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both offices jointly. They dividéo during the period of the account.

the account as equally as they can : each office takes a part, examines the articles in that part, reduces it into the official form, and ingrosses it : the two parts are then joined together, and form one account; that on paper is ingrossed in one office, and that one parchment in the other. The auditor proceeds upon the materials he receives from the bank, in the following manner:— The dividend list of every species of annuites, contains an entry of every warrant for the payment of a sha e in that annuity, and consequently includes the entries of the warrants unpaid, as well as of those that are paid; and the amount of the shares of the annuity in the list is the amount of the half year's

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The entries in the list of payments of principal and interest of annuities paid off, are examined by the warrants for those payments; and the entries of the payments in the list of prizes in the lotteries, are compired with the certificates, and the totals of all these lists are compared with the entries in the abstracts. * The charge is seldom drawn up, until the account is tear a completion. All the sums received by the chief cashier are issues from the exchequer; and therefore to be verified by imprest certificates only : for this purpose he procures, from tle receipt of the exchequer, an imprest certificate for every issue in the time of the account. Fach imprest (except the last) is, in general, compounded of a complete half year's annuity upon one species of capital stock, and the charges of management allowed the bank upon that capital; the last article is a sum to reimburse the bank the fees and charges advanced by them, and allowed in the preceding account. From these imprest rolls the auditor draws up the charge. The lists and entries having been thus examined, and found to be correct, and the auditor having so far formed his account, the chief (I 3) cashier

cashier, soon after he has paid all
the fees for this account to the trea-
sury, the exchequer, and auditor's
offices, transmits to the auditor an
account current, containing the to-
tals of all the articles of the charge
and discharge in the two year's
account. If both accounts are
right, the sums in the account cur-
rent will agree with those in the
official account, except in the pay-
ments on the dividends, in which,
there is this difference:—the audi-
tor, in his account adds to the to-
tal sum paid for the dividends in
each species of annuities, his own
fee for auditing the account of that
annuity; but, in the account cur-
rent, the total sum paid for the di-
vidend is stated fimply by itself, and
all the auditors fees for the whole
account, including his fees for ex-
amining the contribution accounts
of the same years, are collected to-
ether, and the amount of them
#. one article in the discharge :
all the fees paid by the chief cashier,
at the other offices, form another
article in both accounts.
The auditors are paid their sces,
and allow such payments to the
chief cashier in the following man-
Soon after they have finished
their examination of each year's
account, it has been customary for
them to apply to the bank for the
fees that become due to them in
censequence of that examination..
The chief cashier calculates the
fees according to the usual rate,
and advances them to the auditors
in equal shares: he then presents a
memorial to the treasury, slating
that he has paid several sums, to a
certain amount, for fees of various
kinds, at the treasury and exche-
quer, and to the auditors of the
imprest, in relation to his accounts:
he annexes a list of the particular

sums, and prays to be reimbursed.
The lords of the treasury refer this
memorial to the auditors of the im-
prest, to examine, and report upon
it. The auditor examines the re-
ceipts necessary to be produced to
him, as vouchers for the payments :
he reports that the fees paid at the
treasury and exchequer are the usu-
al payments; and that the fees paid
to the auditors of the imprest are
computed at the same rate as have
#. time to time been allowed by
easury warrants.
Upon this report, the lords of
the treasury direct the sum prayed
to be issued to the chief cashier, by
way of imprest, and upon account
to reimburse the fees thus paid by
him. As the cashier passes his ac-
count only once in two years, but
every year pays sees, and applies
to the treasury for a reimbursement,
it follows that the two articles in
the account current, the one corn-
prehending the total of the fees paid
to the auditor, the other the total
of the fees and charges paid at the
treasury, and other offices, are
compounded of the sums flatcd un-
der each of these heads in the two
memorials: and, as these sums are
issued to the chief cashier upon ac-
count, they together form one ar-
ticle in the charge upon him in his
next succeeding account, as a sum
to be accounted for by him.
The only remaining article in the
discharge is the allowance, cither
detained by the bank out of the
contributions, or claimed by them
for the charges of management.
This article, being grounded upon
the several acts of parliament that
create the annuities, will come more
properly after we have examined
the other account transmitted to us
from the auditor of the imprest;
that is, the account of the contri-
butions to the annuities and lot-
- tcry.

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annuities and a lottery, about the end of the year, soon after the payments of the contributions are completed, the court of directors of the governor and company of the bank of England present a memorial to the lords commissioners of the treafury, with an account annexed, containing a charge and discharge: the charge consists of two articles; the amount of the contributions to the annuities, and the amount of the contributions to the lottery—the discharge has three articles; the sum paid into the receipt of the exchequer, the sum paid for interest to those contributors who advanced their money before the times appointed for making the several payments, and, the sum retained by the bank for the service, pains, and labour of their officers employed in receiving, paying, and accounting for this money, and the charges attending it: the memorial prays they may be allowed to retain the sum therein mentioned, for the charges; and that they may be allowed a certain annual sum for the services respecting the annuities, as being agreeable to former allowances for the like services; and that it may be paid to the chief cashier for their use. This memorial is referred by the treasury to the auditors of the imprest for their examination and report. The auditor upon the receipt of this memorial, proceeds to examine the account annexed to it. The charge requires no proof or verifi. cation; for the chief cashier admits the receipt of the whole sum dire&ted by the act to be raised. In the discharge, the sum stated to be paid into the receipt of the exchequer is verified by the exchequer tallies, which the chief cashier sends to the auditor, with a list of the sums so paid in ; he sends likewise a book, signed by himself, (I 4) Contala

containing a particular account of
the sums paid for interest on the
money advanced. The auditor com-
putes each sum, and casts up the
articles, to see that the total agrees
with the sum stated in the account :
the remaining article is the allow-
ance the bank pray to retain, for
the charges of receiving, paying,
and accounting for the contribu-
tions: this the auditor examines, and
reports that it is in proportion to
former allowances for the like ser-
vices: he reports also, that the an-
nual sum prayed by them for the
charges of management is accord-
ing to the rate formerly allowed
in accounts for the like services.
In consequence of this report,
the lords of the treasury authorise
and direét the auditors to allow in
the account the sum paid to the
contributors for interest, and the
sum craved by the bank for their
charges in receiving, paying, and
accounting for the contributions.
As to the allowance of the annual
fum for the charges of management,
they are filent. -
But though the lords of the trea-
fury do not, in their directions to
the auditors on this memorial, im-
power them to allow the charges of
management to the bank in their
cashier’s subsequent accounts of
these annuities, yet the treasury war-
rants to the exchequer, for the is-
sues of the sums to pay the half
yearly dividends on them, seen suf-
ficiently to authorise the auditor to
make such allowances.
These warrants include not only
the half year's annuity, but like-
wise a separate and distinct sum ex-
pressed to be for the charges of
management, after the usual rate,
upon that annuity ; and the im-
prest certificate produced to the au-
ditor, to verify the imprest article
in the charge, contains a sum com-

, two bank memorials.

pounded of the annuity, and the
allowance to the bank. It remains
to inquire upon what authority the
lords of the treasury ground them-
selves, in authorifing the payment
of these several fees and charges,
and at what rate they are calculated.
The various fees paid at the trea-
sury, and the offices of the exche-
quer, are slated particularly in the
The audit-
ors, as to one of them, report, that
the fees are vouched by lists of the
particulars, and receipts; and, as
to the other, that they are the usu-
al payments: and upon these re-
ports is founded the treasury war-
rant, that direéts the auditor of the
receipt of the exchequer to issue to
the chief cashier a sum to reimburse

the fees thus paid by him.
The authority exercised by the
treasury in granting the allowances
to the bank, is grounded upon the
aćt that creates the annuities. The
aćt of the year 1781 (the year of
the contribution account before us)
for raising money by way of an-
nuities, and establishing a lottery,
pursuing the like forms with the
aćts of the same kind in preceding
years, appoints the cashiers of the
bank of England receivers of the
contributions, and empowers the
commissioners of the treasury, in
such manner as to them shall seem
reasonable, to discharge the inci-
dental charges attending the execu-
tion of this ačt, and to settle the
allowances for the service, pains,
and labour of the cashiers, for re-
ceiving, paying, and accounting
for the contributions, and for the
annuities, and for the service of the
accountant-general of the bank;
which allowances are for the use
and benefit of the governor and
company of the bank of England,
and at their disposal. The lords of
the treasury, being thus empower-
- ed

ed by the legislature, to settle the quantum of the recompence to the bank, are governed in the exercise of this power, by such rules as appear to have been adopted by their predecessors. The services for which the bank crave an allowance are of three kinds—the receipt of the contributions to the annuities, the receipt of the contributions to the lettery,<and the annual management of the annuities. The estimated rate of these allowances are stated in their memorial to the treasury. As to the contributions, they pray to be allowed to retain at the rate of So;1. 15s.

1od. per million, as being in pro

portion to former allowances for the like services; and the auditors report that it is in that proportion. As to the lottery, they crave loool. upon the same ground; the auditors report, that it is the same as has bcen allowed in former accounts of the like services. As to the charge of managemeAt, they pray to be allowed a certain specified annual sum, agreeable to former allowances for the like services; the auditors report, that the allowance prayed for at the rate of 5621. Ios. a year for everv million; which they represeñt to be the same in proportion as has been allowed for transacting annuities granted in former years. Hence from the memorial, and the auditors report, taken together, it appears, that the bank crave for receiving the contributions to the annuities, at the rate of 8051. 1 5s. 1. d. per million on the money received; for receiving the contributions to the lottery, a sum of 1oocl.; and for managing the annuities, at the rate of 5621. 1 CŞ. a year per million, upon the capital stock created : but, the annuities being of two kinds, perpetual, and for years, they are different as to

the subjećt of the transfer; in the one, the capital is transferable, in the other the annuity. As the rate of allowance for management is taken upon the capital, and not upon the annuity, it becomes necessary to estimate the value of the annuity for years, so as to bring the rate of management upon them to an equality with the like rate upon the perpetual annuities. The value of both the long and short annuities; (for the different du

ration makes no difference in the an

nual trouble to the bank) is computcd at twenty five years purchase; and this produces a sum, upon which the same rate per million being calculated, gives the like allowance for the management of these as of the four per cent. annuities. As the first creation of annuities is within time of memory, we endeavoured to trace these allowances up to their origin. The oldest annuities at present in being, transferable at the bank, are those of the year 1726 ; but they are not the first that were committed to their management. During the reigns of king William and queen Anne, we do not find any contributions or annuities received at the bank; they were all paid into the exchequer: the first that appear to have been paid into the bank, are contributions to annuities granted in the first year of king George I. at the rate of 51 per cent, for raising two sums of 91 o, oool. by the first of George I. chap. 19. and of 169, oool. by chap. z 1. The first of these acts empowers the commissioners of the treasury to allow the cashier, out of the contribution money, for his pains and charges in receiving and accounting for the same, a sum not exceeding 5ocl. ; and the second aćt empowers them to allow him a sum not exceeding 1 ool. ; and in al Illa

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