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view of adding to a solidity which The advantage to the banks who has so long been sufficiently esta- give these cash credits arises from blished.

the call which they continually This solidity appears to derive a produce for the issue of their paper, great support from the constant and from the opportunity which exchange of notes between the they afford for the profitable emdifferent banks, by which they be- ployment of part of their deposits. come checks upon each other, and The banks are indeed so sensible, by which any over-issue is subject that, in order toʻmake this part of to immediate observation and core their business advantageous and rection,

secure it is necessary that their There is also one part of their cash credits should (as they express system, which is stated by all the it) be frequently operated upon, witnesses (and in the opinion of that they refuse to continue them the committee, very justly stated) unless this implied-condition be to have had the best effects upon fulfilled. The total amount of the people of Scotland, and parti- their cash credits is stated by one cularly upon the middling and witness to be five millions, of which poorer classes of society, in pro- the average amount advanced by ducing and encouraging habits of the banks may be one-third. frugality and industry. The prac- The manner in which the practice referred to, is that of cash tice of deposits on receipt is concredits. Any person who applies ducted, tends to produce the same to a bank for a cash credit is called desirable results. Sums to as low upon to produce two or more com- an amount as 101. (and, in some petent securities, who are jointly instances, lower) are taken by the bound, and after a full inquiry banks from the depositor, who may into the character of the applicant, claim them on demand. He rethe nature of his business, and the ceives an interest, usually about sufficiency of his securities, he is

one per cent below the market allowed to open a credit, and to rate. It is stated that these depodraw upon the Bank for the whole sits are, to a great extent, left of its amount, or for such part as uncalled for from year to year,

and his daily transactions may require. that the depositors are in the habit To the credit of this account he of adding, at the end of each. pays in such sums as he may not to the interest then accrued, the have occasion to use; and interest amount of their yearly savings ; is charged or credited upon the that the sums thus gradually accudaily balance, as the case may be. mulated belong chiefly to the From the facility which these cash labouring and industrious classes credits give to all the small trans- of the community, and that when actions of the country, and from such accounts are closed, it is the opportunities which they afford generally for the purpose of enato persons, who begin business with bling the depositors either to pur-si little or no capital but their cha-chase a house or to engage in te racter, to employ profitably the business. minutest products of their indus- It is contended by all the persons try, it cannot be doubted that the engaged in banking in Scotland, most important advantages are de- that the issue of one-pound notes rived to the whole community, is essential to the continuance both

year,

to

11n111

ORDER of COUNCIL permitting the IMPORTATION of GRAIN. At the Court at Windsor, the 1st Wales, to the receiver of corn

of September, 1826, present the returns, it appears that the average King's Most Excellent Majesty price of oats, and also the average in Council.

price of peas, at the present time, Whereas, by the laws now in exceed the before-mentioned prices force for regulating the importa- of twenty-seven shillings and fiftytion of corn oats and oatmeal three shillings per quarter: and may be imported into the united whereas, from information which kingdom, and into the Isle of hath this day been laid before his Man, for home consumption, under majesty, it appears that the price and subject to the regulations of of oats, as well as that of peas, is the several statutes in that case still rising, and that the crop of made and provided, whenever the oats, and also the crops of peas and average price of oats (to be as- beans, of the present year, have certained in the manner therein failed to a considerable extent, and prescribed) shall be at or above that a deficiency of the crop of the price of twenty-seven shillings potatoes is also apprehended in per quarter, and peas may in like some parts of the United Kingdom : manner be imported, whenever and whereas, if the importation, the price shall be at or above fifty- for home consumption, of oats and three shillings per quarter; and oatmeal, and of rye, peas, and whereas by a certain act of parlia- beans, be not immediately permitment, made and passed in the ted, there is great cause to fear third

year of his present majesty's that much distress may ensue to reign, intituled, “An act to amend all classes of his majesty's subjects: the laws relating to the importa- And whereas, under the acts tion of corn,” it is enacted, that aforesaid, no foreign grain of the whenever foreign corn, meal, or above description, whatever may flour, shall be admissible under be the respective average prices of the provisions of an act, passed in the same, can be admitted to entry the fifty-fifth year of the reign of for home consumption till after his late majesty king George 3rd, the fifteenth day of November in intituled, « An act to amend the the present year, when the next law now in force for regulating quarterly average by which the the importation of corn," or under admission of such grain is regu"the 'proyisions of the said act, lated will be made up, according passed in the third year of the to the provisions of the said acts : reign of his present majesty, there His majesty, with the advice of shall be levied and paid certain his privy council, doth order, and duties therein specified upon all it is hereby accordingly ordered, such foreign corn, meal, or flour, that foreign oats and oatmeal, rye, when admitted for home consump- peas, and beans, whether waretion : and whereas by the weekly housed or otherwise, shall and returns of purchases and sales of may, from the date hereof, be corn, made by the several in- permitted to be entered in the spectors of corn returns in the ports of the United Kingdom, and cities and towns of England of the Isle of Man, for home con

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branches of the provincial bank on account of the small value of which is established in London, the articles which compose the one joint-stock company in Dub- daily transactions of the country, lin - and another at Belfast, the there are some who think that the latter of which has local agencies, inconvenience to be apprehended and a few private banks in Dub- from any change in the present lin and Belfast. The issue of circulation would be only temponotes under 5l. has been at dif- rary, and would be materially miferent periods permitted and pro- tigated by allowing the issue of hibited in Ireland ; there is, there notes of 21. or 3). There are others fore, no prescription to plead for who state that any alteration by their continuance, and there is no which the issue of one-pound notes experience of 'any such system as should be prohibited, would cause that of cash credits in Scotland, the cessation, or at least the contracwhich is stated to rest mainly upon tion to a most inconvenient degree, their issue. There is not at pre- of the accommodation now afforded sent in Ireland the same check to the country ; that it would inupon over-issues, which is derived volve the discontinuance of many in Scotland from the continual exe of the branches both of the Bank changes of notes between the dif- of Ireland and of the provincial ferent banks; and the failures bank; and that it would put an of private banks have frequently end to the prospect of establishing spread the greatest distress over the Scotch system of cash credits, large portions of the country. into which system the provincial Previously to the Bank Restriction bank was beginning to enter. act, there appears, by the evidence The committee cannot but admit taken before the committee of the it to be doubtful, whether, under House of Commons in 1804, to the peculiar circumstances of Ire-' have existed in Ireland a consider- land, the Scotch system is capable able metallic circulation, of the ex- of being transferred in all its parts, istence of which in Scotland the and with all its advantages to that committee are not informed. country ; but they abstain from

Many of the reasons, therefore, commending, at the present mos upon which the committee have ment, the adoption of any meagrounded their opinion against sure for assimilating by slow graany present provision for a future dations the circulating medium of alteration in the currency of Scot- Ireland to that which will become, land, do not apply to Ireland, and at an earlier period, the circulating the introduction of a larger pro- medium of England, only under portion of metallic currency into the expectation that further inthe latter country appears liable formation and more experience, as to less difficulty than the applica- to the effects and operation of the tion of the same principle to the changes which have lately taken former. There is, however, a con- place in the banking system of Iresiderable difference in the opinions land, may lead to the information of the witnesses, whom the com- of a decided opinion upon grounds mittee have hitherto had the op- more completely satisfactory than portunity of examining. While those upon which they could at all

agree in the necessity of allow- present rest it. ing the issue of paper below 51.

ORDER of COUNCIL permitting the IMPORTATION of GRAIN. At the Court at Windsor, the 1st Wales, to the receiver of com

of September, 1826, present the returns, it appears that the average King's Most Excellent Majesty price of oats, and also the average in Council.

price of peas, at the present time, Whereas, by the laws now in exceed the before-mentioned prices force for regulating the importa of twenty-seven shillings and fiftytion of corn oats and oatmeal three shillings per quarter: and may be imported into the united whereas, from information which kingdom, and into the Isle of hath this day been laid before his Man, for home consumption, under majesty, it appears that the price and subject to the regulations of of oats, as well as that of peas, is the several statutes in that case still rising, and that the crop of made and provided, whenever the oats, and also the crops

and average price of oats (to be as- beans, of the present year, have certained in the manner therein failed to a considerable extent, and prescribed) shall be at or above that a deficiency of the crop of the price of twenty-seven shillings potatoes is also apprehended in per quarter, and peas may in like some parts of the United Kingdom : manner be imported, whenever and whereas, if the importation, the price shall be at or above fifty- for home consumption, of oats and three shillings per quarter; and oatmeal, and of rye, peas, and whereas by a certain act of parlia- beans, be not immediately permitment, made and passed in the ted, there is great cause to fear third year of his present majesty's that much distress may ensue to reign, intituled, “An act to amend all classes of his majesty's subjects: the laws relating to the importa. And whereas, under the acts tion of corn,” it is enacted, that aforesaid, no foreign grain of the whenever foreign corn, meal, or above description, whatever may flour, shall be admissible under be the respective average prices of the provisions of an act, passed in the same, can be admitted to entry the fifty-fifth year of the reign of for home consumption till after his late majesty king George 3rd, the fifteenth day of November in intituled, * An act to amend the the present year, when the next law now in force for regulating quarterly average by which the the importation of corn," or under admission of such grain is reguthe provisions of the said act, lated will be made up, according passed in the third year of the to the provisions of the said acts : reign of his present majesty, there His majesty, with the advice of shall be levied and paid certain his privy council, doth order, and duties therein specified upon all it is hereby accordingly ordered, such foreign corn, meal, or flour, that foreign oats and oatmeal, rye, when admitted for home consump- peas, and beans, whether waretion: and whereas by the weekly housed or otherwise, shall and returns of purchases and sales of may, from the date hereof, be corn, made by the several in- permitted to be entered in the spectors of corn returns in the ports of the United Kingdom, and cities and towns of England and of the Isle of Man, for home cons sumption, provided the parties accordingly ordered, that such making entry of any such foreign permission to enter oats and oatoats, oatmeal, rye, peas, or beans, meal, rye, peas, and beans for home do give bond, with sufficient consumption, on the conditions sureties, to the satisfaction of the aforesaid, shall continue in force commissioners of his majesty's from the date hereof, until the Customs, for the payment of any expiration of forty days, to be duties not exceeding in amount reckoned from the day of the next the duties hereinafter mentioned, meeting of parliament, unless the in case parliament shall authorise parliament shall, previously to the the levy and receipt thereof, that expiration of the said forty days, is to say.: oats, per quarter, 2s.; make provision to the contrary : oatmeal, per boll, 2s. 2d.; rye, And the right hon. the lords peas, and beans, per quarter, commissioners of his majesty's 3s. 6d. And his majesty, by and Treasury are to give the necessary with the advice aforesaid, doth directions herein accordingly, hereby further order, and it is

of peas

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LETTER of INSTRUCTIONS to the PROTECTOR of Slaves at

DEMERARA. "Downing-street, April 12. gated authority over them; and

Previously to your you will not fail to make a report taking possession of the very to the lieutenant-governor, which arduous and important situation will be transmitted to me, on the to which you have been appointed subject of any practical impedias protector of slaves, it is neces- ments which may be found in the sary that I should convey to you execution of any part of your duty. some special instructions for the - You will not deem it necessary regulation of your conduct in the in all cases to wait to receive comexercise of its various duties. plaints from the slaves themselves ;

“It will be your particular but if you shall hear of any unduty as protector of slaves, to warrantable treatment to which watch over the faithful execution any slave, or any gang of of all such provisions or regula- are exposed, you will repair to the tions with respect to the treatment estate, and there institute a dili. of slaves as are at present in force gent inquiry into the conduct of in Demerara, or as may at any those persons who may be respons future time be established there șible on the occasion, by any lawful authority,

“ You will not, however, for“ You will, if necessary, apply get, in the execution of your office, to the local government for any that it is also your duty to secure facilities which may give you à all the legal rights of the promore complete opportunity of re- prietor as well as of the slave, as ceiving and considering complaints far as they are involved in any which may be preferred by the transaction with you as protector. slaves against their owners, or any

“ You must exercise a constant other persons exercising a dele discretion in impressing upon the VOL LXVIII.

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of slaves

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