chise were applied to certain districts, having peculiar privileges and immunities; such as freedom from arrests for debts contracted out of the liberty, &c. The liberties of Shrewsbury, Franchises of Wenlock, &c. are divisions of the county of Salop similar to hundreds.

COMMERCIAL AFFAIRS.

THE trade of Great Britain with foreign nations is carried on partly by companies, and partly by private merchants. The most considerable companies that have been formed, are the following:

1. The most ancient trading company in Britain, was the Hamburgh Company. They were originally called Merchants of the Staple, and afterwards Mer. chant Adventurers. They were first incorporated in the reign of king Edward, anno 1296, and obtained leave of John duke of Brabant, to make Antwerp their staple or mart, where the woollen manufactures at that time flourished. 2. The company next incorporated, was that of the Russia Merchants, in the reign of queen Mary, who were empowered to trade to all lands, ports, and places in the dominions of the emperor of Russia. 3. The Eastland Company, formerly called Merchants of Elbing, a town in Polish Prussia, being the port they principally resorted to in the infancy of their trade. They were incorporated the 21st of the reign of queen, Elizabeth, and empowered to trade to all places within the Sound, except Narva, the only Russian port at that time in the Baltic. This company, like the for mer, is not considerable; the trade to Norway and Sweden being laid open to private merchants, by act of parliament. 4. The Turkey or Levant Company, was also erected in the reign of queen Elizabeth, and their privileges confirmed and enlarged in the reign of king James I. being empowered to trade to the Levant, or eastern part of the Mediterranean; particularly to Smyrna, Aleppo, Constantinople, Cyprus, Tripoli, Alexandria, &c This trade is also now laid open to private merchants, upon paying a small consideration,

9. The East India Company was incorporated about the 42d of queen Elizabeth, anno 1600, and empowered to trade to all countries to the eastward of the Cape of Good Hope, exclusive of all others. But about the year 1698, application being made to the parliament by private merchants, for laying this trade open, an act passed empowering every subject of England, after raising a sum of money for the supply of the government, to trade to these parts. Upon this a great many subscribed, and were called the New East India Company. But the old company being masters of all the forts on the coasts of India, the new company found it their interest to unite with them, and trade with one joint stock, and have been ever since styled the United East India Company. 6. The Royal African Company was incorporated 14th Charles II. and empowered to trade from Sallee, in South Barbary, to the Cape of Good Hope, and to erect forts and factories on the western coast of Africa for that purpose. But this trade was laid open by act of parliament, anno 1697, and every private merchant permitted to trade thither, upon paying of 101. towards maintaining the forts and garrisons: this company for securing their commerce, erected several forts and factories on the coast. 7. The Canary Company was also incorporated in the reign of king Charles II. anno 1664, and empowered to trade to the Seven Islands, anciently called the Fortunate, and now the Canary Islands. 8. Hudson's Bay Com pany is of a pretty old standing, and trades to Hudson's Bay, from which the company takes its name, and the adjacent places. They make a very advantageous trade by exporting woollen goods, haberdashery wares, knives, hatchets, and other hard ware; and in return they bring back skins, beaver, and furs. 9. The last of all the trading companies, is that of the South Sea, established in the 9th of queen Anne, but this company has long given up its commercial undertakings, as a corporate body.

The EXPORTS and IMPORTS of Great Britain, are so complex and variable, that it would be impos sible in this work to render a competent idea of them.The exports or goods sent out of the country, consist

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principally of cloth, linen, manufactured iron, tim, brass, leather, hardware, &c. and the surplus of our East and West India Colonies, North and South fishe. ries, &c. The imports, or goods brought from foreign countries, are principally un-wrought iron, antimony, silver, timber, hemp, flax, tallow, oil, gold dust, ivory, gum, drugs, tea, silks, diamonds, coffee, currants, figs, spirits, wines, sugar, rum, cotton, indigo, cocoas, fruits, gold bullion, &c.

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FUND is a word used in commerce, for the capital stock of a merchant company, or corporation ; or the sum of money that they put into trade. In this sense we say absolutely the funds, the public funds, meaning the stock of the great companies, as Bank, South Sea, East-India, &c. Funds mean also taxes allowed by parliament for the support of civil government, and for the payment of the principal and interest of the money borrowed for public services.

BANK, in commerce, signifies a common repository, where many persons agree to keep their money, to be always, ready at their call or direction under certain societies or communities, who take the charge of it, either to improve it, or to keep it secure. The first institution of banks was in Italy, where the Lombard Jews kept benches in the market-places for the exchange of money and bills; and banco being the Italian name for bench, banks took their title from this word. Banks are chiefly of two kinds; either public, consisting of a company of moneyed men, who being duly established, and incorporated by the laws of their country, agree to deposit a considerable fund, or joint stock, to be employed for the use of the society, as lending money upon good security, buying and selling bullion, discounting bills of exchange, &c. or private, i. e. set up by private persons or partnerships, who deal in the same way as the former upon their own single stock and credit.

The greatest bank of circulation in Europe is the BANK OF ENGLAND. The company of which was incorporated by parliament, in the fifth and sixth years of king William and queen Mary, by the name of the Gover nors and Company of the Bank of England, in considera

tion of a loan of 1,200,0001. granted to the govern ment; for which the subscribers received nearly 8 per cent. By this charter, the company are not to borrow Tunder their common seal, unless by act of parliament; they are not to trade in any goods or merchandise; but they may deal in bills of exchange, in buying or selling bullion, and foreign gold and silver coin, &c.

The company of the bank are obliged to keep cash sufficient not only to answer the common, but also any extraordinary demand that may be made upon them; and whatever money they have by them, over and above the sum supposed necessary for these purposes, they employ in what may be called the trade of the company; that is to say, in discounting bills of exchange, in buying of gold and silver, and in govern ment securities, &c. All these advantages render a share in their stock very valuable; though it is not equal in value to the East-India stock. The company make dividends of profits half yearly, of which notice is publickly given; when those who have occasion for their money may readily receive it; but private persons, if they judge convenient, are permitted to continue their funds, and to have their interest added to the principal. The company is under the direction of a governor, deputy-governor, and 24 directors, who are annually elected by the general court, in the same manner as in the East-India company, Thirteen, or more, compose a court of directors for managing the affairs of the company. The officers of this company - are very numerous. The stability of the bank of Eng-land is equal to that of the British government. All that it has advanced to the public must be lost before its creditors can sustain any loss. No other banking company in England can be established by act of parlia ment, or can consist of more than six members. It acts, not only as an ordinary bank, but (as we have already seen) as a great engine of state; receiving and paying the greater part of the annuities which are due to the creditors of the public; circulating exchequer bills; and advancing to government the annual amount of the land and malt taxes, which are frequently not paid up till some years after. It likewise has, upon several

different occasions, supported the credit of the principal houses, not only in England, but of Hamburgh and Holland. Upon one occasion it is said to have advanced for this purpose, in one week, about 1,600,000l. a great part of it in bullion. Since it ceased discounting bills with gold, and began to issue small notes, it has generally from 15 to 18 millions of paper in circulation.

In Scotland there are two public banks, both at Edinburgh. The one is called the Bank of Scotland, which was established by act of parliament in 1695; the other, called the Royal Bank, by royal charter in 1727. Within these fifty years there have been also erected private banking companies in almost every considerable town. Hence the business of the country is almost entirely carried on by paper-currency, i. e. by the notes of those different banking companies; with which purchases and payments of all kinds are commonly made. Silver very seldom appears in Scot land, except in the change of a twenty shilling bank note. It is chiefly discounting bills of exchange, that, is, by advancing money upon them before they are due, that the greater part of banks and bankers issue their promissory notes. They deduct always, upon whatever sum they advance, the legal interest till the bill shall become due. The payment of the bill, when it becomes due, replaces to the bank the value of what had been advanced, together with a clear profit of the interest. The banker, who advances to the merchant whose bill he discounts, not gold and silver, but his own promissory notes, has the advantage of being able to discount to a greater amount, by the whole value of his promissory notes, which he finds by experience are commonly in circulation. He is thereby enabled to make his clear gain of interest on so much larger a

sum.

Since the free trade was granted to Ireland, a Na tional Bank has been opened in the city of Dublin, under the firm of the Governor and Company of the Bank of Ireland. The interest of money in that kingdom is 6 per cent. per annum, but their sterling currency is at 84 per cent, under the real current coin of Great Britain.