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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
payment upon the total of the ca
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
sums, and prays to be reimbursed.
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
, two bank memorials.
pounded of the annuity, and the
the fees thus paid by him.
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