of the Mint. Shortly before the issuing of the new silver coinage, in 1816 or 1817, an act of Parliament was passed, whereby certain alterations were effected as to the silver coin, the alteration being this-that for every 66 shillings, the number into which a pound of silver was to be coined, the person bringing the silver was to receive 62; but he believed that no alteration was made in the standard of fineness. With regard to the gold coinage, no alteration was made beyond a provision that, when the coin of the new denomination should be issued, instead of guineas and half-guineas, there should be some proportion preserved between the new coin and the old guineas, half-guineas, and seven-shilling pieces. Mr. Wellesley Pole, soon after the passing of the statute, executed the deed under which successive Masters of the Mint should coin up to the present time; but it was proper that he (the Lord Chancellor) should explain that, in the year 1850, when Sir John Herschel, the present Master of the Mint, was appointed, a report was made, recommending material alterations in the constitution of the Mint; and, in consequence of that report being made to Her Majesty in Council, an order was made, dispensing with all the regulations of the indentures, and simply imposing upon the Master of the Mint to issue the coinage in conformity with the statutes which related to them. Having turned the matter over in his mind, he (the Lord Chancellor) did not think that circumstance would interfere with the duties of the jury; for, although the order in Council dispensed with the indenture, it must be taken to mean that, though it dispensed with all the Mint regulations, it did not alter, in any respect, the duties of the Master of the Mint in relation to the fineness and weight of the coins he wished to issue. The duty of the jury would be to take into their custody the coins which had been set apart in the pyx or box from 1850 up to the month of June last, to which period their present trial was to extend. Their duty would be to take those coins and compare them with the standard fineness of gold and silver, and to ascertain that each of those coins had been isssued in conformity with that standard. To be absolutely in conformity with the standard, might appear impossible. By the utmost exertion, it might be impossible to get one lump of metal so to correspond with another, that there shall be no assignable difference between them; and, contemplating that circumstance, it was always allowed to the Master of the Mint to have what was called “a remedy,” the derivation of which he (the Lord Chancellor) did not comprehend, and, therefore, could not explain. The difference allowed to the Master, however, was very minute. To one carat in the pound of gold, the Master was restricted; if he kept within that, it was held that he had performed his duty. He was not quite sure that he was right in this; but if he had made a mistake, the jury would be put right upon the point. He believed that, for the last century, upon the suggestion of a very eminent predecessor of his (Lord Talbot), it was agreed that the jury should find, not only that the amount was within "the remedy," but that they should ascertain and declare how much. The jury would now proceed, according to the terms of their oath, to examine the gold according to the standard, and, he had no doubt, they would discharge their duties conscientiously and with ability. He might add, that he should be happy to receive their verdict in the Court of Chancery, on the next morning, at a quarter-past ten o'clock. A piece of the standard was then clipped off, for the purpose of guiding the jury, and the boxes were conveyed to Goldsmith's-hall, whither the jury proceeded, and the remainder of the day was occupied in the neeessary examination. On the following day (the 8th), the jury waited upon the Lord Chancellor at Lincoln's-inn, to deliver their verdict on the state of the new coinage. Mr. Prideaux, the secretary to the Goldsmiths' Company, handed in a lengthened report, from which it appeared that the gold and silver, which they had minutely examined, was of the required weight and fineness; indeed, that there was an advantage, rather than otherwise, in favour of the public. The Lord Chancellor expressed his satisfaction with this result, and ordered the verdict to be recorded. In the evening, a grand banquet was given, at the Goldsmiths' Hall, to the Lord Chancellor, the Chancellor of the Exchequer, the Lord Chief Baron, Sir E. Ryan, Sir John Herschel, and other persons of distinction. BANK OF ENGLAND DISCOUNTS. OBJECTIONS have been taken to a practice in the discount system of the Bank of England, exclusively adopted by that establishment, which often leads, it is considered, to great individual hardship. Whenever the acceptor of any bill which they may hold under discount is announced to have stopped payment, either temporarily or otherwise, they send to the person for whom it was discounted, requiring him to refund its amount forthwith, even although it may have nearly three months to run. Against this course, two remonstrances are urged-first, that it is virtually a breach of contract; and, next, that it is calculated to aggravate the difficulties any suspension may occasion, since it is hard enough for the drawer to have to protect the bill at its maturity. To the first of these the obvious reply would be that, if the demand involves a breach of contract, it need not be complied with; but it is complained that there is no choice, inasmuch as resistance would end in the person being deprived of his discount account altogether; but the fact is, that the advance is simply one upon security, and there is a fair and customary understanding in such cases, that if the security becomes depreciated the borrower shall at once meet the difficulty. With regard to the second point, there can be no question that the sudden and often totally unexpected calls which the practice involves might increase commercial distrust, in some cases by causing the drawer to stop as well as the acceptor, when, if allowed the interval before the real maturity of the bill, he would have been able to arrange everything, and in others by inducing him promptly to secure the Bank at the ultimate expense of the general creditors. In the latter instance, however, the responsibility rests with him, and not with the Bank; while, as respects the general question, as it is optional for the public to take their bills to that institution, or elsewhere, they cannot properly complain of conditions to which they have voluntarily rendered themselves liable. It is likewise to be assumed that, although the rule is stringently enforced in an ordinary sense, exceptional circumstances are always taken into consideration; and at the same time there can be little doubt that the constant liability to be called upon to provide for any weak paper that may have been sent in, must be beneficial in stimulating a wholesome prudence on the part of the Bank customers, both with regard to the persons on whom they draw, and the maintenance of a reserve of means to meet any accidents that may occcur. TRADE OF THE UNITED KINGDOM. THE Board of Trade returns for the month ending the 5th of November were issued on the 2nd of December, and again show a diminution of exports as compared with the corresponding month of 1853, the falling off being £593,158. Looking, however, at the inflation of the shipping business which prevailed at this time last year, and which caused the return on that occasion to exhibit the extraordinary increase of £1,312,360, this reduction is not greater than might have been anticipated, even if nothing had occurred to check the ordinary activity of commerce. Contrasted with the same month of the year before last, when the country was considered in a state of unprecedented prosperity, the present figures exhibit an augmentation of £719,202. They show, likewise, that the contraction which has been going on during the past few months can be attributed to the war only in a very limited degree, since it is in articles suitable for the American and Australian markets that the principal stagnation has been felt. Thus, in the following table, which shows the exact increase or decrease in the shipments under each head, woollen and linen manufactures, haberdashery, readymade clothing, and metals, are the prominent items on the unfavourable side: DECLARED VALUE OF EXPORTATIONS. The aggregate value of our exports during the first ten months of the year has been £73,302,066, against £73,155,755 in the like period of 1853, showing the trifling increase of £146,311, which has occurred in the following manner As compared with the same period of 1852, there has been an increase of £14,054,962. With regard to imported commodities, while the quantities of grain taken have fallen to a lower point than has been witnessed for some years, there has been a general increase in the consumption of other articles of food and luxury, such as to indicate that the extent of employment among the labouring population must have been more satisfactory than was supposed-a result to be attributed, probably, to the great prosperity of the agricultural classes. Tea, coffee, sugar, wines, spirits, tobacco, fruits, and spices, have all been largely used. Subjoined, are the quantities of provisions, &c., imported and taken for home consumption : The following are the comparative imports and exports of raw material, showing a diminution under each head, partly from the exclusion of Russian produce, and partly from the increased caution of manufacturers :— The importation of other articles during the month has also been on rather a diminished scale. In dyes and dying stuffs there has been a considerable decrease of almost all kinds except cochineal. Metals likewise show a general falling off, with the exception of steel and lead. In oils there has been an increase of palm, olive, and rapeseed, and a decrease in other descriptions. The extraordinary increase, long observable, in the importation of glass manufactures, still continues. In timber, both as regards importation and consumption, there has again been a great increase of colonial and a decrease of foreign. LOANS TO FOREIGN STATES. On the motion of Mr. Hume, a Parliamentary paper has just been issued by the Treasury, giving an account of all sums of money paid or advanced by way of loan, subsidy, or otherwise, to any foreign state from the year 1792 to the close of 1853. From this it appears that we have in that period advanced to― Russia £9,413,434 3 8 |