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Upon the two hundred thousand pounds which it circulated in bank

notes, this five per cent. might perhaps be considered as a clear

gain, without any other deduction besides the expense of

management. But upon upwards of six hundred thousand pounds, for

which it was continually drawing bills of exchange upon London,

it was paying, in the way of interest and commission, upwards of

eight per cent. and was consequently losing more than three per

cent. upon more than three fourths of all its dealings.