. The good fiduciary bank 
 notes have no metallic value of their own, — indeed all the metal is 
 "engaged" as above shown, in the coin and bullion existing, — 
 their value is conditional upon the realisation of some guarantee, 
 such realisation to be effected, presumably, through a corresponding^ 
 portion of the metallic money. The depreciated bank notes have 
 the same non-metallic basis, from which, moreover, the percentage 
 of depreciation must be deducted. The issues of fiduciary bank 
 notes are made without an original full-valued equivalent, they are 
 subject, so to speak, to the will or the necessities of the issuer, and 
 can be increased or reduced. The United States, as well as France 
 and all other countries labouring under an excessive depreciated 
 bank note issue, are making strenuous endeavours to reduce the 
 amount. The fiduciary bank notes are not a fixed or reliable 
 clement, because they may be increased or reduced, and they are 
 liable to depreciation. 
 
 The 1,200 millions of metallic money are therefore the firm and 
 reliable portion and the true basis of the general valuation. This 
 amount may continue to increase by the production of more gold and 
 silver, or the effects of the increase may be neutralised by the general 
 
Bank Charter Art of 1 - I I, 9 C J 
 
 increase of population and tlio stea \y abi >lute annual absorption in 
 manufacturing (abrasion and gilding of precion metals). The mines 
 of California and Australia (whose production is already less than 
 half of previous years) may gradually become exhausted, new gold 
 fields may or may not be discovered. The endeavours to demoniti 
 silver by the introduction of the single gold valuation may deprive 
 silver of its present value, and thus lessen the amount of full-valued 
 mediums of exchange from 30 to 40 per cent. ; but for the present 
 the business of the world has in use 1,200 millions sterling of 
 money of full intrinsic value. 
 
 The English Money Marlei. 
 
 The currency of the United Kingdom at the present time con- 
 sists of — 
 
 £ 
 
 95 millions of gold coins, ^oveivigns and half-sovereigns, in circulation. 
 
 16 „ silver and copper coins. 
 
 zo ,, gold bullion, repi*esented by Bank of England notes in circulation. 
 
 15 „ fiduciary Banlc of England notes. 
 
 16 „ (1 5*8) of fiduciary bank notes of provincial, Scotch, and Irish bar.lv-. 
 
 i6z 
 
 The total coinage of sovereigns and half-sovereigns since 181 G 
 reaches 200 millions, but nearly one-half of that has been re-coined, 
 and a certain proportion has been exported, so that, according to 
 the best estimates, and taking into account the large coinages since 
 1850, there are now about 95 millions of gold coins in the country. 
 
 The silver and copper coinage has also been renewed from 
 time to time. The recent coinages have swelled the amount to 
 16 millions. 
 
 The gold bullion held by the Bank of England against note 
 issue is here given at 20 millions (it has been as low as 5 millions, 
 and as high as 27 millions), as suitable to the ordinary state of 
 things. 
 
 The 1 5 millions of fiduciary notes arc partly in circulation, parti v 
 in reserve at the Bank of England ; on the average the greater 
 portion is thus in reserve, as shown in the paper read before the 
 Statistical Society. 
 
 The 16 millions (or rather 15,800,000/.) of English provincial, 
 Scotch, and Irish bank notes, represent the authorised fiduciary issues 
 allowed under the Act. Country bankers frequently issue more 
 notes than they seem authorised to do, but such extra issues are 
 made against gold held by them, such gold belonging to the 95 mil- 
 lions enumerated ; but of the authorised issue a cei'tain percentage 
 is generally held "in reserve" by them. 
 
100 Setd — On the Operation of the 
 
 With this total amount of money of 162 millions (leaving aside 
 for the present the question of bills, cheques, and clearing systems) 
 the business of the country is carried on. This business can be 
 divided into two categories, — the local, or national trade, and the 
 foreign, or international trade ; and although, they are interwoven, 
 yet the use of the currency for the purposes of the one or the other, 
 and their adjustment thereto, differ materially. 
 
 In the first place, out of the 162 millions, the 95 millions of 
 sovereigns and the 20 millions of gold bullion at the Bank of Eng- 
 land — together, 1 1 5 millions, — constitute the medium of exchange, 
 fit for both international and local trade; but the 16 millions of 
 silver and copper coin, and the bank note issues, are only useful for 
 local purposes. At the same time, and at any given moment, the 
 whole of the currency — gold, silver, copper and bank notes — are 
 virtually engaged in local intercourse, excepting such portions of 
 bank notes which happen to be in reserve with country bankers or 
 with the Bank of England. The stock of bullion at the Bank of 
 England is pledged to bank notes in circulation ; the free reserve 
 consists of the surplus of notes only. As far as the local trade is con- 
 cerned it is immaterial whether this reserve is looked upon as 
 arising from bullion or not. !Now, when any extra demand takes 
 place, either for extra local or foreign purposes, the reserve is first 
 drawn upon for supply. When that source is exhausted or lowered 
 to the point allowable, the rate of interest must be forced to a higher 
 pitch in order to attract money both from out of the circulation and 
 from abroad, as explained in the previous paper. To what extent 
 can money thus be withdrawn from circulation? It is a well-known 
 fact that there are limits to the contraction of the currency ; that the 
 sound trade of the country cannot afford, under any circumstances, 
 at any rate of interest, to part with, more than a reasonable per- 
 centage of money. The contraction of the currency in use at home 
 by 5 or 10 per cent, means a diminution of 5 or 10 per cent, in 
 home trade, in production and consumption ; the greater portion of 
 the money is so firmly engaged and so necessary that it cannot be 
 withdrawn, and if the attempt to enforce further withdrawal be 
 carried on to an extreme, a panic would be the result. There have 
 been times when, without any previous course of speculation, "money 
 " was not to be had on any terms and on the best securities," as 
 bankers well know. When thus "the English money market" comes 
 to be considered, it must be borne in mind that of the 162 millions 
 of currency the greater portion is, so to speak, beyond its pale ; that 
 that which is " on " the market consists of the " reserve " of the Bank 
 available as it may stand from time to time, and that which can be 
 " brought on ' : to it is but a small enforced percentage of the whole 
 sum current. It may be inferred that a contraction of 10 millions 
 
Bank Charter Ad of 1811. 101 
 
 is already a serious evil ; excluding country bankers' issues (for 
 reasons formerly given) and assuming an available reserve at tlie 
 Bank of England of 10 millions, with the possibility of tlie with- 
 drawal of 10 millions from circulation, the utmost range of the 
 "money market proper ,:i may thus lie within 20 million-. Beyond 
 this, the existing resources of currency, metallic and fiduciary, arc 
 not available, but far within these utmost limits, anv movement con- 
 
 7 'J 
 
 cerning a few millions only, becomes a source of anxiety — until, 
 when a considerable part of these resources has already b .'en used 
 — a few hundred thousands cause apprehensions. 
 
 The money market can otherwise only obtain relief and further 
 supply from abroad, and the raising of the rate of interest has that 
 effect. Indeed, it may fairly be asserted, considering our supre- 
 macy in foreign investments, in manufacturing and commerce, that 
 we must, in spite of our great consumption of foreign luxuries 
 aud of our losses in speculations abroad, obtain a balance in our 
 favour from international trade, and such, no doubt, is the case. This 
 balance in our favour, it appears, only swells our investments ; it does 
 not realise itself in bullion, for our currency in the precious metals 
 has not sensibly increased. Indeed, and this is a most important 
 feature in our business intercourse, and in our money market, our 
 general stock of solid money is comparatively smaller than that 
 used by other nations. In France, before the war, there were about 
 340 millions of metallic money; in Germany, there are now more 
 than 250 millions, and although the number of inhabitants in 
 these and other States require more money, yet the difference in 
 prices would seem to serve as a set-off; but our English inter- 
 national commerce, with which of course the local trade has a 
 direct connection, is more than double as extensive. Why is this 
 so ? The explanation of the fact that we carry on our enormous local 
 and international business with such a comparatively smaller stock of 
 money is this : " We conduct a considerable, if not the principal 
 " part of our business by means of bills, cheques, banking accounts, 
 " and above all by the bankers' clearing-house system. We thus 
 " effect an enormous economy in the use of metallic and other 
 " money, and consequently do not require so large a supply of 
 " currency." 
 
 The Bill, Cheque, and Bankers 1 Clearing Systems. 
 
 It is undoubtedly true that the bill, cheque, and clearing system 
 saves us the use of a large amount of currencv. The clearing 
 system especially, through which so many millions (i.e., from 10 to 
 40 millions Sterling per day) are settled without a farthing of cash 
 being required, is one of those immensely practical institutions, 
 which, in reality, carries out a great theory. The author, in a 
 
102 Sevd — On the Operation of the 
 
 small book, "The London Banking and Clearing System" (Cassell, 
 Petter, and Galpin), lias fully described it, and has done ample 
 justice to its high value. He has advanced (with some success*) 
 the adoption of the clearing system abroad, and he may therefore 
 be considered its warm partisan. 
 
 This may justify him in venturing to suggest the inquiry : Are 
 there no disadvantages connected with the clearing system ? 
 
 Such an inquiry may also be useful in order to define the precise 
 ground which the clearing-house covers. Some of our economists 
 imagine that the clearing-house system is productive of capital, that 
 b?sides r&plaeing currency it has the power of creating it; but as yet 
 they have furnished no proof that such is the case. These sugges- 
 tions confuse the public mind, and altogether, if we in England com- 
 pare ourselves with other nations as favourably situated, by our 
 making better use of cheque and clearing system, it might be 
 desirable, generally, to ascertain whether we are the absolute only 
 masters in these methods of settling accounts, or whether we are 
 superior only in degree. If the bill, cheque, and clearing system 
 economises currency, it follows that other nations who adopt other 
 banking forms and methods of settling accounts, which may be in- 
 ferior to ours, nevertheless also economise currency. The necessity 
 to use a certain amount of currency, here or abroad, remains on its 
 own merits. For interior intercourse both France and Germany use 
 more bills of exchange than we do in England. A great many 
 smaller transactions, settled in England in cash, are carried on abroad 
 in bills and promissory notes ; the number of such bills, compared 
 to the population, is probably twice as large as in England. The 
 question of credit has little reference to the effect produced thereby 
 on currency ; it is immaterial whether the goods are delivered, or the 
 payment guaranteed, or whether the bills are of one day's or at six 
 months' date, for on the due date these bills become instruments of 
 exchange, like cheques, and accumulate in masses in the hands of 
 bankers and others for collection. Anybody acquainted with the 
 Continental trades will be able to confirm that the " circulation " of 
 snch bills is far more extensive than here, that the stricter laws as 
 to mercantile probity render them more useful, and it can be asserted 
 that such bills economise relatively a great deal more of currency 
 than our inland bill system. The "clearing" of these bills, as well 
 as that of cheques and cash transfers, is effected in France through 
 the system of " recouvrements " organised between the bankers in 
 various towns and the Bank of France with its branches and agencies. 
 The Bank of France in Paris has a special department, the "Bureau 
 " des Virements," in which transfers are effected on a method ana- 
 
 * The work has been translated into French by the Bank of France snd by the 
 Belgian Finance Minister (published by E. Guyot, Rue de Pacheco, 12, Brussels). 
 
Bank Charter Act of 184 !•. 103 
 
 logous to our clearing system, and the amounts per clay vary from 
 two to four millions sterling (sums sufficiently considerable in com- 
 parison with the extent of French trade, and the same: "bureau" 
 exists at all the branches). The Bank of Prussia also, with its 
 numerous branches throughout the country, and the Prussian Post- 
 office money order system, which allows the transmission of larger 
 amounts than here, serve as a kind of clearing institutions, whose 
 efficiency is thoroughly recognised. 
 
 Still it must be admitted that our English cheque and clearing- 
 house system is in advance of these arrangements, and Continental 
 financial and banking authorities have established numerous banks 
 on the English plan, endeavouring to extend the use of the cheque. 
 A bankers' clearing-house has been established in Paris; others are 
 in contemplation in Brussels, Antwerp, Berlin, &c. (The Stock 
 Exchange clearing-house in Berlin has now existed several years). 
 
 Recognising, then, that in spite of the arrangements existing, and 
 the improvements in course of progress abroad, we in England are 
 still far in advance in the national institution of the cheque and the 
 accompanying clearing organisation, let us assume that this supe- 
 riority gives us the advantage over others of saving 150 millions 
 sterling in metallic currency ; that is to say, if France, with her 
 inferior banking arrangements, had 340 millions of metallic money, 
 and if Germany uses 250 millions, we in England on a similar 
 footing of inferiority, would have to use 265 millions of gold money, 
 instead of the 115 now in circulation.* It must now be distinctly 
 understood that if we required 265 millions instead of the 115 millions, 
 we should have little difficulty in obtaining the extra 1 50 millions. The 
 investments of England in foreign stocks alone are said to amount to 
 800 millions sterling; other investments to between 200 and 300 
 millions ; so that if out of the total we gradually realized into cash 
 150 millions, we would obtain so much gold, but we should lose 
 the annual interest thereon. 
 
 The fact is, the cheque and clearing system, besides conferring 
 great mechanical advantages to our commercial intercourse, also 
 allows us to invest 150 millions of currency in valuable securities, 
 from which, at the rate of interest of 4 per cent., we derive an 
 income of six millions per annum. 
 
 In consideration of these 6 millions per annum we substitute 
 a valuable, but not immediately realisable security for 150 millions 
 of actual gold, which otherwise might be useful to us as currency, 
 and as a reserve and guarantee for the general purposes and con- 
 tingencies of our national and international trade. Our monetary 
 
 * The question here should be confined to gold., of which we have 1 1 5 
 millions, see p. 99. 
 
104 Seyd — On the Operation of the 
 
 transactions are conducted -with 115 millions of actual gold, and 150 
 millions of clearing as substitute for gold, together, 265 millions; 
 and upon this basis of 265 millions the various contingencies in the 
 demand for the supply of money are contracted for. Their effect, 
 however, falls on the 115 millions, that is to say, any demand, say 
 one for 10 millions, which on the 265 millions is a moderate per- 
 centage, has more than double the effect upon the 1 t 5 millions, and 
 so has a corresponding supply. 
 
 Anybody who has watched the movements of bullion at the 
 Bank, must have been struck with the remarkable fact that when 
 interest has been very high, a couple of millions more of bullion 
 suffice at once to restore the equilibrium, and to reduce interest to 
 the previous level, and frequently the increase is so decided and so 
 continuous as to give rise to the suggestion that it is overdone. 
 Both theory and practice, therefore, show that the clearing-house 
 system renders our money market more sensitive. In stating this 
 the author does not blame the clearing system, or wishes it to be 
 reformed ; on the contrary, he advocated its extension here and 
 elsewhere, but the above fact should be recognised by economists as 
 a matter deserving the closest attention. Is it natural that we should 
 be able to economise 150 millions of money, and derive a profit of 
 6 millions therefrom, without there being some drawback ? 
 
 The mystery of the suggestion that the cheque and clearing- 
 house system is productive of capital or currency can easily be dis- 
 jDelled. The question of credit, as regards bills of exchange them- 
 selves, as before shown, is not connected with currency, the cheque 
 and clearing-house system is not even connected with credit, for 
 beyond the fact that the taker of the cheque hands the drawer in 
 the case of his delivering a valuable set-off, the greater portion of 
 cheques is used in settlement of accounts already open, the cheque 
 itself does not provide for credit, and incidentally only can it become 
 useful for that purpose. 
 
 Aside from its character as a legal instrument, and the responsi- 
 bility of the signatures attached, the cheque is otherwise but a 
 voucher, and as far as its effect on the currency is concerned, the 
 transfer of money effected by it might just as well be made by word 
 of mouth. Apart from the convenience of the present arrangement, 
 the clearing system itself might be conducted verbally. The whole 
 system is but a superior method of handling currency, it may be 
 designated as the most refined method of orderly and refined barter, 
 realising to some extent the dream of the idealists, the exchange of 
 commodities without actual money. The transactions which fall 
 under its sway are larger and more or less regular in their general 
 nature, they concern only the comparatively limited number of 
 individuals who keep bank : ng accjunts, the currency itself must 
 
Tank Charier Ad of 1841. 1 i 
 
 remain for the others, and inasmuch as tl.e ''necessities o r the inon< v 
 " market," the use of "capital," originally or ultimately mean nothing 
 
 else than the use and the absorption of the currency among the 
 masses of the pcojjle, consumers and producers, it follows that t 
 currency itself remains the kernel of the whole system. 
 
 The best proof that the cheque and clearing-house system do 
 not make capital or currency is afforded by the periodical crisi 
 when no relief whatever is afforded by it. On the contrary, when 
 at such times failures to meet engagements take place, and whi 
 the system is brought to the utmost state of refinement, or even beyond 
 what it ought to be, the disposition to secure currency bec< m 
 manifest, and causes panic. In ordinary times even, when no danger 
 threatened, when the clearing went on smoothly, sudden deadlocks 
 in the market occurred, "money could not be had, even on the besf 
 " securities." In 1864 and 1872 this was noticeable, and if the 
 clearing system had the power of relieving the market, such dead- 
 locks, as well as the periodical crises, need not have taken place. 
 
 That in a country so wealthy as this, continually and manifestly 
 increasing in wealth, there should be such, disturbances, such apparent 
 distress in regard to money, is a matter of surprise to many people. 
 Who is to blame for this ? Have we a right to say that the only 
 cause is the speculative tendency of enterprising men, our eagerness 
 to make the most of the moment and of all our resources ? Can we 
 continually preach : keep more reserve ? If the enterprise of this 
 country be regarded as apart from the frauds committed in specula- 
 tion, it represents nothing else than the advancing and civilising spirit 
 of the age ; if we are eager to make the best of our resources to the 
 utmost stretch, we show nothing more than the desire to leave 
 nothing unturned, to make use of the smallest practicable advantage, 
 a striving to refine and to adjust. One of the most brilliant of our 
 results in this direction is the bankers' clearing system. But in 
 the kernel of our monetary arrangements lives the controversy as 
 regards the Bank of England note issue; the author has endeavoured 
 to show its real character. The economists and authorities of this 
 country ought to investigate the whole of our bank note issue system 
 in the spirit of refinement which the age demands. 
 
 The great value of our banking and clearing-house system, and 
 the necessity of adjusting our currency in relation to it in a logical 
 manner, become especially striking when the following facts are 
 borne in mind : — 
 
 The actual increase in our gold currency since 18-18 amour 
 to about 40 millions sterling — upon the previous amount of, say r 
 70 millions, i.e., an increase of 57 per cent, in twenty-four years on 
 our international means of exchange — an increase of about 25 per 
 cent, on the whole of our money (silver coins and fiduciary bank 
 
106 Seyd — On tJie Operation of t7ie 
 
 notes included). In the same period our international trade, which, 
 according to the custom-house statements, represented a total of 
 exports and imports in 1848 of 226 millions,* increased in 1872 to 
 664 millions, or by 200 per cent. At the same time our local trans- 
 actions have probably increased by a percentage equally large, for not 
 only has the pojmlation become greater, but prices and the individual 
 consumption of goods have increased. How could this enormous 
 increase take place with so inadequate an addition to the currency ? 
 
 The increase in the clearing system explains the matter. The 
 publication of the London Clearing returns commenced in 1867-68, 
 when the sum represented 3,257 millions per annum. In 1871-72 
 the sum was 5,369 millions, and in the present year it will amount 
 to between 6,000 and 7,000 millions. (The clearing system was 
 established many years before 1867, and it can be assumed that it 
 increased progressively, until in 1867 it reached 3,257 millions, but 
 the returns were not published before that year.) 
 
 It is evident, then, that the clearing-house system has not only 
 replaced the 1 50 millions of currency spoken of before (and probably 
 more), but that it continues to exercise the power of supplementing 
 money. Hence it is able also to replace the 15 millions of fiduciary 
 bank note issue made by the Bank of England (without bearing in 
 mind the fact that when this sum, as is so often the case, is held in 
 reserve by the Bank, it is practically already withheld from circula- 
 tion). That these 1 5 millions have no value in our international inter- 
 course, which is solely settled by bullion, is already admitted, the 
 supposition being that they serve for local necessities ; and these, as 
 shown, can be carried on by the cheque and clearing system. Indeed, 
 the clearing system, with its manifest daily increase, will render all 
 artificial currency of the kind more and more superfluous, and it is 
 by no means impossible (but by the theory very possible) that we 
 may ultimately succeed in settling a much greater number of trans- 
 actions by clearing than we do now, so that the question of actual 
 currency may be reduced to the number and character of pieces 
 (coin or notes) necessary for transactions which cannot be brought 
 within the scope of banking, and the amount of bullion which must 
 be retained in the country for the sake of maintaining the strength 
 necessary for our international commerce. The system proposed by 
 the author abolishes the fixed 15 millions of fiduciary issue, which 
 thus might be absorbed with ease by an enhanced clearing — but it 
 provides at the same time the power of recreating it at any given 
 time in accordance with rules which might possibly appear as being 
 of that refined or scientific nature which the whole case demands — 
 and that by its operation we may not only succeed in maintaining 
 
 * By present system of computation the total for 1818 would he but 
 193 millions. 
 
Bank Charter Act of 1844. 107 
 
 the currency necessary for circulation, but, by a self-acting process, 
 maintain the proper store of bullion at the Bank. (See Paper, p. 85.) 
 If, in 1844, when the present Bank Act was passed, and the fixed 
 issue established, the clearing system had been developed as it is 
 now, would the legislators of that time have nevertheless adhered to 
 their views ? Or, if they had had any idea as to the probability of 
 the development of the clearing system to its present perfection, and 
 of the enormous increase of our commerce, might they not have been 
 induced to alter their views as to the absolute validity of such a 
 fixed issue ? 
 
 ■a 
 
 Seventy Millions of National Paper Currency. More Currency 
 in Government Securities, and the American Note Issue. 
 
 A certain section of social democracy requires " a reform of the 
 currency " by way of the issue of 70 millions of paper money, to be 
 "stamped " by the State as being worth so much gold ; and there 
 are other members of the public who have considered such a sug- 
 gestion. 
 
 The reasons which they give for making the proposition are 
 these : " The power and tyranny of capital have become too great ; 
 the people, i.e., the labouring classes, have too little money; taxes 
 weigh too heavily on the nation. Let the State issue 70 millions 
 " of paper money, that being about the amount of our annual tax- 
 " ation ; money will thus circulate, and the labouring classes will 
 " be relieved." 
 
 There is no doubt of the fact, that if the State "created " such 
 70 millions of money, making it legal tender, and if it divided that 
 sum among the people, they would, as far as the 3/. per head goes, 
 be relieved. But when the 3?. per head had been spent (and it is 
 not necessary here to assume that they would be spent foolishly 
 and in riot), the capitalist would ultimately come into possession of 
 the money. The proposers of the scheme will, no doubt, say: " We 
 " don't mean that the State should give this money to the people — 
 " it should 'circulate' it." How shall the State circulate it ? No 
 other way can be suggested than that the State should print the 
 notes, and pay them away to the consol holders, to officials, the 
 army and navy, the contractors with whom it does business, and 
 others, compelling them to take such notes in payment. On the 
 other hand, the State would also be obliged to take these notes 
 back in payment for taxes, &c. Ergo, the State might at once cease 
 
 H 
 
I US Seyd — On the Operation of the 
 
 to collect the taxes as it does now, and thus relieve the British 
 nation from paving 70 millions of gold immediately for one year, 
 for with the first issue of 70 millions of notes, the collection of 
 taxes would not be required. The absurdity of such a proposal 
 requires no comment ; but supposing for a moment that the State 
 had succeeded in effecting this operation, that consequently there 
 were 70 millions spare money in the country, does it follow that the 
 labouring classes would derive more than a temporary benefit, and 
 would not the 70 millions of extra money be just as much available 
 for the profits of the capitalists ? 
 
 The State, however, would never make such an issue without 
 enforcing its legal tender, and, in the first place, the contractors, 
 would put a price upon their goods, high enough to counterbalance 
 the effect of such a measure. The rise in prices so commenced 
 would speedily go throughout the country, and thus neutralise any 
 material advantage which the labouring classes might be thought to 
 derive from the issue. Further, the fluctuations in prices would 
 enable speculators and others to make fortunes with far greater 
 facilities than they do now ; in all countries where such an issue 
 has been enforced, that has been the case, so that the proposed 
 70 millions of extra issue, instead of lessening the power of the 
 supposed tyranny of capital, would actually promote its more rapid 
 accumulation. 
 
 The social democracy of this country should direct its attention 
 to these points : a paper currency founded on the incurring on the 
 part of the State of a large debt or obligation has no equitable 
 origin. Independently of the question of convertibility of the 
 notes, the disturbance in prices and other considerations involved 
 in the matter, such currency is not preceded or created by labour 
 or property, or positive value ; on the contrary, such currency 
 originates in nothing but a Government act, and pledges labour and 
 property prospectively ; metallic money, however, cannot be created 
 by the State ; the State itself is under its sway like any private 
 individual ; its origin is preceded by positive labour, by moneys- 
 worth already passed; it is the true equitable medium, the 
 thoroughly impartial regulator of all that concerns social, com- 
 mercial, and industrial intercourse, and, consequently, the only just 
 arbiter between labour and capital. 
 
 Scarcely less erroneous than the above proposal as to the issue 
 of 70 millions of paper currency, is the suggestion frequently made 
 by bankers, especially country bankers, "that the Bank of England 
 " should be obliged to furnish money to them on the deposit of 
 " Government securities and consols." If any such right were con- 
 ceded, all the holders of consols should be entitled to the privilege ; 
 
Banh Charter Act of 1844. !<»!» 
 
 and thus, on the broad principle, some 8co millions of additional 
 currency might be called into existence. Leaving aside the question 
 of convertibility, what would be the effect on both the prices of 
 commodities and the value of money ? Here the falsity of the desire 
 to kill two birds with one stone — viz., that of making an investment 
 and deriving interest from it, and at the same time using such invest- 
 ment in order to procure more currency — again becomes manifest. 
 Absurd as the case would be in its extreme of 800 millions, it is 
 equally absurd with 300, 200, or 100 millions. Those who make such 
 proposals confound the ordinary advances made by banks on Govern- 
 ment stock, as collateral security, with the great principles of cur- 
 rency. Government securities are not the only safe things on which 
 advances can be made ; and if this idea of creating more currency, 
 by way of advance on securities of equal rank, were carried out, 
 many thousand millions of paper money would be created. 
 
 The suggestion as to such an issue on Government securities has 
 received some impulse from the example of the United States. " The 
 " United States permit a number of so called ' national banks' to 
 " issue notes on ' Government securities.' Nothing but paper money 
 " is seen there, and yet the United States people are very prosperous. 
 " ' Why cannot we in England do the same thing ?' " 
 
 Peoj)le who talk or think in this way entirely overlook the very 
 exceptional position of the United States at the present time. That 
 great republic enjoys the following exceptional advantages over all 
 other countries : — 
 
 Firstly. The western parts of the United States are gold and 
 silver producers. Although the production of gold in California has 
 fallen off, that of silver has increased so as to fill up the gap. 
 England, through Australia, enjoys such an advantage but indi- 
 rectly. 
 
 Secondly. The immigration into the United States amounts to 
 upwards of 300,000 souls per annum. If on an average every indi- 
 vidual brought with him but 150 dollars (and there are many who 
 bring thousands), there would bean importation (practically direct) 
 of 45 million dollars per annum. The value of each individual, as 
 both labouring and consuming, cannot well be estimated : it has 
 been stated as being worth 80 million dollars per annum. 
 
 Thirdly. The United States of America have unbounded resources 
 in land, agriculture, mines, and commerce. 
 
 "With these advantages a country like the United States can 
 
 "discount" a share of its prosperity by way of issuing notes, and it 
 
 can be contended that the extra force of any one of the three here 
 
 named may be absorbed, and still leave the other two as spare 
 
 elements of prosperity. 
 
 h2 
 
110 Seyd — On the Operation of the 
 
 There is yet another matter to be borne in mind : the United 
 States have created a debt, say, of 2,700 million dollars (now 
 reduced). It is supposed that, since 1862, about 1,000 million dollars 
 have been exported to Europe, and the equivalent received by the 
 American people in commodities and other things. Leaving out of 
 the question the immense sums raised in Europe for American rail- 
 way and other enterprises, the English and general European capital 
 invested in American commerce, the fact of this transfer of a large 
 portion of a national debt is simply that of borrowing, within a 
 period of ten years, so many hundreds of millions of dollars. 
 
 No wonder that great extravaga ce and elegance prevails in the 
 United States, that the people seem prosperous and happy — for the 
 time being. 
 
 But there are reverse sides to this picture : although wages in 
 the United States are high, the people at large derive no more 
 material comfort, because of the extreme dearness of all commodities, 
 which in many cases are 100 per cent, higher than prime cost and 
 import duty. The weight of taxation and manner of living compel 
 traders to make large profits (as by a natural law) if they want to 
 exist, and so prices have reached a pitch at which American manu- 
 facturers, in spite of the high protective duties, can no longer com- 
 pete with European imports. And here the practical proof of the 
 theory that an overwhelming paper issue drives bullion from the 
 country is given by a reference to the custom house statistics. From 
 1858 to 1871 (both inclusive), the United States exported, to 
 England alone, 21,600,000 ounces of gold, and received 3,100,000 
 in return, a difference of i8-| millions of ounces, of the value of 
 7 ii millions sterling, or about 355 millions in dollars, mostly in 
 gold coin. During the same period the exports of silver to other 
 parts of the world amounted to many millions per annum. That is 
 to say : with the advantages of California, Nevada and the West 
 as supplying bullion, notwithstanding the millions of actual money 
 brought annually into the country by immigration, the progressively 
 increasing value of the population itself, the unbounded resources in 
 land and agricultural produce and its export — above all, in spite of 
 the 1,000 millions of dollars borrowed abroad in the last ten years — 
 the United States have exported 355 millions dollars of gold, i.e., 
 they are the clear debtors, in account, of the annual exportation of 
 bullion from their shores ! (It must not be supposed that this 
 export of bullion from America must be made to pay, for instance, 
 interest on the debt ; in the general exchange of commodities and 
 values all that is contained, bullion rectifying but the final balance 
 of the whole). Can social political extravagance and waste go 
 farther than this ? Can any borrowing spendthrift do more in 
 exhibiting jollity or prosperity ? Yet such is, if accountancy be 
 
Bank Charter Act of 1844. Ill 
 
 called upon to lay down figures and facts, the actual state of the 
 case. 
 
 Would or could England or any other country aet like tin 
 The fact that the American government reduces the national debt 
 as rapidly as possible is creditable, but these immense resonrc 
 ought to have been managed, long ago, so as to have reduced at all 
 events the premium of gold, and therewith prices, to a fairer level. 
 But the charge of sorry statesmanship in reference to these matters 
 cannot well be made, for the American Government must temporise ; 
 the real fault lies in the extravagant and demoralised habits of the 
 American people themselves.* Moreover, a large party in the United 
 States, that of the financiers and others who have made prodigious 
 fortunes through former contracts, and who continue to do so 
 through the play of prices, desires to maintain and to extend the 
 present system — and their influence on the American Government is 
 considerable. 
 
 But there are many serious statesmen in America who know, in 
 the first place, that the principal source of the present transitory 
 prosperity, viz., the transfer of the public debt to Europe, will soon 
 be stopped, although the larger portion, now held in the States, say 
 1,300 million dollars, is still available. But they know above all 
 that, if the United States people do not wish to remain for ever 
 the bondslaves of European capitalists by an annual tribute of 
 60 to 100 million dollars or more, that if the debt is to be repaid 
 at some time or another, it involves the repayment in bullion or 
 commodities or property of the present 1,000 million dollars, and 
 so much more as will still leave the United States for borrowing 
 purposes — and what this involves those who have the common 
 sense of estimating the principal real cause of the present false 
 state of prosperity — and, per contra, its consequences when the 
 reverse operation has to be performed, may speculate upon. 
 
 When John Law, during last century, started his celebrated 
 banking and bank-note schemes in France, when paper money 
 abounded, there was, for a few years, an apparently great prosperity, 
 until, when all the metallic money was gone, when all the credit 
 system broke down, when the people were divided into the small 
 portion of rich, large portion of starving, when extravagance 
 and demoralisation, pauperism and starvation, physical and social, 
 reached their culminating points, the bloody revolution ensued. 
 
 The United States will escape this fate, because they enjoy the 
 extra advantages alluded to before ; nevertheless, the reckoning 
 
 * Let it be understood, that by tbe word " demoralisation " nothing more is 
 understood bere than a kind of unconsciousness as regards tbe real position of 
 affairs, for which tbe masses of tbe people cannot always be made responsible, but 
 winch nevertheless influences their habits. 
 
112 Seyd — On the Operation of the 
 
 must be made at some later time, the degree of damage which 
 will ensue is a matter for the future. Provident statesmen and 
 economists in the United States feel this danger and the necessity 
 of timely measures ; they, therefore, advocate the speedy abolition 
 of the present national paper issue and the reduction of the debt, 
 and the amelioration of the extravagant state of things generally. 
 
 Let Englishmen who labour under the impression that England 
 might follow the footsteps of America in regard to such national 
 currency, founded on Government securities, either ad libitum or 
 under the severe restrictions which the American Government itself 
 deems it necessary to establish, reflect upon the statements here 
 made, and they will come to the conclusion that England cannot 
 possibly take America as an example without speedy ruin. 
 
 France has well profited by its financial history. The present 
 large issue of fiduciary notes is but 80 millions sterling, about 
 30 millions of bullion are held by the Bank of France. France, in 
 order to pay Germany, has raised a debt larger than the sum 
 exacted from her. The present fiduciary issue has certainly already 
 disturbed prices and injured French commerce with other nations, 
 but the notes remain fairly at par — among other reasons for this 
 special one: large sums of metallic money (extending probably to 120 
 millions sterling) now hoarded by the peasantry, tradesmen, and others, 
 will be forthcoming again as soon as the whole debt to Germany is 
 paid, and the fear of forcible taxation entirely removed. With the 
 exception of the gold held by the United States' treasury, and that 
 in the market of New York, the general American public does not 
 possess gold coin. The special characteristics distinguishing the 
 cases of such note issues from each other, must not be lost sight of 
 whenever their merits and demerits are under consideration. 
 
 In regard to all matters relating to currency, England, when 
 compared to America and other over-issuing States, holds a superior 
 position. The essential difference is, that these over-issuing States, 
 with their large public debts, are the dependents of other nations in 
 so far as they are their debtors internationally. England and other 
 countries hold these claims, they are creditors internationally. 
 England has always avoided becoming indebted to other nations. 
 When, after the wars with France, an organisation of the large debt 
 took place, England, instead of trying to import "capital" by selling 
 a part of her national debt abroad,* seems to have resolved to deal 
 with it at home ; and instinctively, perhaps, the English people — 
 
 * The registration of the National Debt, the personal applications required for 
 the dividends instead of the issue of stock with coupons attached, prevented the 
 investment by foreigners in the debt, and from this point of view the measure 
 was a wise one. * 
 
Bank Charter Act of 1844. 113 
 
 ■merchants, traders, manufacturers, artisans, and other producers — 
 became more serious, more industrious, more orderly and economical. 
 Those who are well acquainted with the English character and that 
 of English homes, in comparison with other nations, can, in spite of the 
 greater extravagance and waste, of which during the Last (went v years 
 complaint is made, distinctly recognise the prevalence of strict, orderly 
 .and intelligent economy in household matters, and the greater por- 
 tion of the English people maintain this superior characteristic of 
 moral force. In " tacit self-denying respectability " (the term, as it 
 seems to the author, best suited to express his meaning), the less 
 wealthy middle class, and the class of respectable artisans, stand 
 much above similar ranks in other countries, in number as well as in 
 manner of living. That this moral force was engendered by the intel- 
 ligent appreciation of the nation's position as regards its debt by indi- 
 viduals is not a matter of doubt, and it influenced the habits of the 
 people. England thus not only succeeded in bearing its own debt 
 without foreign participation, but the steady and persevering industry 
 brought to bear upon the large field gained by political victory, 
 soon yielded a surplus, by means of which the country commanded 
 foreign markets, until the supremacy of manufactures and commerce 
 was assured. From thence England has become rich in the " inter- 
 " national" sense of the word — and it is now the creditor of other 
 nations to an ao-o-rea'ate amount estimated at about 1,000 millions 
 sterling. Would this have taken place if England, by the issue of 
 an overwhelming paper currency, had created artificially high 
 prices, or if England, by borrowing money from abroad, had loaded 
 its future with heavy obligations exportable in the shape of 
 bullion ? 
 
 Our statesmen adopted a better policy. They consolidated the 
 floating currency, and shortly after the new mint law of 1816 became 
 effective, the supremacy of the sovereign was enforced. True, 
 fiduciary issues were permitted, but their issue never reached the 
 colossal proportions as now in the United States ; true, errors were 
 committed, and the Bank Act of 1844 was introduced ; but on the 
 whole gold remained supreme, and the nation was compelled to 
 work upon a basis of prices determined principally by the amount of 
 gold at its disposal. In consequence of this firmness of principle, 
 and actual valuation, England competed successfully in all the 
 markets of the world, in spite even of protective duties, and earned 
 the fruits of this policy by profits payable in the precious metals, 
 the medium of exchange commanding, internationally, the property 
 and labour of other nations. So England has gone on prospering, 
 and even at the present time it is continually able to furnish money 
 to other nations who bring loans to this market ; so it increases its 
 international' wealth. 
 
114 Seyd — On the Operation of fhe 
 
 Yet, and this is a puzzle to many, there are, in spite of this 
 manifest prosperity, two classes of events in onr commercial history 
 which now often seem to contradict the certainty of English well- 
 being. These are, firstly, the commercial crises, and secondly the 
 strikes of workmen. 
 
 How far are these events connected with our currency system ? 
 In the paper on the Bank of England issue the author has abun- 
 dantly shown that the crises are principally due to the fixed issue of 
 bank notes under the Act of 1844. The crises, in their turn — pre- 
 ceded by high artificial prices, founded on so much artificial 
 currency, with their subsequent collapses — affect the well-being and 
 security of the working classes. Whatever blame may be attached to 
 the character of the Trades Unions, to the folly of enforcing terms by 
 strikes, these excrescences are but the symptoms of a deeper disease. 
 The strike of the "Welsh iron workers (January, 1873) shows that 
 the prices of iron, forced up partly by legitimate demand, partly by 
 speculative contracts, declined suddenly when the Bank of England 
 raised the value of money, and the masters were compelled to lower 
 the rate of wages. If the Bank of England had not done so, i.e., if 
 instead it had issued, say, another 15 millions of notes, would that 
 not have increased the artificial prices, rendered them still more 
 artificial, and thus prepare a still greater collapse ? The truth con- 
 tained in these reflections shows that if, as international traders, we 
 held fast to the true medium of exchange, we would bring about 
 a greater regularity in prices, and thus remove oue of the causes 
 which engender strikes. With such greater regularity, the settle- 
 ment of the interests involved would take place in a more natural 
 manner. 
 
 The author, in stating such views as regards bank note issues, 
 overwhelming or otherwise, which lead on to the tracing of the 
 influence of their anomalies in all matters of social intercourse, is 
 liable to be condemned by the thoughtless as a mere " 6^1^15^'* 
 as one who wants to force everything to his level in a nolens volcns 
 fashion. Those who have studied the paper and remarks before 
 them will perceive that he is nothing of the kind, for he distinctly 
 recognises the necessity and usefulness of the bank note, both as an 
 instrument of exchange and as useful for the encouragement of 
 commerce. The plan which he has submitted clearly defines the 
 pleas raised and the methods of meeting them in an orderly and 
 logical manner, and is capable of calling into life a system of average 
 in which the principal element, gold, will retain the fulness of its 
 force. 
 
Bank Charter Act of 1844. 115 
 
 Improved Discount Business of the "Bank of England. 
 
 In the course of the Paper read and the previous remarks, the 
 author states that under the reformed issue the Bank of England 
 would be enabled to do a much larger discount business. It has 
 been suggested that the other banks and discount houses would suffer 
 if such were the case, and that they would consequently be 
 opposed to any improvement which would enable the Bank of 
 England to become more efficient in this branch of business. This 
 is totally wrong, but it is true that a certain section of banker- 
 hold peculiar views respecting this matter. In the " Times " of the 
 15th November, 187*2, in a letter on "the Bank and the Bankers," 
 signed B., the following paragraphs appear : — 
 
 " The reforms I would humbly advocate arc two. 
 
 ** 1. A more responsible and continuing management of the Bank of England, 
 substituting for the present system a permanent Governor, assisted by a Council, 
 from which bankers should not be excluded. 
 
 " 2. The abolition of the discount department at the Bank of England, and, 
 as a consequence, the employment of its surplus funds in advances, in the purchase 
 of first-class debentures, or of English and Foreign Government stocks." 
 
 To which the author of these pages, in the "Times' of the 
 16th November, 1872, in another letter replied by the following 
 paragraph : — 
 
 " The letter of ' B.' in your columns of to-day, recommending the abolition of 
 the discount department of the Bank, if not written in joke, indicates the state of 
 demoralisation and doubt into which we have sunk in the controversy. The Bank 
 might then dispose of its premises, and remove to large second floor rooms in some 
 by street, there to carry on the business of advancing ' on Government, railway, 
 and foreign securities,' like any other financial company. The problem how to 
 invest the 1 5 millions of fiduciary issue, arising from an investment made already, 
 again in Government and other securities, the killing of two birds with one stone, 
 would require some explanation. But we may find that a bank note issue, especially 
 one in which the fiduciary element has so large a share, cannot be carried on unless 
 it is brought in direct contact with the industry, trade, and general life of the 
 nation, with the instruments of exchange called bills, the most legitimate banking 
 security, which turns over our currency, absorbing and reproducing it, so that the 
 ' issue department would require transfer to some other institution.' " 
 
 The most charitable view which can be taken of B.'s suggestion 
 as to the abolition of the discount department of the Bank of Eng- 
 land is that he, like others, labours under some misconception as to 
 the proper functions of a " bank of issue." There are many people 
 who imagine that an " issue " can be made profitable by a separate 
 institution, without a " banking " department ; by the State, for 
 instance, or by a department established by the State for the sc^e 
 purpose of issue. On p. 5 of the Paper allusion is made to this 
 
116 Seyd — On the Operation of the 
 
 subject, and in order further fco show the impractibility of such an 
 "issue" without "banking," let us assume, for instance, that the 
 issue department of the Bank of England had thus stood by itself. 
 That department, besides holding bullion, would, according to the 
 average of fiduciary notes out in circulation (see pp. 10 — 12) of 
 5,794.000/., have held, on the average also, Government securities to 
 that amount, which, say, at 3 per cent., would produce 174,000/. 
 per annum, as the only profits. The expenses of the issue alone 
 amount to more than this profit (see pp. 42 — 43) without reference 
 to the 195,000/. per annum which the State receives. Recollect 
 that such an issue department, i.e., if it stood alone, without its 
 reserve passing into a "banking department," would have to hold 
 its own reserve of notes, so that, whether the amount of Govern- 
 ment securities were fixed at 1 5 millions as at present, or not, it 
 could only hold Government securities to the extent of the sums 
 of notes which, above bullion, it could bring into circulation. The 
 absurdity of such a proposal needs no comment, even when all other 
 considerations as to purchase and sale of Government securities in 
 accordance with the demand and the convertibility of notes into 
 gold are set aside. 
 
 ~No " bank of issue " can exist on the merits of the issue alone ; 
 it is absolutely necessary that the issue should find vent and employ- 
 ment through a banking department, and, practically, an issue is 
 but an auxiliary of the banking. In no other way than by such a 
 combination can the State, or a bank, or the public, realise the true 
 and legitimate value of an issue ; and in conferring the right 
 of such an issue, the State cannot appoint more than one agent. 
 The principle of legislation in appointing such a single agent is not 
 that of a monopoly in the odious meaning of that term, but that of 
 justice, because if the State appoints two or more agents, or issuers, 
 it might as well appoint hundreds, or a whole class (see p. 4), and 
 in the end every individual might claim the privilege. 
 
 Now, if the Bank of England, by a reformed issue, were enabled 
 to do a larger discount business, and consequently competed more 
 successfully with other bankers, for the benefit of commerce at large, 
 would that entitle such other bankers and discount houses to oppose 
 any measure calculated to make the Bank more useful ? This 
 opposition would initiate a " state of demoralisation " with which 
 the Government must cope. In reality, however, such a measure of 
 reform would be a benefit to the verv bankers and discounters 
 themselves, as the most superficial reflection on the relationship 
 existing between the fountain-head of our financial system, the 
 public generally, and the bankers especially, will show. 
 
Bank Charter Act of 1844. 117 
 
 The Chancellor of the Exchequer and his Letter to n o6< tcfi 
 
 Memorial. 
 
 The Glasgow Chamber of Commerce and Mannfacl ores some time 
 ago addressed a memorial to the Chancellor of the Exchequer, 
 praying for the repeal of the Act of 1845 regulating the issue of 
 bank notes in Scotland. The following reply to the memorial from 
 Mr. Lowe was read at a meeting of the Chamber held on 
 Tuesday : — 
 
 " 11, Downing Street, Whitehall, 
 " Gentlemen, "December, 20. 
 
 " I am sorry to find from your memorial that in your opinion the Act of 
 1845, with regard to bank issues in Scotland, has created a monopoly and increased 
 the profits of banking at the expense of the mercantile community. But I cannot 
 agree with you that the remedy is to be sought in the repeal of the Act of 1815, 
 and in freeing the issue of bank notes, payable on demand, from legislative 
 interference. Formerly the issue of promissory notes, payable on demand, was 
 regarded as part of the business of a banker. Now, it is, I think, generally 
 recognised that the issue of such notes is the creation of money, and that the 
 creation of money is the business of the State, not of any trading association; 
 hence it follows that the issue of such notes by private banks is rather an anomaly 
 which we may tolerate than a right which we ought to extend. A mixed currency, 
 composed partly of the precious metals and partly of paper, cannot be in a sound 
 condition unless it complies with the three following conditions : — first, the paper 
 must be convertible to gold on demand ; second, sufficient security must be held by 
 the issuers to secure the payment of the notes ; third, mixed currency must be at 
 all times exactly of the same amount, and consequently of the same value as a purely 
 metallic currency would be. The plan which you propose does not fulfil the third 
 condition, and appears to me, therefore, inadmissible. It may, perhaps, be worth 
 considering whether some relief might not be afforded, r.nd some facility given for 
 the establishment of future banks in Scotland, if Bank of England notes were made 
 legal tender north of the Tweed. I make this suggestion because I observe that 
 English banks are also limited as to their issues by the Bank Act of 1811, and that 
 this limitation does not prevent the establishment of banks without any privilege of 
 issue, but carrying on their business with the ordinary currency of the country. 
 
 " I am, Gentlemen, 
 
 " Your obedient Servant, 
 
 " Robert Lowe." 
 
 The above letter is so far satisfactory, as it shows Mr. Lowe's 
 objection to the issue of notes by private banks. Mr. Lowe does not 
 seem to contemplate a repeal of the Act of 1845, and his suggestion 
 as to the extension of the legal tender of Bank of England notes 
 north of the Tweed, does not appear as involving a repeal of the 
 Act of 1844 and the undertaking by the State itself of an issue. The 
 remark that the "creation" of money is the business cf the State is 
 not quite satisfactory. The State cannot make sovereigns, the 
 
 V 
 
118 Seyd — On the Operation of. the 
 
 resources of the country produce the material, and the duty of the 
 State is simply that of coining the pieces. The issue of bank notes, 
 which are supposed to be as good as gold, should also be contingent 
 upon the action and necessities of commerce ; they should not be 
 " created " at the mere option of the State itself, but through the 
 agency of one central institution connected with the trade of the 
 of the country, the Bank of England. 
 
 Mr. Lowe's recognition of the term "mixed currency " is a happy 
 augury of his sounder views on the matter; but the third condition, 
 " mixed currency must be at all times exactly of the same amount, 
 " and consequently of the same value as a purely metallic currency 
 " would be," is ambiguous. If Mr. Lowe means that the total should 
 always be equal, he must make both elements, viz., bullion and 
 fiduciary notes, moveable, so that a decline in one is followed by an 
 increase in the other. The plan suggested in the paper read before 
 the Statistical Society answers this purpose. But the remark that 
 " a mixture must be of exactly the same amount, and, consequently, 
 " of the same nature as a purely metallic currency," does not imply 
 this meaning. In the first place, is it right to say that any mixture 
 of gold and paper is " consequently" as good as gold ? Mr. Lowe's 
 logic it is to be hoped is of a better order. He cannot mean 
 that "bullion" must always be of the same amount; in all proba- 
 bility he contemplates to continue a, fixed amount of fiduciary issue. 
 That this cannot bring about an equal mixture the Bank statements 
 already show, indeed, the fixed issue is the principal cause of the 
 violent fluctuations in the bullion ; but if Mr. Lowe makes the fidu- 
 ciary issue a fluctuating one, subservient to the bullion on some well- 
 regulated scheme, he will succeed in avoiding the violent fluctuations 
 in the metallic basis. The method suggested by the author may 
 suit this purpose, for it is construed so as to make the process a 
 self-acting one. 
 
 The idea that the present fixed fiduciary issue of the Bank of 
 England should be extended or diminished is not a strange one, 
 for the suspension of the Act (see p. 84 of the Paper) is the 
 permission to issue more, made use of in 1857 to the extent of 
 2 millions. Further, in clause 2 of the Act of 1844, the passage 
 occurs : " But it shall be lawful for the said Governor and Company 
 " to diminish the amount of such securities, and again to increase 
 " the same to any sum not exceeding in the whole 14 million 
 " pounds." The ambiguity of this sentence is evident, for the 
 proviso that the securities may diminish, and again increase to 1 + 
 millions, docs not clearly express that the issue itself shall so diminish 
 and increase again ; no doubt, however, that this is meant. Again, 
 it is doubtful whether the diminution refers but to the 3 millions 
 other securities, or also to the 1 1 millions Government debt, — the 
 
Bank Charter Act o/l€ ! .. 119 
 
 latter requiring conversion into another form practicable for reduc- 
 tion, or payment by the State. 
 
 The proviso lias practically remained a dead letter, chiefly 
 because of the expenditure on the issue. For if the administration, 
 printing, &c, costs a certain regular sum per annum, the mere 
 withholding of a certain number of notes fur a time would make no 
 essential ditference; above all, there is nothing in the Aei which 
 determines whether the 195,000/. per annum received by the State 
 shall fluctuate with the diminution of the issue, so the Bank had n<> 
 inducement to issue less notes. 
 
 The proposal as to a reformed issue made by the author (see pp. 
 82, 84, also p. 52 of the Paper) stipulates for a division of the 
 profits betw r een State and Bank, according to the actual results 
 of the issue. Economists who are able to appreciate the great value 
 of logical arrangements, the necessity for refinement and nicety of 
 adjustment in all matters concerning the complicated machinery of 
 our social and commercial intercourse, will here admit that the hap- 
 hazard Avay in which the 195,000/. are levied on the issue by the 
 State is a principal cause why the Bank does not reduce the issue 
 from time to time, so as to lessen the excessive and demoralising 
 " reserves." Independently of the question of probable unjust 
 division of profit between State and Bank, it is here clearly shown 
 how mere superficial computation becomes an absolute bar to the 
 carrying out of a natural and necessary law of economy. It is 
 evident that the framers of the Act of 1844 had some suspicion in 
 reference to such unnecessary surplus, else they would not have 
 introduced the above sentence in clause 2 ; and it is a pity that 
 they omitted to make the other arrangements necessary to give 
 practical effect to its meaning. 
 
 It is to be hoped that better principles will be applied in any 
 reform of the Bank Act. Certain defenders of the present Act, on 
 behalf of the Bank itself, when reference is made to the 195,000/. 
 thus paid annually to the State, and the anomaly, say, " Oh, this 
 u does not mean the public, it is a matter of contract, which is the 
 " Bank's own affair." If such defenders of the Act are blind to the 
 interests of the Bank, that is no reason why the shareholders of the 
 institution should not be more intelligent in viewing this matter, and 
 nothing can prevent a writer on these subjects from calling attention 
 to a grievous fault in a system of currency, in which all classes have 
 an interest. 
 
 It is not impossible that higher minded authorities, who direct 
 the State itself, will take a different view. A reference to pp. 52 — 53 
 and 83 — 84 may lead them to the conclusion that the proper adjust- 
 ment of this matter, although it may withdraw the regular contribu- 
 tion to the Exchequer of 195,000/. per annum, may on the whole 
 
120 Seyd — On the Operation of the Bank CliarterAbt of 1844. 
 
 give a better average, and will improve the tax-bearing power of the 
 community. Besides this, the Chancellor of the Exchequer might 
 take into consideration why, if the Bank of England (as I have 
 shown in the article headed " The Higher Dividend to be paid by the 
 " Bank of England ") makes larger profits by the reformed issue, he 
 should not, for instance, receive a rate of interest on the public 
 deposits. These deposits are so irregular in amount that the Bank 
 cannot pay interest on them (see p. 49), but if the Bank had the 
 j)ower of issue, in the form as proposed by the author, it could easily 
 make a combination which would enable it at all events to pay a 
 certain rate of interest on the minimum balance of public deposits, 
 and this interest per annum may replace the 195,000/. now received. 
 Remark, this interest would be a new source of profit to the 
 Exchequer, for the average profit on the issue itself would remain. 
 In fact, if the whole subject is appreciated in an intelligent manner, 
 both the State and the Bank will make larger profits ; and at 
 the same time the other depositors at the Bank, and the public 
 generally, will be benefited. Reflection will show that the true 
 value of a fiduciary issue can only be realised in this way, and 
 that, when arranged as I have suggested, it becomes immediately 
 effective. Should such views as these obtain entrance into govern- 
 mental circles, all the rest, including the proper method of regulating- 
 the issue in accordance Avith the dictates of prudence, as well as 
 with the rules of practical and scientific finance, will follow as a 
 matter of course. And if the Ministry adopted a firm policy in 
 reference to the issues of country bankers (who unhappily are 
 rather strong in Parliament, as the Act of 5th June, 1856, shows), 
 and left the Bank of England as the central and sole issuer, the 
 system might attain a regularity from which the Exchequer might 
 receive 500,000/. per annum, or more (interest on deposits and profit 
 on issue). The great merit of such an income is that it does not 
 operate like a tax on commodities — such as the malt duty for 
 instance — but that it is the clear and free produce of an intelligent 
 arrangement which brings into light the real nature, and realises 
 the full value, of the principles of bank note issues. 
 
APPENDIX. 
 
122 
 
 Seyd — On the Operation of the 
 
 SYNOPSIS AND PEINCIPAL CLAUSES OF THE BANK ACT OF 1844. 
 
 Clause 1 provides for the separation of the issue department from the hanking department after 31st August, 1844. 
 
 Clause 2. — And he it enacted that, upon the 31st day of August, 1844, there shall be transferred, appropriated and 
 set apart by the said Governor and Company to the issue department of the Bank of England, securities to the value 
 of 14,000,000/., whereof the debt due by the public to the said Governor and Company shall be and be deemed a part; 
 and there shall also, at the same time, be transferred, appropriated and set apart by the said Governor and Company 
 to the said issue department, so much of the gold coin and gold and silver bullion then held by the Bank of England as 
 shall not be required by the banking department thereof; and thereupon there shall be delivered out of the said issue 
 department into the said banking department of the Bank of England such an amount of Bank of England notes as, 
 together with the Bank of England notes then in circulation, shall be equal to the aggregate amount of the securities, 
 coin and bullion so transferred to the said issue department of the Bank of England; and the whole amount of Bank 
 of England notes then in circulation, including those delivered to the banking department of the Bank of England as 
 aforesaid, shall be deemed to be issued on the credit of such securities, coin and bullion so appropriated and set apart 
 to the said issue department ; and from thenceforth it shall not be lawful for the said Governor and Company to 
 increase the amount of securities for the time being in the said issue department, save as hereinafter is mentioned; but 
 it shall be lawful for the said Governor and Company to diminish the amount of such securities, and again to increase 
 the same to any sum not exceeding in the whole the sum of 14,000,000/., and so from time to time as they shall sec 
 occasion ; and from and after such transfer and appropriation to the said issue department as aforesaid, it shall not be 
 lawful for the said Governor and Company to issue Bank of England notes either into the banking department of the 
 Bank of England, or to any persons or person ivhatsoever, save in exchange for other Bank of England notes, or 
 for gold coin or for gold or silver bullion received or purchased for the said issue department under the provisions of 
 this Act, or in exchange for securities acquired and taken in the said issue department under the provisions herein 
 contained : provided always, that it shall be lawful for the said Governor and Company in their bankiug department to 
 issue all such Bank of England notes as they shall at any time receive from the said issue department or otherwise, in 
 the same manner in all respects as such issue would be lawful to any other person or persons. 
 
 Clause 3. — And whereas it is necessary to limit the amount of silver bullion on which it shall be lawful for 
 the issue department of the Bank of England to issue Bank of England notes; be it therefore enacted, that it shall not 
 be lawful for the Bank of England to retain in the issue department of the said Bank at any one time an amount of 
 silver bullion exceeding one-fourth part of the gold coin and bullion at such time held by the Bank of England in the 
 issue department. 
 
 Clause -1 — And be it enacted, that from and after the 31st day of August, 1844, all persons shall be entitled 
 to demand froin the issue department of the Bank of England Bank of England notes in exchange for gold bullion, at 
 the rate of 3/. 17s. 9d. per ounce of standard gold : provided always, that the said Governor and Company shall in all 
 cases be entitled to require such gold bullion to be melted and assayed by persons approved by the said Governor and 
 Company at the expense of the parties tendering such gold bullion. 
 
 Clause 5 provides for the absorption of the issue of other bankers by the Bank of England to two-thirds of their 
 amount. 
 
 Clause G prescribes the weekly statement as per schedule. 
 
 Clause ? excepts the Bank from stamps on notes and bills. 
 
 Clause 8. — And be it enacted, that from and after the said 31st day of August, 1841, the payment or deduction of 
 the annual sum of 120,000/ , made by the said Governor and Company under the provisions of the said Act passed in 
 the fourth year of the reign of his late Majesty King William IV. out of the sums payable to them for the charges of 
 management of the public unredeemed debt, shall cease, and in lieu thereof, the said Governor and Company, in 
 consideration of the privileges of exclusive banking, and the exemption from stamp duties given to them by this 
 Act, shall, during the continuance of such privileges and such exemption respectively, but no longer, deduct and allow 
 to the public from the sums uow payable by law to the said Governor and Company, for the charges of management of 
 
 1844. Weekly Accounts of the Bank of England, from 1st September, 
 
 (The Capital of the Bank is a. fixed amount of 14,533,00'.)/. not placed into column here ; the Issue commences with a fixed amount 
 added together here as " Total Deposits and Bills." The column " Circulation above Bullion," means the amount out of the 
 from returns furnished to Parliament in 1857 and 1S58, and do not go beyond 1857. 
 
 Issue Depari 
 
 ;ment, Fixed Items — Grorerninent Debt, 11,015,100Z. ; Otht 
 
 $r Securities, 
 
 2,984,900Z. 
 
 Date. 
 
 Notes 
 Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public- 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Davs' 
 Bills, &c. 
 
 Total Deposits 
 and Bills. 
 
 Government 
 Securities. 
 
 
 1844. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 7th Sept. 
 
 28,351, 
 
 14,351, 
 
 3,565, 
 
 3,631, 
 
 8,644, 
 
 1,030, 
 
 13,306, 
 
 14,555, 
 
 
 14th „ .... 
 
 28,501, 
 
 14,501, 
 
 3,566, 
 
 4,417, 
 
 8,475, 
 
 1,008, 
 
 13,900, 
 
 14,555, 
 
 
 21st „ .... 
 
 28,583, 
 
 14,583, 
 
 3,567, 
 
 5,294, 
 
 8,512, 
 
 973, 
 
 14,778, 
 
 14,555, 
 
 
 28th „ .... 
 
 28,363, 
 
 14,363, 
 
 3,569, 
 
 6,010, 
 
 8,287, 
 
 1,052, 
 
 15,349, 
 
 14,555, 
 
 
 5th Oct, 
 
 28,083, 
 
 14,083, 
 
 3,553, 
 
 6,202, 
 
 8,225, 
 
 1,081, 
 
 15,509, 
 
 14,555, 
 
 
 12th „ .... 
 
 27,838, 
 
 13,838, 
 
 3,060, 
 
 8,147, 
 
 8,231, 
 
 1,108, 
 
 17,486, 
 
 16,353, 
 
 
 19th „ .... 
 
 27,732, 
 
 13,732, 
 
 3,102, 
 
 3,965, 
 
 8,507, 
 
 1,075, 
 
 13,547, 
 
 15,676, 
 
 
 26th „ .... 
 
 27,546, 
 
 13,546, 
 
 3,105, 
 
 3,557, 
 
 8,291, 
 
 1,066, 
 
 12,914, 
 
 15,409, 
 
 
 2nd Nov. 
 
 27,499, 
 
 13,499, 
 
 3,132, 
 
 3,471, 
 
 8,757, 
 
 1,052, 
 
 13,280, 
 
 15,071, 
 
 
 9th „ .... 
 
 27,401, 
 
 13,401, 
 
 3,134, 
 
 3,654, 
 
 8,340, 
 
 1,019, 
 
 13,014, 
 
 14,410, 
 
 
 16th „ .... 
 
 27,508, 
 
 13,508, 
 
 3,137, 
 
 3,879, 
 
 8,030, 
 
 989, 
 
 12,899, 
 
 13,540, 
 
 
 23rd „ .... 
 
 27,529, 
 
 13,529, 
 
 3,139, 
 
 4,812, 
 
 7,864, 
 
 966, 
 
 13,612, 
 
 13,510, 
 
 
 30th „ .... 
 
 27,786, 
 
 13,786, 
 
 3,140, 
 
 5,227, 
 
 8,346, 
 
 949, 
 
 14,521, 
 
 13,540, 
 
 
 7th Dec. 
 
 27,818, 
 
 13,818, 
 
 3,110, 
 
 5,796, 
 
 8,423, 
 
 966, 
 
 15,185, 
 
 13,541, 
 
 
 14th „ ... 
 
 28,004, 
 
 14,001, 
 
 3,106, 
 
 6,386, 
 
 8,381, 
 
 991, 
 
 15,761, 
 
 13,541, 
 
 
 21st „ .... 
 
 28,152, 
 
 14,152, 
 
 3,111, 
 
 7,075, 
 
 8,349, 
 
 968, 
 
 16,392, 
 
 13,541, 
 
 
 28th „ .... 
 
 28,200, 
 
 14,200, 
 
 3,113, 
 
 7,412, 
 
 8,265, 
 
 985, 
 
 16,661, 
 
 13,541, 
 
 
Bank Charter Act of 1-11. 
 
 L23 
 
 the public unredeemed debt, the annual sum of 180,0001., anything in any Art or Acts of Parliament or in any 
 agreement io the contrary notwithstanding : provided always, that bucIi dcd net ion shall in no reaped prejudice or affect 
 the rights of the said Governor and Company to be paid for the management of the public debt at the rale and 
 according to the terms provided in an Act passed in the forty-eighth year of the reign of hi* late Majesty King 
 George III, intituled "An Act to authorise the advancing for the Public Service, upon certain conditions, a proport 
 " of the Balance remaining in the Hank of England for the paymenl ol Unclaimed Dividends, Annuities, and Cotter; 
 " Prizes, and for regulating the Allowances to be made I'm- the Management of the National Debt " 
 
 Clause 9 prescribes that the Bank shall pay more to the State as the isane ag nst eenrities increases. (The 
 securities did increase in 1855 to 14,475,0002., in 180L to 14,650,000?., in 000/., tl 
 
 increased payments being 188,078?., 192, ISO/., 195,07b/. 
 
 Clause 10 forbids new issue by other bankers. 
 
 Clauses 11 to 21- provides for the restriction of provincial bankers' issue, publication of their circulation, 
 amalgamation with each other, or transfer of issue to the Bank of England, and compensation to be paid by the la" r 
 to bankers transferring their issue. 
 
 Clause 25. — And he it enacted, that all the compositions payable to the several bankers mentioned in the schedule 
 hereto (marked C), and such other hankers as shall agree with the said Governor and Company to discontinue the issue 
 of their own bank notes as aforesaid, shall, if not previously determined by the act of such banker as hereinbefore 
 provided, cease and determine on the 1st day of August, 1850, or on any earlier day on which Parliami nt may prohibit 
 the issue of bank notes. (This clause has since been repealed by a short Act, 5th June, 1856, continuing the 
 compensation until the cessation of the issue.) 
 
 Clause 2C. — And be it enacted, that from and after the passing of this Act, it shall be lawful for any sociei 
 company or any persons in partnership, though exceeding six in number, carrying on the business of banking in 
 London, or within sixty-five miles thereof, to draw, accept, or indorse bills of exchange, not being payable to bearer on 
 demand, anything in the hereinbefore-recited Act passed in the fourth year of the reign of his said Majesty 1. 
 William IV, or in any other Act to the contrary notwithstanding. 
 
 Clause 27. — And be it enacted that the said Governor and Company of the Bank of England shall have and enjoy 
 such exclusive privilege of banking as is given by this Act, upon such terms and conditions, and subject to the 
 termination thereof, at such time, and in such manner as is by this Act provided and specified; and all and every the 
 powers and authorities, franchises, privileges and advantages, given or recognised by the said recited Act passed in the 
 fourth year of the reign of his Majesty King William IV, as belonging to or enjoyed by the said Governor and 
 Company of the Bank of England, or by any subsequent Act or Acts of Parliament, shall be, and the same are hereby 
 declared to be in full force and continued by this Act, except so far as the same are altered by this Act; sub, 
 nevertheless, to redemption upon the terms and conditions following (that is to say), at any time upon twelve months' 
 notice to be given after the 1st day of August, 1855, and upon repayment by 1'arliamcut to the said Governor and 
 Company or their successors of the sum of 11,015,100/., being the debt now due from the public to the said Governor 
 and Company, without any deduction, discount, or abatement whatsoever ; and upon payment to the said Governor and 
 Company, and their successors, of all arrears of the sum of 100,000/. per annum, in the last-mentioned Act mentioned, 
 together with the interest or annuities payable upon the said debt, or in respect thereof, and also upon repayment of 
 all the principal and interest which shall be owing unto the said Governor and Company and their successor-, upon all 
 such tallies, exchequer orders, exchequer bills, or Parliamentary funds, which the said Governor and Company, or their 
 successors, shall have remaining in their hands, or be entitled to at the time of such notice, to be given as last 
 aforesaid, then and in such case, and not till then, the said exclusive privileges of banking granted by this Act shall 
 cease and determine at the expiration of such notice of twelve months; and any vote or resolution of the House of 
 Commons, signified under the hand of the Speaker of the said House in writing, and delivered at the public office of 
 the said Governor and Company, shall be deemed and adjudged to be a sufficient notice. 
 
 Clause 28 defines terms. 
 
 Clause 29.— And be it enacted, that this Act may be amended or repealed by any Act to be passed in the present 
 session of Parliament. 
 
 1844, tO end of 1871. [OOO's omitted throughout the table.] 
 
 ISM. 
 
 of 1-1,000,000/., ami changes in 1SS5, 1861, and 1860. Public Deposits, Other Deposits, and Seven Days' and other Bills have I 
 Fixed Issue uf 11 millions in the hands of the public after absorption of the Bullion Issue. The last three columns are taken 
 
 Issue authorised, 14,000,000Z. Banking Department, Fixed Item— Capital. 14,553,0002. 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Hate of 
 
 Circulation 
 
 Bankers' 
 
 Bills 
 
 Temporary 
 
 Date 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Balances. 
 
 Discounted. 
 £ 
 
 Advances. 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 Per cnt. 
 
 £ 
 
 £ 
 
 e 
 
 1 s 1 1 . 
 
 
 7,836, 
 
 858, 
 
 8,175, 
 
 2| 
 
 5,825, 
 
 963, 
 
 2,116, 
 
 252. 
 
 7th Sept. 
 
 
 8,147, 
 
 697, 
 
 8.620, 
 
 ■>■> 
 
 5,380, 
 
 905, 
 
 2.137, 
 
 602, 
 
 1 1th „ 
 
 
 8,803, 
 
 576, 
 
 8,965, 
 
 ,, 
 
 5,035, 
 
 1,059, 
 
 2,162, 
 
 1,193, 
 
 2181 „ 
 
 
 9,796, 
 
 659, 
 
 8,461, 
 
 5, 
 
 5,539, 
 
 855, 
 
 2,193, 
 
 2,165, 
 
 28th „ 
 
 
 10,510, 
 
 619, 
 
 7,930, 
 
 ,J 
 
 6,970, 
 
 880, 
 
 2,259, 
 
 2,811. 
 
 5th Oct. 
 
 
 10,529, 
 
 607, 
 
 7,610, 
 
 5, 
 
 6,390, 
 
 815, 
 
 2,310, 
 
 2.792, 
 
 12th „ 
 
 
 8,419, 
 
 458, 
 
 6,619, 
 
 5) 
 
 7,351, 
 
 1,071, 
 
 2,394, 
 
 6U< ), 
 
 L9th „ 
 
 
 8,388, 
 
 551, 
 
 6,225, 
 
 ,J 
 
 r* ^*- s 
 
 801, 
 
 2,481, 
 
 ■ >/ / , 
 
 26th „ 
 
 
 8,676, 
 
 540, 
 
 6,679, 
 
 5) 
 
 7.321, 
 
 1,214, 
 
 2,810, 
 
 625, 
 
 2nd >ov. 
 
 
 8,732, 
 
 715, 
 
 6,811, 
 
 )) 
 
 7,156, 
 
 1,046, 
 
 2.MJ3. 
 
 625, 
 
 9th „ 
 
 
 9,399, 
 
 723, 
 
 6,927, 
 
 ,> 
 
 7,073, 
 
 7:>7, 
 
 3,017. 
 
 1,047, 
 
 16th „ 
 
 
 9,547, 
 
 837, 
 
 7,410, 
 
 J) 
 
 6,590, 
 
 817, 
 
 3,094, 
 
 1,128, 
 
 23rd „ 
 
 
 9,959, 
 
 772, 
 
 7,944, 
 
 >> 
 
 6,056, 
 
 1,068, 
 
 3.503, 
 
 1,154, 
 
 30th „ 
 
 
 10,194, 
 
 827, 
 
 8,286, 
 
 5) 
 
 5,714, 
 
 1,041, 
 
 3,407, 
 
 1,423, 
 
 7th Dee. 
 
 
 10,293, 
 
 841, 
 
 8,716, 
 
 )} 
 
 5,254, 
 
 869, 
 
 3,268, 
 
 1.612, 
 
 11th „ 
 
 
 10,764, 
 
 791, 
 
 8,960, 
 
 J) 
 
 5,040, 
 
 874, 
 
 3.200, 
 
 2,140, 
 
 aiat „ 
 
 
 11,032, 
 
 678, 
 
 9,077, 
 
 n 
 
 4,923, 
 
 981, 
 
 3,029, 
 
 2,585, 
 
 28th „ 
 
124 
 
 Seyd — On the Operation of the 
 
 1845. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items— Government Debt, 11,015,100/.; Other Securities, 2,984,900/. 
 
 Date. 
 
 Notes 
 Issued. 
 
 Bullion. 
 
 Best. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &e. 
 
 Total Deposits 
 and Bills. 
 
 Government 
 Securities. 
 
 1845. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 4th Jan 
 
 28,087, 
 
 14,087, 
 
 3,127, 
 
 7,367, 
 
 8,037, 
 
 1,015, 
 
 16,419, 
 
 13,540, 
 
 11th „ .... 
 
 28,163, 
 
 14,163, 
 
 3,195, 
 
 4,129, 
 
 8,878, 
 
 1,020, 
 
 14,026, 
 
 14,387, 
 
 18th „ .... 
 
 28,133, 
 
 14,133, 
 
 3,208, 
 
 3,070, 
 
 8,804, 
 
 1,080, 
 
 12,953, 
 
 13,844, 
 
 25th „ .... 
 
 28,128, 
 
 14,128, 
 
 3,210, 
 
 2,787, 
 
 8,714, 
 
 1,059, 
 
 12,560, 
 
 13,652, 
 
 1st Feb 
 
 28,232, 
 
 14,232, 
 
 3,299, 
 
 2,852, 
 
 8,714, 
 
 1,085, 
 
 12,651, 
 
 13,542, 
 
 8th „ .... 
 
 28,448, 
 
 14,448, 
 
 3,303, 
 
 3,715, 
 
 9,732, 
 
 1,068, 
 
 14,515, 
 
 13,476, 
 
 15th „ .... 
 
 28,537, 
 
 14,537, 
 
 3,302, 
 
 4,630, 
 
 9,944, 
 
 1,032, 
 
 15,607, 
 
 13,474, 
 
 22nd „ .... 
 
 28,680, 
 
 14,680, 
 
 3,252, 
 
 5,238, 
 
 9,942, 
 
 985, 
 
 16,165, 
 
 13,522, 
 
 1st March 
 
 28,952, 
 
 14,952, 
 
 3,575, 
 
 5,477, 
 
 10,324, 
 
 983, 
 
 16.784, 
 
 13,474, 
 
 8th „ .... 
 
 29,040, 
 
 15,040, 
 
 3,577, 
 
 5.880, 
 
 10,380, 
 
 982, 
 
 17,242, 
 
 13,474, 
 
 15th „ .... 
 
 29,148, 
 
 15,148, 
 
 3,579, 
 
 6,451, 
 
 9,995, 
 
 980, 
 
 17,426, 
 
 13,474, 
 
 22nd „ .... 
 
 29,214, 
 
 15,214, 
 
 3,582, 
 
 6,890, 
 
 10,452, 
 
 992, 
 
 18,335, 
 
 13,474, 
 
 29th „ .... 
 
 29,471, 
 
 15,471, 
 
 3,584, 
 
 7,322, 
 
 10,713, 
 
 1,024, 
 
 19,059, 
 
 13,589, 
 
 5th April 
 
 29,352, 
 
 15,352, 
 
 3,586, 
 
 6,924, 
 
 10,446, 
 
 1,063, 
 
 18,433, 
 
 13,474, 
 
 12th „ .... 
 
 29,217, 
 
 15,217, 
 
 3,148, 
 
 4,355, 
 
 11,753, 
 
 1,086, 
 
 17,194, 
 
 15,147, 
 
 19th „ .... 
 
 29,184, 
 
 15,184, 
 
 3,151, 
 
 3,218, 
 
 11,531, 
 
 1,122, 
 
 15,872, 
 
 14,472, 
 
 26th „ .... 
 
 29,254, 
 
 15,254, 
 
 3,176, 
 
 2,643, 
 
 10,782, 
 
 1,182, 
 
 14,607, 
 
 13,922, 
 
 3rd May 
 
 29,167, 
 
 15,167, 
 
 3,184, 
 
 2,712, 
 
 10,356, 
 
 1,139, 
 
 14,207, 
 
 13,617, 
 
 10th „ .... 
 
 29,223, 
 
 15,223, 
 
 3,184, 
 
 3,391, 
 
 10,065, 
 
 1,107, 
 
 14,564, 
 
 13,417, 
 
 17th „ .... 
 
 29,340, 
 
 15,340, 
 
 3,189, 
 
 4,357, 
 
 10,276, 
 
 1,061, 
 
 15,694, 
 
 13,386, 
 
 24th „ .... 
 
 29,413, 
 
 15,413, 
 
 3,191, 
 
 5,051, 
 
 10,088, 
 
 1,021, 
 
 16,160, 
 
 13,385, 
 
 31st ,, .... 
 
 29,636, 
 
 15,636, 
 
 3,181, 
 
 5,352, 
 
 10,866, 
 
 1,031, 
 
 17,248, 
 
 13,465, 
 
 7th June 
 
 29,733, 
 
 15,733, 
 
 3,136, 
 
 5,745, 
 
 10,565, 
 
 1,018, 
 
 17,329, 
 
 13,385, 
 
 14th „ .... 
 
 29,917, 
 
 15,917, 
 
 3,136, 
 
 6,261, 
 
 10,315, 
 
 976, 
 
 17,553, 
 
 13,385, 
 
 21st „ .... 
 
 30,052, 
 
 16,052, 
 
 3,141, 
 
 6,952, 
 
 10,148, 
 
 1,001, 
 
 18,101, 
 
 13,385, 
 
 28th „ .... 
 
 30,047, 
 
 16,047, 
 
 3,144, 
 
 7,398, 
 
 10,154, 
 
 1,027, 
 
 18,579, 
 
 13,385, 
 
 5th July.... 
 
 29,892, 
 
 15,892, 
 
 3,164, 
 
 7,330, 
 
 10,041, 
 
 1,046, 
 
 18,417, 
 
 13,381, 
 
 12th „ .... 
 
 29,683, 
 
 15,683, 
 
 3,218, 
 
 3,456, 
 
 11,357, 
 
 1,082, 
 
 15,894, 
 
 13,800, 
 
 19th „ .... 
 
 29,394, 
 
 15,394, 
 
 3,234, 
 
 2,835. 
 
 10,934, 
 
 1,092, 
 
 14,861, 
 
 13,457, 
 
 26th „ .... 
 
 29,244, 
 
 15,244, 
 
 3,322, 
 
 2,934, 
 
 10,746, 
 
 1,085, 
 
 14,765, 
 
 13,539, 
 
 2nd Aug. 
 
 29,197, 
 
 15,197, 
 
 3,338, 
 
 3,215, 
 
 10,960, 
 
 1,072, 
 
 15,24S, 
 
 13,322, 
 
 9th „ .... 
 
 29,142, 
 
 15,142, 
 
 3,341, 
 
 4,035, 
 
 10,188, 
 
 1,050, 
 
 15,273, 
 
 13,322, 
 
 16th „ .... 
 
 29,076, 
 
 15,076, 
 
 3,349, 
 
 4,970, 
 
 8,973, 
 
 1,374, 
 
 15,318, 
 
 13,442, 
 
 23rd „ .... 
 
 29,022, 
 
 15,022, 
 
 3,349, 
 
 5,394, 
 
 8,409, 
 
 1,384, 
 
 15,186, 
 
 13,322, 
 
 30th „ .... 
 
 29,009, 
 
 15,009, 
 
 3,589, 
 
 5,830, 
 
 8,571, 
 
 1,060, 
 
 15,461, 
 
 13,348, 
 
 6th Sept. 
 
 28,953, 
 
 14,953, 
 
 3,608, 
 
 6,475, 
 
 8,507, 
 
 1,022, 
 
 16,004, 
 
 13,469, 
 
 13th „ .... 
 
 28,790, 
 
 14,790, 
 
 3,611, 
 
 7,320, 
 
 8,317, 
 
 964, 
 
 16,600, 
 
 13,349, 
 
 20th „ .... 
 
 28,798, 
 
 14,798, 
 
 3,617, 
 
 8,222, 
 
 8,111, 
 
 1,020, 
 
 17,353, 
 
 13,349, 
 
 27th „ .... 
 
 28,558, 
 
 14,558, 
 
 3,622, 
 
 8,802, 
 
 8,070, 
 
 1,000, 
 
 17,873, 
 
 13,349, 
 
 4th Oct 
 
 28,356, 
 
 14,356, 
 
 3,630, 
 
 8,703, 
 
 8,168, 
 
 1,088, 
 
 17,960, 
 
 13,349, 
 
 11th „ .... 
 
 28,069, 
 
 14,069, 
 
 3,140, 
 
 8,783, 
 
 8.475, 
 
 1,081, 
 
 18,339, 
 
 13,349, 
 
 18th „ .... 
 
 27,779, 
 
 13,779, 
 
 3,189, 
 
 4,488, 
 
 9,836, 
 
 1,124, 
 
 15,448, 
 
 13,203, 
 
 25th „ .... 
 
 27,416, 
 
 13,416, 
 
 3,212, 
 
 4,324, 
 
 8,930, 
 
 1,090, 
 
 14,344, 
 
 13,203, 
 
 1st Nov..,. 
 
 27,267, 
 
 13,267, 
 
 3,224, 
 
 4,487, 
 
 9,100, 
 
 1,106, 
 
 14,693, 
 
 13,203, 
 
 8th „ .... 
 
 27,267, 
 
 13,267, 
 
 3,235, 
 
 5,341, 
 
 9,134, 
 
 1,133, 
 
 15,608, 
 
 13,203, 
 
 15th „ .... 
 
 26,975, 
 
 12,975, 
 
 3,245, 
 
 6,525, 
 
 8,899, 
 
 1,101, 
 
 16,525, 
 
 13,203, 
 
 22nd „ .... 
 
 27,037, 
 
 13,037, 
 
 3,252, 
 
 7,363, 
 
 9,024, 
 
 1,064, 
 
 17,451, 
 
 13,202, 
 
 29th „ .... 
 
 26,734, 
 
 12,734, 
 
 3,246, 
 
 7,671, 
 
 8,993, 
 
 1,046, 
 
 17,709, 
 
 13,202, 
 
 6th Dec 
 
 26,540, 
 
 12,540, 
 
 3,209, 
 
 8,110, 
 
 9,022, 
 
 1,004, 
 
 18,137, 
 
 13,202, 
 
 13th „ .... 
 
 26,626, 
 
 12,626, 
 
 3,210, 
 
 8,684, 
 
 9,090, 
 
 944, 
 
 18,718, 
 
 13,202, 
 
 20th „ .... 
 
 26,819, 
 
 12,819, 
 
 3,222, 
 
 9,408, 
 
 8,716, 
 
 960, 
 
 19,084, 
 
 13,202, 
 
 27th „ .... 
 
 26,772, 
 
 12,772, 
 
 3,227, 
 
 9,698, 
 
 8,482, 
 
 962, 
 
 19,143, 
 
 13,202, 
 
 
Bank Charter Act of 1844. 
 
 1 25 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 1845. 
 
 Issue above Bullion, 14,000,000^. Banking Department, Fixed Item — Capital, 14^668,0002. 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Rate of 
 
 Circulation 
 
 Bankers' 
 
 Bills 
 
 Temporary 
 
 Date. 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Balances. 
 
 ounted. 
 
 Advances. 
 
 
 £ 
 
 £ 
 
 £ 
 
 Per cut. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 L846. 
 
 
 11,427, 
 
 715, 
 
 8,148, 
 
 2i 
 
 5,582, 
 
 712, 
 
 2,975, 
 
 3,021, 
 
 It h Jan. 
 
 
 9,002, 
 
 613, 
 
 7,773, 
 
 ,, 
 
 6,227, 
 
 1,127, 
 
 2,646, 
 
 1,067, 
 
 11th „ 
 
 
 8,628, 
 
 655, 
 
 7,588, 
 
 j) 
 
 6.412, 
 
 1,154, 
 
 2,340, 
 
 898, 
 
 L8th „ 
 
 
 8,561, 
 
 692, 
 
 7,418, 
 
 s, 
 
 6,582, 
 
 1,399, 
 
 2,185, 
 
 993, 
 
 25th 
 
 
 8,653, 
 
 666, 
 
 7,642, 
 
 ,> 
 
 6,358, 
 
 1,311, 
 
 2,030, 
 
 1,175, 
 
 Lsl I. 
 
 
 10,066, 
 
 701, 
 
 8,128, 
 
 ,) 
 
 5,872, 
 
 1,069, 
 
 2,166, 
 
 2,406, 
 
 8th „ 
 
 
 10,821, 
 
 771, 
 
 8,395, 
 
 >> 
 
 5,605, 
 
 1,332, 
 
 2,300, 
 
 3,071, 
 
 15th „ 
 
 
 10,784, 
 
 774, 
 
 8,889, 
 
 j? 
 
 5,111, 
 
 1,086, 
 
 2,422, 
 
 2,919, 
 
 22nd ., 
 
 
 11,707, 
 
 778, 
 
 8,953, 
 
 ?> 
 
 5,047, 
 
 1,248, 
 
 2,435, 
 
 3,395, 
 
 1st Mar. 
 
 
 11,720, 
 
 836, 
 
 9,341, 
 
 55 
 
 4,659, 
 
 1,134, 
 
 2,293, 
 
 3,560, 
 
 8th „ 
 
 
 11,836, 
 
 797, 
 
 9,451, 
 
 ,5 
 
 4,549, 
 
 979, 
 
 2,449, 
 
 3.520, 
 
 15th „ 
 
 
 12,535, 
 
 787, 
 
 9,673, 
 
 55 
 
 4,327, 
 
 889, 
 
 2,618, 
 
 4,010, 
 
 22 nd „ 
 
 
 13,126, 
 
 733, 
 
 9,747, 
 
 55 
 
 4,253, 
 
 1,162, 
 
 3,044, 
 
 4,169, 
 
 29th „ 
 
 
 13,124, 
 
 722, 
 
 9,252, 
 
 55 
 
 4,748, 
 
 925, 
 
 3,172, 
 
 4,110, 
 
 5th April 
 
 
 11,070, 
 
 676, 
 
 8,001, 
 
 55 
 
 5,999, 
 
 1,857, 
 
 3,113, 
 
 2,464, 
 
 12th „ 
 
 
 10,654, 
 
 659, 
 
 7,791, 
 
 55 
 
 6,209, 
 
 1,422, 
 
 3,286, 
 
 1,863, 
 
 19th „ 
 
 
 9,680, 
 
 632, 
 
 8,102, 
 
 55 
 
 5,898, 
 
 1,074, 
 
 3,201, 
 
 1,027, 
 
 26th „ 
 
 
 9,858, 
 
 641, 
 
 7,828, 
 
 55 
 
 6,172, 
 
 1,061, 
 
 3,475, 
 
 951, 
 
 3rd May 
 
 
 10,105, 
 
 639, 
 
 8,140, 
 
 55 
 
 5,860, 
 
 884, 
 
 3,652, 
 
 1,034, 
 
 10th „ 
 
 
 10,657, 
 
 659, 
 
 8,734, 
 
 53 
 
 5,266, 
 
 1,132, 
 
 3,992, 
 
 1,219, 
 
 17th „ 
 
 
 10,645, 
 
 860, 
 
 9,015, 
 
 53 
 
 4,985, 
 
 929, 
 
 3,933, 
 
 1,295, 
 
 24th „ 
 
 
 11,559, 
 
 776, 
 
 9,182, 
 
 55 
 
 4,818, 
 
 1,484, 
 
 4,076, 
 
 1,676, 
 
 31st „ 
 
 
 11,471, 
 
 779, 
 
 9,383, 
 
 53 
 
 4,617, 
 
 i,on, 
 
 4,061, 
 
 1,600, 
 
 7th June 
 
 
 11,306, 
 
 697, 
 
 9,855, 
 
 33 
 
 4,145, 
 
 915, 
 
 3,862, 
 
 1,642, 
 
 14th „ 
 
 
 11,984, 
 
 588, 
 
 9,837, 
 
 33 
 
 4,163, 
 
 970, 
 
 3,922, 
 
 2,266, 
 
 21st „ 
 
 
 12,620, 
 
 554, 
 
 9,717, 
 
 33 
 
 4,283, 
 
 958, 
 
 4,274, 
 
 2,541, 
 
 28th „ 
 
 
 12,944, 
 
 526, 
 
 9,280, 
 
 35 
 
 4,720, 
 
 939, 
 
 4,403, 
 
 2,759, 
 
 5th July 
 
 
 11,282, 
 
 514, 
 
 8,069, 
 
 55 
 
 5,931, 
 
 1,625, 
 
 3,853, 
 
 1,625, 
 
 12th „ 
 
 
 10,815, 
 
 486, 
 
 7,891, 
 
 35 
 
 6,109, 
 
 1,411, 
 
 3,760, 
 
 1,264, 
 
 19th ,, 
 
 
 10,608, 
 
 550, 
 
 7,942, 
 
 55 
 
 6,058, 
 
 1,208, 
 
 3,880, 
 
 941, 
 
 26th „ 
 
 
 11,464, 
 
 504, 
 
 7,850, 
 
 55 
 
 6,150, 
 
 1,656, 
 
 4,426, 
 
 1,290, 
 
 2nd Aug. 
 
 
 11,634, 
 
 528, 
 
 7,682, 
 
 55 
 
 6,318, 
 
 1,337, 
 
 4,510, 
 
 1,374, 
 
 9th „ 
 
 
 11,679, 
 
 604, 
 
 7,494, 
 
 55 
 
 6,506, 
 
 1,540, 
 
 4,589, 
 
 1,327, 
 
 16th „ 
 
 
 11,354, 
 
 580, 
 
 7,833, 
 
 3» 
 
 6,167, 
 
 1,264, 
 
 4,498, 
 
 1,170, 
 
 23rd „ 
 
 
 11,713, 
 
 583, 
 
 7,959, 
 
 55 
 
 6,041, 
 
 1,035, 
 
 4,445, 
 
 1,193, 
 
 30th „ 
 
 
 11,967, 
 
 471, 
 
 8,256, 
 
 35 
 
 5,744, 
 
 924, 
 
 4,564, 
 
 1,313, 
 
 6th Sept, 
 
 
 12,391, 
 
 594, 
 
 8,431, 
 
 55 
 
 5,569, 
 
 1,017, 
 
 4,737, 
 
 1,596, 
 
 13th „ 
 
 
 13,297, 
 
 549, 
 
 8,328, 
 
 33 
 
 5,672, 
 
 1,060, 
 
 5,311, 
 
 1,929, 
 
 20th „ 
 
 
 14,149, 
 
 603, 
 
 7,947, 
 
 35 
 
 6,053, 
 
 986, 
 
 5,735, 
 
 2,337, 
 
 27th „ 
 
 
 15,189, 
 
 509, 
 
 7,096, 
 
 33 
 
 6,904, 
 
 1,237, 
 
 6,541, 
 
 2,577. 
 
 4th Oct. 
 
 
 15,134, 
 
 512, 
 
 7,038, 
 
 35 
 
 6,962, 
 
 1,377, 
 
 6,538, 
 
 2,496, 
 
 11th „ 
 
 
 14,050, 
 
 411, 
 
 5,526, 
 
 3 
 
 8,474, 
 
 2,548, 
 
 6,526, 
 
 1,609, 
 
 18th „ 
 
 
 12,931, 
 
 586, 
 
 5,390, 
 
 35 
 
 8,610, 
 
 1,503, 
 
 6,141, 
 
 932, 
 
 25th „ 
 
 
 13,430, 
 
 618, 
 
 5,220, 
 
 3) 
 
 8,780, 
 
 1,528, 
 
 6,97(5. 
 
 630, 
 
 1st Xov. 
 
 
 14,234, 
 
 521, 
 
 5,438, 
 
 3| 
 
 8,562, 
 
 1,362, 
 
 7,846, 
 
 610, 
 
 8th „ 
 
 
 15,041, 
 
 595, 
 
 5,483, 
 
 33 
 
 8,517, 
 
 1,415, 
 
 8,475, 
 
 785, 
 
 15th „ 
 
 
 15,454, 
 
 523, 
 
 6,077, 
 
 53 
 
 7,923, 
 
 1,452, 
 
 8,777, 
 
 859, 
 
 22nd „ 
 
 
 15,871, 
 
 503, 
 
 5,932, 
 
 53 
 
 8,068, 
 
 1,398, 
 
 9,0'. i5, 
 
 982, 
 
 29th .. 
 
 
 16,225, 
 
 527, 
 
 5,946, 
 
 35 
 
 8,054, 
 
 1,608, 
 
 9,403, 
 
 1409, 
 
 6th Dec. 
 
 
 16,136, 
 
 642, 
 
 6,506, 
 
 53 
 
 7,494, 
 
 1,677, 
 
 9,416, 
 
 1,014, 
 
 13th „ 
 
 
 16,329, 
 
 559, 
 
 6,768, 
 
 33 
 
 7,232, 
 
 1,554, 
 
 9,561, 
 
 1,061. 
 
 20th „ 
 
 
 16,252, 
 
 554, 
 
 6,915, 
 
 35 
 
 7,085, 
 
 1,397, 
 
 9,499, 
 
 1,049, 
 
 27th ,, 
 
 i2 
 
120 
 
 Seyd — On the Operation of the 
 
 1843. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100/. ; Other Securities, 2,984,900?. 
 
 Date. 
 
 J, 
 5, 
 
 Notes 
 Issued. 
 
 1846. 
 
 3rd Jan 
 
 10th „ .... 
 17th „ .... 
 24th „ .... 
 31st „ .... 
 
 7th Feb 
 
 14th „ .... 
 21st „ .... 
 28th „ .... 
 
 7th March 
 14th 
 21st 
 28th „ .. 
 
 4th April 
 11th „ .. 
 18th „ .. 
 25th „ .. 
 
 2nd May 
 
 9th „ .. 
 16th „ .. 
 23rd „ . 
 30th „ ., 
 
 6th June 
 13th „ . 
 20th „ . 
 27th „ . 
 
 4th July. 
 11th „ . 
 18th „ . 
 25th „ . 
 
 1st Aug.. 
 
 8th 
 15th 
 22nd „ 
 29th „ 
 
 5th Sept 
 12th „ 
 19th „ 
 26th „ 
 
 3rd Oct. 
 10th „ 
 17th „ .... 
 24th „ .... 
 31st „ .... 
 
 7th Nov.... 
 14th 
 21st 
 28th „ 
 
 5th Dec 
 
 12th 
 
 19th 
 
 26th 
 
 
 J, 
 
 
 £ 
 26,676, 
 26,541, 
 26,574, 
 26,525, 
 26,587, 
 26,699, 
 26,800, 
 26,973, 
 27,015, 
 27,079, 
 27,118, 
 27,264, 
 27,269, 
 27,182, 
 27,030, 
 27,032, 
 27,050, 
 27,072, 
 27,245, 
 27,520, 
 27,707, 
 27,994, 
 28,325, 
 28,603, 
 29,005, 
 29,273, 
 29,322, 
 29,266, 
 29,140, 
 29,313, 
 29,292, 
 29,386, 
 29,457, 
 29,654, 
 29,876, 
 29,761, 
 29,865, 
 29,759, 
 29,656, 
 29,360, 
 29,078, 
 28,742, 
 28,437, 
 28,310, 
 28,236, 
 28,246, 
 28,318, 
 28,314, 
 28,269, 
 28,411, 
 28,413, 
 28,412, 
 
 Bullion. 
 
 £ 
 12,676, 
 12,541, 
 12,574, 
 12,525, 
 12,587, 
 12,699, 
 12,800, 
 12,973, 
 13,015, 
 13,079, 
 13,118, 
 13,264, 
 13,269, 
 13,182, 
 13,030, 
 13,032, 
 13,050, 
 13,072, 
 13,245, 
 13,520, 
 13,707, 
 13,994, 
 14,325, 
 14,603, 
 15,005, 
 15,273, 
 15,322, 
 15,266, 
 15,140, 
 15,313, 
 15,292, 
 15,386, 
 15,457, 
 15,654, 
 15,876, 
 15,761, 
 15,865, 
 15,759, 
 15,656, 
 15,360, 
 15,078, 
 14,742, 
 14,437, 
 14,310, 
 14,236, 
 14,246, 
 14,318, 
 14,314, 
 14,269, 
 14,411, 
 14,413, 
 14,442, 
 
 Rest. 
 
 Public 
 Deoosits. 
 
 £ 
 
 3,255, 
 
 3,314, 
 
 3,342, 
 
 3,357, 
 
 3,451, 
 
 3,463, 
 
 3,475, 
 
 3,477, 
 
 3,689, 
 
 3,758, 
 
 3,768, 
 
 3,780, 
 
 3,790, 
 
 3,800, 
 
 3,352, 
 
 3,359, 
 
 3,365, 
 
 3,397, 
 
 3,406, 
 
 3,418, 
 
 3,426, 
 
 3,379, 
 
 3,379, 
 
 3,387, 
 
 3,397, 
 
 3,405, 
 
 3,424, 
 
 3,483, 
 
 3,504, 
 
 3,508, 
 
 3,598, 
 
 3,604, 
 
 3,611, 
 
 3,613, 
 
 3,554, 
 
 3,864, 
 
 3,868, 
 
 3,873, 
 
 3,879, 
 
 3,887, 
 
 3,383, 
 
 3,432, 
 
 3,436, 
 
 3,463, 
 
 3,168, 
 
 3,475, 
 
 3,483, 
 
 3,480, 
 
 3,432, 
 
 3,437, 
 
 3,441, 
 
 3,447, 
 
 £ 
 3,370, 
 5,191, 
 4,711, 
 4,465, 
 4,390, 
 5,054, 
 5,739, 
 6,203, 
 6,297, 
 6,502, 
 6,805, 
 7,065, 
 7.320, 
 7,074, 
 4,211, 
 3,197, 
 2,699, 
 2,578, 
 3,031, 
 4,084, 
 4,809, 
 5,229, 
 5,754, 
 6,537, 
 7,314, 
 7,808, 
 7,794, 
 3,489, 
 3,163, 
 3,438, 
 3,794, 
 5,014, 
 6,136, 
 6,843, 
 7,142, 
 7,319, 
 8,199, 
 8,766, 
 9,756, 
 9,776, 
 9,801, 
 5,356, 
 4,871, 
 4,622, 
 5,429, 
 6,778, 
 7,876, 
 8,448, 
 8,612, 
 9,185, 
 9,848, 
 10,341, 
 
 Oilier 
 
 Deposits. 
 
 £ 
 8,350, 
 10,656, 
 11,255, 
 14,209, 
 17,037, 
 18,912, 
 18,019, 
 18,091, 
 18,647, 
 17,829, 
 17,477, 
 17,356, 
 17,104, 
 16,763, 
 18,070, 
 17,711, 
 16,978, 
 16,780, 
 16,257, 
 16,354, 
 15,947, 
 16,166, 
 15,927, 
 15,518, 
 15,294, 
 15,034, 
 14,402, 
 15,661, 
 14,905, 
 14,305, 
 13,449, 
 12,457, 
 10,795, 
 10,074, 
 9,162, 
 8,557, 
 8,095, 
 8,317, 
 8,261, 
 8,167, 
 8,323, 
 9,084, 
 8,755, 
 8,762, 
 8,282, 
 7,995, 
 7,975, 
 8,018, 
 8,304, 
 7,991, 
 7,616, 
 7,696, 
 
 Seven Days' 
 Bills, &c. 
 
 Total Deposits 
 and Bills. 
 
 £ 
 
 960, 
 
 1,021, 
 
 1,009, 
 
 1,028, 
 
 987, 
 
 964, 
 
 945, 
 
 918, 
 
 947, 
 
 898, 
 
 887, 
 
 922, 
 
 954, 
 
 965, 
 
 959, 
 
 986, 
 
 962, 
 
 966, 
 
 981, 
 
 963, 
 
 970, 
 
 890, 
 
 853, 
 
 863, 
 
 833, 
 
 851, 
 
 887, 
 
 942, 
 
 989, 
 
 940, 
 
 943, 
 
 952, 
 
 906, 
 
 920, 
 
 886, 
 
 936, 
 
 904, 
 
 869, 
 
 906, 
 
 931, 
 
 939, 
 
 982, 
 
 1,027, 
 
 1,016, 
 
 1,019, 
 
 972, 
 
 990, 
 
 892, 
 
 895, 
 
 887, 
 
 868, 
 
 883, 
 
 Government 
 Securities. 
 
 £ 
 
 18,680, 
 
 16,868, 
 
 16,975, 
 
 19,702, 
 
 22,414, 
 
 24,931, 
 
 24,703, 
 
 25,213, 
 
 25,891, 
 
 25,229, 
 
 25,169, 
 
 25,344, 
 
 25,377, 
 
 24,803, 
 
 23,240, 
 
 21,894, 
 
 20,639, 
 
 20,325, 
 
 20,269, 
 
 21,401, 
 
 21,727, 
 
 22,284, 
 
 22,533, 
 
 22,918, 
 
 23,440, 
 
 23,693, 
 
 23,084, 
 
 20,092, 
 
 19,057, 
 
 18,684, 
 
 18,186, 
 
 18,423, 
 
 17,836, 
 
 17,837, 
 
 17,190, 
 
 16,812, 
 
 17,198, 
 
 17,952, 
 
 18,923, 
 
 18,874, 
 
 19,063, 
 
 15,423, 
 
 14,653, 
 
 14,400, 
 
 14,729, 
 
 15,745, 
 
 16,842, 
 
 17,358, 
 
 17,811, 
 
 18,064, 
 
 18,332, 
 
 18,920, 
 
 £ 
 13,201, 
 13,137, 
 13,137, 
 13,137, 
 13,137, 
 13,137, 
 13,137, 
 13,137, 
 13,136, 
 13,136, 
 13,136, 
 13,136, 
 13,137, 
 13,136, 
 14,437, 
 13,958, 
 13,528, 
 13,303, 
 13,023, 
 12,988, 
 12,988, 
 13,008, 
 12,988, 
 12,988, 
 13,091, 
 12,988, 
 12,987, 
 12,962, 
 12,963, 
 12,963, 
 12,962, 
 12,962, 
 12,962, 
 12,962, 
 12,962, 
 12,962, 
 12,961, 
 12.961, 
 12,961, 
 12,961, 
 12,961, 
 12,808, 
 12,808, 
 12,808, 
 12,808, 
 12,808, 
 12,808, 
 12,808, 
 12,807, 
 12,807, 
 12,807, 
 12,827, 
 
Bank Charter Act of L84 !. 
 
 i_; 
 
 1^ September, 1844, to end of 1871— Contd. 
 
 1C4G. 
 
 Issue above Bullion, 14,000,000/. B 
 
 inking Department, Fixed [tern — C 
 
 iapital, 1 1,663,000/. 
 
 
 Otlier 
 Securities. 
 
 Gold ;md 
 Silver Com 
 
 Notes in 
 Keserve. 
 
 Hate of 
 Discount. 
 
 Circulation 
 above Bullion. 
 
 Bankers' 
 Balancea 
 
 £ 
 
 Bills 
 I ' icounted. 
 
 Advances. 
 
 Date. 
 
 
 £ 
 
 £ 
 
 £ 
 
 ! Ter cut. 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 1846 
 
 
 16,263, 
 
 606, 
 
 6,419, 
 
 3* 
 
 7,581, 
 
 1,53 1, 
 
 9,522, 
 
 1,092, 
 
 3rd Jan. 
 
 
 15,273, 
 
 652, 
 
 5,673, 
 
 >> 
 
 8,327, 
 
 3,094, 
 
 9,3lo, 
 
 330, 
 
 10th „ 
 
 
 15,773, 
 
 565, 
 
 5,394, 
 
 )> 
 
 8,606, 
 
 3,43 1, 
 
 9,429, 
 
 699, 
 
 17th „ 
 
 
 18,381, 
 
 677, 
 
 5,416, 
 
 >> 
 
 8,584, 
 
 4,668, 
 
 10,211, 
 
 2.:. is, 
 
 24th „ 
 
 
 21,467, 
 
 701, 
 
 5,113, 
 
 n 
 
 8,887, 
 
 4,3 11, 
 
 11,507, 
 
 I 324, 
 
 31st ,, 
 
 
 22,909, 
 
 637, 
 
 6,264, 
 
 >> 
 
 7,736, 
 
 1,265, 
 
 11,951, 
 
 5,351, 
 
 71 h Feb. 
 
 
 22,252, 
 
 667, 
 
 6,671, 
 
 )> 
 
 7,326, 
 
 1,155, 
 
 12,370, 
 
 1,278, 
 
 14th „ 
 
 
 22,539, 
 
 678, 
 
 6,888, 
 
 »j 
 
 7,112, 
 
 1,341, 
 
 12,977, 
 
 1 3,961, 
 
 21ai „ 
 
 
 23,242, 
 
 761, 
 
 6,994, 
 
 >> 
 
 7,006, 
 
 1,936, 
 
 13,137, 
 
 1 4 1 12 
 
 28th ., 
 
 
 22,119, 
 
 708, 
 
 7,577, 
 
 j. 
 
 6,423, 
 
 1,317, 
 
 12,299, 
 
 3,848, 
 
 7th Mar. 
 
 
 21,924, 
 
 717, 
 
 7,712, 
 
 n 
 
 0,2S8, 
 
 1,137, 
 
 12,037, 
 
 3.918, 
 
 14th „ 
 
 
 21,800, 
 
 700, 
 
 8,031, 
 
 )j 
 
 5,966, 
 
 971, 
 
 12,276, 
 
 3,561, 
 
 21st „ 
 
 
 22,181, 
 
 718, 
 
 7,681, 
 
 >> 
 
 6,316, 
 
 1,097, 
 
 12,176, 
 
 4,033, 
 
 28th „ 
 
 
 22,059, 
 
 641, 
 
 7,316, 
 
 j> 
 
 6,084, 
 
 846, 
 
 12,124, 
 
 3,975, 
 
 4th April 
 
 
 19,439, 
 
 542, 
 
 6,728, 
 
 n 
 
 7,272, 
 
 1,813, 
 
 12,364, 
 
 1,499, 
 
 11th „ 
 
 
 18,737, 
 
 596, 
 
 6,516, 
 
 n 
 
 7,484, 
 
 1,579, 
 
 11,982, 
 
 1,185, 
 
 18th „ 
 
 
 17,885, 
 
 656, 
 
 6,488, 
 
 >> 
 
 7,512, 
 
 1,229, 
 
 11,251, 
 
 1,065, 
 
 25th „ 
 
 
 17,901, 
 
 661, 
 
 6,408, 
 
 j> 
 
 7,592, 
 
 1,143, 
 
 11,052, 
 
 1,363, 
 
 2nd May 
 
 
 17,734, 
 
 635,' 
 
 6,836, 
 
 jj 
 
 7,164, 
 
 1,181, 
 
 10,930, 
 
 1,325, 
 
 9th „ 
 
 
 18,223, 
 
 664, 
 
 7,497, 
 
 >> 
 
 6,503, 
 
 1,148, 
 
 11,012, 
 
 1,743, 
 
 16th „ 
 
 
 18,236, 
 
 706, 
 
 7,775, 
 
 n 
 
 6,225, 
 
 927, 
 
 10,687, 
 
 2,084, 
 
 23rd „ 
 
 
 18,460, 
 
 704, 
 
 8,041, 
 
 n 
 
 5,957, 
 
 1,286, 
 
 10,534, 
 
 2,452, 
 
 30th „ 
 
 
 18,322, 
 
 6S7, 
 
 8,468, 
 
 n 
 
 5,5? -, 
 
 1,130, 
 
 10,384, 
 
 2,475, 
 
 6th June 
 
 
 18,122, 
 
 736, 
 
 9,012, 
 
 n 
 
 4,988, 
 
 1,083, 
 
 10,213, 
 
 2,417, 
 
 13th „ 
 
 
 17,985, 
 
 683, 
 
 9,631, 
 
 11 
 
 4,369, 
 
 909, 
 
 10,023, 
 
 2,468, 
 
 20th „ 
 
 
 18,257, 
 
 743, 
 
 9,664, 
 
 11 
 
 4,336, 
 
 1,317, 
 
 9,975, 
 
 2,788, 
 
 27th „ 
 
 
 18,145, 
 
 626, 
 
 9,303, 
 
 11 
 
 4,697, 
 
 1,147, 
 
 9,904, 
 
 2,752, 
 
 4th July 
 
 
 16,144, 
 
 596, 
 
 8,426, 
 
 11 
 
 5,574, 
 
 2,102, 
 
 9,207, 
 
 1,372, 
 
 11th „ 
 
 
 15,382, 
 
 630, 
 
 8,139, 
 
 11 
 
 5,861, 
 
 1,912, 
 
 8,712, 
 
 991, 
 
 18th „ 
 
 
 14,583, 
 
 636, 
 
 8,563, 
 
 ,) 
 
 5,437, 
 
 1,262, 
 
 7,986, 
 
 910, 
 
 25th „ 
 
 
 14,068, 
 
 510, 
 
 8,797, 
 
 11 
 
 5,203, 
 
 1.458, 
 
 /,oo3, 
 
 838, 
 
 1st Aug. 
 
 
 13,985, 
 
 558, 
 
 9,075, 
 
 11 
 
 4,925, 
 
 1,144, 
 
 7,429, 
 
 914, 
 
 8th „ 
 
 
 13,848, 
 
 589, 
 
 8,601, 
 
 11 
 
 5,399, 
 
 2,365, 
 
 7,074, 
 
 936, 
 
 15th „ 
 
 
 13,013, 
 
 523, 
 
 9,506, 
 
 11 
 
 4,494, 
 
 2,546, 
 
 6,406, 
 
 772, 
 
 22nd „ 
 
 
 12,395, 
 
 490, 
 
 9,450, 
 
 3 
 
 4,550, 
 
 1,993, 
 
 6,067, 
 
 523, 
 
 29th „ 
 
 
 12,524, 
 
 513, 
 
 9,231, 
 
 ii 
 
 4,769, 
 
 1,301, 
 
 5,803, 
 
 520, 
 
 5th Sept 
 
 
 12,322, 
 
 489, 
 
 9,847, 
 
 ii 
 
 4,153, 
 
 1,192, 
 
 5,568, 
 
 560, 
 
 12th ., 
 
 
 13,049, 
 
 551, 
 
 9,817, 
 
 ii 
 
 4,183, 
 
 1,320, 
 
 5,788, 
 
 1,068, 
 
 19th .. 
 
 
 14,036, 
 
 568, 
 
 9,789, 
 
 ii 
 
 4,211, 
 
 1,100, 
 
 6,058, 
 
 1,786, 
 
 26th „ 
 
 
 15,087, 
 
 457, 
 
 8,809, 
 
 ii 
 
 5,191, 
 
 1,233, 
 
 6,334, 
 
 2,567, 
 
 3rd Oct. 
 
 
 15,228, 
 
 504, 
 
 8,306, 
 
 ii 
 
 5,694, 
 
 990, 
 
 6,571, 
 
 2.175, 
 
 10th „ 
 
 
 12,789, 
 
 401, 
 
 7,410, 
 
 ii 
 
 6.590, 
 
 2,074, 
 
 6,260, 
 
 510, 
 
 17th „ 
 
 
 12,220, 
 
 457, 
 
 7,157. 
 
 ii 
 
 6,843, 
 
 1,576, 
 
 5,852, 
 
 345, 
 
 21th „ 
 
 
 12,176, 
 
 498, 
 
 6,934, 
 
 ii 
 
 7,066, 
 
 1,358, 
 
 5,912, 
 
 352, 
 
 31st „ 
 
 
 12,153, 
 
 525, 
 
 7,265, 
 
 ii 
 
 6,735, 
 
 1,105, 
 
 5,780, 
 
 467, 
 
 7tli >~ot. 
 
 
 12,526, 
 
 602, 
 
 7,836, 
 
 ii 
 
 6,164, 
 
 1,114, 
 
 6,114, 
 
 505, 
 
 14th „ 
 
 
 13,354, 
 
 606, 
 
 8,110, 
 
 ii 
 
 5,890, 
 
 1,222. 
 
 6,591, 
 
 793, 
 
 21st „ 
 
 
 13,563, 
 
 695, 
 
 8,326, 
 
 ii 
 
 5,671, 
 
 1,366, 
 
 6,685, 
 
 895, 
 
 2Sth „ 
 
 
 13,853, 
 
 734, 
 
 8,402, 
 
 ii 
 
 5,598, 
 
 1,417, 
 
 6,892, 
 
 966, 
 
 * 
 
 5th Dec. 
 
 
 13,880, 
 
 743, 
 
 8,624, 
 
 ii 
 
 5,376, 
 
 1,411, 
 
 6,951, 
 
 935, 
 
 12th „ 
 
 
 1^04, 
 
 750, 
 
 8,864, 
 
 ii 
 
 5,136, 
 
 1,165, 
 
 6,984, 
 
 8S2, 
 
 19th „ 
 
 
 14,655, 
 
 625, 
 
 8,814, 
 
 ii 
 
 5,186, 
 
 1,232, 
 
 7,364, 
 
 1,256, 
 
 26th „ 
 
128 
 
 Seyd — On the Operation of the 
 
 1847. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items— Government Debt, 11,015,100Z. ; Other Securities, 
 
 2,984,9007. 
 
 
 Kotes 
 
 T» 11 ' _ 
 
 T) „« 1 
 
 Public 
 
 Other 
 
 Seven Days' 
 
 Total Deposits 
 
 Government 
 
 
 Date. 
 
 Issued. 
 
 Bullion. 
 
 llest. 
 
 Deposits. 
 
 Deposits. 
 
 Bills, See. 
 
 and Bills. 
 
 Securities. 
 
 
 1847. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 2nd Jan.... 
 
 28,258, 
 
 14,258, 
 
 3,470, 
 
 9,991, 
 
 7,904, 
 
 901, 
 
 18,796, 
 
 12,826, 
 
 
 9th „ .... 
 
 27,552, 
 
 13,552, 
 
 3,520, 
 
 5,861, 
 
 9,785, 
 
 975, 
 
 16,620, 
 
 12,757, 
 
 
 16th „ .... 
 
 27,225, 
 
 13,225, 
 
 3,551, 
 
 5.034, 
 
 10,340, 
 
 999, 
 
 16,373, 
 
 12,757, 
 
 
 23rd „ .... 
 
 26,766, 
 
 12,766, 
 
 3,561, 
 
 4,668, 
 
 10,356, 
 
 953, 
 
 15,977, 
 
 12,757, 
 
 
 30th „ .... 
 
 26,173, 
 
 12,173, 
 
 3,644, 
 
 4,463, 
 
 9,660, 
 
 941, 
 
 15,064, 
 
 12,723, 
 
 
 6th Feb. , 
 
 25,504, 
 
 11,504, 
 
 3,651, 
 
 4,668, 
 
 9,183, 
 
 953, 
 
 14,804, 
 
 12,313, 
 
 
 13th „ .... 
 
 25,471, 
 
 11,471, 
 
 3,671, 
 
 5,299, 
 
 9,330, 
 
 896, 
 
 15,524, 
 
 12,102, 
 
 
 20th „ .... 
 
 25,458, 
 
 11,458, 
 
 3,663, 
 
 5,870, 
 
 8,837, 
 
 839, 
 
 15,546, 
 
 11,990, 
 
 
 27th „ .... 
 
 25,350, 
 
 11,350, 
 
 3,899, 
 
 5,928, 
 
 9,322, 
 
 819, 
 
 16,069, 
 
 11,990, 
 
 
 6th March 
 
 24,994, 
 
 10,994, 
 
 3,952, 
 
 6,572, 
 
 9,289, 
 
 847, 
 
 16,707, 
 
 11,990, 
 
 
 13th „ .... 
 
 24,786, 
 
 10,786, 
 
 3,962, 
 
 6,716, 
 
 9,536, 
 
 798, 
 
 17,051, 
 
 11,990, 
 
 
 20th „ .... 
 
 24,488, 
 
 10,488, 
 
 3,972, 
 
 6,472, 
 
 9,962, 
 
 845, 
 
 17,279, 
 
 11,990, 
 
 
 27th „ .... 
 
 24,320, 
 
 10,320, 
 
 3,979, 
 
 6,616, 
 
 9,403, 
 
 835, 
 
 16,854, 
 
 11,990, 
 
 
 3rd April 
 
 23,555, 
 
 9,555, 
 
 3,991, 
 
 6,001, 
 
 9,502, 
 
 960, 
 
 16,464, 
 
 11,990, 
 
 
 10th „ .... 
 
 23,236, 
 
 9,236, 
 
 3,392, 
 
 4,984, 
 
 11,258, 
 
 988, 
 
 17,230, 
 
 13,574, 
 
 
 17th „ .... 
 
 22,801, 
 
 8,801, 
 
 3,397, 
 
 3,011, 
 
 10,005, 
 
 910, 
 
 13,926, 
 
 11,678, 
 
 
 24th „ .... 
 
 22,549, 
 
 8,549, 
 
 3,401, 
 
 2,635, 
 
 9,125, 
 
 867, 
 
 12,627, 
 
 11,117, 
 
 
 1st May.... 
 
 22,507, 
 
 8,507, 
 
 3,413, 
 
 2,299, 
 
 9,312, 
 
 835, 
 
 12,446, 
 
 10,727, 
 
 
 8th „ .... 
 
 22,789, 
 
 8,789, 
 
 3,449, 
 
 2,870, 
 
 8,930, 
 
 814, 
 
 12,614, 
 
 10,308, 
 
 
 15th „ .... 
 
 22,968, 
 
 8,968, 
 
 3,459, 
 
 4,320, 
 
 8,751, 
 
 824, 
 
 13,895, 
 
 10,549, 
 
 
 22nd „ .... 
 
 23,201, 
 
 9,201, 
 
 3,473, 
 
 6,142, 
 
 8,289, 
 
 798, 
 
 15,228, 
 
 11,504, 
 
 
 29th „ .... 
 
 23,290, 
 
 9,290, 
 
 3,472, 
 
 6,978, 
 
 8,432, 
 
 766, 
 
 16,176, 
 
 11,652, 
 
 
 5th June 
 
 23,434, 
 
 9,434, 
 
 3,427, 
 
 7,773, 
 
 8,151, 
 
 786, 
 
 16,709, 
 
 11,713, 
 
 
 12th „ .... 
 
 23,593, 
 
 9,593, 
 
 3,441, 
 
 8,694, 
 
 8,228, 
 
 792, 
 
 17,713, 
 
 11,713, 
 
 
 19th „ .... 
 
 23,633, 
 
 9,633, 
 
 3,454, 
 
 9,258, 
 
 8,160, 
 
 774, 
 
 18,193, 
 
 11,708, 
 
 
 26th „ .... 
 
 23,677, 
 
 9,677, 
 
 3,464, 
 
 9,797, 
 
 7,921, 
 
 764, 
 
 18,481, 
 
 11,707, 
 
 
 3rd July.... 
 
 23,562, 
 
 9,562, 
 
 3,489, 
 
 9,739, 
 
 7,968, 
 
 808, 
 
 18,515, 
 
 11,806, 
 
 
 10th „ .... 
 
 23,305, 
 
 9,305, 
 
 3,552, 
 
 5,245, 
 
 9,305, 
 
 841, 
 
 15,392, 
 
 11,636, 
 
 
 17th „ .... 
 
 23,233, 
 
 9,233, 
 
 3,588, 
 
 4,560, 
 
 8,640, 
 
 833, 
 
 14,033, 
 
 11,636, 
 
 
 24th „ .... 
 
 23,119, 
 
 9,119, 
 
 3,597, 
 
 4,504, 
 
 8,326, 
 
 850, 
 
 13,680, 
 
 11,636, 
 
 
 31st „ .... 
 
 22,667, 
 
 8,667, 
 
 3,607, 
 
 4,504, 
 
 8,316, 
 
 819, 
 
 13,639, 
 
 11,636, 
 
 
 7th Aug.... 
 
 22,635, 
 
 8,635, 
 
 3,704, 
 
 5,571, 
 
 7,886, 
 
 816, 
 
 14,273, 
 
 11,663, 
 
 
 14th „ .... 
 
 22,648, 
 
 8,648, 
 
 3,717, 
 
 6,358, 
 
 7,514, 
 
 806, 
 
 14,678, 
 
 11,636, 
 
 
 21st „ .... 
 
 22,615, 
 
 8,615, 
 
 3,734, 
 
 6,831, 
 
 6,931, 
 
 816, 
 
 14,578, 
 
 11,636, 
 
 
 28th „ .... 
 
 22,566, 
 
 8,566, 
 
 3,684, 
 
 7,194, 
 
 7,106, 
 
 790, 
 
 15,089, 
 
 11,711, 
 
 
 4th Sept. 
 
 22,397, 
 
 8,397, 
 
 3,987, 
 
 7,723, 
 
 6,791, 
 
 843, 
 
 15,357, 
 
 11,636, 
 
 
 11th „ .... 
 
 22,307, 
 
 8,307, 
 
 4,000, 
 
 8,166, 
 
 6,981, 
 
 814, 
 
 15,961, 
 
 11,636, 
 
 
 18th „ .... 
 
 22,205, 
 
 8,205, 
 
 4,021, 
 
 8,749, 
 
 7,185, 
 
 817, 
 
 16,751, 
 
 11,636, 
 
 
 25th „ .... 
 
 22,191, 
 
 8,191, 
 
 4,043, 
 
 9,448, 
 
 7,484, 
 
 820, 
 
 17,752, 
 
 11,636, 
 
 
 2nd Oct.... 
 
 22,122, 
 
 8,122, 
 
 4,065, 
 
 9,329, 
 
 7,962, 
 
 865, 
 
 18,156, 
 
 11,661, 
 
 
 9th „ ... 
 
 21,962, 
 
 7,962, 
 
 4,088, 
 
 9,415, 
 
 7,714, 
 
 863, 
 
 17,992, 
 
 11,426, 
 
 
 16th „ ... 
 
 21,990, 
 
 7,990, 
 
 3,495, 
 
 5,497, 
 
 8,675, 
 
 904, 
 
 15,075, 
 
 11,089, 
 
 
 23rd „ ... 
 
 21,865, 
 
 7,865, 
 
 3,514, 
 
 4,766, 
 
 8,581, 
 
 947, 
 
 14,294, 
 
 10,900, 
 
 
 30th „ ... 
 
 22,009, 
 
 8,009, 
 
 3,538, 
 
 4,696, 
 
 8,911, 
 
 931, 
 
 14,539, 
 
 10,614, 
 
 
 6th Nov... 
 
 22,427, 
 
 8,427, 
 
 3,581, 
 
 4,991, 
 
 8,804, 
 
 922, 
 
 14,717, 
 
 10,599, 
 
 
 13th „ ... 
 
 22,848, 
 
 8,848, 
 
 3,611, 
 
 5,992, 
 
 8,312, 
 
 884, 
 
 15,188, 
 
 10,584, 
 
 
 20th „ ... 
 
 23,526, 
 
 9,526, 
 
 3,623, 
 
 7,220, 
 
 7,866, 
 
 881, 
 
 15,968, 
 
 10,634, 
 
 
 27th „ ... 
 
 23,956, 
 
 9,956, 
 
 3,630, 
 
 7,730, 
 
 8,239, 
 
 891, 
 
 16,859, 
 
 10,917, 
 
 
 4th Dec. 
 
 24,366, 
 
 10,366, 
 
 3,587, 
 
 7,800, 
 
 8,441, 
 
 886, 
 
 17,127, 
 
 10,947, 
 
 
 11th „ ... 
 
 24,770, 
 
 10,770, 
 
 3,601, 
 
 8,230, 
 
 8,437, 
 
 861, 
 
 17,528, 
 
 10,947, 
 
 
 18th „ ... 
 
 25,309, 
 
 11,309, 
 
 3,609, 
 
 8,763, 
 
 8,607, 
 
 857, 
 
 lcS,227, 
 
 10,99S, 
 
 
 24th „ ... 
 
 25,609, 
 
 11,609, 
 
 3,619, 
 
 9,236, 
 
 8,213, 
 
 807, 
 
 18,286, 
 
 11,065, 
 
 
Hani- Charter Act of 1844. 
 
 1st September, 1844, to end of 1871 — Contd, 
 
 liO 
 
 1847. 
 
 
 Issue above Bullion, 11,000,000/. Banking Depar 
 
 it, Fixe I [tern — Capital, 1 1 
 
 ,553 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Kate of 
 
 Circulation 
 
 Bankers' 
 
 Hills 
 
 Temporary 
 
 i i . 
 
 
 Securities. 
 
 Silver Coin. 
 
 lleserve. 
 
 Discount. 
 
 above Bullion. 
 
 BalanB 
 
 Discounted. 
 
 e 
 
 i J 
 
 A.UT8 
 
 Date. 
 
 £ 
 
 £ 
 
 £ 
 
 Per rut. 
 
 £ 
 
 £ 
 
 t 
 
 1847. 
 
 
 15,072, 
 
 693, 
 
 8,227, 
 
 3 
 
 5,773, 
 
 1,464, 
 
 7,65 1, 
 
 1.:;-.;. 
 
 2nd Jan. 
 
 
 14,465, 
 
 756, 
 
 6,715, 
 
 >> 
 
 7,285, 
 
 2.570, 
 
 7,490, 
 
 '.'7". 
 
 '.Mh „ 
 
 
 14,451, 
 
 723, 
 
 6,546, 
 
 :;.'. 
 
 7. 154, 
 
 1,179, 
 
 7,62 1, 
 
 832, 
 
 ll „ 
 
 
 14,490, 
 
 677, 
 
 6,167, 
 
 4 
 
 7,833, 
 
 1,643, 
 
 7,711, 
 
 7.'/.', 
 
 ■d „ 
 
 
 1 1.106, 
 
 729, 
 
 5,704, 
 
 >> 
 
 8,296, 
 
 1,508, 
 
 7,681 >, 
 
 72 1. 
 
 80th 
 
 
 14,020, 
 
 783, 
 
 5,891, 
 
 >, 
 
 8,109, 
 
 912, 
 
 7,706, 
 
 654, 
 
 6th Feb. 
 
 
 15,071, 
 
 828, 
 
 5,747, 
 
 >> 
 
 8,253, 
 
 1,312, 
 
 8,6<)1, 
 
 M »9, 
 
 L3th „ 
 
 
 15,039, 
 
 756, 
 
 5,977, 
 
 „ 
 
 8,023, 
 
 1,060, 
 
 8,507, 
 
 791, 
 
 20th ,. 
 
 
 15,819, 
 
 695, 
 
 6,017, 
 
 >> 
 
 7.983, 
 
 1,288, 
 
 8,879, 
 
 899, 
 
 27th .. 
 
 
 16,906, 
 
 602, 
 
 5,715, 
 
 ,) 
 
 8,285, 
 
 1,096, 
 
 9.500, 
 
 1,362, 
 
 6th Mar. 
 
 
 17,359, 
 
 663, 
 
 5,554, 
 
 ,, 
 
 8,446, 
 
 1,609, 
 
 9,978, 
 
 1,343, 
 
 13th .. 
 
 
 17,651, 
 
 74 1 . 
 
 5,419, 
 
 }> 
 
 8,581, 
 
 1,760, 
 
 10,312, 
 
 1,3" !. 
 
 20th „ 
 
 
 17,824, 
 
 695, 
 
 4*876, 
 
 ;> 
 
 9,124, 
 
 1,300, 
 
 10,360, 
 
 1,442, 
 
 27th .. 
 
 
 ' 18,627, 
 
 692, 
 
 3,700, 
 
 » 
 
 10,300, 
 
 1,537, 
 
 11,116, 
 
 1 . 160, 
 
 3rd April 
 
 
 18,136, 
 
 631, 
 
 2,833, 
 
 5 
 
 11,167, 
 
 2,540, 
 
 11,320, 
 
 S56, 
 
 10th „ 
 
 
 17,111, 
 
 529, 
 
 2,558, 
 
 j) 
 
 11, 1 12, 
 
 1,605, 
 
 10,655, 
 
 492, 
 
 17th „ 
 
 
 16,080, 
 
 665, 
 
 2,719, 
 
 >> 
 
 11,281, 
 
 1,067, 
 
 9,755, 
 
 363, 
 
 24th „ 
 
 
 16,113, 
 
 831, 
 
 2,741, 
 
 55 
 
 11,259, 
 
 1,399, 
 
 9,993, 
 
 230, 
 
 1A May 
 
 
 16,312, 
 
 800, 
 
 3,197, 
 
 55 
 
 10,803, 
 
 1,360, 
 
 10,136, 
 
 346, 
 
 8th „ 
 
 
 16,662, 
 
 902, 
 
 3,793, 
 
 55 
 
 10,207, 
 
 1,369, 
 
 9,934, 
 
 907, 
 
 15th „ 
 
 
 16,582, 
 
 748, 
 
 4,420, 
 
 55 
 
 9,580, 
 
 1,016, 
 
 9,465, 
 
 1,285, 
 
 22nd „ 
 
 
 17,042, 
 
 879, 
 
 4,628, 
 
 55 
 
 9,372, 
 
 1,212, 
 
 9,450, 
 
 1,75 1, 
 
 29th „ 
 
 
 17,085, 
 
 802, 
 
 5,089, 
 
 55 
 
 8,911, 
 
 1,190, 
 
 9,333, 
 
 1,927, 
 
 5th June 
 
 
 17,853, 
 
 766, 
 
 5,375, 
 
 55 
 
 8,625, 
 
 1,419, 
 
 9,408, 
 
 2,609, 
 
 12th „ 
 
 
 17,947, 
 
 879, 
 
 5,665, 
 
 35 
 
 8,335, 
 
 1,179, 
 
 9,324, 
 
 2,830, 
 
 19th „ 
 
 
 18,316, 
 
 850, 
 
 5,626, 
 
 35 
 
 8,371, 
 
 898, 
 
 9,084, 
 
 3.436, 
 
 26th „ 
 
 
 18,758, 
 
 834, 
 
 5,158, 
 
 I) 
 
 8,842, 
 
 881, 
 
 9,261, 
 
 3,716, 
 
 3rd July 
 
 
 16,747, 
 
 782, 
 
 4,331, 
 
 55 
 
 9,669, 
 
 1,521, 
 
 9,080, 
 
 1,892, 
 
 10th „ 
 
 
 15,783, 
 
 686, 
 
 4,069, 
 
 55 
 
 9,931, 
 
 1,313, 
 
 9,089, 
 
 1,301, 
 
 17th „ 
 
 
 15,325, 
 
 651, 
 
 4,216, 
 
 55 
 
 9,784, 
 
 1,270, 
 
 8,999, 
 
 936, 
 
 24th „ 
 
 
 15.724, 
 
 664, 
 
 3,775, 
 
 33 
 
 10,225, 
 
 1,433, 
 
 9,218, 
 
 1,131, 
 
 31st ., 
 
 
 16,302, 
 
 618, 
 
 3,946, 
 
 H 
 
 10,054, 
 
 1,312, 
 
 9,124, 
 
 1,833, 
 
 7th Aug. 
 
 
 16,681, 
 
 638, 
 
 3,992, 
 
 >) 
 
 10,008, 
 
 1,241, 
 
 9,369, 
 
 1,970, 
 
 14th „ 
 
 
 16,166, 
 
 625, 
 
 4,488, 
 
 55 
 
 9,512, 
 
 1,067, 
 
 9,107, 
 
 1,720, 
 
 21st „ 
 
 
 16,711, 
 
 574, 
 
 4,330, 
 
 35 
 
 9,670, 
 
 1,356, 
 
 9,163, 
 
 2,285, 
 
 28th „ 
 
 
 17,508, 
 
 562, 
 
 4,190, 
 
 53 
 
 9,810, 
 
 1,153, 
 
 8,727. 
 
 3,146, 
 
 4th Sept. 
 
 
 17,803, 
 
 608, 
 
 4,467, 
 
 5 
 
 9,533, 
 
 1,267, 
 
 8,528, 
 
 3,640, 
 
 lit]! ., 
 
 
 18,740, 
 
 675, 
 
 4,273, 
 
 „ 
 
 9,727, 
 
 1,078, 
 
 8,676, 
 
 4,459, 
 
 18th „ 
 
 
 20,007, 
 
 592, 
 
 4,112, 
 
 j> 
 
 9,888, 
 
 1,194, 
 
 9,505, 
 
 4,826, 
 
 25th „ 
 
 
 21,260, 
 
 444, 
 
 3,409, 
 
 }■> 
 
 10.591, 
 
 1,599, 
 
 10,399, 
 
 5,266, 
 
 2nd Oct. 
 
 
 21,437, 
 
 447, 
 
 3,322, 
 
 >> 
 
 10,678, 
 
 1,321, 
 
 10,978, 
 
 4,651, 
 
 9th .. 
 
 
 18,963, 
 
 441, 
 
 2,630, 
 
 2 
 
 11,370, 
 
 1,905, 
 
 11,907, 
 
 1,140, 
 
 16th „ 
 
 
 19,467, 
 
 447, 
 
 1,154, 
 
 3> 
 
 12,846, 
 
 1,615, 
 
 12,492, 
 
 1,087, 
 
 23rd „ 
 
 
 20,410, 
 
 429, 
 
 1,177, 
 
 8 
 
 12,823, 
 
 1 .988, 
 
 12,738, 
 
 1,728, 
 
 3lHli .. 
 
 
 19,920, 
 
 303, 
 
 2,030, 
 
 jj 
 
 11,970, 
 
 2.H60, 
 
 12,338, 
 
 1,681, 
 
 6th N 
 
 
 19,560, 
 
 410, 
 
 2,798, 
 
 >j 
 
 11,202, 
 
 1,929, 
 
 11.7s :. 
 
 1,836, 
 
 13th .. 
 
 
 18,791, 
 
 491, 
 
 4,228, 
 
 ?> 
 
 9,772, 
 
 1,757, 
 
 10,866, 
 
 1,916, 
 
 2« 'tli .. 
 
 
 18,532, 
 
 577, 
 
 4,987, 
 
 7 
 
 9,013, 
 
 1 .9 14, 
 
 10,453, 
 
 2.< >65, 
 
 27th .. 
 
 
 18,070, 
 
 667, 
 
 5,583, 
 
 6 
 
 8,417, 
 
 1 .759, 
 
 9,995, 
 
 2,082, 
 
 4th Dec. 
 
 
 17,631, 
 
 656, 
 
 0.119, 
 
 >, 
 
 7,551, 
 
 2,112, 
 
 9,528, 
 
 2.1 «>2. 
 
 llth .. 
 
 
 17#158, 
 
 682, 
 
 7.551, 
 
 ,, 
 
 6,119, 
 
 1,805, 
 
 9,004, 
 
 2.1 i:>. 
 
 L8th .. 
 
 ' 
 
 16,979, 
 
 627, 
 
 7.786, 
 
 5 
 
 6,214, 
 
 1,431, 
 
 8.511, 
 
 2,438, 
 
 21th ., 
 
130 
 
 1848. 
 
 Seyd — On the Operation of the 
 
 * 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100/.; Other Securities, 2,984,900Z. 
 
 Date. 
 
 
 » 
 
 33 
 
 33 
 
 1818. 
 
 1st Jan 
 
 8th „ 
 15th 
 22nd 
 29th „ 
 
 5th Feb 
 12th „ 
 19th „ 
 26th „ .... 
 
 4th March 
 11th 
 18th 
 25th 
 
 1st April 
 
 8th „ ... 
 15th „ ... 
 22nd „ ... 
 29th „ ... 
 
 6th May... 
 13th 
 20th 
 27th 
 
 3rd June 
 10th „ . 
 17th 
 24th 
 
 1st July 
 
 8th 
 15th 
 22nd 
 29th „ 
 
 5th Aug 
 12th „ 
 19th 
 26th 
 
 2nd Sept 
 
 9th „ 
 16th „ 
 23rd „ 
 30th „ 
 
 7th Oct. 
 
 Notes 
 Issued. 
 
 33 
 33 
 
 J) 
 33 
 
 33 
 
 3) 
 
 33 
 
 33 
 
 14th „ ... 
 21st „ ... 
 18th „ ... 
 24th Nov... 
 
 lth „ ... 
 18th „ ... 
 25th „ ... 
 
 2nd Dec... 
 
 9th 
 16th 
 23 rd 
 30th 
 
 33 
 33 
 33 
 3) 
 
 £ 
 25,791, 
 25,877, 
 26,247, 
 26,559, 
 20,782, 
 27,211, 
 27,583, 
 27,891, 
 28,102, 
 28,206, 
 28,236, 
 28,414, 
 28,556, 
 28,543, 
 28,208, 
 27,165, 
 26,622, 
 26,262, 
 26,176, 
 26,364, 
 26,661, 
 26,744, 
 26,860, 
 27,132, 
 27,353, 
 27,537, 
 27,646, 
 27,673, 
 27,594, 
 27,452, 
 27,063, 
 26,690, 
 26,694, 
 26,764, 
 26,853, 
 26,884, 
 26,959, 
 27,199, 
 27,237, 
 27,121, 
 26,824, 
 26,739, 
 26,593, 
 26,608, 
 26,797, 
 26,961, 
 27,199, 
 27,387, 
 27,416, 
 27,734, 
 27,982, 
 28,185, 
 28,227, 
 
 Bullion. 
 
 Rest. 
 
 £ 
 
 £ 
 
 11,791, 
 
 3,640, 
 
 11,877, 
 
 3,685, 
 
 12,247, 
 
 3,720, 
 
 12,559, 
 
 3,726, 
 
 12,782, 
 
 3,727, 
 
 13,211, 
 
 3,804, 
 
 13,583, 
 
 3,805, 
 
 13,891, 
 
 3,798, 
 
 14,102, 
 
 3,739, 
 
 14,206, 
 
 3,981, 
 
 14,236, 
 
 3,985, 
 
 14,414, 
 
 3,992, 
 
 14,556, 
 
 3,996, 
 
 14,543, 
 
 4,001, 
 
 14,208, 
 
 3,396, 
 
 13,165, 
 
 3,401, 
 
 12,622, 
 
 3,405, 
 
 12,262, 
 
 3,408, 
 
 12,176, 
 
 3,436, 
 
 12,364, 
 
 3,439, 
 
 12,661, 
 
 3,442, 
 
 12,744, 
 
 3,392, 
 
 12,860, 
 
 3,385, 
 
 13,132, 
 
 3,391, 
 
 13,353, 
 
 3,397, 
 
 13,537, 
 
 3,401, 
 
 13,646, 
 
 3,414, 
 
 13,673, 
 
 3,471, 
 
 13,594, 
 
 3,492, 
 
 13,452, 
 
 3,499, 
 
 13,063, 
 
 3,507, 
 
 12,690, 
 
 3,599, 
 
 12,694, 
 
 3,605, 
 
 12,764, 
 
 3,609, 
 
 12,853, 
 
 3,557, 
 
 12,884, 
 
 3,826, 
 
 12,959, 
 
 3,829, 
 
 13,199, 
 
 3,832, 
 
 13,237, 
 
 3,835, 
 
 13,121, 
 
 3,837, 
 
 12,824, 
 
 3,846, 
 
 12,739, 
 
 3,383, 
 
 12,593, 
 
 3,387, 
 
 12,608, 
 
 3,388, 
 
 12,797, 
 
 3,416, 
 
 12,961, 
 
 3,419, 
 
 13,199, 
 
 3,422, 
 
 13,387, 
 
 3,418, 
 
 13,416, 
 
 3,366, 
 
 13,734, 
 
 3,374, 
 
 13,982, 
 
 3,377, 
 
 13,185, 
 
 3,380, 
 
 13 ,jv 7 
 
 3,383, 
 
 Tulilic 
 
 Deposits. 
 
 £ 
 9,012, 
 5,414, 
 4,335, 
 4,082, 
 4,171, 
 4,574, 
 5,383, 
 6,032, 
 6,417, 
 6,575, 
 6,883, 
 6,957, 
 7,453, 
 7,140, 
 4,586, 
 3,121, 
 2,321, 
 2,283, 
 2,437, 
 3,443, 
 4,417, 
 4,866, 
 5,217, 
 5,654, 
 5,912, 
 6,601, 
 6,603, 
 4,113, 
 2,621, 
 2,41.1, 
 2,303, 
 2,888, 
 3,832, 
 4,545, 
 4,868, 
 5,022, 
 5,460, 
 6,196, 
 6,799, 
 7,009, 
 6,962, 
 4,297, 
 3,163, 
 2,619, 
 2,616, 
 4,038, 
 5,149, 
 5,992, 
 6,211, 
 7,061, 
 7,909, 
 8,572, 
 8,598, 
 
 Oilier 
 Deposits. 
 
 £ 
 
 8,523, 
 
 10,858, 
 
 10,676, 
 
 10,775, 
 
 10,768, 
 
 10,299, 
 
 9,962, 
 
 9,798, 
 
 9,551, 
 
 9,250, 
 
 9,525, 
 
 9,773, 
 
 9,354, 
 
 9,580, 
 
 11,962, 
 
 11,951, 
 
 11,436, 
 
 11,050, 
 
 10,251, 
 
 9,756, 
 
 9,190, 
 
 9,135, 
 
 9,083, 
 
 9,056, 
 
 9,157, 
 
 8,854, 
 
 9,020, 
 
 11,581, 
 
 11,709, 
 
 11,377, 
 
 10,836, 
 
 9,969, 
 
 9,441, 
 
 8,576, 
 
 6,716, 
 
 8,825, 
 
 8,771, 
 
 8,731, 
 
 8,692, 
 
 8,146, 
 
 8,053, 
 
 10,675, 
 
 10,661, 
 
 10,921, 
 
 10,795, 
 
 10,648, 
 
 10,015, 
 
 9,933, 
 
 9,815, 
 
 9,568, 
 
 9,250, 
 
 8,951, 
 
 8,871, 
 
 Seven Days' 
 Bills, &c. 
 
 £ 
 
 805, 
 
 846, 
 
 903, 
 
 903, 
 
 905, 
 
 898, 
 
 902, 
 
 867, 
 
 829, 
 
 830, 
 
 840, 
 
 870, 
 
 904, 
 
 926, 
 
 1,008, 
 
 1,026, 
 
 1,022, 
 
 1,081, 
 
 1,077, 
 
 1,101, 
 
 1,026, 
 
 1,032, 
 
 1,038, 
 
 1,054, 
 
 1,011, 
 
 1,011, 
 
 1,036, 
 
 1,138, 
 
 1,150, 
 
 1,127, 
 
 1,117, 
 
 1,110, 
 
 1,088, 
 
 1,101, 
 
 1,053, 
 
 1,017, 
 
 992, 
 
 991, 
 
 982, 
 
 1,021, 
 
 1,028, 
 
 1,065, 
 
 1,087, 
 
 1,041, 
 
 1,049, 
 
 1,042, 
 
 1,036, 
 
 1,057, 
 
 1,037, 
 
 1,003, 
 
 965, 
 
 967, 
 
 972, 
 
 Total Deposits 
 and Bills. 
 
 £ 
 18,340, 
 17,119, 
 15,904, 
 15,761, 
 15,844, 
 15,771, 
 16,247, 
 16,697, 
 16,797, 
 16,655, 
 17,248, 
 17,600, 
 17,711, 
 17,647, 
 17,556, 
 16,098, 
 14,779, 
 14,414, 
 13,765, 
 14,300, 
 14,633, 
 15,034, 
 15,338, 
 15,765, 
 16,080, 
 16,465, 
 16,659, 
 16,831, 
 15,481, 
 14,915, 
 14,256, 
 13,967, 
 14,361, 
 14,222, 
 14,637, 
 14,863, 
 15,224, 
 15,919, 
 16,473, 
 16,176, 
 16,044, 
 16,037, 
 14,911, 
 14,581, 
 14,460, 
 15,728, 
 16,200, 
 16,982, 
 17,062, 
 17,632, 
 18,123, 
 18,491, 
 18,412, 
 
 Government 
 Securities. 
 
 £ 
 11,064, 
 10,993, 
 11,203, 
 11,465, 
 11,554, 
 11,554, 
 11,575, 
 11,575, 
 11,575, 
 11,575, 
 11,575, 
 11,572, 
 11,688, 
 11,722, 
 12,683, 
 12,734, 
 12,269, 
 12,034, 
 11,714, 
 11,714, 
 11,614, 
 11,751, 
 11,970, 
 12,097, 
 12,089, 
 12,411, 
 12,523, 
 13,603, 
 13,208, 
 12,808, 
 12,523, 
 12,463, 
 12,463, 
 12,463, 
 12,463, 
 12,463, 
 12,463, 
 12,676, 
 12,776, 
 12,862, 
 12,862, 
 13,845, 
 13,400, 
 12,950, 
 12,769, 
 13,329, 
 13,329, 
 13,459, 
 13,329, 
 13,329, 
 13,329, 
 13,484, 
 13,595, 
 
Bank Ofiarter Act of L844. 
 
 l.;l 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 1848. 
 
 
 Issue abo 1 
 
 ~e Bullion 
 
 , 14,000,000?. Bo 
 
 nking Depart 
 
 ment, Fixe 
 
 I Item Capital, 1 1 
 
 .>.»:'.< M H i/. 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Rate of 
 
 Circulation 
 
 Bnnki n' 
 
 Mills 
 
 Temporary 
 
 Date. 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Balance*. 
 
 Discounted. 
 
 Advances. 
 
 
 £ 
 
 £ 
 
 £ 
 
 Per cut. 
 
 £ 
 
 £ 
 
 c 
 
 e 
 
 IMS. 
 
 
 16,989, 
 
 613, 
 
 7,866, 
 
 5 
 
 6,13 1, 
 
 1,929, 
 
 8,100, 
 
 2,873, 
 
 1 if .Jan 
 
 
 16,346, 
 
 702, 
 
 7,315, 
 
 >> 
 
 6,685, 
 
 3,771, 
 
 7.';;,7. 
 
 2,701, 
 
 8th „ 
 
 
 15,255, 
 
 577, 
 
 7,152, 
 
 ,, 
 
 6,848, 
 
 3,123, 
 
 7.7:'. 1. 
 
 L,793, 
 
 L5th ,, 
 
 
 14,510, 
 
 618, 
 
 7,417, 
 
 >, 
 
 6,553, 
 
 3,813, 
 
 7,082, 
 
 1,840, 
 
 22nd „ 
 
 
 14,322, 
 
 608, 
 
 7,640, 
 
 4 
 
 6,360, 
 
 3,678, 
 
 6,652, 
 
 1,885, 
 
 29th 
 
 
 13,889, 
 
 611, 
 
 8,075, 
 
 >, 
 
 5,925, 
 
 3,003, 
 
 6,1.V>, 
 
 1,930, 
 
 5th Fob. 
 
 
 13,344, 
 
 622, 
 
 9,064, 
 
 >» 
 
 4,936, 
 
 2,430, 
 
 5,7(i9, 
 
 1,668, 
 
 1 -tit „ 
 
 
 12,988, 
 
 679, 
 
 9,806, 
 
 )> 
 
 4,194, 
 
 2,201, 
 
 5,53(>, 
 
 1,55 1. 
 
 19th „ 
 
 
 12,933, 
 
 659, 
 
 9,922, 
 
 ,, 
 
 4,078, 
 
 2,251, 
 
 
 1 .758, 
 
 26th .. 
 
 
 13,115, 
 
 668, 
 
 9,830, 
 
 j) 
 
 4,170, 
 
 1,676, 
 
 5,051, 
 
 1,761, 
 
 llli Mar. 
 
 
 12,955, 
 
 712, 
 
 10,545, 
 
 •i 
 
 3,455, 
 
 2,016, 
 
 4,867, 
 
 1,786, 
 
 lllh „ 
 
 
 12,897, 
 
 709, 
 
 10,967, 
 
 >, 
 
 3,033, 
 
 2,042, 
 
 4,823, 
 
 1,775, 
 
 18th „ 
 
 
 12,858, 
 
 760, 
 
 10,953, 
 
 >> 
 
 3,047, 
 
 1,745, 
 
 4,780, 
 
 1,783, 
 
 25th „ 
 
 
 12,936, 
 
 668, 
 
 10,875, 
 
 ,, 
 
 3,125, 
 
 1,846, 
 
 4,779, 
 
 1,762, 
 
 1st April 
 
 
 12,460, 
 
 594, 
 
 9,768, 
 
 >, 
 
 4,232, 
 
 3,707, 
 
 4,681, 
 
 1,574, 
 
 8th „ 
 
 
 12,150, 
 
 599, 
 
 8,569, 
 
 >> 
 
 5,431, 
 
 3,997, 
 
 4,601, 
 
 1,347, 
 
 15th ,, 
 
 
 12,002, 
 
 606, 
 
 7,860, 
 
 »> 
 
 6,140, 
 
 3,805, 
 
 4,173, 
 
 1,329, 
 
 22nd „ 
 
 
 12,065, 
 
 617, 
 
 7,659, 
 
 )! 
 
 6,341, 
 
 3,365, 
 
 4,400, 
 
 1,365, 
 
 29th „ 
 
 
 11,836, 
 
 650, 
 
 7,554, 
 
 J, 
 
 6,146, 
 
 2,826, 
 
 4,227, 
 
 1,395, 
 
 6th May 
 
 
 11,816, 
 
 726, 
 
 8,037, 
 
 J, 
 
 5,963, 
 
 2,382, 
 
 4,191, 
 
 1,411, 
 
 13th „ 
 
 
 11,631, 
 
 718, 
 
 8,566, 
 
 5, 
 
 5,434, 
 
 2,029, 
 
 4,046, 
 
 1,384, 
 
 20th „ 
 
 
 11,525, 
 
 771, 
 
 8,932, 
 
 5, 
 
 5,0(38, 
 
 1,899, 
 
 4,000, 
 
 1,333, 
 
 27th „ 
 
 
 11,489, 
 
 737, 
 
 9,081, 
 
 >, 
 
 4,919, 
 
 1,797, 
 
 3,953, 
 
 1,348, 
 
 3rd June 
 
 
 11,399, 
 
 708, 
 
 9,505, 
 
 ,, 
 
 4,495, 
 
 1.759, 
 
 3,811, 
 
 1,401, 
 
 10th „ 
 
 
 11,149, 
 
 817, 
 
 9,975, 
 
 3h 
 
 4,025, 
 
 1,676, 
 
 3,672, 
 
 1,377, 
 
 17th „ 
 
 
 11,229, 
 
 771, 
 
 10,008, 
 
 ,, 
 
 3,992, 
 
 1,453, 
 
 3,636, 
 
 1,420, 
 
 24th „ 
 
 
 11,266, 
 
 772, 
 
 10,065, 
 
 5) 
 
 3,935, 
 
 1,530, 
 
 3,680, 
 
 1,415, 
 
 l?t July 
 
 
 11,255, 
 
 685, 
 
 9,312, 
 
 5) 
 
 4,688, 
 
 3,570, 
 
 3,790, 
 
 1,317, 
 
 8th „ 
 
 
 11,200, 
 
 669, 
 
 8,449, 
 
 >» 
 
 5,551, 
 
 3,574, 
 
 3,781, 
 
 1,226, 
 
 15th „ 
 
 
 11,091, 
 
 657, 
 
 8,411, 
 
 5, 
 
 5,589, 
 
 3,352, 
 
 3,674, 
 
 1,213, 
 
 22nd „ 
 
 
 11,027, 
 
 647, 
 
 8,119, 
 
 ,, 
 
 5,881, 
 
 2,878, 
 
 3,609, 
 
 1,215, 
 
 29th „ 
 
 
 10,952, 
 
 706, 
 
 7,998, 
 
 »> 
 
 6,002, 
 
 2,240, 
 
 3,595, 
 
 1,223, 
 
 5th Aug. 
 
 
 10,857, 
 
 671, 
 
 8,528, 
 
 5> 
 
 5,472, 
 
 1,708, 
 
 3,528, 
 
 1,224, 
 
 12th „ 
 
 
 10,863, 
 
 608, 
 
 8,450, 
 
 ,, 
 
 5,550, 
 
 1,697, 
 
 3,496, 
 
 1,266, 
 
 19th „ 
 
 
 10,899, 
 
 651, 
 
 8,734, 
 
 ,5 
 
 5,266, 
 
 1 ,605, 
 
 3,538, 
 
 1,260, 
 
 26th „ 
 
 
 11,369, 
 
 626, 
 
 8,785, 
 
 ,, 
 
 5,215, 
 
 1,626, 
 
 3,580, 
 
 1,299, 
 
 2nd Sept 
 
 
 11,321, 
 
 708, 
 
 9,114, 
 
 ,, 
 
 4,886, 
 
 1,430, 
 
 3,522, 
 
 1,315, 
 
 9th „ 
 
 
 11,492, 
 
 624, 
 
 9,511, 
 
 5) 
 
 4,489, 
 
 1,468, 
 
 3,56 1, 
 
 1,346, 
 
 16th „ 
 
 
 11,531, 
 
 628, 
 
 9,926, 
 
 )) 
 
 4,074, 
 
 1,375, 
 
 3,612, 
 
 1,343, 
 
 23rd „ 
 
 
 11,574, 
 
 558, 
 
 9,572, 
 
 » 
 
 4,428, 
 
 96(5, 
 
 3,548, 
 
 1 .525, 
 
 30th „ 
 
 
 11,630, 
 
 594, 
 
 9,348, 
 
 >> 
 
 4,652, 
 
 1,033, 
 
 3,453, 
 
 1,719, 
 
 7th Oct. 
 
 
 11,202, 
 
 520, 
 
 8,405, 
 
 ,, 
 
 5,595, 
 
 3.118, 
 
 3. 147, 
 
 1,138, 
 
 11th „ 
 
 
 10,847, 
 
 570, 
 
 8,033, 
 
 J) 
 
 5,967, 
 
 3,341, 
 
 3,355, 
 
 1,174, 
 
 21st „ 
 
 
 10,889, 
 
 665, 
 
 8,018, 
 
 ,J 
 
 5,982, 
 
 3,389, 
 
 3,296, 
 
 1,171, 
 
 28th „ 
 
 
 10,806, 
 
 611, 
 
 8,243, 
 
 3 
 
 5,757, 
 
 2,916, 
 
 3,270, 
 
 1,176, 
 
 4th Nov. 
 
 
 10,758, 
 
 718, 
 
 8,895, 
 
 >> 
 
 5,105, 
 
 2,868, 
 
 3.223. 
 
 1,176, 
 
 Hth „ 
 
 
 10,769, 
 
 721, 
 
 9,356, 
 
 >» 
 
 4,611. 
 
 2,2!»2, 
 
 3.262, 
 
 1,148, 
 
 18th „ 
 
 
 10,754, 
 
 753, 
 
 9,986, 
 
 », 
 
 4,011. 
 
 2,121, 
 
 3,239, 
 
 1,136, 
 
 25th „ 
 
 
 10,713, 
 
 851, 
 
 10,088, 
 
 >> 
 
 3,912, 
 
 1,986, 
 
 3,226, 
 
 1.106, 
 
 2nd Doc. 
 
 
 10,669, 
 
 790, 
 
 10,772, 
 
 >) 
 
 3,228, 
 
 1,671, 
 
 3,182, 
 
 1,109, 
 
 9th „ 
 
 
 10,670, 
 
 808, 
 
 11,246, 
 
 ,, 
 
 2,754, 
 
 1,653, 
 
 3,221, 
 
 1,072. 
 
 16th „ 
 
 
 10,815, 
 
 816, 
 
 11,309, 
 
 >> 
 
 2,691, 
 
 1,362, 
 
 3,308, 
 
 1,134, 
 
 23rd „ 
 
 
 10,938, 
 
 728, 
 
 11,097, 
 
 >) 
 
 2,903, 
 
 1,433, 
 
 3,380, 
 
 1,190, 
 
 30th .. 
 
182 
 
 Seyj> — On the Operation of tho 
 
 1849. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,1007. ; Other Securities, 2,981,9007. 
 
 Date. 
 
 55 
 5, 
 
 55 
 
 J) 
 
 55 
 55 
 55 
 
 1849. 
 
 6th Jan 
 13th „ 
 20th „ 
 27th „ 
 
 3rd Feb 
 10th 
 17th 
 24th „ .... 
 
 3rd March 
 10th „ .... 
 17th 
 24th 
 31st „ .. 
 
 7th April 
 14th 
 21st 
 28th 
 
 5th May 
 12th „ ... 
 19th „ ... 
 26th „ ... 
 
 2nd June 
 
 9th „ ... 
 16th „ ... 
 23rd „ ... 
 30th „ ... 
 
 7th July... 
 14th „ ... 
 21th „ ... 
 28th „ ... 
 
 4th Aug... 
 11th „ ... 
 18th „ ... 
 25th „ ... 
 
 1st Sept. 
 
 8th 
 15th 
 22nd 
 29th „ 
 
 6th Oct. 
 13th „ 
 20th „ 
 27 th „ 
 
 3rd Nov 
 10th „ 
 17th „ 
 24th „ 
 
 1st Dec. 
 
 8th 
 15th 
 22nd 
 29th 
 
 5) 
 
 55 
 
 55 
 
 Notes 
 Issued. 
 
 
 £ 
 28,235 
 28,198 
 28,270 
 28,316 
 28,331 
 28,447 
 28,596 
 28,405 
 28,315 
 28,548 
 28,552 
 28,582 
 28,407 
 28,019 
 27,928 
 27,770 
 27,602 
 27.495 
 27,461 
 27,518 
 27,500 
 27,554 
 27,770 
 28,066 
 28,305 
 28,301 
 28,073 
 27,927 
 27,834 
 27,746 
 27,496 
 27,649 
 27,637 
 27,790 
 27,919 
 27,908 
 27,911 
 28,247 
 28,292 
 28,268 
 28,150 
 28,252 
 28,471 
 28,606 
 28,818 
 29,209 
 29,570 
 29,720 
 29,984 
 30,137 
 30,285 
 30,238 
 
 Bullion. 
 
 £ 
 14,235 
 14,198 
 14,270 
 14,316 
 14,331 
 14,447 
 14,596 
 14,405 
 14,315 
 14,548 
 14,552 
 14,582 
 14,407 
 14,019 
 13,928 
 13,770 
 13,602 
 13,495 
 13,461 
 13,518 
 13,500 
 13,554 
 13,770 
 14,066 
 14,305 
 14,301 
 14,073 
 13,927 
 13,834 
 13,746 
 13,496 
 13,649 
 13,637 
 13,790 
 13,919 
 13,908 
 13,911 
 14,247 
 14,292 
 14,268 
 14,150 
 14,252 
 14,471 
 14,606 
 14,818 
 15,209 
 15,570 
 15,720 
 15,984 
 16,137 
 16,285 
 16,238 
 
 Rest. 
 
 £ 
 3,401 
 3,458 
 3,481 
 3,488 
 3,577 
 3,579 
 3,580 
 3,515 
 3,855 
 3,859 
 3,861 
 3,863 
 3,866 
 3,080 
 3,122 
 3,124 
 3,127 
 3,153 
 3,156 
 3,157 
 3,152 
 3,104 
 3,104 
 3,110 
 3,111 
 3,113 
 3,133 
 3,213 
 3,216 
 3,221 
 3,311 
 3,312 
 3,309 
 3,290 
 3,574 
 3,576 
 3,579 
 3,581 
 3,584 
 3,591 
 3,128 
 3,131 
 3,133 
 3,159 
 3,161 
 3,163 
 3,163 
 3,107 
 3,109 
 3,112 
 3,114 
 3,120 
 
 Public 
 Deposits. 
 
 £ 
 8,419, 
 3,968, 
 3,671, 
 3,878, 
 3,922, 
 4,552, 
 5,303, 
 5,816, 
 6,141, 
 6,667, 
 6,984, 
 7,566, 
 7,830, 
 7,732, 
 3,484, 
 2,807, 
 2,782, 
 3,182, 
 3,798, 
 4,802, 
 5,371, 
 5,641, 
 6,181, 
 6,731, 
 7,381, 
 7,592, 
 7,485, 
 3,104, 
 2,810, 
 3,031, 
 3,639, 
 4,713, 
 5,564, 
 6,118, 
 6,337, 
 6,973, 
 7,730, 
 8,529, 
 9,069, 
 9,030, 
 5,867, 
 4,739, 
 4,859, 
 5,348, 
 6,222, 
 7,249, 
 8,098, 
 8,463, 
 8,931, 
 9,530, 
 10.264, 
 10,559, 
 
 Other 
 Deposits. 
 
 £ 
 
 8,815 
 
 11,854 
 
 11,728 
 
 11,643 
 
 11,329 
 
 11,190 
 
 10,492 
 
 10,143 
 
 9,998 
 
 9,998 
 
 9,856 
 
 9,317 
 
 9,288 
 
 9,625 
 
 11,780 
 
 11,815 
 
 11,779 
 
 11,381 
 
 10,753 
 
 9,986 
 
 9,755 
 
 9,708 
 
 9,526 
 
 9,557 
 
 9,337 
 
 9,227 
 
 8,829 
 
 11,468 
 
 11,302 
 
 11,226 
 
 10,503 
 
 9,953 
 
 9,400 
 
 9,537 
 
 9,270 
 
 9,066 
 
 9,035 
 
 9,113 
 
 8,801 
 
 9,103 
 
 10,815 
 
 10,496 
 
 10,738 
 
 10,400 
 
 10,352 
 
 9,913 
 
 9,456 
 
 9,390 
 
 9,520 
 
 0,929 
 
 9,489 
 
 9,364 
 
 Seven Days' 
 Bills, &c. 
 
 £ 
 1,013, 
 1,083, 
 1,131, 
 1,113, 
 1,145, 
 1,108, 
 1,114, 
 1,117, 
 1,128, 
 1,092, 
 1,042, 
 1,183, 
 1,066, 
 1,101, 
 1,129, 
 1,132, 
 1,129, 
 1,143, 
 1,191, 
 1,102, 
 1,110, 
 1,076, 
 1,066, 
 1,072, 
 
 988, 
 1,005, 
 1,028, 
 1,095, 
 1,107, 
 1,096, 
 1,129, 
 1,117, 
 1,095, 
 1,049, 
 1,060, 
 1,030, 
 1,036, 
 
 983, 
 1,013, 
 1,073, 
 1,063, 
 1,126, 
 1,081, 
 1,109, 
 1,099, 
 1,032, 
 1,110, 
 1,082, 
 1,094, 
 1,069, 
 1,069, 
 1,022, 
 
 Total Deposits 
 and Bills. 
 
 £ 
 18,246 
 16,856 
 16,530 
 16,633 
 16,396 
 16,850 
 16,910 
 17,076 
 17,266 
 17,756 
 17,882 
 18,065 
 18,184 
 18,458 
 16,394 
 15,754 
 15,690 
 15,706 
 15,741 
 15,889 
 16,236 
 16,424 
 16,773 
 17,361 
 17,706 
 17,823 
 17,342 
 15,667 
 15,219 
 15,332 
 15,271 
 15,784 
 16,059 
 16,703 
 16,667 
 17,068 
 17,801 
 18,625 
 18,883 
 19,206 
 17,745 
 16,361 
 16,678 
 16,S5() 
 17,673 
 18,193 
 18,664 
 18,935 
 19,5 i:> 
 20,528 
 20.S22 
 20,916 
 
 Government 
 Securities. 
 
 £ 
 13,600, 
 13,622, 
 13,622, 
 13,882, 
 13,882, 
 14,022, 
 14,022, 
 14,074, 
 14,074, 
 14,074, 
 14,073, 
 14,073, 
 14,073, 
 14,373, 
 14,352, 
 13,952, 
 13,957, 
 14,236, 
 14,085, 
 14,085, 
 14,176, 
 14,176, 
 14,176, 
 14,315, 
 14,327, 
 14,364, 
 14,363, 
 14,433, 
 14,336, 
 14,353, 
 14,375, 
 14,283, 
 14,283, 
 14,309, 
 14,334, 
 14,334, 
 14,334, 
 14,355, 
 14,386, 
 14,386, 
 14,193, 
 11,228, 
 14,228, 
 14,228, 
 14,228, 
 14,322, 
 14,339, 
 14,339, 
 1 1.339, 
 14,351, 
 14,351, 
 11,351, 
 
Bcmh Charter Act of 1844. 
 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 1849. 
 
 
 Issue above Bullion 
 
 , 14,000,0002. Banking Department, Fixed Item— Capital, 1 1 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Rate of 
 
 Circulation 
 
 crs' 
 
 
 
 <c. 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Balances, 
 
 
 Allv: 
 
 
 £ 
 
 £ 
 
 £ 
 
 Ter cut. 
 
 £ 
 
 e 
 
 B 
 
 c 
 
 19. 
 
 
 10,825, 
 
 790, 
 
 10,985, 
 
 3 
 
 3,015, 
 
 1,634, 
 
 3,287, 
 
 1,159, 
 
 6th Jan. 
 
 
 10,625, 
 
 745, 
 
 9,924, 
 
 n 
 
 4,076, 
 
 3,847, 
 
 3,298, 
 
 s, 
 
 13th „ 
 
 
 10,522, 
 
 778, 
 
 9,612, 
 
 5) 
 
 4,358, 
 
 4,002, 
 
 :>,.s.;r>. 
 
 :il!>, 
 
 -"tli „ 
 
 
 10,428, 
 
 726, 
 
 9,638, 
 
 11 
 
 4,362, 
 
 3,67i ;. 
 
 3,12!', 
 
 92 i 
 
 27th 
 
 
 10,315, 
 
 775, 
 
 9,553, 
 
 11 
 
 4,447, 
 
 3,407, 
 
 3,137, 
 
 877, 
 
 . 
 
 
 10,049, 
 
 802, 
 
 10,109, 
 
 11 
 
 3,891, 
 
 3,240, 
 
 3,039, 
 
 866, 
 
 LOth „ 
 
 
 9,916, 
 
 797, 
 
 10,308, 
 
 )} 
 
 3,692, 
 
 2,646, 
 
 2,915, 
 
 65, 
 
 17th „ 
 
 
 9,872, 
 
 924, 
 
 10,273, 
 
 11 
 
 3,727, 
 
 1,929, 
 
 2,897, 
 
 .. 
 
 24th .. 
 
 
 10,796, 
 
 862, 
 
 9,912, 
 
 11 
 
 4,058, 
 
 1,835, 
 
 2,881, 
 
 898, 
 
 3rdM •. 
 
 
 10,699, 
 
 749, 
 
 10,646, 
 
 11 
 
 3,354, 
 
 1,868, 
 
 2,792, 
 
 895, 
 
 10th ., 
 
 
 10,638, 
 
 732, 
 
 10,853, 
 
 11 
 
 3,117, 
 
 1,753, 
 
 2,768, 
 
 '.'7". 
 
 17H. . 
 
 
 10,615, 
 
 741, 
 
 10,953, 
 
 11 
 
 3,047, 
 
 1,090, 
 
 2,750, 
 
 967, 
 
 2 1 til „ 
 
 
 11,279, 
 
 791, 
 
 10,461, 
 
 11 
 
 3,539, 
 
 1 .226, 
 
 -.774, 
 
 1,560, 
 
 31st 
 
 
 11,125, 
 
 856, 
 
 9,738, 
 
 11 
 
 4,262, 
 
 1,829, 
 
 2,822, 
 
 1,5! 
 
 7th April 
 
 
 10,062, 
 
 779, 
 
 8,876, 
 
 11 
 
 5,124, 
 
 3,575, 
 
 2. 752, 
 
 763, 
 
 Ilth „ 
 
 
 10,047, 
 
 740, 
 
 8,692, 
 
 11 
 
 5,308, 
 
 3,690, 
 
 2.739, 
 
 761, 
 
 2 1,1 ., 
 
 
 10,096, 
 
 783, 
 
 8,534, 
 
 11 
 
 5,466, 
 
 3,702, 
 
 2.790, 
 
 7:.7, 
 
 28th .. 
 
 
 10,111, 
 
 783, 
 
 8,281, 
 
 11 
 
 5,719, 
 
 3,258, 
 
 2,818, 
 
 737, 
 
 5th M 
 
 
 10,013, 
 
 847, 
 
 8,505, 
 
 11 
 
 5,495, 
 
 2,775, 
 
 2.733, 
 
 734, 
 
 12th „ 
 
 
 9,878, 
 
 834, 
 
 8,803, 
 
 11 
 
 5,197, 
 
 2,0 1 I . 
 
 2,623, 
 
 709, 
 
 19th „ 
 
 
 9,837, 
 
 897, 
 
 9,031, 
 
 11 
 
 4,969, 
 
 1,971, 
 
 2,584, 
 
 719, 
 
 26th .. 
 
 
 9,825, 
 
 888, 
 
 9,192, 
 
 11 
 
 4,808, 
 
 1,811, 
 
 2,623, 
 
 719, 
 
 2nd June 
 
 
 9,724, 
 
 883, 
 
 9,648, 
 
 11 
 
 4,352, 
 
 1,560, 
 
 2,440, 
 
 719, 
 
 9th „ 
 
 
 9,732, 
 
 882, 
 
 10,094, 
 
 11 
 
 3,906, 
 
 1,600, 
 
 2,454, 
 
 72 
 
 16th „ 
 
 
 9,722, 
 
 883, 
 
 10,437, 
 
 11 
 
 3,563, 
 
 1,498, 
 
 2,455, 
 
 714, 
 
 23rd ., 
 
 
 9,940, 
 
 820, 
 
 10,366, 
 
 11 
 
 3,634, 
 
 1,391, 
 
 2,485, 
 
 902, 
 
 30th .. 
 
 
 9,911, 
 
 903, 
 
 9,852, 
 
 11 
 
 4,148, 
 
 1,267, 
 
 2,479, 
 
 900, 
 
 7th July 
 
 
 9,685, 
 
 841, 
 
 8,473, 
 
 11 
 
 5,527, 
 
 3,103, 
 
 2,386, 
 
 686, 
 
 mil „ 
 
 
 9,658, 
 
 8S3, 
 
 8,111, 
 
 11 
 
 5,889, 
 
 3,087, 
 
 2,350, 
 
 689, 
 
 21st „ 
 
 
 9,649, 
 
 874, 
 
 8,250, 
 
 11 
 
 5,750, 
 
 2,655, 
 
 2,328, 
 
 698, 
 
 28th .. 
 
 
 9,570, 
 
 937, 
 
 8,252, 
 
 11 
 
 5,748, 
 
 2,192, 
 
 2.332, 
 
 665, 
 
 4th Aug. 
 
 
 9,551, 
 
 912, 
 
 8,903, 
 
 11 
 
 5,097, 
 
 1,521, 
 
 2,310, 
 
 668, 
 
 11th „ 
 
 
 9,937, 
 
 945, 
 
 8,756, 
 
 11 
 
 5,274, 
 
 1,619, 
 
 2.290, 
 
 1,011, 
 
 18th .. 
 
 
 9,929, 
 
 970, 
 
 9,339, 
 
 11 
 
 4,661, 
 
 1,552, 
 
 2,284, 
 
 ! 72, 
 
 . " h .. 
 
 
 10,133, 
 
 857, 
 
 9,470, 
 
 11 
 
 4,530, 
 
 1,424, 
 
 2,291, 
 
 790, 
 
 1st S< 
 
 
 10,126, 
 
 895, 
 
 9,842, 
 
 11 
 
 4,158, 
 
 1,230, 
 
 2.291, 
 
 789, 
 
 8th „ 
 
 
 10,403, 
 
 950, 
 
 10,246, 
 
 11 
 
 3,754, 
 
 1,258, 
 
 -•■•- l • 
 
 1.138, 
 
 15th 
 
 
 10,722, 
 
 868, 
 
 10,814, 
 
 11 
 
 3,186, 
 
 1,140, 
 
 2,308, 
 
 l,; 
 
 22nd .. 
 
 
 11,511, 
 
 962, 
 
 10,161, 
 
 11 
 
 3,839, 
 
 1,087, 
 
 2.116, 
 
 2.1 12. 
 
 _ h .. 
 
 
 11,875, 
 
 851, 
 
 10,238, 
 
 11 
 
 3,762, 
 
 1,153, 
 
 2.: 
 
 2. 170, 
 
 6th Oct. 
 
 
 10,733, 
 
 933, 
 
 9,567, 
 
 11 
 
 4,433, 
 
 2,784, 
 
 2. IK', 
 
 1,541, 
 
 13th „ 
 
 
 9,821, 
 
 788, 
 
 9,204, 
 
 11 
 
 4,796, 
 
 2.290, 
 
 2.117. 
 
 607, 
 
 20th .. 
 
 
 9,827, 
 
 789, 
 
 9,520, 
 
 11 
 
 4,480, 
 
 2,263, 
 
 2,460, 
 
 588; 
 
 27th .. 
 
 
 9,745, 
 
 870, 
 
 9,725, 
 
 11 
 
 4,275, 
 
 1,930, 
 
 93, 
 
 583, 
 
 3rd > 
 
 
 9,754, 
 
 1,003, 
 
 10,402, 
 
 11 
 
 3,598, 
 
 2,173, 
 
 2,368, 
 
 59! 
 
 10th „ 
 
 
 9,731, 
 
 828, 
 
 11,028, 
 
 11 
 
 2,972, 
 
 2,191, 
 
 2.351, 
 
 597. 
 
 17th .. 
 
 
 9,660, 
 
 810, 
 
 11,571, 
 
 -2 
 
 2.129, 
 
 1,676, 
 
 2,308, 
 
 591, 
 
 21th .. 
 
 
 9,770, 
 
 792, 
 
 11,693, 
 
 11 
 
 2,307, 
 
 1,697, 
 
 2,31 1. 
 
 713, 
 
 1st Doe. 
 
 
 10,016, 
 
 789, 
 
 12,062, 
 
 )> 
 
 1,938, 
 
 1,678, 
 
 2,363, 
 
 911, 
 
 8th .. 
 
 
 10,803, 
 
 854, 
 
 12,185, 
 
 11 
 
 1,815, 
 
 2,028, 
 
 2,875, 
 
 1,686, 
 
 15th .. 
 
 
 10,861, 
 
 796, 
 
 12,481, 
 
 11 
 
 1,519, 
 
 1,4195 
 
 2,380, 
 
 1,732, 
 
 22n I .. 
 
 
 11,478, 
 
 778, 
 
 12,012, 
 
 11 
 
 1,988, 
 
 1.512, 
 
 2,443, 
 
 2.2'.'", 
 
 -9th „ 
 
134 
 
 Seyd — On the Operation of the 
 
 1850. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Item— Government Debt, 11,015,100?. ; Other Securities, 2,984,900/. 
 
 Date. 
 
 Notes 
 Issued. 
 
 Bullion. 
 
 Best, 
 
 Public 
 Deposits. 
 
 Otlier 
 Deposits. 
 
 Seven Days' 
 Dills, &c. 
 
 Total Deposits 
 and bills. 
 
 Government 
 Securities. 
 
 1850. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 5th Jan 
 
 30,267, 
 
 16,267, 
 
 3,136, 
 
 10,321, 
 
 9,735, 
 
 1,085, 
 
 21,142, 
 
 14,376, 
 
 12th „ .... 
 
 30,076, 
 
 16,076, 
 
 3,199, 
 
 5,979, 
 
 11,241, 
 
 1,156, 
 
 18,372, 
 
 14,297, 
 
 19th „ .. 
 
 30,064, 
 
 16,064, 
 
 3,224, 
 
 5,600, 
 
 11,071, 
 
 1,181, 
 
 17,851, 
 
 14,297, 
 
 26th „ .... 
 
 30,061, 
 
 16,061, 
 
 3,229, 
 
 5,499, 
 
 10,806, 
 
 1,171, 
 
 17,476, 
 
 14,297, 
 
 2nd Feb. 
 
 30,105, 
 
 16,105, 
 
 3,233, 
 
 5,728, 
 
 10,592, 
 
 1,206, 
 
 17,525, 
 
 14,297, 
 
 9th „ .... 
 
 30,125, 
 
 16,125, 
 
 3,318, 
 
 6,272, 
 
 10,160, 
 
 1,135, 
 
 17,568, 
 
 14,297, 
 
 16th „ .... 
 
 30,340, 
 
 16,340, 
 
 3,318, 
 
 7,087, 
 
 9,849, 
 
 1,153, 
 
 18,089, 
 
 14,399, 
 
 23rd „ .... 
 
 30,326, 
 
 16,326, 
 
 3,268, 
 
 7,639, 
 
 9,749, 
 
 1,112, 
 
 18,500, 
 
 14,399, 
 
 2nd March 
 
 30,376, 
 
 16,376, 
 
 3,593, 
 
 7,838, 
 
 9,882, 
 
 1,096, 
 
 18,816, 
 
 14,420, 
 
 9th „ .... 
 
 30,347, 
 
 16,347, 
 
 3,596, 
 
 8,160, 
 
 10,185, 
 
 1,095, 
 
 19,440, 
 
 14,420, 
 
 16th „ .... 
 
 30,487, 
 
 16,487, 
 
 3,598, 
 
 8,542, 
 
 10,261, 
 
 1,052, 
 
 19,855, 
 
 14,419, 
 
 23rd „ .... 
 
 30,473, 
 
 16,473, 
 
 3,600, 
 
 9,241, 
 
 9,944, 
 
 1,037, 
 
 20,221, 
 
 14,419, 
 
 30th „ .... 
 
 30,301, 
 
 16,301, 
 
 3,602, 
 
 9,571, 
 
 y,o»- / , 
 
 1,060, 
 
 20,158, 
 
 14,419, 
 
 6th April 
 
 30,190, 
 
 16,190, 
 
 3,034, 
 
 9,255, 
 
 10,025, 
 
 1,095, 
 
 20,375, 
 
 14,419, 
 
 13th „ .... 
 
 30,045, 
 
 16,045, 
 
 3,077, 
 
 4,914, 
 
 10,969, 
 
 1,152, 
 
 17,036, 
 
 14,210, 
 
 20th „ .... 
 
 29,873, 
 
 15,873, 
 
 3,080, 
 
 4,627, 
 
 10,946, 
 
 1,159, 
 
 16,732, 
 
 14,292, 
 
 27th „ .... 
 
 29,938, 
 
 15,938, 
 
 3,082, 
 
 4,693, 
 
 10,907, 
 
 1,188, 
 
 16,789, 
 
 14,292, 
 
 4th Mav .... 
 
 29,924, 
 
 15,924, 
 
 3,107, 
 
 4,997, 
 
 10,650, 
 
 1,230, 
 
 16,877, 
 
 14,292, 
 
 11th „ .... 
 
 29,828, 
 
 15,828, 
 
 3,108, 
 
 5,831, 
 
 9,946, 
 
 1,228, 
 
 17,004, 
 
 14,292, 
 
 18th „ .... 
 
 29,963, 
 
 15,963, 
 
 3,110, 
 
 6,764, 
 
 9,583, 
 
 1,191, 
 
 17,538, 
 
 14,292, 
 
 25th „ .... 
 
 29,927, 
 
 15,927, 
 
 3,067, 
 
 7,287, 
 
 9,608, 
 
 1,157, 
 
 18,052, 
 
 14,316, 
 
 1st June 
 
 30,003, 
 
 16,003, 
 
 3,054, 
 
 7,578, 
 
 9,216, 
 
 1,199, 
 
 17,992, 
 
 14,316, 
 
 8th „ .... 
 
 30,086, 
 
 16,086, 
 
 3,057, 
 
 8,034, 
 
 9,450, 
 
 1,190, 
 
 18,674, 
 
 14,316, 
 
 15th „ .... 
 
 30,199, 
 
 16,199, 
 
 3,062, 
 
 8,416, 
 
 9,646, 
 
 1,178, 
 
 19,240, 
 
 14,318, 
 
 22nd „ .... 
 
 30,192, 
 
 16,192, 
 
 3,065, 
 
 9,273, 
 
 9,473, 
 
 1,181, 
 
 19,927, 
 
 14,376, 
 
 29th „ .... 
 
 30,226, 
 
 16,226, 
 
 3,067, 
 
 9,679, 
 
 9,168, 
 
 1,245, 
 
 20,092, 
 
 14,375, 
 
 6th July 
 
 30,153, 
 
 16,153, 
 
 3,090, 
 
 9,565, 
 
 9,273, 
 
 1,250, 
 
 20,088, 
 
 14,295, 
 
 13th „ .... 
 
 30,044, 
 
 16,044, 
 
 3,149, 
 
 5,091, 
 
 11,263, 
 
 1,332, 
 
 17,685, 
 
 14,286, 
 
 20th „ .... 
 
 30,257, 
 
 16,257, 
 
 3,180, 
 
 4,645, 
 
 11,122, 
 
 1,312, 
 
 17,079, 
 
 14,286, 
 
 27th „ .... 
 
 30,182, 
 
 16,182, 
 
 3,187, 
 
 5,023, 
 
 10,404, 
 
 1,365, 
 
 16,792, 
 
 14,286, 
 
 3rd Aug. 
 
 30,191, 
 
 16,191, 
 
 3,191, 
 
 5,481, 
 
 9,976, 
 
 1,332, 
 
 16,789, 
 
 14,431, 
 
 10th „ .... 
 
 30,128, 
 
 16,128, 
 
 3,278, 
 
 6,283, 
 
 9,718, 
 
 1,348, 
 
 17,349, 
 
 14,431, 
 
 17th „ .... 
 
 30,204, 
 
 16,204, 
 
 3,280, 
 
 7,261, 
 
 9,569, 
 
 1,328, 
 
 18,159, 
 
 14,431, 
 
 24th „ .... 
 
 30,217, 
 
 16,217, 
 
 3,237, 
 
 7,927, 
 
 9,378, 
 
 1,292, 
 
 18,597, 
 
 14,431, 
 
 31st „ .... 
 
 30,104, 
 
 16,104, 
 
 3,537, 
 
 8,261, 
 
 9,281, 
 
 1,305, 
 
 18,847, 
 
 14,431, 
 
 7th Sept. 
 
 30,101, 
 
 16,101, 
 
 3,550, 
 
 8,886, 
 
 9,107, 
 
 1,261, 
 
 19,253, 
 
 14,433, 
 
 14th „ .... 
 
 30,189, 
 
 16,189, 
 
 3,556, 
 
 9,489, 
 
 9,033, 
 
 1,265, 
 
 19,786, 
 
 14,433, 
 
 21st „ .... 
 
 30,176, 
 
 16,176, 
 
 3,558, 
 
 10,223, 
 
 8,968, 
 
 1,240, 
 
 20,431, 
 
 14,433, 
 
 28th „ .... 
 
 30,083, 
 
 16,083, 
 
 3,561, 
 
 10,854, 
 
 8,878, 
 
 1,247, 
 
 20,979, 
 
 14,444, 
 
 5th Oct 
 
 29,831, 
 
 15,831, 
 
 3,566, 
 
 10,653, 
 
 8,899, 
 
 1,310, 
 
 20,862, 
 
 14,444, 
 
 12th „ .... 
 
 29,698, 
 
 15,698, 
 
 3,060, 
 
 10,695, 
 
 8,850, 
 
 1,319, 
 
 20,863, 
 
 14,229, 
 
 19th „ .... 
 
 29,444, 
 
 15,444, 
 
 3,105, 
 
 6,284, 
 
 9,551, 
 
 1,384, 
 
 17,219, 
 
 14,229, 
 
 26th „ .... 
 
 29,407, 
 
 15,407, 
 
 3,107, 
 
 6,255, 
 
 9,938, 
 
 1,396, 
 
 17,589, 
 
 14,229, 
 
 2nd Nov.... 
 
 29,425, 
 
 15,425, 
 
 3,111, 
 
 6,594, 
 
 9,932, 
 
 1,380, 
 
 17,907, 
 
 14,229, 
 
 9th „ .... 
 
 29,415, 
 
 15,415, 
 
 3,136, 
 
 7,302, 
 
 9,718, 
 
 1,331, 
 
 18,351, 
 
 14,229, 
 
 16th „ .... 
 
 29,500, 
 
 15,500, 
 
 3,139, 
 
 8,241, 
 
 9,386, 
 
 1,305, 
 
 18,931, 
 
 14,229, 
 
 23rd „ .... 
 
 29,585, 
 
 15,585, 
 
 3,139, 
 
 9,041, 
 
 9,559, 
 
 1,275, 
 
 19,875, 
 
 14,229, 
 
 30th „ .... 
 
 29,370, 
 
 15,370, 
 
 3,086, 
 
 9,399, 
 
 9,790, 
 
 1,265, 
 
 20,454, 
 
 14,229, 
 
 7th Dec. 
 
 29,349, 
 
 15,349, 
 
 3,093, 
 
 9,775, 
 
 9,512, 
 
 1,254, 
 
 20,541, 
 
 14,229, 
 
 14th „ .... 
 
 29,182, 
 
 15,182, 
 
 3,096, 
 
 10,274, 
 
 9,276, 
 
 1,248, 
 
 20,798, 
 
 14,229, 
 
 21st „ .... 
 
 28,730, 
 
 14,730, 
 
 3,102, 
 
 10,784, 
 
 9,202, 
 
 1,219, 
 
 21,205, 
 
 14,233, 
 
 28th „ .... 
 
 28,352, 
 
 14,352, 
 
 3,108, 
 
 11,023, 
 
 9,147, 
 
 1,252, 
 
 21,422, 
 
 14,233, 
 

 
 
 
 
 
 
 
 
 
 
 
 
 Bank 
 
 Charter Ai 
 
 t o/1844. 
 
 
 i it 
 
 1st September, 1844, to end 
 
 of 1871 
 
 —Cont<i 
 
 
 
 
 1850. 
 
 Issue above Bullion 
 
 , 14,000,000/. Banking Department, F 
 
 ixed [tem— Capital, 14, 
 
 .",.":{.! »< « »/. 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Rate of 
 
 Circulation 
 
 Bankers 
 
 Bills 
 
 Temporary 
 
 itnti- 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Balance 
 
 £ 
 
 ■>. Discounted. 
 £ 
 
 Advani i - 
 
 I'UI 1 . 
 
 
 £ 
 
 £ 
 
 £ 
 
 Per cut. 
 
 £ 
 
 £ 
 
 1 sr.i 1. 
 
 
 11,691, 
 
 753, 
 
 12,011. 
 
 2.V 
 
 1,989, 
 
 1,933 
 
 2,500, 
 
 2,488, 
 
 51 li -I an. 
 
 
 10,099, 
 
 738, 
 
 10,990, 
 
 ,, 
 
 3,010, 
 
 3,043, 
 
 2,410, 
 
 ORfl 
 
 I2tb „ 
 
 
 9,848, 
 
 752, 
 
 10,731, 
 
 j. 
 
 3,269, 
 
 2,9(»7, 
 
 2,366, 
 
 717. 
 
 19th „ 
 
 
 9,883, 
 
 724, 
 
 10,355, 
 
 ,, 
 
 3,645, 
 
 2,632, 
 
 2,345, 
 
 798, 
 
 26th „ 
 
 
 9,829, 
 
 706, 
 
 10,479, 
 
 >> 
 
 3,521, 
 
 2,592, 
 
 2, 115, 
 
 694, 
 
 2nd Feb. 
 
 
 9,713, 
 
 725, 
 
 10,704, 
 
 )> 
 
 3,296, 
 
 2,253, 
 
 2,427, 
 
 .5.5/, 
 
 9th „ 
 
 
 9,657, 
 
 750, 
 
 11,154, 
 
 ;> 
 
 2,846, 
 
 1,648 
 
 2,347, 
 
 582, 
 
 16th „ 
 
 
 9,688, 
 
 796, 
 
 11,438, 
 
 j) 
 
 2,562, 
 
 1,527, 
 
 2,388, 
 
 575, 
 
 23rd „ 
 
 
 10,425, 
 
 750, 
 
 11,368, 
 
 >> 
 
 2,632, 
 
 1,770, 
 
 2,493, 
 
 690, 
 
 2nd Mar. 
 
 
 10,864, 
 
 786, 
 
 11,519, 
 
 >) 
 
 2,481, 
 
 1 ,498, 
 
 2,37s, 
 
 1,251, 
 
 9th „ 
 
 
 11,322, 
 
 787, 
 
 11,478, 
 
 >> 
 
 2,522, 
 
 1,941, 
 
 2,373, 
 
 1,721, 
 
 16th „ 
 
 
 11,294, 
 
 807, 
 
 11,854, 
 
 >> 
 
 2,146, 
 
 1,609, 
 
 2,363, 
 
 1,706, 
 
 23rd „ 
 
 
 12,267, 
 
 778, 
 
 10.849, 
 
 >> 
 
 3,151, 
 
 1,539, 
 
 2,358, 
 
 2,685, 
 
 30th „ 
 
 
 11,981, 
 
 745, 
 
 10,816, 
 
 j> 
 
 3,184, 
 
 1 ,942, 
 
 2,354, 
 
 2,648, 
 
 6th April 
 
 
 9,745, 
 
 714, 
 
 9,997, 
 
 jj 
 
 4,003, 
 
 2,660 
 
 2,369, 
 
 602, 
 
 13th „ 
 
 
 9,779, 
 
 757, 
 
 9,538, 
 
 >) 
 
 4,462, 
 
 2,875, 
 
 2,371, 
 
 613, 
 
 20th „ 
 
 
 9,781, 
 
 709, 
 
 9,642, 
 
 55 
 
 4,358, 
 
 2,533. 
 
 2,315, 
 
 616, 
 
 27th „ 
 
 
 9,778, 
 
 649, 
 
 9,817, 
 
 55 
 
 4,183, 
 
 2,090 
 
 2,336, 
 
 616, 
 
 4th May 
 
 
 9,709, 
 
 737, 
 
 t/j«Jw / , 
 
 55 
 
 4,073, 
 
 2,006 
 
 2,256, 
 
 658, 
 
 11th „* 
 
 
 9,746, 
 
 668, 
 
 10,494, 
 
 5) 
 
 3,506, 
 
 1,949 
 
 2,282, 
 
 630, 
 
 18th „ 
 
 
 9,697, 
 
 775, 
 
 10,885, 
 
 55 
 
 3,105, 
 
 1,875 
 
 2,207, 
 
 656, 
 
 25ih „ 
 
 
 9,760, 
 
 734, 
 
 10,788, 
 
 55 
 
 3,212, 
 
 1,531 
 
 2,261, 
 
 676, 
 
 1st June 
 
 
 10,267, 
 
 779, 
 
 10,922, 
 
 55 
 
 3,078, 
 
 1,522 
 
 2,267, 
 
 1,184, 
 
 8th „ 
 
 
 11,057, 
 
 744, 
 
 10,739, 
 
 55 
 
 3,261, 
 
 1,783 
 
 2,293, 
 
 1,900, 
 
 15th „ 
 
 
 11,115, 
 
 775, 
 
 11,339, 
 
 5} 
 
 2,661, 
 
 1,553 
 
 2,282, 
 
 1,964, 
 
 22ud „ 
 
 
 11,680, 
 
 731, 
 
 10,925, 
 
 55 
 
 3,075, 
 
 1,418 
 
 2,399, 
 
 2,413, 
 
 29th „ 
 
 
 11,944, 
 
 716, 
 
 10,696, 
 
 55 
 
 3,304, 
 
 1,653 
 
 2,414, 
 
 2,531, 
 
 6th July 
 
 
 10,522, 
 
 800, 
 
 9,770, 
 
 55 
 
 4,230, 
 
 2,807 
 
 2,501, 
 
 1,037, 
 
 13th „" 
 
 
 10,184, 
 
 653, 
 
 9,689, 
 
 55 
 
 4,311, 
 
 2,754 
 
 2,500, 
 
 706, 
 
 20th „ 
 
 
 10,166, 
 
 660, 
 
 9,421, 
 
 55 
 
 4,579, 
 
 2,140 
 
 2,524, 
 
 676, 
 
 27th ., 
 
 
 10,140, 
 
 632, 
 
 9,477, 
 
 55 
 
 4,523, 
 
 1,901 
 
 2,509, 
 
 677, 
 
 3rd Aug. 
 
 
 10,096, 
 
 675, 
 
 9,978, 
 
 55 
 
 4,022, 
 
 1,604 
 
 2,496, 
 
 684, 
 
 10th „ 
 
 
 10,534, 
 
 650, 
 
 10,377, 
 
 55 
 
 3,623, 
 
 1,683 
 
 2,557, 
 
 1,076, 
 
 17th „ 
 
 
 10,720, 
 
 639, 
 
 10,597, 
 
 55 
 
 3,403, 
 
 1,411 
 
 2,566, 
 
 1,201, 
 
 21th „ 
 
 
 11,419, 
 
 666, 
 
 10,421, 
 
 55 
 
 3,579, 
 
 1,465 
 
 2,603, 
 
 1,465, 
 
 31st ,, 
 
 
 11,700, 
 
 606, 
 
 10,619, 
 
 55 
 
 3,381, 
 
 1,450 
 
 2,781, 
 
 1,577, 
 
 7th Sept. 
 
 
 11,909, 
 
 606, 
 
 10,947, 
 
 55 
 
 3,053, 
 
 1,486 
 
 2,832, 
 
 1,711. 
 
 11th „ 
 
 
 12,159, 
 
 636, 
 
 11,314, 
 
 55 
 
 2,686, 
 
 1,321 
 
 2,817, 
 
 2,015, 
 
 21st „ 
 
 
 12,986, 
 
 624, 
 
 11,050, 
 
 55 
 
 2,950, 
 
 1,1 11 
 
 2,852, 
 
 2,769, 
 
 28th „ 
 
 
 13,390, 
 
 621, 
 
 10,527, 
 
 55 
 
 3,473, 
 
 1,330 
 
 2,951, 
 
 3,127. 
 
 5th Oct. 
 
 
 13,195, 
 
 607, 
 
 10,231, 
 
 55 
 
 3,769, 
 
 1,345 
 
 2,908, 
 
 2.9S.-5, 
 
 12th „ 
 
 
 10,773, 
 
 571, 
 
 9,304, 
 
 55 
 
 4,696, 
 
 1,959 
 
 2.958, 
 
 677, 
 
 19th „ 
 
 
 10,867, 
 
 567, 
 
 9,587, 
 
 55 
 
 4,413, 
 
 1,897 
 
 2,913, 
 
 686, 
 
 26th .. 
 
 
 11,038, 
 
 600, 
 
 9,703, 
 
 55 
 
 4,297, 
 
 1,817 
 
 2,9 is. 
 
 690, 
 
 2nd Nov. 
 
 
 10,980, 
 
 681, 
 
 10,151, 
 
 55 
 
 3,849, 
 
 1,577 
 
 2,970, 
 
 702, 
 
 9th „ 
 
 
 11,321, 
 
 676, 
 
 10,397, 
 
 55 
 
 3,603, 
 
 1,478 
 
 3,061, 
 
 962, 
 
 16th „ 
 
 
 11,719, 
 
 636, 
 
 10,983, 
 
 55 
 
 3,017, 
 
 1,335 
 
 3,272, 
 
 1,158, 
 
 23rd „ 
 
 
 12,465, 
 
 640, 
 
 10,762, 
 
 55 
 
 3,238, 
 
 1,610 
 
 , 3,564, 
 
 1,612, 
 
 30th „ 
 
 
 12,722, 
 
 593, 
 
 10,642, 
 
 55 
 
 3,358, 
 
 1,590 
 
 3,695, 
 
 1,740, 
 
 7th Doc. 
 
 
 12,678, 
 
 638, 
 
 10,903, 
 
 55 
 
 3,097, 
 
 1.4 IS 
 
 3,740, 
 
 1,627. 
 
 14th ., 
 
 
 13,763, 
 
 630, 
 
 10,234, 
 
 55 
 
 3,766, 
 
 1,188 
 
 3,956, 
 
 2,464, 
 
 21st „ 
 
 
 14,460, 
 
 612, 
 
 9,778, 
 
 3 
 
 4 222 
 
 1,100 
 
 4,231, 
 
 2,910, 
 
 28th „ 
 
 
136 
 
 Seyd — On the Operation of the 
 
 1851. 
 
 Weekly Accounts of the Banh of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015, 1001. ; Other Securities, 2,984,900Z. 
 
 Date. 
 
 Notes 
 
 Bullion. 
 
 Rest. 
 
 Tuljlic 
 
 Other 
 
 Sercn Days' 
 
 Total Deposits 
 
 Government 
 
 Issued. 
 
 Deposits 
 
 Deposits. 
 
 Dills, &c. 
 
 and Bills. 
 
 Securities. 
 
 1851. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 4th Jan. 
 
 28,273, 
 
 14,273 
 
 3,128, 
 
 10,797, 
 
 9,480, 
 
 1,250, 
 
 21,527, 
 
 14,232, 
 
 11th „ .... 
 
 28,010, 
 
 14,010, 
 
 3,194, 
 
 6,455 
 
 10,976, 
 
 1,248, 
 
 18,678, 
 
 14,150, 
 
 18th „ .... 
 
 27,918, 
 
 13,918 
 
 3,225, 
 
 5,847, 
 
 10,518, 
 
 1,206, 
 
 17,571, 
 
 14,150, 
 
 25th „ .... 
 
 27,791, 
 
 13,791 
 
 3,227, 
 
 5,757, 
 
 10,721, 
 
 1,165, 
 
 17,643, 
 
 14,145, 
 
 1st Feb 
 
 27,705, 
 
 13,705, 
 
 3,235, 
 
 6,051 
 
 9,787, 
 
 1,183, 
 
 17,020, 
 
 14,146, 
 
 8th „ .... 
 
 27,638, 
 
 13,638 
 
 3,239, 
 
 6,724, 
 
 9,360, 
 
 1,206, 
 
 17,291, 
 
 14,146, 
 
 15th „ .... 
 
 27,758, 
 
 13,758 
 
 3,327, 
 
 7,164 
 
 9,424, 
 
 1,129, 
 
 17,717, 
 
 14,146, 
 
 22nd „ .... 
 
 27,762, 
 
 13,762 
 
 3,274, 
 
 7,617, 
 
 9,498, 
 
 1,062, 
 
 18,177, 
 
 14,146, 
 
 1st March 
 
 27,772, 
 
 13,772 
 
 3,611, 
 
 7,794, 
 
 9,522, 
 
 1,054, 
 
 18,369, 
 
 14,146, 
 
 8th „ .... 
 
 27,733, 
 
 13,733 
 
 3,614, 
 
 8,016, 
 
 9,363, 
 
 1,059, 
 
 18,439, 
 
 14,146, 
 
 15th „ .... 
 
 27,712, 
 
 13.712 
 
 3,616, 
 
 8,228 
 
 9,288, 
 
 1,025, 
 
 18,541, 
 
 14,145, 
 
 22nd „ .... 
 
 27,716, 
 
 13,716 
 
 3,619, 
 
 8,792 
 
 8,877, 
 
 1,016, 
 
 18,686, 
 
 14,145, 
 
 29th „ .... 
 
 27,556, 
 
 13,556 
 
 3,623, 
 
 9,000 
 
 9,266, 
 
 1,051, 
 
 19,318, 
 
 14,145, 
 
 5 th April 
 
 27,294, 
 
 13,294 
 
 3,046, 
 
 8,866 
 
 9,573, 
 
 1,096, 
 
 19,535, 
 
 14,145, 
 
 12th „ .... 
 
 26,966, 
 
 12,966 
 
 3,098, 
 
 4,723 
 
 10,164, 
 
 1,093, 
 
 15,981, 
 
 14,087, 
 
 19th „ .... 
 
 26,734, 
 
 12,734 
 
 3,100, 
 
 4,102 
 
 10,257, 
 
 1,059, 
 
 15,418, 
 
 13,937, 
 
 26th „ .... 
 
 26,662, 
 
 12,662 
 
 3,104, 
 
 4,309 
 
 9,813, 
 
 1,082, 
 
 15,204, 
 
 13,930, 
 
 3rd May 
 
 26,642, 
 
 12,642 
 
 3,130, 
 
 4,762, 
 
 9,564, 
 
 1,125, 
 
 15,452, 
 
 14,125, 
 
 10th „ .... 
 
 26,649, 
 
 12,649 
 
 3,134, 
 
 5,155, 
 
 8,964, 
 
 1,128, 
 
 15,246, 
 
 13,606, 
 
 17th „ .... 
 
 26,705, 
 
 12,705 
 
 3,140, 
 
 6,017 
 
 8,921, 
 
 1,078, 
 
 16,017, 
 
 13,591, 
 
 24th „ .... 
 
 26,906, 
 
 12,906 
 
 3,144, 
 
 6,583 
 
 8,744, 
 
 1,093, 
 
 17,420, 
 
 13,593, 
 
 31st „ .... 
 
 27,013, 
 
 13,013 
 
 3,085, 
 
 6,889 
 
 8,807, 
 
 1,076, 
 
 16,771, 
 
 13,593, 
 
 7th June 
 
 27,198, 
 
 13,198 
 
 3,089, 
 
 7,489 
 
 8,727, 
 
 1,073, 
 
 17,289, 
 
 13,544, 
 
 14th „ .... 
 
 27,299, 
 
 13,299 
 
 3,097, 
 
 7,809 
 
 8,908, 
 
 1,059, 
 
 17,776, 
 
 13,544, 
 
 21st „ .... 
 
 27,447, 
 
 13,447 
 
 3,101, 
 
 8,636 
 
 8,714, 
 
 1,059, 
 
 18,408, 
 
 13,544, 
 
 28th „ .... 
 
 27,693, 
 
 13,693 
 
 3,105, 
 
 9,103 
 
 9,012, 
 
 1,080, 
 
 19,195, 
 
 13,544, 
 
 5th July 
 
 27,582, 
 
 13,582 
 
 3,129, 
 
 8,931 
 
 8,696, 
 
 1,155, 
 
 18,782, 
 
 13,545, 
 
 12th „ .... 
 
 27,450, 
 
 13,450 
 
 3,192, 
 
 4,319 
 
 10,441, 
 
 1,175, 
 
 15,935, 
 
 13,464, 
 
 19th „ .... 
 
 27,284, 
 
 13,284 
 
 3,219, 
 
 3,957 
 
 9,584, 
 
 1,183, 
 
 14,724, 
 
 13,464, 
 
 26th „ .... 
 
 27,225, 
 
 13,225 
 
 3,224, 
 
 4,295 
 
 9,098, 
 
 1,196, 
 
 14,589, 
 
 13,464, 
 
 2nd Aug. 
 
 27,268, 
 
 13,268 
 
 3,229, 
 
 4,758 
 
 9,002, 
 
 1,270, 
 
 15,031, 
 
 13,464, 
 
 9th „ .... 
 
 27,341, 
 
 13,341 
 
 3,319, 
 
 5,513 
 
 8,719, 
 
 1,240, 
 
 15,472, 
 
 13,464, 
 
 16th „ .... 
 
 27,544, 
 
 13,544 
 
 3,327, 
 
 6,394 
 
 8,617, 
 
 1,317, 
 
 16,328, 
 
 13,464, 
 
 23rd „ .... 
 
 27,623, 
 
 13,623 
 
 3,288, 
 
 7,161 
 
 8,507, 
 
 1,322, 
 
 16,990, 
 
 13,464, 
 
 30th „ .... 
 
 27,763, 
 
 13,763 
 
 3,567, 
 
 7,608 
 
 8,525, 
 
 1,249, 
 
 17,382, 
 
 13,464, 
 
 6th Sept. 
 
 27,708, 
 
 13,708 
 
 3,589, 
 
 8,093 
 
 8,121, 
 
 1,228, 
 
 17,443, 
 
 13,464, 
 
 13th „ .... 
 
 27,938, 
 
 13,938 
 
 3,592, 
 
 8,758 
 
 8,193, 
 
 3,211, 
 
 18,162, 
 
 13,464, 
 
 20th „ .... 
 
 28,075, 
 
 14,075 
 
 3,596, 
 
 9,386 
 
 8,208, 
 
 1,220, 
 
 18,814, 
 
 13,464, 
 
 27th „ .... 
 
 28,356, 
 
 14,356 
 
 3,601, 
 
 9,886 
 
 8,230, 
 
 1,218, 
 
 19,334, 
 
 13,464, 
 
 4th Oct 
 
 28,416, 
 
 14,416 
 
 3,607, 
 
 9,656 
 
 8,557, 
 
 1,250, 
 
 19,460, 
 
 13,464, 
 
 11th „ .... 
 
 28,455, 
 
 14,455 
 
 3,103, 
 
 9,728 
 
 8,684, 
 
 1,213, 
 
 19,625, 
 
 13,461, 
 
 18th „ .... 
 
 28,458, 
 
 14,458 
 
 3,147, 
 
 5,396 
 
 10,339, 
 
 1,268, 
 
 17,004, 
 
 13,212, 
 
 25th „ .... 
 
 28,615, 
 
 14,615 
 
 3,151, 
 
 5,175 
 
 10,475, 
 
 1,265, 
 
 16,915, 
 
 13,242, 
 
 1st Nov 
 
 28,644, 
 
 14,644 
 
 , 3,153, 
 
 5,438 
 
 10,337, 
 
 1,270, 
 
 17,045, 
 
 13,242, 
 
 8th „ .... 
 
 28,683, 
 
 14,683 
 
 3,178, 
 
 6,086 
 
 9,549, 
 
 1,229, 
 
 16,864, 
 
 13,212, 
 
 15th „ .... 
 
 29,114, 
 
 15,114 
 
 , 3,180, 
 
 6,938 
 
 9,309, 
 
 1,190, 
 
 17,437, 
 
 13,242, 
 
 22nd „ .... 
 
 29,459, 
 
 15,459 
 
 , 3,183, 
 
 7,300 
 
 9,290, 
 
 1,169, 
 
 17,660, 
 
 13,242, 
 
 29th „ .... 
 
 29,536, 
 
 15,536 
 
 , 3,124, 
 
 7,745 
 
 9,130, 
 
 1,175, 
 
 18,049, 
 
 13,212, 
 
 6th Dec. 
 
 29,903, 
 
 15,903 
 
 , 3,126, 
 
 8,077 
 
 9,539, 
 
 1,157, 
 
 18,773, 
 
 13,242, 
 
 13th „ .... 
 
 30,280, 
 
 16,280 
 
 , 3,130, 
 
 8,534 
 
 9,359, 
 
 1,152, 
 
 19,045, 
 
 13,242, 
 
 20th „ .... 
 
 30,818, 
 
 16,818 
 
 , 3,133, 
 
 9,203 
 
 9,360, 
 
 1,099, 
 
 19,662, 
 
 13,244, 
 
 27th „ .... 
 
 30,744, 
 
 16,744 
 
 , 3,137, 
 
 9,620 
 
 9,281, 
 
 1,047, 
 
 19,949, 
 
 13,292, 
 
Bank Charter Act o/1844. 
 
 137 
 
 1st September, 1844, to end of 1871 — Ccmtd. 
 
 1851. 
 
 Issue above Bullion 
 
 , 14,000,000/. Banking Department, Fixed [tern -Capital, 1 M 
 
 ooi. 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Kate of 
 
 Circulation 
 
 Bankers' 
 
 
 r/emporary 
 
 Dai 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount 
 
 above Bullion. 
 
 Balan 
 
 Discounted. 
 
 Advances. 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 Per cut. 
 
 £ 
 
 <; 
 
 u 
 
 
 51. 
 
 
 15,182, 
 
 557, 
 
 9,231, 
 
 3 
 
 4,763, 
 
 1,369, 
 
 4,6 
 
 27, 
 
 1th Jan. 
 
 
 13,511, 
 
 632, 
 
 8,133, 
 
 ,, 
 
 5,867, 
 
 2,484, 
 
 4,584, 
 
 I.e. 
 
 nth „ 
 
 
 12,620, 
 
 608, 
 
 7,971, 
 
 ,, 
 
 6,029, 
 
 2,282, 
 
 4,470, 
 
 867, 
 
 h .. 
 
 
 12,339, 
 
 639, 
 
 8,299, 
 
 5, 
 
 5,701, 
 
 2,321, 
 
 4,215, 
 
 J9, 
 
 25th 
 
 
 11,916, 
 
 643, 
 
 8,071, 
 
 ,, 
 
 5,920, 
 
 1,051, 
 
 4,0 
 
 768, 
 
 Ml". . 
 
 
 11,831, 
 
 640, 
 
 8,463, 
 
 5, 
 
 5,537, 
 
 1,393, 
 
 3,943, 
 
 77 
 
 si!, .. 
 
 
 11,888, 
 
 715, 
 
 8,848, 
 
 J, 
 
 5,152, 
 
 ],o:>7, 
 
 3,903, 
 
 MIS, 
 
 15th 
 
 
 12,136, 
 
 673, 
 
 9,049, 
 
 !, 
 
 4,951, 
 
 1,051, 
 
 1.115, 
 
 7, 
 
 22nd .. 
 
 
 13,175, 
 
 676, 
 
 8,537, 
 
 ,, 
 
 5,463, 
 
 1,580, 
 
 4,483, 
 
 1,191. 
 
 Lgj Bd 
 
 
 13,031, 
 
 690, 
 
 8,739, 
 
 ,, 
 
 5,261, 
 
 1,484, 
 
 4,271, 
 
 L,259, 
 
 8th 
 
 
 12,90 1, 
 
 701, 
 
 8,956, 
 
 ,, 
 
 5,01!. 
 
 1,460, 
 
 4,249, 
 
 1,163, 
 
 L5th .. 
 
 
 12,908, 
 
 683, 
 
 9,221, 
 
 ,, 
 
 4,779, 
 
 1,151, 
 
 4,220, 
 
 1,2' 
 
 22nd .. 
 
 
 14,064, 
 
 690, 
 
 8,594, 
 
 ,, 
 
 5,406, 
 
 1,302, 
 
 1.239, 
 
 2,331, 
 
 29th .. 
 
 
 11,147, 
 
 612, 
 
 8,230, 
 
 5, 
 
 5,770, 
 
 1,35 1. 
 
 301, 
 
 2,368, 
 
 5th April 
 
 
 11,902, 
 
 623, 
 
 7,020, 
 
 ,, 
 
 6,980, 
 
 2,375, 
 
 4,168, 
 
 711, 
 
 12th :. 
 
 
 11,639, 
 
 609, 
 
 6,887, 
 
 ,, 
 
 7,113, 
 
 2,288, 
 
 4,030, 
 
 62 
 
 i'.' ;, .. 
 
 
 11,510, 
 
 627, 
 
 6,794, 
 
 ,, 
 
 7,206, 
 
 1,883, 
 
 26, 
 
 60 
 
 26th .. 
 
 
 11,441, 
 
 611, 
 
 6,957, 
 
 ,, 
 
 7,013, 
 
 1,749, 
 
 3,8 1 
 
 680, 
 
 3rd M 
 
 i 
 
 
 11,509, 
 
 623, 
 
 7,196, 
 
 5, 
 
 6,804, 
 
 1,425, 
 
 3,872. 
 
 091, 
 
 10th ., 
 
 
 11,888, 
 
 651, 
 
 7,580, 
 
 ,, 
 
 0.120, 
 
 1,358, 
 
 4,142, 
 
 MO, 
 
 L7th „ 
 
 
 11,982, 
 
 663, 
 
 7,879, 
 
 J, 
 
 6,121, 
 
 1,180, 
 
 4,307, 
 
 911, 
 
 24th „ 
 
 
 12,509, 
 
 692, 
 
 7,615, 
 
 ,, 
 
 6,385, 
 
 1,398, 
 
 4,5S_\ 
 
 1,195, 
 
 31st „ 
 
 
 12,558, 
 
 638, 
 
 8,190, 
 
 5, 
 
 5,810, 
 
 1,267, 
 
 4,095, 
 
 1,091, 
 
 7th June 
 
 
 12,838, 
 
 627, 
 
 8,417, 
 
 ,, 
 
 5,583, 
 
 1,202, 
 
 4,722, 
 
 1,323, 
 
 14th „ 
 
 
 13,235, 
 
 652, 
 
 8,532, 
 
 ,, 
 
 5,468, 
 
 1,310, 
 
 4,626, 
 
 1,817, 
 
 21st „ 
 
 
 14,247, 
 
 624, 
 
 8,438, 
 
 ,, 
 
 5,562, 
 
 1,471, 
 
 4,712, 
 
 2,6? 
 
 28th .. 
 
 
 14,251, 
 
 631, 
 
 8,036, 
 
 )> 
 
 5,961, 
 
 1,230, 
 
 4,649, 
 
 -.738, 
 
 5 tli July 
 
 
 12,390, 
 
 568, 
 
 7,259, 
 
 >, 
 
 6,741, 
 
 2,549, 
 
 4,550, 
 
 1,016, 
 
 l^th „ 
 
 
 11,803, 
 
 579, 
 
 6,650, 
 
 J, 
 
 7,350, 
 
 1,982, 
 
 4,533, 
 
 653, 
 
 19th „ 
 
 
 11,601, 
 
 591, 
 
 6,709, 
 
 ,, 
 
 7,291, 
 
 1,495, 
 
 4,439, 
 
 5 S3, 
 
 26th .. 
 
 
 11,800, 
 
 627, 
 
 6,922, 
 
 ,, 
 
 7,078, 
 
 1,528, 
 
 4,538, 
 
 009, 
 
 2nd A 
 
 
 12,078, 
 
 612, 
 
 7,190, 
 
 J> 
 
 6,810, 
 
 1,38 1, 
 
 4,617, 
 
 809, 
 
 9th .. 
 
 
 12,698, 
 
 633, 
 
 7,412, 
 
 5, 
 
 6,588, 
 
 1,401, 
 
 5,122. 
 
 
 10th .. 
 
 
 12,885, 
 
 605, 
 
 7,878, 
 
 ,, 
 
 6,122. 
 
 1,612, 
 
 5,333. 
 
 '.'•-.7, 
 
 23rd . 
 
 
 13,392, 
 
 599, 
 
 8,047, 
 
 5, 
 
 5,953, 
 
 1,462, 
 
 5,393, 
 
 1,025, 
 
 30th .. 
 
 
 13,194, 
 
 583, 
 
 8,344, 
 
 ,, 
 
 5,056, 
 
 1,142, 
 
 5,410, 
 
 Ml, 
 
 otli Sept. 
 
 
 13,437, 
 
 579, 
 
 8,827, 
 
 JJ 
 
 5,173, 
 
 1,296, 
 
 5.511. 
 
 960, 
 
 13th „ 
 
 
 13,785, 
 
 590, 
 
 9,124, 
 
 J, 
 
 4,876, 
 
 1,232, 
 
 .'.707, 
 
 1,102, 
 
 20th .. 
 
 
 14,248, 
 
 597, 
 
 9,179, 
 
 J, 
 
 4,821, 
 
 1,183, 
 
 5,8! 
 
 1^91, 
 
 27th .. 
 
 
 14,621, 
 
 576, 
 
 8,958, 
 
 5, 
 
 5,012, 
 
 1.2 
 
 5,883, 
 
 1,0' 
 
 •itli Oct 
 
 
 14,337, 
 
 596, 
 
 8,883, 
 
 5, 
 
 5,117, 
 
 1.171, 
 
 5,782, 
 
 1,: 
 
 11th .. 
 
 
 13,084, 
 
 596, 
 
 7,782, 
 
 ), 
 
 6,218, 
 
 3,0! M. 
 
 5,5: 
 
 "1, 
 
 L8th .. 
 
 
 12,811,/ 
 
 i 618, 
 
 7,916, 
 
 J, 
 
 6,084, 
 
 2.7 
 
 5,32<>. 
 
 572, 
 
 :■ .. 
 
 
 12,66S, 
 
 646, 
 
 8,175, 
 
 ,, 
 
 5,825, 
 
 2.711. 
 
 5,071. 
 
 576, 
 
 i-t ^ 
 
 
 12,215, 
 
 577, 
 
 8,561, 
 
 ,} 
 
 5. 139, 
 
 2,182, 
 
 4,674, 
 
 70, 
 
 8th .. 
 
 
 J-1,818, 
 
 581, 
 
 9,529, 
 
 ,> 
 
 1.171, 
 
 2,0" \ 
 
 4,316, 
 
 52". 
 
 15th 
 
 
 11,590, 
 
 561, 
 
 10,104, 
 
 ), 
 
 3,896, 
 
 1,520, 
 
 4,074, 
 
 533, 
 
 22nd „ 
 
 
 11,573, 
 
 598, 
 
 10,312, 
 
 ,, 
 
 3,688, 
 
 1,446, 
 
 3,908, 
 
 709, 
 
 29th „ 
 
 
 11,547, 
 
 616, 
 
 11,048, 
 
 J, 
 
 2,952, 
 
 1,743, 
 
 3,820. 
 
 711. 
 
 6th Dec. 
 
 
 11,455, 
 
 641, 
 
 11,390, 
 
 ,, 
 
 10, 
 
 1,571. 
 
 3,830, 
 
 14, 
 
 13th „ 
 
 
 11,366, 
 
 595, 
 
 12,112, 
 
 5, 
 
 1,858, 
 
 1,520, 
 
 3.034, 
 
 7:>0, 
 
 20th „ 
 
 
 11,747, 
 
 575, 
 
 12,024, 
 
 >> 
 
 1,970, 
 
 1,638, 
 
 3,571, 
 
 1,097, 
 
 27th „ 
 
138 
 
 Setd — On the Operation of the 
 
 1852. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items— Government Debt, 11,015,100/.; Other Securities, 2,984,900/. 
 
 Dace. 
 
 35 
 
 ■n 
 
 5J 
 
 J) 
 
 1852. 
 
 3rd Jan . 
 10th 
 17th 
 24th 
 31st „ 
 
 7th Feb. 
 14th 
 21st 
 28th 
 
 6th Marc 
 13th 
 20th 
 27th 
 
 3rd April 
 10th „ 
 17th „ 
 24th „ 
 
 1st Mav 
 
 8th 
 15th 
 22nd 
 29th „ 
 
 5th June 
 12th 
 19th 
 26th „ 
 
 3rd July 
 10th „ 
 17th 
 24th 
 31st „ 
 
 7th Aug 
 14th „ 
 21st „ 
 28th „ 
 
 4th Sept 
 11th 
 18th 
 25th „ 
 
 2nd Oct 
 
 9th „ 
 16th „ 
 23rd „ 
 30th „ 
 
 6th Nov 
 13th 
 20th 
 27th „ 
 
 4th Dec. 
 11th 
 18th 
 24th 
 
 5> 
 
 J, 
 
 55 
 
 
 5> 
 
 5) 
 
 55 
 
 35 
 
 53 
 
 Notes 
 Issued. 
 
 Bullion. 
 
 llcst. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 30,992, 
 
 16,992, 
 
 3,165, 
 
 9,448, 
 
 9,371, 
 
 31,028, 
 
 17,028, 
 
 3,225, 
 
 5,293, 
 
 12,002, 
 
 31,151, 
 
 17,151, 
 
 3,248, 
 
 4,715, 
 
 11,657, 
 
 31,382, 
 
 17,382, 
 
 3,250, 
 
 4,768, 
 
 12,187, 
 
 31,658, 
 
 17,658, 
 
 3,255, 
 
 4,847, 
 
 12,348, 
 
 31,712, 
 
 17,712, 
 
 3,342, 
 
 5,264, 
 
 12,129, 
 
 32,094, 
 
 18,094, 
 
 3,336, 
 
 5,925, 
 
 11,553, 
 
 32,417, 
 
 18,417, 
 
 3,281, 
 
 6,392, 
 
 11,916, 
 
 32,732, 
 
 18,732, 
 
 3,604, 
 
 6,723, 
 
 11,658, 
 
 32,897, 
 
 18,897, 
 
 3,617, 
 
 6,903, 
 
 12,124, 
 
 33,148, 
 
 19,148, 
 
 3,618, 
 
 6,965, 
 
 12,559, 
 
 33,176, 
 
 19,176, 
 
 3,620, 
 
 7,520, 
 
 12,301, 
 
 33,290, 
 
 19,290, 
 
 3,622, 
 
 7,979, 
 
 11,645, 
 
 33,084, 
 
 19,084, 
 
 3,624, 
 
 7,688, 
 
 11,192, 
 
 32,734, 
 
 18,734, 
 
 3,091, 
 
 4,765, 
 
 13,993, 
 
 33,080, 
 
 19,080, 
 
 3,095, 
 
 3,265, 
 
 13,907, 
 
 33,099, 
 
 19,099, 
 
 3,098, 
 
 2,993, 
 
 14,473, 
 
 33,418, 
 
 19,418, 
 
 3,102, 
 
 3,195, 
 
 14,366, 
 
 33,732, 
 
 19,732, 
 
 3,125, 
 
 3,526, 
 
 14,131, 
 
 33,819, 
 
 19,819, 
 
 3,127, 
 
 4,266, 
 
 13,686, 
 
 34,109, 
 
 20,109, 
 
 3,126, 
 
 5,132, 
 
 13,789, 
 
 34,187, 
 
 20,187, 
 
 3,077, 
 
 5,566, 
 
 13,182, 
 
 34,352, 
 
 20,352, 
 
 3,066, 
 
 6,120, 
 
 13,031, 
 
 34,725, 
 
 20,725, 
 
 3,072, 
 
 6,093, 
 
 13,679, 
 
 34,953, 
 
 20,953, 
 
 3,076, 
 
 6,857, 
 
 13,031, 
 
 35,587, 
 
 21,587, 
 
 3,078, 
 
 7,597, 
 
 12,834, 
 
 35,775, 
 
 21,775, 
 
 3,102, 
 
 7,647, 
 
 12,969, 
 
 35,879, 
 
 21,879, 
 
 3,160, 
 
 3,908, 
 
 15,530, 
 
 35,659, 
 
 21,659, 
 
 3,190, 
 
 3,078, 
 
 14,715, 
 
 35,708, 
 
 21,708, 
 
 3,194, 
 
 2,802, 
 
 15,464, 
 
 35,329, 
 
 21,329, 
 
 3,199, 
 
 3,195, 
 
 14,507, 
 
 35,156, 
 
 21,156, 
 
 3,285, 
 
 3,824, 
 
 13,886, 
 
 35,620, 
 
 21,620, 
 
 3,287, 
 
 4,829, 
 
 13,089, 
 
 35,425, 
 
 21,425, 
 
 3,289, 
 
 5,845, 
 
 12,945, 
 
 35,445, 
 
 21,445, 
 
 3,226, 
 
 6,318, 
 
 12,638, 
 
 35,354, 
 
 21,354, 
 
 3,549, 
 
 6,667, 
 
 12,137, 
 
 35,350, 
 
 21,350, 
 
 3,550, 
 
 7,288, 
 
 12,331, 
 
 35,155, 
 
 21,155, 
 
 3,552, 
 
 8,010, 
 
 11,920, 
 
 35,133, 
 
 21,133, 
 
 3,554, 
 
 8,792, 
 
 11,838, 
 
 34,990, 
 
 20,990, 
 
 3,557, 
 
 8,935, 
 
 11,533, 
 
 34,908, 
 
 20,908, 
 
 3,560, 
 
 9,076, 
 
 11,493, 
 
 35,052, 
 
 21,052, 
 
 3,096, 
 
 4,899, 
 
 13,107, 
 
 34,736, 
 
 20,736, 
 
 3,099, 
 
 4,449, 
 
 13,670, 
 
 34,767, 
 
 20,767, 
 
 3,101, 
 
 4,665, 
 
 12,802, 
 
 34,593, 
 
 20,593, 
 
 3,125, 
 
 5,040, 
 
 12,654, 
 
 34,699, 
 
 20,699, 
 
 3,127, 
 
 5,973, 
 
 12,367, 
 
 34,798, 
 
 20,798, 
 
 3,131, 
 
 6,661, 
 
 12,414, 
 
 35,209, 
 
 21,209, 
 
 3,124, 
 
 7,258, 
 
 12,494, 
 
 35,247, 
 
 21,247, 
 
 3,075, 
 
 7,638, 
 
 12,699, 
 
 34,971, 
 
 20,971, 
 
 3,077, 
 
 7,955, 
 
 12,507, 
 
 34,495, 
 
 20,495, 
 
 3,081, 
 
 8,649, 
 
 12,496, 
 
 34,072, 
 
 20,072, 
 
 3,084, 
 
 9,298, 
 
 12,264, 
 
 Seven Days' 
 Bills, &x\ 
 
 £ 
 1,242 
 1,182 
 1,118 
 1,141 
 1,150 
 1,249 
 1,170 
 1,149 
 1,122 
 1,144 
 1,062 
 1,062 
 1,125 
 1,141 
 1,163 
 1,166 
 1,207 
 1,214 
 1,277 
 1,220 
 1,220 
 1,242 
 1,256 
 1,250 
 1,225 
 1,268 
 1,333 
 1,333 
 1,356 
 1,387 
 1,367 
 1,433 
 1,331 
 1,336 
 1,394 
 1,425 
 1,391 
 1,393 
 1,414 
 1,396 
 1,456 
 1,493 
 1,443 
 1,472 
 1,485 
 1,507 
 1,460 
 1,502 
 1,494 
 1,445 
 1,469 
 1,423 
 
 Total Deposits 
 and Hills. 
 
 £ 
 20,090, 
 18,476, 
 17,490, 
 18,096, 
 18,345, 
 18,642, 
 18,848, 
 19,457, 
 19,503, 
 20,171, 
 20,585, 
 20,883, 
 20,752, 
 20,020, 
 19,920, 
 18,339, 
 18,673, 
 18,775, 
 18,934, 
 19,172, 
 20,141, 
 19,991, 
 20,407, 
 21,022, 
 21,113, 
 21,699, 
 21,949, 
 20,771, 
 19,149, 
 19,654, 
 19,069, 
 19,142, 
 19,248, 
 20,126, 
 20,350, 
 20,229, 
 21,010, 
 21,323, 
 22,044, 
 21,863, 
 21,926, 
 19,499, 
 19,562, 
 18,938, 
 19,179, 
 19,847, 
 20,535, 
 21,254, 
 21,831, 
 21,907, 
 22,614, 
 22,985, 
 
 Government 
 Securities. 
 
 £ 
 13,291, 
 13,234, 
 13,269, 
 13,269, 
 13,421, 
 13,421, 
 13,524, 
 13,551, 
 13,558, 
 13,565, 
 13,568, 
 13,568, 
 13,568, 
 13,568, 
 14,301, 
 13,396, 
 13,336, 
 13,338, 
 13,338, 
 13,452, 
 13,833, 
 13,875, 
 14,175, 
 13,875, 
 13,875, 
 13,875, 
 13,874, 
 14,125, 
 13,980, 
 13,785. 
 13,791, 
 13,791, 
 14,079, 
 14,139, 
 14,189, 
 14,189, 
 14,189, 
 14,189, 
 14,189, 
 14,189, 
 14,189, 
 13,950, 
 13,950, 
 13,950, 
 13,950, 
 13,963, 
 13,963, 
 13,963, 
 13,963, 
 13,963, 
 13,963, 
 13,963, 
 
 
Banl: Charter Act of 1844. 
 
 139 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 1852. 
 
 Issue above Bullion, 1 1,000,000?. 33 
 
 ankiiig Department, Fixed It na— Capital, 14553,0001. 
 
 Other 
 
 Gold and 
 
 Notes hi 
 
 Bate of 
 
 Circulation 
 
 Kan 
 
 Hills 
 
 1 irary 
 
 Date. 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Hal lit' 
 
 IV c • 
 
 I1CC8. 
 
 £ 
 
 £ 
 
 £ 
 
 Per ent. 
 
 £ 
 
 I 
 
 £ 
 
 
 -2. 
 
 12,211, 
 
 565, 
 
 11,708, 
 
 
 2,292, 
 
 1,537, 
 
 23, 
 
 l ,515, 
 
 i Jan. 
 
 11,746, 
 
 •is7, 
 
 10,787, 
 
 it 
 
 3,213, 
 
 3,61 1. 
 
 3 598, 
 
 1,102, 
 
 LOth 
 
 11,389, 
 
 571, 
 
 10,113, 
 
 it 
 
 3,887, 
 
 3,007, 
 
 3,569, 
 
 (.22, 
 
 17(i 
 
 11,366, 
 
 551, 
 
 10,742, 
 
 ,5 
 
 3,258, 
 
 3,608, 
 
 3,502, 
 
 64 
 
 21i!, 
 
 11,256, 
 
 557, 
 
 10,919, 
 
 ,, 
 
 3,081, 
 
 3.560, 
 
 3,479, 
 
 CIO, 
 
 31al ., 
 
 11,182, 
 
 570, 
 
 11,364, 
 
 >> 
 
 2,636, 
 
 3,577. 
 
 3,459, 
 
 3 
 
 7ili V 
 
 11,125, 
 
 502, 
 
 11.386, 
 
 55 
 
 2,614, 
 
 3,113, 
 
 3,421, 
 
 496, 
 
 14th 
 
 10,980, 
 
 531, 
 
 12,229, 
 
 5, 
 
 1,771, 
 
 3,21S. 
 
 3,2 is, 
 
 496, 
 
 21 • 
 
 11,387, 
 
 507, 
 
 12,209, 
 
 ,, 
 
 1,791, 
 
 2,887, 
 
 3,2 15, 
 
 49:;. 
 
 28th 
 
 11,602. 
 
 513, 
 
 12.660, 
 
 55 
 
 1,340, 
 
 3,293, 
 
 3,104, 
 
 484, 
 
 1 Mar. 
 
 11,752, 
 
 526, 
 
 12,912, 
 
 55 
 
 1,088, 
 
 3,673, 
 
 3,129, 
 
 471, 
 
 L3th 
 
 11,722, 
 
 570, 
 
 13,196, 
 
 55 
 
 804, 
 
 3,262, 
 
 3,033, 
 
 460, 
 
 20th - 
 
 11,690, 
 
 525, 
 
 13,140, 
 
 55 
 
 860, 
 
 2,725, 
 
 2,984, 
 
 471, 
 
 27th 
 
 11,721, 
 
 512, 
 
 12,397, 
 
 55 
 
 1,603, 
 
 2,512, 
 
 2,994, 
 
 170, 
 
 3rd April 
 
 11,226, 
 
 512, 
 
 11,526, 
 
 55 
 
 2. 174, 
 
 4,981, 
 
 2,935, 
 
 173, 
 
 » ,, 
 
 11,086, 
 
 ISO, 
 
 11,024, 
 
 55 
 
 2,976, 
 
 4,802, 
 
 2,883, 
 
 3S9, 
 
 17th .. 
 
 11,000, 
 
 589, 
 
 11,500, 
 
 2 
 
 2,500, 
 
 4,890, 
 
 2,838, 
 
 39 », 
 
 24th .. 
 
 11,022, 
 
 484, 
 
 11,586, 
 
 a 
 
 2,414, 
 
 4,781, 
 
 2,866, 
 
 395, 
 
 1-: M 
 
 10,888, 
 
 499, 
 
 11,887, 
 
 j> 
 
 2,U3, 
 
 4,588, 
 
 2,798, 
 
 401. 
 
 8th 
 
 10,766, 
 
 486, 
 
 12,149, 
 
 55 
 
 1,851, 
 
 4,141, 
 
 2.802, 
 
 36 1, 
 
 15th „ 
 
 10,663, 
 
 519, 
 
 12,805, 
 
 55 
 
 1,195, 
 
 3,963, 
 
 2,694, 
 
 368, 
 
 22nd „ 
 
 10,705, 
 
 499, 
 
 12,542, 
 
 55 
 
 1,458, 
 
 3,387, 
 
 2,714, 
 
 311, 
 
 2 h .. 
 
 10,698, 
 
 486, 
 
 12,667, 
 
 it 
 
 1,333, 
 
 3,217, 
 
 2,725, 
 
 251, 
 
 ■ ; 
 
 10,873, 
 
 459, 
 
 13,410, 
 
 55 
 
 560, 
 
 3,305, 
 
 2,695, 
 
 471. 
 
 I2il, .. 
 
 10,869, 
 
 482, 
 
 13,516, 
 
 55 
 
 484, 
 
 2,783, 
 
 2,699, 
 
 461, 
 
 19th 
 
 10,755, 
 
 456, 
 
 14,245,* 
 
 55 
 
 24S* 
 
 2,473, 
 
 2,685, 
 
 458, 
 
 26th .. 
 
 11,774, 
 
 499 
 
 13,534, 
 
 55 " 
 
 466, 
 
 2,959, 
 
 2,759, 
 
 1.27.!. 
 
 3rd July 
 
 11,407, 
 
 353, 
 
 12,499, 
 
 55 
 
 1,501, 
 
 4,859, 
 
 2,776, 
 
 927, 
 
 10th ..' 
 
 10,672, 
 
 330, 
 
 11,911, 
 
 55 
 
 2,089, 
 
 4,214, 
 
 2,728, 
 
 263, 
 
 17th 
 
 10,782, 
 
 357, 
 
 12,477, 
 
 55 
 
 1,523, 
 
 4,030, 
 
 2,827. 
 
 271. 
 
 2 aii ., 
 
 10,800, 
 
 381, 
 
 11,850, 
 
 55 
 
 2,150, 
 
 3,817, 
 
 2,860, 
 
 272. 
 
 3a 
 
 10,757, 
 
 317, 
 
 12,116, 
 
 55 
 
 1,884, 
 
 3,431, 
 
 2,818, 
 
 
 7th A 
 
 10,740, 
 
 306, 
 
 12,668, 
 
 n 
 
 1,332, 
 
 3,592, 
 
 2,795, 
 
 216, 
 
 14th .. 
 
 10,714, 
 
 449, 
 
 12,665, 
 
 a 
 
 1,335, 
 
 3,178, 
 
 2,759, 
 
 24! 
 
 - ' < 
 
 10,647, 
 
 469, 
 
 12,824, 
 
 It 
 
 1,176, 
 
 2,805, 
 
 - 716, 
 
 213, 
 
 .. 
 
 11,100, 
 
 498, 
 
 12,543, 
 
 55 
 
 1,457, 
 
 2,219, 
 
 2,713, 
 
 188; 
 
 : pt. 
 
 11,117, 
 
 541, 
 
 13,263, 
 
 55 
 
 737, 
 
 2,319, 
 
 2,674, 
 
 2s 1. 
 
 11th .. 
 
 11,325, 
 
 713, 
 
 13,201, 
 
 55 
 
 799, 
 
 2,165, 
 
 2,694, 
 
 172. 
 
 18th .. 
 
 11,663, 
 
 679, 
 
 13,620, 
 
 55 
 
 380, 
 
 1,888, 
 
 2 718, 
 
 790, 
 
 25th .. 
 
 12,475, 
 
 563, 
 
 12,747, 
 
 » 
 
 1,253, 
 
 2,092, 
 
 K)7, 
 
 1 , 137, 
 
 2nd < > . 
 
 12,484, 
 
 810, 
 
 12,656, 
 
 . 55 
 
 1,31 I. 
 
 2.118, 
 
 2,905, 
 
 1,452, 
 
 
 11,187, 
 
 618, 
 
 11,392, 
 
 55 
 
 2.608, 
 
 3,429, 
 
 2.965, 
 
 255, 
 
 16th 
 
 11,180, 
 
 508, 
 
 11,576, 
 
 5, 
 
 2,42 1. 
 
 3,570, 
 
 2,936, 
 
 2 75, 
 
 - 1 • 
 
 11,296, 
 
 391, 
 
 10,954, 
 
 55 
 
 3,0 it;, 
 
 2,846, 
 
 2,970, 
 
 2 S3, 
 
 30th 
 
 11,363, 
 
 ^03, 
 
 11,242, 
 
 55 
 
 2.758, 
 
 2,683, 
 
 3,0;;:.. 
 
 263, 
 
 6th N 
 
 11,494, 
 
 574, 
 
 11,497, 
 
 55 
 
 2,503, 
 
 2.1:»7, 
 
 3,1-7. 
 
 2:12. 
 
 13th „ 
 
 11,606, 
 
 524, 
 
 12,127, 
 
 55 
 
 1,873, 
 
 2,326. 
 
 3,22 1. 
 
 307, 
 
 20th 
 
 11,9*64, 
 
 498, 
 
 12,506, 
 
 it 
 
 1,491. 
 
 2,571, 
 
 3,32:., 
 
 514, 
 
 27th .. 
 
 12,411, 
 
 561, 
 
 12,524, 
 
 55 
 
 1,476, 
 
 2,669, 
 
 3,390, 
 
 873, 
 
 Jth Dec. 
 
 12,620, 
 
 539, 
 
 12,415, 
 
 5, 
 
 1,585, 
 
 2,306, 
 
 3,440, 
 
 97 
 
 11th „ 
 
 13,356, 
 
 670, 
 
 12,259, 
 
 it 
 
 1,741, 
 
 2,188, 
 
 3,593, 
 
 1,562, 
 
 18th ., 
 
 14,136, 
 
 677, 
 
 11,846, 
 
 it 
 
 2,154, 
 
 1,841, 
 
 3,65 1 , 
 
 2.285, 
 
 21th „ 
 
 * Excess of reserve over fiduciary issue. 
 
140 
 
 Seyd — On the Operation of the 
 
 1853. 
 
 Weekly AczounU of the Batik of England, from 
 
 Issue Department, Fixed Items— Goyernment Debt, 11,015,1007. ; Other Securities, 2,984,9007. 
 
 "n-iff* 
 
 Notes 
 
 "Ri-illirm 
 
 Rest. 
 
 Public 
 
 Other 
 
 Seven Days' 
 
 Total Deposits 
 
 Government 
 
 
 -LM L L . 
 
 Issued. 
 
 XJ 1 l 1 1 1 vil . 
 
 
 Deposits. 
 
 Deposits. 
 
 Bills, &c. 
 
 and Bills. 
 
 Securities. 
 
 
 1853. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 1st Jan 
 
 34,014, 
 
 20,014, 
 
 3,114, 
 
 9,266, 
 
 12,994, 
 
 1,384, 
 
 23,645, 
 
 13,962, 
 
 
 8th „ .... 
 
 33,170, 
 
 19,170, 
 
 3,177, 
 
 5,778, 
 
 14,311, 
 
 1,489, 
 
 21,578, 
 
 13,871, 
 
 
 15th ,, .... 
 
 32,666, 
 
 18,666, 
 
 3,209, 
 
 4,940, 
 
 13,284, 
 
 1,530, 
 
 19,754, 
 
 13,871, 
 
 
 22nd , 
 
 32,918, 
 
 18,918,- 
 
 3,214, 
 
 4,999, 
 
 13,728, 
 
 1,439, 
 
 20,115, 
 
 13,830, 
 
 
 29th , 
 
 32,495, 
 
 18,495, 
 
 3,218, 
 
 5,236, 
 
 13,066, 
 
 1,441, 
 
 20,143, 
 
 13,801, 
 
 
 5th Feb. . 
 
 32,034, 
 
 18,034, 
 
 3,308, 
 
 5,568, 
 
 12,606, 
 
 1,440, 
 
 19,615, 
 
 13,765, 
 
 
 12th „ .... 
 
 31,800, 
 
 17,800, 
 
 3,314, 
 
 6,239, 
 
 12,013, 
 
 1,418, 
 
 19,670, 
 
 13,649, 
 
 
 19th , 
 
 31,748, 
 
 17,748, 
 
 3,313, 
 
 6,738, 
 
 12,082, 
 
 1,345, 
 
 20,165, 
 
 13,619, 
 
 
 26th „ .... 
 
 31,652, 
 
 17,652, 
 
 3,247, 
 
 7,062, 
 
 12,398, 
 
 1,356, 
 
 20,815, 
 
 13,489, 
 
 
 5thMarch 
 
 32,362, 
 
 18,362, 
 
 3,618, 
 
 7,313, 
 
 12,622, 
 
 1,378, 
 
 21,313, 
 
 13,465, 
 
 
 12th „ .... 
 
 32,379, 
 
 18,379, 
 
 3,622, 
 
 7,608, 
 
 12,051, 
 
 1,292, 
 
 29,951, 
 
 13,465, 
 
 
 19th „ .... 
 
 32,597, 
 
 18,597, 
 
 3,626, 
 
 8,204, 
 
 12,875, 
 
 1,352, 
 
 22,431, 
 
 13,465, 
 
 
 26th „ .... 
 
 32,584, 
 
 18,584, 
 
 3,631, 
 
 8,469, 
 
 12,722, 
 
 1,351, 
 
 22,542, 
 
 13,465, 
 
 
 2nd April 
 
 32,570, 
 
 18,570, 
 
 3,636, 
 
 8,234, 
 
 12,690, 
 
 1,357, 
 
 22,281, 
 
 13,465, 
 
 
 9th 
 
 32,816, 
 
 18,816, 
 
 3,107, 
 
 4,733, 
 
 14,934, 
 
 1,470, 
 
 21,137, 
 
 13,671, 
 
 
 16th 
 
 32,520, 
 
 18,520, 
 
 3,110, 
 
 3,780, 
 
 13,623, 
 
 1,420, 
 
 18,823, 
 
 13,221, 
 
 
 23rd 
 
 31,992, 
 
 17,992, 
 
 3,114, 
 
 3,713, 
 
 13,207, 
 
 1,412, 
 
 18,332, 
 
 13,221, 
 
 
 30th „ .... 
 
 31,809, 
 
 17,809, 
 
 3,121, 
 
 3,934, 
 
 12,923, 
 
 1,428, 
 
 18,285, 
 
 13,221, 
 
 
 7th May 
 
 31,744, 
 
 17,744, 
 
 3,147, 
 
 4,265, 
 
 12,202, 
 
 1,418, 
 
 17,885, 
 
 13,221, 
 
 
 14th „ .... 
 
 31,591, 
 
 17,591, 
 
 3,152, 
 
 5,096, 
 
 12,011, 
 
 1,383, 
 
 18,490, 
 
 13,125, 
 
 
 21st 
 
 31,373, 
 
 17,373, 
 
 3,157, 
 
 5,815, 
 
 11,953, 
 
 1,326, 
 
 19,095, 
 
 13,125, 
 
 
 28th , 
 
 31,454, 
 
 17,454, 
 
 3,110, 
 
 5,606, 
 
 11,936, 
 
 1,304, 
 
 18,846, 
 
 13,125, 
 
 
 4th June 
 
 31,790, 
 
 17,790, 
 
 3,106, 
 
 4,635, 
 
 12,903, 
 
 1,390, 
 
 18,928, 
 
 13,125, 
 
 
 11th „ .... 
 
 31,991, 
 
 17,991, 
 
 3,112, 
 
 3,737, 
 
 14,034, 
 
 1,332, 
 
 19,103, 
 
 13,125, 
 
 
 18th „ .... 
 
 32,116, 
 
 18,116, 
 
 3,115, 
 
 4,616, 
 
 13,175, 
 
 1,307, 
 
 19,097, 
 
 13,124, 
 
 
 25th , 
 
 32,195, 
 
 18,195, 
 
 3,116, 
 
 5,532, 
 
 12,332, 
 
 1,323, 
 
 19,188, 
 
 13,118, 
 
 
 2nd July 
 
 32,052, 
 
 18,052, 
 
 3,150, 
 
 5,615, 
 
 12,505, 
 
 1,373, 
 
 19,493, 
 
 13,117, 
 
 
 9th „ .... 
 
 31,989, 
 
 17,989, 
 
 3,210, 
 
 3,953, 
 
 13,509, 
 
 1,409, 
 
 18,871, 
 
 14,497, 
 
 
 16th „ .... 
 
 31,590, 
 
 17,590, 
 
 3,210, 
 
 2,333, 
 
 13,422, 
 
 1,409, 
 
 17,164, 
 
 13,757, 
 
 
 23rd „ .... 
 
 31,460, 
 
 17,460, 
 
 3,244, 
 
 1,850, 
 
 13,180, 
 
 1,466, 
 
 16,497, 
 
 13,537, 
 
 
 30th , 
 
 31,323, 
 
 17,323, 
 
 3,249, 
 
 2,175, 
 
 12,755, 
 
 1,458, 
 
 16,389, 
 
 13,337, 
 
 
 6th Aug.... 
 
 31,052, 
 
 17,052, 
 
 3,343, 
 
 2,218, 
 
 12,476, 
 
 1,576, 
 
 16.270, 
 
 13,027, 
 
 
 13th „ .... 
 
 30,963, 
 
 16,963, 
 
 3,344, 
 
 3,315, 
 
 12,190, 
 
 1,446, 
 
 16,952, 
 
 13,028, 
 
 
 20th „ .... 
 
 30,648, 
 
 16,648, 
 
 3,352, 
 
 4,463, 
 
 11,624, 
 
 1,482, 
 
 17,569, 
 
 13,028, 
 
 
 27th „ .... 
 
 30,532, 
 
 16,532, 
 
 3,291, 
 
 4,602, 
 
 11,133, 
 
 1,466, 
 
 17,201, 
 
 13,028, 
 
 
 3rd Sept, 
 
 30,163, 
 
 16,163, 
 
 3,635, 
 
 4,702, 
 
 11,017, 
 
 1,447, 
 
 17,166, 
 
 12,773, 
 
 
 10th , 
 
 29,867, 
 
 15,867, 
 
 3,642, 
 
 5,251, 
 
 10,862, 
 
 1,421, 
 
 17,534, 
 
 12.767, 
 
 
 17th „ .... 
 
 29,399, 
 
 15,399, 
 
 3,658, 
 
 6,008, 
 
 11,054, 
 
 1,436, 
 
 18,498, 
 
 12,528, 
 
 
 24th „ .... 
 
 29,066, 
 
 15,066, 
 
 3,666, 
 
 6,712, 
 
 10,839, 
 
 1,458, 
 
 19,009, 
 
 12,339, 
 
 
 1st Oct 
 
 29,032, 
 
 15,032, 
 
 3,682, 
 
 6,739, 
 
 11,886, 
 
 1,444, 
 
 20,088, 
 
 12,339, 
 
 
 8th „ .... 
 
 29,202, 
 
 15,202, 
 
 3,691, 
 
 6,857, 
 
 11,631, 
 
 1,454, 
 
 19,945, 
 
 12,339, 
 
 
 15th , 
 
 28,680, 
 
 14,680, 
 
 3,161, 
 
 3,701, 
 
 12,664, 
 
 1,405, 
 
 17,870, 
 
 12,455, 
 
 
 22nd „ .... 
 
 28,359, 
 
 14,359, 
 
 3,171, 
 
 2,903, 
 
 12,391, 
 
 1,371, 
 
 16,665, 
 
 11,319, 
 
 
 29th , 
 
 28,659, 
 
 14,659, 
 
 3,175, 
 
 3,629, 
 
 12,323, 
 
 1,357, 
 
 17,309, 
 
 11,498, 
 
 
 5th Xot. 
 
 29,047, 
 
 15,017, 
 
 3,184, 
 
 4,077, 
 
 12,171, 
 
 1,314, 
 
 17,563, 
 
 11,498, 
 
 
 12th , 
 
 29,187, 
 
 15,187, 
 
 3,211, 
 
 5,009, 
 
 11,782, 
 
 1,318, 
 
 18,109, 
 
 11,766, 
 
 
 19th „ .... 
 
 29,151, 
 
 15,151, 
 
 3,217, 
 
 6,034, 
 
 11,632, 
 
 1,259, 
 
 18,925, 
 
 12,477, 
 
 
 26th „ .... 
 
 28,394, 
 
 14,394, 
 
 3,184, 
 
 7,534, 
 
 11,012, 
 
 1,267, 
 
 19,814, 
 
 13,489, 
 
 
 3rd Dec... 
 
 28,407, 
 
 14,407, 
 
 3,176, 
 
 7,660, 
 
 11,080, 
 
 1,227, 
 
 19,967, 
 
 13,622, 
 
 
 10th „ .... 
 
 28,621, 
 
 14,621, 
 
 3,182, 
 
 10,027, 
 
 10,910, 
 
 1,193, 
 
 22,130, 
 
 15,044, 
 
 
 17th „ .... 
 
 28,730, 
 
 14,730, 
 
 3,189, 
 
 10,493, 
 
 10,700, 
 
 1,184, 
 
 22,376, 
 
 15,0 11, 
 
 
 24th „ .... 
 
 28,128, 
 
 15,128, 
 
 3,198, 
 
 11,158, 
 
 10,608, 
 
 1,179, 
 
 22,945, 
 
 15,044, 
 
 
 31st „ .... 
 
 29,180, 
 
 15,180, 
 
 3,219, 
 
 11,410, 
 
 11,041, 
 
 1,173, 
 
 23,624, 
 
 15,044, 
 
 
Bank Charter Act of 1844. 
 
 Ill 
 
 1st September, 1844, to end of 1871 — Contd, 
 
 1853. 
 
 
 Issue above Bullion, 14,000,000/. Banking Department, Fixed Item — Capital, 1 1 
 
 55:5,000/. 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Rate of 
 
 Circulation 
 
 Bankers' 
 
 Bills 
 
 Temporarj 
 
 i i • 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Balances. 
 
 1 1 
 
 A.dra 
 
 1 tc. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 e 
 
 L853. 
 
 15,876, 
 
 511, 
 
 10,960, 
 
 2 
 
 3,040, 
 
 2,514, 
 
 4,2 
 
 
 l -t Jan. 
 
 
 15,026, 
 
 595, 
 
 9,809, 
 
 2£ 
 
 4,191, 
 
 3,683, 
 
 4,158, 
 
 2,258, 
 
 8th „ 
 
 
 14,158, 
 
 483, 
 
 9,004, 
 
 55 
 
 4,996, 
 
 2,2!M>, 
 
 4,798, 
 
 SNl, 
 
 15th „ 
 
 
 14,171, 
 
 487, 
 
 9,414, 
 
 3 
 
 4,556, 
 
 2,380, 
 
 4,898, 
 
 796, 
 
 22nd „ 
 
 
 13,654, 
 
 548, 
 
 9,511, 
 
 j> 
 
 4,489, 
 
 2,360, 
 
 •1.610, 
 
 671, 
 
 29th 
 
 
 13,706, 
 
 667, 
 
 9,339, 
 
 )> 
 
 4,661, 
 
 2,216, 
 
 4,686, 
 
 663, 
 
 5th r . 
 
 
 13,791, 
 
 603, 
 
 9,495, 
 
 55 
 
 4,505, 
 
 1,776, 
 
 1.772, 
 
 656, 
 
 L2th „ 
 
 
 14,178, 
 
 566, 
 
 9,670, 
 
 55 
 
 4,330, 
 
 1,688, 
 
 5,423, 
 
 593, 
 
 L9fch „ 
 
 14,92!;. 
 
 538, 
 
 9,662, 
 
 55 
 
 4,338, 
 
 1,908, 
 
 5,845, 
 
 989, 
 
 26th „ 
 
 
 15,401, 
 
 532, 
 
 10,086, 
 
 55 
 
 3,914, 
 
 1,932, 
 
 5,978, 
 
 1,178, 
 
 5th March 
 
 
 15,397, 
 
 600, 
 
 10,665, 
 
 55 
 
 3,335, 
 
 2,080, 
 
 5,919, 
 
 1,235, 
 
 12th „ 
 
 
 15,417, 
 
 566, 
 
 11,132, 
 
 55 
 
 2,868, 
 
 1,874, 
 
 6,062, 
 
 1,146, 
 
 L9th „ 
 
 
 15,931, 
 
 581, 
 
 10,790, 
 
 55 
 
 3,210, 
 
 1,589, 
 
 5,92 1. 
 
 1,772, 
 
 26th „ 
 
 
 16,385, 
 
 437, 
 
 10,183, 
 
 55 
 
 3,817, 
 
 1,870, 
 
 6,217, 
 
 1,803, 
 
 2nd April 
 
 
 14,876, 
 
 410, 
 
 9,840, 
 
 55 
 
 4,160, 
 
 3,555, 
 
 5,998, 
 
 811, 
 
 9th „ 
 
 
 1 1,085, 
 
 273, 
 
 8,907, 
 
 55 
 
 5,093, 
 
 2,529, 
 
 5,6 1 1 , 
 
 362, 
 
 16th „ 
 
 
 13,632, 
 
 562, 
 
 8,784, 
 
 55 
 
 5,216, 
 
 2,395, 
 
 5,171, 
 
 336, 
 
 23rd „ 
 
 
 13,507, 
 
 546, 
 
 8,684, 
 
 55 
 
 5,316, 
 
 2,182, 
 
 5,092, 
 
 331, 
 
 30th „ 
 
 
 13,608, 
 
 581, 
 
 8,274, 
 
 55 
 
 5,726, 
 
 1,785, 
 
 5,117, 
 
 490, 
 
 7th May 
 
 
 14,014, 
 
 628, 
 
 8,428, 
 
 55 
 
 5,572, 
 
 1,691, 
 
 5,268, 
 
 655, 
 
 1 1th „ 
 
 
 14,368, 
 
 578, 
 
 8,731, 
 
 55 
 
 5,266, 
 
 1,803, 
 
 5,210, 
 
 1,107, 
 
 21st „ 
 
 
 14,022, 
 
 491, 
 
 8,872, 
 
 55 
 
 5,128, 
 
 1,730, 
 
 5,192, 
 
 1,109, 
 
 28th „ 
 
 
 14,632, 
 
 464, 
 
 8,367, 
 
 3^- 
 
 5,633, 
 
 2,471, 
 
 5,703, 
 
 1,206, 
 
 4th June 
 
 14,246, 
 
 488, 
 
 8,908, 
 
 55 
 
 5,092, 
 
 3,029, 
 
 5,411, 
 
 1,120, 
 
 11th „ 
 
 
 13,701, 
 
 520, 
 
 9,420, 
 
 55 
 
 4,580, 
 
 2,504, 
 
 5,253, 
 
 732, 
 
 18th „ 
 
 
 13,705, 
 
 470, 
 
 9,563, 
 
 55 
 
 4,437, 
 
 1,733, 
 
 5,153, 
 
 907, 
 
 25th „ 
 
 
 14,372, 
 
 502, 
 
 9,204, 
 
 5) 
 
 4,796, 
 
 2,177, 
 
 5,393, 
 
 1,311, 
 
 2nd July 
 
 
 13,680, 
 
 355, 
 
 8,102, 
 
 55 
 
 5,898, 
 
 2,793, 
 
 5,200, 
 
 77'.'. 
 
 9th „ " 
 
 
 13,064, 
 
 473, 
 
 7,662, 
 
 55 
 
 6,338, 
 
 2,590, 
 
 5,084, 
 
 261, 
 
 L6th „ 
 
 
 12,553, 
 
 369, 
 
 7,833, 
 
 5, 
 
 6,167, 
 
 2,522, 
 
 4,559, 
 
 277, 
 
 23rd „ 
 
 
 12,466, 
 
 416, 
 
 7,971, 
 
 55 
 
 6,029, 
 
 2,360, 
 
 4,525, 
 
 228, 
 
 30th „ 
 
 
 13,227, 
 
 382, 
 
 7,529, 
 
 55 
 
 6,471, 
 
 1,862, 
 
 4,992, 
 
 536, 
 
 6t!' \ 
 
 
 13,612, 
 
 346, 
 
 7,863, 
 
 55 
 
 6,137, 
 
 1,915, 
 
 5,292, 
 
 613, 
 
 13th „ 
 
 
 13,877, 
 
 524, 
 
 7,645, 
 
 55 
 
 6,355, 
 
 2,133, 
 
 5,58 ! . 
 
 59':, 
 
 20th „ 
 
 
 13,831, 
 
 431, 
 
 7,755, 
 
 55 
 
 6,215, 
 
 2,063, 
 
 5,457, 
 
 590, 
 
 27th „ 
 
 
 14,546, 
 
 337, 
 
 7,697, 
 
 4 
 
 6,303, 
 
 1,734, 
 
 5,653, 
 
 731. 
 
 3rd Sept. 
 
 
 14,958, 
 
 335, 
 
 7,669, 
 
 55 
 
 6,331, 
 
 1,772, 
 
 5,903, 
 
 796, 
 
 10th „ 
 
 
 16,741, 
 
 463, 
 
 6,977, 
 
 4J 
 
 7,023, 
 
 2,039, 
 
 7,437, 
 
 1,044, 
 
 17th „ 
 
 
 17,143, 
 
 615, 
 
 7,131, 
 
 ) j 
 
 6,869, 
 
 1,806, 
 
 7.719, 
 
 1.1C.I. 
 
 2 1th „ 
 
 
 19,125, 
 
 581, 
 
 6,259, 
 
 
 
 7,741, 
 
 2.: 581, 
 
 8,747, 
 
 2,134, 
 
 Ls( Oct 
 
 
 18,942, 
 
 547, 
 
 6,362, 
 
 JJ 
 
 7,638, 
 
 2,549, 
 
 8,703, 
 
 2,094, 
 
 h „ 
 
 
 17,425, 
 
 592, 
 
 5,012, 
 
 JJ 
 
 8,988, 
 
 3,258, 
 
 9,116, 
 
 319, 
 
 15th „ 
 
 
 17,251, 
 
 601, 
 
 4,214, 
 
 JJ 
 
 8,786, 
 
 3,056, 
 
 8,896, 
 
 330, 
 
 22nd „ 
 
 
 17,256, 
 
 612, 
 
 5,672, 
 
 J J 
 
 8,329, 
 
 2,896, 
 
 8,9:;". 
 
 348, 
 
 29th .. 
 
 
 16,750, 
 
 632, 
 
 6,420, 
 
 JJ 
 
 7,580, 
 
 2,781, 
 
 8,595, 
 
 L92, 
 
 5th Nov. 
 
 
 16,432, 
 
 1 669, 
 
 7,006, 
 
 JJ 
 
 6,99 1, 
 
 2,559, 
 
 8,331, 
 
 2< 12, 
 
 12th „ 
 
 
 15,990, 
 
 669, 
 
 7,560, 
 
 JJ 
 
 6,440, 
 
 2,113, 
 
 7,909, 
 
 181, 
 
 19th „ 
 
 
 16,316, 
 
 696, 
 
 7,050, 
 
 j J 
 
 6,950, 
 
 1,960, 
 
 7,928, 
 
 488, 
 
 26th „ 
 
 
 16,587, 
 
 686, 
 
 7,201, 
 
 yj 
 
 6,799, 
 
 2,015, 
 
 7,760, 
 
 927, 
 
 3rd Div. 
 
 
 16,525, 
 
 721, 
 
 7,575, 
 
 jj 
 
 6.125, 
 
 2,180, 
 
 7,623, 
 
 1,001, 
 
 10th „ 
 
 
 16,237, 
 
 714, 
 
 8,124, 
 
 Jj 
 
 5,876, 
 
 2,139, 
 
 7,340, 
 
 968, 
 
 17th ., 
 
 
 16.611, 
 
 691, 
 
 8,318, 
 
 JJ 
 
 5,682, 
 
 2,037, 
 
 7,217, 
 
 1,175, 
 
 24th „ 
 
 
 17,576, 
 
 673, 
 
 8,102, 
 
 » 
 
 5,898, 
 
 2,260, 
 
 7,542, 
 
 2,109, 
 
 31st „ 
 
 i- 9 
 
142 
 
 Seyd — On the Operation of the 
 
 1854. 
 
 
 
 
 Weekly Accounts of the Bank of England, from 
 
 
 ssue Depar 
 
 nnent, Fixed Items — Gl-ove] 
 
 •nment Debt, 11,015,100Z. ; Other Securities 
 
 2,984,900Z. 
 
 TV*4-n 
 
 Notes 
 
 Bullion. 
 
 Rest. 
 
 Public 
 
 Other 
 
 Seven Days' 
 
 Total Deposits 
 
 Government 
 
 
 Date. 
 
 Issued. 
 
 Deposits. 
 
 Deposits. 
 
 Bills, &c. 
 
 and Bills. 
 
 Securities. 
 
 
 1854. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 7th Jan 
 
 29,149, 
 
 15,149, 
 
 3,248, 
 
 8,292, 
 
 12,745, 
 
 1,215, 
 
 22,252, 
 
 14,833, 
 
 
 14th „ .... 
 
 29,384, 
 
 15,384, 
 
 3,296, 
 
 3,214, 
 
 14,141, 
 
 1,232, 
 
 18,587, 
 
 13,644, 
 
 
 21st „ .... 
 
 29,407, 
 
 15,407, 
 
 3,334, 
 
 2,647, 
 
 13,895, 
 
 1,232, 
 
 17,773, 
 
 13,538, 
 
 
 28th „ .... 
 
 29,517, 
 
 15,517, 
 
 3,339, 
 
 2,515, 
 
 13,486, 
 
 1,202, 
 
 17,204, 
 
 13,233, 
 
 
 4th Feb 
 
 29,524, 
 
 15,524, 
 
 3,350, 
 
 2,122, 
 
 12,609, 
 
 1,145, 
 
 15,875, 
 
 12,538, 
 
 
 11th „ .... 
 
 29,467, 
 
 15,467, 
 
 3,441, 
 
 1,982, 
 
 12,357, 
 
 1,119, 
 
 15,458, 
 
 11,942, 
 
 
 18th „ .... 
 
 29,513, 
 
 15,513, 
 
 3,445, 
 
 2,440, 
 
 12,177, 
 
 1,087, 
 
 15,704, 
 
 11.758, 
 
 
 25th „ .... 
 
 29,515, 
 
 15,515, 
 
 3,383, 
 
 2,722, 
 
 11,831, 
 
 1,103, 
 
 15,656, 
 
 11,758, 
 
 
 4th March 
 
 29,158, 
 
 15,158, 
 
 3,714, 
 
 2,742, 
 
 11,245, 
 
 1,091, 
 
 15,078, 
 
 11,752, 
 
 
 11th „ .... 
 
 28,641, 
 
 14,641, 
 
 3,718, 
 
 2,900, 
 
 10,887, 
 
 1,126, 
 
 14,913, 
 
 11,748, 
 
 
 18th „ .... 
 
 28,063, 
 
 14,063, 
 
 3,731, 
 
 3,679, 
 
 11,305, 
 
 1,129, 
 
 16,113, 
 
 11,845, 
 
 
 25th „ .... 
 
 27,874, 
 
 13,874, 
 
 3,744, 
 
 4,424, 
 
 11,092, 
 
 1,125, 
 
 16,641, 
 
 11,792, 
 
 
 1st April 
 
 27,682, 
 
 13,682, 
 
 3,758, 
 
 4,446, 
 
 11,037, 
 
 1,120, 
 
 16,603, 
 
 11,608, 
 
 
 8th „ .... 
 
 27,380, 
 
 13,380, 
 
 3,155, 
 
 2,684, 
 
 13,820, 
 
 1,178, 
 
 17,681, 
 
 13,939, 
 
 
 15th „ .... 
 
 26,768, 
 
 12,768, 
 
 3,161, 
 
 1,765, 
 
 12,795, 
 
 1,196, 
 
 15,757, 
 
 13,687, 
 
 
 22nd „ .... 
 
 26,562, 
 
 12,562, 
 
 3,166, 
 
 1,768, 
 
 12,054, 
 
 1,189, 
 
 15,010, 
 
 13,349, 
 
 
 29th „ .... 
 
 26,188, 
 
 12,188, 
 
 3,172, 
 
 2,018, 
 
 11,317, 
 
 1,127, 
 
 14,462, 
 
 13,081, 
 
 
 6th May.... 
 
 25,875, 
 
 11,875, 
 
 3,205, 
 
 2,339, 
 
 10,689, 
 
 1,165, 
 
 14,192, 
 
 12,567, 
 
 
 13th „ .... 
 
 25,875, 
 
 11,857, 
 
 3,215, 
 
 2,748, 
 
 10,587, 
 
 1,112, 
 
 14,447, 
 
 11,625, 
 
 
 20th „ .... 
 
 25,779, 
 
 11,779, 
 
 3,226, 
 
 2,672, 
 
 10,146, 
 
 1,070, 
 
 13,88S, 
 
 10,406, 
 
 
 27th „ .... 
 
 26,012, 
 
 12,012, 
 
 3,227, 
 
 2,490, 
 
 10,283, 
 
 1,026, 
 
 13,800, 
 
 9,856, 
 
 
 3rd June 
 
 26,007, 
 
 12,007, 
 
 3,181, 
 
 2,558, 
 
 10,212, 
 
 1,057, 
 
 13,827, 
 
 9,856, 
 
 
 10th „ .... 
 
 25,982, 
 
 11,892, 
 
 3,188, 
 
 2,994, 
 
 10,483, 
 
 1,021, 
 
 14,39S, 
 
 10,024, 
 
 
 17th „ .... 
 
 26,373, 
 
 12,373, 
 
 3,194, 
 
 3,212, 
 
 10,513, 
 
 1,030, 
 
 14,756, 
 
 9,720, 
 
 
 21th „ .... 
 
 27,133, 
 
 13,133, 
 
 3,203, 
 
 4,853, 
 
 10,114, 
 
 968, 
 
 15,935, 
 
 9,851, 
 
 
 1st July.... 
 
 27,484, 
 
 13,484, 
 
 3,230, 
 
 5,315, 
 
 11,119, 
 
 983, 
 
 17,417, 
 
 10,333, 
 
 
 8th „ .... 
 
 27,299, 
 
 13,299, 
 
 3,266, 
 
 4,949, 
 
 12,571, 
 
 1,058, 
 
 18,579, 
 
 12,977, 
 
 
 15th „ .... 
 
 27,086, 
 
 13,086, 
 
 3,309, 
 
 3,208, 
 
 11,656, 
 
 1,120, 
 
 15,984, 
 
 12,470, 
 
 
 22nd „ .... 
 
 26,901, 
 
 12,901, 
 
 3,329, 
 
 2,016, 
 
 11,609, 
 
 1,057, 
 
 14,682, 
 
 11,810, 
 
 
 29th „ .... 
 
 26,772, 
 
 12,772, 
 
 3,336, 
 
 2,302, 
 
 11,124, 
 
 1,040, 
 
 14,466, 
 
 11,775, 
 
 
 5th Aug.... 
 
 26,594, 
 
 12,594, 
 
 3,430, 
 
 2,348, 
 
 10,610, 
 
 1,056, 
 
 14,014, 
 
 11,360, 
 
 
 12th „ .... 
 
 26,833, 
 
 12,833, 
 
 3,438, 
 
 2,990, 
 
 10,154, 
 
 1,044, 
 
 14,188, 
 
 10,680, 
 
 
 19th „ .... 
 
 27,003, 
 
 13,003, 
 
 3,450, 
 
 3,891, 
 
 10,381, 
 
 1,075, 
 
 15,347, 
 
 11,031, 
 
 
 26th „ .... 
 
 26,944, 
 
 12,944, 
 
 3,395, 
 
 3,975, 
 
 9,975, 
 
 1,060, 
 
 15,010, 
 
 10,969, 
 
 
 2nd Sept. 
 
 26,688, 
 
 12,688, 
 
 3,690, 
 
 3,996, 
 
 10,403, 
 
 1,033, 
 
 15,432, 
 
 10,980, 
 
 
 9th „ .... 
 
 26,630, 
 
 12,630, 
 
 3,695, 
 
 4,343, 
 
 9,766, 
 
 1,060, 
 
 15,169, 
 
 10,997, 
 
 
 16th „ .... 
 
 26,633, 
 
 12,633, 
 
 3,704, 
 
 4,985, 
 
 9,781, 
 
 1,024, 
 
 15,790, 
 
 10,997, 
 
 
 23rd „ .... 
 
 26,590, 
 
 12,590, 
 
 3,710, 
 
 5,364, 
 
 9,768, 
 
 1,021, 
 
 16,153, 
 
 10,997, 
 
 
 30th „ .... 
 
 26,464, 
 
 12,464, 
 
 3,719, 
 
 5,787, 
 
 9,924, 
 
 1,031, 
 
 16,742, 
 
 11,006, 
 
 
 7th Oct 
 
 26,350, 
 
 12,350, 
 
 3,729, 
 
 5,766, 
 
 9,599, 
 
 1,060, 
 
 16,425, 
 
 11,015, 
 
 
 14th „ .... 
 
 26,333, 
 
 12,333, 
 
 3,118, 
 
 2,555, 
 
 11,217, 
 
 1,080, 
 
 14,851, 
 
 11,079, 
 
 
 21st „ .... 
 
 26,818, 
 
 12,818, 
 
 3,126, 
 
 1,893, 
 
 11,703, 
 
 1,115, 
 
 14,711, 
 
 11,113, 
 
 
 28th „ .... 
 
 27,022, 
 
 13,022, 
 
 3,133, 
 
 1,906, 
 
 11,242, 
 
 1,131, 
 
 14,278, 
 
 10,961, 
 
 
 4th Nov.... 
 
 26,970, 
 
 12,970, 
 
 3,137, 
 
 2,858, 
 
 10,932, 
 
 1,121, 
 
 14,911, 
 
 11,524, 
 
 
 11th „ .... 
 
 26,999, 
 
 12,999, 
 
 3,166, 
 
 3,526, 
 
 10,243, 
 
 1,115, 
 
 14,884, 
 
 11,113, 
 
 
 18th „ .... 
 
 26,852, 
 
 12,852, 
 
 3,172, 
 
 4,466, 
 
 9,685, 
 
 1,071, 
 
 15,242, 
 
 1 1.430, 
 
 
 25th „ .... 
 
 27,103, 
 
 13,103, 
 
 3,176, 
 
 4,782, 
 
 9,715, 
 
 1,045, 
 
 15,542, 
 
 11,462, 
 
 
 2nd Dec... 
 
 27,244, 
 
 13,244, 
 
 3,122, 
 
 4,995, 
 
 9,759, 
 
 1,053, 
 
 15,807, 
 
 11,518, 
 
 
 9th „ .... 
 
 27,334, 
 
 13,334, 
 
 3,125, 
 
 5,515, 
 
 9,691, 
 
 1,022, 
 
 16,259, 
 
 11,604, 
 
 
 16th „ .... 
 
 27,370, 
 
 13,370, 
 
 3,132, 
 
 6,036, 
 
 9,711, 
 
 993, 
 
 16,739, 
 
 11,565, 
 
 
 23rd „ .... 
 
 27,478, 
 
 13,478, 
 
 3,141, 
 
 6,560, 
 
 10,010, 
 
 939, 
 
 17,509, 
 
 11,610, 
 
 
 30th „ .... 
 
 27,181, 
 
 13,181, 
 
 3,153, 
 
 6,695, 
 
 10,558, 
 
 892, 
 
 18,146, 
 
 11,612, 
 
 
Hunk Oharier Act of 18 1 1. 
 
 1 !:; 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 1854. 
 
 Issue above Bullion, 14,000,000*. Banking Department, Fixed [tern — Capital, II,"" 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Rate, of 
 
 Circulation 
 
 Bankers' 
 
 Bills 
 
 -r;ir_\ 
 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Balances. 
 
 Difconn 
 
 
 e. 
 
 
 £ 
 
 £ 
 
 £ 
 
 Per cnt. 
 
 £ 
 
 £ 
 
 e 
 
 £ 
 
 ■ 1. 
 
 
 16,73G, 
 
 682, 
 
 7,801, 
 
 5 
 
 6,199, 
 
 2,019, 
 
 6,9 
 
 1,8 
 
 71 h Jan. 
 
 
 14,663, 
 
 685, 
 
 7,443, 
 
 >> 
 
 f>.557, 
 
 2,935, 
 
 . !■". 
 
 
 19 | 
 
 
 14,298, 
 
 690, 
 
 7,135, 
 
 ;> 
 
 7,865, 
 
 3,004, 
 
 6,243, 
 
 L95, 
 
 *~ J ' 
 
 
 13,989, 
 
 706, 
 
 7,169, 
 
 ?? 
 
 6,831, 
 
 2.7' 
 
 
 177. 
 
 
 
 13,570, 
 
 703, 
 
 6,967, 
 
 j> 
 
 7,033, 
 
 2.1. 
 
 5,516, 
 
 L54, 
 
 r i 
 
 
 13,415, 
 
 737, 
 
 7,358, 
 
 >> 
 
 7,6 12, 
 
 2.7: 
 
 5,362. 
 
 1 
 
 llth „ 
 
 
 13,346, 
 
 740, 
 
 7,858, 
 
 ;> 
 
 6,142, 
 
 3,103, 
 
 5,226, 
 
 17". 
 
 18th 
 
 
 13,247, 
 
 771, 
 
 7,816, 
 
 >> 
 
 6,181, 
 
 2,820, 
 
 5,049, 
 
 L68, 
 
 
 
 13,212, 
 
 751, 
 
 7,600, 
 
 j> 
 
 7,400, 
 
 2,242, 
 
 4,684, 
 
 L91, 
 
 4th y> 
 
 
 13,055, 
 
 756, 
 
 7,627, 
 
 j> 
 
 6,373, 
 
 1,956, 
 
 4,515. 
 
 17 
 
 nth ., 
 
 
 14,513, 
 
 760, 
 
 7,279, 
 
 ?> 
 
 6,721, 
 
 2,074, 
 
 5,231, 
 
 95" i. 
 
 L8th „ 
 
 
 15,758, 
 
 755, 
 
 6,634, 
 
 55 
 
 7,366, 
 
 2,096, 
 
 6,139, 
 
 1.- 
 
 25th „ 
 
 
 16,523, 
 
 767, 
 
 5,998, 
 
 53 
 
 8,002, 
 
 2.071. 
 
 6,866, 
 
 1,828, 
 
 l-i April 
 
 
 15,720, 
 
 761, 
 
 4,969, 
 
 35 
 
 9,031, 
 
 3,745, 
 
 6,753, 
 
 97:;. 
 
 8th „ 
 
 
 14,763, 
 
 742, 
 
 4,278, 
 
 55 
 
 9,722, 
 
 2,951. 
 
 6,605, 
 
 170, 
 
 15th „ 
 
 
 14,337, 
 
 752, 
 
 4,292, 
 
 53 
 
 9,708, 
 
 502, 
 
 6,184, 
 
 
 ad „ 
 
 
 13,438, 
 
 727, 
 
 3,941, 
 
 33 
 
 10,059, 
 
 2,355, 
 
 6,305, 
 
 171. 
 
 h ., 
 
 
 14,749, 
 
 733, 
 
 3,900, 
 
 35 
 
 10,100, 
 
 2,148, 
 
 <;<;66, 
 
 290, 
 
 6th May 
 
 
 15,144, 
 
 732, 
 
 4,713, 
 
 5* 
 
 9,287, 
 
 2,367, 
 
 7,100, 
 
 195. 
 
 13th 
 
 
 15,425, 
 
 735, 
 
 5,100, 
 
 55 
 
 8,900, 
 
 2,233, 
 
 7,2-16. 
 
 281, 
 
 20th ., 
 
 
 15,442, 
 
 729, 
 
 5,553, 
 
 35 
 
 8,447, 
 
 2,219, 
 
 7,245, 
 
 365. 
 
 27th .. 
 
 
 15,495, 
 
 743, 
 
 5,467, 
 
 53 
 
 8,533, 
 
 2,437, 
 
 7,33 1, 
 
 338, 
 
 3rd Jan.' 
 
 
 15,800, 
 
 746, 
 
 5,668, 
 
 55 
 
 8,332, 
 
 2,519, 
 
 7,488, 
 
 ■1\)6, 
 
 h th .. 
 
 
 15,374, 
 
 736, 
 
 6,673, 
 
 53 
 
 7,327, 
 
 2,508, 
 
 7,056, 
 
 5l 
 
 17th „ 
 
 
 15,384, 
 
 737, 
 
 7,518, 
 
 53 
 
 6,482, 
 
 2,388, 
 
 6,632, 
 
 1.290, 
 
 24th .. 
 
 
 16,750, 
 
 732, 
 
 7,385, 
 
 33 
 
 6,615, 
 
 3,221, 
 
 6,861, 
 
 2,2 
 
 Let Julv 
 
 
 15,920, 
 
 723, 
 
 6,777, 
 
 35 
 
 7,223, 
 
 3,938, 
 
 6,408, 
 
 1,85 l . 
 
 < n 
 
 
 14,235, 
 
 738, 
 
 6,403, 
 
 55 
 
 7,597, 
 
 3,047, 
 
 6.228, 
 
 387. 
 
 15th „ 
 
 
 13,819, 
 
 733, 
 
 6,244, 
 
 55 
 
 7,756, 
 
 3,075, 
 
 5.964, 
 
 
 22nd „ 
 
 
 13,610, 
 
 713, 
 
 6,257, 
 
 53 
 
 7,743, 
 
 2,975, 
 
 5,7 
 
 '5, 
 
 • : i .. 
 
 
 13,639, 
 
 706, 
 
 6,291, 
 
 5 
 
 7,709, 
 
 2,369. 
 
 5.608, 
 
 St 
 
 5th A 
 
 
 14,102, 
 
 728, 
 
 6,669, 
 
 35 
 
 7,331, 
 
 2.278, 
 
 5,956. 
 
 •177. 
 
 12th .. 
 
 
 14,741, 
 
 699, 
 
 6,880, 
 
 35 
 
 7,120, 
 
 2,904, 
 
 6,6. 
 
 359. 
 
 ! ll 33 
 
 
 14,401, 
 
 692, 
 
 6,896, 
 
 33 
 
 7,114, 
 
 2,74S, 
 
 6,319, 
 
 3i 
 
 26th „ 
 
 
 15,178, 
 
 680, 
 
 6,837, 
 
 35 
 
 7,163, 
 
 3,040, 
 
 6,287, 
 
 623, 
 
 Sept. 
 
 
 14,719, 
 
 692, 
 
 7,008, 
 
 33 
 
 6,992, 
 
 2,363, 
 
 5,750, 
 
 697, 
 
 „ 
 
 
 15,353, 
 
 647, 
 
 7,049, 
 
 35 
 
 6,951, 
 
 9 525 
 
 5,861. 
 
 1,101, 
 
 L6th .. 
 
 
 15,487, 
 
 639, 
 
 7,293, 
 
 55 
 
 6,707, 
 
 2,334, 
 
 5,8t' 1. 
 
 1.311, 
 
 rd „ 
 
 
 16,913, 
 
 596, 
 
 6,499, 
 
 33 
 
 7,501, 
 
 2,650, 
 
 6.219. 
 
 2.296, 
 
 *h „ 
 
 
 16,677, 
 
 622, 
 
 6,391, 
 
 33 
 
 7,609, 
 
 2,305, 
 
 6,052, 
 
 
 i Oct. 
 
 
 15,116, 
 
 571, 
 
 5,755, 
 
 35 
 
 8,245, 
 
 3,417. 
 
 6,31 1. 
 
 •"71. 
 
 llth .. 
 
 
 14,742, 
 
 588, 
 
 5,917, 
 
 55 
 
 8,053, 
 
 3,940, 
 
 6,206, 
 
 316, 
 
 21st „ 
 
 
 14,557, 
 
 559, 
 
 6,086, 
 
 5 5 
 
 7,914, 
 
 3,799, 
 
 6,071, 
 
 862, 
 
 28th .. 
 
 
 14,15.". 
 
 555, 
 
 6,366, 
 
 53 
 
 7,634, 
 
 3,397, 
 
 6,821 >, 
 
 205, 
 
 ltli Xor. 
 
 
 13,899, 
 
 580, 
 
 6,710, 
 
 35 
 
 7,290, 
 
 2,889, 
 
 5,609, 
 
 36, 
 
 llth „ 
 
 
 13,851, 
 
 642, 
 
 7,024, 
 
 55 
 
 6,976, 
 
 2,536, 
 
 5,5:: I. 
 
 268, 
 
 18th „ 
 
 
 13,850, 
 
 607, 
 
 7,353, 
 
 33 
 
 6,647, 
 
 2,766, 
 
 5,4 1 I . 
 
 255. 
 
 25th .. 
 
 
 13.710,, 
 
 626, 
 
 7,628, 
 
 33 
 
 6,372, 
 
 2,761, 
 
 5,33 l . 
 
 227, 
 
 ted D 
 
 
 13,732, 
 
 671, 
 
 7,929, 
 
 33 
 
 6,071, 
 
 3,393, 
 
 5,284, 
 
 298. 
 
 9th „ 
 
 
 13,869, 
 
 659, 
 
 8,331, 
 
 33 
 
 5,669, 
 
 2,393, 
 
 5.168, 
 
 556, 
 
 16th „ 
 
 
 14,581, 
 
 659, 
 
 8,353, 
 
 53 
 
 5,647, 
 
 2,369, 
 
 5.229, 
 
 1,196, 
 
 23rd „ 
 
 
 15,807, 
 
 654, 
 
 7,780, 
 
 53 
 
 6,220, 
 
 2,861, 
 
 5,775, 
 
 1,864, 
 
 30th „ 
 
1U 
 
 1855. 
 
 Seyd — On the Operation of the 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015, 
 
 100?.; Othe 
 
 r Securities, 
 
 2,984,900?. ; 
 
 
 
 
 
 
 14,475,000? 
 
 . Banking 
 
 Department, 
 
 Date. 
 
 Notes 
 Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 Total Deposits 
 and Bills. 
 
 Government 
 Securities. 
 
 
 1855. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 6th Jan 
 
 26,988, 
 
 12,988, 
 
 3,192, 
 
 6,391, 
 
 9,981, 
 
 961, 
 
 17,334, 
 
 11,612, 
 
 
 13th „ .... 
 
 25,881, 
 
 11,881, 
 
 3,229, 
 
 2,294, 
 
 10,843, 
 
 1,271, 
 
 14,408, 
 
 11,731, 
 
 
 20th „ .... 
 
 25,509, 
 
 11,509, 
 
 3,260, 
 
 2,257, 
 
 10,842, 
 
 1,040, 
 
 14,139, 
 
 11,638, 
 
 
 27th „ .... 
 
 25,672, 
 
 11,672, 
 
 3,268, 
 
 2,898, 
 
 10,698, 
 
 1,004, 
 
 14,599, 
 
 11,529, 
 
 
 3rd Feb.... 
 
 26,093, 
 
 12,093, 
 
 3,266, 
 
 3,741, 
 
 10,584, 
 
 959, 
 
 15,283, 
 
 11,539, 
 
 
 10th „ .... 
 
 26,063, 
 
 12,063, 
 
 3,333, 
 
 4,464, 
 
 10,047, 
 
 959, 
 
 15,470, 
 
 11,559, 
 
 
 17th „ .... 
 
 26,313, 
 
 12,313, 
 
 3,336, 
 
 4,899, 
 
 10,175, 
 
 895, 
 
 15,968, 
 
 11,538, 
 
 
 24th „ .... 
 
 26,362, 
 
 12,362, 
 
 3,303, 
 
 4,855, 
 
 10,449, 
 
 884, 
 
 16,188, 
 
 11,540, 
 
 
 3rd March 
 
 26,513, 
 
 12,513, 
 
 3,635, 
 
 5,033, 
 
 10,607, 
 
 903, 
 
 16,543, 
 
 11,626, 
 
 
 10th „ .... 
 
 26,912, 
 
 12,912, 
 
 3,640, 
 
 4,828, 
 
 11,149, 
 
 907, 
 
 16,886, 
 
 11,542, 
 
 
 17th „ .... 
 
 27,480, 
 
 13,480, 
 
 3,644, 
 
 5,078, 
 
 11,156, 
 
 892, 
 
 17,125, 
 
 11,584, 
 
 
 24th „ .... 
 
 28,187, 
 
 14,187, 
 
 3,649, 
 
 5,539, 
 
 11,147, 
 
 836, 
 
 17,522, 
 
 11,581, 
 
 
 31st „ .... 
 
 28,510, 
 
 14,510, 
 
 3,653, 
 
 5,385, 
 
 10,933, 
 
 866, 
 
 17,184, 
 
 11,581, 
 
 
 7th April 
 
 28,393, 
 
 14,393, 
 
 3,086, 
 
 6,009, 
 
 11,397, 
 
 905, 
 
 18,311, 
 
 13,027, 
 
 
 14th „ .... 
 
 28,351, 
 
 14,351, 
 
 3,123, 
 
 2,721, 
 
 14,234, 
 
 948, 
 
 17,902, 
 
 13,674, 
 
 
 21st „ .... 
 
 28,372, 
 
 14,372, 
 
 3,128, 
 
 4,451, 
 
 13,020, 
 
 928, 
 
 18,399, 
 
 14,274, 
 
 
 28th „ .... 
 
 28,792, 
 
 14,792, 
 
 3,132, 
 
 4,468, 
 
 13,173, 
 
 972, 
 
 18,613, 
 
 14,214, 
 
 
 5th May 
 
 28,911, 
 
 14,911, 
 
 3,136, 
 
 4,338, 
 
 12,646, 
 
 1,091, 
 
 18,074, 
 
 13,591, 
 
 
 12th „ .... 
 
 29,337, 
 
 15,337, 
 
 3,166, 
 
 2,734, 
 
 12,205, 
 
 1,028, 
 
 15,967, 
 
 11,016, 
 
 
 19th „ .... 
 
 29,903, 
 
 15,903, 
 
 3,170, 
 
 3,358, 
 
 12,231, 
 
 992, 
 
 16,581, 
 
 10,823, 
 
 
 26th „ .... 
 
 30,338, 
 
 16,338, 
 
 3,172, 
 
 5,196, 
 
 11,932, 
 
 1,020, 
 
 18,149, 
 
 12,111, 
 
 
 2nd June 
 
 31,083, 
 
 17,083, 
 
 3,113, 
 
 5,211, 
 
 13,283, 
 
 986, 
 
 19,480, 
 
 12,678, 
 
 
 9th „ .... 
 
 31,057, 
 
 17,057, 
 
 3,115, 
 
 5,447, 
 
 13,169, 
 
 1,037, 
 
 19,653, 
 
 12,702, 
 
 
 16th „ .... 
 
 31,350, 
 
 17,350, 
 
 3,123, 
 
 5,587, 
 
 13,308, 
 
 1,035, 
 
 19,929, 
 
 12,681, 
 
 
 23rd „ .... 
 
 31,429, 
 
 17,429, 
 
 3,126, 
 
 6,487, 
 
 13,224, 
 
 986, 
 
 20,698, 
 
 12,896, 
 
 
 30th „ .... 
 
 31,305, 
 
 17,305, 
 
 3,140, 
 
 6,147, 
 
 13,435, 
 
 972, 
 
 20,553, 
 
 12.896, 
 
 
 7th July.... 
 
 30,895, 
 
 16,895, 
 
 3,178, 
 
 6,852, 
 
 12,587, 
 
 1,017, 
 
 20,457, 
 
 13,757, 
 
 
 14th „ .... 
 
 30,632, 
 
 16,632, 
 
 3,221, 
 
 2,811, 
 
 15,049, 
 
 1,054, 
 
 18,914, 
 
 13,656, 
 
 
 21st „ .... 
 
 29,981, 
 
 15,981, 
 
 3,252, 
 
 3,178, 
 
 13,604, 
 
 1,062, 
 
 17,844, 
 
 13,072, 
 
 
 28th „ .... 
 
 29,746, 
 
 15,746, 
 
 3,257, 
 
 4,221, 
 
 11,884, 
 
 1,512, 
 
 17,617, 
 
 13,093, 
 
 
 4th Aug.... 
 
 29,602, 
 
 15,602, 
 
 3,351, 
 
 5,152, 
 
 11,857, 
 
 1,053, 
 
 18,063, 
 
 12,851, 
 
 
 11th „ .... 
 
 29,650, 
 
 15,650, 
 
 3,361, 
 
 6,267, 
 
 11,604, 
 
 1,003, 
 
 17,875, 
 
 12,767, 
 
 
 18th „ .... 
 
 29,507, 
 
 15,507, 
 
 3,370, 
 
 6,408, 
 
 12,250, 
 
 1,012, 
 
 19,670, 
 
 12,810, 
 
 
 25th , 
 
 29,917, 
 
 14,917, 
 
 3,327, 
 
 6,972, 
 
 11,675, 
 
 997, 
 
 19,644, 
 
 13,025, 
 
 
 1st Sept.... 
 
 28,368, 
 
 14,368, 
 
 3,629, 
 
 7,268, 
 
 11,098, 
 
 980, 
 
 19,346, 
 
 13,031, 
 
 
 8th „ .... 
 
 27,668, 
 
 13,668, 
 
 3,637, 
 
 7,591, 
 
 10,970, 
 
 992, 
 
 19,553, 
 
 13,031, 
 
 
 15th „ .... 
 
 27,110, 
 
 13,110, 
 
 3,645, 
 
 7,839, 
 
 11,147, 
 
 990, 
 
 19,975, 
 
 12,799, 
 
 
 22nd „ .... 
 
 26,695, 
 
 12,695, 
 
 3,657, 
 
 8,390, 
 
 11,267, 
 
 1,001, 
 
 20,657, 
 
 12,498, 
 
 
 29th „ .... 
 
 26,368, 
 
 12,368, 
 
 3,670, 
 
 8,144, 
 
 11,438, 
 
 1,002, 
 
 20,584, 
 
 12,125, 
 
 
 6th Oct 
 
 25,7G5, 
 
 11,765, 
 
 3,682, 
 
 7,107, 
 
 10,838, 
 
 1,013, 
 
 18,957, 
 
 11,413, 
 
 
 13th „ .... 
 
 25,206, 
 
 11,206, 
 
 3,148, 
 
 4,360, 
 
 11,906, 
 
 974, 
 
 17,240, 
 
 10,556, 
 
 
 20th „ .... 
 
 24,682, 
 
 10,682, 
 
 3,161, 
 
 3,825, 
 
 11,764, 
 
 980, 
 
 16,569, 
 
 10,635, 
 
 
 27th „ .... 
 
 24,698, 
 
 10,698, 
 
 3,171, 
 
 3,701, 
 
 11,327, 
 
 979, 
 
 16,007, 
 
 10,329, 
 
 
 3rd Nov.... 
 
 24,741, 
 
 10,741, 
 
 3,178, 
 
 3,370, 
 
 11,694, 
 
 964, 
 
 16,028, 
 
 10,201, 
 
 
 10th „ .... 
 
 24,646, 
 
 10,646, 
 
 3,209, 
 
 3,605, 
 
 11,166, 
 
 943, 
 
 15,714, 
 
 10,125, 
 
 
 17th „ .... 
 
 24,662, 
 
 10,662, 
 
 3,221, 
 
 4,110, 
 
 10,887, 
 
 982, 
 
 15,979, 
 
 10,125, 
 
 
 24th „ .... 
 
 24,544, 
 
 10,544, 
 
 3,237, 
 
 4,799, 
 
 11,529, 
 
 962, 
 
 17,291, 
 
 10,340, 
 
 
 1st Dec 
 
 24,581, 
 
 10,581, 
 
 3,186, 
 
 4,440, 
 
 12,235, 
 
 883, 
 
 17,558, 
 
 10,275, 
 
 
 8th „ .... 
 
 24,440, 
 
 10,440, 
 
 3,193, 
 
 4,416, 
 
 11,719, 
 
 923, 
 
 17,069, 
 
 10,264, 
 
 
 15th „ .... 
 
 25,138, 
 
 10,663, 
 
 3,205, 
 
 4,428, 
 
 12,322, 
 
 841, 
 
 17,592, 
 
 9,789, 
 
 
 22nd „ .... 
 
 24,845, 
 
 10,370, 
 
 3,220, 
 
 5,345, 
 
 12,241, 
 
 851, 
 
 18,437, 
 
 9,929, 
 
 
 29th „ .... 
 
 24,664, 
 
 10,189, 
 
 3,235, 
 
 5,844, 
 
 12,363, 
 
 803, 
 
 19,009, 
 
 10,425, 
 
 
Bank Charter Act of 18 1 1. 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 l ; 
 
 1855. 
 
 from 8th. Deceinbei 
 
 -, 3,459,9002. Issue above Bui 
 
 lion, 1 1,000,0082.; from 8th L 
 
 tuber, 
 
 Fixed Item— Capital, 14,553,000?. 
 
 
 
 
 
 
 
 Oilier 
 
 Gold and 
 
 Notes iu 
 
 Rate of 
 
 Circulation 
 
 Hankers' 
 
 Bull 
 
 orarj 
 
 i) 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 Balances. 
 
 
 Ad\:n. 
 
 
 —— 
 
 £ 
 
 £ 
 
 £ 
 
 Per cut 
 
 £ 
 
 E 
 
 £ 
 
 B 
 
 l 866. 
 
 
 15,481, 
 
 079, 
 
 7,307, 
 
 5 
 
 0,093, 
 
 2,566, 
 
 5, 103, 
 
 1,834, 
 
 ''.ill .Jan. 
 
 
 14,030, 
 
 059, 
 
 5,703, 
 
 ?j 
 
 8,237, 
 
 2,698, 
 
 5 3 15, 
 
 308, 
 
 13th „ 
 
 
 14,197, 
 
 053, 
 
 5,404, 
 
 5, 
 
 8,530, 
 
 2,859, 
 
 6,670, 
 
 212, 
 
 20th „ 
 
 
 14,320, 
 
 083, 
 
 5,889, 
 
 )» 
 
 8,111, 
 
 2,330, 
 
 5,797, 
 
 215, 
 
 27th ., 
 
 
 14,590, 
 
 707, 
 
 0,200, 
 
 5> 
 
 7,734, 
 
 2,674, 
 
 0,129, 
 
 U 1 
 
 3rd Feb. 
 
 
 14,507, 
 
 094, 
 
 0,535, 
 
 5, 
 
 7,405, 
 
 2,344, 
 
 0,128, 
 
 J 99, 
 
 LOth ., 
 
 
 14,584, 
 
 008, 
 
 7,007, 
 
 5) 
 
 0,933, 
 
 2,243, 
 
 6,148, 
 
 203, 
 
 17th „ 
 
 
 14,522, 
 
 083, 
 
 7,300, 
 
 5J 
 
 0,700, 
 
 2,350, 
 
 6,000, 
 
 232, 
 
 24th „ 
 
 
 15.013, 
 
 077, 
 
 7,415, 
 
 J J 
 
 0,585, 
 
 2,554, 
 
 6,024, 
 
 330, 
 
 3rd -Mar. 
 
 • 
 
 11,881, 
 
 710, 
 
 7,944, 
 
 ,, 
 
 0,050, 
 
 3,009, 
 
 5,873, 
 
 300, 
 
 LOth „ 
 
 
 14,522, 
 
 721, 
 
 8,490, 
 
 ,J 
 
 5,504, 
 
 2,985, 
 
 5,642, 
 
 245, 
 
 17ih „ 
 
 
 14,279, 
 
 735, 
 
 9,129, 
 
 ,5 
 
 4,871, 
 
 3,031, 
 
 5,415, 
 
 235, 
 
 2Uh „ 
 
 
 14,092, 
 
 095, 
 
 9,022, 
 
 J, 
 
 4,978, 
 
 2,829, 
 
 K 21 9 
 
 219, 
 
 31st „ 
 
 
 13,050, 
 
 080, 
 
 8,580, 
 
 I 1 
 -*2 
 
 5,420, 
 
 3,224, 
 
 5,018, 
 
 199, 
 
 7 tli April 
 
 
 13.200, 
 
 071, 
 
 7,908, 
 
 ? J 
 
 0,032, 
 
 5,523, 
 
 4,778, 
 
 174, 
 
 1 Lth ., 
 
 
 13,032, 
 
 083, 
 
 8,089, 
 
 ,, 
 
 5,911, 
 
 l."31, 
 
 4,505, 
 
 201, 
 
 21flt ., 
 
 
 12.944, 
 
 708, 
 
 8,432, 
 
 J > 
 
 5,508, 
 
 3.725, 
 
 4,426, 
 
 205, 
 
 281 
 
 
 12,721, 
 
 708, 
 
 8,743, 
 
 4 
 
 5,257, 
 
 3,588, 
 
 4,180, 
 
 207, 
 
 5th May 
 
 
 12,544, 
 
 709, 
 
 9,417, 
 
 33 
 
 4,583, 
 
 3,093, 
 
 1,063, 
 
 219, 
 
 12th ., 
 
 
 12,455, 
 
 745, 
 
 10,281, 
 
 3) 
 
 3,719, 
 
 3,935, 
 
 3,959, 
 
 — - ■ • 
 
 19th ., 
 
 
 12,310, 
 
 727, 
 
 10,720, 
 
 33 
 
 3,280, 
 
 3,349, 
 
 3.702. 
 
 240, 
 
 - 'h „ 
 
 
 12,419, 
 
 700, 
 
 11,343, 
 
 3J 
 
 2,057, 
 
 3,592, 
 
 3,789, 
 
 217, 
 
 2nd June 
 
 
 12,305, 
 
 707, 
 
 11,000, 
 
 33 
 
 2,394, 
 
 3,593, 
 
 3,040, 
 
 220, 
 
 9th „ 
 
 
 12,400, 
 
 710, 
 
 11,814, 
 
 3£ 
 
 2,180, 
 
 3,739, 
 
 3,014, 
 
 235, 
 
 10th „ 
 
 
 12,854, 
 
 740, 
 
 11,887, 
 
 33 
 
 2,113, 
 
 3,195, 
 
 3,004, 
 
 703, 
 
 23rd „ 
 
 
 13,497, 
 
 714, 
 
 11,140, 
 
 33 
 
 2,800, 
 
 3,147, 
 
 3,803, 
 
 1,152, 
 
 30tli „ 
 
 
 13,329, 
 
 089, 
 
 10,412, 
 
 j) 
 
 3,588, 
 
 3,200, 
 
 3,802, 
 
 1,054, 
 
 7th July 
 
 
 12,082, 
 
 097, 
 
 9,053, 
 
 33 
 
 4,347, 
 
 5,050, 
 
 3,807, 
 
 235, 
 
 1 lth ., 
 
 
 12,700, 
 
 003, 
 
 9,208, 
 
 33 
 
 4,792, 
 
 4,085, 
 
 3,813, 
 
 189, 
 
 21»t „ 
 
 
 12,913, 
 
 039, 
 
 8,781, 
 
 33 
 
 5,219, 
 
 2,783, 
 
 3,950, 
 
 197, 
 
 28th „ 
 
 
 13,593, 
 
 030, 
 
 8,892, 
 
 33 
 
 5,108, 
 
 2,530, 
 
 4,480, 
 
 310, 
 
 4th A 
 
 
 14,240, 
 
 025, 
 
 9,157, 
 
 3) 
 
 4,843, 
 
 2,805, 
 
 5,049, 
 
 300, 
 
 Hth „ 
 
 
 14,943, 
 
 010, 
 
 9,230, 
 
 33 
 
 4,770, 
 
 3,098, 
 
 5,058, 
 
 54, 
 
 18th 
 
 
 14,995, 
 
 029, 
 
 8,875, 
 
 3 > 
 
 5,125, 
 
 3,553, 
 
 5.751, 
 
 431, 
 
 25th .. 
 
 
 15,002, 
 
 571, 
 
 8,203, 
 
 33 
 
 5,737, 
 
 2,701, 
 
 0,053, 
 
 411, 
 
 l -. Sept. 
 
 
 10,037, 
 
 549, 
 
 7,520, 
 
 4 
 
 0,474, 
 
 2,773, 
 
 0,703, 
 
 892, 
 
 sth „ 
 
 
 17,389, 
 
 588, 
 
 7,397, 
 
 4* 
 
 0,003, 
 
 2,405, 
 
 6,780, 
 
 1,558, 
 
 15th „ 
 
 
 18.509, 
 
 573, 
 
 7,287, 
 
 3) 
 
 0,713, 
 
 2,744, 
 
 7.508, 
 
 1,943, 
 
 22nd ., 
 
 
 19,910, 
 
 571, 
 
 0,190, 
 
 5 
 
 7,804, 
 
 2,930, 
 
 8,280, 
 
 2.581, 
 
 29th ., 
 
 
 19,791, 
 
 514, 
 
 5,473, 
 
 51 
 
 8,527, 
 
 -■>> — 
 
 8,284, 
 
 2, 122, 
 
 b Oct. 
 
 
 19,280, 
 
 547, 
 
 4,557, 
 
 
 9,443, 
 
 3,118, 
 
 8,918, 
 
 1,390, 
 
 13th ., 
 
 
 18,790, 
 
 548, 
 
 4,310, 
 
 33 
 
 9,090, 
 
 2.550, 
 
 9,051. 
 
 811, 
 
 20th ., 
 
 
 18,535, 
 
 005, 
 
 4,203, 
 
 33 
 
 9,737, 
 
 2.581, 
 
 8,880, 
 
 723, 
 
 27th .. 
 
 
 18,350, 
 
 558, 
 
 4,044, 
 
 
 9,350, 
 
 3,097, 
 
 8,707, 
 
 642, 
 
 3rd Nor. 
 
 
 17,880, 
 
 588, 
 
 4,883, 
 
 33 
 
 9,117, 
 
 2.720, 
 
 8,41_'. 
 
 600, 
 
 LOth ., 
 
 
 17,787, 
 
 001, 
 
 5,240, 
 
 
 8,700, 
 
 2,541, 
 
 8,510, 
 
 J 58, 
 
 1 7th „ 
 
 
 18,051, 
 
 590, 
 
 5,493, 
 
 5? 
 
 33 
 
 8,507, 
 
 — ,OoO, 
 
 8,701, 
 
 1,070, 
 
 24th „ 
 
 
 18.809, 
 
 047, 
 
 5,505, 
 
 3 3 
 
 8,495, 
 
 2.782, 
 
 8,959. 
 
 1,113, 
 
 1st IV . 
 
 
 18,141, 
 
 040, 
 
 5,759, 
 
 3 3 
 
 8,010, 
 
 2.704, 
 
 8,397, 
 
 1,026, 
 
 8th „ 
 
 
 18,301, 
 
 043, 
 
 0,557, 
 
 33 
 
 7,818, 
 
 2,400, 
 
 8,312, 
 
 1,332. 
 
 L5th ., 
 
 
 19,204, 
 
 012, 
 
 0,405, 
 
 3 ) 
 
 7,910, 
 
 2,378, 
 
 8,078, 
 
 1,809, 
 
 -2nd ., 
 
 
 19,778, 
 
 031, 
 
 5,904, 
 
 ?> 
 
 8,501, 
 
 2,705, 
 
 8,709, 
 
 ^jOOO, 
 
 29th „ 
 
14G 
 
 Seyd — On the Operation of the 
 
 1856. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100?. ; Other Securities, 3,459,9007. 
 
 Date. 
 
 Notes 
 Issued. 
 
 Bullion. 
 
 Rest, 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 Total Deposits 
 and Bills. 
 
 Government 
 Securities. 
 
 
 
 1856. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 5 th Jan 
 
 24,421, 
 
 9,946, 
 
 3,285, 
 
 5,515, 
 
 12,608, 
 
 850, 
 
 18,972, 
 
 10,828, 
 
 
 12th „ .... 
 
 24,274, 
 
 9,799, 
 
 3,331, 
 
 3,639, 
 
 13.968, 
 
 844, 
 
 18,450, 
 
 13,413 
 
 
 
 19th 
 
 24,284, 
 
 9,809, 
 
 3,365, 
 
 3,858, 
 
 13,512, 
 
 826, 
 
 18,197, 
 
 13,728 
 
 
 
 26th 
 
 24,174, 
 
 9,699, 
 
 3,377, 
 
 3,264, 
 
 12,872, 
 
 844, 
 
 16.980, 
 
 12,636 
 
 
 
 2nd Feb.... 
 
 24,533, 
 
 10,058, 
 
 3,410, 
 
 3,783, 
 
 13,807, 
 
 816, 
 
 18,406, 
 
 12,092 
 
 
 
 9th „ .... 
 
 24,407, 
 
 9,933, 
 
 3,493, 
 
 3,683, 
 
 13,049, 
 
 798, 
 
 18.531, 
 
 11.422 
 
 
 
 16th „ .... 
 
 24,368, 
 
 9,893, 
 
 3,506, 
 
 4,165, 
 
 12,964, 
 
 770, 
 
 17,899, 
 
 11,931 
 
 
 
 23rd „ .... 
 
 24,390, 
 
 9,915, 
 
 3,470, 
 
 4,142, 
 
 14,762, 
 
 713, 
 
 19,617, 
 
 11,946 
 
 
 
 1st March 
 
 24,428, 
 
 9,953, 
 
 3.780, 
 
 4,083, 
 
 13,918, 
 
 747, 
 
 18,748, 
 
 11,451 
 
 
 
 8th „ .... 
 
 24,385, 
 
 9,910, 
 
 3,793, 
 
 4,376, 
 
 13,285, 
 
 778; 
 
 18,439, 
 
 11,451 
 
 
 
 15th „ .... 
 
 24,378, 
 
 9,903, 
 
 3,805, 
 
 5,506, 
 
 12,651, 
 
 756, 
 
 18,913, 
 
 11,451 
 
 
 
 22nd „ .... 
 
 24,222, 
 
 9,747, 
 
 3,814, 
 
 5,639, 
 
 12,107, 
 
 726, 
 
 18,472, 
 
 11,951 
 
 
 
 29th „ .... 
 
 24,307, 
 
 9,832, 
 
 3,828, 
 
 6,839, 
 
 11,857, 
 
 765, 
 
 19,461, 
 
 11,872 
 
 
 
 5th April 
 
 23,915, 
 
 9,440, 
 
 3,840, 
 
 6,010, 
 
 11,510, 
 
 757, 
 
 18,278, 
 
 11,872 
 
 
 
 12th „ .... 
 
 23,905, 
 
 9,430, 
 
 3,157, 
 
 3,443, 
 
 12,315, 
 
 809, 
 
 16,567, 
 
 12,918 
 
 
 
 19th „ .... 
 
 23,683, 
 
 9,208, 
 
 3,168, 
 
 2,959, 
 
 11,908, 
 
 796, 
 
 15,762, 
 
 13,118 
 
 
 
 26th „ .... 
 
 23,557, 
 
 9,082, 
 
 3,176, 
 
 4,008, 
 
 11,037, 
 
 845, 
 
 15,890, 
 
 13,370 
 
 
 
 3rd May.... 
 
 23,656, 
 
 9,181, 
 
 3,208, 
 
 3,872, 
 
 10,806, 
 
 819, 
 
 15,497, 
 
 13,755 
 
 
 
 10th „ .... 
 
 23,634, 
 
 9,159, 
 
 3,233, 
 
 3,034, 
 
 10,614, 
 
 837, 
 
 14,484, 
 
 12,663 
 
 
 
 17th „ .... 
 
 23,674, 
 
 9,199, 
 
 3,247, 
 
 2,992, 
 
 12,351, 
 
 787, 
 
 16,140, 
 
 12,479 
 
 
 
 24th „ .... 
 
 24,414, 
 
 9,939, 
 
 3,255, 
 
 3,535, 
 
 11,472, 
 
 743, 
 
 15,751, 
 
 12,479 
 
 
 
 31st „ .... 
 
 25,241, 
 
 10,766, 
 
 3,201, 
 
 3,687, 
 
 10,745, 
 
 774, 
 
 15,206, 
 
 12,612 
 
 
 
 7th June 
 
 25,532, 
 
 11,057, 
 
 3,209, 
 
 3,297, 
 
 10,735, 
 
 806, 
 
 14,837, 
 
 11,682 
 
 
 
 14th „ .... 
 
 25,912, 
 
 11,437, 
 
 3,215, 
 
 4,112, 
 
 10,219, 
 
 774, 
 
 15,106, 
 
 11,226 
 
 
 
 21st „ .... 
 
 26,238, 
 
 11,763, 
 
 3,231, 
 
 4,132, 
 
 10,603, 
 
 740, 
 
 15,474, 
 
 11,276 
 
 
 
 28th ;, .... 
 
 26,904, 
 
 12,429, 
 
 3,248, 
 
 5,705, 
 
 9,810, 
 
 798, 
 
 16,312, 
 
 11,276 
 
 
 
 5th July.... 
 
 26,499, 
 
 12,024, 
 
 3,285, 
 
 4,817, 
 
 10,471, 
 
 850, 
 
 16,138, 
 
 11,309 
 
 
 
 12th „ .... 
 
 26,274, 
 
 11,799, 
 
 3,321, 
 
 2,548, 
 
 12,699, 
 
 877, 
 
 16,123, 
 
 14,208 
 
 
 
 19th „ .... 
 
 26,184, 
 
 11,709, 
 
 3,347, 
 
 3,243, 
 
 11,902, 
 
 849, 
 
 15,995, 
 
 14,798 
 
 
 
 26th „ .... 
 
 26,251, 
 
 11,776, 
 
 3,352, 
 
 3,845, 
 
 10,598, 
 
 876, 
 
 15,319, 
 
 13,713 
 
 
 
 2nd Aug. 
 
 26,271, 
 
 11,796, 
 
 3,365, 
 
 3,677, 
 
 10,581, 
 
 924, 
 
 15,183, 
 
 12,483 
 
 
 
 9th „ .... 
 
 26,308, 
 
 11,833, 
 
 3,457, 
 
 4,285, 
 
 10,154, 
 
 898, 
 
 15,337, 
 
 12,010 
 
 
 
 16th „ .... 
 
 26,280, 
 
 11,805, 
 
 3,459, 
 
 4,668, 
 
 10,560, 
 
 891, 
 
 16,120, 
 
 12,010 
 
 
 
 23rd „ .... 
 
 26,227, 
 
 11,752, 
 
 3,416, 
 
 4,722, 
 
 10,022, 
 
 883, 
 
 15,627, 
 
 12,062 
 
 
 
 30th „ .... 
 
 26,188, 
 
 11,713, 
 
 3,688, 
 
 5,590, 
 
 9,735, 
 
 930, 
 
 16,255, 
 
 12,114 
 
 
 
 6th Sept.... 
 
 26,002, 
 
 11,527, 
 
 3,718, 
 
 6,087, 
 
 9,624, 
 
 932, 
 
 16,644, 
 
 12,114 
 
 
 
 13th „ .... 
 
 25,962, 
 
 11,487, 
 
 3,731, 
 
 6,609, 
 
 9,974, 
 
 887, 
 
 17,470, 
 
 11,965 
 
 
 
 20th „ .... 
 
 26,015, 
 
 11,540, 
 
 3,744, 
 
 7,910, 
 
 9,959, 
 
 909, 
 
 18,778, 
 
 11,965 
 
 
 
 27th „ .... 
 
 25,604, 
 
 11,129, 
 
 3,754, 
 
 8,410, 
 
 9,957, 
 
 927, 
 
 19,294, 
 
 11,965 
 
 
 
 4th Oct 
 
 24,702, 
 
 10,227, 
 
 3,785, 
 
 7,759, 
 
 10,324, 
 
 958, 
 
 19,041, 
 
 11,464 
 
 
 
 11th „ .... 
 
 24,064, 
 
 9,589, 
 
 3,138, 
 
 8,002, 
 
 9,849, 
 
 958, 
 
 18,809, 
 
 11,379 
 
 
 
 18th „ .... 
 
 23,706, 
 
 9,231, 
 
 3,178, 
 
 4,041, 
 
 10,481, 
 
 985, 
 
 15,507, 
 
 11,104 
 
 
 
 25th „ .... 
 
 23,538, 
 
 9,063, 
 
 3,187, 
 
 4,201, 
 
 10,045, 
 
 939, 
 
 15,185, 
 
 10,741 
 
 
 
 1st Nov., 
 
 23,480, 
 
 9,005, 
 
 3,200, 
 
 4,714, 
 
 9,913, 
 
 947, 
 
 15,573, 
 
 10,738 
 
 
 
 8th „ .... 
 
 23,390, 
 
 8,915, 
 
 3,237, 
 
 4,632, 
 
 9,653, 
 
 910, 
 
 15,194, 
 
 10,593 
 
 
 
 15th „ .... 
 
 23,536, 
 
 9,061, 
 
 3,255, 
 
 4,925, 
 
 10,113, 
 
 896, 
 
 15.934, 
 
 10,458 
 
 
 
 22nd „ .... 
 
 23,761, 
 
 9,286, 
 
 3,264, 
 
 5,107, 
 
 9,735, 
 
 858, 
 
 15,700, 
 
 10,455 
 
 
 
 29th „ .... 
 
 24,270, 
 
 9,795, 
 
 3,206, 
 
 5,470, 
 
 9,321, 
 
 845, 
 
 15.636, 
 
 10,455 
 
 
 
 6th Dec 
 
 24,347, 
 
 9,872, 
 
 3,216, 
 
 5,871, 
 
 9,297, 
 
 860, 
 
 16,028, 
 
 10,641, 
 
 
 
 13th „ .... 
 
 24,526, 
 
 10,051, 
 
 3,227, 
 
 6,301, 
 
 9,043, 
 
 811, 
 
 16,155, 
 
 10,641 
 
 
 
 20th „ .... 
 
 24,377, 
 
 9,902, 
 
 3,240, 
 
 6,892, 
 
 9,493, 
 
 822, 
 
 17,207, 
 
 10,870 
 
 
 
 27th „ .... 
 
 24,112, 
 
 9,637, 
 
 3,254, 
 
 7,501, 
 
 10,133, 
 
 772, 
 
 18,406, 
 
 11,201 
 
 
 
Bank Charter Ad of 184 I. 
 
 1 17 
 
 1st September. 1844, to end of 1871 — ( 'ontd. 
 
 185G. 
 
 Issue above Bullion 
 
 , 1 4,175,000/. Banking De] 
 
 ineiil , Fixed Item — C 
 
 apital, 1 1 
 
 553,000/. 
 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Rate of 
 
 Circulation 
 
 Ban! 
 
 Bills 
 
 Tens] 
 
 
 
 Securities. 
 
 Silver 1 
 
 Reserve. 
 
 ount. 
 
 above Bui 
 
 Balances. 
 
 Discounted. 
 
 Advan 
 
 
 £ 
 
 £ 
 
 £ 
 
 Per cut. 
 
 £ 
 
 £ 
 
 £ 
 
 B 
 
 
 
 19,872. 
 
 591, 
 
 5,620, 
 
 51 
 
 8,955. 
 
 2,7ir, 
 
 8,881, 
 
 2,4] 1. 
 
 . Jan. 
 
 
 17,416, 
 
 CIS, 
 
 
 »} 
 
 9,588, 
 
 3,604, 
 
 267, 
 
 '5. 
 
 12th 
 
 
 16,857, 
 
 616, 
 
 1,913, 
 
 ji 
 
 9,565, 
 
 3,215. 
 
 7,916, 
 
 '!. 
 
 L91 
 
 
 16,751, 
 
 648, 
 
 4,875, 
 
 j, 
 
 9,600, 
 
 2,0;', l, 
 
 7 ""5. 
 
 77_ 
 
 
 
 18,216, 
 
 64 
 
 :,112, 
 
 >, 
 
 9,063, 
 
 3,<>95, 
 
 8,343, 
 
 1." 
 
 
 
 17,868, 
 
 681, 
 
 5,605, 
 
 •• 
 
 8,871, 
 
 33, 
 
 8,017, 
 
 1 ..",' 
 
 9th 
 
 
 17,744, 
 
 640, 
 
 5,644, 
 
 • ' 
 
 8,831, 
 
 2,852, 
 
 8,3 
 
 1,39 
 
 th .. 
 
 
 19,185, 
 
 660, 
 
 5,849, 
 
 •■ 
 
 8,620, 
 
 1.593. 
 
 8,883, 
 
 2,0e 
 
 
 
 19,491, 
 
 6 [6, 
 
 5,493, 
 
 ■ • 
 
 8,9S2, 
 
 3,076, 
 
 9,082, 
 
 1,748, 
 
 
 
 18,928, 
 
 6 LI, 
 
 5.705, 
 
 » 
 
 8.710, 
 
 2,814, 
 
 8,352. 
 
 1.77:: 
 
 8th 
 
 
 19,285, 
 
 650, 
 
 5,885, 
 
 >> 
 
 8,59( ». 
 
 
 •-■ 
 
 2,227, 
 
 
 
 18,425, 
 
 026, 
 
 5,837, 
 
 ■• 
 
 8,638, 
 
 2.525, 
 
 7,900. 
 
 1 910, 
 
 ■>■>, 
 
 — 
 
 
 20,063. 
 
 617, 
 
 5,290, 
 
 >.' 
 
 9,185, 
 
 2,422, 
 
 8,333, 
 
 3,1 L 
 
 h .. 
 
 19,712. 
 
 617, 
 
 4,470, 
 
 h 
 
 10,005, 
 
 2,902, 
 
 7.' 
 
 3,6s0. 
 
 i April 
 
 
 16,795, 
 
 669, 
 
 3,895, 
 
 f) 
 
 10,580, 
 
 3,100, 
 
 7,035, 
 
 1,510. 
 
 l2tll .. 
 
 
 15,929, 
 
 668, 
 
 3,669, 
 
 ,) 
 
 10,806, 
 
 3,168, 
 
 5 1. 
 
 1.3 
 
 19th .. 
 
 
 15,975, 
 
 Gil, 
 
 3,632, 
 
 >> 
 
 10,8 J 3, 
 
 2,518, 
 
 5,95'.'. 
 
 1,76 
 
 26th . 
 
 
 15,446, 
 
 625, 
 
 3,431, 
 
 jj 
 
 11,044, 
 
 2.764, 
 
 5,304, 
 
 64, 
 
 3r i V 
 
 
 15.297, 
 
 620, 
 
 3,691, 
 
 , , 
 
 10,774, 
 
 2,989, 
 
 5.17:;. 
 
 5 1 . 
 
 10th .,' 
 
 
 16,711, 
 
 603, 
 
 4,137, 
 
 •■ 
 
 10,338, 
 
 5,050, 
 
 5.7 
 
 2,7* 
 
 17th .. 
 
 
 15,377, 
 
 620, 
 
 5,082, 
 
 6 
 
 9,393, 
 
 4,349, 
 
 5,152. 
 
 2,068, 
 
 21th .. 
 
 
 14,042, 
 
 619, 
 
 5,687, 
 
 5 
 
 9,788, 
 
 3.215, 
 
 4,819, 
 
 1/' 
 
 .. 
 
 
 14,333, 
 
 631, 
 
 5,953, 
 
 >> 
 
 9,522. 
 
 3,323, 
 
 4,675. 
 
 1 522 
 
 J., CI , 
 
 7th June 
 
 
 14,347. 
 
 622, 
 
 6,678, 
 
 •j 
 
 7,797, 
 
 3,124, 
 
 4,602, 
 
 1,609, 
 
 14th .. 
 
 
 14,412, 
 
 655, 
 
 6,915, 
 
 
 7,5GO, 
 
 3,484, 
 
 4,405. 
 
 1,866, 
 
 21 
 
 
 14,804, 
 
 645, 
 
 7,389, 
 
 l 2 
 
 7,086, 
 
 2,747, 
 
 4,236, 
 
 2,279, 
 
 28th .. 
 
 
 15.528, 
 
 587, 
 
 6,553, 
 
 ■• 
 
 7,922, 
 
 3,221. 
 
 1,525, 
 
 2.586, 
 
 5th July 
 
 
 13,771. 
 
 580, 
 
 5,435, 
 
 5) 
 
 9,040, 
 
 4,615. 
 
 4,086, 
 
 1,2 
 
 12th ..' 
 
 
 13,] 5 J. 
 
 622. 
 
 5,321, 
 
 >J 
 
 9,154, 
 
 3,734, 
 
 3,901, 
 
 859. 
 
 19th .. 
 
 
 13,094, 
 
 613, 
 
 5,S03, 
 
 )) 
 
 9,672, 
 
 2,591, 
 
 3,761. 
 
 93^. 
 
 2 rtfa .. 
 
 
 14,186. 
 
 637. 
 
 5,795, 
 
 )) 
 
 8,680, 
 
 2.715, 
 
 ■1, 149, 
 
 1,3 11. 
 
 2nd Au 
 
 
 14,479, 
 
 062, 
 
 6,195, 
 
 J> 
 
 8,280, 
 
 2,764, 
 
 1.269, 
 
 1,806, 
 
 9th .. 
 
 
 15,270, 
 
 651, 
 
 6,201, 
 
 >J 
 
 8,274, 
 
 3,151, 
 
 4,403. 
 
 2,469, 
 
 16th .. 
 
 
 14,562, 
 
 681. 
 
 6,288, 
 
 >> 
 
 8,187, 
 
 3,122, 
 
 4,163, 
 
 2.012, 
 
 23rd .. 
 
 
 15,645, 
 
 674, 
 
 6,064, 
 
 >, 
 
 8,411, 
 
 2,856, 
 
 4,446, 
 
 _' 29, 
 
 30th .. 
 
 
 16,127. 
 
 G52, 
 
 6,022, 
 
 JJ 
 
 8,453, 
 
 2,810, 
 
 fc,631, 
 
 31, 
 
 Oth s 
 
 
 16,924, 
 
 654, 
 
 6,211, 
 
 )) 
 
 8.264, 
 
 2,981, 
 
 5,0! '2. 
 
 :. 69, 
 
 13th .. 
 
 
 18,292. 
 
 593, 
 
 6,226, 
 
 )) 
 
 8,249, 
 
 2,89!'. 
 
 5,921, 
 
 3..M2. 
 
 •li .. 
 
 
 19,616, 
 
 640, 
 
 5,380, 
 
 )) 
 
 9,095, 
 
 2,637. 
 
 0.520, 
 
 1.2 
 
 27th ., 
 
 
 21,582, 
 
 558, 
 
 3,776, 
 
 5 
 
 10,699, 
 
 2,977, 
 
 S,547, 
 
 1.1' 
 
 ith 
 
 
 21,049, 
 
 551, 
 
 3,522, 
 
 6i 
 
 10,953, 
 
 2.710. 
 
 8,7" 
 
 3.J07. 
 
 11th .. 
 
 
 19,054, 
 
 529, 
 
 2,551, 
 
 >> 
 
 11,924, 
 
 3.146, 
 
 8,750, 
 
 1,580, 
 
 18th .. 
 
 
 18,515, 
 
 571, 
 
 3,065, 
 
 ,? 
 
 11,110, 
 
 2,758, 
 
 9,0U, 
 
 82m. 
 
 25th 
 
 
 19,053, 
 
 591, 
 
 2,944, 
 
 n 
 
 11,531, 
 
 2.762, 
 
 0.70 1. 
 
 577. 
 
 1?! \ 
 
 
 18,626, 
 
 615, 
 
 3,150, 
 
 • • 
 
 11,325. 
 
 2,701, 
 
 9,478, 
 
 " 1 E 
 
 olo, 
 
 8th .. 
 
 
 19,054, 
 
 623, 
 
 3,607, 
 
 7 
 
 11.N0K, 
 
 3,265, 
 
 '.'.780, 
 
 632, 
 
 15th 
 
 
 18,232. 
 
 612, 
 
 4,218, 
 
 >> 
 
 10,257. 
 
 3,143, 
 
 9,025, 
 
 607. 
 
 22ml .. 
 
 
 17,538, 
 
 616, 
 
 4,785, 
 
 >> 
 
 9,690, 
 
 2,499, 
 
 8,285, 
 
 65.". 
 
 29th . 
 
 
 17,390, 
 
 615, 
 
 5,151, 
 
 6* 
 
 9,324, 
 
 2.758, 
 
 7,419, 
 
 1,372, 
 
 6th Dec. 
 
 
 16,829. 
 
 642, 
 
 5,823, 
 
 >> 
 
 8,652, 
 
 2,258, 
 
 6,752, 
 
 1,479, 
 
 13th „ 
 
 
 17,654, 
 
 612, 
 
 5,864, 
 
 6 
 
 8,611, 
 
 2,530, 
 
 6.986, 
 
 2,077, 
 
 20th ,. 
 
 
 18,962, 
 
 593, 
 
 5,456, 
 
 >> 
 
 9,019, 
 
 2,986, 
 
 6,393, 
 
 3,982, 
 
 27th „ 
 
148 
 
 Seyd — Oil the Operation of the 
 
 1857. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100/. ; Other Securities, 3,459,900/. ; 
 
 Extra Issue from 18th November to 23rd December, 2,000,000?. 
 
 Date. 
 
 Notes 
 Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 
 Deposits. 
 
 Other 
 
 Deposits. 
 
 Seven Davs' 
 Bills, &c. 
 
 Total Deposits 
 and Bills. 
 
 Government 
 Securities. 
 
 
 1857. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 3rd Jan 
 
 24,023, 
 
 9,547, 
 
 3,299, 
 
 7,592, 
 
 10,097, 
 
 787, 
 
 18,475, 
 
 11,600, 
 
 
 10th „ .... 
 
 24,031, 
 
 9,556, 
 
 3,335, 
 
 3,785, 
 
 10,645, 
 
 845, 
 
 15,276, 
 
 11,513, 
 
 
 17th „ .... 
 
 23,977, 
 
 9,592, 
 
 3,380, 
 
 3,397, 
 
 11,076, 
 
 853, 
 
 15,326, 
 
 11,558, 
 
 
 24th „ .... 
 
 23,942, 
 
 9,467, 
 
 3,389, 
 
 4,123, 
 
 9,985, 
 
 850, 
 
 14,958, 
 
 11,569, 
 
 
 31st „ .... 
 
 23,937, 
 
 9,462, 
 
 3,402, 
 
 5,416, 
 
 10,530, 
 
 807, 
 
 16,753, 
 
 11,557, 
 
 
 7th Feb 
 
 23,768, 
 
 9,293, 
 
 3,515, 
 
 6,554, 
 
 9,597, 
 
 788, 
 
 16,939, 
 
 11,524, 
 
 
 14th „ .... 
 
 24,054, 
 
 9,579, 
 
 3,526, 
 
 7,088, 
 
 9,774, 
 
 791, 
 
 17,652, 
 
 11,454, 
 
 
 21st „ .... 
 
 24,169, 
 
 9,694, 
 
 3,521, 
 
 7,455, 
 
 9,295, 
 
 726, 
 
 17,476, 
 
 11,130, 
 
 
 28th „ .... 
 
 24,114, 
 
 9,639, 
 
 3,720, 
 
 7,6S4, 
 
 10,716, 
 
 744, 
 
 19,143, 
 
 11,574, 
 
 
 7th March 
 
 24,098, 
 
 9,623, 
 
 3,787, 
 
 8,137, 
 
 9,956, 
 
 740, 
 
 18,832, 
 
 11,679, 
 
 
 14th „ ... 
 
 24,050, 
 
 9,575, 
 
 3,800, 
 
 8,674, 
 
 9,799, 
 
 700, 
 
 19,174, 
 
 11,697, 
 
 
 21st „ .... 
 
 24,065, 
 
 9,590, 
 
 3,814, 
 
 8,907, 
 
 9,903, 
 
 681, 
 
 19,491, 
 
 11,646, 
 
 
 28th „ .... 
 
 23,685, 
 
 9,210, 
 
 3,827, 
 
 9,031, 
 
 10,187. 
 
 696, 
 
 19,915, 
 
 11,646, 
 
 
 4th April 
 
 23,045, 
 
 8,570, 
 
 3,842, 
 
 9,020, 
 
 9,419, 
 
 743, 
 
 19,182, 
 
 • 11,646, 
 
 
 11th „ .... 
 
 22,796, 
 
 8,321, 
 
 3,238, 
 
 5,116, 
 
 10,481, 
 
 717, 
 
 16,315, 
 
 11,333, 
 
 
 18th „ .... 
 
 23,384, 
 
 8,981, 
 
 3,254, 
 
 4,851, 
 
 10,663, 
 
 762, 
 
 16,277, 
 
 11,333, 
 
 
 25th „ .... 
 
 23,308, 
 
 8,833, 
 
 3,264, 
 
 5,312, 
 
 9,450, 
 
 725, 
 
 15,487, 
 
 11,333, 
 
 
 2nd May 
 
 23,330, 
 
 8,855, 
 
 3,279, 
 
 5,890, 
 
 9,491, 
 
 755, 
 
 16,137, 
 
 11,300, 
 
 
 9th „ .... 
 
 23,568, 
 
 9,093, 
 
 3,329, 
 
 5,163, 
 
 10,082, 
 
 749, 
 
 15,994, 
 
 10,304, 
 
 
 16th. „ .... 
 
 23,595, 
 
 9,120, 
 
 3,340, 
 
 5,652, 
 
 9,589, 
 
 724, 
 
 15,965, 
 
 10,329, 
 
 
 23rd „ .... 
 
 23,533, 
 
 9,058, 
 
 3,352, 
 
 5,556, 
 
 9,089, 
 
 694, 
 
 15,339, 
 
 10,326, 
 
 
 30th „ .... 
 
 23,801, 
 
 9,326, 
 
 3,302, 
 
 6,264, 
 
 9,226, 
 
 713, 
 
 16,203, 
 
 10,326, 
 
 
 6th June 
 
 24,064, 
 
 9,589, 
 
 3,322, 
 
 7,087, 
 
 9,796, 
 
 664, 
 
 17,548, 
 
 10,326, 
 
 
 13th „ .... 
 
 24,696, 
 
 10,221, 
 
 3,333, 
 
 7,604, 
 
 9,441, 
 
 686, 
 
 17,731, 
 
 10,326, 
 
 
 20th „ .... 
 
 24,912, 
 
 10,437, 
 
 3,353, 
 
 7,800, 
 
 9,299, 
 
 649, 
 
 17,747, 
 
 10,327, 
 
 
 27th „ .... 
 
 25,179, 
 
 10,704, 
 
 3,369, 
 
 8,243, 
 
 9,184, 
 
 677, 
 
 18,105, 
 
 10,327, 
 
 
 4th July 
 
 25,341, 
 
 10,866, 
 
 3,411, 
 
 7,864, 
 
 9,659, 
 
 679, 
 
 18,201, 
 
 10,326, 
 
 
 11th „ .... 
 
 25,413, 
 
 10,938, 
 
 3,459, 
 
 3,108, 
 
 10,919, 
 
 741, 
 
 14,767, 
 
 10,319, 
 
 
 18th „ .... 
 
 25,665, 
 
 11,190, 
 
 3,500, 
 
 3,420, 
 
 10,861, 
 
 784, 
 
 15,065, 
 
 10,597, 
 
 
 25th „ .... 
 
 25,502, 
 
 11,027, 
 
 3,509, 
 
 4,220, 
 
 10,190, 
 
 747, 
 
 15,157, 
 
 10,597, 
 
 
 1st Aug 
 
 25,135, 
 
 10,660, 
 
 3,537, 
 
 5,365, 
 
 10,463, 
 
 766, 
 
 16,595, 
 
 10,596, 
 
 
 8th „ .... 
 
 25,099, 
 
 10,624, 
 
 3,631, 
 
 6,301, 
 
 10,263, 
 
 736, 
 
 17,300, 
 
 10,594, 
 
 
 15th „ .... 
 
 25,076, 
 
 10,601, 
 
 3,635, 
 
 5,531, 
 
 10,687, 
 
 733, 
 
 16,951, 
 
 10,594, 
 
 
 22nd „ .... 
 
 25,039, 
 
 10,564, 
 
 3,599, 
 
 5,798, 
 
 9,766, 
 
 728, 
 
 16,292, 
 
 10,594, 
 
 
 29th „ .... 
 
 25,324, 
 
 10,849, 
 
 3,585, 
 
 6,429, 
 
 9,705, 
 
 784, 
 
 16,919, 
 
 10,594, 
 
 
 5th Sept.... 
 
 25,311, 
 
 10,836, 
 
 3,893, 
 
 7,087, 
 
 9,360, 
 
 771, 
 
 17,219, 
 
 10,594, 
 
 
 12th „ .... 
 
 25,067, 
 
 10,592, 
 
 3,903, 
 
 7,658, 
 
 9,180, 
 
 783, 
 
 17,622, 
 
 10,594, 
 
 
 19th „ .... 
 
 25,010, 
 
 10,535, 
 
 3,915, 
 
 8,045, 
 
 9,003, 
 
 803, 
 
 17,850, 
 
 10,594, 
 
 
 26th „ .... 
 
 25,156, 
 
 10,681, 
 
 3,925, 
 
 8,465, 
 
 9,191, 
 
 789, 
 
 18,415, 
 
 10,594, 
 
 
 3rd Oct 
 
 24,553, 
 
 10,078, 
 
 3,944, 
 
 8,243, 
 
 10,002, 
 
 877, 
 
 19,123, 
 
 10,594, 
 
 
 iOth „ .... 
 
 24,014, 
 
 9,540, 
 
 3,959, 
 
 8,502, 
 
 9,667, 
 
 873, 
 
 19,042, 
 
 10,561, 
 
 
 17th „ .... 
 
 23,400, 
 
 8,925, 
 
 3,223, 
 
 4,833, 
 
 11,132, 
 
 869, 
 
 15,835, 
 
 10,285, 
 
 
 24th „ .... 
 
 23,252, 
 
 8,777, 
 
 3,231, 
 
 4,862, 
 
 11,264, 
 
 819, 
 
 15,945, 
 
 10,205, 
 
 
 31st „ .... 
 
 22,630, 
 
 8,155, 
 
 3,270, 
 
 5,161, 
 
 11,490, 
 
 812, 
 
 17,463, 
 
 10,255, 
 
 
 K 4th Nov.... 
 
 22,422, 
 
 7,947, 
 
 3,306, 
 
 4,872, 
 
 11,911, 
 
 813, 
 
 17,596, 
 
 10,120, 
 
 
 11th „ .... 
 
 21,141, 
 
 6,666, 
 
 3,364, 
 
 5,315, 
 
 12,935, 
 
 853, 
 
 19,133, 
 
 9,115, 
 
 
 18th „ .... 
 
 22,555, 
 
 6,080, 
 
 3,434, 
 
 5,484, 
 
 13,959, 
 
 830, 
 
 20,273, 
 
 6,407, 
 
 
 25th „ .... 
 
 23,259, 
 
 6,784, 
 
 3,447, 
 
 5,789, 
 
 14,952, 
 
 816, 
 
 21,555, 
 
 5,807, 
 
 
 2nd Dec... 
 
 23,371, 
 
 6,896, 
 
 3,459, 
 
 6,072, 
 
 14,436, 
 
 841, 
 
 21,350, 
 
 5,112, 
 
 
 Dth „ .... 
 
 24,043, 
 
 7,568, 
 
 3,494, 
 
 6,648, 
 
 14,441, 
 
 811, 
 
 21,940, 
 
 5,434, 
 
 
 16th „ .... 
 
 25,401, 
 
 8,926, 
 
 3,525, 
 
 6,944, 
 
 15,077, 
 
 894, 
 
 22,916, 
 
 5,447, 
 
 
 23th „ .... 
 
 26,684, 
 
 10,209, 
 
 3,542, 
 
 7,429, 
 
 15,152, 
 
 876, 
 
 23,457, 
 
 5,493, 
 
 
 30th „ .. . 
 
 25,381, 
 
 10,906, 
 
 3,559, 
 
 7,444, 
 
 15,073, 
 
 827, 
 
 23,344, 
 
 7,541, 
 
 
Hank Charter Act of 184 I 
 fp September, 18-44, to end of 1871 — Oontd. 
 
 119 
 
 1857. 
 
 om 18tli November to 23rd December, 5,459,9002. 
 anking Department, FixeJ Item — Capital, 1 1,553,000/. 
 
 I ue above Bullion, 1 1,375,000/. ; 
 
 Other 
 
 Gold and 
 
 Notes in 
 
 Rate of 
 
 Circulation 
 
 Bankers' 
 
 Bills 
 
 Letup 
 
 
 Securities. 
 
 Silver Coin. 
 
 Reserve. 
 
 Discount 
 
 above Bullion. 
 
 Balances. 
 
 Discounted. 
 
 Advances. 
 
 £ 
 
 £ 
 
 £ 
 
 Ver cut. 
 
 £ 
 
 £ 
 
 C 
 
 1 
 
 is:. 7. 
 
 19,295, 
 
 635, 
 
 4,797, 
 
 6 
 
 9,078, 
 
 2,987, 
 
 5 t 886, 
 
 1 K), 
 
 3rd .Ian. 
 
 16,313, 
 
 625, 
 
 4,603, 
 
 3) 
 
 9,872, 
 
 2,945, 
 
 5,833, 
 
 1,978, 
 
 LOth „ 
 
 16,586, 
 
 608, 
 
 4,514, 
 
 JJ 
 
 9,961, 
 
 3,33 1, 
 
 6,781, 
 
 1,274, 
 
 17th „ 
 
 15,829, 
 
 560, 
 
 4,852, 
 
 JJ 
 
 9,623, 
 
 2,505, 
 
 6,37s, 
 
 920, 
 
 24th „ 
 
 17,709, 
 
 678, 
 
 4,761, 
 
 JJ 
 
 9,711, 
 
 2,801, 
 
 s.263, 
 
 !tl 1. 
 
 :<l6t „ 
 
 17,902, 
 
 687, 
 
 4,894, 
 
 JJ 
 
 9,581, 
 
 2,435, 
 
 8,32!, 
 
 1,045, 
 
 7th Feb. 
 
 18,248, 
 
 680, 
 
 5,258, 
 
 JJ 
 
 9,217, 
 
 2,791, 
 
 8,451, 
 
 I.2.-.7. 
 
 nth „ 
 
 17,756, 
 
 711, 
 
 5,5-" 1, 
 
 JJ 
 
 8,921, 
 
 2,471, 
 
 8,033, 
 
 I.! '.is, 
 
 21d ., 
 
 19,620, 
 
 705, 
 
 5,517, 
 
 » 
 
 8,958, 
 
 3,025, 
 
 8,859, 
 
 1,839, 
 
 28th ., 
 
 19,535, 
 
 687, 
 
 5,271, 
 
 JJ 
 
 9,204, 
 
 2,775, 
 
 8,159, 
 
 2.17s. 
 
 7 b Mar. 
 
 19,575, 
 
 723, 
 
 5,532. 
 
 JJ 
 
 8,943, 
 
 2,542, 
 
 8, 117, 
 
 2.2<;<». 
 
 1 1th ., 
 
 19,999, 
 
 732, 
 
 5,481, 
 
 JJ 
 
 8,994, 
 
 2,859, 
 
 8,493, 
 
 2.:,7:». 
 
 21sl 
 
 21,213, 
 
 778, 
 
 4,628, 
 
 JJ 
 
 9,847, 
 
 2,858, 
 
 8,648, 
 
 3,6! 18, 
 
 28th .. 
 
 21,650, 
 
 774, 
 
 3,507, 
 
 6* 
 
 10,969, 
 
 2,541, 
 
 8,537, 
 
 4,330, 
 
 1th April 
 
 18,985, 
 
 743, 
 
 3,041, 
 
 j> 
 
 11,431, 
 
 3,054, 
 
 8,973, 
 
 1,568, 
 
 1Kb ., 
 
 18,401, 
 
 697, 
 
 3,649, 
 
 ,j 
 
 10,826, 
 
 3,132, 
 
 8,939, 
 
 1,130, 
 
 L8th ., 
 
 17,729, 
 
 722, 
 
 3,520, 
 
 JJ 
 
 10,955, 
 
 2,253, 
 
 8,500, 
 
 88C. 
 
 25tl 
 
 18,411, 
 
 704, 
 
 3,553, 
 
 JJ 
 
 10,912, 
 
 2,776, 
 
 8.866, 
 
 1,187, 
 
 211.I 3J 
 
 18,630, 
 
 715, 
 
 4,226, 
 
 JJ 
 
 10.219, 
 
 2,949, 
 
 9,085, 
 
 1,322, 
 
 h ., 
 
 18,446, 
 
 734, 
 
 4,350, 
 
 IJ 
 
 10,115, 
 
 2,824, 
 
 8,892. 
 
 1,33' '. 
 
 L6th ., 
 
 17,669, 
 
 747, 
 
 4,502, 
 
 JJ 
 
 9,973, 
 
 2,451, 
 
 8,502, 
 
 90s, 
 
 23rd ., 
 
 18,303, 
 
 706, 
 
 4,724, 
 
 JJ 
 
 9,751, 
 
 2.532, 
 
 S.s.-S. 
 
 1,250, 
 
 : .. 
 
 19,067, 
 
 702, 
 
 5,278, 
 
 JJ 
 
 9,197, 
 
 2,973, 
 
 9,275, 
 
 1,596, 
 
 6th June 
 
 18,679, 
 
 688, 
 
 5,924, 
 
 ,, 
 
 8,551, 
 
 2.746, 
 
 8,961, 
 
 1 522 
 
 13th ., 
 
 18,482, 
 
 736, 
 
 6,108, 
 
 6 
 
 8,367, 
 
 2,674, 
 
 8,264, 
 
 2,019, 
 
 20th ., 
 
 18,9S8, 
 
 675, 
 
 6,037, 
 
 ;j 
 
 8,438, 
 
 2,701, 
 
 7.985, 
 
 2,783, 
 
 27th ., 
 
 19,315, 
 
 651, 
 
 5,873, 
 
 j) 
 
 8,592, 
 
 2,951, 
 
 7,533, 
 
 3,5cs. 
 
 4th July 
 
 16,155, 
 
 654, 
 
 5,451, 
 
 ., 
 
 8,024, 
 
 3,347, 
 
 6,872, 
 
 1,036, 
 
 11th ., 
 
 16,184, 
 
 650, 
 
 5,687, 
 
 H 
 
 8,788, 
 
 O p- r ** 
 
 0,000, 
 
 6,6s s, 
 
 892. 
 
 Mil „ 
 
 16,052, 
 
 646, 
 
 5,925, 
 
 jj 
 
 8,550, 
 
 2,840, 
 
 6,528, 
 
 895. 
 
 25th ., 
 
 18,218, 
 
 642, 
 
 5,229, 
 
 .»> 
 
 9,246, 
 
 3,028, 
 
 8,042, 
 
 1,191, 
 
 1-t Aug. 
 
 18,679, 
 
 660, 
 
 5,551, 
 
 5J 
 
 8,924, 
 
 2.677, 
 
 8,486, 
 
 1,186, 
 
 8th „ 
 
 18,203. 
 
 659, 
 
 5,683, 
 
 JJ 
 
 8,892, 
 
 3,011, 
 
 8,375, 
 
 817. 
 
 15th ., 
 
 17,353, 
 
 666, 
 
 5,831, 
 
 JJ 
 
 8,624, 
 
 2,680, 
 
 7,708, 
 
 635, 
 
 -2nd „ 
 
 17,812, 
 
 652, 
 
 6,000, 
 
 JJ 
 
 8,475, 
 
 2,817, 
 
 7,893, 
 
 927. 
 
 29th ., 
 
 18,352, 
 
 655, 
 
 6,065, 
 
 JJ 
 
 8,410, 
 
 2,622, 
 
 7.72 1. 
 
 1,244, 
 
 5th Sept. 
 
 18,664, 
 
 626, 
 
 6,194, 
 
 ;j 
 
 8,281, 
 
 2*471, 
 
 7.S12. 
 
 1,473. 
 
 12th ., 
 
 18,962, 
 
 654, 
 
 6,109, 
 
 JJ 
 
 8,366, 
 
 2,414, 
 
 7.032. 
 
 l.i: 1.".. 
 
 19th ., 
 
 19,720, 
 
 595, 
 
 6,014, 
 
 :, 
 
 8,461, 
 
 2,582, 
 
 S.1I-. 
 
 2,223, 
 
 26th . 
 
 21,836, 
 
 584, 
 
 4,686, 
 
 ,, 
 
 9,788, 
 
 2,692, 
 
 8,522, 
 
 2,953, 
 
 3rd Oct. 
 
 22,399, 
 
 570, 
 
 4,024, 
 
 6 
 
 10,451, 
 
 2,511, 
 
 8,596, 
 
 3,409, 
 
 10th ., 
 
 20,540, 
 
 599, 
 
 3,217, 
 
 7 
 
 11,258, 
 
 3.176. 
 
 9,661, 
 
 »;i". 
 
 17th ., 
 
 20,405, 
 
 593, 
 
 3,486, 
 
 8 
 
 10,989, 
 
 3,681, 
 
 9,636, 
 
 6, 
 
 21th ., 
 
 22,197, 
 
 576, 
 
 2,258, 
 
 j» 
 
 12,217, 
 
 3,831, 
 
 11.105, 
 
 850. 
 
 31- 
 
 22,628, 
 
 551, 
 
 2,155, 
 
 jj 
 
 12,320, 
 
 3,488, 
 
 11,439, 
 
 1,009, 
 
 4th > 
 
 26,113, 
 
 504, 
 
 958, 
 
 9 
 
 13,517, 
 
 l.i; 1'.'. 
 
 13,223, 
 
 2.72 1. 
 
 Llth ., 
 
 30,299, 
 
 405, 
 
 1,148, 
 
 10 
 
 15,327, 
 
 r.."79, 
 
 16,003, 
 
 1.120. 
 
 18th ., 
 
 31,351, 
 
 480, 
 
 1,919, 
 
 jj 
 
 14,556, 
 
 5,464, 
 
 17.37i;. 
 
 3,N 9, 
 
 25th .. 
 
 31,191, 
 
 461, 
 
 2,268, 
 
 ?j 
 
 14,207, 
 
 5.152, 
 
 17.788, 
 
 3.21.-.. 
 
 2ml Dec. 
 
 30,111, 
 
 501, 
 
 3,900, 
 
 j> 
 
 12,575, 
 
 5,410, 
 
 17,173, 
 
 2,739, 
 
 9th ., 
 
 29,265, 
 
 625, 
 
 5,757, 
 
 jj 
 
 10,718, 
 
 6,243, 
 
 16,711. 
 
 
 L6th ., 
 
 28,088, 
 
 544, 
 
 7,427, 
 
 jj 
 
 9,049, 
 
 6,203, 
 
 15,889, 
 
 1,983, 
 
 23rf ., 
 
 26,300, 
 
 549, 
 
 6,065, 
 
 8 
 
 8,410, 
 
 6,373, 
 
 15,158, 
 
 1,8* 
 
 30th „ 
 
150 
 
 Seyd — On the Operation of the 
 
 1858. 
 
 Weekly Accounts of the Batik of England, fro 
 
 Issue Department, Fixed Items — Grovernrnent Debt, 11,015,100?.; Other Securities, 3,159,90(1 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 
 Deposits. 
 
 Other 
 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 1858. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 6th Jan 
 
 26,586, 
 
 12,113, 
 
 3,606, 
 
 7,191, 
 
 14,846, 
 
 850, 
 
 13th „ 
 
 27,212, 
 
 12,737. 
 
 3,653, 
 
 2,987, 
 
 19,125, 
 
 884, 
 
 20th „ 
 
 28,221, 
 
 13,746, 
 
 3,689, 
 
 2,814, 
 
 18,387, 
 
 889, 
 
 27th „ 
 
 29,083, 
 
 14,608, 
 
 3,701, 
 
 3,249, 
 
 18,176, 
 
 865, 
 
 3rd Feb 
 
 29,445, 
 
 14,970, 
 
 3,721, 
 
 3,652, 
 
 17,030, 
 
 871, 
 
 10th „ 
 
 30,251, 
 
 15,746, 
 
 3,811, 
 
 4,253, 
 
 16,200, 
 
 848, 
 
 17th „ 
 
 31,018, 
 
 16,543, 
 
 3,819, 
 
 4,557, 
 
 15,783, 
 
 883, 
 
 24th „ 
 
 31,295, 
 
 16,820, 
 
 3,686, 
 
 5,103, 
 
 15,497, 
 
 877, 
 
 3rd March.... 
 
 31,260, 
 
 16,785, 
 
 3,884, 
 
 5,193, 
 
 14,726, 
 
 902, 
 
 10th „ 
 
 31,366, 
 
 16,891, 
 
 3,889, 
 
 5,978, 
 
 13,901, 
 
 892, 
 
 17th ., 
 
 31,559, 
 
 17,084, 
 
 3,891, 
 
 6,577, 
 
 13,770, 
 
 879, 
 
 24th „ 
 
 32,321, 
 
 17,846, 
 
 3,894, 
 
 7,693, 
 
 13,575, 
 
 995, 
 
 31st „ 
 
 32,280, 
 
 17,805, 
 
 3,898, 
 
 7,631, 
 
 12,991, 
 
 840, 
 
 7th April .... 
 
 31,995, 
 
 17,520, 
 
 3,124, 
 
 6,989, 
 
 13,734, 
 
 816, 
 
 14th „ 
 
 31,963, 
 
 17,488, 
 
 3,158, 
 
 2,989, 
 
 16,916, 
 
 836, 
 
 2lBt „ 
 
 32,273, 
 
 17,798, 
 
 3,166, 
 
 3,324, 
 
 16,008, 
 
 875, 
 
 28th „ 
 
 32,334, 
 
 17,859, 
 
 3,172, 
 
 3,830, 
 
 15,676, 
 
 864, 
 
 5th Ma j .... 
 
 31,988, 
 
 18,513, 
 
 3,196, 
 
 4,612, 
 
 14,526, 
 
 844, 
 
 12th „ 
 
 31,493, 
 
 17,018, 
 
 3,207, 
 
 2,749, 
 
 15,244, 
 
 878, 
 
 19th „ 
 
 31,635, 
 
 17,160, 
 
 3,211, 
 
 4,736, 
 
 13,972, 
 
 850, 
 
 26th „ 
 
 31,843, 
 
 17,368, 
 
 3,216, 
 
 4,931, 
 
 13,988, 
 
 814, 
 
 2nd June .... 
 
 31,959, 
 
 17,484, 
 
 3,157, 
 
 5,014, 
 
 14,366, 
 
 772, 
 
 9th „ 
 
 31,725, 
 
 17,250, 
 
 3,159, 
 
 5,649, 
 
 13,754. 
 
 796, 
 
 16th „ 
 
 31,687, 
 
 17,212, 
 
 3,161, 
 
 6,063, 
 
 13,654, 
 
 784, 
 
 23rd „ 
 
 31,821, 
 
 17,346, 
 
 3,164, 
 
 7,296, 
 
 12,583, 
 
 734, 
 
 30th „ 
 
 31,715, 
 
 17,240, 
 
 3,174, 
 
 7,395, 
 
 13,202, 
 
 767, 
 
 7th July .... 
 
 31,204, 
 
 16,729, 
 
 3,212, 
 
 6,995, 
 
 13,156, 
 
 809, 
 
 14th „ 
 
 30,722, 
 
 16,247, 
 
 3,252, 
 
 5,525, 
 
 13,616, 
 
 842, 
 
 21st „ 
 
 30,993, 
 
 16,518, 
 
 3,297, 
 
 2,809, 
 
 15,712, 
 
 798, 
 
 28th „ 
 
 31,022, 
 
 16,547, 
 
 3,304, 
 
 3,640, 
 
 15,053, 
 
 805, 
 
 4th Aug 
 
 31,135, 
 
 16,660, 
 
 3,412, 
 
 4,103, 
 
 14,319, 
 
 785, 
 
 11th „ 
 
 31,010, 
 
 16,535, 
 
 3,414, 
 
 4,669, 
 
 13,903, 
 
 -771, 
 
 18th „ 
 
 31,197, 
 
 16,722, 
 
 3,419, 
 
 5,098, 
 
 13,702, 
 
 791, 
 
 25th „ 
 
 31,426, 
 
 16,951, 
 
 3,376, 
 
 5,453, 
 
 13,550, 
 
 784, 
 
 2nd Sept 
 
 31,539, 
 
 17,064, 
 
 3,690, 
 
 5,628, 
 
 13,675, 
 
 790, 
 
 9th „ 
 
 31,772, 
 
 17,297, 
 
 3,693, 
 
 7,536, 
 
 12,267, 
 
 770, 
 
 16th „ 
 
 32,434, 
 
 17,959, 
 
 3,696, 
 
 8,041, 
 
 12,202, 
 
 760, 
 
 23rd „ 
 
 32,881, 
 
 18,406, 
 
 3,698, 
 
 8,741, 
 
 12,049, 
 
 759, 
 
 30th „ 
 
 33,101, 
 
 18,626, 
 
 3,701, 
 
 8,887, 
 
 11,544, 
 
 798, 
 
 6th Oct 
 
 33,325, 
 
 18,850, 
 
 3,710, 
 
 8,441, 
 
 11,915, 
 
 813, 
 
 13th ., 
 
 33,339, 
 
 18,861, 
 
 3,092, 
 
 5,357, 
 
 14,569, 
 
 827, 
 
 20th „ 
 
 33,139, 
 
 18,664, 
 
 3,098, 
 
 5,532, 
 
 13,808, 
 
 889, 
 
 27th „ 
 
 32,986, 
 
 18,511, 
 
 3,101, 
 
 6,130, 
 
 13,332, 
 
 859, 
 
 3rd Nov 
 
 32,404, 
 
 17,929, 
 
 3,104, 
 
 6,576, 
 
 12,250, 
 
 859, 
 
 10th „ 
 
 32,316, 
 
 17,841, 
 
 3,140, 
 
 6,674, 
 
 12,291, 
 
 838, 
 
 17th „ 
 
 32,499, 
 
 18,024, 
 
 3,145, 
 
 6,822, 
 
 12,562, 
 
 819, 
 
 24th „ 
 
 32,609, 
 
 18,134, 
 
 3,153, 
 
 7,672, 
 
 12,821, 
 
 830, 
 
 1st Dec 
 
 32,633, 
 
 18,158, 
 
 3,095, 
 
 8,245, 
 
 12,492, 
 
 798, 
 
 8th „ 
 
 32,770, 
 
 18,295, 
 
 3,097, 
 
 8,856, 
 
 12,272, 
 
 794, 
 
 15th „ 
 
 32,852, 
 
 18,377, 
 
 3,100, 
 
 9,527, 
 
 12,606, 
 
 764, 
 
 22nd „ 
 
 32,948, 
 
 18,473, 
 
 3,105, 
 
 9,661, 
 
 13,149, 
 
 753, 
 
 29th „ . 
 
 32,855, 
 
 18,380, 
 
 3,115, 
 
 9,806, 
 
 12,904, 
 
 713, 
 
 N.B. — The Bills Discounted, Temporary Advances, and Banker 
 
Bank Charter Act of 181 I. 
 
 1M 
 
 t September, 1844, to end of 1871 — ContcL 
 
 1858. 
 
 toe above Bullion, 14,175,000/. E 
 
 anking Department, Fixed [tern 
 
 — < .i|iihll. 1 I 
 
 "/. 
 
 *tal Depos 
 
 its Governme 
 
 it Other 
 
 Gold and 
 
 Notes 
 
 Rate of 
 
 Circulati 
 
 li 
 
 and Bills. 
 
 Securities 
 
 Securities. 
 
 s h it Coin. 
 
 in Reserye. 
 
 ■Mill. 
 
 above Bullion. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 Per i nt. 
 
 £ 
 
 is 
 
 22,887, 
 
 7,765 
 
 25,661, 
 
 530, 
 
 7,089, 
 
 6 
 
 7,486, 
 
 (lili Jan. 
 
 22,996 
 
 8, 192 
 
 23,850, 
 
 620, 
 
 7.511, 
 
 5 
 
 6,934, 
 
 L3th 
 
 22,290, 
 
 9.192 
 
 22,251, 
 
 689, 
 
 8,199, 
 
 ,, 
 
 6,276, 
 
 20th 
 
 22,290, 
 
 9,288, 
 
 21,047, 
 
 790, 
 
 9,41 i). 
 
 1 
 
 5,056, 
 
 27th 
 
 21,552, 
 
 9,559 
 
 20,074, 
 
 821, 
 
 9.370, 
 
 »i 
 
 5,K >5 . 
 
 . 
 
 21,308, 
 
 9,702 
 
 18,523, 
 
 829, 
 
 10,617, 
 
 Si 
 
 3 B 
 
 LOth .. 
 
 21,223. 
 
 9,858 
 
 17,635, 
 
 788, 
 
 11,314, 
 
 3 
 
 3,161, 
 
 17ti. 
 
 21,177 
 
 9.906 
 
 17,164, 
 
 803, 
 
 11,841, 
 
 j> 
 
 2,635, 
 
 24th .. 
 
 20,821 
 
 9,902 
 
 17,306, 
 
 S3 2, 
 
 11,217, 
 
 M 
 
 3 2 
 
 3rd Bd 
 
 20,770, 
 
 9,902 
 
 16,620, 
 
 823, 
 
 11.886, 
 
 , > 
 
 2.;. 
 
 LOth „ 
 
 21,226 
 
 9,902 
 
 16,562, 
 
 858, 
 
 1 2 3 is, 
 
 )) 
 
 2.127. 
 
 17th 
 
 22,263 
 
 9,902 
 
 16,806, 
 
 888, 
 
 13,014, 
 
 )■> 
 
 1,461, 
 
 24th .. 
 
 21,462 
 
 9,902 
 
 16,857, 
 
 821, 
 
 12,330, 
 
 J) 
 
 2.1 15. 
 
 31si .. 
 
 21,538 
 
 9,954 
 
 16,620, 
 
 792, 
 
 11,849, 
 
 J) 
 
 2.526. 
 
 7th April 
 
 20,742 
 
 9,713 
 
 16,408, 
 
 820, 
 
 11,482, 
 
 J5 
 
 2.983. 
 
 14th .. 
 
 20,208 
 
 9,870 
 
 15,515, 
 
 786, 
 
 11,755, 
 
 »» 
 
 2-720. 
 
 21- 
 
 20,370 
 
 9,885 
 
 15,455, 
 
 816, 
 
 11,920, 
 
 )> 
 
 2,555, 
 
 28th .. 
 
 19,981 
 
 10,260 
 
 15,288, 
 
 765, 
 
 11,416, 
 
 >, 
 
 3,059, 
 
 i May 
 
 18,871 
 
 9,527 
 
 15,211, 
 
 780, 
 
 11,114, 
 
 ?> 
 
 3,361, 
 
 12th 
 
 19,559 
 
 10,527 
 
 14,677, 
 
 767, 
 
 11.352, 
 
 ij 
 
 3,123. 
 
 L9th .. 
 
 19,733 
 
 10,527 
 
 14,579, 
 
 745, 
 
 11,651, 
 
 » 
 
 2,824, 
 
 . ith .. 
 
 20,151 
 
 10,527 
 
 14,785, 
 
 720, 
 
 11,830, 
 
 ;, 
 
 .2,6 
 
 2nd •) unc 
 
 20.199 
 
 10,579 
 
 14,626, 
 
 771, 
 
 11,934, 
 
 j> 
 
 2.5 11. 
 
 9th .. 
 
 21,502 
 
 10,630 
 
 14,648, 
 
 708, 
 
 12.22!), 
 
 3, 
 
 2.210. 
 
 L6th .. 
 
 20,613 
 
 10,656 
 
 14,614, 
 
 687, 
 
 12,372, 
 
 >> 
 
 2,103, 
 
 •1 .. 
 
 21.361 
 
 10,677 
 
 16,426, 
 
 699, 
 
 11.290, 
 
 ?J 
 
 3,1 
 
 th .. 
 
 2(1.959 
 
 10,692 
 
 16,685, 
 
 679, 
 
 10,667, 
 
 )J 
 
 3,808, 
 
 7th July 
 
 19,984 
 
 10,587 
 
 15,620, 
 
 652, 
 
 9,938, 
 
 >> 
 
 4,5:57. 
 
 14th „ 
 
 19,319 
 
 10,587 
 
 15,499, 
 
 695, 
 
 10,387, 
 
 J, 
 
 4,088, 
 
 ■ 
 
 19,499 
 
 10.587 
 
 15,440, 
 
 716, 
 
 10,612, 
 
 >> 
 
 3,8< 
 
 281 
 
 19.207 
 
 10,774 
 
 15,400, 
 
 681, 
 
 10,317, 
 
 >> 
 
 1.158, 
 
 itli A 
 
 19,343 
 
 10,871 
 
 15,316, 
 
 703, 
 
 10,420, 
 
 >> 
 
 55, 
 
 11th .. 
 
 19.591 
 
 10,879 
 
 15,189, 
 
 723, 
 
 10,772. 
 
 ,J 
 
 3.7 
 
 Ith .. 
 
 19,787 
 
 10,884 
 
 15,064, 
 
 703, 
 
 11,064, 
 
 » 
 
 3,41 1 
 
 51 
 
 20,103 
 
 10,913 
 
 15,453, 
 
 733, 
 
 11,236, 
 
 •• 
 
 3,239, 
 
 2d 
 
 20,573 
 
 10,955 
 
 15,363, 
 
 742, 
 
 11,759, 
 
 ;> 
 
 2.716, 
 
 9th .. 
 
 21,003 
 
 10,971 
 
 15,311, 
 
 690, • 
 
 12,280, 
 
 •• 
 
 2.1! '5. 
 
 L6th .. 
 
 21,550 
 
 10,981 
 
 15.227, 
 
 728, 
 
 12,865, 
 
 •• 
 
 1 .610, 
 
 r 1 .. 
 
 21.229 
 
 10,981 
 
 15,234, 
 
 964, 
 
 12,604, 
 
 •■ 
 
 1,871, 
 
 . 
 
 21,169 
 
 11,132 
 
 15,122, 
 
 976, 
 
 12,502, 
 
 >> 
 
 L,973, 
 
 6tl 1 I 
 
 20,755 
 
 10,809 
 
 14,818, 
 
 633, 
 
 12,138, 
 
 ■>■> 
 
 2.:' 
 
 L3th .. 
 
 20,229 
 
 10,809 
 
 14,815, 
 
 613, 
 
 11,643, 
 
 ■• 
 
 333, 
 
 20th 
 
 20,321 
 
 10,809 
 
 14,783, 
 
 622, 
 
 11,761, 
 
 , , 
 
 2.71 1. 
 
 27th .. 
 
 19(; r> 
 
 10,809 
 
 14,808, 
 
 684, 
 
 11,041, 
 
 II 
 
 3,434, 
 
 \ V. 
 
 19,802 
 
 10,809 
 
 1 J 698, 
 
 661, 
 
 11,327. 
 
 • i 
 
 3,148, 
 
 LOth .. 
 
 20.212 
 
 10,809 
 
 14,711, 
 
 615, 
 
 11,766, 
 
 ,j 
 
 2,709, 
 
 17lh „ 
 
 21,323 
 
 10,809 
 
 15. 32 l. 
 
 646, 
 
 12.251. 
 
 •• 
 
 2.221, 
 
 2 lili .. 
 
 21,; 535 
 
 10,809 
 
 15.132, 
 
 618, 
 
 12,324, 
 
 5> 
 
 2,151, 
 
 1st Dec. 
 
 21,881 
 
 10,809 
 
 15,506, 
 
 626, 
 
 12.731, 
 
 •• 
 
 1.711. 
 
 8th „ 
 
 22,897 
 
 10,809 
 
 15,989; 
 
 617, 
 
 13,106, 
 
 2^ 
 
 1,369, 
 
 L5th „ 
 
 23,563 
 
 10,809 
 
 16,494, 
 
 676, 
 
 13,242, 
 
 », 
 
 1,2! 
 
 22nd ., 
 
 23,122 
 
 10.809 
 
 16,950, 
 
 587, 
 
 12.7 
 
 j> 
 
 1.7:; '. 
 
 2! 'til „ 
 
 dances are omitted after 1857, when the Parliamentary Returns cease. 
 
152 
 
 
 Seyd — On 
 
 the Ojyerai 
 
 ion of the 
 
 
 
 1859. 
 
 
 
 WeeHf/ Accounts of t) 
 
 le Bank of England, fron 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100/. ; 
 
 Other Securities, 3,459,9002 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 1859. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 5th Jan. ... 
 
 33,043. 
 
 18,568, 
 
 3,167, 
 
 9,632, 
 
 13,580, 
 
 822, 
 
 12th „ 
 
 33,036, 
 
 18,561, 
 
 3,214, 
 
 5,519, 
 
 15,726, 
 
 839, 
 
 19th „ 
 
 33,036, 
 
 18,561, 
 
 3,248, 
 
 6,260, 
 
 14,949, 
 
 866, 
 
 26th „ 
 
 33,032, 
 
 18,557, 
 
 3,259, 
 
 6,520, 
 
 15,037, 
 
 867, 
 
 2nd Feb 
 
 33,100, 
 
 18,625, 
 
 3,283, 
 
 7,026, 
 
 14,582, 
 
 807, 
 
 9th „ 
 
 33,244, 
 
 18,769, 
 
 3,366, 
 
 7,329, 
 
 14,485, 
 
 794, 
 
 16th „ 
 
 33,539, 
 
 19,064, 
 
 3,359, 
 
 7,620, 
 
 14.539, 
 
 800, 
 
 23rd „ 
 
 33,565, 
 
 19,090, 
 
 3,302, 
 
 7,820, 
 
 14,617, 
 
 750, 
 
 2nd Mar 
 
 33,593, 
 
 19.118, 
 
 3,648, 
 
 8,315, 
 
 13.955, 
 
 759, 
 
 9th „ 
 
 33,721, 
 
 19,246, 
 
 3,650, 
 
 8,341, 
 
 13,440, 
 
 777, 
 
 16th „ 
 
 33,681, 
 
 19,206, 
 
 3,652, 
 
 8,854, 
 
 13,641, 
 
 765, 
 
 23rd „ 
 
 33,643, 
 
 19,168, 
 
 3,654, 
 
 8,999, 
 
 13,601, 
 
 804, 
 
 30th „ 
 
 33,405, 
 
 18,930, 
 
 3,658, 
 
 9,347, 
 
 13,880, 
 
 745, 
 
 6th April .... 
 
 33,746, 
 
 18,271, 
 
 3,101, 
 
 10,000, 
 
 12,921, 
 
 785, 
 
 13th „ 
 
 32,397, 
 
 17,922, 
 
 3,134, 
 
 5,027, 
 
 15,982, 
 
 819, 
 
 20th „ 
 
 31,883, 
 
 17,408, 
 
 3,141, 
 
 5,080, 
 
 15,121, 
 
 808, 
 
 27th „ 
 
 31,435, 
 
 16,960, 
 
 3,149, 
 
 5,249, 
 
 15,335, 
 
 767, 
 
 4th May .... 
 
 31,046, 
 
 16,571, 
 
 3,163, 
 
 5,648, 
 
 15,964, 
 
 785, 
 
 Hth „ 
 
 30,858, 
 
 16,383, 
 
 3,210, 
 
 4,867, 
 
 17,137, 
 
 834, 
 
 18th „ 
 
 31,020, 
 
 16,545, 
 
 3,216, 
 
 5,282, 
 
 17,291, 
 
 779, 
 
 25th , 
 
 31,181, 
 
 16,706, 
 
 3,220, 
 
 5,684, 
 
 17,018, 
 
 766, 
 
 1st June .... 
 
 32,571, 
 
 17,096, 
 
 3,161, 
 
 6,302, 
 
 16,836, 
 
 784, 
 
 8th „ 
 
 31,742, 
 
 17,267, 
 
 3,166, 
 
 7,219, 
 
 15,943, 
 
 749, 
 
 15th „ 
 
 31,741, 
 
 17,266, 
 
 3,169, 
 
 8,577, 
 
 14.798, 
 
 799, 
 
 22nd „ 
 
 31,898, 
 
 17,423, 
 
 3,171, 
 
 9,305, 
 
 14,019, 
 
 745, 
 
 29th , 
 
 32,110, 
 
 17,635, 
 
 3,179, 
 
 9,833, 
 
 12,979, 
 
 724, 
 
 6th July .... 
 
 31,948, 
 
 17,473, 
 
 3,227, 
 
 9,437, 
 
 13',582, 
 
 753, 
 
 13th „ 
 
 31,813. 
 
 17,338, 
 
 3,275, 
 
 4,872, 
 
 16,365, 
 
 863, 
 
 20th „ 
 
 31,554, 
 
 17,079, 
 
 3,308, 
 
 4,9S3, 
 
 14,933, 
 
 858, 
 
 27th „ 
 
 31,314, 
 
 16,839, 
 
 3,320, 
 
 5,018, 
 
 14,908, 
 
 818, 
 
 3rd Aug 
 
 31,202, 
 
 16,727, 
 
 3,346, 
 
 5,323, 
 
 14,351, 
 
 819, 
 
 10th „ 
 
 31,120, 
 
 16,645, 
 
 3,434, 
 
 5,912, 
 
 14,676, 
 
 856, 
 
 17th „ 
 
 30,860, 
 
 16,385, 
 
 3,440, 
 
 6,229, 
 
 14,240, 
 
 846, 
 
 24th „ 
 
 30,690, 
 
 16,215, 
 
 3,444, 
 
 6,153, 
 
 14,184, 
 
 864, 
 
 31st „ 
 
 30,401, 
 
 15,926, 
 
 3,689, 
 
 7,816, 
 
 12,741, 
 
 889, 
 
 7th Sept 
 
 30,445, 
 
 15,970, 
 
 3,714, 
 
 7,790, 
 
 13,067, 
 
 907, 
 
 14th „ 
 
 30,895, 
 
 16,420, 
 
 3,717, 
 
 8,509, 
 
 13,075, 
 
 859, 
 
 21st „ 
 
 30,990, 
 
 16,515, 
 
 3,720, 
 
 8,793, 
 
 13,220, 
 
 839, 
 
 28th „ 
 
 31,391, 
 
 16,916, 
 
 3,723, 
 
 9,268, 
 
 13,096, 
 
 824, 
 
 5th Oct 
 
 31,601, 
 
 17,026, 
 
 3,737, 
 
 8,528, 
 
 13,271, 
 
 909, 
 
 12th „ 
 
 31,137, 
 
 16,662, 
 
 3,087, 
 
 9,379, 
 
 13,800, 
 
 904, 
 
 19th „ 
 
 30,843, 
 
 16,368, 
 
 3,118, 
 
 5,492, 
 
 14,014, 
 
 940, 
 
 26th „ 
 
 30,781, 
 
 16,306, 
 
 3,123, 
 
 5,591, 
 
 13,921, 
 
 940, 
 
 2nd Not 
 
 30,756, 
 
 16,281, 
 
 3,132, 
 
 5,513, 
 
 14,572, 
 
 907, 
 
 9th „ 
 
 30,963, 
 
 16,218, 
 
 3,175, 
 
 6,097, 
 
 14,311, 
 
 888, 
 
 16th „ 
 
 30,711, 
 
 16,236, 
 
 3,181, 
 
 6,425, 
 
 14,643, 
 
 862, 
 
 23rd „ 
 
 30,805, 
 
 16,330, 
 
 3,186, 
 
 8,062, 
 
 13,663, 
 
 816, 
 
 30th „ 
 
 30,825, 
 
 16,350, 
 
 3,132, 
 
 8,679, 
 
 13,364, 
 
 822, 
 
 7tli Dec 
 
 30,744, 
 
 16,269, 
 
 3,139, 
 
 8,608, 
 
 13,444, 
 
 792, 
 
 14th „ 
 
 30,791, 
 
 16,316, 
 
 3,143, 
 
 8,939, 
 
 13,637, 
 
 786, 
 
 21st „ 
 
 30,758, 
 
 16,283, 
 
 3,149, 
 
 9,575, 
 
 13,310, 
 
 756, 
 
 28th „ 
 
 30,609, 
 
 16,134, 
 
 3,157, 
 
 9,805, 
 
 13,071, 
 
 704, 
 
Bank Charter Art <,/ 1*4-1. 
 1st September, 1844, to end of 1871 — Contd, 
 
 1 ,3 
 
 1959. 
 
 Issue above Bullion, 14,4 
 
 75,000/. Banking Department, Fixed Iti-m- 
 
 ( 'npitnl, 1 1, 
 
 000/. 
 
 
 I'otal Deposits 
 
 Government 
 
 Other 
 
 Gold and 
 
 Notes 
 
 i: ite of 
 
 Circulation 
 
 1' 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Coin. 
 
 in Reserve. 
 
 int. 
 
 Bullion. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 l'cr en'. 
 
 e 
 
 1^". '. 
 
 
 21,031. 
 
 10,806, 
 
 18,210, 
 
 577, 
 
 12,161, 
 
 2 
 
 2,81 l. 
 
 5th Jan. 
 
 
 22,083, 
 
 10,699, 
 
 16,561. 
 
 631, 
 
 1 L,956, 
 
 ;> 
 
 2,519, 
 
 12th „ 
 
 
 22,075, 
 
 10,699, 
 
 16,508, 
 
 636, 
 
 12,0 1 L, 
 
 ij 
 
 2,431, 
 
 19th „ 
 
 
 22,125, 
 
 10,6: »:i. 
 
 16,596, 
 
 621, 
 
 12,321, 
 
 >> 
 
 2,154, 
 
 26th . 
 
 
 22,115. 
 
 10.696, 
 
 16,786, 
 
 669, 
 
 12,100, 
 
 jj 
 
 •1 :;7--.. 
 
 2nd 1 
 
 
 22,608, 
 
 10.696, 
 
 16,513, 
 
 692, 
 
 12,625, 
 
 H 
 
 1,85", 
 
 9th .. 
 
 
 22,959, 
 
 10,696, 
 
 16,112, 
 
 683, 
 
 13,050, 
 
 )> 
 
 L.425, 
 
 16th .. 
 
 
 23,187, 
 
 10.696, 
 
 16,257, 
 
 862, 
 
 13,227, 
 
 >> 
 
 1 248 
 
 23rd 
 
 
 23,029, 
 
 10,696, 
 
 16,783, 
 
 766, 
 
 12,984, 
 
 >> 
 
 1,491, 
 
 2nd M 
 
 
 22.558, 
 
 10,696, 
 
 16,475, 
 
 705, 
 
 13,285, 
 
 >> 
 
 1,190 
 
 9th ., 
 
 
 23,261, 
 
 10,696, 
 
 16,704, 
 
 717, 
 
 13,350, 
 
 •< 
 
 L,125, 
 
 16th 
 
 
 23,404, 
 
 10,696, 
 
 16,908, 
 
 697, 
 
 13.311, 
 
 3) 
 
 1,164, 
 
 23rd .. 
 
 
 23,972, 
 
 11,708, 
 
 17,357, 
 
 701, 
 
 12.117, 
 
 >> 
 
 2,o:.s, 
 
 30th .. 
 
 
 23,705, 
 
 11. 70S, 
 
 17,718, 
 
 679, 
 
 11.251, 
 
 )> 
 
 :; 221 
 
 6th April 
 
 
 21,828, 
 
 11,371, 
 
 16,938, 
 
 671, 
 
 10,531, 
 
 J) 
 
 3. ill 1, 
 
 i:;th „ 
 
 
 21,009, 
 
 11,371, 
 
 16,809, 
 
 611. 
 
 9,880, 
 
 >> 
 
 4,595, 
 
 2 
 
 
 21,351, 
 
 11,371, 
 
 17,506, 
 
 680, 
 
 9,497, 
 
 
 4,9 
 
 27th .. 
 
 
 22,217, 
 
 11,371, 
 
 19,137, 
 
 631. 
 
 8,790, 
 
 3i 
 
 5,685, 
 
 4th May 
 
 
 22,839, 
 
 11,281, 
 
 19,625, 
 
 659, 
 
 9,036, 
 
 41 
 
 5. 139, 
 
 11th .. 
 
 
 23,352, 
 
 11,281, 
 
 19,558, 
 
 651, 
 
 9,631, 
 
 ?> 
 
 4,811. 
 
 18th .. 
 
 
 23,468, 
 
 11,281, 
 
 19,299, 
 
 702. 
 
 9,959, 
 
 ■>■> 
 
 4,516, 
 
 25th .. 
 
 
 23,922. 
 
 11.281, 
 
 19,207, 
 
 669, 
 
 10,178, 
 
 »> 
 
 3,997, 
 
 1 si June 
 
 
 23,909, 
 
 11,281, 
 
 19,050, 
 
 691, 
 
 10,608, 
 
 3i 
 
 3,867, 
 
 8th .. 
 
 
 21,174, 
 
 11,281, 
 
 18,712, 
 
 685, 
 
 11,217, 
 
 3 
 
 3,258, 
 
 15th ., 
 
 
 24,069, 
 
 11,281, 
 
 18,376, 
 
 687, 
 
 11,4 IS, 
 
 >> 
 
 3,027, 
 
 22nd .. 
 
 
 23,537, 
 
 11,281, 
 
 18,459, 
 
 686, 
 
 10.S12, 
 
 » 
 
 3,633, 
 
 -'.'tli .. 
 
 
 23,792, 
 
 11,780, 
 
 18,683, 
 
 616, 
 
 10,473, 
 
 3> 
 
 4,002, 
 
 6th J 
 
 
 22,100, 
 
 11,121, 
 
 17,803, 
 
 601. 
 
 10,101, 
 
 2.V 
 
 4.37 1, 
 
 13th .,' 
 
 
 20,774, 
 
 11.271, 
 
 17,254, 
 
 621, 
 
 9,489, 
 
 5, 
 
 4,986, 
 
 20th . 
 
 
 20.711. 
 
 11,171, 
 
 17,350, 
 
 621. 
 
 9,473, 
 
 >> 
 
 5,002. 
 
 27th .. 
 
 
 20,493, 
 
 11,209, 
 
 17,690, 
 
 604, 
 
 8.890, 
 
 >> 
 
 5.585, 
 
 3rd A 
 
 
 21,444, 
 
 11.209, 
 
 18,475, 
 
 587, 
 
 9,161, 
 
 >> 
 
 5.314, 
 
 10th .. 
 
 
 21,416, 
 
 11,210, 
 
 18,291, 
 
 625, 
 
 9.183, 
 
 7) 
 
 ' 592, 
 
 17th .. 
 
 
 21,201, 
 
 11.215, 
 
 18,304, 
 
 662, 
 
 9,016, 
 
 >> 
 
 I 59, 
 
 24th „ 
 
 
 21,447, 
 
 11,220, 
 
 18,992, 
 
 614, 
 
 8,863, 
 
 >> 
 
 5,612. 
 
 31^ 
 
 
 21,761, 
 
 11.220, 
 
 19,017, 
 
 666, 
 
 9.128, 
 
 J> 
 
 5,347, 
 
 7th Sept. 
 
 
 22,442, 
 
 11.220, 
 
 18,957, 
 
 701, 
 
 9,834, 
 
 >> 
 
 4,641, 
 
 14th 
 
 
 22.852, 
 
 11,220, 
 
 19,318, 
 
 677, 
 
 9.91". 
 
 }> 
 
 l 565, 
 
 21s1 .. 
 
 
 23,189, 
 
 11.220, 
 
 19,435, 
 
 625, 
 
 10,185, 
 
 )) 
 
 1 1".' ►, 
 
 28th .. 
 
 
 22,709, 
 
 11.220, 
 
 19,792, 
 
 597, 
 
 9,3S'.'. 
 
 J> 
 
 5,os<;. 
 
 : i(X-t. 
 
 
 24,082, 
 
 12,220, 
 
 19,898, 
 
 607, 
 
 8,997, 
 
 3> 
 
 5,478, 
 
 12th .. 
 
 
 20,446, 
 
 10,875, 
 
 18,825, 
 
 561, 
 
 8,355, 
 
 ) | 
 
 6,120, 
 
 10th „ 
 
 
 20,452, 
 
 10,875, 
 
 18,093, 
 
 612, 
 
 8,548, 
 
 >> 
 
 f>.:>27. 
 
 26tli .. 
 
 
 20,991, 
 
 10,875, 
 
 18.809, 
 
 555, 
 
 S.136, 
 
 U 
 
 6,<' 
 
 2nd K 
 
 
 21.297, 
 
 10,875, 
 
 18,649, 
 
 612, 
 
 8,888, 
 
 )> 
 
 r».."s7. 
 
 9th .. 
 
 
 21,930, 
 
 10,925, 
 
 18,871, 
 
 625, 
 
 9.2!:;. 
 
 }» 
 
 5.232. 
 
 16th .. 
 
 
 22,540, 
 
 10,925, 
 
 19,059, 
 
 656, 
 
 9.640, 
 
 >> 
 
 4,835, 
 
 23rd .. 
 
 
 22,866, 
 
 10,925, 
 
 19,376, 
 
 669, 
 
 9,580, 
 
 )> 
 
 4,895, 
 
 30th .. 
 
 
 22,845, 
 
 10,925, 
 
 19,351, 
 
 668, 
 
 9.593, 
 
 >» 
 
 4,8s2. 
 
 7th D 
 
 
 23,361, 
 
 10,925, 
 
 19,406, 
 
 684, 
 
 10,043, 
 
 J> 
 
 4,432, 
 
 14th „ 
 
 
 23,641, 
 
 10,925, 
 
 19,587, 
 
 719, 
 
 KM 12, 
 
 >> 
 
 4,31 
 
 2ls1 .. 
 
 
 23,580, 
 
 10,925, 
 
 19,908, 
 
 67';. 
 
 9,781, 
 
 " 
 
 •1 6 
 
 28th .. 
 
154 
 
 Seyd — On the Operation of the 
 
 I860. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100^.; Other Securj 
 
 ties, 3,459,900/. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, fee. 
 
 
 1860. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 4th Jan 
 
 30.291, 
 
 15,816, 
 
 3,210, 
 
 9,160, 
 
 13,409, 
 
 796, 
 
 
 11th „ 
 
 30,002, 
 
 15,527, 
 
 3,251, 
 
 5,565, 
 
 15,543, 
 
 812, 
 
 
 18th „ 
 
 29,643. 
 
 15,168, 
 
 3,284, 
 
 5,166, 
 
 14,851, 
 
 859, 
 
 
 25th „ 
 
 29,343, 
 
 14,868, 
 
 3,295, 
 
 5,530, 
 
 14,080, 
 
 861, 
 
 
 1st Feb 
 
 28,753, 
 
 14,278, 
 
 3,324, 
 
 5,310, 
 
 14,485, 
 
 784, 
 
 
 8th „ 
 
 28,803, 
 
 14,328, 
 
 3,421, 
 
 6,304, 
 
 14,302, 
 
 705, 
 
 
 15th „ 
 
 28,865, 
 
 14,390, 
 
 3,439, 
 
 6,830, 
 
 14,290, 
 
 733, 
 
 
 22nd „ 
 
 29,928, 
 
 14,453, 
 
 3,445, 
 
 7,278, 
 
 14,192, 
 
 707, 
 
 
 29th „ 
 
 28.953, 
 
 14,478, 
 
 3,681, 
 
 7,613, 
 
 13,788, 
 
 702, 
 
 
 7th March.... 
 
 28,990, 
 
 14.515, 
 
 3,722, 
 
 8,341, 
 
 12,837, 
 
 697, 
 
 
 14th 
 
 29,050, 
 
 14,575, 
 
 3,732, 
 
 9,271, 
 
 13,031, 
 
 719, 
 
 
 21st „ 
 
 29,062, 
 
 14,587, 
 
 3,740, 
 
 10,363, 
 
 12,933, 
 
 717, 
 
 
 28th „ 
 
 29,063, 
 
 14,588, 
 
 3,755, 
 
 10,384, 
 
 13,556, 
 
 694, 
 
 
 4th April .... 
 
 28,687, 
 
 14,212, 
 
 3,783, 
 
 9,696, 
 
 13.966, 
 
 700, 
 
 
 11th „ 
 
 28,389, 
 
 13,914, 
 
 3,200, 
 
 5,878, 
 
 14,571, 
 
 706, 
 
 
 18th „ 
 
 28,365, 
 
 13.890, 
 
 3,212, 
 
 5,839, 
 
 15.512, 
 
 687, 
 
 
 25th „ 
 
 28,449. 
 
 13,974, 
 
 3,218, 
 
 6,252, 
 
 14,602, 
 
 701, 
 
 
 2nd Ma j .... 
 
 28,594, 
 
 14,119, 
 
 3,225, 
 
 6,872, 
 
 13,433, 
 
 678, 
 
 
 9th „ 
 
 29,064, 
 
 14,589, 
 
 3264, 
 
 7,284, 
 
 12,608, 
 
 725, 
 
 
 16th „ 
 
 29,228, 
 
 14,753, 
 
 3,271, 
 
 7,585, 
 
 12,226, 
 
 757, 
 
 
 23rd „ 
 
 29,569, 
 
 15,094, 
 
 3,278, 
 
 7,667, 
 
 12,570, 
 
 694, 
 
 
 30lh „ 
 
 29,621, 
 
 15,146, 
 
 3,219, 
 
 7,489, 
 
 12,551, 
 
 670, 
 
 
 6th June .... 
 
 29,656, 
 
 15,181, 
 
 3.226, 
 
 7,753, 
 
 12.181, 
 
 680, 
 
 
 13th „ 
 
 29,910, 
 
 15,435, 
 
 3,234, 
 
 8,429, 
 
 12,411, 
 
 659, 
 
 
 20th „ 
 
 30,151, 
 
 15,676, 
 
 3,240, 
 
 8,688, 
 
 12,115. 
 
 610, 
 
 
 27th „ 
 
 30,245, 
 
 15,770, 
 
 3,253, 
 
 9,327, 
 
 12,354, 
 
 658, 
 
 
 4th July .... 
 
 30,227, 
 
 15,752, 
 
 3,300, 
 
 8,209, 
 
 13,748. 
 
 688, 
 
 
 Hth „ 
 
 29,938, 
 
 15,463, 
 
 3,335, 
 
 4,121, 
 
 15,389, 
 
 738, 
 
 
 18th „ 
 
 29,711, 
 
 15,236, 
 
 3,383, 
 
 3,486, 
 
 15,265, 
 
 761, 
 
 
 25th „ 
 
 29,614, 
 
 15.139, 
 
 3,395, 
 
 3,960, 
 
 14,829, 
 
 712, 
 
 
 1st Aug 
 
 29,496, 
 
 15,021, 
 
 3,422, 
 
 4,235, 
 
 14,718, 
 
 708, 
 
 
 8th „ 
 
 29,308, 
 
 14.834, 
 
 3,513, 
 
 4,823, 
 
 1 4,003, 
 
 714, 
 
 
 15th „ 
 
 29,282, 
 
 14,807, 
 
 3,521, 
 
 5,956, 
 
 12,792, 
 
 770, 
 
 
 22nd „ 
 
 29,423, 
 
 14,948, 
 
 3,533, 
 
 5,599, 
 
 13,846, 
 
 724, 
 
 
 29th „ 
 
 29,589, 
 
 15,114, 
 
 3,482, 
 
 5,949, 
 
 14,168, 
 
 736, 
 
 
 5th Sept 
 
 29,914, 
 
 15,439, 
 
 3,778, 
 
 6,497, 
 
 13,432. 
 
 721, 
 
 
 12th „ 
 
 29,951, 
 
 15,476, 
 
 3,780, 
 
 6,813, 
 
 13.463, 
 
 744, 
 
 
 19th „ 
 
 30,073, 
 
 15,598, 
 
 3,785, 
 
 6,965, 
 
 13,180, 
 
 752, 
 
 
 26th „ 
 
 29,957, 
 
 15,482, 
 
 3,790, 
 
 7,093, 
 
 12,973, 
 
 721, 
 
 
 3rd Oct 
 
 29,642, 
 
 15,167, 
 
 3,805, 
 
 6,832, 
 
 12,007, 
 
 801, 
 
 
 10th „ 
 
 29,162, 
 
 14,687, 
 
 3,883, 
 
 6,584, 
 
 12,814, 
 
 760, 
 
 
 17th „ 
 
 28,288, 
 
 13,813, 
 
 3,123, 
 
 3,254, 
 
 14,345, 
 
 785, 
 
 
 24th „ 
 
 28,166, 
 
 13,691, 
 
 3,132, 
 
 3,413, 
 
 14.787, 
 
 791, 
 
 
 31st „ 
 
 27,863, 
 
 13,388, 
 
 3,139, 
 
 4,156, 
 
 13,737, 
 
 763, 
 
 
 7th Kov 
 
 27,635, 
 
 13,160, 
 
 3,179, 
 
 4,968, 
 
 13,114, 
 
 821, 
 
 
 14th „ 
 
 26,998, 
 
 12,533, 
 
 3,192, 
 
 5,804, 
 
 12,604, 
 
 779, 
 
 
 21st „ 
 
 27,011, 
 
 12,536, 
 
 3,206, 
 
 6,074, 
 
 12,665, 
 
 726, 
 
 
 28th „ 
 
 27,537, 
 
 12,725, 
 
 3,167, 
 
 6,516, 
 
 13,366, 
 
 716, 
 
 
 5th Dec 
 
 27,405, 
 
 12,419, 
 
 3,169, 
 
 6,617, 
 
 12.472, 
 
 717, 
 
 
 12th „ 
 
 27,119, 
 
 11,768, 
 
 3,178, 
 
 7,029, 
 
 12,104, 
 
 G64, 
 
 
 19th „ 
 
 27,045, 
 
 11,456, 
 
 3,184, 
 
 7,385, 
 
 11,760, 
 
 652, 
 
 
 26th „ ... 
 
 26,569, 
 
 10,640, 
 
 3,194, 
 
 7,361, 
 
 11,972, 
 
 610, 
 
 
Bank Charier Act of 1844. 
 
 .... 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 I860. 
 
 Issue above Bullion, 14,475,000/. 
 
 Banking ])e| 
 
 artment, Fixed Iten 
 
 < 'apital, 1 1 
 
 ..i.io, 1 N N It. 
 
 Total Deposits 
 
 Government 
 
 Other 
 
 Gold and 
 
 Notes 
 
 Kate of 
 
 Circulation 
 
 Date. 
 
 and .Bills. 
 
 Securities. 
 
 Securitie 
 
 5. Silver Coin. 
 
 in Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 Per cut. 
 
 
 I860. 
 
 23,364, 
 
 10,924, 
 
 21,093 
 
 645, 
 
 8,466, 
 
 9i- 
 
 6,009, 
 
 d!i Jan. 
 
 21,921, 
 
 10,964, 
 
 19,893 
 
 697, 
 
 8,171, 
 
 >> 
 
 6,304, 
 
 nth „ 
 
 20,876, 
 
 10,814, 
 
 19,594 
 
 716, 
 
 7.590, 
 
 >> 
 
 6 885, 
 
 lsth ,, 
 
 20,470, 
 
 10,411, 
 
 19,500 
 
 691, 
 
 7,716, 
 
 3 
 
 <;.7-"»!», 
 
 26ti 
 
 20,579, 
 
 10,171, 
 
 20,774 
 
 , 665, 
 
 6,846, 
 
 4 
 
 7,629, 
 
 1st Fob. 
 
 21,311, 
 
 10,171, 
 
 21,061 
 
 649, 
 
 7,449, 
 
 >i 
 
 7,02i ;. 
 
 8th „ 
 
 21,853, 
 
 10,171, 
 
 21,084 
 
 716, 
 
 7,873, 
 
 >> 
 
 6,603, 
 
 15th ,, 
 
 22,177, 
 
 10,171, 
 
 20,941 
 
 700, 
 
 8,363, 
 
 n 
 
 6,112, 
 
 22nd 
 
 22,103, 
 
 10,171, 
 
 21,165 
 
 693, 
 
 8,307, 
 
 j» 
 
 6,168, 
 
 29th .. 
 
 21,875, 
 
 10,171, 
 
 20,954 
 
 706, 
 
 8,320, 
 
 >> 
 
 6,156, 
 
 7th Mar. 
 
 23,021, 
 
 10,221, 
 
 21,816 
 
 725, 
 
 8,5 1 1, 
 
 >> 
 
 5,971. 
 
 1 1th „ 
 
 24,013, 
 
 10,221, 
 
 22,576 
 
 789, 
 
 8,720, 
 
 jj 
 
 5 .755, 
 
 21st „ 
 
 24,634, 
 
 10,221, 
 
 23,955 
 
 684, 
 
 8,083, 
 
 >> 
 
 6,392, 
 
 28th „ 
 
 24,363, 
 
 10,221, 
 
 24,965 
 
 671, 
 
 6,842, 
 
 4| 
 
 7,633, 
 
 Itli April 
 
 21,155, 
 
 9,729, 
 
 23,534 
 
 723, 
 
 4,922, 
 
 )» 
 
 9,553, 
 
 11th „ 
 
 22,038, 
 
 9,729, 
 
 22,790 
 
 734, 
 
 6,549, 
 
 5 
 
 7,926, 
 
 18th „ 
 
 21,555, 
 
 9,729, 
 
 22,870 
 
 713, 
 
 6,813, 
 
 <) 
 
 7,662, 
 
 25th „ 
 
 20,983, 
 
 9,729, 
 
 21,901 
 
 765, 
 
 6,367, 
 
 )> 
 
 8,108, 
 
 2nd May 
 
 20,618, 
 
 9,729, 
 
 20,739 
 
 785, 
 
 7,183, 
 
 55 
 
 7,292, 
 
 9th „ 
 
 20,568, 
 
 9,729, 
 
 20,266 
 
 775, 
 
 7,623, 
 
 4^ 
 
 6,852. 
 
 16th .. 
 
 20,930, 
 
 9,729, 
 
 19,937 
 
 750, 
 
 8,356, 
 
 5> 
 
 6,119, 
 
 23rd .. 
 
 20,710, 
 
 9,729, 
 
 19,833 
 
 747, 
 
 8,173, 
 
 4 
 
 8,302, 
 
 30th .. 
 
 20,614, 
 
 9,759, 
 
 19,463 
 
 782, 
 
 8,388, 
 
 )> 
 
 6,087, 
 
 6th June 
 
 21,500, 
 
 9,764, 
 
 19,820 
 
 760, 
 
 8,942, 
 
 » 
 
 5,533, 
 
 13th „ 
 
 21,443, 
 
 9,764, 
 
 19,326 
 
 823, 
 
 9,324, 
 
 j> 
 
 5,151, 
 
 20th ., 
 
 22,339, 
 
 9,814, 
 
 20,264 
 
 782, 
 
 9,286, 
 
 >> 
 
 5,189, 
 
 27th „ 
 
 22,645, 
 
 9,818, 
 
 21,670 
 
 745, 
 
 8,265, 
 
 i> 
 
 6,210, 
 
 -lih July 
 
 20,248, 
 
 9,715, 
 
 19,617 
 
 770, 
 
 8,034, 
 
 y) 
 
 6,441, 
 
 Hth „ 
 
 19,513, 
 
 9,672, 
 
 19,419 
 
 771, 
 
 7,535, 
 
 >> 
 
 6,930, 
 
 18th „ 
 
 19,501, 
 
 9,771, 
 
 19,405 
 
 775, 
 
 7,496, 
 
 >> 
 
 6.979, 
 
 25th .. 
 
 19,660, 
 
 9,759, 
 
 19,713 
 
 737, 
 
 7,427, 
 
 >> 
 
 7,048, 
 
 1st Aug. 
 
 19,541, 
 
 9,804, 
 
 19,483 
 
 717, 
 
 7,602, 
 
 >j 
 
 6.873, 
 
 Nth „ 
 
 19,519, 
 
 9,804, 
 
 19,339 
 
 740, 
 
 7,709, 
 
 >, 
 
 6,666, 
 
 15th ., 
 
 20,169, 
 
 9,643, 
 
 19,816 
 
 331, 
 
 8,062, 
 
 J5 
 
 6,393, 
 
 22nd .. 
 
 20,853, 
 
 9,643, 
 
 19,997 
 
 800, 
 
 8,448, 
 
 >> 
 
 5,927. 
 
 29th .. 
 
 20,649, 
 
 9,664, 
 
 20,102 
 
 731, 
 
 8,484, 
 
 >) 
 
 5,981, 
 
 5th S 
 
 21,047, 
 
 9,664, 
 
 19,813 
 
 757, 
 
 9,147, 
 
 ?) 
 
 5,328, 
 
 12th .. 
 
 20,898, 
 
 9,664, 
 
 19,575 
 
 781, 
 
 9,216, 
 
 >> 
 
 5.259, 
 
 19th .. 
 
 20,787, 
 
 9,664, 
 
 19,859 
 
 774, 
 
 9.134, 
 
 >> 
 
 5,341, 
 
 26th .. 
 
 19,642, 
 
 9,663, 
 
 19,945 
 
 702, 
 
 7,689, 
 
 }> 
 
 6,786, 
 
 3rd Oct. 
 
 20,157, 
 
 9,663, 
 
 19,583 
 
 738, 
 
 7,809, 
 
 J) 
 
 6.666, 
 
 10th „ 
 
 18,384, 
 
 9,490, 
 
 19.295 
 
 772, 
 
 6,504, 
 
 >» 
 
 7,971, 
 
 17th „ 
 
 18,994, 
 
 9,490, 
 
 19,725, 
 
 745, 
 
 6.719, 
 
 >, 
 
 7.756, 
 
 24th .. 
 
 18,656, 
 
 9,490, 
 
 19,758 
 
 740, 
 
 6,359, 
 
 >> 
 
 8,116, 
 
 31sl .. 
 
 18,903, 
 
 9,490, 
 
 19,969 
 
 737, 
 
 6,429, 
 
 4J 
 
 8.046, 
 
 7th Nov. 
 
 19,187, 
 
 9,490, 
 
 20,311 
 
 792, 
 
 6,338, 
 
 5 
 
 8,137, 
 
 14th .. 
 
 19,464, 
 
 9,490, 
 
 20. -OS 
 
 821, 
 
 6,613, 
 
 6 
 
 7,862. 
 
 21-t „ 
 
 20,598, 
 
 9,490, 
 
 20,392, 
 
 799, 
 
 7,636, 
 
 5 
 
 6,839, 
 
 2Stli „ 
 
 19,806, 
 
 9,490, 
 
 20,104 
 
 735, 
 
 7,198, 
 
 >, 
 
 7,277, 
 
 5th D( 
 
 19,797, 
 
 9,490, 
 
 19,987 
 
 803, 
 
 7,197, 
 
 >! 
 
 7.278, 
 
 12th .. 
 
 19,797, 
 
 9,490, 
 
 19,886, 
 
 762, 
 
 7,317, 
 
 JJ 
 
 7,129, 
 
 19th .. 
 
 19,944, 
 
 9,490, 
 
 20,522, 
 
 705, 
 
 6,921, 
 
 }) 
 
 7."»51, 
 
 26th „ 
 
156 
 
 1861. 
 
 Seyd — On the Operation of the 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100/.; Other Securities, 3,459,900?. 
 
 
 
 
 
 Banking Department, Fixed 
 
 Dates. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 1861. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 2nd Jan 
 
 26,411, 
 
 11,936, 
 
 3,247, 
 
 7,276, 
 
 13,244, 
 
 640, 
 
 9th „ 
 
 25,972, 
 
 11,497, 
 
 3,285, 
 
 3,737, 
 
 15,477, 
 
 663, 
 
 16th „ 
 
 25,480, 
 
 11,005, 
 
 3,335, 
 
 2,746, 
 
 14,434, 
 
 691, 
 
 23rd „ 
 
 25,263, 
 
 10,788, 
 
 3,360, 
 
 2,948, 
 
 13,130, 
 
 653, 
 
 30th „ 
 
 25,318, 
 
 10,863, 
 
 3,371, 
 
 3,581, 
 
 12,587, 
 
 633, 
 
 6th Feb 
 
 25,488, 
 
 11,013, 
 
 3,486, 
 
 4,186, 
 
 11,927, 
 
 655, 
 
 13th „ 
 
 25,226, 
 
 11,751, 
 
 3,499, 
 
 4,700, 
 
 12,161, 
 
 616, 
 
 20th „ 
 
 25,564, 
 
 11,089, 
 
 3,505, 
 
 5,652, 
 
 11,453, 
 
 590, 
 
 27th „ 
 
 25,845, 
 
 11,370, 
 
 3,436, 
 
 5,821, 
 
 12,110, 
 
 586, 
 
 6th March.... 
 
 25,627, 
 
 10,352, 
 
 3,803, 
 
 5,906, 
 
 11,849, 
 
 623, 
 
 13th „ 
 
 25,919, 
 
 11,444, 
 
 3,817, 
 
 6,639, 
 
 11,692, 
 
 569, 
 
 20th „ 
 
 26,305, 
 
 11,830, 
 
 3,825, 
 
 8,224, 
 
 11,452, 
 
 577, 
 
 27th „ 
 
 26,377, 
 
 11,892, 
 
 3,841, 
 
 8,416, 
 
 11,405, 
 
 573, 
 
 3rd April .... 
 
 26,668, 
 
 12,193, 
 
 3,859, 
 
 7,824, 
 
 11,635, 
 
 606, 
 
 10th „ 
 
 26,849, 
 
 12,374, 
 
 3,168, 
 
 4,903, 
 
 13,202, 
 
 653, 
 
 17th ., 
 
 26,844, 
 
 12,369, 
 
 3,178, 
 
 4,196, 
 
 13,380, 
 
 693, 
 
 24th 
 
 26,803, 
 
 12,328, 
 
 3,183, 
 
 4,758, 
 
 12,604, 
 
 684, 
 
 1st May 
 
 26,515, 
 
 12,040, 
 
 3,190, 
 
 5,579, 
 
 11,181, 
 
 663, 
 
 8th „ 
 
 26,491, 
 
 12,016, 
 
 3,225, 
 
 6,084, 
 
 12,071, 
 
 636, 
 
 15th „ 
 
 26,021, 
 
 11,546, 
 
 3,262, 
 
 6,725, 
 
 11,592, 
 
 661, 
 
 22nd „ 
 
 25,635, 
 
 11,160, 
 
 3,272, 
 
 6,906, 
 
 11,201, 
 
 627, 
 
 29th „ 
 
 25,813, 
 
 11,338, 
 
 3,221, 
 
 6,874, 
 
 11,644, 
 
 536, 
 
 5th June .... 
 
 25,545, 
 
 11,070, 
 
 3,223, 
 
 7,220, 
 
 10,714, 
 
 620, 
 
 12th „ 
 
 25,585, 
 
 11,110, 
 
 3,237, 
 
 7,568, 
 
 10,952, 
 
 589, 
 
 19th „ 
 
 25,893, 
 
 11,418, 
 
 3,246, 
 
 7,856, 
 
 11,083, 
 
 559, 
 
 26th „ 
 
 26,154, 
 
 11,689, 
 
 3,259, 
 
 8,159, 
 
 11,511, 
 
 581, 
 
 3rd July .... 
 
 25,697, 
 
 11.222, 
 
 3,307, 
 
 7,292, 
 
 12,092, 
 
 621, 
 
 10th „ 
 
 25,421, 
 
 10,771, 
 
 3,344, 
 
 3,256, 
 
 13,915, 
 
 616, 
 
 17th „ 
 
 25,362, 
 
 10,712, 
 
 3,383, 
 
 2,946, 
 
 13,318, 
 
 650, 
 
 24th „ 
 
 25,517, 
 
 10,867, 
 
 3,401, 
 
 4,123, 
 
 11,984, 
 
 627, 
 
 31st „ 
 
 26,005, 
 
 11,355, 
 
 3,413, 
 
 3,702, 
 
 12,195, 
 
 700, 
 
 7th Aug 
 
 26,132, 
 
 11,482, 
 
 3.520, 
 
 3,81 1 . 
 
 11,819, 
 
 738, 
 
 14th „ 
 
 26,392, 
 
 11.742, 
 
 3,529, 
 
 3,927. 
 
 12,093, 
 
 726, 
 
 21st „ 
 
 26,640, 
 
 11,990, 
 
 3,535, 
 
 4,70 J, 
 
 11,811, 
 
 716, 
 
 28th „ 
 
 26,892, 
 
 12,242, 
 
 3,476, 
 
 4,065, 
 
 12,774, 
 
 669, 
 
 4th Sept 
 
 26,973, 
 
 12,323, 
 
 3,784, 
 
 4,284, 
 
 12,197, 
 
 714, 
 
 11th „ 
 
 27,480, 
 
 12,830, 
 
 3,788, 
 
 4,868, 
 
 12,358, 
 
 703, 
 
 18th „ 
 
 27,823, 
 
 13,173, 
 
 3,791, 
 
 5,062, 
 
 12,443, 
 
 705, 
 
 25th „ 
 
 28,081, 
 
 13,431, 
 
 3,796, 
 
 5,810, 
 
 11.958, 
 
 691, 
 
 2nd Oct 
 
 28,011, 
 
 13,361, 
 
 3,810, 
 
 4,910, 
 
 12.116, 
 
 749, 
 
 9th „ 
 
 28,028, 
 
 13,378, 
 
 3,815, 
 
 4,894, 
 
 12,029, 
 
 743. 
 
 16th „ 
 
 27,755, 
 
 13,105, 
 
 3,119, 
 
 3,569, 
 
 14,411, 
 
 809, 
 
 23rd „ 
 
 27,921, 
 
 13,271, 
 
 3,124, 
 
 3,685, 
 
 11.678, 
 
 791, 
 
 30th „ 
 
 28,082, 
 
 13,432, 
 
 3,128, 
 
 3,784, 
 
 1 4,329, 
 
 781, 
 
 6th Nov 
 
 28,053, 
 
 13,403, 
 
 3,149, 
 
 4,241, 
 
 13,515, 
 
 802. 
 
 13th „ 
 
 28,207, 
 
 13,567, 
 
 3,165, 
 
 3,769, 
 
 13,190, 
 
 810, 
 
 20th „ 
 
 28,518, 
 
 13,868, 
 
 3,178, 
 
 4,105, 
 
 13,270, 
 
 775, 
 
 27th „ 
 
 28,719, 
 
 14,069, 
 
 3,134, 
 
 4,209, 
 
 14,086, 
 
 701, 
 
 4th Dec 
 
 28,938, 
 
 14,288, 
 
 3,126, 
 
 5,206, 
 
 13.273, 
 
 738, 
 
 11th „ 
 
 29,080, 
 
 14,230, 
 
 3,130, 
 
 5,920, 
 
 13,097, 
 
 742. 
 
 18th „ 
 
 29,426, 
 
 14,776, 
 
 3,134, 
 
 6,795, 
 
 13,133, 
 
 691, 
 
 24th „ 
 
 29,589, 
 
 14,939, 
 
 3,142, 
 
 7,090, 
 
 13,310, 
 
 631. 
 
Bank Charter Act of 1844. 
 1st September, 1844, to end of 1871 — ConVl. 
 
 157 
 
 1861. 
 
 from 10th July, 3,63 1,900/. Issue above Bullion 
 
 , 1 4,475,000/. ; from 
 
 Huh July. 1 1,660,0007. 
 
 Item — Capil 
 
 :al, 14,553,000/. 
 
 
 
 
 
 
 
 Total Deposits 
 
 Government 
 
 Other 
 
 Gold 
 
 Notes 
 
 Bate of 
 
 Ciroalal 
 
 D,. 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Coin. 
 
 in Reserve. 
 
 Discount. 
 
 above Iiullion. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 cnt. 
 
 e 
 
 1861. 
 
 
 21.161, 
 
 9,448, 
 
 22,836, 
 
 716, 
 
 5,900, 
 
 6 
 
 8,575, 
 
 _' id Jan. 
 
 
 19,878, 
 
 10,020, 
 
 21,491, 
 
 678, 
 
 5,518, 
 
 / 
 
 8.957. 
 
 '.Ml. „ 
 
 
 17,871, 
 
 8,784, 
 
 21,124, 
 
 771, 
 
 5,082, 
 
 55 
 
 9,393, 
 
 16th .. 
 
 
 16,732, 
 
 8,417, 
 
 20,236, 
 
 733, 
 
 5,228, 
 
 55 
 
 9,247, 
 
 28rd .. 
 
 
 16,802, 
 
 8,417, 
 
 20,171, 
 
 775, 
 
 5,332, 
 
 j> 
 
 9.11:5, 
 
 -"•li „ 
 
 
 16,769, 
 
 8,445, 
 
 19,934, 
 
 820, 
 
 5,609, 
 
 55 
 
 8,866, 
 
 1 Feb. 
 
 
 17,477, 
 
 8,415, 
 
 20,728, 
 
 820, 
 
 5.536, 
 
 „ 
 
 8,939, 
 
 l:;th .. 
 
 
 17,695, 
 
 8,41:,. 
 
 20,458, 
 
 805, 
 
 6,01(1. 
 
 8 
 
 8,429, 
 
 20th .. 
 
 
 18,517, 
 
 8,771, 
 
 20,570, 
 
 839, 
 
 6,327, 
 
 )> 
 
 8,148, 
 
 27th .. 
 
 
 18,378, 
 
 8,955, 
 
 20,538, 
 
 908, 
 
 6,334, 
 
 }) 
 
 8,111. 
 
 6th Mar. 
 
 
 18,900, 
 
 9,480, 
 
 20,021, 
 
 885, 
 
 6,884, 
 
 55 
 
 7,591, 
 
 13th 
 
 
 20,253, 
 
 10,599, 
 
 19,707, 
 
 872, 
 
 7,453, 
 
 55 
 
 7,022, 
 
 20th .. 
 
 
 20,394, 
 
 10,599, 
 
 19,908, 
 
 953, 
 
 6,968, 
 
 7 
 
 7,507, 
 
 27th „ 
 
 
 20,065, 
 
 10,608, 
 
 20,218, 
 
 807, 
 
 6,8 1 1 . 
 
 ;, 
 
 7,631, 
 
 3rd Aju-il 
 
 
 18,757, 
 
 10,223, 
 
 18,816, 
 
 749, 
 
 6,690, 
 
 6 
 
 7,785, 
 
 lOtli ., 
 
 
 18,269, 
 
 10,273, 
 
 18,416, 
 
 763, 
 
 6,549, 
 
 o 
 
 7.926, 
 
 17!l, .. 
 
 
 18,046, 
 
 10,273, 
 
 17,956, 
 
 789, 
 
 6,761, 
 
 55 
 
 7.711, 
 
 24th .. 
 
 
 17,422, 
 
 10,273, 
 
 17,886, 
 
 799, 
 
 6,208, 
 
 55 
 
 8,267, 
 
 1st May 
 
 
 18,791, 
 
 10,273, 
 
 19.142, 
 
 858, 
 
 6.316, 
 
 55 
 
 8,159, 
 
 8th „ 
 
 
 18,978, 
 
 10,181, 
 
 19,797, 
 
 836, 
 
 5,978, 
 
 55 
 
 8,497, 
 
 15th „ 
 
 
 18.734, 
 
 10.181, 
 
 19,723, 
 
 825, 
 
 5,820, 
 
 6 
 
 8,655, 
 
 22nd '„ 
 
 
 19,053, 
 
 9,917, 
 
 19,637, 
 
 831, 
 
 6,443, 
 
 jj 
 
 8,032, 
 
 29th „ 
 
 
 18,554, 
 
 9,917, 
 
 19.863, 
 
 870, 
 
 5,680, 
 
 >) 
 
 8,795, 
 
 5th June 
 
 
 19,109, 
 
 9,889, 
 
 19,867, 
 
 902, 
 
 6,241, 
 
 35 
 
 8,234, 
 
 12th „ 
 
 
 19,497, 
 
 9,889, 
 
 19,722, 
 
 978, 
 
 6,708, 
 
 55 
 
 7.767, 
 
 19th „ 
 
 
 20,251, 
 
 9,968, 
 
 20,180, 
 
 966, 
 
 6,949, 
 
 53 
 
 7,526, 
 
 26th „ 
 
 
 20,005, 
 
 9,980, 
 
 21,402, 
 
 850, 
 
 5,634, 
 
 55 
 
 8.841. 
 
 3rd Julv 
 
 
 17,786, 
 
 9,616, 
 
 19,901, 
 
 903, 
 
 5,264, 
 
 53 
 
 9.386, 
 
 10th „ 
 
 
 16,914, 
 
 9,535, 
 
 19,53 1, 
 
 867, 
 
 4,911. 
 
 55 
 
 9.736, 
 
 17th „ 
 
 
 16,734, 
 
 9,606, 
 
 18,855, 
 
 853, 
 
 5.375, 
 
 55 
 
 9.275, 
 
 24th .. 
 
 
 16,597, 
 
 9,466, 
 
 18,548, 
 
 842, 
 
 5.707, 
 
 35 
 
 8,913, 
 
 31st .. 
 
 
 16.401, 
 
 9,901, 
 
 17,910, 
 
 879, 
 
 5,785, 
 
 5 
 
 8,805. 
 
 7th Aug. 
 
 
 16,746, 
 
 10,001, 
 
 17,632, 
 
 906, 
 
 6,288, 
 
 53 
 
 8.3C2. 
 
 1411] „ 
 
 
 17,260, 
 
 10,136, 
 
 17.742. 
 
 843, 
 
 6,627, 
 
 4| 
 
 8,02:;. 
 
 21sl .. 
 
 
 17,508, 
 
 10,136, 
 
 17,401, 
 
 862, 
 
 7,138, 
 
 ?, 
 
 7,612, 
 
 28th .. 
 
 
 17,195, 
 
 10,361, 
 
 17,702, 
 
 795, 
 
 6.671. 
 
 4 
 
 7,976, 
 
 ■1th S< 
 
 
 17,929, 
 
 10,451, 
 
 17,373, 
 
 820, 
 
 7,627. 
 
 5? 
 
 7.02::. 
 
 11th „ 
 
 
 18,210, 
 
 15,451, 
 
 17,289, 
 
 826, 
 
 7,987, 
 
 j ' 
 
 6.663, 
 
 18th .. 
 
 
 18,460, 
 
 10,451, 
 
 17,439, 
 
 811, 
 
 8,108, 
 
 3.1 
 
 6,542, 
 
 25th .. 
 
 
 17,775, 
 
 10,733, 
 
 17,717, 
 
 761. 
 
 6,923, 
 
 „ 
 
 7.727. 
 
 2nd Oct. 
 
 
 18,665, 
 
 10,733, 
 
 17,440, 
 
 76 1 , 
 
 7,09c. 
 
 55 
 
 7.55 1. 
 
 9th ., 
 
 
 18,789, 
 
 12,153, 
 
 16.885, 
 
 790, 
 
 6.633, 
 
 55 
 
 8,017, 
 
 16th „ 
 
 
 19,155, 
 
 12,153, 
 
 14,736, 
 
 835, 
 
 7,107, 
 
 35 
 
 7,543, 
 
 23rd „ 
 
 
 18,894, 
 
 11,953, 
 
 16,655, 
 
 786, 
 
 7,180, 
 
 55 
 
 7.170. 
 
 30th .. 
 
 
 18,558, 
 
 11,712, 
 
 16,161, 
 
 807, 
 
 7.2SO, 
 
 55 
 
 7,370, 
 
 0th Nov. 
 
 
 17,770, 
 
 10,812, 
 
 16,393, 
 
 806, 
 
 7.177. 
 
 3 
 
 7.173, 
 
 13th ., 
 
 
 18,151, 
 
 10,707, 
 
 " 16,295, 
 
 815, 
 
 8,035, 
 
 „ 
 
 6.615, 
 
 2' Ml. „ 
 
 
 18,991, 
 
 10,893, 
 
 16,195, 
 
 876, 
 
 8,714, 
 
 j> 
 
 5,936, 
 
 27th „ 
 
 
 19,218, 
 
 10,893, 
 
 16,224, 
 
 852. 
 
 8,928, 
 
 55 
 
 5.72-. 
 
 ith Dec 
 
 
 19,760, 
 
 10,896, 
 
 16.330, 
 
 837, 
 
 9,379, 
 
 55 
 
 5.271. 
 
 11th „ 
 
 
 20,619, 
 
 10,963, 
 
 16,523, 
 
 835, 
 
 9,985, 
 
 55 
 
 4.065, 
 
 18th „ 
 
 
 20,034, 
 
 11,063, 
 
 16,826, 
 
 817, 
 
 10,022. 
 
 55 
 
 4,62 
 
 2 1th „ 
 
 l2 
 
158 
 
 Seyd — On the Operation of the 
 
 1862. 
 
 Weekly Accounts of the Bank of England, from 
 
 Is3ue Department, Fixed Items — Government Debt, 11,015,100Z. ; Other Securities, 3,63-1, 900Z. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 
 1862. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 1st Jan 
 
 29,792, 
 
 15,142, 
 
 3,181, 
 
 7,346, 
 
 15,036, 
 
 653, 
 
 
 8th „ 
 
 29,859, 
 
 15,209, 
 
 3,232, 
 
 4,543, 
 
 13,206, 
 
 733, 
 
 
 15th „ 
 
 30,123, 
 
 15,473, 
 
 3,277, 
 
 4,583, 
 
 16,480, 
 
 763, 
 
 
 22nd „ 
 
 30,130, 
 
 15,480, 
 
 3,284, 
 
 5,467, 
 
 15,366, 
 
 747, 
 
 
 29th „ 
 
 30,034, 
 
 15,384, 
 
 3,289, 
 
 5,753, 
 
 14,751, 
 
 712, 
 
 
 5th Feb 
 
 29,765, 
 
 15,115, 
 
 3,395, 
 
 5,788, 
 
 14,180, 
 
 693, 
 
 
 12th „ 
 
 29,869, 
 
 15,219, 
 
 3,406, 
 
 4,885, 
 
 15,526, 
 
 711, 
 
 
 19th „ 
 
 29,657, 
 
 15,007, 
 
 3,411, 
 
 5,397, 
 
 15,086, 
 
 643, 
 
 
 26th „ 
 
 29,500, 
 
 14,850, 
 
 3,335, 
 
 5,763, 
 
 14,940, 
 
 689, 
 
 
 5th March.... 
 
 29,473, 
 
 14,823, 
 
 3,656, 
 
 6,755, 
 
 13,738, 
 
 686, 
 
 
 12th „ 
 
 29,787, 
 
 15,137, 
 
 3,659, 
 
 7,528, 
 
 13,764, 
 
 649, 
 
 
 19th „ 
 
 30,322, 
 
 15,672, 
 
 3,666, 
 
 8,012, 
 
 13,341, 
 
 613, 
 
 
 26th „ 
 
 30,540, 
 
 15,890, 
 
 3,668, 
 
 8,413, 
 
 13,154, 
 
 618, 
 
 
 2nd April .... 
 
 30,612, 
 
 15,962, 
 
 3,667, 
 
 8,456, 
 
 13,623, 
 
 676, 
 
 
 9th „ 
 
 30,670, 
 
 16,020, 
 
 3,080, 
 
 5,625, 
 
 16,336, 
 
 674, 
 
 
 16th „ 
 
 30,547, 
 
 15,897, 
 
 3,085, 
 
 5,225, 
 
 15,710, 
 
 627, 
 
 
 23rd „ 
 
 30,955, 
 
 16,305, 
 
 3,089, 
 
 5,535, 
 
 15,915, 
 
 631, 
 
 
 30th „ 
 
 30,892, 
 
 16,242, 
 
 3,082, 
 
 6,867, 
 
 14,357, 
 
 687, 
 
 
 7th May 
 
 31,053, 
 
 16,403, 
 
 3,103, 
 
 7,504, 
 
 13,867, 
 
 704, 
 
 
 14th „ 
 
 30,697, 
 
 16,047, 
 
 3,123, 
 
 6,305, 
 
 14,948, 
 
 731, 
 
 
 21st „ 
 
 30,097, 
 
 15,447, 
 
 3,133, 
 
 6,558, 
 
 14,548, 
 
 659, 
 
 
 28th „ 
 
 29,968, 
 
 15,318, 
 
 3,115, 
 
 6,938, 
 
 14,685, 
 
 662, 
 
 
 4th June .... 
 
 29,296, 
 
 14,646, 
 
 3,107, 
 
 7,518, 
 
 13,188, 
 
 665, 
 
 
 11th „ 
 
 28,889, 
 
 14,239, 
 
 3,121, 
 
 8,826, 
 
 13,157, 
 
 636, 
 
 
 18th „ 
 
 29,058, 
 
 14,408, 
 
 3,127, 
 
 9,323, 
 
 13,085, 
 
 597, 
 
 
 25th „ 
 
 29,670, 
 
 15,020, 
 
 3,133, 
 
 9,630, 
 
 13,399, 
 
 589, 
 
 
 2nd July .... 
 
 30,080, 
 
 15,430, 
 
 3,163, 
 
 9,672, 
 
 13,852, 
 
 637, 
 
 
 9th „ 
 
 30,838, 
 
 16,187, 
 
 3,209, 
 
 5,430, 
 
 17,200, 
 
 689, 
 
 
 16th „ 
 
 31,458, 
 
 16,808, 
 
 3,242, 
 
 5,223, 
 
 17,064, 
 
 727, 
 
 
 23rd „ 
 
 31,855, 
 
 17,205, 
 
 3,255, 
 
 5,291, 
 
 17,203, 
 
 739, 
 
 
 30th „ 
 
 32,215, 
 
 17,565, 
 
 3,259, 
 
 5,896, 
 
 16,903, 
 
 741, 
 
 
 6th Aug 
 
 31,785, 
 
 17,135, 
 
 3,351, 
 
 6,157, 
 
 15,233, 
 
 792, 
 
 
 13th „ 
 
 31,571, 
 
 16,921, 
 
 3,354, 
 
 6,839, 
 
 14,595, 
 
 854, 
 
 
 20th „ 
 
 31,496, 
 
 16,846, 
 
 3,365, 
 
 7,150, 
 
 14,568, 
 
 833, 
 
 
 27th „ 
 
 31,518, 
 
 16,868, 
 
 3,331, 
 
 7,509, 
 
 14,865, 
 
 824, 
 
 
 3rd Sept 
 
 31,662, 
 
 17,012, 
 
 3,640, 
 
 7,672, 
 
 14,973, 
 
 840, 
 
 
 10th „ 
 
 31,433, 
 
 16,783, 
 
 3,643, 
 
 8,768, 
 
 13,810, 
 
 860, 
 
 
 17th „ 
 
 31,215, 
 
 16,565, 
 
 3,647, 
 
 9,074, 
 
 13,734, 
 
 817, 
 
 
 24th „ 
 
 30,984, 
 
 16,334, 
 
 3,647, 
 
 9,268, 
 
 13,825, 
 
 799, 
 
 
 1st Oct 
 
 30,899, 
 
 16,249, 
 
 3,643, 
 
 8,487, 
 
 13,595, 
 
 832, 
 
 
 8th „ 
 
 30,372, 
 
 15,722, 
 
 3,648, 
 
 8,334, 
 
 13,530, 
 
 768, 
 
 
 15th „ 
 
 30,092, 
 
 15,442, 
 
 3,061, 
 
 6,254, 
 
 15,712, 
 
 735, 
 
 
 22nd „ 
 
 29,723, 
 
 15,073, 
 
 3,066, 
 
 5,944, 
 
 15,198, 
 
 808, 
 
 
 29th „ 
 
 29,345, 
 
 14,695, 
 
 3,076, 
 
 6,092, 
 
 16,456, 
 
 719, 
 
 
 5th Nov. ... 
 
 29,211, 
 
 14,561, 
 
 3,084, 
 
 6,271, 
 
 14,980, 
 
 779. 
 
 
 12th „ 
 
 29,172, 
 
 14,522, 
 
 3,094, 
 
 6,928, 
 
 14,738, 
 
 481, 
 
 
 19th „ 
 
 28,908, 
 
 14,258, 
 
 3,099, 
 
 7,354, 
 
 14,004, 
 
 768, 
 
 
 26th „ 
 
 28,733, 
 
 14,083, 
 
 3,107, 
 
 7,391, 
 
 14,377, 
 
 793, 
 
 
 3rd Dec. ... 
 
 28,744, 
 
 14,094, 
 
 3,075, 
 
 8,195, 
 
 13,650, 
 
 800, 
 
 
 10th „ 
 
 28,589, 
 
 13,939, 
 
 3,094, 
 
 8,491, 
 
 13,579, 
 
 765, 
 
 
 17th „ 
 
 28,710, 
 
 14,060, 
 
 3,098, 
 
 8,507, 
 
 14,034, 
 
 747, 
 
 
 24th „ 
 
 28,688, 
 
 14,038, 
 
 3,106, 
 
 8,654, 
 
 14,306, 
 
 652, 
 
 
 31st „ 
 
 28,769, 
 
 14,119, 
 
 3,120, 
 
 8,339, 
 
 15,469, 
 
 645, 
 
 
Bank Charter Act of 1H 1 
 
 1st September, 1S44, to end of l s 71 — G 
 
 1-V.' 
 
 Issue above Bullion, 14,65<>,< too/. Banking Department, Fixed Etcm Capitol, I4,5o3,000f. 
 
 
 Totiil Deposits 
 
 Government 
 
 Other 
 
 Gold and 
 
 Nbl 
 
 Hair of 
 
 1 
 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 Sili it Coin. 
 
 in Reserve. 
 
 ■ unt. 
 
 above Bullion. 
 
 i 
 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 Pi .• cnt. 
 
 
 1862. 
 
 
 23,035, 
 
 11,562, 
 
 18,761, 
 
 819, 
 
 9,627, 
 
 3 
 
 5,023, 
 
 .Jan. 
 
 
 18,483, 
 
 12,769, 
 
 18,157, 
 
 837, 
 
 9,506, 
 
 >> 
 
 5,] 15, 
 
 • ; i „ 
 
 
 21,827, 
 
 12,269, 
 
 17.1 II. 
 
 818, 
 
 9,425, 
 
 -\ 
 
 5,225, 
 
 15th ., 
 
 
 21,780, 
 
 12,269, 
 
 17,099, 
 
 871, 
 
 9,178, 
 
 )» 
 
 5,472, 
 
 22nd ., 
 
 
 21,228, 
 
 11,569, 
 
 17,031, 
 
 896, 
 
 9,563, 
 
 n 
 
 5,087, 
 
 29th 
 
 
 20,661, 
 
 11,302, 
 
 17,436, 
 
 842, 
 
 9,030, 
 
 n 
 
 5,620, 
 
 5th Yrh. 
 
 
 21,122, 
 
 11,102, 
 
 17,811, 
 
 824, 
 
 9,3 1 1. 
 
 >> 
 
 5,306, 
 
 12th „ 
 
 
 21,126, 
 
 11,102, 
 
 17,573, 
 
 888, 
 
 9,527, 
 
 }> 
 
 5,123, 
 
 L9th .. 
 
 
 21,392, 
 
 11,211, 
 
 17,717, 
 
 899, 
 
 9,452, 
 
 >y 
 
 5,198, 
 
 26th .. 
 
 
 21,179, 
 
 11,211, 
 
 18,385, 
 
 851, 
 
 8,942, 
 
 >j 
 
 5,708, 
 
 5th M 
 
 
 21,941, 
 
 11,209, 
 
 18,281, 
 
 891, 
 
 9.773, 
 
 n 
 
 4,877, 
 
 L2th ., 
 
 
 21,966, 
 
 10,716, 
 
 18,140, 
 
 877, 
 
 10,451, 
 
 !> 
 
 4,199, 
 
 19th .. 
 
 
 22,185, 
 
 10,895, 
 
 18,245, 
 
 923, 
 
 10,3!:;. 
 
 )> 
 
 1.307, 
 
 26th 
 
 
 22,755, 
 
 11,396, 
 
 18,906, 
 
 887, 
 
 9,787, 
 
 >J 
 
 4,863, 
 
 2nd April 
 
 
 22,635, 
 
 11,161, 
 
 18,72 1 . 
 
 862, 
 
 9,522. 
 
 :> 
 
 5,128, 
 
 9th .. 
 
 
 21,563, 
 
 11,211, 
 
 18,0.1 8, 
 
 816, 
 
 9,126, 
 
 >> 
 
 5.52 1, 
 
 16th ., 
 
 
 22,081, 
 
 11,211, 
 
 17,714, 
 
 867, 
 
 9,931, 
 
 )> 
 
 1719, 
 
 23rd .. 
 
 
 22,112, 
 
 11,211, 
 
 17,856, 
 
 848, 
 
 9,632, 
 
 )3 
 
 5,018, 
 
 30th .. 
 
 
 22,075, 
 
 11,231, 
 
 17,633, 
 
 863, 
 
 10,004, 
 
 )) 
 
 4,646, 
 
 7th Id 
 
 
 21,984, 
 
 10,331, 
 
 18,648, 
 
 872, 
 
 9,810, 
 
 )> 
 
 •l.sii. 
 
 llth „ 
 
 
 21,795, 
 
 10,335, 
 
 19,001, 
 
 898, 
 
 9,217, 
 
 >> 
 
 5,433, 
 
 21st „ 
 
 
 22,285, 
 
 10,335, 
 
 19,392, 
 
 861, 
 
 9,365, 
 
 3 
 
 5.285, 
 
 28th „ 
 
 
 21,371, 
 
 10,335, 
 
 19,409, 
 
 841, 
 
 8,445, 
 
 >j 
 
 6,205, 
 
 •1th June 
 
 
 22,619, 
 
 11,035, 
 
 20,265, 
 
 798, 
 
 8,195, 
 
 >> 
 
 6,455, 
 
 lltli .. 
 
 
 23,008, 
 
 11,035, 
 
 20,202, 
 
 860, 
 
 8,580, 
 
 >j 
 
 6,070, 
 
 18th .. 
 
 
 23,617, 
 
 11,035, 
 
 20,243, 
 
 889, 
 
 9,086, 
 
 >) 
 
 5,564, 
 
 25th „ 
 
 
 24,161, 
 
 11,083, 
 
 21,529, 
 
 791, 
 
 8,474, 
 
 5> 
 
 6,176, 
 
 2nd Jul v 
 
 
 23,318, 
 
 10,953, 
 
 20,238, 
 
 868, 
 
 9,022, 
 
 5> 
 
 5,628, 
 
 9th „ 
 
 
 23,015, 
 
 10,953, 
 
 19.893, 
 
 863, 
 
 9,100, 
 
 H 
 
 5.550, 
 
 16th „ 
 
 
 23,231, 
 
 10,953, 
 
 19,582, 
 
 855, 
 
 9,652, 
 
 j> 
 
 4,998, 
 
 23rd ,, 
 
 
 23,540, 
 
 11,003, 
 
 19,442, 
 
 883, 
 
 10,023, 
 
 2 
 
 4,627. 
 
 30th .. 
 
 
 22,182, 
 
 10,986, 
 
 19,079, 
 
 822, 
 
 9,199, 
 
 h 
 
 5, 151 , 
 
 6th Aug. 
 
 
 22,287, 
 
 10,986, 
 
 18,846, 
 
 858, 
 
 9,504, 
 
 5J 
 
 5,146, 
 
 13th „ 
 
 
 22,551, 
 
 11,036, 
 
 19,177, 
 
 829, 
 
 9,428, 
 
 >> 
 
 5.222. 
 
 20th .. 
 
 
 23,198, 
 
 11,036, 
 
 18,973, 
 
 811, 
 
 10,2(52, 
 
 )> 
 
 4,388, 
 
 27th .. 
 
 
 23,485, 
 
 11,070, 
 
 19,642, 
 
 814, 
 
 10,152, 
 
 )> 
 
 1.198, 
 
 3rd Sept. 
 
 
 23,438, 
 
 11,111, 
 
 19,926, 
 
 829, 
 
 10,397, 
 
 >> 
 
 4,253, 
 
 10th .. 
 
 
 23,625, 
 
 11,111, 
 
 19,493, 
 
 801, 
 
 10,421, 
 
 3) 
 
 ■1.2:'-". 
 
 17ih .. 
 
 
 23,892, 
 
 11,253, 
 
 19,525, 
 
 823, 
 
 10,482, 
 
 >> 
 
 4,168, 
 
 24th .. 
 
 
 22,914, 
 
 11,253, 
 
 19,791, 
 
 700, 
 
 9,866, 
 
 >! 
 
 :».2si. 
 
 U1 Oct. 
 
 
 22,632, 
 
 11,253, 
 
 19,752, 
 
 826, 
 
 9.(i03, 
 
 >> 
 
 5,6 17, 
 
 h .. 
 
 
 22,702, 
 
 12.164, 
 
 18,932, 
 
 788, 
 
 8,432, 
 
 >> 
 
 6,218, 
 
 15th .. 
 
 
 21,950, 
 
 11,864, 
 
 18,606, 
 
 810, 
 
 s.259, 
 
 )> 
 
 6,391, 
 
 22nd .. 
 
 
 23,266, 
 
 11.764, 
 
 18,979, 
 
 822, 
 
 8.330, 
 
 ?) 
 
 120, 
 
 29th .. 
 
 
 22,030, 
 
 11,064, 
 
 19,627, 
 
 865. 
 
 8,112, 
 
 3 
 
 6,5: 8, 
 
 5th Nov. 
 
 
 22,147, 
 
 11,114, 
 
 19.394, 
 
 868, 
 
 s.718, 
 
 >> 
 
 32, 
 
 L2th .. 
 
 
 22,128, 
 
 11,114, 
 
 19,162, 
 
 907, 
 
 8.596, 
 
 >> 
 
 6,054, 
 
 19th .. 
 
 
 22,560, 
 
 11,114, 
 
 19,321. 
 
 936, 
 
 8,850, 
 
 >> 
 
 5,800, 
 
 26th .. 
 
 
 22,646, 
 
 11,035, 
 
 19,333, 
 
 916, 
 
 8,990, 
 
 >> 
 
 160, 
 
 3rd Dec. 
 
 
 22,835, 
 
 11,085, 
 
 •19,270, 
 
 889, 
 
 9.239, 
 
 >> 
 
 5 ill, 
 
 10th .. 
 
 « teal 
 
 
 23,288, 
 
 11,085, 
 
 19,358, 
 
 972, 
 
 9,52 1. 
 
 jj 
 
 5.121;. 
 
 1/th .. 
 
 
 23,612, 
 
 11,135, 
 
 20,115, 
 
 833, 
 
 9,189, 
 
 if 
 
 5,461, 
 
 2 1th ., 
 
 O 1 i 
 
 
 24.453, 
 
 11,245, 
 
 21,146, 
 
 837, 
 
 8,898, 
 
 j> 
 
 5.752. 
 
 31st 
 
160 
 
 Seyd — 0)i the Operation of the 
 
 1863. 
 
 Weekly Accounts of the Baal- of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100/. ; Other Securities, 3,634,900?. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 
 1863. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 7th Jan 
 
 28,436, 
 
 13,786, 
 
 3,150, 
 
 8,783, 
 
 14,393, 
 
 702, 
 
 
 14th „ 
 
 27,888, 
 
 13,238, 
 
 3,195, 
 
 8,281, 
 
 16,773, 
 
 732, 
 
 
 21st „ 
 
 27,605, 
 
 12,955, 
 
 3,230, 
 
 4,966, 
 
 14,993, 
 
 725, 
 
 
 28th „ 
 
 27,387, 
 
 12,737, 
 
 3,248, 
 
 5,417, 
 
 14,415, 
 
 670, 
 
 
 4th Feb 
 
 27,465, 
 
 12,815, 
 
 3,276, 
 
 6,352, 
 
 13,352, 
 
 639, 
 
 
 11th „ 
 
 27,820, 
 
 13,170, 
 
 3,365, 
 
 6,953, 
 
 13,596, 
 
 613, 
 
 
 18th „ 
 
 28,301, 
 
 13,651, 
 
 3,381, 
 
 7,413, 
 
 13,769, 
 
 606, 
 
 
 25th „ 
 
 28,370, 
 
 13,720, 
 
 3,339, 
 
 7,002, 
 
 13,367, 
 
 599, 
 
 
 1th March.... 
 
 28,257, 
 
 13,607, 
 
 3,659, 
 
 8,064, 
 
 13,368, 
 
 632, 
 
 
 11th „ 
 
 28,101, 
 
 13,451, 
 
 3,666, 
 
 8,674, 
 
 13,283, 
 
 573, 
 
 
 18th „ 
 
 28,322, 
 
 14,672, 
 
 3,671, 
 
 9,343, 
 
 13,003, 
 
 153, 
 
 
 25th „ 
 
 28,788, 
 
 14,138, 
 
 3,679, 
 
 10,364, 
 
 12,742, 
 
 542, 
 
 
 1st April .... 
 
 28,938, 
 
 14,288, 
 
 3,673, 
 
 10,107, 
 
 13,172, 
 
 598, 
 
 
 8th „ 
 
 28,779, 
 
 14,120, 
 
 3,087, 
 
 6,714, 
 
 14,830, 
 
 578, 
 
 
 15th „ 
 
 29,049, 
 
 14,399, 
 
 3,094, 
 
 5,679, 
 
 15,013, 
 
 620, 
 
 
 22nd „ 
 
 29,192, 
 
 14,532, 
 
 3,100, 
 
 6,316, 
 
 14,740, 
 
 613, 
 
 
 29th „ 
 
 29,142, 
 
 14,491, 
 
 3,105, 
 
 7,178, 
 
 13,606, 
 
 584, 
 
 
 6th May 
 
 28,941, 
 
 14,291, 
 
 3,120, 
 
 7,242, 
 
 13,122, 
 
 603, 
 
 
 13th „ 
 
 28,382, 
 
 13,732, 
 
 3,139, 
 
 6,735, 
 
 13,728, 
 
 615, 
 
 
 20th „ 
 
 28,345, 
 
 13,695, 
 
 3,152, 
 
 7,610, 
 
 13,984, 
 
 585, 
 
 
 27th „ 
 
 28,257, 
 
 13,607, 
 
 3,157, 
 
 8,002, 
 
 13,843, 
 
 536, 
 
 
 3rd June .... 
 
 28,214, 
 
 13,564, 
 
 3,129, 
 
 8,779, 
 
 13,896, 
 
 541, 
 
 
 10th „ 
 
 28,331, 
 
 13,681, 
 
 3,150, 
 
 9,783, 
 
 13,783, 
 
 566, 
 
 
 17th „ 
 
 28,612, 
 
 13,962, 
 
 3,159, 
 
 9,882, 
 
 13,905, 
 
 521, 
 
 
 24th „ 
 
 28,776, 
 
 14,126, 
 
 3,168, 
 
 10,279, 
 
 13,810, 
 
 539, 
 
 
 1st July 
 
 28,874, 
 
 14,224, 
 
 3,201, 
 
 10,356, 
 
 16,275, 
 
 596, 
 
 
 8th „ 
 
 28,614, 
 
 13,964, 
 
 3,241, 
 
 5,594, 
 
 18,596, 
 
 658, 
 
 
 15th „ 
 
 28,536, 
 
 13,886, 
 
 3,227, 
 
 4,948, 
 
 16,382, 
 
 656, 
 
 
 22nd „ 
 
 28,418, 
 
 13,768, 
 
 3,303, 
 
 5,387, 
 
 14,676, 
 
 627, 
 
 
 29th „ 
 
 28,564, 
 
 13,914, 
 
 3,021, 
 
 5,629, 
 
 14,442, 
 
 631, 
 
 
 5th Aug 
 
 28,676, 
 
 14,026, 
 
 3,423, 
 
 5,577, 
 
 13,791, 
 
 666, 
 
 
 12th „ 
 
 28,825, 
 
 14,175, 
 
 3,423, 
 
 o,/5o, 
 
 13,578, 
 
 676, 
 
 
 19th „" 
 
 28,903, 
 
 14,253, 
 
 3,449, 
 
 6,127, 
 
 13,005, 
 
 682, 
 
 
 26th „ 
 
 29,193, 
 
 14,484, 
 
 3,412, 
 
 6,714, 
 
 12,807, 
 
 707, 
 
 
 2nd Sept 
 
 29,384, 
 
 14,734, 
 
 3,674, 
 
 6,818, 
 
 13,262, 
 
 730, 
 
 
 9th „ 
 
 29,185, 
 
 14,535, 
 
 3,711, 
 
 6,997, 
 
 12,909, 
 
 721, 
 
 
 16th „ 
 
 29,334, 
 
 14,684, 
 
 3,720, 
 
 7,372, 
 
 13,485, 
 
 714, 
 
 
 23rd „ 
 
 29,299, 
 
 14,649, 
 
 3,727, 
 
 8,291, 
 
 12,860, 
 
 762, 
 
 
 30th „ 
 
 29,229, 
 
 14,579, 
 
 3,729, 
 
 8,270, 
 
 13,717, 
 
 795, 
 
 
 7th Oct 
 
 28,820, 
 
 14,170, 
 
 3,737, 
 
 9,510, 
 
 12,894, 
 
 777, 
 
 
 14th „ 
 
 28,538, 
 
 13,888, 
 
 3,124, 
 
 4,616, 
 
 16,353, 
 
 724, 
 
 
 21st „ 
 
 28,577, 
 
 13,927, 
 
 3,141, 
 
 4,438, 
 
 15,271, 
 
 747, 
 
 
 28th „ 
 
 28,419, 
 
 13,769, 
 
 3,146, 
 
 4,462, 
 
 15,015, 
 
 728, 
 
 
 4th Nov 
 
 27,845, 
 
 13,195, 
 
 3,144, 
 
 5,067, 
 
 13,861, 
 
 742, 
 
 
 11th „ 
 
 27,431, 
 
 12,781, 
 
 3,178, 
 
 5,624, 
 
 13,664, 
 
 691, 
 
 
 18th „ 
 
 27,376, 
 
 12,726, 
 
 3,193, 
 
 6,452, 
 
 13,408, 
 
 681, 
 
 
 25th „ 
 
 27,329, 
 
 12,679, 
 
 3,201, 
 
 7,041, 
 
 12,802, 
 
 649, 
 
 
 2nd Dec 
 
 27,089, 
 
 12,434, 
 
 3,184, 
 
 7,235, 
 
 12,925, 
 
 663, 
 
 
 9th „ 
 
 26,929, 
 
 12,279, 
 
 3,219, 
 
 8,630, 
 
 12,981, 
 
 608, 
 
 
 16th „ 
 
 27,566, 
 
 12,916, 
 
 3,227, 
 
 9,104, 
 
 13,265, 
 
 582, 
 
 
 23rd „ 
 
 28,153, 
 
 13,503, 
 
 3,235, 
 
 10,267, 
 
 12,712, 
 
 617, 
 
 
 30 th „ 
 
 28,332, 
 
 13,682, 
 
 3,251, 
 
 10,842, 
 
 13,021, 
 
 561, 
 
 
■ I: Chart i Act of L844, 
 
 16] 
 
 1st fr'/'lr'ntber, 1844, to end of 1871 — Contd, 
 
 1663. 
 
 Issue above 
 
 Bullion, 14,650,000/'. Banking Department, [ten 
 
 ( ipitul, 1 
 
 
 
 Total Deposits 
 
 Government 
 
 Oilier 
 
 Gold and 
 
 Notes 
 
 
 
 i , 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Com. 
 
 in Reserve. 
 
 Mint. 
 
 aliove liullion. 
 
 Dal 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 e 
 
 l',r cut. 
 
 
 
 
 23,878, 
 
 11,636, 
 
 20.887, 
 
 849, 
 
 8,208, 
 
 3 
 
 6,442, 
 
 7th Jan. 
 
 
 25,786, 
 
 10,870, 
 
 20,197, 
 
 864, 
 
 7,601, 
 
 •' 
 
 6,949, 
 
 1111. .. 
 
 
 20,684, 
 
 10,736, 
 
 19,394, 
 
 9 »0, 
 
 7.1 
 
 1 
 
 7.117. 
 
 21i 
 
 
 20,502, 
 
 10,607, 
 
 L9,535, 
 
 871, 
 
 7,206, 
 
 
 7.111, 
 
 fch .. 
 
 
 20,343, 
 
 10,603, 
 
 19.297. 
 
 877. 
 
 7,394, 
 
 5 
 
 7,266, 
 
 itl. Feb. 
 
 
 21,163, 
 
 11,043, 
 
 19,148, 
 
 900, 
 
 7,989, 
 
 
 6,661, 
 
 llti. ., 
 
 
 21,788, 
 
 11.043, 
 
 18,750, 
 
 938, 
 
 9,0(H), 
 
 
 5,660, 
 
 L8th 
 
 
 20,968, 
 
 11,043, 
 
 18,569, 
 
 894, 
 
 9,253, 
 
 4 
 
 5,397, 
 
 25th .. 
 
 
 22,063, 
 
 11,115, 
 
 19,639, 
 
 897, 
 
 8.567, 
 
 •• 
 
 6,0 
 
 4th Mar. 
 
 
 22,530, 
 
 11,19!, 
 
 19,806, 
 
 877, 
 
 8,873, 
 
 jj 
 
 5.777. 
 
 11th .. 
 
 
 22.900, 
 
 11.191. 
 
 20.192, 
 
 < s 75, 
 
 8,863, 
 
 5) 
 
 5.7 S 7. 
 
 18th .. 
 
 
 23,6 19, 
 
 11.294, 
 
 20,505, 
 
 887, 
 
 9.10 1. 
 
 5} 
 
 5. 150. 
 
 25th 
 
 
 23,877, 
 
 11,363, 
 
 21,310, 
 
 85 1, 
 
 8,57". 
 
 >) 
 
 0,o 
 
 ! si April 
 
 
 22.122, 
 
 11.129, 
 
 19,720, 
 
 844, 
 
 8,069, 
 
 )> 
 
 6,581, 
 
 '. .. 
 
 
 21,313, 
 
 11.129, 
 
 18,748, 
 
 830, 
 
 8,3 12, 
 
 )} 
 
 0.:; 
 
 L5th 
 
 
 21,669, 
 
 12.051, 
 
 18,Q34, 
 
 8 15. 
 
 8,392, 
 
 >, 
 
 6,2 
 
 22nd .. 
 
 
 21,369, 
 
 12,051, 
 
 17.846, 
 
 857. 
 
 8,273, 
 
 :;.'. 
 
 6,377. 
 
 
 
 20,967, 
 
 12,051, 
 
 17,170, 
 
 851, 
 
 8,167, 
 
 3 
 
 6,483, 
 
 Oth May 
 
 
 21,078, 
 
 11,151, 
 
 18,953, 
 
 921, 
 
 7.711. 
 
 • ■ 
 
 0.1)06, 
 
 13th 
 
 
 22,179, 
 
 11,151, 
 
 20.236, 
 
 835. 
 
 7.661, 
 
 3i 
 
 6,989, 
 
 20th .. 
 
 
 22,381, 
 
 11,151, 
 
 20,161, 
 
 893, 
 
 7,883, 
 
 4 
 
 0.766, 
 
 27th .. 
 
 
 23,217, 
 
 11.151, 
 
 21,141, 
 
 861, 
 
 7,746, 
 
 j> 
 
 0.!)')!. 
 
 3rd June 
 
 
 24,132, 
 
 11,251, 
 
 21.892, 
 
 875, 
 
 7,816, 
 
 »» 
 
 6,8:5 1. 
 
 LOth .. 
 
 
 2 1.308, 
 
 11.251, 
 
 21,403, 
 
 888, 
 
 8,478, 
 
 >> 
 
 5,17i'. 
 
 17th 
 
 
 24,628, 
 
 11,251, 
 
 21,408, 
 
 900, 
 
 8,790, 
 
 j, 
 
 5,861, 
 
 24th .. 
 
 
 — , ,— _ i , 
 
 11,050, 
 
 25.343, 
 
 856, 
 
 7,73 l. 
 
 >> 
 
 6,916, 
 
 1st Jul V 
 
 
 24,847, 
 
 11,047, 
 
 23,503, 
 
 861, 
 
 7.253, 
 
 jj 
 
 7,397, 
 
 Stli ..' 
 
 
 21,986, 
 
 11,047, 
 
 20,909, 
 
 864, 
 
 6,997, 
 
 •' 
 
 7,653, 
 
 15th .. 
 
 
 20,690, 
 
 11,007, 
 
 19,872, 
 
 853, 
 
 6,865, 
 
 ;j 
 
 7,785, 
 
 22nd ., 
 
 
 20,702, 
 
 11,007, 
 
 19,374, 
 
 830, 
 
 7,365, 
 
 ,, 
 
 7,285, 
 
 h .. 
 
 
 20,034, 
 
 11.038, 
 
 19.151. 
 
 818, 
 
 7.001, 
 
 j, 
 
 7,649, 
 
 5th Aii_ r . 
 
 
 20,009, 
 
 11,088, 
 
 18 172, 
 
 866, 
 
 7,504, 
 
 ,» 
 
 7,086, 
 
 12th 
 
 
 19,814, 
 
 11,088, 
 
 18.318, 
 
 827, 
 
 7.582, 
 
 >> 
 
 7,(X 
 
 19th 
 
 
 20.229, 
 
 11,091, 
 
 18,134, 
 
 825, 
 
 8,141, 
 
 » 
 
 o.:. 
 
 2 th ., 
 
 
 20,810, 
 
 11,091, 
 
 18,992, 
 
 760, 
 
 8,193. 
 
 )) 
 
 6,457, 
 
 2nd Sept. 
 
 
 20,627, 
 
 11,091, 
 
 18,732, 
 
 810, 
 
 S.259. 
 
 5> 
 
 0.301. 
 
 9th ..' 
 
 
 21,570, 
 
 11,091, 
 
 19,414, 
 
 777, 
 
 8,561, 
 
 ), 
 
 6,089, 
 
 16th .. 
 
 
 21,913, 
 
 11,141, 
 
 19.723, 
 
 783, 
 
 8,545, 
 
 •■ 
 
 6,105, 
 
 ■; .. 
 
 
 22,783, 
 
 11,141, 
 
 22,513, 
 
 699, 
 
 7.711, 
 
 >> 
 
 0.'.' 
 
 .. 
 
 
 23,181, 
 
 11,141, 
 
 22.51)2, 
 
 686. 
 
 7,052. 
 
 ■• 
 
 7. :.os. 
 
 7th Oct. 
 
 
 21,693, 
 
 10,945, 
 
 21.340, 
 
 683, 
 
 6,413, 
 
 •• 
 
 8,237, 
 
 1 Ith .. 
 
 
 20,456, 
 
 10,945, 
 
 19,986, 
 
 718, 
 
 500, 
 
 M 
 
 8,150, 
 
 it 
 
 
 20.206, 
 
 10.995, 
 
 1! ).693, 
 
 668, 
 
 17. 
 
 •" 
 
 8,103, 
 
 28th .. 
 
 
 19,670, 
 
 10,949, 
 
 20,010, 
 
 605, 
 
 5,804, 
 
 5 
 
 8,846, 
 
 •1th Nov. 
 
 
 19,97'.), 
 
 10,949, 
 
 20,075, 
 
 6 SO, 
 
 6,006, 
 
 6 
 
 soil. 
 
 11th „ 
 
 
 20,536, 
 
 10,810, 
 
 20,500, 
 
 691. 
 
 6.27s. 
 
 >> 
 
 72, 
 
 L8th .. 
 
 
 20,492. 
 
 10,710, 
 
 20,023, 
 
 689, 
 
 6,824, 
 
 •• 
 
 7,826, 
 
 h .. 
 
 
 20.823, 
 
 10.710, 
 
 21.174, 
 
 614, 
 
 6,062, 
 
 7 
 
 38, 
 
 2i: 
 
 
 22.219, 
 
 10.712, 
 
 21,811. 
 
 630, 
 
 6,736, 
 
 8 
 
 7.011. 
 
 h .. 
 
 
 22.951, 
 
 10,762. 
 
 21.11 
 
 659, 
 
 7,766, 
 
 •• 
 
 6.8M. 
 
 
 
 23,595, 
 
 10.762, 
 
 21,411, 
 
 911. 
 
 S.496, 
 
 • • 
 
 6.15!. 
 
 23rd 
 
 
 24,424, 
 
 10,957,' 
 
 22,384, 
 
 630, 
 
 8,2 
 
 7 
 
 ' 11. 
 
 30th 
 
162 
 
 SflTD — On the Operation of the 
 
 1864. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100/. ; Other Securities, 3,634,900/. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Davs' 
 Bills, 8cc. 
 
 
 1861'. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 6th Jan 
 
 28,164, 
 
 13,514, 
 
 3,307, 
 
 10,002, 
 
 13,053, 
 
 606, 
 
 
 13th „ 
 
 27,691, 
 
 13,041, 
 
 3,366, 
 
 5,264, 
 
 15,412, 
 
 633, 
 
 
 20th „ 
 
 26,955, 
 
 12,305, 
 
 3,405, 
 
 5.689, 
 
 13,880, 
 
 619, 
 
 
 27th „ 
 
 27,001, 
 
 12,351, 
 
 3,420, 
 
 6.337, 
 
 13,407, 
 
 589, 
 
 
 3rd Feb 
 
 27,276, 
 
 12,626, 
 
 3,455, 
 
 6,749, 
 
 13,373, 
 
 607, 
 
 
 10th „ 
 
 27,403, 
 
 12,753, 
 
 3,551, 
 
 7,255, 
 
 12,882, 
 
 546, 
 
 
 17th „ 
 
 27,513, 
 
 12,863, 
 
 3,580, 
 
 7,099, 
 
 13,306, 
 
 548, 
 
 
 24th „ 
 
 27,603, 
 
 13,053, 
 
 3,536, 
 
 8,154, 
 
 12,427, 
 
 533, 
 
 
 2nd March.... 
 
 27,914, 
 
 13,264, 
 
 3,779, 
 
 7,894, 
 
 13,541, 
 
 557, 
 
 
 9th „ 
 
 27,765, 
 
 13,115, 
 
 3,792, 
 
 8,863, 
 
 12,435, 
 
 537, 
 
 
 16th ., 
 
 27,864, 
 
 13,214, 
 
 3,886, 
 
 8,571, 
 
 13,106, 
 
 483, 
 
 
 23rd „ 
 
 28,352, 
 
 13,702, 
 
 3,874, 
 
 9,841, 
 
 12,480, 
 
 510, 
 
 
 30th „ 
 
 28,060, 
 
 13,410, 
 
 3,885, 
 
 10,280, 
 
 12,659, 
 
 499, 
 
 
 6th April .... 
 
 27,587, 
 
 12,937, 
 
 3,844, 
 
 9,819, 
 
 13,348, 
 
 526, 
 
 
 13th ., 
 
 27,027, 
 
 12,377, 
 
 3,164, 
 
 5,930, 
 
 13,586, 
 
 529, 
 
 
 20th „ 
 
 26,706, 
 
 12,057, 
 
 3,195, 
 
 5,787, 
 
 13,684, 
 
 531, 
 
 
 27th „ 
 
 26,477, 
 
 11,827, 
 
 3,207, 
 
 6,218, 
 
 12,620, 
 
 528, 
 
 
 4th May 
 
 26,428, 
 
 11,778, 
 
 3,219, 
 
 6,981, 
 
 12,279, 
 
 562, 
 
 
 11th „ 
 
 26,709, 
 
 12,059, 
 
 3,265, 
 
 7,299, 
 
 12,901, 
 
 520, 
 
 
 18th ,, 
 
 27,251, 
 
 12,601, 
 
 3,281, 
 
 7,567, 
 
 12,962, 
 
 494, 
 
 
 25th „ 
 
 27,791, 
 
 13,041, 
 
 3,290, 
 
 7,971, 
 
 12,882, 
 
 451, 
 
 
 1st June .... 
 
 28,035, 
 
 13,385, 
 
 3,255, 
 
 8,287, 
 
 12,494, 
 
 459, 
 
 
 8th „ 
 
 28,035, 
 
 13,385, 
 
 3,274, 
 
 8,749, 
 
 11,966, 
 
 494, 
 
 
 15th „ 
 
 28,204, 
 
 13,554, 
 
 3,288, 
 
 8,512, 
 
 12,790, 
 
 470, 
 
 
 22nd „ 
 
 28,280, 
 
 13,630, 
 
 3.303, 
 
 9,288, 
 
 13,052, 
 
 452, 
 
 
 29th „ 
 
 28,122, 
 
 13,472, 
 
 3,328, 
 
 10,214, 
 
 12,880, 
 
 461, 
 
 
 6th July .... 
 
 27,899, 
 
 13,249, 
 
 3,367, 
 
 9,489, 
 
 13,471, 
 
 509, 
 
 
 13th „ 
 
 27,649, 
 
 12,999, 
 
 3,411, 
 
 4,684, 
 
 15,083, 
 
 589, 
 
 
 20th „ 
 
 27,106, 
 
 12,456, 
 
 3,469, 
 
 4,462, 
 
 13,409, 
 
 607, 
 
 
 27th „ 
 
 26,955, 
 
 12,385, 
 
 3,504, 
 
 4,961, 
 
 13,720, 
 
 523, 
 
 
 3rd Aug 
 
 26,822, 
 
 12,172, 
 
 3,622, 
 
 5,156, 
 
 13,520, 
 
 561, 
 
 
 10th „ 
 
 26.574, 
 
 11,924, 
 
 3,648, 
 
 4,963, 
 
 14,420, 
 
 531, 
 
 
 17th „ 
 
 26,594, 
 
 11,944, 
 
 3,670, 
 
 5,146, 
 
 13,950, 
 
 527, 
 
 
 24th „ 
 
 26,733, 
 
 12,083, 
 
 3,644, 
 
 5,289, 
 
 13,714, 
 
 536, 
 
 
 31st ., 
 
 26,880, 
 
 12,230, 
 
 3,860, 
 
 5,816, 
 
 13,074, 
 
 551, 
 
 
 7th Sept 
 
 26,877, 
 
 12,227, 
 
 3,879, 
 
 6,022, 
 
 12,904, 
 
 557, 
 
 
 11th „ 
 
 26,807, 
 
 12,157, 
 
 3,901, 
 
 6,702, 
 
 12,924, 
 
 544, 
 
 
 21st „ 
 
 27,074, 
 
 12,424, 
 
 3,918, 
 
 6,816, 
 
 12,391, 
 
 505, 
 
 
 28th „ 
 
 27,044, 
 
 12,384, 
 
 3,995, 
 
 7,084, 
 
 12,589, 
 
 512, 
 
 
 5th Oct 
 
 26,927, 
 
 12,277, 
 
 4,004, 
 
 6,878, 
 
 11,732, 
 
 562, 
 
 
 12th „ 
 
 26,916, 
 
 12.266, 
 
 3,195, 
 
 7,023, 
 
 13,206, 
 
 557, 
 
 
 19th „ 
 
 26,880, 
 
 12,230, 
 
 3.249, 
 
 3,274, 
 
 14,098, 
 
 596, 
 
 
 26th „ 
 
 27,056, 
 
 12,406, 
 
 3,274, 
 
 3,724, 
 
 13,898, 
 
 567, 
 
 
 2nd jSTov 
 
 27,221, 
 
 12,471, 
 
 3,272, 
 
 3,778, 
 
 13,848, 
 
 552, 
 
 
 9th „ 
 
 27,575, 
 
 12,925, 
 
 3,304, 
 
 4,561, 
 
 14,438, 
 
 529, 
 
 
 16th „ 
 
 27,766, 
 
 13,116, 
 
 3,310, 
 
 5,142, 
 
 14,426, 
 
 556, 
 
 
 23rd „ 
 
 28,054, 
 
 13,404, 
 
 3,318, 
 
 5,519, 
 
 14,359, 
 
 556, 
 
 
 30th „ 
 
 27,855, 
 
 13,205, 
 
 3,286, 
 
 6,301, 
 
 13,272, 
 
 508, 
 
 
 7th Dec 
 
 27,742, 
 
 13,092, 
 
 3,314, 
 
 6,469, 
 
 12,662, 
 
 476, 
 
 
 14th „ 
 
 28,004, 
 
 13,354, 
 
 3,325, 
 
 7,162, 
 
 12,267, 
 
 491, 
 
 
 21st „ 
 
 28,175, 
 
 13,525, 
 
 3,312, 
 
 7,695, 
 
 12,928, 
 
 452, 
 
 
 28th „ 
 
 28,036. 
 
 13,386, 
 
 3,357, 
 
 8,601, 
 
 13,041, 
 
 437, 
 
 
Bank Ohcvrti r Ad of 18 ! I. 
 
 L63 
 
 1st September, 1844, to ewd <y' 1871 — Contd. 
 
 1664. 
 
 Issue above Bullion, 1 1,650,000/. Bunking Department, Fixed [tern- I ■■''. 1.4,553,000/. 
 
 
 Total Deposits 
 
 Government 
 
 Otlicr 
 
 Gold anil 
 
 N' 
 
 tfl of 
 
 Circulation 
 
 r , 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Coin. 
 
 in Reserve. 
 
 rant. 
 
 above Bullion. 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 cut. 
 
 C 
 
 84. 
 
 
 . 23,661, 
 
 10,957, 
 
 22,433, 
 
 682. 
 
 7,446, 
 
 7 
 
 7,204, 
 
 • 1 in. 
 
 
 21.283, 
 
 11,077, 
 
 l'o.:,:.:.. 
 
 668, 
 
 6,927, 
 
 
 7,723, 
 
 LStfa 
 
 
 20,188, 
 
 11,007, 
 
 20,272, 
 
 669, 
 
 6,128, 
 
 ii 
 
 8,422, 
 
 B fc] 
 
 
 20,333, 
 
 11,007, 
 
 19,843, 
 
 671, 
 
 6.71 1, 
 
 8 
 
 7,836, 
 
 27th 
 
 
 20,720, 
 
 11,125, 
 
 20,215, 
 
 677, 
 
 6,720, 
 
 ,, 
 
 7,980, 
 
 ! 
 
 
 20,683, 
 
 11,125, 
 
 19,702, 
 
 719, 
 
 7,241, 
 
 ,, 
 
 7,409, 
 
 10th „ 
 
 
 20,953, 
 
 11,125, 
 
 19,857, 
 
 721, 
 
 (7.365, 
 
 7 
 
 7,285, 
 
 17th 
 
 
 21.113, 
 
 11,125, 
 
 19.233, 
 
 766, 
 
 8,028, 
 
 >> 
 
 6,622, 
 
 24th .. 
 
 
 21,992, 
 
 11,125, 
 
 20,709, 
 
 770, 
 
 7,671, 
 
 6 
 
 6,979, 
 
 2nd Mar. 
 
 
 21,835, 
 
 11,125, 
 
 20,498, 
 
 769, 
 
 7,738, 
 
 )> 
 
 6,912, 
 
 '.Mh „ 
 
 
 22,170, 
 
 11,125, 
 
 20,658, 
 
 733, 
 
 8,014, 
 
 ,, 
 
 6,61 
 
 16th „ 
 
 
 22,831, 
 
 11,125, 
 
 20,742, 
 
 747, 
 
 8,495, 
 
 j, 
 
 6,155, 
 
 23rd „ 
 
 
 23,439, 
 
 11,273, 
 
 22,199, 
 
 753, 
 
 7,651, 
 
 >, 
 
 6,999, 
 
 30th .. 
 
 
 23,693, 
 
 11,273, 
 
 22,853, 
 
 680, 
 
 6,584, 
 
 >, 
 
 8,066, 
 
 6th April 
 
 
 20,045, 
 
 11,092, 
 
 20,266, 
 
 703, 
 
 5,771, 
 
 >> 
 
 8,87'.'. 
 
 13th .. 
 
 
 20,002, 
 
 11,022, 
 
 20.477, 
 
 687, 
 
 5,565, 
 
 7 
 
 9,085, 
 
 20th .. 
 
 
 19,366, 
 
 11,022, 
 
 19.842. 
 
 741, 
 
 5,520, 
 
 >> 
 
 9,130, 
 
 27th .. 
 
 
 19,822, 
 
 11,022, 
 
 20,901, 
 
 676, 
 
 4,944, 
 
 8 
 
 9,706, 
 
 lth May 
 
 
 20,721, 
 
 10,785, 
 
 21,357, 
 
 647, 
 
 5,750, 
 
 9 
 
 8,900, 
 
 11th 
 
 
 21,023, 
 
 10,785, 
 
 20,973, 
 
 666, 
 
 6,432, 
 
 8 
 
 8,218, 
 
 L8th „ 
 
 
 21.304, 
 
 10,785, 
 
 20,415, 
 
 673, 
 
 7,275, 
 
 j, 
 
 7.376, 
 
 25th .. 
 
 
 21.240, 
 
 11,072, 
 
 20,160, 
 
 668, 
 
 7,148, 
 
 7 
 
 7,502, 
 
 1st June 
 
 
 21.209, 
 
 11,072, 
 
 19,542, 
 
 658, 
 
 7,763, 
 
 ,) 
 
 6.ss7. 
 
 8th ., 
 
 
 21.772, 
 
 11,122, 
 
 19,665, 
 
 750, 
 
 8,076, 
 
 ), 
 
 6.574, 
 
 15th 
 
 
 22,792, 
 
 11,122, 
 
 20,730, 
 
 689, 
 
 8,108, 
 
 6 
 
 6,542, 
 
 22nd .. 
 
 
 23,554, 
 
 11,122, 
 
 22,079, 
 
 726, 
 
 7,429, 
 
 ,, 
 
 7.221, 
 
 29th .. 
 
 
 23,471, 
 
 11,122, 
 
 23,067, 
 
 682, 
 
 6,518, 
 
 ,, 
 
 8,132, 
 
 6th Julv 
 
 
 20.356, 
 
 11,172, 
 
 20,368, 
 
 702, 
 
 6,076, 
 
 )> 
 
 8,571, 
 
 13th ..* 
 
 
 18,478, 
 
 11,092, 
 
 19,282, 
 
 715, 
 
 5,411, 
 
 >> 
 
 9,239, 
 
 20th . 
 
 
 19,204, 
 
 11,067, 
 
 20,183, 
 
 692, 
 
 5,319, 
 
 » 
 
 9,331, 
 
 27th .. 
 
 
 19.236, 
 
 11,017, 
 
 20,766, 
 
 706, 
 
 4,893, 
 
 j, 
 
 9,757, 
 
 3rd Aug. 
 
 
 19,914, 
 
 11,097, 
 
 21,109, 
 
 686, 
 
 5,224, 
 
 8 
 
 '.'.126, 
 
 LOth „ 
 
 
 19.623, 
 
 10,897, 
 
 20,601, 
 
 782, 
 
 3,566, 
 
 35 
 
 9.0S4, 
 
 17th .. 
 
 
 19.539, 
 
 10,797, 
 
 19,968, 
 
 749, 
 
 6,222, 
 
 JJ 
 
 8,428, 
 
 24th .. 
 
 
 19,441, 
 
 10,797, 
 
 20,164, 
 
 750, 
 
 6,142, 
 
 ,, 
 
 8,508, 
 
 3U: 
 
 
 19.484, 
 
 10.797, 
 
 20,308, 
 
 744, 
 
 6,067, 
 
 •• 
 
 B 583, 
 
 7th Sept. 
 
 
 20,110, 
 
 10.797, 
 
 20,488, 
 
 748, 
 
 6.391, 
 
 9 
 
 N.L~ 
 
 14th .. 
 
 
 19,711, 
 
 10.797, 
 
 19,901, 
 
 747, 
 
 6,736, 
 
 >> 
 
 7,814, 
 
 2Nt .. 
 
 
 20,185, 
 
 10,797, 
 
 20,404, 
 
 727, 
 
 6,804, 
 
 ,, 
 
 7,846, 
 
 h .. 
 
 
 19,172, 
 
 10,597, 
 
 20,837, 
 
 721, 
 
 5.571. 
 
 n 
 
 9,076, 
 
 5th Oct 
 
 
 20,787, 
 
 10,172, 
 
 21,923, 
 
 740, 
 
 5,699, 
 
 >> 
 
 8,951, 
 
 12th 
 
 
 17,968, 
 
 9,570, 
 
 19,781, 
 
 772, 
 
 5,6(7. 
 
 • • 
 
 9,003, 
 
 L9th .. 
 
 
 18,188, 
 
 9,418, 
 
 19,767, 
 
 740, 
 
 6,097, 
 
 >> 
 
 8,553, 
 
 26th 
 
 
 18,179, 
 
 9.385, 
 
 19,699, 
 
 712, 
 
 6,177. 
 
 •• 
 
 8, ;: 
 
 2nd > 
 
 
 19,529, 
 
 9,973, 
 
 19,506, 
 
 722, 
 
 7,185, 
 
 •• 
 
 7,465, 
 
 b .. 
 
 
 20,125, 
 
 10,375, 
 
 19,305, 
 
 736, 
 
 / ..'-72. 
 
 8 
 
 7,078, 
 
 16th .. 
 
 
 20,431, 
 
 10,375, 
 
 18,713, 
 
 727. 
 
 S..|s«». 
 
 • • 
 
 6,161, 
 
 23rd .. 
 
 
 20,081, 
 
 10,475, 
 
 18,629, 
 
 785. 
 
 8,032, 
 
 7 
 
 6,618, 
 
 • fch .. 
 
 
 19.606, 
 
 10,475, 
 
 18,155, 
 
 749. 
 
 8,099, 
 
 j> 
 
 6,55 1 . 
 
 7t ; D . 
 
 
 19,920, 
 
 10,475, 
 
 17,730, 
 
 679, 
 
 8.825. 
 
 • • 
 
 5 825, 
 
 14th .. 
 
 
 21,071, 
 
 10,475, 
 
 18,754, 
 
 783, 
 
 S.95S. 
 
 H 
 
 93, 
 
 2l8t .. 
 
 
 21,079, 
 
 10.825, 
 
 19,787, 
 
 714, 
 
 8,663, 
 
 n 
 
 5,987, 
 
 28th .. 
 
164 
 
 SiiYD — On the Operation of the 
 
 1865. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015, 100Z.; Other Securities, 3,631,900/ 
 
 
 Date. 
 
 Notes Issued. 
 
 Bullion . 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 
 1865. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 4th Jan 
 
 27,969, 
 
 13,319, 
 
 3,384, 
 
 8,500, 
 
 13,875, 
 
 492, 
 
 
 11th „ 
 
 28,058, 
 
 13,408, 
 
 3,423, 
 
 4,446, 
 
 16,174, 
 
 530, 
 
 
 18th „ 
 
 28,062, 
 
 13,412, 
 
 3,489, 
 
 4,187, 
 
 14,658, 
 
 513, 
 
 
 25th „ 
 
 28,219, 
 
 13,569, 
 
 3,485, 
 
 4,837, 
 
 14,554, 
 
 469, 
 
 
 1st Feb 
 
 28,384, 
 
 13,734, 
 
 3,514, 
 
 5,541, 
 
 14,448, 
 
 466, 
 
 
 8th „ 
 
 28,421, 
 
 13,771, 
 
 3,609, 
 
 6,253, 
 
 13,814, 
 
 464, 
 
 
 15th „ 
 
 28,432, 
 
 13,782, 
 
 3,619, 
 
 6,573, 
 
 13,970, 
 
 465, 
 
 
 22nd „ 
 
 28,413, 
 
 13,763, 
 
 3,602, 
 
 6,665, 
 
 14,141, 
 
 412, 
 
 
 1st March.... 
 
 28,661, 
 
 14,011, 
 
 3.832, 
 
 6,854, 
 
 14.158, 
 
 448, 
 
 
 8th „ 
 
 28,561, 
 
 13.911, 
 
 3,844, 
 
 7,678, 
 
 13,905. 
 
 451, 
 
 
 15th „ 
 
 28,740, 
 
 14,090, 
 
 3,857, 
 
 8,348, 
 
 13,786, 
 
 150, 
 
 
 22nd „ 
 
 29,104, 
 
 14,454, 
 
 3,914, 
 
 10,199, 
 
 lo,00-j 
 
 456, 
 
 
 29th „ 
 
 29,224, 
 
 14,574, 
 
 3.924, 
 
 9,839, 
 
 13,478, 
 
 437, 
 
 
 5th April .... 
 
 29,052, 
 
 14,402, 
 
 3,122, 
 
 9,332, 
 
 14,172, 
 
 450, 
 
 
 12th „ 
 
 28,757, 
 
 14.107, 
 
 3,172, 
 
 5,826, 
 
 15,415, 
 
 472, 
 
 
 19th „ 
 
 28,793, 
 
 14,143, 
 
 3,183, 
 
 6,021, 
 
 14,700, 
 
 412, 
 
 
 26th „ 
 
 28,560, 
 
 13,910, 
 
 3,192, 
 
 6,298, 
 
 13,965, 
 
 129, 
 
 
 3rd May 
 
 28,506, 
 
 13,856, 
 
 3,193, 
 
 6,712, 
 
 14,059, 
 
 469, 
 
 
 10th „ 
 
 28,609, 
 
 13,959, 
 
 3,202, 
 
 7,349, 
 
 13,760, 
 
 468, 
 
 
 17th „ 
 
 28,733, 
 
 14,083, 
 
 3,213, 
 
 7,661, 
 
 13,489, 
 
 462, 
 
 
 24th „ 
 
 29,009, 
 
 14,359, 
 
 3 221 
 
 7,997, 
 
 13,552, 
 
 469, 
 
 
 31st „ 
 
 29,569, 
 
 14,919, 
 
 3,190, 
 
 8,707, 
 
 13,919, 
 
 512, 
 
 
 7th June .... 
 
 29,541, 
 
 14,891, 
 
 3,203, 
 
 7,954, 
 
 13,357, 
 
 471, 
 
 
 14th „ 
 
 29,741, 
 
 15,091, 
 
 3,211, 
 
 8,802, 
 
 12,935, 
 
 462, 
 
 
 21st „ 
 
 29,999, 
 
 15,349, 
 
 3,221, 
 
 9,581, 
 
 13,667, 
 
 449, 
 
 
 28th „ 
 
 30,073, 
 
 15,423, 
 
 3,231, 
 
 10,488, 
 
 13.724, 
 
 452, 
 
 
 5th July .... 
 
 29,775, 
 
 15,125, 
 
 3,290, 
 
 9,349, 
 
 14,443, 
 
 497, 
 
 
 12th „ 
 
 29,211, 
 
 14,561, 
 
 3,428, 
 
 4,590, 
 
 16,229, 
 
 551,. 
 
 
 19th „ 
 
 28,799, 
 
 14,149, 
 
 3,460, 
 
 4,932, 
 
 14,894, 
 
 p* f f 
 
 ooo, 
 
 
 26th „ 
 
 28,253, 
 
 13,603, 
 
 3,481, 
 
 4,771, 
 
 15.940, 
 
 519, 
 
 
 2nd Aug 
 
 28,254, 
 
 13,604, 
 
 3.509, 
 
 5,214, 
 
 14.682, 
 
 557, 
 
 
 9th „ 
 
 27,995, 
 
 13,345, 
 
 3,518, 
 
 5,265, 
 
 14,688, 
 
 554, 
 
 
 16th „ 
 
 27,893, 
 
 13,243, 
 
 3,539, 
 
 5,326, 
 
 14,963, 
 
 515, 
 
 
 23rd „ 
 
 27,921, 
 
 13.271, 
 
 3,509, 
 
 5,582, 
 
 14,715, 
 
 534, 
 
 
 30th „ 
 
 28,216, 
 
 13,566, 
 
 3,508, 
 
 6,095, 
 
 14,492, 
 
 535, 
 
 
 6th Sept 
 
 28,072, 
 
 13,422, 
 
 3,739, 
 
 5,986, 
 
 14,208, 
 
 534, 
 
 
 13th „ 
 
 27,950, 
 
 13,300, 
 
 3,748, 
 
 6,322, 
 
 13,861, 
 
 555, 
 
 
 20th „ 
 
 27,992, 
 
 13,342, 
 
 3,801, 
 
 6,821, 
 
 13,568, 
 
 525, 
 
 
 27th „ 
 
 27,779, 
 
 13,129, 
 
 3,811, 
 
 7,330, 
 
 13,790, 
 
 531, 
 
 
 
 27,090, 
 
 12,440, 
 
 3,823, 
 
 6,892, 
 
 13,799, 
 
 591, 
 
 
 Hth „ 
 
 26,606, 
 
 11,956, 
 
 3,134, 
 
 7,229, 
 
 13,506, 
 
 550, 
 
 
 18th „ 
 
 26,655, 
 
 12,005, 
 
 3,174, 
 
 3,589, 
 
 14,014, 
 
 566, 
 
 
 25th „ 
 
 27,061, 
 
 12,411, 
 
 3,184, 
 
 3,791, 
 
 13,280, 
 
 550, 
 
 
 1st Nov 
 
 27,162, 
 
 12,512, 
 
 3,182, 
 
 4,164, 
 
 12,980, 
 
 538, 
 
 
 8th „ 
 
 27,219, 
 
 12,569, 
 
 3,189, 
 
 4,887, 
 
 13,149, 
 
 522, 
 
 
 15th „ : 
 
 27,510, 
 
 12,860, 
 
 3,198, 
 
 5,690, 
 
 12.275, 
 
 509, 
 
 
 22nd „ 
 
 28,324, 
 
 13,674, 
 
 3,211, 
 
 6,114, 
 
 12,879, 
 
 490, 
 
 
 29th „ 
 
 28,498, 
 
 13,348, 
 
 3,186, 
 
 6,541, 
 
 12,172, 
 
 494, 
 
 
 6th Doc 
 
 28,335, 
 
 13,685, 
 
 3,193, 
 
 6,620, 
 
 12,617. 
 
 471, 
 
 
 13th „ 
 
 27,888, 
 
 13,238, 
 
 3,221, 
 
 7,081, 
 
 14,260, 
 
 459, 
 
 
 20th „ 
 
 27.693, 
 
 13,043, 
 
 3,238, 
 
 7,376, 
 
 14,090, 
 
 422, 
 
 
 27th „ 
 
 27,340, 
 
 12,690, 
 
 3,254, 
 
 8,511, 
 
 13,236, 
 
 402, 
 
 
Bank ( 'harh r Act of 1-11. 
 
 
 1st September, 1844, to end of ls71 — Contd. 
 
 1866. 
 
 Issue above Bullion, 14,650,000/. Banking Department, (Tiled 1' 
 
 ital, 1 1, 
 
 553,000/. 
 
 
 rotal Deposits 
 
 Government 
 
 Other 
 
 Gold and 
 
 iCS 
 
 
 1 
 
 
 
 £ud Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Coin. 
 
 iii Reserve. 
 
 int. 
 
 . 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 
 £ 
 
 Per <'nt. 
 
 e 
 
 is 
 
 
 22,867, 
 
 11,02 
 
 21.71:.'. 
 
 015. 
 
 7.153, 
 
 t 
 
 7 1 
 
 li 
 
 
 21.150, 
 
 11,023. 
 
 1'.',S38, 
 
 689, 
 
 7.570, 
 
 •• 
 
 71. 
 
 11th 
 
 
 19,358, 
 
 11,023, 
 
 18,269, 
 
 757, 
 
 7,351, 
 
 5 
 
 7 - 
 
 1st!. 
 
 
 19,860, 
 
 11,023, 
 
 r <)53, 
 
 718, 
 
 8,073. 
 
 n 
 
 77. 
 
 
 
 20,466, 
 
 11,023, 
 
 18,921. 
 
 727. 
 
 7,852, 
 
 n 
 
 6,71 
 
 
 
 20,531, 
 
 11,023, 
 
 18,788, 
 
 710, 
 
 8,141, 
 
 j> 
 
 6,509, 
 
 8th .. 
 
 
 21,007, 
 
 11,023, 
 
 18,887, 
 
 771, 
 
 s. 197, 
 
 33 
 
 6,153, 
 
 
 
 21,249, 
 
 11,023, 
 
 18,790, 
 
 837, 
 
 s.75 1. 
 
 33 
 
 5,896, 
 
 22i.4 .. 
 
 
 21.641, 
 
 11,023, 
 
 19,304, 
 
 700, 
 
 8,7: 
 
 33 
 
 5,922, 
 
 1-t Mar. 
 
 
 22,033, 
 
 11,023, 
 
 19,829, 
 
 848, . 
 
 8,730, 
 
 41 
 
 5.0211, 
 
 h .. 
 
 
 22.584, 
 
 11,023, 
 
 20,804, 
 
 792, 
 
 9,095, 
 
 >> 
 
 5,555, 
 
 15th .. 
 
 
 24,206, 
 
 11,023, 
 
 21.201, 
 
 851, 
 
 9,531, 
 
 )> 
 
 5.119, 
 
 22nd .. 
 
 
 23,755, 
 
 11,023, 
 
 21,151, 
 
 785, 
 
 9,27:'.. 
 
 33 
 
 5,377. 
 
 _ ; < .. 
 
 
 23,954, 
 
 11.111, 
 
 21.515. 
 
 85 ! , 
 
 8,149, 
 
 4 
 
 501, 
 
 5th April 
 
 
 21,713, 
 
 10.984, 
 
 20.1 15, 
 
 830, 
 
 7,478, 
 
 jj 
 
 7,172, 
 
 L2th 
 
 
 21,134, 
 
 10,984, 
 
 10 277, 
 
 831, 
 
 7.777. 
 
 )> 
 
 6,873, 
 
 l'.Ml, ., 
 
 
 20.693, 
 
 10.981. 
 
 19,058, 
 
 811. 
 
 7.551, 
 
 33 
 
 7,0 
 
 h .. 
 
 
 21,240, 
 
 10,981. 
 
 20.275, 
 
 82 1. 
 
 6,903, 
 
 33 
 
 7.7 17, 
 
 
 
 21,577, 
 
 10,984, 
 
 20,069, 
 
 903, 
 
 7,375, 
 
 4£ 
 
 7,275, 
 
 10th ..' 
 
 
 21,612, 
 
 10,984, 
 
 20,027, 
 
 941, 
 
 7.126, 
 
 33 
 
 7,224, 
 
 17th .. 
 
 
 22,018, 
 
 10,984, 
 
 19,719, 
 
 940, 
 
 8,147, 
 
 33 
 
 6,503, 
 
 24th .. 
 
 
 23,138, 
 
 11,480, 
 
 19,823, 
 
 919, 
 
 8.659, 
 
 4 
 
 •91i 
 
 31b1 .. 
 
 
 21,783, 
 
 10,480, 
 
 19,713, 
 
 970, 
 
 8,377, 
 
 3V 
 
 -73, 
 
 7tli .1 
 
 
 22,199, 
 
 10.480, 
 
 19,517, 
 
 954, 
 
 9,012, 
 
 33 
 
 5,638, 
 
 11th .. 
 
 
 23,697, 
 
 10,480, 
 
 20,750, 
 
 946, 
 
 9,294, 
 
 3 
 
 5.356, 
 
 214 
 
 
 24.664, 
 
 10,480, 
 
 22.036, 
 
 985, 
 
 8,947, 
 
 jj 
 
 5,703, 
 
 28th .. 
 
 
 24,289, 
 
 10.400, 
 
 23.230, 
 
 949, 
 
 7,554, 
 
 j) 
 
 7,096, 
 
 5th Julv 
 
 
 21,370, 
 
 10.399, 
 
 21,161, 
 
 873, 
 
 6,818, 
 
 33 
 
 7> - 
 
 12th 
 
 
 20,381, 
 
 10,399, 
 
 20.497, 
 
 934, 
 
 6,564, 
 
 3) 
 
 8,086, 
 
 loth .. 
 
 
 20,229, 
 
 10,399, 
 
 21,782, 
 
 901, 
 
 6,181, 
 
 •• 
 
 .-•.'. 
 
 i ■■■}■ .. 
 
 
 20,454, 
 
 10,384, 
 
 21,670, 
 
 1. 
 
 5.607, 
 
 
 9,043, 
 
 2ml A 
 
 
 20.506, 
 
 10,384, 
 
 21,342, 
 
 878, 
 
 5,973, 
 
 1 
 
 8,677, 
 
 9th .. 
 
 
 20,834, 
 
 10,384, 
 
 21,687, 
 
 938, 
 
 5,918, 
 
 33 
 
 8,732 
 
 16th .. 
 
 
 20,831, 
 
 10,384, 
 
 21,414, 
 
 950, 
 
 6,145, 
 
 '■ 
 
 8,5 " 
 
 -d .. 
 
 
 21.121, 
 
 10,384, 
 
 21.257, 
 
 924, 
 
 6,618, 
 
 33 
 
 8,1 
 
 30th .. 
 
 
 20,728, 
 
 10,384, 
 
 21,365, 
 
 900, 
 
 6,370, 
 
 33 
 
 280, 
 
 6th Si-pt. 
 
 
 20,737, 
 
 10,384, 
 
 21,244, 
 
 855, 
 
 0.555, 
 
 •• 
 
 95, 
 
 13th .. 
 
 
 20.913, 
 
 10.384, 
 
 21.332, 
 
 878, 
 
 0.073, 
 
 33 
 
 77. 
 
 20th .. 
 
 
 21,651, 
 
 10,884, 
 
 22.522, 
 
 832. 
 
 0.270. 
 
 •• 
 
 71. 
 
 27th .. 
 
 
 21,284, 
 
 10,384, 
 
 21,170, 
 
 711. 
 
 4,362, 
 
 !• 
 
 10,288, 
 
 
 
 21.285, 
 
 9,811, 
 
 24.0S6, 
 
 780, 
 
 4,29 1. 
 
 5 
 
 io,; 
 
 llth .. 
 
 
 18.169, 
 
 9,326, 
 
 21.447, 
 
 785, 
 
 1.337, 
 
 6 
 
 10,313, 
 
 L8th .. 
 
 
 17,624, 
 
 9,308, 
 
 20,004, 
 
 808, 
 
 5,241, 
 
 — 
 i 
 
 9,4 
 
 
 
 17,681, 
 
 9.240, 
 
 20,145, 
 
 716, 
 
 5,315, 
 
 n 
 
 " 
 
 1 - N 
 
 
 18.558, 
 
 9,746, 
 
 20,071, 
 
 737, 
 
 5.7,0. 
 
 33 
 
 •1. 
 
 . 
 
 
 18,471, 
 
 9,741, 
 
 19,309, 
 
 817. 
 
 6,358, 
 
 " 
 
 
 15th .. 
 
 
 19,513, 
 
 9,741, 
 
 10.005, 
 
 791, 
 
 7,740, 
 
 •' 
 
 HO, 
 
 . . 1 .. 
 
 
 19,510, 
 
 9,741, 
 
 18.951, 
 
 781, 
 
 7.776, 
 
 8 
 
 71. 
 
 b .. 
 
 
 19,738, 
 
 9,841. 
 
 19.278, 
 
 784, 
 
 7,580, 
 
 • • 
 
 7,070, 
 
 6th r 
 
 
 21.800, 
 
 9,841, 
 
 21,616, 
 
 784 
 
 7 
 
 
 1 0. 
 
 13th .. 
 
 
 21.889, 
 
 9,891, 
 
 21,628, 
 
 829, 
 
 
 33 
 
 
 - 
 
 
 22,183, 
 
 9,891, 
 
 2i - :. 
 
 713, 
 
 78, 
 
 
 7 772. 
 
 . 
 
166 
 
 1866. 
 
 Sevd — On the Operation of the 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100?. ; 
 
 Other Securities, 3,634,900?. 
 
 21st 
 
 February, 15,000,000/. ; in June an Extra Issue of 2,000,000?. was conceded to", 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Dns' 
 Bills, &e. 
 
 
 1866. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 3rd Jan 
 
 27,030, 
 
 12,380, 
 
 3,297, 
 
 7,579, 
 
 14,728, 
 
 445, 
 
 
 10th „ 
 
 26,725, 
 
 12,075, 
 
 3,430, 
 
 3,644, 
 
 16,232, 
 
 455, 
 
 
 17th „ 
 
 26,834, 
 
 12,184, 
 
 3,503, 
 
 3,270, 
 
 14,385, 
 
 435, 
 
 
 24th „ 
 
 26,907, 
 
 12,257, 
 
 3,510, 
 
 3,440, 
 
 14,130, 
 
 405, 
 
 
 31st , 
 
 27,000, 
 
 12,351, 
 
 3,524, 
 
 4,146, 
 
 13,390, 
 
 418, 
 
 
 7th Feb 
 
 26,923, 
 
 12,273, 
 
 3,558, 
 
 4,550, 
 
 12,344, 
 
 409, 
 
 
 14th „ 
 
 27,050, 
 
 12,400, 
 
 3,569, 
 
 4,930, 
 
 12,176, 
 
 403, 
 
 
 21st „ 
 
 27,971, 
 
 12,972, 
 
 3,592, 
 
 5,049, 
 
 12,591, 
 
 411, 
 
 
 28th „ 
 
 28,113, 
 
 13,113, 
 
 3,776, 
 
 5,449, 
 
 12,742, 
 
 406, 
 
 
 7th March.... 
 
 28,151, 
 
 13,151, 
 
 3,796, 
 
 6,058, 
 
 12,701, 
 
 429, 
 
 
 14th „ 
 
 28,428, 
 
 13,428, 
 
 3,809, 
 
 6,305, 
 
 12,723, 
 
 383, 
 
 
 21st „ 
 
 28,554, 
 
 13,554, 
 
 3,874, 
 
 6,825, 
 
 12,478, 
 
 398, 
 
 
 28th „ 
 
 28,503, 
 
 13,503, 
 
 3,889, 
 
 8,375, 
 
 13,332, 
 
 386, 
 
 
 4th April .... 
 
 28,486, 
 
 13,486, 
 
 3,888, 
 
 7,693, 
 
 13,351, 
 
 444, 
 
 
 11th „ 
 
 28,363, 
 
 13,363, 
 
 3,178, 
 
 4,057, 
 
 14,956, 
 
 472, 
 
 
 18th „ 
 
 28,042, 
 
 13,042, 
 
 3,196, 
 
 4,045, 
 
 13,972, 
 
 440, 
 
 
 25th „ 
 
 28,005, 
 
 13,005, 
 
 3,205, 
 
 4,417, 
 
 13,295, 
 
 427, 
 
 
 2nd May .... 
 
 27,712, 
 
 12,712, 
 
 3,210, 
 
 4,923, 
 
 13,588, 
 
 437, 
 
 
 9th „ 
 
 27,295, 
 
 12,295, 
 
 3,238, 
 
 5,782, 
 
 13,516, 
 
 462, 
 
 
 16th „ 
 
 26,852, 
 
 11,852, 
 
 3,343, 
 
 5,936, 
 
 18,621, 
 
 530, 
 
 
 23rd „ 
 
 26,300, 
 
 11,300, 
 
 3,386, 
 
 5,995, 
 
 18,791, 
 
 551, 
 
 
 30th „ 
 
 26,434, 
 
 11,434, 
 
 3,420, 
 
 6,189, 
 
 20,467, 
 
 544, 
 
 
 6th June .... 
 
 27,620, 
 
 12,620, 
 
 3,434, 
 
 6,650, 
 
 20,207, 
 
 568, 
 
 
 13th „ 
 
 28,696, 
 
 13,696, 
 
 3,465, 
 
 7,127, 
 
 20,127, 
 
 612, 
 
 
 20th „ 
 
 29,174, 
 
 14,174, 
 
 3,504, 
 
 7,288, 
 
 21,171, 
 
 585, 
 
 
 27th „ 
 
 29,171, • 
 
 14,171, 
 
 3,533, 
 
 7,965, 
 
 20,840, 
 
 560, 
 
 
 4th July 
 
 29,148, 
 
 14,148, 
 
 3,614, 
 
 6,800, 
 
 19,940, 
 
 686, 
 
 
 nth „ 
 
 28,288, 
 
 13,288, 
 
 3,660, 
 
 2,727, 
 
 21,472, 
 
 706, 
 
 
 18th. „ 
 
 27,920, 
 
 12,920, 
 
 3,714, 
 
 2,162, 
 
 19,821, 
 
 755, 
 
 
 25th „ 
 
 27,893, 
 
 12,893, 
 
 3,742, 
 
 2,517, 
 
 18,547, 
 
 665, 
 
 
 1st Aug 
 
 27,932, 
 
 12,932, 
 
 3,771, 
 
 3,190, 
 
 17,739, 
 
 716, 
 
 
 8th „ 
 
 27,775, 
 
 12,775, 
 
 3,798, 
 
 3,160, 
 
 17,660, 
 
 643, 
 
 
 15th „ 
 
 28,152, 
 
 13,152, 
 
 3,821, 
 
 3,354, 
 
 18,125, 
 
 694, 
 
 
 22nd „ 
 
 28,691, 
 
 13,691, 
 
 3,846, 
 
 3,412, 
 
 18,763, 
 
 616, 
 
 
 29th „ 
 
 29,732, 
 
 14,732, 
 
 3,816, 
 
 4,137, 
 
 18,473, 
 
 604, 
 
 
 5th Sept 
 
 30,098, 
 
 15,098, 
 
 3,987, 
 
 4,778, 
 
 17,462, 
 
 646, 
 
 
 12th „ 
 
 29,893, 
 
 14,893, 
 
 3,998, 
 
 5,185, 
 
 17,308, 
 
 652, 
 
 
 19th „ 
 
 30,158, 
 
 15,158, 
 
 4,100, 
 
 5,552, 
 
 16,922, 
 
 616, 
 
 
 26th „ 
 
 30,636, 
 
 15,636, 
 
 4,108, 
 
 6,389, 
 
 17,024, 
 
 577, 
 
 
 3rd Oct 
 
 30,908, 
 
 15,906, 
 
 4,111, 
 
 6,169, 
 
 17,210, 
 
 660, 
 
 
 10th „ 
 
 30,472, 
 
 15,472, 
 
 3,176, 
 
 6,266, 
 
 17,455, 
 
 613, 
 
 
 17th „ 
 
 30,131, 
 
 15,131, 
 
 3,227, 
 
 3,393, 
 
 18,779, 
 
 632, 
 
 
 24th „ 
 
 30,420, 
 
 15,420, 
 
 3,233, 
 
 3,218, 
 
 18,764, 
 
 636, 
 
 
 31st „ 
 
 30,763, 
 
 15,763, 
 
 3,226, 
 
 3,921, 
 
 17,859, 
 
 626, 
 
 
 7th Nov 
 
 30,937, 
 
 15,937, 
 
 3,239, 
 
 4,376, 
 
 17,150, 
 
 642, 
 
 
 14th „ 
 
 31,085, 
 
 16,085, 
 
 3,255, 
 
 5,146, 
 
 16,687, 
 
 593, 
 
 
 21st „ 
 
 31,744, 
 
 16,744, 
 
 3,263, 
 
 5,831, 
 
 17,435, 
 
 582, 
 
 
 28th „ 
 
 32,142, 
 
 17,142, 
 
 3,238, 
 
 6,161, 
 
 18,253, 
 
 516, 
 
 
 5th Dec 
 
 32,226, 
 
 17,226, 
 
 3,239, 
 
 6,838, 
 
 17,741, 
 
 505, 
 
 
 12th „ 
 
 32,498, 
 
 17,498, 
 
 3,248, 
 
 7,338, 
 
 18.426, 
 
 491, 
 
 
 19th „ 
 
 32,700, 
 
 17,700, 
 
 3,256, 
 
 8,070, 
 
 18,181, 
 
 491, 
 
 
 26th „ . ,.. 
 
 33,308, 
 
 18,308, 
 
 3,265, 
 
 8,706, 
 
 18,592, 
 
 451, 
 
Banh Charter Act of 1841. 
 1st September, 1844, to end of 1871 — Contd. 
 
 167 
 
 I860. 
 
 from 21st February, 3,984,900?. L 
 
 ;sue above . 
 
 :Julli<m to 2 
 
 l~t February, 1 L,650,000£.; from 
 
 but not used 
 
 by the Bank. Bankin, 
 
 g Department, Fixed [tem — Capi 
 
 tal. 1 l :,:>:; "<"i/. 
 
 
 Total Deposits 
 
 Government 
 
 Other 
 
 Gold and 
 
 Notes 
 
 Rate of 
 
 Circulation 
 
 Date. 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Coin. 
 
 iu Reserve. 
 
 Discount. 
 
 above Bullion. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 1'er cut. 
 
 e 
 
 1866. 
 
 
 22,753, 
 
 9,891, 
 
 2 1,732, 
 
 727, 
 
 5,253, 
 
 7 
 
 9,397, 
 
 3rd Jan. 
 
 
 20,330, 
 
 9,891, 
 
 22,331, 
 
 873, 
 
 5,278, 
 
 8 
 
 9,372, 
 
 LOth .. 
 
 
 18,090, 
 
 9,871, 
 
 20,000, 
 
 8 18, 
 
 5,428, 
 
 j) 
 
 9,222, 
 
 17th .. 
 
 
 17.975, 
 
 9,866, 
 
 19,123, 
 
 811. 
 
 5,935, 
 
 >> 
 
 8,715, 
 
 24th .. 
 
 
 17,955, 
 
 9,866, 
 
 19,41 !, 
 
 815, 
 
 5,937, 
 
 >? 
 
 8,713, 
 
 31-t .. 
 
 
 17,303, 
 
 9,865, 
 
 18,858, 
 
 781, 
 
 5,906, 
 
 8 
 
 8,744, 
 
 7', Feb. 
 
 
 17,510, 
 
 9,865, 
 
 18,582, 
 
 896, 
 
 6,287, 
 
 5) 
 
 163, 
 
 Htli .. 
 
 
 18,051, 
 
 8,815, 
 
 18,020, 
 
 851, 
 
 7,409, 
 
 J) 
 
 7,591, 
 
 21b1 .. 
 
 
 18,597, 
 
 9,915, 
 
 18,812, 
 
 853, 
 
 7,3 15, 
 
 7 
 
 - — 
 
 28th .. 
 
 
 19,187, 
 
 9,915, 
 
 19,305, 
 
 900, 
 
 7,416, 
 
 >> 
 
 7.584, 
 
 7th M . 
 
 
 19,411, 
 
 9,915, 
 
 19,053, 
 
 900, 
 
 7,905, 
 
 >j 
 
 7,095, 
 
 11th „ 
 
 
 19,701, 
 
 9,915, 
 
 19,392, 
 
 901, 
 
 7,91 s. 
 
 6 
 
 7,082, 
 
 21st „ 
 
 
 22,093, 
 
 9,915, 
 
 21,879, 
 
 860, 
 
 6,881, 
 
 >> 
 
 8,119, 
 
 28th .. 
 
 
 21,488, 
 
 10,915, 
 
 22,095, 
 
 766, 
 
 6,153, 
 
 n 
 
 8,847, 
 
 ■1th April 
 
 
 19,485, 
 
 10,644, 
 
 19,383, 
 
 871, 
 
 6,318, 
 
 !) 
 
 8,682, 
 
 11th ., 
 
 
 18,457, 
 
 10,64 1, 
 
 18,977, 
 
 847, 
 
 5,738, 
 
 >J 
 
 9,262, 
 
 18th .. 
 
 
 18,139, 
 
 10,694, 
 
 18,508, 
 
 850, 
 
 5,844, 
 
 )) 
 
 9,15*;, 
 
 25th 
 
 
 18,948, 
 
 10,694, 
 
 20,380, 
 
 797, 
 
 4,839, 
 
 J) 
 
 10,161, 
 
 2nd May 
 
 
 19,760, 
 
 10,894, 
 
 20,844, 
 
 861, 
 
 4,950, 
 
 7 
 
 10,050, 
 
 9th .. 
 
 
 25,087, 
 
 10,837, 
 
 30,943, 
 
 472, 
 
 731, 
 
 10 
 
 1 1.269, 
 
 16th .. 
 
 
 25,337, 
 
 10,837, 
 
 31,050, 
 
 557, 
 
 831, 
 
 n 
 
 1 1,169. 
 
 23rd „ 
 
 
 27,199, 
 
 10,875, 
 
 33,447, 
 
 445, 
 
 415, 
 
 >j 
 
 1 1,5*5 , 
 
 30th .. 
 
 
 27,424, 
 
 10,813, 
 
 31.772, 
 
 659, 
 
 2,167, 
 
 j> 
 
 12,833, 
 
 6th June 
 
 
 27,866, 
 
 10,098, 
 
 31,270, 
 
 786, 
 
 2,729, 
 
 >5 
 
 12.271, 
 
 13th ., 
 
 
 29,045, 
 
 11,148, 
 
 31,209, 
 
 677, 
 
 4,067, 
 
 >J 
 
 10,933, 
 
 20th „ 
 
 
 29.364, 
 
 11,348, 
 
 30,884, 
 
 872, 
 
 4,347, 
 
 }) 
 
 10,653, 
 
 27th .. 
 
 
 27,426, 
 
 10.778, 
 
 30,750, 
 
 729, 
 
 3,336, 
 
 JJ 
 
 11,664, 
 
 4th July 
 
 
 24,906, 
 
 10,278, 
 
 29,040, 
 
 706, 
 
 3,095, 
 
 » 
 
 11,905, 
 
 11th ..* 
 
 
 22,738, 
 
 10,028, 
 
 27,752, 
 
 726, 
 
 2,498, 
 
 )} 
 
 12,502, 
 
 18th .. 
 
 
 21,729, 
 
 9,828, 
 
 26,742, 
 
 824, 
 
 2,630, 
 
 )> 
 
 12,370, 
 
 25th .. 
 
 
 21,645, 
 
 10,128, 
 
 26,567, 
 
 861, 
 
 2,412, 
 
 )> 
 
 12,588, 
 
 1st Aug. 
 
 
 21,464, 
 
 10,078, 
 
 26,157, 
 
 847, 
 
 2,733, 
 
 )) 
 
 12.267, 
 
 8th „ 
 
 
 22,173, 
 
 10,712, 
 
 25,224, 
 
 999, 
 
 3,612, 
 
 )» 
 
 11,388, 
 
 15th .. 
 
 
 22,791, 
 
 10,712, 
 
 24,888, 
 
 1,082, 
 
 4,509, 
 
 8 
 
 10,491, 
 
 22nd .. 
 
 
 23,214, 
 
 10,712, 
 
 23,937, 
 
 1,100, 
 
 5,834, 
 
 7 
 
 9,166, 
 
 29th .. 
 
 
 22,886, 
 
 11,227, 
 
 23,226, 
 
 1,097, 
 
 5,877. 
 
 6 
 
 9,123. 
 
 5th Sept. 
 
 
 23,145, 
 
 11,712, 
 
 22,482, 
 
 1,082, 
 
 6,421, 
 
 9* 
 
 O 
 
 8,579, 
 
 12th .. 
 
 
 23,089, 
 
 11,712, 
 
 22,124, 
 
 1,065, 
 
 6,841, 
 
 >» 
 
 8,1: 59, 
 
 19th .. 
 
 
 23,990, 
 
 12,219, 
 
 21,752, 
 
 1,093, 
 
 7,586, 
 
 )5 
 
 7.114, 
 
 26th .. 
 
 
 24,039, 
 
 12,219, 
 
 22,941, 
 
 973, 
 
 6,570, 
 
 4i 
 
 8, 130, 
 
 3rd Oct. 
 
 
 24,334, 
 
 12,419, 
 
 22,150, 
 
 996, 
 
 6,499, 
 
 >> 
 
 8,501, 
 
 10th .. 
 
 
 22,804, 
 
 12,291, 
 
 21,215, 
 
 1,002, 
 
 6,045, 
 
 i] 
 
 8,955, 
 
 17th .. 
 
 
 22,619, 
 
 12,191, 
 
 20,553, 
 
 958, 
 
 6,702, 
 
 >j 
 
 s.298, 
 
 24th .. 
 
 
 22,406, 
 
 12,194, 
 
 20,079, 
 
 961, 
 
 6,952, 
 
 n 
 
 8,048, 
 
 31st ., 
 
 
 22,168, 
 
 12.300, 
 
 19,330, 
 
 915, 
 
 7,376, 
 
 >• 
 
 7,624, 
 
 7th Not. 
 
 
 22,426, 
 
 12,304, 
 
 19,061, 
 
 1,060, 
 
 7,808, 
 
 1 
 
 7,192, 
 
 14th .. 
 
 
 23,848, 
 
 12,671, 
 
 19,185, 
 
 1,009, 
 
 8,800, 
 
 » 
 
 6. 2( hi. 
 
 21st .. 
 
 
 24,930, 
 
 12,846, 
 
 19,186, 
 
 1,033, 
 
 9,656, 
 
 t> 
 
 1 144, 
 
 2Mb „ " 
 
 
 25,084, 
 
 12,956, 
 
 19,396, 
 
 1,011, 
 
 9,513, 
 
 n 
 
 5,487, 
 
 5th Dec. 
 
 
 26,255, 
 
 13,011, 
 
 19,637, 
 
 1,05 1. 
 
 10,404, 
 
 jj 
 
 1,596, 
 
 12th ., 
 
 
 26,742, 
 
 13,011, 
 
 19,825, 
 
 1,116, 
 
 10.599, 
 
 •■ 
 
 1.101, 
 
 19th „ 
 
 
 27,749, 
 
 13,011, 
 
 20,241, 
 
 940, 
 
 11,375, 
 
 3* 
 
 3,625, 
 
 26th .. 
 
168 
 
 Seyd — On the Operation of the 
 
 1867. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Grovernnient Debt, 11,015,100Z. ; 
 
 Other Secui 
 
 ities, 3,984,900/. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &.c. 
 
 
 1867. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 2nd Jan 
 
 33,429, 
 
 18,429, 
 
 3,290, 
 
 8,162, 
 
 20,592, 
 
 458, 
 
 
 9th „ 
 
 33,462, 
 
 18,462, 
 
 3,458, 
 
 4,444, 
 
 23,050, 
 
 482, 
 
 
 16th „ 
 
 33,273, 
 
 18,273, 
 
 3,497, 
 
 4,467, 
 
 21,065, 
 
 509, 
 
 
 23rd „ 
 
 32,882, 
 
 17,882, 
 
 3,515, 
 
 5,299, 
 
 19,638, 
 
 491, 
 
 
 30th „ 
 
 32,917, 
 
 17,917, 
 
 3,530, 
 
 6,162, 
 
 18,643, 
 
 496, 
 
 
 6th Feb 
 
 33,095, 
 
 18,095, 
 
 3,559, 
 
 5,997, 
 
 18,268, 
 
 450, 
 
 
 13th „ 
 
 33,218, 
 
 18,218, 
 
 3,565, 
 
 6,871, 
 
 17,476, 
 
 510, 
 
 
 20th „ 
 
 33,281, 
 
 18,281, 
 
 3,562, 
 
 6,204, 
 
 18,559, 
 
 450, 
 
 
 27th „ 
 
 33,406, 
 
 18,406, 
 
 3,546, 
 
 6,735, 
 
 17,847, 
 
 490, 
 
 
 6th March.... 
 
 33,391, 
 
 18,391, 
 
 3,834, 
 
 7,246, 
 
 17,584, 
 
 424, 
 
 
 13th „ 
 
 33,237, 
 
 18,237, 
 
 3,840, 
 
 8,238, 
 
 16,789, 
 
 502, 
 
 
 20th „ 
 
 33,428, 
 
 18,428, 
 
 3,874, 
 
 8,780, 
 
 16,926, 
 
 467, 
 
 
 27th „ 
 
 33,584, 
 
 18,584, 
 
 3,882, 
 
 9,324, 
 
 17,170, 
 
 490, 
 
 
 3rd April .... 
 
 33,474, 
 
 18,474, 
 
 3,872, 
 
 8,619, 
 
 17,671, 
 
 438, 
 
 
 10th „ 
 
 33,179, 
 
 18,179, 
 
 3,117, 
 
 5,711, 
 
 19,046, 
 
 430, 
 
 
 17th „ 
 
 33,342, 
 
 18,342, 
 
 3,129, 
 
 5,398, 
 
 18,801, 
 
 460, 
 
 
 24th „ 
 
 33,226, 
 
 18,226, 
 
 3,133, 
 
 6,346, 
 
 17,884, 
 
 422, 
 
 
 1st May 
 
 33,167, 
 
 18,167, 
 
 3,126, 
 
 7,053, 
 
 17,794, 
 
 480, 
 
 
 8th „ 
 
 32,963, 
 
 17,963, 
 
 3,139, 
 
 7,406, 
 
 17,535, 
 
 458, 
 
 
 15th „ 
 
 33,093, 
 
 18,093, 
 
 3,146, 
 
 7,534, 
 
 17,513, 
 
 459, 
 
 
 22nd „ 
 
 33,533, 
 
 18,533, 
 
 3,148, 
 
 8,585, 
 
 17,185, 
 
 430, 
 
 
 29th „ 
 
 34,288, 
 
 19,288, 
 
 3,120, 
 
 8,843, 
 
 17,309, 
 
 432, 
 
 
 5th June .... 
 
 34,806, 
 
 19,806, 
 
 3,114, 
 
 9,198, 
 
 17,187, 
 
 484, 
 
 
 12th ., 
 
 35,182, 
 
 20,182, 
 
 3,117, 
 
 9,804, 
 
 17,173, 
 
 452, 
 
 
 19th „ 
 
 35,711, 
 
 20,711, 
 
 3,120, 
 
 10,500, 
 
 16,988, 
 
 424, 
 
 
 26th „ 
 
 36,102, 
 
 21,102, 
 
 3,123, 
 
 11,105, 
 
 17,854, 
 
 431, 
 
 
 3rd July .... 
 
 36,443, 
 
 21,443, 
 
 3,181, 
 
 9,357, 
 
 18,868, 
 
 470, 
 
 
 10th „ 
 
 36,390, 
 
 21,390, 
 
 3,318, 
 
 5,121, 
 
 21,233, 
 
 455, 
 
 
 17th „ 
 
 36,560, 
 
 21,560, 
 
 3,354, 
 
 4,618, 
 
 20,896, 
 
 473, 
 
 
 24th „ 
 
 36,558, 
 
 21,558, 
 
 3,361, 
 
 4,697, 
 
 20,776, 
 
 461, 
 
 
 31st „ 
 
 36,725, 
 
 21,725, 
 
 3,362, 
 
 4,898, 
 
 20,594, 
 
 490, 
 
 
 7th Aug 
 
 37,043, 
 
 22,043, 
 
 3,400, 
 
 5,190, 
 
 19,857, 
 
 489, 
 
 
 14th „ 
 
 37,288, 
 
 22,288, 
 
 3,404, 
 
 5,508, 
 
 19,947, 
 
 502. 
 
 
 21st „ 
 
 37,358, 
 
 22,358, 
 
 3,400, 
 
 6,527. 
 
 19,468, 
 
 518, 
 
 
 28th „ 
 
 37,325, 
 
 22,325, 
 
 3,375, 
 
 7,380, 
 
 18,870, 
 
 522, 
 
 
 4th Sept 
 
 37,859, 
 
 22,859, 
 
 3,658, 
 
 7,673, 
 
 18,866, 
 
 561, 
 
 
 11th „ 
 
 38,127, 
 
 23.127, 
 
 3,661, 
 
 7,945, 
 
 19,155, 
 
 520, 
 
 
 18th „ 
 
 38,330, 
 
 23,330, 
 
 3,678, 
 
 7,975, 
 
 19,166, 
 
 531, 
 
 
 25th „ 
 
 38,238, 
 
 23,238, 
 
 3,681, 
 
 8,361, 
 
 18,919, 
 
 543, 
 
 
 2nd Oct 
 
 38,497, 
 
 23,497, 
 
 3,671, 
 
 7,527, 
 
 18,430, 
 
 583, 
 
 
 9th „ 
 
 37,989, 
 
 22,989, 
 
 3,675, 
 
 7,557, 
 
 18,303, 
 
 553, 
 
 
 16th „ 
 
 37,134, 
 
 22,134, 
 
 3,065, 
 
 4,457, 
 
 20,433, 
 
 602, 
 
 
 23rd „ 
 
 36,683, 
 
 21,683, 
 
 3,070, 
 
 4,408, 
 
 20,075, 
 
 614, 
 
 
 30th „ 
 
 36,570, 
 
 21,570, 
 
 3,072, 
 
 4,921, 
 
 19,585, 
 
 638, 
 
 
 6th Nor 
 
 36,218, 
 
 21,218, 
 
 3,062, 
 
 5,397, 
 
 18,717. 
 
 648, 
 
 
 13th „ 
 
 36,150, 
 
 21,150, 
 
 3,067, 
 
 5,145, 
 
 18,692, 
 
 631. 
 
 
 20th „ 
 
 36,088, 
 
 21,088, 
 
 3,071, 
 
 5,054, 
 
 19,054, 
 
 605, 
 
 
 27th „ 
 
 35,940, 
 
 20,940, 
 
 3,071, 
 
 5,014, 
 
 19,233, 
 
 553, 
 
 
 4th Dec 
 
 35,603, 
 
 20,603, 
 
 3,039, 
 
 5,331, 
 
 18,507, 
 
 550, 
 
 
 11th „ 
 
 35,564, 
 
 20,564, 
 
 3,036, 
 
 5,784, 
 
 18,680, 
 
 555, 
 
 
 18th „ 
 
 35,787, 
 
 20,787, 
 
 3,039, 
 
 7,146, 
 
 19,000, 
 
 551, 
 
 
 24th „ 
 
 35,837, 
 
 20,837, 
 
 3,050, 
 
 7,179, 
 
 18,766, 
 
 568, 
 
 
Ban!: Oharte, J--.' <>f 1*1-1. 
 
 109 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 1867. 
 
 Issue above Bullion, 15,000,000/. Banking Department, Fix 
 
 •■1 It. 'in 
 
 1 
 
 
 Total Deposits 
 
 Government 
 
 0(1 
 
 Gold and 
 
 Nol 
 
 of 
 
 
 •c. 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Coin. 
 
 in Reserve. 
 
 oat. 
 
 : 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 e 
 
 Per cat. 
 
 
 
 
 29,213, 
 
 13,111, 
 
 22,817, 
 
 086, 
 
 in | |l> ( 
 
 
 1 ^ 
 
 2nd .I:mi. 
 
 
 27,976, 
 
 13,111, 
 
 21,751, 
 
 977, 
 
 10,1 17. 
 
 >> 
 
 1,862, 
 
 ', .. 
 
 
 26,011. 
 
 13,111, 
 
 20,000, 
 
 1,008, 
 
 9,972, 
 
 •■ 
 
 
 Lett 
 
 
 25.127, 
 
 13.111, 
 
 19,412, 
 
 1,010, 
 
 9,963, 
 
 >) 
 
 5,( 
 
 
 
 25,301, 
 
 13,111, 
 
 19,190, 
 
 973, 
 
 10,110, 
 
 , , 
 
 4,81 
 
 
 
 24,715, 
 
 13,111, 
 
 18,716, 
 
 929, 
 
 10,071. 
 
 • ■ 
 
 ■1 '.'2'.'. 
 
 
 
 24,857, 
 
 13,111, 
 
 18,318, 
 
 959, 
 
 10.5S7. 
 
 :: 
 
 4,413, 
 
 
 
 25,213, 
 
 13.111, 
 
 18,2(M. 
 
 1 .030, 
 
 10,985, 
 
 •• 
 
 4,015, 
 
 2d 
 
 
 25,072, 
 
 13.111, 
 
 18,046, 
 
 981, 
 
 Ki.030, 
 
 55 
 
 1 070. 
 
 27th 
 
 
 25,251, 
 
 13,111, 
 
 18,653, 
 
 983, 
 
 10,894, 
 
 55 
 
 1.0m;. 
 
 Oil. Hi 
 
 
 25,529, 
 
 13.111, 
 
 18,604, 
 
 1,019, 
 
 11,187, 
 
 ,, 
 
 3,813 
 
 L3th .. 
 
 
 26,173, 
 
 13,111, 
 
 18,877. 
 
 1,034, 
 
 11,578, 
 
 ... 
 
 :;.122. 
 
 tfa .. 
 
 
 26,983, 
 
 13,111, 
 
 20,01S. 
 
 1,043, 
 
 11,246, 
 
 •• 
 
 3,754, 
 
 27th .. 
 
 
 26,729, 
 
 13.111, 
 
 20.752. 
 
 1,035. 
 
 10,257. 
 
 )) 
 
 1.71:;. 
 
 1 April 
 
 
 25,186, 
 
 12,826, 
 
 18,960, 
 
 1,121. 
 
 9,949, 
 
 55 
 
 5,051, 
 
 10th .. 
 
 
 24.659, 
 
 12,876, 
 
 18,52 1 , 
 
 1,045, 
 
 9,895, 
 
 55 
 
 :,.i »'.-,. 
 
 17th .. 
 
 
 24,651, 
 
 12,876, 
 
 18.250, 
 
 1,111, 
 
 10,101, 
 
 55 
 
 19, 
 
 24th .. 
 
 
 25.326, 
 
 12,886, 
 
 19,169, 
 
 1,081, 
 
 9,868, 
 
 55 
 
 5,132, 
 
 Lai V 
 
 
 25,399, 
 
 12,886, 
 
 19,220, 
 
 1.167, 
 
 9.816, 
 
 55 
 
 5,184, 
 
 sti. .: 
 
 
 25,507, 
 
 12.886, 
 
 19,259, 
 
 1,153, 
 
 9,908, 
 
 55 
 
 5,092. 
 
 15th .. 
 
 
 26,200, 
 
 12,886, 
 
 19,122, 
 
 1,131, 
 
 10,762. 
 
 55 
 
 4,238, 
 
 22nd .. 
 
 
 26,585, 
 
 12,886, 
 
 18,S83, 
 
 1,130, 
 
 11,359, 
 
 55 
 
 3,611. 
 
 : .. 
 
 
 26,868, 
 
 12.886, 
 
 18,871, 
 
 1,148, 
 
 11,627, 
 
 2^ 
 
 3,37;;. 
 
 5th June 
 
 
 27,429, 
 
 12.886, 
 
 18.650, 
 
 1,149, 
 
 12,414, 
 
 m 
 
 2,51 
 
 12th .. 
 
 
 27,913, 
 
 12,886, 
 
 18,516, 
 
 1,172, 
 
 13,011, 
 
 55 
 
 L,9J 
 
 19th .. 
 
 
 29,390, 
 
 12,886, 
 
 20,098, 
 
 1,284, 
 
 12,897, 
 
 55 
 
 2.io;i. 
 
 26th .. 
 
 
 28,695, 
 
 12,831, 
 
 20,456, 
 
 1,053, 
 
 12,089, 
 
 55 
 
 2011. 
 
 1 Julv 
 
 
 26,879, 
 
 12,831, 
 
 18,3(52. 
 
 1,151, 
 
 12,337, 
 
 55 
 
 2,663, 
 
 10th 
 
 
 25,987, 
 
 12,831, 
 
 17.577. 
 
 1,127. 
 
 12,360, 
 
 55 
 
 2,640, 
 
 17(1. •• 
 
 
 25,934, 
 
 12,831, 
 
 17.248, 
 
 1,214, 
 
 12,555, 
 
 55 
 
 2,445, 
 
 21th .. 
 
 
 25,982, 
 
 12,831, 
 
 17,322, 
 
 1,201, 
 
 12.512. 
 
 ^_> 
 
 2.15s. 
 
 31d 
 
 
 25,535, 
 
 12,812. 
 
 16.763, 
 
 1,213, 
 
 12.699, 
 
 ■' 
 
 2,301, 
 
 7th Aug. 
 
 
 25,957, 
 
 12,812. 
 
 16.72 1. 
 
 1,204, 
 
 13,175, 
 
 •• 
 
 1,1 .- 
 
 lltlt .. 
 
 
 26,513, 
 
 12.812, 
 
 17,053, 
 
 1,174, 
 
 13,426, 
 
 55 
 
 1 574, 
 
 21-t .. 
 
 
 26,742. 
 
 12,812, 
 
 16,977, 
 
 1,249, 
 
 13,632. 
 
 55 
 
 1.:: 
 
 28th .. 
 
 
 27,100, 
 
 12,815, 
 
 17.157, 
 
 1,213, 
 
 13,796, 
 
 5, 
 
 1,204, 
 
 1th Sept. 
 
 
 27,620, 
 
 12,845, 
 
 17,360, 
 
 1,222, 
 
 14,406, 
 
 •• 
 
 50 1. 
 
 lltlt .. 
 
 
 27,672, 
 
 12,895, 
 
 17,21(5. 
 
 1,169, 
 
 14,623, 
 
 55 
 
 :<77. 
 
 L8th .. 
 
 
 27,823, 
 
 12,895, 
 
 17.122. 
 
 1,210, 
 
 14,830, 
 
 •• 
 
 17i>. 
 
 25th .. 
 
 
 26.541, 
 
 12,985, 
 
 17.25:^. 
 
 998, 
 
 13,620, 
 
 •• 
 
 1,380, 
 
 2t 
 
 
 26,413, 
 
 12,985, 
 
 17,161, 
 
 1.120, 
 
 13,462. 
 
 55 
 
 1,5 
 
 th .. 
 
 
 25,492, 
 
 12,891, 
 
 16,951, 
 
 1.127. 
 
 12,141, 
 
 •■ 
 
 2,8 
 
 16th 
 
 
 25,097, 
 
 12.891, 
 
 16,807. 
 
 1,104, 
 
 11,917. 
 
 55 
 
 8,0* 
 
 ■d .. 
 
 
 25,143, 
 
 12,891, 
 
 16,835, 
 
 1,127, 
 
 11,915, 
 
 
 3,085 
 
 
 
 24,792, 
 
 12,891, 
 
 16,789, 
 
 1,116, 
 
 11,611, 
 
 ■• 
 
 3,389, 
 
 • 
 
 
 21.171. 
 
 12,319, 
 
 16,683, 
 
 1,088, 
 
 12,0ol. 
 
 •' 
 
 2,9! 
 
 18th .. 
 
 
 21,733, 
 
 12.319, 
 
 16.681, 
 
 1,149, 
 
 12.188, 
 
 •• 
 
 2,812, 
 
 - 
 
 
 24,831, 
 
 12,319, 
 
 16.628, 
 
 1,119, 
 
 12.389, 
 
 •• 
 
 11. 
 
 27th .. 
 
 
 21.388, 
 
 12,319, 
 
 16,786, 
 
 1.114, 
 
 11,761. 
 
 •• 
 
 
 1th 1' 
 
 
 25,019, 
 
 12.319, 
 
 17.02;;. 
 
 1,100, 
 
 12,163, 
 
 •• 
 
 2,f 
 
 11th .. 
 
 
 26,698, 
 
 13,019, 
 
 17,219, 
 
 1,151. 
 
 12,898, 
 
 •• 
 
 2,102, 
 
 L8th .. 
 
 
 26,513, 
 
 13,019, 
 
 17,519, 
 
 1.10 1, 
 
 12.171. 
 
 •• 
 
 20. 
 
 24th .. 
 
170 
 
 Seyd — On the Operation of the 
 
 1868. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015, 100Z. ; 
 
 Other Securities, 3,984,9007. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 
 1868. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 
 35,972, 
 
 20,972, 
 
 3,101, 
 
 6,314, 
 
 21,655, 
 
 590, 
 
 
 8th „ 
 
 35,959, 
 
 20,959, 
 
 3,231, 
 
 3,651, 
 
 23,417, 
 
 645, 
 
 
 15th „ 
 
 36,004, 
 
 21,004, 
 
 3,269, 
 
 3,225, 
 
 23,000, 
 
 681, 
 
 
 22nd „ 
 
 36,081, 
 
 21,081, 
 
 3,288, 
 
 3,252, 
 
 22,650, 
 
 669, 
 
 
 29th „ 
 
 36,204, 
 
 21,204, 
 
 3,300, 
 
 3,545, 
 
 22,523, 
 
 608, 
 
 
 5th Feb 
 
 35,643, 
 
 20,643, 
 
 3,327, 
 
 4,110, 
 
 20,949, 
 
 648, 
 
 
 12th „ 
 
 35,378, 
 
 20,378, 
 
 3,129, 
 
 4,055, 
 
 21,039, 
 
 594, 
 
 
 19th „ 
 
 34,978, 
 
 19,978, 
 
 3,349, 
 
 4,049, 
 
 20,003, 
 
 599, 
 
 
 26th „ 
 
 35,122, 
 
 20,122, 
 
 3,329, 
 
 4,460, 
 
 19,815, 
 
 548, 
 
 
 4th March.... 
 
 34,974, 
 
 19,974, 
 
 3,611, 
 
 4,708, 
 
 19,914, 
 
 537, 
 
 
 11th „ 
 
 34,877, 
 
 19,877, 
 
 3,613, 
 
 4,856, 
 
 20,326, 
 
 497, 
 
 
 18th „ 
 
 34,995, 
 
 19,995, 
 
 3,618, 
 
 5,927, 
 
 19,738, 
 
 468, 
 
 
 25th „ 
 
 35,100, 
 
 20,100, 
 
 3,635, 
 
 7,287, 
 
 19,502, 
 
 438, 
 
 
 1st April .... 
 
 34,935, 
 
 19,935, 
 
 3,628, 
 
 6,910, 
 
 20,292, 
 
 524, 
 
 
 8th „ 
 
 34,728, 
 
 19,728, 
 
 3,091, 
 
 3,894, 
 
 21,147, 
 
 513, 
 
 
 15th „ 
 
 34,587, 
 
 19,587, 
 
 3,098, 
 
 4,030, 
 
 20,157, 
 
 485, 
 
 
 22nd „ 
 
 34,316, 
 
 19,316, 
 
 3,104, 
 
 4,219, 
 
 20,349, 
 
 473, 
 
 
 29th „ 
 
 34,387, 
 
 19,387, 
 
 3,108, 
 
 4,800, 
 
 19,917, 
 
 466, 
 
 
 6th May 
 
 34,234, 
 
 19,234, 
 
 3,102, 
 
 5,128, 
 
 20,209, 
 
 472, 
 
 
 13th „ 
 
 33,994, 
 
 18,994, 
 
 3,108, 
 
 5,774, 
 
 20,061, 
 
 485, 
 
 
 20th „ 
 
 34,468, 
 
 19.468, 
 
 3,112, 
 
 6,041, 
 
 20,321, 
 
 480, 
 
 
 27th „ 
 
 34,977, 
 
 19,977, 
 
 3,114, 
 
 6,196, 
 
 20,848, 
 
 467, 
 
 
 3rd June .... 
 
 35,735, 
 
 20,735, 
 
 3,069, 
 
 6,489, 
 
 20,755, 
 
 465, 
 
 
 10th „ 
 
 35,944, 
 
 20,944, 
 
 3,075, 
 
 7,415, 
 
 20,303, 
 
 468, 
 
 
 17th „ 
 
 36,320, 
 
 21,320, 
 
 3,084, 
 
 7,986, 
 
 19,707, 
 
 425, 
 
 
 24th „ 
 
 36,678, 
 
 21,678, 
 
 3,085, 
 
 8,095, 
 
 19,531, 
 
 466, 
 
 
 1st July 
 
 36,660, 
 
 21,660, 
 
 3,122, 
 
 7,021, 
 
 21,497, 
 
 452, 
 
 
 8th „ 
 
 36,388, 
 
 21,388, 
 
 3,249, 
 
 4,396, 
 
 23,158, 
 
 500, 
 
 
 15th „ 
 
 35,966, 
 
 20,966, 
 
 3,280, 
 
 3,360, 
 
 22,080, 
 
 557, 
 
 
 22nd „ 
 
 35,815, 
 
 20,815, 
 
 3,305, 
 
 3,140, 
 
 22,077, 
 
 525, 
 
 
 29th „ 
 
 35,748, 
 
 20,748, 
 
 3,316, 
 
 3,499, 
 
 21,454, 
 
 501, 
 
 
 5th Aug 
 
 35,219, 
 
 20,219, 
 
 3,340, 
 
 3,379, 
 
 20,667, 
 
 551, 
 
 
 12th „ 
 
 34,631, 
 
 19,631, 
 
 3,345, 
 
 3,089, 
 
 20,207, 
 
 614, 
 
 
 19th „ 
 
 34,639, 
 
 19,639, 
 
 3,354, 
 
 2,864, 
 
 20,172, 
 
 511, 
 
 
 26th „ 
 
 34,617, 
 
 19,617, 
 
 3,331, 
 
 2,979, 
 
 19,839, 
 
 503, 
 
 
 2nd Sept 
 
 34,730, 
 
 19,730, 
 
 3,611, 
 
 3,274, 
 
 19,578, 
 
 553, 
 
 
 9th „ 
 
 34,617, 
 
 19,617, 
 
 3,614, 
 
 3,716, 
 
 19,424, 
 
 559, 
 
 
 16th „ 
 
 34,612, 
 
 19,612, 
 
 3,616, 
 
 3,976, 
 
 19,310, 
 
 590, 
 
 
 23rd „ 
 
 34,768, 
 
 19,768, 
 
 3,630, 
 
 5,195, 
 
 19,200, 
 
 605, 
 
 
 30th „ 
 
 34,897, 
 
 19,897, 
 
 3,622, 
 
 5,385, 
 
 18,735, 
 
 622, 
 
 
 7th Oct 
 
 34,693, 
 
 19,693, 
 
 3,623, 
 
 5,307, 
 
 18,022, 
 
 649, 
 
 
 14th „ 
 
 34,084, 
 
 19,084, 
 
 3,082, 
 
 3,838, 
 
 20,231, 
 
 702, 
 
 
 21st „ 
 
 33,851, 
 
 18,851, 
 
 3,088, 
 
 3,550, 
 
 20,406, 
 
 674, 
 
 
 28th „ 
 
 33,750, 
 
 18,750, 
 
 3,092, 
 
 4,129, 
 
 19,920, 
 
 667, 
 
 
 4th Nov 
 
 33,424, 
 
 18,424, 
 
 3,080, 
 
 4,281, 
 
 18,621, 
 
 643, 
 
 
 11th „ 
 
 33,230, 
 
 18,230, 
 
 3,084, 
 
 4,745, 
 
 19,249, 
 
 595, 
 
 
 18th „ 
 
 32,203, 
 
 17,203, 
 
 3,091, 
 
 5,031, 
 
 18,763, 
 
 605, 
 
 
 25th „ 
 
 32,137, 
 
 17,137, 
 
 3,095, 
 
 5,428, 
 
 18,103, 
 
 572, 
 
 
 2nd Dec 
 
 32,007, 
 
 17,007, 
 
 3,069, 
 
 5,576, 
 
 18,086, 
 
 562, 
 
 
 9th „ 
 
 31,764, 
 
 16,764, 
 
 3,064, 
 
 6,363, 
 
 17,608, 
 
 507, 
 
 
 16th „ 
 
 31,901, 
 
 16,901, 
 
 3,073, 
 
 5,956, 
 
 17,972, 
 
 449, 
 
 
 23rd „ 
 
 32,192, 
 
 17,192, 
 
 3,078, 
 
 6,900, 
 
 17,851, 
 
 434, 
 
 
 30th „ 
 
 32,269, 
 
 17,269, 
 
 3,091, 
 
 7,302, 
 
 19,489, 
 
 402, 
 
 
Bank Charter Act of 1844. 
 
 171 
 
 1st September, 1844, to end of Ls71 — Cohtd. 
 
 1866 
 
 Issue above 
 
 Bullion. 15,< 
 
 300,000/. Banking Department, Fii 
 
 ed li'in- 
 
 - ' ital. 1 1 
 
 'i. 
 
 
 Total Deposits 
 
 Government 
 
 Other 
 
 Gold and 
 
 N'.IrS 
 
 
 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 er Coin. 
 
 in Reserve, 
 
 iunt. 
 
 . illion. 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 ii'. 
 
 
 
 
 28,550, 
 
 1.3,269, 
 
 20,125. 
 
 1,090, 
 
 11,730, 
 
 •> 
 
 ::.l. 
 
 1 -t Jan. 
 
 
 27,713, 
 
 14,369, 
 
 18.301, 
 
 1,101, 
 
 1.1,725, 
 
 • i 
 
 3,275, 
 
 Nth 
 
 
 26,906, 
 
 1 1,569, 
 
 17,397, 
 
 1,082, 
 
 1.1,679, 
 
 •• 
 
 21, 
 
 15th .. 
 
 
 26,571, 
 
 14,269, 
 
 16,811, 
 
 1,120, 
 
 L2,212, 
 
 ,» 
 
 2.7 
 
 22n 1 
 
 
 26,676, 
 
 14,068, 
 
 16,616, 
 
 1,116, 
 
 12 729 
 
 
 2,271, 
 
 
 
 25.708, 
 
 14,068, 
 
 16. III. 
 
 1,112, 
 
 11,903, 
 
 19 
 
 3.037, 
 
 5t1 1 
 
 
 25,688, 
 
 13,968, 
 
 16,499, 
 
 1,228, 
 
 Ll,875, 
 
 ,, 
 
 3,125, 
 
 L2th .. 
 
 
 24,651, 
 
 13,468, 
 
 16,265, 
 
 1,214, 
 
 ll,6i '5. 
 
 ,, 
 
 :; 395, 
 
 10th 
 
 
 24,82 1 , 
 
 13,268, 
 
 16.206, 
 
 1,227, 
 
 12,005, 
 
 >J 
 
 2.005. 
 
 ■:. .. 
 
 
 25,150. 
 
 13,268, 
 
 17,512, 
 
 1,162, 
 
 11,381, 
 
 ,, 
 
 3,619, 
 
 oh M 
 
 
 25,679, 
 
 13.268, 
 
 17,572, 
 
 1 .304, 
 
 11,702, 
 
 JJ 
 
 3,2 
 
 Llth .. 
 
 
 26,133, 
 
 1:5.272, 
 
 17.777. 
 
 1.287, 
 
 Ll,967, 
 
 ,, 
 
 3,033, 
 
 Istli .. 
 
 
 27,227, 
 
 13.272, 
 
 19,040, 
 
 1.338, 
 
 11,765, 
 
 J, 
 
 3,235, 
 
 25tl 
 
 
 27.726, 
 
 13.272, 
 
 20,698, 
 
 1,169, 
 
 10.707, 
 
 5, 
 
 4,233, 
 
 -\]iril 
 
 
 25,553, 
 
 13,268, 
 
 18,716, 
 
 1,097, 
 
 10,117. 
 
 •• 
 
 4,883, 
 
 8th .. 
 
 
 24,672, 
 
 13,278, 
 
 17,798, 
 
 1,124, 
 
 10.123, 
 
 ,, 
 
 1,877, 
 
 15tli 
 
 
 25,041, 
 
 13,278, 
 
 17,833, 
 
 1,212, 
 
 10.376, 
 
 ,, 
 
 4,624, 
 
 i 1 .. 
 
 
 25,183, 
 
 13,278, 
 
 18,084, 
 
 1.215, 
 
 10,236, 
 
 J, 
 
 4,764, 
 
 2 bh .. 
 
 
 25,810, 
 
 13,278, 
 
 19,238, 
 
 1,169, 
 
 0.770, 
 
 ,, 
 
 5 221 
 
 6th May 
 
 
 26,320, 
 
 13,278, 
 
 19.390, 
 
 1.298, 
 
 10,015, 
 
 ,, 
 
 4,985, 
 
 13th .." 
 
 
 26,842, 
 
 12,278, 
 
 19,365, 
 
 1,321, 
 
 10.5 13. 
 
 J J 
 
 4,457, 
 
 20th .. 
 
 
 27,510, 
 
 13,295, 
 
 19,272, 
 
 1,313, 
 
 11,297, 
 
 ,, 
 
 :;.7 
 
 27th .. 
 
 
 27,708, 
 
 13,295, 
 
 19,292, 
 
 1,235, 
 
 11,508, 
 
 J, 
 
 3,492, 
 
 3rd June 
 
 
 28,185, 
 
 13,295, 
 
 18,850, 
 
 1,261, 
 
 12,408, 
 
 ,, 
 
 2,592, 
 
 10th .. 
 
 
 28,118, 
 
 13,295, 
 
 18,414, 
 
 1,251, 
 
 12,795, 
 
 J> 
 
 2,205, 
 
 17::, . 
 
 
 28,093, 
 
 13,295, 
 
 18,160, 
 
 1,285, 
 
 12,991, 
 
 ,J 
 
 2.D09, 
 
 24th .. 
 
 
 28,971, 
 
 13.214, 
 
 20,452, 
 
 1,091, 
 
 11.889, 
 
 ,, 
 
 3.111, 
 
 1st July 
 
 
 28,054, 
 
 14,614, 
 
 18,413, 
 
 1,163, 
 
 11,666, 
 
 J> 
 
 3,334, 
 
 8th .: 
 
 
 25,996, 
 
 14,614, 
 
 16,904, 
 
 1 2^1 
 
 11,090, 
 
 ,, 
 
 3,910, 
 
 15th .. 
 
 
 25,743, 
 
 14,614, 
 
 16.400, 
 
 1,263, 
 
 11,324, 
 
 ,5 
 
 3,67i ;. 
 
 22nd .. 
 
 
 25,455, 
 
 14,614, 
 
 16,070, 
 
 1,217, 
 
 11,422, 
 
 ,, 
 
 3,578, 
 
 29th .. 
 
 
 24.598, 
 
 1 1.790, 
 
 16.290, 
 
 1,153, 
 
 10,255, 
 
 ,5 
 
 1.7 I 
 
 5th> A 
 
 
 23,910, 
 
 14,390, 
 
 16,150, 
 
 1,169, 
 
 10,098, 
 
 5, 
 
 •1.'. 
 
 
 
 23,547, 
 
 13,790, 
 
 16,174, 
 
 1.096, 
 
 10,393, 
 
 ,, 
 
 "7. 
 
 19th .. 
 
 
 23.321, 
 
 13,790, 
 
 15,597, 
 
 1,157, 
 
 10,662, 
 
 ,» 
 
 1.338, 
 
 2 th .. 
 
 
 23,405, 
 
 13,790, 
 
 16,240, 
 
 1,117, 
 
 10,422, 
 
 ?, 
 
 578, 
 
 2nd Sept 
 
 
 23,699, 
 
 13,790, 
 
 16,216, 
 
 1,119, 
 
 10,741, 
 
 •• 
 
 4,259, 
 
 th .. 
 
 
 23,876, 
 
 13,790, 
 
 16,124, 
 
 1,16 1, 
 
 10,967, 
 
 ■• 
 
 l.i 
 
 ' th .. 
 
 
 25,000, 
 
 14,790, 
 
 15,999, 
 
 1,197, 
 
 11,197, 
 
 J, 
 
 3,803, 
 
 1 .. 
 
 
 24,742, 
 
 14,940, 
 
 16,367, 
 
 1,104, 
 
 ln.506, 
 
 •' 
 
 4,494, 
 
 : th „ 
 
 
 23,978, 
 
 15,040, 
 
 16,054, 
 
 1,015, 
 
 10,045, 
 
 1) 
 
 4,95 " 
 
 7th Oi . 
 
 
 24,771, 
 
 15,936, 
 
 15,822, 
 
 1,080, 
 
 9,50 s. 
 
 
 5,432, 
 
 14th .. 
 
 
 24,630, 
 
 15,936, 
 
 15,882, 
 
 1,096, 
 
 9,357. 
 
 •' 
 
 5,643, 
 
 2l8t .. 
 
 
 24,715, 
 
 15,986, 
 
 15.705, 
 
 1,095, 
 
 0.571, 
 
 5J 
 
 5,426, 
 
 28tl .. 
 
 
 23,545, 
 
 15,486, 
 
 15,728, 
 
 1,054, 
 
 8,911, 
 
 ,» 
 
 6,1 • 
 
 4th Ni 
 
 
 24,588, 
 
 15,486, 
 
 16.317, 
 
 1,129, 
 
 9,294, 
 
 •■ 
 
 - 6, 
 
 llth .. 
 
 
 24,398, 
 
 15,301, 
 
 16,874, 
 
 1,154, 
 
 8 71 1. 
 
 
 286, 
 
 18th .. 
 
 
 24,103, 
 
 15,075, 
 
 16.662, 
 
 1,119, 
 
 8,894., 
 
 2.1 
 
 0.1 
 
 .. 
 
 
 24,224, 
 
 15,075, 
 
 17.193, 
 
 1 .080, 
 
 8,497, 
 
 •• 
 
 
 
 
 24,478, 
 
 15,075, 
 
 17,379, 
 
 1,078, 
 
 8,55 1. 
 
 :; 
 
 16, 
 
 9th .. 
 
 
 24,378, 
 
 14,075, 
 
 17,405, 
 
 1,257, 
 
 9,177. 
 
 •' 
 
 5,823, 
 
 b .. 
 
 
 25,185, 
 
 14,125, 
 
 18,339, 
 
 1,100, 
 
 9,252, 
 
 •• 
 
 5 7 is. 
 
 1 rd .. 
 
 
 27,193, 
 
 11,125, 
 
 20,781, 
 
 1.170. 
 
 8,755, 
 
 •• 
 
 . 15, 
 
 b .. 
 
 M 
 
172 
 
 Seid — On the Operation of the 
 
 1869. 
 
 Weekly Accounts of the Bank of England, from 
 
 1 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100?.; Other Securities, 3,984,900Z. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 
 18G9. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 6th Jan 
 
 32,137, 
 
 17,437, 
 
 3,188, 
 
 6,466, 
 
 19,496, 
 
 423, 
 
 
 13th „ 
 
 32,531, 
 
 17,534, 
 
 3,266, 
 
 3,638, 
 
 21,118, 
 
 500, 
 
 
 20th „ 
 
 32,596, 
 
 17,596, 
 
 3,322, 
 
 4,212, 
 
 20,174, 
 
 478, 
 
 
 27th „ 
 
 32.749, 
 
 17,749, 
 
 3,331, 
 
 4,025, 
 
 19,956, 
 
 501, 
 
 
 3rd Feb 
 
 32,450, 
 
 17,450, 
 
 3,363, 
 
 4,571, 
 
 17,736, 
 
 490, 
 
 
 10th „ 
 
 32,271, 
 
 17,271, 
 
 3,368, 
 
 4,729, 
 
 17,492, 
 
 473, 
 
 
 17th „ 
 
 32,338, 
 
 17,338, 
 
 3,387, 
 
 4,661, 
 
 17,948, 
 
 478, 
 
 
 21th „ 
 
 32,184, 
 
 17,184, 
 
 3,350, 
 
 5,031, 
 
 17,469, 
 
 457, 
 
 
 3rd March.... 
 
 31,927, 
 
 16,927, 
 
 3,351, 
 
 5,514, 
 
 17,551, 
 
 423, 
 
 
 10th „ 
 
 31,957, 
 
 16,957, 
 
 3,666, 
 
 6,491, 
 
 18,420, 
 
 432, 
 
 
 17th „ 
 
 31,983, 
 
 16,983, 
 
 3,670, 
 
 7,203, 
 
 17,984, 
 
 465, 
 
 
 24th „ 
 
 31,919, 
 
 16,919, 
 
 3,695, 
 
 7,507, 
 
 17,033, 
 
 433, 
 
 
 31st „ 
 
 31,474, 
 
 16,474, 
 
 3,690, 
 
 7,891, 
 
 17,479, 
 
 478, 
 
 
 7th April .... 
 
 31,239, 
 
 16,239, 
 
 3,113, 
 
 4,755, 
 
 18,803, 
 
 478, 
 
 
 14th „ 
 
 30,890, 
 
 15,890, 
 
 3,119, 
 
 4,306, 
 
 18,112, 
 
 481, 
 
 
 21st „ 
 
 30,894, 
 
 15,894, 
 
 3,130, 
 
 4.955, 
 
 17,659, 
 
 485, 
 
 
 28th „ 
 
 30,835, 
 
 15,835, 
 
 3,138, 
 
 4,969, 
 
 16,968, 
 
 474, 
 
 
 5th May 
 
 30,511, 
 
 15,511, 
 
 3,130, 
 
 5,117, 
 
 15,928, 
 
 452, 
 
 
 12th „ 
 
 30,395, 
 
 15,395, 
 
 3,152, 
 
 5.681, 
 
 17,465, 
 
 467, 
 
 
 19th „ 
 
 30,697, 
 
 15,697, 
 
 3,164, 
 
 4,932, 
 
 18,004, 
 
 457, 
 
 
 26th , 
 
 31,176, 
 
 16,176, 
 
 3,168, 
 
 5,647, 
 
 17,593, 
 
 410, 
 
 
 2nd June ... 
 
 31,664, 
 
 16,664, 
 
 3,138, 
 
 6,055, 
 
 17,104, 
 
 418, 
 
 
 9th „ 
 
 32,469, 
 
 17,469, 
 
 3,132, 
 
 6,950, 
 
 17,169, 
 
 464, 
 
 
 16th „ 
 
 33,043, 
 
 18,043, 
 
 3,142, 
 
 7,139, 
 
 17,455, 
 
 416, 
 
 
 23rd „ 
 
 33,412, 
 
 18,412, 
 
 3,148, 
 
 7,498, 
 
 16,973, 
 
 448, 
 
 
 30th „ 
 
 33,624, 
 
 18,624, 
 
 3,178, 
 
 8,762, 
 
 19,150, 
 
 451, 
 
 
 7th July .... 
 
 33,745, 
 
 18,745, 
 
 3,352, 
 
 4,456, 
 
 21,091, 
 
 • 475, 
 
 
 14th „ 
 
 33,749, 
 
 18,749, 
 
 3,353, 
 
 3,920, 
 
 19,941, 
 
 508, 
 
 
 21st „ 
 
 34,176, 
 
 19,176, 
 
 3,373, 
 
 4,173, 
 
 19,933, 
 
 4S2, 
 
 
 28th „ 
 
 34,286, 
 
 19,286, 
 
 3,390, 
 
 4,271, 
 
 19,609, 
 
 469, 
 
 
 4th Aug 
 
 31,538, 
 
 19,538, 
 
 3,409, 
 
 3,741, 
 
 18,10 1 , 
 
 525, 
 
 
 11th „ 
 
 3 1,614, 
 
 19,614, 
 
 3,413, 
 
 3,242, 
 
 18,592, 
 
 520, 
 
 
 18th ., 
 
 34,911, 
 
 19,911, 
 
 3,133, . 
 
 3,272, 
 
 18,597, 
 
 511, 
 
 
 25th „ 
 
 35,000, 
 
 20,000, 
 
 3,398, 
 
 3,766, 
 
 18,703, 
 
 486, 
 
 
 1st Sept 
 
 3 1,932, 
 
 19,982, 
 
 3.670, 
 
 3,910, 
 
 18,413, 
 
 519, 
 
 
 8th „ 
 
 3 1.541, 
 
 19,541, 
 
 3,682, 
 
 4,570, 
 
 17,553, 
 
 533, 
 
 
 15th „ 
 
 34,401, 
 
 19,401, 
 
 3,6 
 
 •1919, 
 
 17,568, 
 
 523, 
 
 
 22nd „ 
 
 34,223, 
 
 19,223, 
 
 3,701, 
 
 5,118, 
 
 17.365, 
 
 518, 
 
 
 29th „ 
 
 33,829, 
 
 18,829, 
 
 3,714, 
 
 5.590, 
 
 17.222, 
 
 591, 
 
 
 6th Oct 
 
 33,627, 
 
 18,627, 
 
 3,066, 
 
 a,97i, 
 
 19,612, 
 
 569, 
 
 
 13th „ 
 
 33,164, 
 
 18.161, 
 
 3,074, 
 
 3,489, 
 
 18,483, 
 
 606, 
 
 
 20th „ 
 
 32,889, 
 
 1 7,889, 
 
 3,100, 
 
 3,519, 
 
 18,175, 
 
 580, 
 
 
 27th „ 
 
 32,880, 
 
 17,880, 
 
 3,104, 
 
 3,50S, 
 
 17,853, 
 
 570, 
 
 
 3rd Nov 
 
 32,661, 
 
 17,601, 
 
 3,095, 
 
 3.363, 
 
 1 7,629, 
 
 625, 
 
 
 10th „ 
 
 32,299, 
 
 17.299, 
 
 3,103, 
 
 3,516, 
 
 17,8 19, 
 
 596, 
 
 
 17th „ 
 
 32,479, 
 
 17,179, 
 
 3,108, 
 
 4,0ol, 
 
 17,910, 
 
 579, 
 
 
 24th „ 
 
 32,560, 
 
 17,560, 
 
 3,111, 
 
 4,427, 
 
 17,799, 
 
 574, 
 
 
 1st Dec 
 
 32,505, 
 
 17,505, 
 
 3,078, 
 
 4,472, 
 
 17,657, 
 
 563, 
 
 
 8th „ 
 
 32,783, 
 
 17,783, 
 
 3,075, 
 
 5,313, 
 
 17,600, 
 
 534, 
 
 
 15th „ 
 
 33,263, 
 
 18,263, 
 
 3,086, 
 
 6,773, 
 
 17,240, 
 
 505, 
 
 
 22nd „ 
 
 33,317, 
 
 18,317, 
 
 3,093, 
 
 8,014, 
 
 17,319, 
 
 500, 
 
 
 29th „ 
 
 33,289, 
 
 18,289, 
 
 3,103, 
 
 8,585, 
 
 18,205, 
 
 445, 
 
 
• /.■ ( '/>",■/■ ,- Act "J 1 W 1- i . 
 
 
 1st September^ 1844, to end of 1871 — Cont<L 
 
 I860. 
 
 Issue above Bullion, 15,000,000/. Banking Department, Y\\ 1 [tern- 
 
 -Capital, 1 1 
 
 ! 
 
 
 Total Deposits 
 
 Government 
 
 Othi r 
 
 Gold and 
 
 Nol 
 
 of 
 
 illation 
 
 
 
 and Bills. 
 
 Securities, 
 
 Securitii . 
 
 Sill if ('win. 
 
 in Resen e. 
 
 Discount. 
 
 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 Per cut. 
 
 E 
 
 
 
 26,385, 
 
 13,985, 
 
 20.6! 
 
 1,083, 
 
 8,413, 
 
 :'. 
 
 87, 
 
 6tli J mi. 
 
 
 25,256, 
 
 15,8 
 
 17.707, 
 
 1,071. 
 
 . 8,409, 
 
 ■ • 
 
 6,591, 
 
 th „ 
 
 
 24,864, 
 
 15,935, 
 
 17,080, 
 
 1,11 >8, 
 
 8,616, 
 
 v 
 
 6,3 
 
 h n 
 
 
 24,48$, 
 
 15,1:55, 
 
 16,) 
 
 1,077. 
 
 0.2:;:, 
 
 
 ." 766, 
 
 27th .. 
 
 
 22,796, 
 
 14,027, 
 
 16,997, 
 
 1,061, 
 
 8,6S 
 
 >> 
 
 6,372, 
 
 
 
 22,69 !. 
 
 14,027, 
 
 16,5 
 
 1,137, 
 
 8,939, 
 
 ;j 
 
 61, 
 
 lot], 
 
 
 6, 
 
 14,077. 
 
 16,6 
 
 1,133, 
 
 9,184, 
 
 >> 
 
 5. so;. 
 
 170, .. 
 
 
 22,957, 
 
 14,077, 
 
 16,308, 
 
 1,088, 
 
 9,388, 
 
 >j 
 
 5.012. 
 
 20m .. 
 
 
 23,487, 
 
 14,077, 
 
 is. 161, 
 
 1,09 1 , 
 
 8,360, 
 
 )> 
 
 0.0 
 
 ' 
 
 
 24,943, 
 
 14,077, 
 
 19,628, 
 
 1.105, 
 
 8,753, 
 
 >) 
 
 6,2 17. 
 
 H'tll ,, 
 
 
 25,652, 
 
 11.127, 
 
 19,350, 
 
 1,136, 
 
 9,262, 
 
 5) 
 
 5.7- 
 
 17th „ 
 
 
 24,97 
 
 13,999, 
 
 19,1 
 
 1,117, 
 
 8,982, 
 
 J) 
 
 6,018, 
 
 _ th .. 
 
 
 25,849, 
 
 14,999, 
 
 20,131, 
 
 1,099, 
 
 7,862, 
 
 )' 
 
 7,138, 
 
 • .. 
 
 
 24,036, 
 
 14,971, 
 
 
 986, 
 
 7,265, 
 
 1 
 
 7.7: 
 
 7th April 
 
 
 22,899, 
 
 15.021, 
 
 17,370, 
 
 1,079. 
 
 7.102, 
 
 >> 
 
 7,81 
 
 lltl. ., 
 
 
 23,100, 
 
 15,021, 
 
 17.370, 
 
 1.136, 
 
 7.256, 
 
 )> 
 
 7.711. 
 
 21* .. 
 
 
 22,411, 
 
 14.521, 
 
 17,083, 
 
 1.117. 
 
 7,341, 
 
 JJ 
 
 
 28th .. 
 
 
 21,197, 
 
 14,021, 
 
 17,582, 
 
 1,072, 
 
 6,505, 
 
 •• 
 
 8,41 ! 
 
 5th ^1 
 
 
 23,613, 
 
 14,071, 
 
 19,304, 
 
 1,169, 
 
 6,775. 
 
 4i 
 
 8,225, 
 
 L2tl 
 
 
 23,394, 
 
 14,071, 
 
 18.569, 
 
 1,112, 
 
 7.359, • 
 
 ,, 
 
 7.0 11. 
 
 19th „ 
 
 
 23,650, 
 
 14,071, 
 
 17.967, 
 
 1,205, 
 
 8,129, 
 
 j) 
 
 6,871, 
 
 20th .. 
 
 
 23.577, 
 
 14,098, 
 
 17,883, 
 
 1,157. 
 
 8,139, 
 
 >) 
 
 il, 
 
 2nd June 
 
 
 24,583, 
 
 14,148, 
 
 17,331, 
 
 1,162, 
 
 9,620. 
 
 ,, 
 
 5,37 1. 
 
 9th .. 
 
 
 25,041, 
 
 14,174, 
 
 16,986, 
 
 1,110, 
 
 10,466, 
 
 1 
 
 4,535, 
 
 16tli .. 
 
 
 24,920, 
 
 14,240, 
 
 16,465, 
 
 1,184, 
 
 10.7:'.2. 
 
 , i 
 
 1.268, 
 
 rd „ 
 
 
 28.26 1, 
 
 14,154, 
 
 20.552, 
 
 1,157, 
 
 10,231, 
 
 03 
 
 4,769, 
 
 th .. 
 
 
 26,022. 
 
 15.703, 
 
 17,410, 
 
 1,066, 
 
 9,749, 
 
 ?) 
 
 5.251, 
 
 7th July 
 
 
 24,369, 
 
 15,723, 
 
 15.G95, 
 
 1,021, 
 
 9,830, 
 
 
 5.10!. 
 
 loi! ..' 
 
 
 24,588, 
 
 15,723, 
 
 15,415, 
 
 1,053, 
 
 10,3-!. 
 
 3 
 
 4,676, 
 
 21bI .. 
 
 
 24,349, 
 
 15,323, 
 
 15,196, 
 
 1,035, 
 
 10,739, 
 
 >> 
 
 4,261, 
 
 28th .. 
 
 
 22,369, 
 
 14,801, 
 
 11.295, 
 
 969, 
 
 10.266, 
 
 5) 
 
 4,734, 
 
 4th Aug. 
 
 
 22,354, 
 
 14,401, 
 
 14,015, 
 
 1,0S6, 
 
 10,818, 
 
 5' 
 
 4,182, 
 
 11th „ 
 
 
 22,380, 
 
 14,305, 
 
 13,791, 
 
 1,047, 
 
 11,22:1. 
 
 •• 
 
 0.777. 
 
 18th .. 
 
 
 22,955, 
 
 14,340, 
 
 13,802, 
 
 1,033, 
 
 11,732, 
 
 ..1 
 
 3.1 
 
 25th .. 
 
 
 22,842, 
 
 14,340, 
 
 14,356, 
 
 1,030, 
 
 11,3 
 
 V 
 
 ::.( 
 
 Lai Sept. 
 
 
 22,656, 
 
 14,340, 
 
 14,334, 
 
 1,061. 
 
 11,150. 
 
 n 
 
 :;.si !. 
 
 Mh .. 
 
 
 23,043", 
 
 14,340, 
 
 1 i 802, 
 
 1,004, 
 
 1 L,134, 
 
 •■ 
 
 G6, 
 
 L5th .. 
 
 
 23,002, 
 
 L4,318, 
 
 14,825, 
 
 970, 
 
 11.! 
 
 , , 
 
 "-I. 
 
 22n I .. 
 
 
 23,403, 
 
 
 L6.697, 
 
 1.011, 
 
 10,1 1:. 
 
 
 1,81 
 
 th .. 
 
 
 24,082, 
 
 15,212, 
 
 16.: 
 
 5 1 . 
 
 9,361, 
 
 • • 
 
 10, 
 
 6th Oct. 
 
 
 22.577, 
 
 15,212, 
 
 15,1 
 
 '.'57. 
 
 
 •• 
 
 0.017. 
 
 13th .. 
 
 
 22,305, 
 
 15,212, 
 
 1 : 854, 
 
 939, 
 
 8,9" 
 
 •• 
 
 17. 
 
 2 th .. 
 
 
 21,931, 
 
 14,512, 
 
 is, 
 
 910. 
 
 9.319, 
 
 >> 
 
 181, 
 
 27th . 
 
 
 21,617, 
 
 14,012, 
 
 15.722. 
 
 926, 
 
 8,605, 
 
 •• 
 
 
 3rd Nov. 
 
 
 21,960, 
 
 l: 1.812, 
 
 16,090, 
 
 974, 
 
 8,740, 
 
 3 
 
 
 loth .. 
 
 
 22,490, 
 
 13,812, 
 
 
 92 
 
 2 7. 
 
 >j 
 
 5,673, 
 
 17th .. 
 
 
 22,799, 
 
 13,812, 
 
 15,911, 
 
 1,006, 
 
 '.•735, 
 
 •• 
 
 265, 
 
 21th .. 
 
 
 22,691, 
 
 13,812, 
 
 10,170, 
 
 1,023. 
 
 9,317. 
 
 •• 
 
 5 683, 
 
 1st Dee. 
 
 
 28,477, 
 
 13,812, 
 
 16,398, 
 
 981. 
 
 9,911, 
 
 •) 
 
 s9, 
 
 E 1 h „ 
 
 
 24,518, 
 
 13.812, 
 
 16,578, 
 
 904, 
 
 10,863, 
 
 5> 
 
 1,187, 
 
 15tli „ 
 
 
 25,833, 
 
 13,812, 
 
 18,088, 
 
 916, 
 
 10,662, 
 
 n 
 
 -1,338, 
 
 22nd „ 
 
 
 27,235, 
 
 13,812, 
 
 19,782, 
 
 908, 
 
 10,390, 
 
 >} 
 
 1.010, 
 
 29th „ . 
 
 M -1 
 
174 
 
 Seyd — On the Operation of the 
 
 1870. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Government Debt, 11,015,100?. ; Other Securities, 3,98-1,900?. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Davs' 
 Bills, &c. 
 
 
 1870. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 5th Jan 
 
 33,209, 
 
 18,209, 
 
 3,236, 
 
 10,242, 
 
 18,288, 
 
 502, 
 
 
 12th „ 
 
 33,299, 
 
 18,299, 
 
 3,315, 
 
 6,312, 
 
 18,342, 
 
 503, 
 
 
 19th „ 
 
 33,446, 
 
 18,446, 
 
 3,334, 
 
 7,313, 
 
 18,085, 
 
 509, 
 
 
 26th „ 
 
 33,403, 
 
 18,403, 
 
 3,341, 
 
 8,347, 
 
 17,370, 
 
 449, 
 
 
 2nd Feb 
 
 33,571, 
 
 18,571, 
 
 3,364, 
 
 6,227, 
 
 21,101, 
 
 452, 
 
 
 9th „ 
 
 33,726, 
 
 18,726, 
 
 3.371, 
 
 7,378, 
 
 18,793, 
 
 457, 
 
 
 16th „ 
 
 33,815, 
 
 18,815, 
 
 3,395, 
 
 9,391, 
 
 16,543, 
 
 457, 
 
 
 23rd „ 
 
 33,927, 
 
 18,927, 
 
 3,368, 
 
 9,274, 
 
 17,296, 
 
 450, 
 
 
 2nd March.... 
 
 34,098, 
 
 19,098, 
 
 3,625, 
 
 9,793, 
 
 17,275, 
 
 448, 
 
 
 9th „ 
 
 34,135, 
 
 19,135, 
 
 3,632, 
 
 10,908, 
 
 16,762, 
 
 412, 
 
 
 16th „ 
 
 34,197, 
 
 19,197, 
 
 3,637, 
 
 11,573, 
 
 16,593, 
 
 417, 
 
 
 23rd „ 
 
 34,340, 
 
 19,340, 
 
 3,668, 
 
 12,250, 
 
 15,782, 
 
 379, 
 
 
 30th „ 
 
 34,897, 
 
 19,897, 
 
 3,678, 
 
 11,293, 
 
 17,162, 
 
 362, 
 
 
 6th April .... 
 
 34,562, 
 
 19,562, 
 
 3,091, 
 
 8,326, 
 
 17,331, 
 
 373, 
 
 
 13th „ 
 
 34,171, 
 
 19,171, 
 
 3,099, 
 
 7,293, 
 
 18,042, 
 
 427, 
 
 
 20th „ 
 
 33,972, 
 
 18,972, 
 
 3,109, 
 
 7,660, 
 
 16,977, 
 
 431, 
 
 
 27th „ 
 
 33,993, 
 
 18,993, 
 
 3,114, 
 
 8,067, 
 
 16,347, 
 
 388, 
 
 
 4th Mav 
 
 33,901, 
 
 18,901, 
 
 3,110, 
 
 8,633, 
 
 16,001, 
 
 429, 
 
 
 11th „ 
 
 33,736, 
 
 18,736, 
 
 3,118, 
 
 8,881, 
 
 16,339, 
 
 395, 
 
 
 18th „ 
 
 33,918, 
 
 18,948, 
 
 3,125, 
 
 9,182, 
 
 15,907, 
 
 396, 
 
 
 25th „ 
 
 34,372, 
 
 19,372, 
 
 3,132, 
 
 9,550, 
 
 16,024, 
 
 379, 
 
 
 1st June .... 
 
 34,541, 
 
 19,541, 
 
 3,097, 
 
 10,066, 
 
 16,310, 
 
 410, 
 
 
 8th ,, 
 
 34,698, 
 
 19,698, 
 
 3,095, 
 
 10,716, 
 
 16,067, 
 
 391, 
 
 
 15th „ 
 
 34,917, 
 
 19,917, 
 
 3,112, 
 
 11,166, 
 
 17,343, 
 
 367, 
 
 
 22nd „ 
 
 35,580, 
 
 20,580, 
 
 3,119, 
 
 11,859, 
 
 16,341, 
 
 398, 
 
 
 29th „ 
 
 35,861, 
 
 20,861, 
 
 3,129, 
 
 13,684, 
 
 17,827, 
 
 376, 
 
 
 6th July .... 
 
 35,451, 
 
 20,451, 
 
 3,315, 
 
 7,086, 
 
 20,975, 
 
 416, 
 
 
 13th „ 
 
 35,092, 
 
 20,092, 
 
 3,555, 
 
 5,938, 
 
 18,732, 
 
 449, 
 
 
 20th „ 
 
 34,547, 
 
 19,547, 
 
 3,385, 
 
 5,670, 
 
 19,809, 
 
 •140, 
 
 
 27th „ 
 
 33,395, 
 
 18,395, 
 
 3,410, 
 
 5,867, 
 
 21,013, 
 
 569, 
 
 
 3rd Aug 
 
 32,958, 
 
 17,958, 
 
 3,446, 
 
 6,091, 
 
 20,589, 
 
 629, 
 
 
 10th „ 
 
 33,230, 
 
 18,230, 
 
 3,454, 
 
 5,606, 
 
 20,696, 
 
 683, 
 
 
 17th „ 
 
 33,812, 
 
 18,812, 
 
 3,472, 
 
 5,345, 
 
 20,443, 
 
 807, 
 
 
 24th „ 
 
 34,107, 
 
 19,107, 
 
 3,434, 
 
 5,265, 
 
 20,030, 
 
 900, 
 
 
 31st „ 
 
 34,748, 
 
 19,748, 
 
 3,663, 
 
 5,581, 
 
 19,937, 
 
 861, 
 
 
 7th Sept 
 
 35,162, 
 
 20,162, 
 
 3,667, 
 
 6,111, 
 
 19,315, 
 
 810, 
 
 
 14th „ 
 
 35,680, 
 
 20,680, 
 
 3,675, 
 
 6,066, 
 
 19,545, 
 
 893, 
 
 
 21st „ 
 
 35,919, 
 
 20,919, 
 
 3,712, 
 
 6,282, 
 
 18,356, 
 
 895, 
 
 
 28th „ 
 
 36,571, 
 
 21,571, 
 
 3,716, 
 
 6,341, 
 
 18,288, 
 
 918, 
 
 
 5th Oct 
 
 36,545, 
 
 21,545, 
 
 3,052, 
 
 6,580, 
 
 18,168, 
 
 998, 
 
 
 12th „ 
 
 36,525, 
 
 21,525, 
 
 3,092, 
 
 4,117, 
 
 19,321, 
 
 992, 
 
 
 19th „ 
 
 36,191, 
 
 21,191, 
 
 3,100, 
 
 4,724, 
 
 18,331, 
 
 913, 
 
 
 26th „ 
 
 36,175, 
 
 21,175, 
 
 3,106, 
 
 4,627, 
 
 18,059, 
 
 951, 
 
 
 2nd Nor 
 
 36,109, 
 
 21,109, 
 
 3,099, 
 
 4,709, 
 
 18,186, 
 
 981, 
 
 
 9th „ 
 
 36,179, 
 
 21,179, 
 
 3,107, 
 
 4,886, 
 
 18,644, 
 
 1,004, 
 
 
 16th „ 
 
 36,318, 
 
 21,318, 
 
 3,110, 
 
 4,879, 
 
 18.892, 
 
 986, 
 
 
 23rd „ 
 
 36,344, 
 
 21,344, 
 
 3,115, 
 
 5,661, 
 
 18,781, 
 
 1,006, 
 
 
 30th „ 
 
 36,355, 
 
 21,355, 
 
 3,062, 
 
 5,866, 
 
 18,393, 
 
 984, 
 
 
 7th Dec 
 
 36,829, 
 
 21,829, 
 
 3,065, 
 
 6,010, 
 
 18,648, 
 
 913, 
 
 
 14th „ 
 
 37,021, 
 
 22,021, 
 
 3,077, 
 
 6,789, 
 
 18,660, 
 
 941, 
 
 
 21st „ 
 
 37,009, 
 
 22,009, 
 
 3,082, 
 
 7,120, 
 
 17,815, 
 
 800, 
 
 
 28th „ 
 
 37,007, 
 
 22,007, 
 
 3,087, 
 
 8,101, 
 
 18,245, 
 
 761, 
 
 
Banh Charter Act of 1844. 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 m 
 
 1870. 
 
 
 Issue above 
 
 Bullion, 15 
 
 ,000,000/. 
 
 Banking Department, Fixed [ten 
 
 i ' ipital, 1 
 
 .../. 
 
 j 
 
 Total Deposits 
 
 Government 
 
 Other 
 
 Gold and 
 
 Notes 
 
 i; .■ 
 
 illation 
 
 t i * 
 
 
 ami Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Coin. 
 
 in Reserve, 
 
 ■ Hill. 
 
 above Bullion. 
 
 1 ' . 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 e 
 
 Per em. 
 
 C 
 
 i 
 
 1 
 
 29,032, 
 
 16,3 1 1 , 
 
 20,253, 
 
 887, 
 
 9,370, 
 
 3 
 
 5,630, 
 
 5th Jan. 
 
 
 25,158, 
 
 15,911, 
 
 16,512, 
 
 894, 
 
 9,709, 
 
 jy 
 
 5,291 
 
 L2th „ 
 
 
 25,908, 
 
 15,811, 
 
 17,035, 
 
 919, 
 
 l< MIL'S, 
 
 >> 
 
 i 972, 
 
 L9th 
 
 
 26,105, 
 
 14,211, 
 
 1.8,567, 
 
 875, 
 
 L0,406, 
 
 j> 
 
 1,594, 
 
 - 
 
 
 27,780, 
 
 13,831, 
 
 20,649, 
 
 936, 
 
 10,281, 
 
 )> 
 
 4,719, 
 
 2nd 1 
 
 
 26,628, 
 
 14,331, 
 
 18,372, 
 
 925, 
 
 L0,924, 
 
 j> 
 
 4,076, 
 
 9th „ 
 
 
 26,392, 
 
 14,331, 
 
 17,783, 
 
 950, 
 
 11,274, 
 
 33 
 
 3,726, 
 
 Mil, n 
 
 
 27,020, 
 
 13,831, 
 
 18,503, 
 
 963, 
 
 11,643, 
 
 33 
 
 3,357, 
 
 - 
 
 
 27,516, 
 
 13,831, 
 
 19,492, 
 
 931, 
 
 1 1 ,139, 
 
 33 
 
 3,561, 
 
 2nd Mar. 
 
 
 28,082, 
 
 13,831, 
 
 19,649, 
 
 951, 
 
 11,836, 
 
 33 
 
 3,164, 
 
 9th „ 
 
 
 28,583, 
 
 13,795, 
 
 19,750, 
 
 978, 
 
 12,249, 
 
 33 
 
 2,751, 
 
 16th „ 
 
 
 28,410, 
 
 13,832, 
 
 19,581, 
 
 975, 
 
 12,243, 
 
 33 
 
 2,757, 
 
 23rd „ 
 
 
 28,818, 
 
 12,832, 
 
 21,104, 
 
 969, 
 
 12,143, 
 
 33 
 
 2,857, 
 
 30th „ 
 
 
 26,030, 
 
 12,828, 
 
 18,822, 
 
 911, 
 
 11,112, 
 
 33 
 
 3,888, 
 
 'ith April 
 
 
 25,761, 
 
 12,828, 
 
 19,270, 
 
 895, 
 
 10,420, 
 
 33 
 
 l 580, 
 
 L3th „ 
 
 
 25,068, 
 
 12,828, 
 
 18,342, 
 
 952, 
 
 10,607, 
 
 »J 
 
 ■1 :; 
 
 -'til ,3 
 
 
 24,802, 
 
 12,853, 
 
 17,846, 
 
 981, 
 
 10,789, 
 
 33 
 
 •1.211, 
 
 27th .. 
 
 
 25,061, 
 
 12,896, 
 
 18,855, 
 
 947, 
 
 10,027, 
 
 33 
 
 4,973, 
 
 4th May 
 
 
 25,616, 
 
 12,932, 
 
 19,018, 
 
 1,046, 
 
 10,291, 
 
 33 
 
 4,709, 
 
 11th „ 
 
 
 25,485, 
 
 12,932, 
 
 18,454, 
 
 1,057, 
 
 10,720, 
 
 S3 
 
 4,280, 
 
 L8th „ 
 
 
 25,953, 
 
 12,976, 
 
 18,060, 
 
 1,035, 
 
 11,567, 
 
 53 
 
 :: 133, 
 
 25th 
 
 
 26,786. 
 
 12,976, 
 
 18,979, 
 
 954, 
 
 11,527, 
 
 33 
 
 3,473, 
 
 1 -t June 
 
 
 27,174, 
 
 13,019, 
 
 19,014, 
 
 iUb, 
 
 11,844, 
 
 33 
 
 3,156, 
 
 Mil „ 
 
 
 28,876, 
 
 13,017, 
 
 20,210, 
 
 1,001, 
 
 12,313, 
 
 33 
 
 2,687, 
 
 1 5th „ 
 
 
 28,599, 
 
 13,017, 
 
 19,241, 
 
 969, 
 
 13,043, 
 
 33 
 
 1,957, 
 
 22ml .. 
 
 
 31,886, 
 
 13,017, 
 
 22,855, 
 
 1,031, 
 
 12.665, 
 
 33 
 
 2.335, 
 
 29th .. 
 
 
 28,478, 
 
 12,488, 
 
 21,315, 
 
 998, 
 
 11,544, 
 
 33 
 
 3. u>6, 
 
 6th Julv 
 
 
 25,119, 
 
 12,493, 
 
 18,133, 
 
 913, 
 
 11,188, 
 
 33 
 
 3,812, 
 
 13th .," 
 
 
 25,919, 
 
 12,508, 
 
 20,173, 
 
 891, 
 
 10,282, 
 
 33 
 
 1,718, 
 
 20th ., 
 
 
 27,449, 
 
 12,508, 
 
 22,829, 
 
 858, 
 
 9,217, 
 
 4 
 
 5.7^3, 
 
 27th .. 
 
 
 27,309, 
 
 12,484, 
 
 23,492, 
 
 804, 
 
 8,527, 
 
 5 
 
 6,473, 
 
 3r 1 .'. 
 
 
 26,985, 
 
 12,484, 
 
 22,208, 
 
 850, 
 
 9,450, 
 
 6 
 
 5.550, 
 
 10th „ 
 
 
 26,595, 
 
 12,484, 
 
 20,887, 
 
 974, 
 
 10,276, 
 
 5* 
 
 4,724, 
 
 17ti. .. 
 
 
 26,194, 
 
 12,484, 
 
 19,950, 
 
 886, 
 
 10,861, 
 
 U 
 
 4,139, 
 
 21th „ 
 
 
 26,382, 
 
 12,484, 
 
 19,833, 
 
 889, 
 
 11,391, 
 
 4 
 
 3,609, 
 
 31st „ 
 
 
 26,236, 
 
 12,484, 
 
 19,442, 
 
 835, 
 
 11,695, 
 
 H 
 
 3,305, 
 
 7th Sept. 
 
 
 26,504, 
 
 12,483, 
 
 18,726, 
 
 868, 
 
 12,615, 
 
 3 3 
 
 2,385, 
 
 14th „ 
 
 
 25,534, 
 
 12,483, 
 
 17,616, 
 
 851, 
 
 12,849, 
 
 3 
 
 2.151. 
 
 fiX of . % 
 
 
 25,550, 
 
 12,483, 
 
 17,252, 
 
 806, 
 
 13,277, 
 
 3) 
 
 1,723, 
 
 28th „ 
 
 
 25,746, 
 
 12,983, 
 
 17,255, 
 
 843, 
 
 12,270, 
 
 
 2,730, 
 
 5th Oct. 
 
 
 24,429, 
 
 12,949, 
 
 16,169, 
 
 768, 
 
 12,188, 
 
 33 
 
 2. Ml". 
 
 12th „ 
 
 
 23,967, 
 
 13,131, 
 
 15,654, 
 
 775, 
 
 12,060, 
 
 3) 
 
 2,940, 
 
 19th „ 
 
 
 23,636, 
 
 12,652, 
 
 15,472, 
 
 824, 
 
 12.317, 
 
 33 
 
 2,6( 
 
 26th 
 
 
 23,876, 
 
 12,807, 
 
 16,161, 
 
 754, 
 
 11,087, 
 
 33 
 
 13, 
 
 2nd Nor. 
 
 
 24,534, 
 
 12,926, 
 
 16,081, 
 
 801, 
 
 12,385, 
 
 S3 
 
 2,615, 
 
 9th .. 
 
 
 24,767, 
 
 12,926, 
 
 16,049, 
 
 784, 
 
 12.661, 
 
 33 
 
 2,339, 
 
 16th .. 
 
 
 25,455, 
 
 12,926, 
 
 16,115, 
 
 853, 
 
 i:;.22:<. 
 
 33 
 
 1.777, 
 
 - i .. 
 
 
 25,243, 
 
 12,926, 
 
 16,049, 
 
 808, 
 
 13,075, 
 
 S3 
 
 1,925, 
 
 i .. 
 
 
 25,601, 
 
 12,926, 
 
 15,941, 
 
 843, 
 
 L3,509, 
 
 . , 
 
 1,491, 
 
 7t!i Dec. 
 
 
 26,389, 
 
 12,926, 
 
 15,937, 
 
 872, 
 
 1 1,186, 
 
 '• 
 
 81 I. 
 
 nth .. 
 
 
 26,035, 
 
 12,926, 
 
 15,877, 
 
 815, 
 
 M.i '."-2. 
 
 S3 
 
 948, 
 
 21* 
 
 
 27,107, 
 
 12,926, 
 
 17,168, 
 
 096, 
 
 13,957. 
 
 •' 
 
 1,0 
 
 28th .. 
 
176 
 
 Setd — On the Operation of the 
 
 1871. 
 
 Weekly Accounts of the Bank of England, from 
 
 Issue Department, Fixed Items — Grovemnient Debt, 11,015, 100Z. ; Other Securities, 3,984,900Z. 
 
 Date. 
 
 Notes Issued. 
 
 Bullion. 
 
 Rest. 
 
 Public 
 Deposits. 
 
 Other 
 Deposits. 
 
 Seven Days' 
 Bills, &c. 
 
 
 1871. 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 £ 
 
 
 36,722, 
 
 21,722, 
 
 3,146, 
 
 6,286, 
 
 20,283, 
 
 795, 
 
 
 11th „ 
 
 36,447, 
 
 21,447, 
 
 3,268, 
 
 3,492, 
 
 22,855, 
 
 799, 
 
 
 18th „ 
 
 36,190, 
 
 21,190, 
 
 3,323, 
 
 4,086, 
 
 21,133, 
 
 829, 
 
 
 25th „ 
 
 35,998, 
 
 20,998, 
 
 3,326, 
 
 4,361, 
 
 20,195, 
 
 762, 
 
 
 1st Feb 
 
 36,182, 
 
 21,182, 
 
 3,344, 
 
 5,090, 
 
 19,091, 
 
 768, 
 
 
 8th „ 
 
 35,981, 
 
 20,981, 
 
 3,356, 
 
 6,422, 
 
 18,369, 
 
 755, 
 
 
 15th „ 
 
 36,217, 
 
 21,217, 
 
 3,370, 
 
 7,741, 
 
 18,930, 
 
 719, 
 
 
 22nd „ 
 
 36,101, 
 
 21,101, 
 
 3,384, 
 
 8,578, 
 
 19,741, 
 
 699, 
 
 
 1st March.... 
 
 35,997, 
 
 20,997, 
 
 3,674, 
 
 9,451, 
 
 22,566, 
 
 746, 
 
 
 8th „ 
 
 36,021, 
 
 21,021, 
 
 3,682, 
 
 10,011, 
 
 21,570, 
 
 715, 
 
 
 15th „ 
 
 35,982, 
 
 20,982, 
 
 3,690, 
 
 10,054, 
 
 ■ 20,753, 
 
 650, 
 
 
 22nd „ 
 
 36,083, 
 
 21,083, 
 
 3,732, 
 
 10,757, 
 
 19,8S1, 
 
 616, 
 
 
 29th „ 
 
 36,534, 
 
 21,534, 
 
 3,736, 
 
 11,861, 
 
 19,164, 
 
 562, 
 
 
 5th April .... 
 
 36,767, 
 
 21,767, 
 
 3,110, 
 
 10,521, 
 
 20,152, 
 
 582, 
 
 
 12th „ 
 
 36,541, 
 
 21,541, 
 
 3,115, 
 
 8,041, 
 
 21,352, 
 
 529, 
 
 
 19th „ 
 
 36,818, 
 
 21,818, 
 
 3,124, 
 
 8,441, 
 
 20,093, 
 
 568, 
 
 
 26th „ 
 
 37,211, 
 
 22,211, 
 
 3,128, 
 
 8,728, 
 
 19,667, 
 
 ooo, 
 
 
 3rd May .... 
 
 37,837, 
 
 22,837, 
 
 3,121, 
 
 8,576, 
 
 19,718, 
 
 580, 
 
 
 10th „ 
 
 37,648, 
 
 22,648, 
 
 3,127, 
 
 8,413, 
 
 18,889, 
 
 589, 
 
 
 17th „ 
 
 38,322, 
 
 23,322, 
 
 3,130, 
 
 8,326, 
 
 19,210, 
 
 551, 
 
 
 24th „ 
 
 38,794, 
 
 23,794, 
 
 3,135, 
 
 8,989, 
 
 18,479, 
 
 513, 
 
 
 31st „ 
 
 39,195, 
 
 24,195, 
 
 3,093, 
 
 9.239, 
 
 18,408, 
 
 518, 
 
 
 7th June .... 
 
 39,559, 
 
 24,559, 
 
 3,098, 
 
 9,690, 
 
 17,890, 
 
 498, 
 
 
 14th „ 
 
 40,135, 
 
 25,135, 
 
 3,104, 
 
 10,190, 
 
 18,347, 
 
 506, 
 
 
 21st „ 
 
 40,653, 
 
 25,653, 
 
 3,110, 
 
 10,247, 
 
 19,257, 
 
 501, 
 
 
 28th „ 
 
 40,863, 
 
 25,863, 
 
 3,116, 
 
 9,898, 
 
 23,140, 
 
 506, 
 
 
 5th July .... 
 
 40,729, 
 
 25,729, 
 
 3,283, 
 
 9,228, 
 
 24,992, 
 
 530, 
 
 
 12th „ 
 
 41,111, 
 
 26,111, 
 
 3,327, 
 
 4,216, 
 
 27,957, 
 
 541, 
 
 
 19th „ 
 
 41,174, 
 
 26,174, 
 
 3,347, 
 
 4,937, 
 
 27,135, 
 
 748, 
 
 
 26th „ 
 
 41,655, 
 
 26,655, 
 
 3,351, 
 
 4,718, 
 
 26,801, 
 
 750, 
 
 
 2nd Aug 
 
 40,536, 
 
 25,536, 
 
 3,367, 
 
 4,732, 
 
 24,412, 
 
 616, 
 
 
 9th „ 
 
 39,434, 
 
 24,434, 
 
 3,371, 
 
 4,704, 
 
 22,873, 
 
 560, 
 
 
 16th „ 
 
 39,655, 
 
 24,655, 
 
 3,394, 
 
 4,686, 
 
 23,178, 
 
 594, 
 
 
 23rd „ 
 
 39,648, 
 
 24,648, 
 
 3,367, 
 
 5,083, 
 
 22,353, 
 
 543, 
 
 
 30th „ 
 
 39,395, 
 
 24,395, 
 
 3,358, 
 
 5,102, 
 
 22,048, 
 
 533, 
 
 
 6th Sept 
 
 39,186, 
 
 24,186, 
 
 3,636, 
 
 5,422, 
 
 21,202, 
 
 542, 
 
 
 13th „ 
 
 38.486, 
 
 23,486, 
 
 3,638, 
 
 5,944, 
 
 20,130, 
 
 563, 
 
 
 20th „ 
 
 37,844, 
 
 22,844, 
 
 3,656, 
 
 6,415, 
 
 20,341, 
 
 571, 
 
 
 27th „ 
 
 35,308, 
 
 20,303, 
 
 3,678, 
 
 6,193, 
 
 22,990, 
 
 544, 
 
 
 4th Oct 
 
 34,668, 
 
 19,668, 
 
 3,672, 
 
 5,003, 
 
 22,653, 
 
 586, 
 
 
 11th „ 
 
 33,395, 
 
 18,395, 
 
 3,104, 
 
 4,388, 
 
 22,186, 
 
 581, 
 
 
 18th „ 
 
 34,701, 
 
 19,701, 
 
 3,115, 
 
 3,760, 
 
 23,137, 
 
 575, 
 
 
 25th „ 
 
 35,931, 
 
 20,931, 
 
 3,117, 
 
 4,094, 
 
 23,958, 
 
 514, 
 
 
 1st Nov 
 
 30,838, 
 
 21,838, 
 
 3,105, 
 
 4,599, 
 
 23,294, 
 
 556, 
 
 
 8th „ 
 
 37,435, 
 
 22,435, 
 
 3,112, 
 
 5,204, 
 
 22,760, 
 
 535, 
 
 
 15th „ 
 
 38,238, 
 
 23,238, 
 
 3,116, 
 
 5,629, 
 
 22,904, 
 
 509, 
 
 
 22nd „ 
 
 38,548, 
 
 23,548, 
 
 3,120, 
 
 6,565, 
 
 22,124, 
 
 514, 
 
 
 29th „ 
 
 38,691, 
 
 23,691, 
 
 3,074, 
 
 7,255, 
 
 21,022, 
 
 482, 
 
 
 6th Dec 
 
 38,730, 
 
 23,730, 
 
 3,077, 
 
 6,917, 
 
 18,943, 
 
 2,589, 
 
 
 13th „ 
 
 38,991, 
 
 23,991, 
 
 3,085, 
 
 7,838, 
 
 20,665, 
 
 418, 
 
 
 20th „ 
 
 39,332, 
 
 24,332, 
 
 3,090, 
 
 8,500, 
 
 20,526, 
 
 430, 
 
 
 27th „ 
 
 39,308, 
 
 24,308, 
 
 3,098,' 
 
 9,086, 
 
 21,120, 
 
 382, 
 
 
'/.• Gharti r Act of L844. 
 
 1st September, 1844, to end of 1871 — Contd. 
 
 
 177 
 
 1871. 
 
 Issue above Bullion, 15,000,000/. Banking Department, Fixed [tern Capital, 1 I ">" : '' '■ 
 
 
 Total Deposits 
 
 Government 
 
 Other 
 
 Gold and 
 
 Nol 
 
 1: •• 
 
 
 
 
 and Bills. 
 
 Securities. 
 
 Securities. 
 
 Silver Coin. 
 
 in Reserve. 
 
 nut . 
 
 above Bullion. 
 
 £ 
 
 £ 
 
 £ 
 
 e 
 
 e 
 
 • 11I. 
 
 
 1871. 
 
 
 27,364, 
 
 12,926, 
 
 18,902, 
 
 660, 
 
 L2,574, 
 
 ■• 
 - ■ 
 
 2,426, 
 
 oil Jan. 
 
 
 27,146, 
 
 15,026, 
 
 15,730, 
 
 72', 
 
 1-MS7. 
 
 •> 
 
 L3, 
 
 Llth 
 
 
 26,048, 
 
 14,526, 
 
 16,163, 
 
 S( )0, 
 
 12.1:55, 
 
 
 2,565, 
 
 L8th „ 
 
 
 25,317, 
 
 13,926, 
 
 15,981, 
 
 785, 
 
 12.504, 
 
 >> 
 
 2,496, 
 
 251 
 
 
 24,949, 
 
 12,926, 
 
 16,830, 
 
 691, 
 
 L2,399, 
 
 >> 
 
 2.0m| , 
 
 Feb. 
 
 
 25,546, 
 
 12,915, 
 
 1 7,220, 
 
 si 12, 
 
 12,518, 
 
 ') 
 
 2.IS2, 
 
 Ml. .. 
 
 
 27,390, 
 
 12,915, 
 
 18,729, 
 
 668, 
 
 L3,001, 
 
 •• 
 
 L,999, 
 
 l.'tl. 
 
 
 29,018, 
 
 12,915, 
 
 20,261, 
 
 761, 
 
 13,018, 
 
 •• 
 
 L,9 
 
 ! 
 
 
 32,762, 
 
 12,923, 
 
 24,756, 
 
 072, 
 
 12,638, 
 
 ■ 1 
 
 2,362, 
 
 1-' Mar. 
 
 
 32,296, 
 
 12,923, 
 
 23,984, 
 
 749, 
 
 12,874, 
 
 3 
 
 2,126, 
 
 8th ., 
 
 
 31.457, 
 
 12,195, 
 
 23,710, 
 
 828, 
 
 12,967. 
 
 )t 
 
 2.n:',:;. 
 
 15th .. 
 
 
 31,254, 
 
 12,235, 
 
 23,196, 
 
 869, 
 
 13,239, 
 
 
 1.761. 
 
 22;,. 1 
 
 
 31,590, 
 
 12,939, 
 
 22,955. 
 
 S25, 
 
 13,160, 
 
 ), 
 
 l,i to, 
 
 • 
 
 
 31,255, 
 
 12,911, 
 
 22,866, 
 
 680, 
 
 12,431, 
 
 }) 
 
 2,5l 
 
 5th _\ ] »r il 
 
 
 29,922, 
 
 12,936, 
 
 21,631, 
 
 683, 
 
 12,341, 
 
 ■ ' 
 
 2.' 
 
 12th .. 
 
 
 29,101, 
 
 12,939, 
 
 20,585, 
 
 655, 
 
 12,000, 
 
 2!- 
 
 2.! 
 
 19th .. 
 
 
 28,950, 
 
 12,939, 
 
 19,916, 
 
 690, 
 
 13,086, 
 
 >> 
 
 1.01 !. 
 
 
 
 28,873, 
 
 12,959, 
 
 19,933, 
 
 662, 
 
 12,99 1, 
 
 ;> 
 
 2.006, 
 
 1 May 
 
 
 27,890, 
 
 12,959, 
 
 18,737, 
 
 669, 
 
 13,205, 
 
 
 1,795, 
 
 10th 
 
 
 28,087, 
 
 12,959, 
 
 18,037, 
 
 755, 
 
 14,019, 
 
 >> 
 
 981, 
 
 17th .. 
 
 
 27,981, 
 
 12,959, 
 
 17,103, 
 
 751, 
 
 14,853, 
 
 jj 
 
 117. 
 
 21th .. 
 
 
 28,165, 
 
 12,971, 
 
 17.296, 
 
 649, 
 
 14,895, 
 
 j, 
 
 105, 
 
 31b( .. 
 
 
 28,078, 
 
 12,971, 
 
 16.684, 
 
 660, 
 
 15,413, 
 
 )> 
 
 113,* 
 
 7th Jane 
 
 
 29,043, 
 
 12,971, 
 
 16,520, 
 
 790, 
 
 16,418, 
 
 5> 
 
 1 . 1 18,* 
 
 14th .. 
 
 
 30,005, 
 
 12,989, 
 
 16,817, 
 
 756, 
 
 17.106, 
 
 2 1 
 
 2.o.m; 
 
 21e1 .. 
 
 
 33,514, 
 
 12,992, 
 
 20,662, 
 
 746, 
 
 16.813, 
 
 •• 
 
 1,81 
 
 28th .. 
 
 
 34,750, 
 
 14,875, 
 
 21,183, 
 
 767, 
 
 15.762, 
 
 " 
 
 762,* 
 
 5th July 
 
 
 32,714, 
 
 15,127, 
 
 18,822, 
 
 806, 
 
 15,840, 
 
 J> 
 
 840 
 
 12th ..' 
 
 
 32,820, 
 
 15,546, 
 
 18,256, 
 
 799, 
 
 16,120, 
 
 2 
 
 1,12 
 
 loth .. 
 
 
 32,270, 
 
 14,893, 
 
 17,871, 
 
 789, 
 
 16,621, 
 
 )> 
 
 1.021* 
 
 26th .. 
 
 
 29,760, 
 
 14,669, 
 
 17,522, 
 
 677, 
 
 14,812, 
 
 >> 
 
 188, 
 
 2nd Aug. 
 
 
 28,138, 
 
 14,468, 
 
 16,987, 
 
 652, 
 
 13,957, 
 
 •j 
 
 1,043, 
 
 
 
 28,459, 
 
 14,268, 
 
 16,898, 
 
 683, 
 
 14,555, 
 
 • ) 
 
 445, 
 
 16th .. 
 
 
 27,979, 
 
 13,968, 
 
 16,530, 
 
 712, 
 
 14,688, 
 
 )> 
 
 312. 
 
 23rd .. 
 
 
 27,683, 
 
 13,968, 
 
 16,429, 
 
 650, 
 
 14,546, 
 
 >, 
 
 454, 
 
 30th .. 
 
 
 27,166, 
 
 13,768, 
 
 16,860, 
 
 631, 
 
 14,096, 
 
 •> 
 
 901. 
 
 6th Sept. 
 
 
 26,636, 
 
 13,970, 
 
 16,434, 
 
 673, 
 
 13,751, 
 
 
 1.2 1!'. 
 
 13th „ 
 
 
 27,327, 
 
 14,043, 
 
 17,781, 
 
 653, 
 
 13,058, 
 
 •) 
 
 1.0 12. 
 
 2 th .. 
 
 
 29,727, 
 
 14,043, 
 
 22,837, 
 
 787, 
 
 10,290, 
 
 3 
 
 1.71". 
 
 27th .. 
 
 
 28,242, 
 
 14,012, 
 
 23,535, 
 
 547, 
 
 8,373, 
 
 4 
 
 6,627, 
 
 •1th Oct. 
 
 
 27,155, 
 
 16,301, 
 
 20,446, 
 
 778, 
 
 7.287, 
 
 
 
 7.713, 
 
 11th .. 
 
 
 27,472, 
 
 15,801, 
 
 19,779, 
 
 653, 
 
 8,907, 
 
 )) 
 
 6,093, 
 
 L8th .. 
 
 
 28,567, 
 
 15,201, 
 
 19,465, 
 
 725, 
 
 10.817, 
 
 
 1,153, 
 
 25th .. 
 
 
 28,449, 
 
 15,001, 
 
 19,051, 
 
 671. 
 
 11,380, 
 
 >> 
 
 3,67 1 
 
 l si Not. 
 
 
 28,500, 
 
 15,001, 
 
 18,232, 
 
 61-0, 
 
 12.201. 
 
 j> 
 
 2,709, 
 
 8th .. 
 
 
 29,042, 
 
 15,001, 
 
 17,58 1. 
 
 654, 
 
 L3,472, 
 
 •• 
 
 1,528, 
 
 15th .. 
 
 
 29,203, 
 
 15,001, 
 
 17,153, 
 
 617. 
 
 1 1,075, 
 
 4 
 
 01 
 
 22nd „ 
 
 
 28,755, 
 
 15,001, 
 
 16,205, 
 
 702, 
 
 1 1.477, 
 
 " 
 
 523, 
 
 29th .. 
 
 
 27,550, 
 
 15,001, 
 
 16,077, 
 
 681, 
 
 1 1,320, 
 
 
 680, 
 
 : 1 . 
 
 
 28,920, 
 
 15,001, 
 
 15,908, 
 
 661. 
 
 14,9 85, 
 
 • ' 
 
 15, 
 
 13th .. 
 
 
 29,457, 
 
 15,001, 
 
 16.234, 
 
 603, 
 
 L5,262, 
 
 3 
 
 2C2* 
 
 th .. 
 
 
 30,589, 
 
 15,001, 
 
 17,950, 
 
 607, 
 
 1 1.681, 
 
 •j 
 
 310. 
 
 27th „ 
 
 * Excess of reserve oyer fiduciary issue. 
 

 
ABRTDOMKNT OF CO YN; NTS. 
 
 PAG1 
 
 Preface :; 
 
 Pater — Statistical Critique 
 
 The two extreme parties, one in favour of free banking, and iho 
 
 other of the Bank Aet ....... 1 
 
 The conferring of the right to issue notes on joint stock banks to 
 meet scarcity of money shown to be useless, by 1 lie cont rad ions 
 of country bank issues in times of crises, &c.. . . . 1-5 
 
 The proposal to transfer the issue of notes to the Government 
 
 impossible., except the notes be inconvertible 5 
 
 \Vildness of the schemes of all fiduciary bank issues, their 
 attendant evils, and inferiority to one based on metal . . 6 
 
 The Bank Act not to be defended on the principle thai the fault 
 
 lies only with the public ....... 7 
 
 First principles on which an issue of notes should be conducted . 7 
 
 Intention of t lie Aet to secure the convertibility of the bank note, 
 
 carried out, by its suspension ...... 8 
 
 The controversy on the extra issue of fifteen millions on Govern- 
 ment securities ......... 8-9 
 
 Beneficent intention of this issue to provide the public with the 
 additional 15 millions to encourage commerce and industry, and 
 its failure ... ....... 10-21 
 
 Small portion of these notes which have been at any time in the 
 
 hands of the public . . . . . . . .10 
 
 Tables of notes held bv the public in excess of bullion in issue de- 
 partment, 1815-71 10-12 
 
 Utter inactivity of tbese balances held as reserve by the Bank, 
 and indifference to the public of their being in the issne or bank- 
 ing departments ........ 12-13 
 
 Supposition that the increase or decrease in the reserve is consen- 
 taneous with that of deposits disproved by the returns . . 1 3 1 I 
 
 Table of highest and lowest state of reserve and deposits, 1845-71 15 18 
 
 The bank-rate raised or lowered, in changes of the issue depart- 
 ment at four times the amount required iu ordinary banking to 
 meet changes in the money market . . . . . 1;> 
 
 Bullion never in surplus, except in the one instance of June and 
 
 July, 1870, from exceptional import from France after the war. 2 I 
 
 Probability of a permanent surplus of metallic money being 
 
 absorbed by a rise in the price of commodities. . . .21 
 
 Question as to the profitable character of the issue as a reserve to 
 
 the Bank 22 9 
 
 Table of the total banking funds and bills discounted bv the 
 Bank, 1815-57 .24 
 
 Small comparative amount of discounting business done by the 
 
 Bank .23-5 
 
 Character and amount of the bill discounting of the Bank of 
 France .......... 
 
 Collateral movements of the Bank, and market rates of discount . -7 
 
 Analysis of tbe causes of the sudden and extraordinary changes in 
 the rate of interest which cause such ruin and destruction of 
 profits .......... -7-33 
 
180 Abridgment of Contents. 
 
 Papee — Statistical Critique — CoutJ. 
 
 PAGE 
 
 Table of deposits, rate of discount, note reserves, bills discounted, 
 
 and other securities in banking department, 1845-71 . . 28-30 
 
 The rate raised by the Bank to double the amount required to 
 
 bring in one million of bullion, because half comes in in notes . 31-2 
 Uncertainty of our money market, as illustrated in the rates of 
 
 1857, 1866, and 1872 32 
 
 Question of the reserve as. a measure of safety to the Bank. . 33 
 
 The real reserve of the Bank at times not larger than that of other 
 
 banks .......... 34-7 
 
 Form of the Bank accounts as prescribed by Parliament . . 35 
 
 The Bank capital and rest not to be separated from the other 
 
 liabilities .......... 36 
 
 The bullion in the issue department not to be considered as a cash 
 
 reserve .......... 36 
 
 Cases illustrating the folly of the statement that the fifteen million 
 
 issue of notes is equal to gold, and showing that it is a merely 
 
 nominal reserve ........ 38-41 
 
 The supposed direct pecuniary profit to the Bank from the issue 
 
 shown to be illusory, and the loss equal to 100,000Z. per annum 
 
 (the yield being only 2 \ on a supposed investment at 3 per cent.) 41-7 
 Table of interest earned by the Bank on notes above bidlion held, 
 
 1845-71 45 
 
 Table of annual charge in the issue, annual interest and profit 
 
 and loss, 1845-71 ........ 46 
 
 The extra profits of the Bank in times of severe panic to be de- 
 ducted from the above statement of loss .... 48 
 
 Indirect advantages supposed to be derived by the Bank from the 
 
 national debt management, the Government account, lost notes, 
 
 and forgotten deposits ....... 48-9 
 
 Effects of a continued large fiduciary note issue in fostering 
 
 speculation ......... 50-1 
 
 Objections to the share of profit on the issues received by the 
 
 State .......... 52-3 
 
 Necessity for a more complete publication of the transactions of 
 
 the banking department ....... 53 
 
 Suggestions for an improved system of issue .... 55 
 
 Pleas on which issues of bank notes or paper money are usually 
 
 made, and classification of notes in accordance with them . 55-6 
 Serious effects of a depreciated issue on the prosperity of a 
 
 country, and the same in a miner degree of a fiduciary issue 
 
 beyond a bullion basis . . ... . . . 56-7 
 
 The expense of bank note issues ten times as great as the wear 
 
 and tear on coin which they are supposed to save ... 57 
 Mode of issue of bullion notes on the plea of convenience, so as 
 
 to cover their expense . . . . . . 58 
 
 Illustrations of the theory of a temporary increase or reduction 
 
 of fiduciary issxies in connection with a neutral rate of interest 5S-C8 
 Proposal of a new, regular, and self-acting scheme of increase or 
 
 reduction of issue, in proportion to rate of interest . . 60-64 
 
 Comparisons showing the correspondence of the half rate system, 
 
 with the actual fiduciary circulation at different periods . / . 65-6 
 Tables of the allowable increase of the circulation at different 
 
 rates of interest . . . ... . . 67 
 
 Table of the average bullion and fiduciary circulation, 1845-71, 
 compared with what would have been allowed by the system 
 proposed, at 2, 2§, and 3 per cent, normal rates . . . 68-78 
 
 A more continuous practical connection with the business of 
 
 country and general mercantile credit required by the Bank . 81 
 Proposed* alterations in the State's share of profit, in accordance 
 with the profits made ....... 
 
 82-4 
 
Abridgment of Contents. 
 
 1-1 
 
 Paper — Statistical Critique — Oontd. 
 
 Summary of the effects of the proposed self-acting plan, if carried 
 out, in determining the amount of bullion, checking exporl of 
 ditto, and determining a normal rate of interesl 
 
 Notice of other suggestions which haye been made, regarding the 
 holding of foreign securities by the Bank, and the Increase of 
 the fiduciary issue ........ 
 
 PAGE 
 
 B5 
 
 
 Additional Remarks 
 
 Larger dividends to be paid to the Bank ..... S7 
 
 Real value of a fiduciary issue ...... 
 
 The universal money market and the equilibrium between businei 
 
 and money . • . . . . . .94-6 
 
 That solid metallic money is the chief feature in all movements 
 
 of business . . . . . . . .95-0 
 
 The effect upon commodities by the increase or decrease of metal- 
 lic money ......... 
 
 The amount of currency in the world ..... 
 
 The English money market and the currency of the United 
 
 Kingdom . . . . . . . . . .99 
 
 Contraction of the currency for the purposes of the money market 100 
 The comparatively small amount of currency in use in England . I'd 
 The bill, cheque, and clearing-house systems replace currency . L02 
 Systems of other nations . . . . . . .102-3 
 
 Our system superior on the whole . . . . . .1":; 
 
 Delicacy of the money market in consequence of the clearing 
 
 system . . . . . . . . . 1 < > I 
 
 The clearing or cheque system has no power to create capital or 
 
 currency . . . . . . . . . .105 
 
 Increase of currency and commerce ..... 105-0 
 
 Seventy millions of national paper currency, &c. . . 107 
 
 More currency on Government security ..... 108 
 
 The American bank note issue and the apparent prosperity of the 
 
 United States '. .109 
 
 Indebtedness and extravagance of the American people . . ID 1 
 England's superior position as regai'ds curicncy . . .112 
 
 Effects on the moral and national prosperity of the people. . 113 
 
 Improved discount business of the Bank . . . . '.115 
 
 Possible opposition by bankers . . . . . .116 
 
 The Chancellor of the Exchequei''s letter to a Scotch memorial . 117 
 Larger profits to the Exchequer under a reformed system, and 
 
 greater legitimacy of such profits ..... 117-1- I 
 
 Appendix. 
 
 Synopsis and principal clauses of the Bank Act of 184 4- 
 Weekly accounts of the Bank of England 
 
 122 
 
 122-177 
 
 <0 
 
 UN 1 
 
<D%r JJuMttatitms bjr fbc ^utl^or. 
 
 " California and its Resources." 8vo. 168 pp. Triibner and Co., 
 Paternoster Row, London, 1858. 
 
 a 
 
 On the Establishment of an Anglo- Californian Bank and a Refinery 
 of the Precions Metals in San Francisco." 8vo. 93 pp. (Private 
 Issue). London, 1861. 
 
 " Bullion and Foreign Exchanges Theoretically and Practically 
 Considered." 8vo. 700 pp. Effingham Wilson, Royal 
 Exchange, London, 1868. 
 
 " The Question of Seignorage and Charge for Coining." 8v r o. 
 59 pp. Effingham Wilson, Royal Exchange, London, 1868. 
 
 " The Depreciation of Labour and Property which would follow 
 the Demonetisation of Silver." 8vo. 109 pp. Effingham Wilson, 
 London, 1869. 
 
 " Letters to the Times." See the " Gold Coinage Controversy," 
 republished for private circulation by the Bank of England. 
 1869. 
 
 " Universal Coinage and Variations in Foreign Exchanges." Read 
 before the Statistical Society. See Journal of the Society for 
 March, 1870. 
 
 " Enquete sur la Question Monetaire." Seance du 31 Mars 1870. 
 Evidence before the Imperial Commission, published by the 
 French Government. 
 
 " On Currency Laws, and their Effects on Pauperism." Read 
 before the Statistical Society. See Journal of the Societv for 
 March, 1871. 
 
 " Die Miinz-Wiihrungs und Bankfragen in Deutschland." 8vo. 
 204 pp. Badeker, Elberfeld (Prussia), 1871. 
 
 " Bemerkungen ueber das neue deutsche Miinzgesetz." 8vo. 47 pp. 
 Biideker, Elberfeld (Prussia), 1871. 
 
 " Suggestions in reference to the Metallic Currency of the United 
 States of America." 8vo. 253 pp. Triibner and Co., Pater- 
 noster Row, London, 1871. 
 
 " Improvements in the Process of Coining." Read before the 
 Society of Arts. See Journal of the Society for 26th January, 
 
 1872. 
 
 " The London Banking and Bankers' Clearing House System." 
 8vo. 68 pp. Cassell, Petter, and Galpin, 1872. (Translation 
 in French, E. Guyot, Rue dc Pacheco 12, Brussels). 
 
 HARRISON AND EONS, PRINTEUS IN ORDINARY TO HER MAJESTY, ST. MARTIN'S LANE. 
 
I? 
 
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 STAMPED BELOW 
 
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 THIS BOOK ON THE DATE DUE. THE PENALTY 
 WILL INCREASE TO 50 CENTS ON THE FOURTH 
 DAY AND TO $1.00 ON THE SEVENTH DAY 
 OVERDUE. 
 
 9 1S32 
 
 IN 
 
 5TACKS 
 
 FEB 9 1969 2 8 
 
 RECEIVED 
 
 JAN 2 6 '69 
 
 WRl>'69-tt 
 
 PM 
 
 LOAN DEFT. 
 
 LD 21-50m-8 l '32 
 
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