ments, an universal tremor shook her whole frame, and but, for the speedy affiftance of her lord, and the hartfhorn, she must have fell to the ground; however, in a little time, the recover ed fufficiently to do the honours of the table; where every one regaled as they liked, but her meal was on the features of the young lady. Dinner was no fooner over, than the ladies withdrew. Mifs Chance, which was the name the intended bride went by, was particularly affiduous about the perfon of lady Shelley, which was returned by the other with more than common pleasure and fatisfaction. Their chat was general. for a long time; but lady Shelly observing an uncommon understanding in Mifs Chance, for a perfon of her age, directed the greatest part of her converfation to her, and among other fub. jects, asked, if her parents were alive; to this the replied, the never knew her father, and that her mother had been dear about a year; that she left her a fmall fortune; and had no relation in the world but an uncle, who was very old, and fived about a mile from thence; but he having a large family, could not make room for me there, I therefore lodge and board with one Mifs Friendly, who, fhe tells me, was an old companion of your's, and defigns to drink tea here this afternoon. Lady Shelly was furprised to hear mifs Friendly was in favour again with her father, who, on hearing the carried on the correfpondence between lord Shelly and me, declared he never would forgive her, and ordered his doors to be fhut against her. And he would have kept to his refolution, replied mifs, if it had not been for me; but one day, he wrote to her, telling her, if the could perfuade me to receive him as a lover, the might command his best services. I fee you fmile, madam, but when I recollected my fortune was but small to fpport me in a way but one degree beyond decency; I confulted my uncle, who thought it the prudenteft ftep I could take; and having no other relations, I thought in cafe of his death I fhould be left friendless; I therefore agreed to receive him as my future hufband. Lady Shelly then asked her, if her heart confented to her determination; the blufhed, and said,she had never been happy enough to engage any body's attention before, nor fhould the think the union at all proper, if the did not stand in need of fettling herself; though, continued the, I have a reverence for him, which I think surpasses common regard or matrimonial affection. She then asked lady Shelly, if any thing from her first entering the room, had occafioned her fudden dif order, and the attention fhe regarded her with ever fince. Lady Shelly with tears, then told her, fhe fo exactly refembled a daughter fhe had loft fome years ago, that it revived the pleasing image; and affected her as the had obferved. The bell for tea fummoned this agreeable company to attend the gentlemen; mifs Friendly now made her appearance to the great joy of lord and lady Shelly, they received her with the fincereft friendship, and again thanked her for the hand the had in their happy union: mifs Friendly fimilingly replied, the believed he was born a match-maker; for I had nobody to thank but her, for a mother in-law; ah! replied an old gentleman who fat in the corner (and whom miss Chance had faid before was her uncle) many furprifing changes happen in life; who would have thought when I took up my dear niece, (as I call her) faft afleep, in Harrum forest at ten o'clock. at night, and wrapt her in my great coat, till I got to my poor mistress Worty's, who is dead and gone; but a better woman never lived, and I was determined if he would not keep the poor thing (who had certainly strolled away from her mammy's houfe) I would have carried her to my dame. On the CHARMS of LOVE. A Love Song, Tranflated from the Original. By G. A. STEVENS. Tune, Derry Down. L I. ET him, fond of fibbing, invoke whom he chufes, Fine golden lock'd Phoebus, or misses the Muses; Or fome name in the claffical kingdom of letters, Poets often are apt to make free with their betters. II. Derry, Down, sic. But I fcorn to fay aught, fave the thing which is true, Her lips, he has two, and her teeth they are white, Her waift is fo-fo-I'll not wafte words about it, Her ears from her cheeks equal distance are bearing, VI. Derry Don, &c. Her legs are proportioned to bear what they've carry'd, Yet wedlock will fometimes the best friends divide, By her spouse thus fhe's ferv'd, when he throws them afide. VII. Derry Dean, &c. Not too short, nor too tall, but I'll venture to say, Derry Down, &c. N. B. The Letter figned Metcalf came too late for this Month, but fall be inforted in our next. The Tavern Scene, from our Correspodent in the Isle of Wight, will then be published. 扶联 The BEAUTIES of all the MAGAZINES SELECTED, For MARC H, 1763. HISTORY of the Eaft India Companies in England; and the Bank; and the Origin of the Stocks. T HERE is no trading company in Europe, the Dutch Eaft India Company excepted, which can be put in competition with this. It was first established in the latter end of the reign of Queen Elizabeth; and its privileges have been enlarged or confirmed, by almost every monarch fince. Its fhares, or fubfcriptions were originally only sol. fterling; and its capital only 369,891 l. 5s. But the directors having a confiderable dividend to make in 1676, it was agreed to join the profits to the capital, by which the shares were doubled, and confequently each became of 100 l. value, and the capital 739,782 1. 10 s. to which capital, if 963,639 1. the profits of the company to the year 1685, be added, the whole stock will be found to be 1,703,402 pounds. However, this company having fuftained several loffes by the Dutch, and the fubjects of the Great Mogul, was in a declining way at the revolution, when the war with France reduced it fo low, that it appearing fcarcely poffible to be fupported, a new one was erected. The merchants forming the New EaftIndia company received their charter in 1698, having in confideration of the grant thereof, lent to the government two millions at 8 per cent. per annum, and pushing their trade with vigour, they foon carried on twice the business VOL. II. that was ever done by the old company. But after two companies had fubfifted a few years in a feparate state, 'means were contrived to unite them, which was effected in 1702, when a new charter was granted them under the title of the United Company of Merchants trading to the East Indies. To the two millions advanced by the New Company, the united company in the 6th of Queen Anne, lent the government 1,200,000l. which made the whole loan amount to 3,200,000l. A further fum was alfo lent by the company in 1730, on a renewal of their charter, the intereft of which is reduced to 3 per cent. and called the India three per cent annuities. As to India stock, it is of a quite different nature; for as that is not money put out to intereft, but the trading ftock of the company, and the proprietors of the fhares, inftead of receiving a regular annuity, have a dividend of the profits arifing from the company's trade; which, as it is more valuable, thefe fhares generally fell at a price much above the original value. As to the management of this united company, all perfons without exception, natives and foreigners, men and women, are admitted members of it; and 500 l. in the stock of the company, gives the owner a vote in the general courts; and 2000 l. qualifies him to be chofen a director. The directors 24 in number, including the chairman, and the deputy chairman, who may be ré-elected for four years fucceffively. The chairman has a falary of 2001. a year, and each of the directors 150 l. The meetings or courts of directors are to be held at least once a week; but are commonly oftener, being fummond as occafion requires. Out of the body of directors are chofen feveral committees, who have the peculiar inspection of certain branches of the company's bufinels; as a com'mittee of correfpondence, a committee of buying, a committee of treasury, a houfe committee, a committee of warehoufes, a committee of fhipping, a committee of accounts, a committee of lawfuits, and a committee to prevent the growth of private trade, &c. who have under them a fecretary, cashier, clerks, warehouse keepers, &c. Other officers of the company are governors and factors abroad, fome of whom have guards of foldiers, and live in all the state of fovereign princes. Of the BANK of ENGLAND. The company of the Bank was incorporated by parliament, in the sth and 6th years of King William and Queen Mary, by the name of The Gonernor and Company of the Bank of England, in confideration of the loan of 1,200,000 1. granted to the government; for which the fubfcribers received almost 8 per cent. By this charter, the company are not to borrow under their common feal, unless by act of parliament; they are not to trade, or fuffer any person in truft for them, to trade in any goods, or merchandize; but they may deal in bills of exchange, in buying or felling bullion, and foreign gold and filver coin, &c. By an act of parliament, paffed in the 8th and 9th years of King William the 3d. they were empowered to enlarge their capital ftock to 2,201,000, 171 l. TO S. It was then alfo enacted, that Bank stock fhould be a perfonal, and not a real estate; that no contract, either in word or writing, for buying or, deling Bank stock, fhould be good in law, unlefs registered in the books of the Bank within feven days; and the stock transferred in 14 days, and that it fhould be felony, without benefit of clergy, to counterfeit the common feal of the Bank, or any fealed Bank bill, or any Bank note, or to alter or erase fuch bills or notes. By another act passed in the 7th of Queen Anne, the company were impowered to augment their capital to 4,402,343 1. and they then advanced 400,000l. more to the government; and in 1714, they advanced another loan of 1,500,000 1. In the third year of King George the first, the intereft of their capital ftock was reduced to 5 per cent. when the Bank agreed to deliver up as many Exchequer bills as amounted to2,000,000 and to accept an annuity of 100,000l. And it was declared lawful for the Bank to call from their members, in proportion to their interefts in the capital stock, fuch fums of money as in a general court should be found necessary ; but if any member should neglect to pay his fhare of the monies fo called for, at the time appointed by notice in the London Gazette, and fixed upon the Royal Exchange, it fhould be lawful for the Bank, not only to ftop the dividend of fuch member, and to apply it towards payment of the money in queftion; but alfo to ftop the tranffers of the fhare of fuch defaulter, and to charge with an interest of 5 per cent. per ann. for the money fo omitted to be paid; and if the principal and interest fhould be three months unpaid, the Bank fhould then have power to fell fo much of the flock belonging to the defaulter as would satisfy the same. After this the Bank reduced the intereft of the 2,000,000 l. lent to the government, from 5 to 4 per cent. and purchased several other annuities, which were afterwards redeemed by the government, and the national debt due to the Bank reduced to 1,600,000l. But in 1742, the company engaged to fupply the government with 1,600,000 l. at 3 per cent, which is now called the 3 per 3 per cent annuities, fo that the government was now indebted to the company 3,200,000 1. the one half paying 4, and the other 3 per cent. In the year 1746 the company a greed, that the fum of 986,800 1. due to them in Exchequer bills unfatisfied, on the duties for licences to fell fpiritu ous liquors by retail should be cancelled, and in lieu thereof to accept of an annuity of 39,442 1. the intereft of that fum at 4 per cent. The company also agreed to advance the further fum of 1,000,000 l. into the Exchequer, upon the credit of the duties arifing by the malt and land tax, at 4 per cent. for Exchequer bills to be issued for that purpofe; in confideration of which, the company were enabled to augment their capital with 986,800 1. the intereft of which, as well as that of the other annuities, was reduced to 3 l. 10 s. per cent. till the 25th of December, 1757, and from that time to carry only 3 per cent. And in order to enable them to circulate the said Exchequer bills, they established what is now called the Bank circulation. The nature of which, not being well understood, we shall take the liberty to be a little more particular in its explanation than we have been with regard to the other stocks. The company of the Bank are obliged to keep cash fufficient to answer not only the common, but also any extraorninary demand that may be made upon them; and whatever they have by them, over and above the fum fuppofed neceffary for thefe purposes, they employ in what they call the trade of the company; that is to fay, in difcounting bills of exchange, in buying of gold and filver, and in government fecurities, &c. But when the Bank entered into the above-mentioned contract, as that fum they employed in difcounting, buying gold and filver, &c. (which would have been very difadvantageous to them) or inventing fome method that fhould anfwer all the purposes of keeping the million in cafh. The method which they chofe, and which fully anfwers their end, was as follows. They opened a fubfcription, which they renew annually, for a million of money; wherein the subscribers advance 10 per cent. and enter into a contract to pay the remainder, or any part thereof, whenever the Bank fhall call upon them, under the penalty of forfeiting the 10 per cent. fo advanced; in confideration of which, the Bank pays the fubfcribers 4 per cent. intereft for the money paid in, and per cent. for the whole fum they agree to furnish ; and in cafe a call fhould be made upon them for the whole, or any part thereof, the Bank farther agrees to pay them at the rate of 5 per cent. per annum for fuch fum till they repay it, which they are under an obligation to do at the end of the year. By this means the Bank obtains all the purposes of keeping a million of money by them; and tho' the fubfcribers, if no call is made upon them (which is in general the cafe) receive 6 per cent. for the money they advance; yet the company gains the fum of 23, 500 l. per annum by the contract; as will appear by the following account. The Bank receives from the bers who advance 100,000l. they did not keep unemployed a larger The clear gain to the Bank} fum of money than what they deemed necessary to answer their ordinary and extraordinary demands, they could not conveniently take out of their current cafh fo large a fum as a million, with which they were obliged to furnish the government, without either leffening therefore This is the ftate of the cafe, provided the company should make no call on the fubfcribers, which they will be very unwilling to do, because it would not only leffen their profit, but affect the publick credit in general. 02 Bank |