+ Notes 3 o Notes 133
Abstract
Note (4)/ to p. . 129 Ch. War Loans
4
The 16 per Cent
may be attributed
to the Land Tax Sale
where: because though
there were other causes
of elevation to a
greater amount, yet
not equal to the intervening
cause of
depression consisting
of the Loan of 1799
(4) Notwithstanding the concurrence of other causes of
elevation, it may perhaps be not altogether unreasonable,
to attribute, to the influence of this single
cause, a rise to the assumed amount of 16 per Cent.
The money brought into the market by the purchase
of this £16,000,000 was (it is true) but - — £8,560,000
On the other hand, the money, brought
into market by the other great cause of elevation,
viz: the raising a till-then - unprecedented portion
the supplies within the year, at first by the
tripling of the assessed taxes, and afterwards by
the tax on income, reckoning it at £6,000000
a year for the 22 months between
23 of April 1798 and the 23 d of Feb. y 1800
(the day on which the expectation of the Sale of
the Land Tax is assumed as before to have
begun to operate) and the 23 d of Feb. y 1800
(the day of settling the terms of the Loan) the
be money (I say) thus brought into the
market by that other cause of elevation, will be } £11,000,000
But, in that interval a fresh cause of
depression had accrued:- viz: the Loan of
1799 — to the amount of - - - £18,500,000
If then we suppose the factitious elevative force of the above £11,000,000
to have been employd and expended, in conjunction
with the natural elevative force
( I mean the increase of national capital
poured into the Stock market by the increasing
prosperity of country) in / counteracting
and ballancing the influence of the above fresh & factitious cause of depression,
the whole of the rise may not unaptly be
ascribed to the £8,960,000 in money poured
into the market, ( £16,000,000 Stock in consequence
taken out of it) by the Sale of the Land Tax for Stock End of Note (4)
Another source of profit, and which though whatever
contingent, contingencies it may be subject to, seak may, in the order of importance stand be
above those which intended to one of the highest places are most assured is that
that which regards the ambiration that would thus
be given to the redemption of those portions of
the National Debt which bear an extra rate
of interest - I mean the 4 per Cents and
5 per Cents.
In regard to the 4 per Cents, they are all of
them redeemable capable of being paid off at any time: they will therefore To 1797 1 £ 42,369,293
be redeemed of course, without consent, with the first money, that
To 5 24 1798 45,269,359:17 s:2 d
came to hand after the arrival of those per cents
at par.
They are redeemed in a course of redemption already, in the way of purchase.
In this way a certain degree of profit
is trade by reduction by the redemption of these extra interest Annuities in
contradistinction to the 3 per Cent Annuities: the
Annuities bearing interest at the standard rate.
The rate of profit is not so great now that
3 per Cents are below par as it will be when
three per Cents are at or above par, because, in consideration
of the extra interest, an extra price for the
principal requires to be paid for the principal.
There is however a profit in that way and but a considerable
one, because the extra price of the principal
is considerably less than in proportion to the
extra amount of interest. The difference results
evidently from the precariousness of the duration of
the extra interest. The consideration though it takes
away from the value of the Stock to the Stockholder does
not take away from the value amount of the relief afforded to the e isation.
Stamp & Post Office Agents - Pay &c.
28 Sept. 1799.
Stamps
Sixth Report on Finance &— Stamp Office P.7. With respect to the Passage of this Revenue from the subject to the Exchequer, your Committee find that the Receiver General pays into the Exchequer, on Wednesday in each Week, the Balance of the account made up on the preceding Monday; the Country distributors made their remittances by Bills payable to the Receiver General, usually at a months date, and the accumulation of Balances in their hands is guarded against, by the instructions given them on entering into Office, by frequent reference to their accounts, as kept by the Controller, by application by letter from time to time to reduce their Balances, by occasionally withholding Stamps from such as are remiss in their Payments, by the inspection and Report of proper Officers sent to examine this stock of the Head — and under Distributors in the different districts, and from their general accounts, debtor and creditor, annually exhibited upon Oath to the Commissioners.
Security Varying
It appears also, that the Head Distributors give security to a large amount, varying according to the average value of Stamps in their Hands.
Stamps - Opinion
Your Committee are not aware of any improvement to be made under this head, unless it should be found practicable to fix a precise period, very frequently occurring, of which remittances should be made; or the precise amount of the Balance which each distributor should not be allowed to exceed. As he pays in the first instance all accidental expences, it seems necessary that a Balance to a small Amount should be allowed to remain.
Scotland
The head distributor for stamps at Scotland makes his remittances Monthly to the Receiver General in London; and the Accounts so made up, in which
all the money received at Edinburgh, and the Remittances from his Deputies in the course of the Month, are entered are stated to be regularly transmitted to the Board.
Stamps - Pay
P.8.
Your Committee find that the distributors in the Country are paid by a percentage of £5 per cent, upon the Amount of their Remittances, which they are allowed to change in their Annual Accounts, and that they allow £2 1/2 per cent. to the sub-distributors, whom they appoint, and for whom they are answerable. The poundage to the head distributors appear to have been fixed at 18 in the pound; at which rate it continued till 1758, when it was reduced to £5 per cent; But in the course of that year raised to £6 per cent. In 1756, the Commissioners were required to consider a further reduction of Poundage, in consequence of the several additional duties; and upon their Report, it was reduced to £5 per cent with an exception in favour of those whose collections did not exceed £50 per annum.
17 June 1799 Rates of the as fixed by Treasury Letter from of the Per Cent. 4 - £5,000 3 1/2 - between £5,000/£7,500 3 - £7,500/£10,000 2 1/2 - £10,000/£12,000 1 1/2 - £12,000/£15,000 1 or all above - £15,000
Stamps - Remittances Weekly
The examination of M r James Dugdale Deputy Receiver General of the stamp duties; taken upon Oath the 11 th Dec r. 1780.
This examinant saith, that all stamps issued from the Office in London are paid for in ready money; those issued into the Country are sent from the Warehouse to persons called distributors, who are appointed by the Treasury and who remit the money due from these stamps, to the Receiver General by Bills of Exchange.
That the whole of the money received at the Office, and Bills, when turned into Cash, are by an Order signed by the Commissioners, paid weekly into the Exchequer. That the whole Account of these duties is every year made up to the 2 d of August, inclusive, and the Balance remaining paid into the Exchequer; and the Receiver passes yearly account in the Office of the order Auditor of the Interest.
Stamps - Sub-Remittances Daily
The examination of M r John Lloyd, first clerk to the Controller and Accountant General of the Stamp Office; taken upon Oath the 14 th Dec r. 1780.
This Examinant saith, that he has been in this office above fifteen years, and that it is one hand of his business to keep the Accounts of the distributors of the stamps in the country; by order of the Commissioners, he changed the distributors, who are in number about 55, with the stamps respectively sent to them, and they keep remitting every day the duties received for the Stamps they dispose of, chiefly by Bills. On the 2 d of August every year each distribution makes up his account swears to it before a Justice of Peace, and transmits it to the Commissioners, who deliver it to the Controller. The distributors, as he has heard and believes, give security to the Commissioners, proportioned to the extent of their district, and he never heard any complaint of their keeping the duties in their hands. The Controller swears to his Accounts every year before the of the Exchequer, and passed them in the Office of the Auditor of the Interest and the Accounts of the Controller include that of the Receiver General. The number of the Commissioners of the Stamp duties is five, and they meet every other day, and oftener, is necessary upon the business of the Office.
Post. Office Remitt ce: Country
The examination of Robert Trevor Esquire Receiver General of the Revenue of the Post Office, taken upon Oath, 12 th December 1780.
The Revenue of the Post Office is received by the Receiver General, either in London, or in the Country: in London from the Clerks who receive the postage of Letters paid at the Office; from the Collector of the bye and cross roads letter Office; from the Collector of the penny Post Office, and the sorter at the chief penny Post Office; from the inland and foreign letter carriers and express money from a clerk in the Secretary's Office; in the Country from the Post Masters only.
The Post Masters in the Country remit their receipt by Bills to the Secretary of the Post Office who delivers them to the Accountant General, & he brings them to the Receiver General, who deposits them, after Acceptance, in the Bank to be received when due.
Post-Office: Accounts Country
The examination of William Fauquier Esquire, Accountant General of the Post Office; taken upon Oath, 15 th December 1780.
This Examinant saith that it is one branch of his office to keep the accounts of the Post Masters in the Country; the charge upon them is made out by the six Inland Clerks of the Heads, and generally sent by them every other day to the Accountant-General's Office.
The Receivers Bill Book is sent to the Accountant Generals Offices every day by which it appears what Bills have been remitted by each Post Master.
The Accountant General sends to each Post Master, every quarter an account of the Balance due to or from him. These accounts cannot be made up from the several books until mean six weeks after quarter day, therefore, until that time they do not know how much the quarters change amounts to.
The Office expects they shall clear this balance before the expiration of the next quarter; if they are above two quarters in arrear, the Solicitor has orders to proceed against them.
Remittance Security
The Post Masters of most of the Great Towns keep constantly remitting and they all give security for their Offices.
There are but few defaulters and those not to any considerable amounts to.
Post Office - Bye & Crop Remittances & Accounts
The examination M r William Ward collector of the by and crops Road Office; taken upon Oath the 17 th January 1781
This examinant saith that he is the collector of the Bye and Cross road Office in London and receives this part of the Post Office Revenue from the Deputy Post Masters in the Country; these Deputy Post Masters send up their Accounts to the by road Office every Month, which Accounts are all made up about a Month after each quarter day and are then transmitted back to them, with directions to submit to him the balance in their hands, as soon as they can procure Bills; which directions are complied with, these Bills are sent under cover to the Controller in this Office, who enters them in a book; he sends them to the Accountant, who likewise enters them, & delivers them to the Collector, who, after Acceptance sends them to the Bank to be received.
charges, when on actual duty out of London, as shall be necessarily in th e execution thereof; and when not so employed, to be in constant attendance at the Office, to receive such orders and perform such other business as we shall direct, for the general benefit of the Revenue.
Stamps - Transfer Provided 12 Jan y 1798. to Treasury 23 Oct. 1797 & 29
To oblige the Distributors to account with us more frequently, and to be able to ascertain the exact balance of Cash in their hands at any time, would, without doubt, be a considerable improvement in our financial system; but, considering the great extent of some districts, and the number of sub-distributors dispersed throughout them, amounting in the whole to upwards of five hundred, many of whom are ill qualified to keep accounts at all intricate, and are with much difficulty induced to exhibit them to their principal, and to pay up this balances, when required so to do. After full consideration of these circumstances, we are of the opinion, that no effectual alteration in these particulars can be at present adopted. The best method we can suggest for preventing abuses of this kind, which, where such a variety of persons is concerned, will, doubtless sometimes exist, will be frequent visitation & examinations on the spot by persons properly qualified and duly authorized for that purpose. The advantages to be from such a controul,occasionally applied, and faithfully executed, were to obvious to be long overlooked; and accordingly, two officers of this description made an early part of our establishment, under the name of riding Inspectors, & a third was added in 1718. But these being quite inadequate to the business of the present day, we humbly propose and hope it will meet with your Lordships approbation, the immediate appointment of three new Officers. Men competent to the employment and not above the business of it, to be denominated as above, at a yearly salary of one hundred and fifty pounds each, with such further allowances for their travelling charges
Stamps. Trans. Proceedings 18 June 1799: P.7. Rose to the Commons Their Lordships...
Their Lordships ... direct you to compel the distributors to send you slates of their receipts and payments at the end of each quarter, charging themselves with the whole quantity of stamps received from you, and not accounted for by theory on the one side; and discharging themselves on the other by, 1 st Remittances made to the Receiver general: 2 d. Value of stamps sent by them to their sub-distributors, and not accounted for by the latter, distinguishing the amount in the hands of each: 3. Value of stamps in their own possession undisposed of. Then striking a balance to show the amount of cash in their hands; and adding a note at the foot of the account, of the amount of the balance of cash in hand of the principal distributors at the end of the preceding quarter.
These accounts to be attested before a Justice of Peace on Oath. Such statements alone would, to a considerable extent, would collect information on the subject; but it will be proper that your inspectors should occasionally make careful examination, immediately after the receipt of the account, of the quantities of stamps in the possession of such of the principals and deputies as you may from time to time think fit.
When the Balances are thus ascertained, you will have the means of knowing whether the orders for preventing the money remaining in the hands of the distributors are punctually complied with or not; and I have it in command from my Lords to desire that if at any time they shall fail to obey your direction in that respect, you will represent the matter specially to this Board, in order to their removal; of which regulation it is desirable you should immediately inform them. From the accounts to be returned to you, it is their Lordships pleasure that you should transmit annually, as soon after the 5 th January as it can be done, a general state of the accounts of the distributors, showing the balance of stamps & cash in the hands of each as the end of very quarter of a year preceding.
Money-Order Office.
General Post-Office,
May 13th, 1799.
TO prevent the Loss of Money sent in Letters by Post, for which the Office is not answerable, the under-signed, with the Approbation of His Majesty's Postmaster-General, give Notice,
THAT a Clerk will attend daily at their Office at the General Post- Office, from Ten in the Morning until Six in the Evening, who will receive,
from such Persons as may chuse to avail themselves of the following Mode of Conveyance, any Sum of Money not exceeding Five Guineas, and will give an Order payable, at Sight, on the Deputy Postmaster of the Town where the Remittance is required to be paid, either in England, Scotland, or Ireland.
The Deputy Postmasters in England, Scotland, and Ireland, will, in like Manner, receive any Money, and give an Order, at Sight, on the Money Order Office in London, or on the Postmasters of any other Town within England, Scotland, and Ireland, to which the Remittance is required to be made ; and it is proposed, that the Remitter of any Money shall pay Six-pence in the Pound if the Order be issued from, or payable in London; but if issued by a Postmaster in the Country on another Postmaster, Eight-pence in the Pound, and for this Recompence the undersigned guarantee the safe Convey- ance of the Remittance.
Edmund Barnes,
Daniel Stow,
Matthew Slater.
1 Annuity Notes Advantages Individual
In the Outline of a plan of provision for the [ burthensom] Poor as exhibited in a series of papers lately printed in Young's Annals of Agriculture in among speaking of the Collateral uses that might be derived number of us capable of being from the system of Industry Houses therein proposed to be placed under the management of a Company to be stiled the National Charity company. I consider each Industry House as capable of carrying on the occupation of a species of Bank therein brand a Frugality Bank. So far as the proposed finances
of this Bank are concerned, the term as
well as the thing has been already adopted by the Legislature.
They constitute the characteristic and appropriate feature and only novel of the business of a proposed
Joint Stock Company for the creation of which,
under the name of the Global Insurance Company
the Act of 1799 39 Geo.3. .ch. has
been passed. the business as to this
part of it was then proposed to consist in the receiving and issuing of money at interest in such small parcels as might be
quadrate proportioned accommodated to the expenses and pecuniary facilities of the frugally disposed members part of the laborious classes: in particular
Annuity Notes
Bank Reports 1797. Extracts
Bills of Exchange
are often used in payment
in the Cumpy
H —
Therntow L
D App
72.
Consequently interest
must be calculated
upon them, and
without a .
Annuity Notes
In the present state of the art
Mrs Grumby
, the expense of this security would be considerable. The
number of copies capable of being worked off from a copper plate without
prejudice to that sharpness on which the density may in some
manner depend is limited: say for example. 800 or 1000. How this comes
in on occasion for applying to on a very ingenious invention which hitherto,
for want of such an occasion seems to have remained unapplied and
unnoticed
. I mean the art whereby designs,
originally engraved on copper, are
by means of an intermediate mould transferred to
glass — a material much less copied (it is said)
to ware, in a state fit for furnishing impressions
— in a state of sharpness —(it is
said)—andnumbers adequate to this or any other
purpose. A reprintedAn account of this
invention may be seen in Nicholson's Journal for May 1st 1798 No 15:
being there reprinted from a paper circulated by the Author Mr.
Professor William of Glasgow with specimens which I have seen and heard
spoken of by artists as adequate to the performance of what
is promised. It is there spoken of as a
reassurance securityagainst forgery: but in which way it
is proposed to operate in that character is not mentioned. "High
embellishm
elaboration"..."collateral embellishment...and "peculiar manner of
some "eminent master...are here recommended for
that purpose: but that the subject should be the portrait of a living
person is not said.
Setting aside the extreme cases here in question there
is but one cause of depreciation to which Government paper
stands exposed and that is the forcing of the market. — So this
cause of depreciation the proposed paper alone is not exposed
it will be issued only in proportion to the demand and is rendered for ever incapable of exceeding it.
The produce also will be employed in strengthening the Security and
lessening the load of the same Commodity at Market
It may however be urged that though the proposed
paper can never be sold under the par price, it may in consequence
of the demand for its correlative hard cash cease to bear that price.
That such would be the effect in the event of a Civil War or a serious invasion
will scarcely admitt of doubt: and that an effect of the same nature
though to a less amount should be liable to be produced by other causes
can hardly be regarded as improbable —
'To this it may be answered
1. That admitting (for argument sake). that such a result would occasionally take place
to a certain degree still this would not operate as an argument against
the institution of Reproposed paper unless such a result were to appear
more likely to take place or likely to take place in a greater degree with
regard to it than with regard to any other circulating Government Securities.
2. That though such a State of things as the objection supposes be conceivable
yet no ground can be Stated either in point of reason or experience
for regarding it as likely ever to be realized. — So what ever extent
the amount of the proposed paper may have arrived at the time of the
supposed extra demand for cash, it cannot have attained to it but
in consequence of a proportionable preference given to it in comparison
of hard Cash. — And the Cause of that preference is a circumstance
not exposed to change It consists in this viz . that principal with interest
amounts to more than principal alone. £103 is more than 100£ and the
ratio between the two is not less at one time than another
For the purposes of Expenditure within the limits of the British Empire
the proposed paper could never lose its Superiority And as to extraordinary a demand
for the precious metals for exportation to foreign Countries, no such Case appears ever
yet to have been realized. The scarcity of bullion in 1796 in the opinion of the most competent people
Profit. 1. Profit by difference between selling price of a £3 a year Note
Annuity and buying price of a d o Stock Annuity.
In the calculation of this branch of profit
there is one element the quantum of which may be assumed upon
unimpeachable ground authority. This is, the probable average
price of
+ 6 th edit. pp.
26,37 and Append. N o 3. Stock 3 per cents
taken out of the market upon the buying in place
before the commencement of the period during which
these Annuities being at or above par the
paying off plan will have taken place of the buying-in plan.
In M r Secretary Rose's Finance
pamphlet for 1799 this average price is stated at 85. +
on average, £84: difference, on the profit £15 per cent
per Cent Selling price constantly
100: — of buying price, on in
in the present instance
Such being the rate of profit, the quantum of profit will be
as the quantum of Annuity Note paper issued and consequently
thereat as the quantity of Stock bought in with by
produce of the sale of Annuity Note paper [ and consequently as
the amount of Annuity Note paper issued] by the time of the
arrival of 3 per Cents at par;
from which day, casual and momentary
depressions apart, the profit on this score will be
altogether at an end.
1. As to the first of these three branches of profit what the probably
annual amount may be is
compleatly
out of the knowledge of the writer of these papers, but as
compleatly within the knowledge of those to whom they are
addressed: I mean in so far as the past is capable in this
respect capable of serving as a guide to the future. Add together the
365 scenes respectively existing in the Exchequer in the 365 days of the
Year, and divide the sum by 365: quotient will
be the principal, the interest of which will thus in the course of the
year be gained or saved to government, supposing the whole of
the money to be in the shape of Annuity Notes. From this gross amount
of principal will require to be deducted
the amount of that proportion of money which is upon an average
in the shape of cash: but this proportion is capable of being calculated
with tolerable precision, even by the public at large, from the
information that has been given on this head in the
evidence laid before the two Houses of Parliament in or about the
month of March 1797 on the inquiry into the affairs of the Bank.
The ratio of paper to cash will in the supposed period be at any rate at
least as great as in any past period: and in past periods upon an
average it appears to be very great indeed. In the supposed period it
will naturally,
and