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Kingdom of Great Britain and Ire. Norway, so that all goods, wares, land, and his majesty the King of and merchandize, whether the proSweden and Norway, on the 24th duction of the United Kingdom, or day of April and 16th day of July, of any other country, which may 1824, shall continue in force be be legally imported from the ports tween the high contracting parties, of the United Kingdom into the respectively, for the term of the ports of Sweden and Norway, present convention, and shall be in Swedish or Norwegian vessels, equally binding upon the said par. shall, in like manner, be permitted ties, their officers, and subjects, to be so imported from the ports except as far as the same may be of the United Kingdom in British hereinafter varied, as if the same vessels; and all goods, wares, and had been inserted, word for word, merchandize, whether the producin this convention.

tion of any of the dominions of his II.-British vessels, entering or Swedish majesty, or of any other departing from the ports of the country, which may be legally exkingdom of Sweden and Norway, ported from the ports of Sweden or and Swedish and Norwegian ves« Norway in Swedish or Norwegian sels entering or departing from the vessels, shall, in like manner, be ports of the United Kingdom of permitted to be exported from the Great Britain and Ireland, shall said ports in British vessels. not be subject to any other or IV.-All goods, wares,

and mera higher ship duties or charges chandize, which can legally be imthan are, or shall be, levied on ported into the ports of either national vessels entering or de- country directly from the other, parting from such ports, respecs shall, upon such importation, be

admitted at the same rate of duty, III.-All goods, wares, and mer- whether imported in vessels of the chandize, whether the productions one or the other country; and all of the kingdom of Sweden and goods, wares, or merchandize, Norway ; or of any other country, which can be legally exported from which may be legally imported the ports of either country, shall, from any

of the ports of the said upon such exportation be liable to kingdom into the United Kingdom the same duties, and be entitled to of Great Britain and Ireland, in the same bounties, drawbacks, and British vessels, shall, in like man- allowances, whether exported in ner, be permitted to be so imported vessels of the one or of the other directly in Swedish or Norwegian country. vessels; and all goods, wares, and V.- No priority or preference merchandize, whether the produc- shall be given, directly or indirectly, tion of any of the dominions of his by the government of either counBritannic majesty, or of any other try, or by any company, corpora. country, which may be legally ex- tion, or agent, acting in its behalf ported from the ports of the United or under its authority, in the purKingdom in British vessels, shall, chase of any article of the growth, in like manner, be permitted to be produce, or manufacture of either exported from the said ports in country, imported into the other, Swedish or Norwegian vessels. on account of, or in reference to, An exact reciprocity shall be ob- the character of the vessel in which served in the ports of Sweden and such article was imported; it being

tively.

all kinds of merchandize, which In witness whereof the respecta are not prohibited to be exported ive plenipotentiaries have signed from such colonies in vessels other the same, and have affixed thereto than those of France.

the seals of their arms. These two additional Articles Done at London, the 26th day shall have the same force and of January, in the year of our validity as if they were inserted, Lord 1826. word for word, in the convention (L. S.) GEORGE CANNING. signed this day. They shall be (L. S.) WILLIAM HUSKISSON. ratified, and the ratification shall (L. S.) Le Prince de POLIGNAC. be exchanged at the same time.

CONVENTION of COMMERCE and NaviGATION between his MAJESTY

and the King of SWEDEN and Norway, together with an Ada ditional Article thereunto annexed. His Majesty the King of the liam Huskisson, a member of his United Kingdom of Great Britain said majesty's most honourable and Ireland, and his Majesty the Privy Council, a member of ParKing of Sweden and Norway, hav- liament, President of the Commit.ing, by declarations exchanged on tee of Privy Council for Affairs of the 24th day of April, and 16th Trade and Foreign Plantations, day of July, 1824, entered into and Treasurer of his said majesty's stipulations for removing impedi- Navy: ments affecting the navigation and And his Majesty the King of trade of their respective states; Sweden and Norway, the Sieur and their said majesties being mu- Gustavus Algernon, baron de Stiertually desirous of still further ex- neld, his first gentleman of the tending and improving the relations Chamber, Under Chancellor of his of friendship and commerce now Orders, Commander of the Order happily subsisting between them of the Polar Star, Knight of the and their respective subjects, and Order of St. Anne of Russia of the of placing the arrangements already Second Class, and of the Order of agreed upon by the declarations the Red Eagle of Prussia of the aforesaid, upon a more sure and Third Class; and his said majessatisfactory footing, have appointed ty's Envoy Extraordinary and Mitheir plenipotentiaries to conclude nister Plenipotentiary at the court a convention for these purposes, of his Britannic majesty :that is to say :

Who, after having communiHis Majesty the King of the cated to each other their respective United Kingdom of Great Britain full powers, found to be in due and and Ireland, the right hon. George proper form, have agreed upon Canning, a member of his said and concluded the following artimajesty's most honourable Privy cles :Council, a member of Parliament, 1.-The several stipulations conand his said majesty's Principal tained in the declarationsexchanged Secretary of State for Foreign between the plenipotentiaries of Affairs ; and the right hon. Wil- his majesty the King of the United

Kingdom of Great Britain and Ire- Norway, so that all goods, wares, land, and his majesty the King of and merchandize, whether the proSweden and Norway, on the 24th duction of the United Kingdom, or day of April and 16th day of July, of any other country, which may 1824, shall continue in force be be legally imported from the ports tween the high contracting parties, of the United Kingdom into the respectively, for the term of the ports of Sweden and Norway, present convention, and shall be in Swedish or Norwegian yessels, equally binding upon the said par, shall, in like manner, be permitted ties, their officers, and subjects, to be. so imported from the ports except as far as the same may be of the United Kingdom in British hereinafter varied, as if the same vessels; and all goods, wares, and had been inserted, word for word, merchandize, whether the producin this convention.

tion of any of the dominions of his II.-British vessels, entering or Swedish majesty, or of any other departing from the ports of the country, which may be legally exkingdom of Sweden and Norway, ported

from the ports of Sweden or and Swedish and Norwegian ves. Norway in Swedish or Norwegian sels entering or departing from the vessels, shall, in like manner, be ports of the United Kingdom of permitted to be exported from the Great Britain and Ireland, shall said ports in British vessels. not be subject to any other or IV.-All goods, wares, and mera higher ship duties or charges chandize, which can legally be imthan are, or shall be, levied on ported into the ports of either national vessels entering or de- country directly from the other, parting from such ports, respec- shall, upon such importation, be tively.

admitted at the same rate of duty, III.All goods, wares, and mer- whether imported in vessels of the chandize, whether the productions one or the other country; and all of the kingdom of Sweden and goods, wares, or merchandize, Norway ; or of any other country, which can be legally exported from which may be legally imported the ports of either country, shall, from any of the ports of the said upon such exportation be liable to kingdom into the United Kingdom the same duties, and be entitled to of Great Britain and Ireland, in the same bounties, drawbacks, and British vessels, shall, in like man- allowances, whether exported in ner, be permitted to be so imported vessels of the one or of the other directly in Swedish or Norwegian country, vessels; and all goods, wares,

and v.-No priority or preference merchandize, whether the produc- shall be given, directly or indirectly, tion of any of the dominions of his by the government of either counBritannic majesty, or of any other try, or by any company, corpora-country, which may be legally ex- tion, or agent, acting in its behalf ported from the ports of the United or under its authority, in the purKingdom in British vessels, shall, chase of any article of the growth, in like manner, be permitted to be produce, or manufacture of either exported from the said ports in country, imported into the other, Swedish or Norwegian vessels. on account of, or in reference to, An exact reciprocity shall be ob- the character of the vessel in which served in the ports of Sweden and such article was imported; it being of their cash credits, and of the England ; and unless such meaa, branch banks established in the sures should in practice prove inpoorest and most remote districts. effectual, or unless some new, cirWhether the discontinuance of one- cumstances should arise to derange pound notes would necessarily the operations of the existing sysoperate to the full extent which tem in Scotland itself, or materially they apprehend, in either of these to affect the relations of trade and respects, may perhaps admit of intercourse between Scotland and doubt; but the apprehensions England, they are not disposed to entertained on this head, by the recommend that the existing syspersons most immediately concern- tem of banking and currency in ed, might, for a time at least, have Scotland should be disturbed. nearly the same effect as the actual With respect to Ireland, the situanecessity, and there is strong reason tion of that country, as to its cirto believe that, if the prohibition culation, and as to its system of of one-pound notes should not banking, is materially different ultimately overturn the whole sysa from that of Scotland. In Scottem, it must for a considerable land there are three banks, of time materially affect it.

which the proprietors are proThe directors of the Bank of tected by act of parliament or England, who have been examined charter from personal responsibility before the committee, have given beyond the amount of their reit as their opinion, that a circula- spective shares; and there are tion of notes of one pound in Scot« many other banks, consisting of land or in Ireland, would not pro- a large and unlimited number of duce any effects injurious to the partners, personally responsible to metallic circulation of England, the whole extent of their property, provided such notes be respectively of which the aggregate amount confined within the boundary of is very considerable. There are their own country.

also branches or agencies of most Nothwithstanding the opinions of the banks very widely estabwhich have been here detailed, the lished throughout the country. committee are, on the whole, so In Ireland, the only Bank posdeeply impressed with the im- sessing the advantage of a limitaportance of a metallic circulation tion of personal responsibility is below 51. in England, not only for the Bank of Ireland, which, till a the benefit of England, but like- late alteration in the law, was the wise for that of all the other parts of only establishment which was perthe empire, that if they were rem mitted to have more than six partduced to make an option between The circulating medium the establishment of such a mc- consists, indeed, in both countries, tallic circulation in Scotland, or to a great extent, of notes under the abandonment of it in England, five pounds ; but thesystem of bankthey would recommend the pro- ing in Ireland, instead of remaining hibition of small notes in Scotland. unshaken for a long period, as that But they entertain a reasonable of Scotland, has experienced so expectation that legislative mea- many shocks, that its banking essures may be devised, which will tablishments are now nearly conbe effectual in preventing the in- fined to the chartered Bank of Iretroduction of Scotch paper into land and its local agencies, the

ners.

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 preseription 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 ex 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 considere 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 rea

Many of the reasons, therefore, commending, at the present moupon which the committee have ment, the adoption of any meagrounded their opinion against sure for assimilating by slow gras any 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 5l.

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