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of their cash credits, and of the branch banks established in the jworest and most remote districts. Whether the discontinuance of onepound notes would necessarily operate to the full extent which they apprehend, in either of these respects, may perhaps admit of doubt; but the apprehensions entertained on this head, by the persons most immediately concerned, might, for o time at least, have nearly the same effect as the actual necessity, and there is strong reason to believe that, if the prohibition of one-pound notes should not ultimately overturn the whole system, it must for a considerable time materially affect it.
The directors of the Bank of England, who have been examined before the committee, have given it as their opinion, that a circulation of notes of one pound in Scotland or in Ireland, would not produce any effects injurious to the metallic circulation of England, provided such notes be respectively confined within the boundary of their own country.
Notwithstanding the opinions which have been here detailed, the committee are, on the whole, so deeply impressed with the importance of a metallic circulation below 5/. in England, not only for the benefit of England, but likewise for that of all the other parts of thq empire, that if they were reduced to make an option between the establishment of such a metallic circulation in Scotland, or the abandonment of it in England, they would recommend the prohibition of small notes in Scotland. But they entertain a reasonable expectation that legislative measures may be devised, which will be effectual in preventing the introduction of Scotch paper into
England; and unless such measures should in practice prove ineffectual, or unless some new circumstances should arise to derange the operations of the existing system in Scotland itself, or materially to affect the relations of trade and intercourse between Scotland and England, they are not disposed to recommend that the existing system of banking and currency in Scotland should be disturbed.
With respect to Ireland, the situation of that country, as to its circulation, and as to its system of banking, is materially different from that of Scotland. In Scotland there are three banks, of which the proprietors are protected by act of parliament or charter from personal responsibility beyond the amount of their respective shares; and there are many other banks, consisting of a large and unlimited number of partners, personally responsible to the whole extent of their property, of which the aggregate amount is very considerable. There are also branches or agencies of most of the banks very widely established throughout the country.
In Ireland, tho only Bank possessing the advantage of a limitation of personal responsibility is the Bank of Ireland, which, till a late alteration in the law, was the only establishment which was permitted to have more than six partners. — The circulating medium consists, indeed, in both countries, to a great extent, of notes under five pounds; but thesystemof banking in Ireland, instead of remaining unshaken for a long period, as that of Scotland, has experienced so 'many shocks, that its banking establishments are now nearly confined to the chartered Bank of Ireland and its local agencies, the branches of the provincial bank which is established in London, one joint-stock company in Dublin and another at Belfast, the latter of which has local agencies, and a few private banks in Dublin and Belfast. The issue of notes under 5/. has been at different periods permitted and prohibited in Ireland ; there is, therefore, no prescription to plead for their continuance, and there is no experience of'any such system as that of cash credits in Scotland, which is stated to rest mainly upon their issue. There is not at present in Ireland the same check upon over-issues, which is derived in Scotland from the continual exchanges of notes between the different banks; and the failures of private bants have frequently spread the greatest distress over large portions of the country. Previously to the Bank Restriction act, there appears, by the evidence taken before the committee of the House of Commons in 1804, to have existed in Ireland a considerable metallic circulation, of the existence of which in Scotland the committee are not informed.
Many of the reasons, therefore, upon which the committee have grounded their opinion against any present provision for a future alteration in the currency of Scotland, do not apply to Ireland, and the introduction of a larger proportion of metallic currency into the latter country appears liable to less difficulty than the application of the same principle to the former. There is, however, a considerable difference in the opinions of the witnesses, whom the committee have hitherto had the opportunity of examining. While all agree in the necessity of allowing the issue of paper below 51.
on account of the small value of the articles which compose the daily transactions of the country, there are some who think that the inconvenience to be apprehended from any change in the present circulation would be only temporary, and would be materially mitigated by allowing the issue of notes of 2/. or Si. There are others who state that any alteration by which the issue of one-pound notes should be prohibited, would cause the cessation, or at least the contraction to a most inconvenient degree, of the accommodation now afforded to the country; that it would involve the discontinuance of many of the branches both of the Bank of Ireland and of the provincial bank; and that it would put an end to the prospect of establishing the Scotch system of cash credits, into which system the provincial bank was beginning to enter.
The committee cannot but admit it to be doubtful, whether, under the peculiar circumstances of Ireland, the Scotch system is capable of being transferred in all its parts, and with all its advantages to that country ; but they abstain from recommending, at the present moment, the adoption of any measure for assimilating by slow gradations the circulating medium of Ireland to that which will become, at an earlier period, the circulating medium of England, only under the expectation that further in* formation and more experience, as to the effects and operation of the changes which have lately taken place in the banking system of Ireland, may lead to the information of a decided opinion upon grounds more completely satisfactory than those upon which they could at present rest it.
Order of Council permitting the Importation of Grain.
At the Court at Windsor, the 1st of September, 1826, present the King's Most Excellent Majesty in Council.
Whereas, by the laws now in force for regulating the importation of corn—oats and oatmeal may be imported into the united kingdom, and into the Isle of Man, for home consumption, under and subject to the regulations of the several statutes in that case made and provided, whenever the average price of oats (to be ascertained in the manner therein prescribed) shall be at or above the price of twenty-seven shillings per quarter, and peas may in like manner be imported, whenever the price shall be at or above fiftythree shillings per quarter; and whereas by a certain act of parliament, made and passed in the third year of his present majesty's reign, intituled, "An act to amend the laws relating to the importation of corn," it is enacted, that whenever foreign corn, meal, or flour, shall be admissible under the provisions of an act, passed in the fifty-fifth year of the reign of his late majesty king George 3rd, intituled, "An act to amend the law now in force for regulating the importation of corn," or under the provisions of the said act, passed in the third year of the reign of his present majesty, there shall be levied and paid certain duties therein specified upon all such foreign corn, meal, or flour, when admitted for home consumption: and whereas by the weekly returns of purchases and sales of corn, made by the several inspectors of corn returns in the cities and towns of England and
Wales, to the receiver of corn returns, it appears that the average price of oats, and also the average price of peas, at the present time, exceed the before-mentioned prices of twenty-seven shillings and fiftythree shillings per quarter: and whereas, from information which hath this day been laid before bis majesty, it appears that the price of oats, as well as that of peas, is still rising, and that the crop of oats, and also the crops of peas and beans, of the present year, have failed to a considerable extent, and that a deficiency of the crop of potatoes is also apprehended in some parts of the United Kingdom: and whereas, if the importation, for home consumption, of oats and oatmeal, and of rye, peas, and beans, be not immediately permitted, there is great cause to fear that much distress may ensue to all classes of his majesty's subjects: And whereas, under the acts aforesaid, no foreign grain of the above description, whatever may be the respective average prices of the same, can be admitted to entry for home consumption till after the fifteenth day of November in the present year, when the next quarterly average by which the admission of such grain is regulated will be made up, according to the provisions of the said acts: His majesty, with the advice of his privy council, doth order, and it is hereby accordingly ordered, that foreign oats and oatmeal, rye, peas, and beans, whether warehoused or otherwise, shall and may, from the date hereof, be permitted to be entered in the ports of the United Kingdom, and pf the Isle of Man, for home con-. sumption, '■ provided the parties making entry of any such foreign oats, oatmeal, rye, peas, or beans, do give bond, with sufficient sureties, to the satisfaction of the commissioners of his majesty's Customs, for the payment of any duties not exceeding in amount the duties hereinafter mentioned, in case parliament shall authorise the levy and receipt thereof, that is to say.: oats, per quarter, 2*.; oatmeal, per boll, 2*. 2d.; rye, peas, and beans, per quarter, 3s. (id. And his majesty, by and with the advice aforesaid, doth hereby further order, and it is
accordingly ordered, that such permission to enter oats and oatmeal, rye, peas, and beans for home consumption, on the conditions aforesaid, shall continue in force from the date hereof, until the expiration of forty days, to be reckoned from the day of the next meeting of parliament, unless the parliament shall, previously to the expiration of the said forty days, make provision to the contrary:
And the right hon. the lords commissioners of his majesty's Treasury are to give the necessary directions herein accordingly.
Letter of Instructions to the Protector of Slaves at Demeraba.
"Dotvning-slreet, April 12. "Sir, — Previously to your taking possession of the very arduous and important situation to which you have been appointed as protector of slaves, it is necessary that I should convey to you some special instructions for the regulation of your conduct in the exercise of its various duties.
"It will be your particular duty as protector of slaves, to watch over the faithful execution of all such provisions or regulations with respect to the treatment of slaves as are at present in force in Demerara, or as may at any future time be established there by any lawful authority.
"You will, if necessary, apply to the local government for any facilities which may give you a more complete opportunity of receiving and considering complaints which may be preferred by the slaves against their owners, or any Other persons exercising a dele* Voi,. LXVIII.
gated authority over them; and you will not fail to make a report to the lieutenant-governor, which will be transmitted to me, on the subject of any practical impediments which may be found in the execution of any part of your duty.
"You will not deem it necessary in all cases to wait to receive complaints from the slaves themselves; but if you shall hear of any unwarrantable treatment to which any slave, or any gang of slaves are exposed, you will repair to the estate, and there institute a diligent inquiry into the conduct of those persons who may be responsible on the occasion.
"You will not, however, forget, in the execution of your office, that it is also your duty to secure all the legal rights of the proprietor as well as of the slave, as far as they are involved in any transaction with you as protector.
"You must exercise a constant discretion in impressing upon the, minds of the slaves in the most forcible manner, that the measures which have been provided for their protection are in no degree to interfere with the unremitting practice of industry and obedience, to which, under prescribed regulations, their owners are by law entitled; but, on the contrary, that those duties are the more strictly to be observed by them in proportion as the law and regulation interpose to prevent any improper exercise of the authority of the master.
"You must explain to them, that although they may always expect to find in you a vigilant friend and protector in all cases where such protection can be properly required, they will at the
same time find you entirely determined to discountenance any frivolous and unfounded complaints which may be preferred by them against their masters.
"You will not fail to make it your early and peculiar study to fix on the minds of the slaves, by such arguments and explanations as are suited to their state of information and comprehension, the principles which are contained in this letter, and which pertade all that course of legislation which his majesty's government have established and recommended in pursuance of the resolutions of both Houses of parliament. I have, &tr. (Signed) Bathubst." "Lieutenant-Colonel Young,
Protector of Slaves."
II.—F O R E I G N.
Convention of Commerce between his Majestt and the Mos* Christian King?, together'with two Additional Articles thereunto annexed, signed at London, January 26, 1826.
In the Name of the Most Holy Trinity.
His Majesty the King of the United Kingdom of Great Britain and Ireland, on the one part, and his Majesty the King of France and Navarre, on the other part, being equally animated by the desire of facilitating the commercial intercourse between theirrespective subjects; and being persuaded that nothing can more contribute to the fulfilment of their mutual wishes in this respect, than to simplify and equalize the regulations which are now in force relative to the navigation of both kingdoms, by the reciprocal abrogation of all discriminating duties levied upon the vessels of either of the two nations
in the ports of the other, whether under the heads of duties of tonnage, harbour, light-house, pilotage, and others of the same description, or in the shape of increased duties upon goods on account of their being imported or exported in other than national vessels ; — have named as their plenipotentiaries, to conclude a convention for this purpose, that is to say :—
His Majesty the King of the United Kingdom of Great Britain and Ireland, the right hon. George Canning, &c. and the right hon. William Huskisson, &c. —• And his Majesty the King of France, and Navarre, the prince Jules, count de JPolignac, &c.«—