Proceedings of the Council of Maryland, 1761-1769. 9

and by their Letter dated London 13^th March 1759: they say.
"As the same Reason continues as was given in our last,
there has not been any Cash disposed of in the Purchase of any
more Bank Stock, the Value of its Price still lowering, and
no Reason can be assigned it should be better until a good
Peace be attained: The Price at present is but 116 per Cent :"
your Committee apprehend the Trustees keeping the Country's
Money dead in the Bank so long a time without purchasing
Capital Stock have not complied with the Directions of the
Act of Assembly, to which we beg Leave to refer; tho' by their
Account rendered it appears they purchased Capital Stock at
a much lower Rate than they could have done before that Time

Lib. J. R.

& U. S.

(to wit) from 112.. 10..0, to 111 per Cent, yet we conceive that
Saving is not equal to the Sum which would have arisen to the
Credit of the Province by the Dividend and accruing Interest
thereon, if the Monies had been yearly converted into Capital
Stock, as appears by an Account here under stated,

1760. D^r Profit and Loss to the Province of Maryland by
Delay of Purchase of Capital Bank Stock.

To Loss of the Dividend of £ 1000, Capital for 3^2
years from April 1756 to October 1759: which would
have then cost at 122 per Cent £1220 there being then
enough in the Trustee's Hands to have purchased so
much Stock £157..10..0 £2200..0..0

To ditto of ditto on £2000 for 2 1/2
years from April 1757 to October
1759 which would have cost £225.. 0..0 2380..0..0
1 19 per cent £2380 then ditto
To ditto of ditto on £2000 for 1 1/2
years from April 1758 to October
1759 which would have cost 135.. 0..0 2540..0..0
then at 117 per cent £2340 —————— ——————

Cr.
By Stock bought September 1759,
£2000, at £12.10, cost 2250..0..0
By ditto February 1760, £3000 at
11 per cent 3300..0..0
Saved by Stock 360..0..0
Loss by Interest £556.. 5...0. Differ-
ence to the 360.. 0..0
disadvantage of the Province besides
accruing interest on the dividends
had they been turned into capital 1 57.. 10..0

£517..10..0 £5940..0..0

P. 306