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valued the security offered :-the validity of the title to be examined:-and afterwards to report on the whole, to the Commissioners of the General Loan Office, and await their instructions and orders on the subject.

3. When a Loan is approved and authorized by said Commissioners of loans, to receive from them the sum to be so loaned; to pay the same to the parties borrowing, and take charge of the security deeds; which are to be executed per triplicata, (being printed with blanks for this special purpose.) One set thereof to remain executed in a bound book, to be kept in the County Loan Office; another set to be transmitted to the General Loan Office; and the third to be delivered to the mortgager (for his information) with the time and proportion of the several payments falling due, (both of the interest and instalments) distinctly written thereon. For all which, certain fixed fees to be paid by the mortgager.

[It is to be noted, that the mortgager, if able, may pay the whole or any part exceeding the instalments fixed, at any time within the term; and a proportionate deduction of interest shall be allowed him. But that when any borrower fails in payment of his instalments on the day fixed, he is to be charged with interest on the instalment, till paid: otherwise the office would be prejudiced by not having the principal to let out anew, and the interest to answer public purposes. So much of such interest on the instalments, is to be called broken interest, and is to make a separate article in the accounts. Its quantity is proved from the back of each mortgage; (the time when the instalments were due appearing there) and also in the day-book and ledger. This broken interest to be applied to the same uses with the interest on the loans, being equally a profit to government.]

4. The County Commissioners, besides issuing the money sent to them by the Commissioners of Loans, are also to exchange notes too much worn for circulation; and for which, a particular sum of new notes is to be allotted.


5. To keep separate accounts of all sums deposited in the several County Loan Offices (agreeably to plan), and the reimbursement of the same with interest due thereon, at 4 per cent. per annum, The same to be included in their monthly reports to the Commissioners of the General oan Office.

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[With respect to deposits, a checqued receipt is to be given every person depositing money in the County Loan Offices, expressing the sum deposited, the time when the interest is to commence (which it is proposed shall not be till one month after date, in order to allow time for the employment of the same), the time the deposit money is to be repaid, to the person named, or to order, on producing the receipt; when a counter receipt is to be given on the same paper, acknowledging the repayment of the principal with interest. These receipts and counter receipts, will be vouchers for the truth of the book accounts of the sums paid for interest.]

Functions of the Inspectors.


To visit from time to time the respective County Loan Offices in the United Kingdom, and inspect the Acts, Books, &c. of the same, as often as they shall be directed so to do, by the Commissioners of the General Loan Office and to report to them the state of the said County Loan Offices; their management &c. &c. that in case of any misconduct, or delinquency, proper steps may be immediately resorted to for remedying the same.

[When the accounts of the County Loan offices, are to be inspected or settled, the respective County Commissioners will be charged with the loan money, put into their hands from time to time; and discharge themselves by producing authorized mortgages for the whole, or for part; and the remainder, if any, in mortgage notes. They will be charged with the exchange money, and discharge themselves by producing torn notes for part, and the remainder unexchanged. They will be charged by the account of interest and instalments received, and discharge themselves by their salaries; by the sums forwarded to the General Loan Office; by the interest they have paid on sums deposited, and by producing the balance in mortgage notes, remaining on hand.]

Functions of the Secretary General of Loans.

He is, with the assistance of clerks, to keep a regular account of all applications for loans (to be taken from the reports of the NO. XXI. Pam. VOL. XI. I

Commissioners of the several County Loan Offices) together with. the decision of the Commissioners of the General Loan Office, respecting each application.

He is also to keep a regular journal of all the transactions of the General Loan Office with government, and the County Loan Offices.


He is also to keep a day book, in which is to be noted the sums and numbers of mortgage notes, fabricated and signed by the Commissioners of Loans; particularizing the same: also the emissions and receipts of each day: the sums lent on mortgage, and to whom the sums received from each County Loan Office, distinguishing principal and interest: the sums reported to be deposited in the several County Loan Offices, for which an interest is to be allowed at the rate of 4 per cent. per annum: the reimbursing such sums with the amount of interest paid: the amount of new notes exchanged for old ones: the Commissioners' salaries, and contingent expences appertaining to the General and County Loan Offices; and the carrying the whole plan into execution; as also the amount of sums paid into the government treasury, or lodged in the Bank of England on account of government or of the General Loan Office.

The Secretary General is also to cause to be kept a ledger, in which the day book accounts are to be regularly posted up, under their respective heads; so that the actual state of the transactions of the General Loan Office, and the amount of mortgage notes in circulation, together with the amount of applications for new loans; may at any and at all times fully appear.

General Regulations.

Two of the Commissioners of the General Loan Office to attend daily at their office to superintend the ordinary business thereof; and the whole Board to meet there once a month to consider the applications made for loans; examine the solidity of the securities offered; and fix the sums to be lent on those securities that may be approved of; which is to be determined by not less than a majority of the whole Board; after taking into consideration the report of the County Commissioner of Loans on


each application; and those of the General Loan Office Surveyor and Conveyancer, respecting the value of the property, and the validity of the mortgage, offered as security for each loan.

At these Monthly Meetings the new mortgage notes, wanted for fresh emissions, are to be signed by two of the Commissioners of Loans, and forwarded to the respective County Loan Offices, where they may be wanted to fulfil new loans.


At the same meetings the Commissioners of Loans are to take into consideration the reports of the Inspectors, and those of the County Commissioners. On the reports of the latter, the Commissioners of the General Loan Office may, if they see sufficient grounds, (and the same is approved of by a majority of the Board) prolong the time of payment of the instalments: but the interest to be absolutely, and without power of prolongation paid.

The Commissioners of the General Loan Office are to have a regular Quarterly Meeting of the whole Board, for the express purpose of making a general report to government of the state of the several Loan Offices throughout the United Kingdom: the amount of mortgage notes in circulation: the increased or diminished demand for new loans: and all other circumstances relative to the effect produced by this financial scheme.

A Yearly Meeting of the whole Board of Commissioners of the General Loan Office is also to take place, to make up their accounts of the preceding year, and settle the same with the government.

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