Minute Book: September 1702

Page 79

Calendar of Treasury Books, Volume 17, 1702. Originally published by His Majesty's Stationery Office, London, 1939.

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September 1702

Sept. 23. No entry of attendance.
Mr. Lowndes (pursuant to my Lord Treasurer's direction) having this day treated with the Directors of the Bank of England for their advancing immediately the sum of 50,000l. to the Treasurer of the Navy for discharging wages to ships, upon the credit of tallies and orders registered next after 1,572,453l. 10s. 9d. on the Land Tax and Subsidies payable anno 1702 it is concluded and agreed as follows:
that the Bank of England do forthwith advance the said sum to Sir Thomas Littleton, present Treasurer of the Navy, for the purposes aforesaid to be repaid the same with 5 per cent. interest from the time of advance to the time or times of repayment, so that as the Bank shall receive back any part not less than 10,000l. at a time the interest for so much shall cease; and the said Littleton shall forthwith deliver to the Cashier of the Bank, for security of the said principal and interest, tallies and orders for 53,000l. [payable thereon] in such course as aforesaid, the Cashier of the Bank giving a note that when the said principal and interest shall be fully paid and satisfied, the overplus then remaining upon the said tallies and orders shall be redelivered to the Navy Treasurer for the Queen's use. Ibid., p. 248.