The British Press; or, Morning Literary Advertiser. — London, England, 1810-08-16 00:00:00

:, **Ste lathe excliangte, if thec . are ceusitlered 'port, yoir Coninsittee find it ditli ntt to reaist on safe . waste. that a portion at lea.t Of the great felt which the exchanges lately uttered most have resulted, not from the state of • trade, but from a change in the relative value of our doinestic currency. But when this deduction is joined with that which your 'Committee have atatcd. reapentienc the chasmic in the market price of gold, that infereucr appears to 'be &mous* ra teil. fa consequence of the opinion which ; your Corn inittee entertain, that. in the present artificial con dition of Lie circulatiog medium of I Ins country, it ninat important to watch the foreign exchanger and the market price of geld, your Committee were -desirous tot leant, whether the Directors Of the Bank of &Islam' held the Heine opinion, and de. rived front it a practical rule for the control of their ciscalation ; and particularly whether, in the coarse of the last year. the greet depression of the - esellsanges. and the great rise in the price of gold, had suggested to the Directors any suspicion of the currency of the country being escesoive. Mr. %/blustery. the late Governor of the Bank, eta ed to the Committee, that in regulating the general amount of the loans and discounts, he did "sot advert to the eirchrdsteuee of the Exchanges; it appearing npoa a reference to the amount of our -.meths circulation, andlhe course of Erehanges that they frequently have no connexion." He diet 'wet& said, " Me *Pitmen 1.. I do slot know whether it is that of the Bank, that s tile nriount 'of our *epee circulation has no referesice at elf to the state of the Exchange." And nn a iuh sequent day, Mr. • Whitmore stated, that ss the present unfavourable stereo( Exchange has no in- Somme upon the amount of their issues, the Batik baring acted precisely in the saraeway ad they did before." He was likewise asked, Whether, or re gulating the amount of their circulation, the Bank ever adverted to difference between the,market and Mint price 'of gold 2 and having desired to have time to consoler 'that querion. Mr. Whitmere,'On a subsequent day. answered it in the following terms , wheels suggested these formes. questioas: "In taking into Consideration the moonset of your sores its circulataim, and its limiting the extent of your discounts to userchents, do you advert to the iiiference when such exists, between the market and the Mint price en gold 2--We do advert to that, • insionach as we' du not discount at nay time for these, persons wh o . we know, Of have good reason So reppose, export the gold. " Do you not advert to it any farther than by refrains diseoutfts to such persons ?—We do advert M it, usasoloch as whenever any U.rector thinks it Man upon the qoedion of oar discounts. be presses to bring forward the discussion. " The market price of gold haring. in the course last year, risen as high as 41. 10a. or 41. 12s. beds thateircumerahee beau taken into consideration by Two, sees to have bad any effect n diminishing or enlarging the amount sr the outstanding de mi* T t has not been taken Wu imusideration by use in that Mew." - Mr. Peeve, new Governor of the Baek, agreed with Mr. Whitmore in this aecduut of the practice Of the Bitakaand expressed Isis full concurrence in thefts, spirits°. Mr. Pearse.—" In considering this subject, *i refreshes to the manner in which hank notes a• issued, resulting from the applications made for disoonnts w enpoty the uecessory want of Bank notes, by which their issue in atnouut is so COO. trolled that it Can never moonlit to an races% I eannist see how' the amount of Batik notes issued can,oporete upbit the price of Bullion, or die state of the Eschangeo; rod therefore I mu ifulisidtialli of opinion, that the price of Bullion, or the state of the Exchang. s, coo never be a real t y,' for Is.s?mos log the assioruotair Beek notes to he issued, always andeestesiding the coutsol which I have already desetibed: or* Is the Goivinor of the Bank of the same opi:. aim' which has now bees exp d by the Deputy Governor ? Mr. Whitmore. ...a I am so mach of the same opiates, that I never think it necessary to advert to the .price of gold. or the scats of die enchause, on the dtto int which we make our advance s. Oa• you adiert to these two circumstances ',kb a view to regulate the general amount of your advances /41 do not advert to it with a view to one general advance., conceiving it hot to bear upon the question." And Mr. Harman, ano'har Bank Director, ex pressed his opitsion in these terms—" 1 must very materitilly alter my opinions, before I can suppose that the exchanges will be iodise:aced by any midi. llootinsis of our piper currency." The.. gentlemen, at well as several of the surr ogate who appeared before the Committer, placed math reliance. upon an argument which they drew Irmo tio soot of correspondence in point of time, observable between the swoon* of Vasil of Eug. land setts and the state of the Haruhurgh exchange during several years; and Mr. Pearse presented a paper en this subject, which is insisted iu the Ap pendix. Your Committee would feel no distrust to the general principles which they have stated. if the discordance lota been greater; considering the :Variety of circumstances which have a temporary effect as exchange, and the uncerainty both of the time and the degree in winch it may he influenced by-any given quantity of piper. It rosy be added, that tbe numerical amount of notes (supposing{ 11. and M. notes to be excluded from the statement) did not materially vary during the period of the comparisoo; and that in the last year, when the general exchanget with Europe have become much more unfavourable, the notes of the Bank of Emg lithd, as well as those of the country hanks, have been very considerably increased. Your Commit tee., however, on the whole, are not of opinion' that a 'Marcial depression of the Exchanges hos been manifestly to be traced in its amount and de gree to an augmentation of notes corresponding in point of time. They conceive s that the more mi nute sod ordinary fluctuations of exchange ore ge nerally rerrrrahle to the course of oar rommerce ; that political 'wrote, operating upon the state of trade, may omen have contributed as well to the rise es to the fall of the exchange ; and in p.n.:l ento% that the lint remarkable depression of it in the {,'ginnin g of Is,i9, is to be asertberl. as has bees stared in the evidence already quoted. to commercial events arising oat of the 4 , 4;.. cognition of the Nerth of Cieraymy by the troops • erf the rremb gitifirrore• The *cm, that the exchange, When fallen, haw alit had the full means of lee°, ery insider the sobsiating sy.t• to. And if those occerional .1 _epretc,ions. gawk ar i.e from eonsinsrcial causes, are not .fear a tine suc cessively corrected by the remedy which n.til to apply itialf before the sanilieasiou of the cube menus of the Limit . , tl•e-,cioreepiences may mutely lee exactiy aiwilEr to those which a •Itiarit anti ettlravagmli 't.,tie of paper would protince.— The restoration of the excimage used tq be effected Iva the clandestiue transmission of guinea', which improved it for the moment by serving as a remit tance ; and. unquestion•Mly also its part, probably much more extensively, by the reduciien of the total quantity of the rein lining circulating medium, 'to which rednttion the Bank were led to contribute by the caution which every drain of gold not isratiy excited. Under the present system; the foriuer of these remedies most he expected more and snore to fail, the guineas in circulation being evn now ap parently so few is to form ito important remittance; and the reduction of • paper seems therefore tiie chief, if not the sole corrective, to be resorted to. It is only after the Brink shall have for some time resumed its came payments. that both out again operate, sit they did au all farmer occasiuus inior to lb* restriction. The Committee cannot refrain front expressing it to be their opinlmi. after a very deliberate coast• deration of this part of the subject, that it is a grent practical error to 'oppose that the each iuges with foreign countries. and the price of bullion, are out it sble to be affected by the *mount of a paper cur rency, which is issued without the condition of payment in specie at the will of the bolder. That the ft:mintages will be In* ered, sod the prier of bullion raised, by an . IPl*.llt of sncli paper to excess, is not only established as * principle by the most eminent authorities upon cotnrnerer and finance, but its practical truth his been illustrated by the history of :4:mist every state in modern times which has used a paper firt - y:1c; ; and 411 all those cou nt's this principle hus finally been resorted to by their statesmen as the best criterion to judge by, whether such ctirrei.cv was or was not excessive. In the instances which are moot fausiliar iu the history of foreign rountrirs, the excess of paper has been unallyaceompanied by another eirceins•auce. which has so place in oar situation at present, want of confidence in the sufficiency of those fuMls liez which the p a rer hail - been lamed. Where two eirceinstaaces e excess and went of eosin deuce, are conjoined, they will co-operate and pro duce their effect much more re .idly thins when it is the result of the excess only of a p of per..• fectly good credit ; and in high cases, an of of the same sort will be produced upon the foreigu exchaoges, end upon the price of bullion. Tne meet remarkable rumples of the former kiiid are to be found in the history of the paper eon..in:ire of the British Colonies in North Americas to tile earl,' part of the last ceotnry. and in that qf the assignats of the French Republic; to which the Coinusittee have been enabled to *Ad another, scarcely less re markaide. from the mosey speculatiOnswf the Ans. tun Government in the last campaign. which wilt be found in the Appendix. The present state of the currency of Portugal affords ales an nista:lce of the same kind. Examples of the *thee sort, in which the depre ciation was prodietwri by excess alone, may be ga thered from the experience of the United Kingdom at different tim es. lu Scotland. about the end of the Seven Years' war, bauktiv was carried to a very great excess ; and by a practice of inserting in their provnimory mites en optional clause of listing at sight, or in six mouths after sight, with interest, the convert lay of such notes intoaisecie at the will o( the hold er was in effect suspended.- These notes accord ingly become dept., ceited in comparison with ape cie ; and while this abuse hated. the exchange be tween Loudon and Dumfries, for eximple, was sometimes four per cent. tignisilt Dumfries, while the exchange between London and C.eledc, which is not thirty miles distant from Dumfries, iv is at par. The Fedinhoorgli Bones, when env of their paper we. brought in to lie exchanged for WU. on Loudon, were accustomed to extend or contract the date of the tells they gave, iiccorilieg to the state of the exchange ; diminishing in this manner the value of those bills, nearly in the some degree in which the excessive hone had eoteent t:,. it paper to be depreciated. This mesa. of limper was at last removed by granting bills on London et a fixed date; for the. wiyaiseiit ot which hills, or in other words, lea the pisymetit or which excess or riper, it was necessary Mirth, first instance to provide, by placing large pecisoisry funds in the hands of their Loudon ciirremprhadclits. In aid of such precaution ary measures toil the part of the Edinburgh Banks ao Aet of l'arlisineitt prohilrit-r1 the optional clauses, and suppressed ten and five shilling notes. The exchange between England rod Scotland was speedily restated to its enteral rate ; moil hills. en Lonsloa at a fixed date having ever since been given in exchange for the circulating notes of Scotl iud, all tnatetiJl exerss of Scottish paper above kink of England has been prrreated, and the Exchelige has been st iiiunary. The experience of this Bonk of Englied within a very short period after its first etablishinent, furnishes a very instructive illustrotion of all the foregoing principles and reasoninge. in this in. swim the efiects of a depreciation of the com, by wear and clipping. were ecuided with the effect of en excrssiie Mier of paper. Th. Directors of the ILIA of England did not at owe attain a very ac curate knowledge of all the priuciples by which such se must be conducted. They trot nioiley not only by discount. -but upan real are 'es unortgsges, and even pieties' of commit)- , Akties not perishable; at the value time tier Bank contributed most materially to. the service 9f Oa. vertu:teat for the mamma of the army upon the Cootiuent. By tiie literality of those leans to private individuals. as well a. by the tome advanct • to ativiarnment. the quileity of the notes of the Bank became excessive, their eel alive valor was de preciated. and they fell tu a discount of 17 per cent. At Cas lime there appears to have been no fa litre of lite 'nadir, confidence in the rands of the llaok ; fur it,. Stock aolol fur 110 i.er crnt. though 4 .11% do pre' vett , . uvro.i thy %Wisc.' yliulos had been pi. I iu. ITN eh,• rirrct or t , ,is olepraciatirou of omprr or ete II uhk fro.oo eXerMi.an d of the de i.o.•• ialiou orthe aolvcr cow from Vit.::llr awl clipping. the price of ,ge!il hotline wet so .teach raiser!. that omen's were as !ugh ics3Os. ; all that had remained of good 'silver gradually disappeared from the clef:illa tion:staid the ext h atige with I julland,which had been before a little, utr...t.:tl by the reinittances fur the army, sif..k as kal Jed.; ;ter cello. ter par, when the LL .k onte, acme t .t d scount of 17 l ov cent. Several 4 -v ved.etits secret tripl, butt' by l'ariaineut rad time Baia,, to inrce U ...Mt into ci.r and 1., regrice tits 'nice of goiaeas, but withmit eileet. At length the true reneAteA were resorted to: first, by is ate cot:rage of elver, which revored ti. it part of the corr.i.ey to stai.d.ird value. though t!sr scarcity of money ot-cs.ioned by calling in the otS coin _brought the Hank into stlaits, and even fur a time atfrcteil is credit ; secondly. by taking out of the circulation ou:ex cess of &Sauk oohs. Th:s last operation appears to have bean 'greeted erre judiciously. Parliament consented in CI1:1114, the capital stock of the Bank, but annexed a cuuditiree. directiug that a certain .proportion of the uew subscriotionli should be made good in Basle notes. In proportion to the amount of notes sunk in this 111:11.111tr, the value of those which remained eirculatiosi began presently to rise ; to a short tune the notes were at par • and the foreign esehauaes nearly so. Thee details are all very linty suentioased in anthentic tracts pebltshed at the time. awl the case impetus tip your Commit tee to afford much instruction opus. tee subject of their present inquiry. Your Committee must next refer -to the essiifi-- matiou and sanction which all their reasonings re ceive from the labours of the Committee of this Douse, which was appointed in a former Parlia ment to examine into the causes of the eat depre ciatiou of the Irish Exchange with England in 1804. Most of the in-rcuistile persons who gave evidence before that Cutrunittee.-includin;g two Di rectois of the Batik of Ireland. were unwilling to admit that the fall of the Exchange was in any de grey to he ascribed to an excess of the paper gur rency arising out of the restriction of 1797 ; the 1 whole fall in that case. as in the present, was re ferred to an utifarouroble balance of trade or of pay ments; and it was also then affirmed, that " Notes issued only in proportiou to the demand, Se ex change fur good and convertible securities payable at specific period., could not tend to any excess in the circulation, or to any depreciation." This docds ttine, though more or te•scivalifled by some of the Witnesses. pervades most of the evidence given !sa bre that Committee. with ohs remarkable excep tion of Mr. Mansfield, whose knowledge of the el• fects of that over issue of Scotch paper, which has just been mentioned, led him to deliver a more just opinion on the subj•ct. Many of the Witnesses be fore the Committee, however unwilling to ac knowledge the real nature' of the evil. made im portant concessions. which necessarily involved them in inconsi • tows+. They could nut, as psac tical men. controvert the truth of the gesieral Ps- Olio*. that " the Simulate*, of Exchange be tweeo two conntries are generally limited be the price at which any l evtm quantity of Sulliea eau be purchased in the etrculatiug essedinto of the ' deist°, country, and constrict' into the circulating medium of the creditor country, together with the insurances and charges if traesporting it from the one to the other."' It woe et the ovine time admit ted. that the expense of It-inverting geld from England to !relent!. Mel udiug insurance. was then under one per cent.; that before the restrictioo, the fluituations had dtver long and much exceeded this limit; and moreover. that the exchange with Belfast, where guinea, freely circulated at the time of the investigation by that Committee, was then 1) in faidoer of Ireland. while the Etchange with Dublin, where only paper was adts use. was Int. per ceut. agniust that country. It also ap. rarer" from such imperfect documents as it was practicable to furnish. that the btatanee of tra.le was then favourable to Ireland. Still. however, it WWI contended, that there was no depreciation_of Irish paper, that there was a scarcity and censegnent high price of gold, and that the dittinutionof Irish paper would not rectify the exchange. "Tbedepre eiation of Bank paper in Irelaidd (it was said byente of the Witnesses. a Director of the Bulk of Ireland) is entirely a relative term with respect to the man who buys and sells is Dublin by that common in,. dium ; to him it is not depreciated at all; but to the purchaser of a Bill no London. to him in that relation, and under that circumstance. there it a depreciation of ten per cent." By thus avoiding all comparison with a view to the paint in iteine. be tween the value of their own paper and that of either the then circulating medium of this CottotrYs or of gold bullion, or even of gold vein then pass in g at a premium in other port. of Ireland, they ap pear to hare retained a confident opinion, that sin deprecietion of Irish parr hail taken place. It is further oleieresible, tnat the value of a eon miler ible genntity of 'toilers pet into circulation by the Bonk et ',eland et this period, eras rimed to ss. a ...or e -, for the professed purpose of is...Merin, the new silver calm eloot r ormlble to the existing state of the exchange, a ei , cnin.t.o.c.• oti which the Co m - JJJ i J tee auimadverted in their Itepore, and which serves to spew that the Irish paper currency could not stand a cosispiriom with the stamlard price of silver, any more than with that of gold bullion, witli gold in coi n , ur w ith t h e t h en paper currency of this kingdom. A fact was mentioned to that Committee. on the evidence of Mr. Colville, a Director of the Hank of Ireland, thuugh it carried no coavictma to his mini' ut the tendency of a linattation of paper to lower exchanges. seems very decisive on Chia point. Ile stated, that in 1753 and 1734 the Dub lin exchange being remarkably unfavourable. and the notes of the Dublin Brisk bring suslJeuly with drawn, the ex, hinge 'weenie 'Mauler's , favourable. The mercantile distress productaion that °minors was ere it, through the suddenness of the operation. i for it was effected, not liv the gradual and pruden tial measures of the several Banks, bet through the violent pressure which their onguarded issues had broiight upon them. The generA result, how ever. is not the less übserealrle. With a view to the further elucidation of the subject of the Irish exchanges, which sa lately at tracted the attention of Parliament, it 'nay be pro per to remark, that Irrland has air J.-shags in ex change with foreign c. 44444 triro. except . through Loudon: end that the payments from inland to the Continent are comiommtly converted into English currency, and then into the currency of the jouni t ios to wl.ich. !rebind is. indviric.l. it* springor. laird. th e exchange of catipileret W•ts aboxelpar. and the exclsiseg, i. 11,, lend was in and/ a state that 1 131 10.. t , . i s e oo c t l i ffi t7 tt te ihnol k n ose oroisiik tittuhhreewilliin44:6l:eikOtarnooffiriotEriettal:74ll:eddPu'lwir.eilet:fsl!:;sl.luOt:l'led.'d:le‘it')lhli.; the note, of the Bank of Eq.:land were sit mar: then 10 pet rent. premium above the standard cola of the two - coentries. The principles laid down by the Commit tee e l 1104 had isrubalaty some weight with ti -a Directors of the Bank of Ireland; for betwi , eu the period o f their report (June 1004) and January is: O 6 A , circulation oT the notes of the Bunk of Ireland ea gradually (though with small occesional %coma: Ilona) reduced from shoat three millions to 1,410.0101 being a diminution of nearly out-filds: at the stow time, all the currency which had b set s : issued under the name of silver tokens, ass by 14* suppireavest. The paper currency; both of the Bunk of England, and of the English Cougry Beaks, seems during the same peridlti to have , rt a : du'ally increased. The conabiaation of theael,,‘ cancel is likely to have bud a intstrii4l sofa t reaturing_ per to the Irish ixchauge u ith Engio.d. Tree Bank of Ireland has agaiii gradual: ) . larger' ate ia-osee to about 3.160,0001. ha lt !tome-whist .lii;t4cr than they stood to 1804, eel°. crease probably not disproportionate to that wi Th i s 1. 4 . 0 ,,.„, re a in England- within the smote suriqii. Perhapv ' however. it ought not to he auturiwd, that thedinditiutron of the iscines of the hank at Ireland between 1104 and 1806; would Iwo:lim e % co:respouding eerie:C.6Bn in the irises s tsf privat e Banks in Ireland, exacili in the mime meaner is which a &mention of B•Mt of England' paper pro. daces that effeet 'on the wintry Banks in Gr eat Britain ; because the }lank of Irelind does not pi* seas the asimerachnive power of supplying any pan of that military •with a • piper currency, which tLe Bank of England elt a jetya in respect to the metrope. lit of the empire: ilk Bank of England, by re. etricting the quantity of sfhis emissary article is that important quarter. can more effectually wrote the improvement of its value ; and every such is. proventent must macaroni rily reed. by a eorrevenri. hog d . irniontion anithaut, ts a simile, impie t y * . that of the Mee of Coital' Bank parr nonage. aide for it. That the .asurer dietitian's at the en. culation of Private Banks took place in Wadi more thou probable, fq* the Private Beaks is Inv laud are aireustoneed to give Bank of helmet pap a for their ono circuleting notes whets required ado so, and therefore could set but feel the effect AG, new limitation of that paper for which aril eve was exchangeable. [To be esethated NINTH. TIME 7WRATRE-ROV4L, HIY-MARKET. - THIS EVENING, TMUMSDAY, •Asrese 16, will be per- Goriest i New Ceeserly, caned HIGH LUPE IN THE CITY. The Priv/riper Ourselves by W. Ilstburt Mr. Jean, Mr. Eyre, Mr. Ilullssik Mr. Greve CANT, Pr. Icy, Mr. Listos. Mrs. Weser, Mrs. Eyrs, iiss Dr Cusp, Mrs. Ers. dell, sad Mrs Gibbs. Tim Prologue to be gam by Mr. kooky, Me Epilog's by Mrs. Closer. After which (gtb tins) a MewhisrpoTragie Opera, is Ow Aet, railed MOMEASTES FURIOSO ! Artwassaitiewallitwg of Utopia). Mr. Mathews; hthes (Msaiater at State). Mr. Taylor; Slewarig Boatbester, W. l bluer. DiataMaa, Miss 11. Kelly. Twartsieb will he added, a Farce , called MAISIE& THE WIND. _ . _ Jimmy Dilieer..lr7:l;;;;;lans7Vr Mathew. Mir Lureles Dara. Aft, Aim Davespuri ; Pray, Miss Dd . 's?. THE FIRST NIGIIT OF MR. IBRAHAM'S £M Ali, MENT. LYCEUM THICATRE.----ENOLIBII OPERA. EVENING, THURSDAY, Augost id, will 10 performed the Comic Opera of THE HAUNTED TOWER. Bares of •Osbissid, Mr. Dperloa • Boos de Caney, Ift Marshall; Lard WellisM,•llr. DralMis (is whirls therefor ha will iairadime " Came MI am when the Maid is (used: composed sapressly for Mr. Bohm, by Nile Jobs Stemma. of Dekko ; mad " Row broke the Light," from the Opera ii Keht, composed by blr..Brabato). Lady MOW* Cull" Mies E. Sultan; Adds, Miss Kelly; Cicely, Mrs. Tope, Maad:bles Healey. AMer Wadi a Grand IPsstiowiimie Ballet of Aril"la cal KNAI'SCHOU; THE FOREST FIEND. Kaapishus (Dearpaig Harms Raveobera}, Mr. RAM: Conrad (Baron Ramsberc). Mr. Boanks. Lamina (Sanwa Rosenberg) Miss Lappiso; Jsmussite (ben Sister), Miss C. _ The New Greed Ifeek-Hereir Serie-Cowie Ballet of leirs, celled Jack the Giast.li liter, was seaia reeeivrd • "Hill vo• vessel applause, wed will be repeated every errata; till Amiss wetter, Naturdity euespled. Tuwaerrew, (d it tittle) Tarts epee Travellers. A. New Melo-Dramatic Open, is three sets, is is Mitsui THE BRITISH PRES S LONDON, WEDNESDAY. Almon IS. We stated yesterday, on the authority of privet leWer*, that Lord Wait.►MOTOM was in full r cht,t for Lisbon ; bat that tle account was not creditr'i• It woo, however, confidently reported last night, is the be circles at the West eod of tie town, that his army bad I ee.i in direct retreat 'since the %kb of last month. Oor readers are aware test his Lordship's lut dispatches are dated the try:i'• The following intelligence hes been received from the Cape of Good Hope, by a brig arrived at Porn , mouth : The Asia, CegLin, Sir Hugh Inglis, and Pier, arrived there the list May last. The Bellow, Minqrre, and Victor, F►ench men of war, bad soiled from the dale of France, on crutze in the Indian Sees ; end the La Mm e ' Yeses. and Entrepaiste. wets /spearing tneir de• wage% The brig tonebed at St. Helens, from * he°t she tailed the 18th June, when the honiews l6 ' hound Sect from India had not arrived. Paris Papers to the 7th instant have been re. cejved. which announce an immediate visit of 130- AraliTa to Amsterdam. His Master of the noose. hold set off for that capital previous to the eth' the . its t ilt ill. • I • 'et i 1 , so w oluot that e inur e t. coy. Woe , e tli etors lore e r i• th e aloft leg 0. cue: dghl IS pt dRh karts. tat eo y 140 Lust r the he mu ttry Woof I e lad theist t tii •141. II the y • ft sir A ajert rr▪ iA.Doren It • Ilk •ot vi uce % he Re ovate hat th ler iti pea Graf he so par 2 , 1 Fi 1:11% ..caste h tLe loot ropo. iy Izmir fe re. is Fre PC+lft le t , 111,. .11 A marl. Int not. or. TA ell/. • outl 1 ire. Ezi *PR CIAO Oda o got opy late at los act of slot 0 lout rorspi, e pro- In e OrCUTI Imam pi•Cr I 11. Ye to coo , Ito tmt , ilore Au P ▪ the &Jeri ((led Fens Iree. for tho Nista life (try or Cusp. exy tin tOGE there i 1)4 A. r‘ , „;,io; wiU lo RA WI 'file S bon. (ot wrier ro tosod: S.to rem* state, per& of start t stover utp:u htqt called 1 floe 1106n 1 BrUllo.l ()!I ilia C. leo , o, boot,' 111 1100 bad m Naha at c orrilut brand B IN 0 .--•••••• h3ll.ltY SS CI O" ' aitrre S %II so twin 7r:tee "GI rctrt.3 so I; N I 1.4 Ql.l rA.O ail ;ht, • .12 of tire t since chit, 4 ii ri t.o sp:rni t.it 0o;:otiv ft Ei t . 1110 .