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In pursuance of the 7th Anne, c. 7, the bank advanced and paid

into the exchequer the sum of £400,000; making in all the sum of

£1,600,000, which it had advanced upon its original annuity of

£96,000 interest, and £4,000 for expense of management. In 1708,

therefore, the credit of government was as good as that of

private persons, since it could borrow at six per cent. interest,

the common legal and market rate of those times. In pursuance of

the same act, the bank cancelled exchequer bills to the amount of

£ 1,775,027: 17s: 10½d. at six per cent. interest, and was at the

same time allowed to take in subscriptions for doubling its

capital. In 1703, therefore, the capital of the bank amounted to

£4,402,343; and it had advanced to government the sum of

£3,375,027:17:10½d.