The British Press; or, Morning Literary Advertiser. — London, England, 1804-05-30 00:00:00

NAVAL INTELLIGENCE. PORTSMOUTH, MAY 28. Yesterday, arrived the Tribune frigate, horn the French coast. This day, came into harbour, the Melpomene fri gate, Captain Olivet. The Orpheus ftigatti, Captain Hill, is under orders to sail for the coast of France. Being in course of pay, she will to-morrow be paid, and sail the next day, if the N% ind is f tips The Anobascarle frigate has made signal for all officers to repair on board, and for the convoy to hold themselves in readiness. The above ship has %Hummed, as has also the Preroyante, and with the convoy will sail to-morrow. Came up from Cowes, the Aimr transport, with 100 troops on board, for Jersey and Guernsey. DEAL, MAY 28. Sailed the Volcano bomb on a cruise off the French tout. Ear! Hogue, Sir Stephen Lashington, ilantsral Gard.er, and Charleston East Indiamen for the River. Arzived the Archer and Bloodhound gun brig., from a cruise off Boulogne, and remain in the Downs, with the rest of His Majesty's ships as per last, with the armed and navy transports, and a fleet of outward-bound vessels. • FROM LLOlllis LIST. GRA?'END, MA V 25..--Pa.4ed he the Tharne., Welatt ; and the Trusty, Fraser, tram Jamaica; Nigs,r, Linder, !PPM lion duraa • St. Theresa Alein, F.liar, from St. Andero ; fr ,rn Fecarop NIL ntor. CI ll ittic ; Liraly, Smith; Al -Lander, Street; Forty-Seconl, Philips; and Threat Bro. thmei, Patrick, from Oporto —Sailed the Vrow Elisabeth, Meyer; and toe Veir Gebralt.ra, Holt, for Trinningeo. EXTRACT ?ROM 111NUTILS 01 VIMILMCI TAM h4ore ►fie Committee appointed to enquire into the State ut IraLtid,a. ao its eirctilating Paper ; its Specie and Carroty Cin; and, the Exchange Uttweett that part of the United Kingdom and Great Britain. The Right Hon. JOHN FOSTER, in the Chair. -- (fir B. W‘in:irop's exam,ation, continued from our Paper of Yeltenlay.) Supposing the proposed plan of consolidating the two Banks was adopted, and a number of English Rank Notes to be issthd in Ireland, in exchange for Irish bills of exchange, which should be exadly equal to the number of Bank of Ireland Notes now euculating there, would not a considerable part of those English Bank Notes be transmitted to Eng land as remittance for the sake of profit on the ex change, would they not be withdrawn from ciicu lation in Ireland so as to render that circulation pro. ywrtionably less, and would not the Bank of Eng land save to pay in London a sum equal to the Bank Notes so transmitted ?—Whenever the exchange is against Ireland,wbich is always the consequence of a balance against Ireland, such notes being pay able at par, would all come over to England. you not mean that such a number of notes would come over, that would be sufficient to pay that unfavourable balance?—Supposing these notes were to come to England for payment, I am to sup pose that the Bank of England has already been paid foe those notes, for, if not, Ireland would still uc indebted in the same sum to England; if the Bank of England advances money on account of Ireland, she is indebted to England fur the whole amount it pays. Supposing the Bank of Ireland to make the notes which it issues in Ireland payable in London, in Znglish Bank Notes, and to be provided with funds in London for their payment. would not such obli gations to pity Irish Bank Notes in London, have the same effea as the proposed consolidation of the Banks ? I should rather suppose it would have the same effeet, as the present Bank of Ireland keeps a cash account with the Bank of England, providing them with funds beforehand, and drawing upon the same as their demands required, which they may now do ; but I do not see how that could tend to alter the exchange. What difficulty exists for using English notes as a circulating medium between the two countries, which does not also apply to guineas ; both the one and the other bearing a higher value than Irish notes ?—The guineas must be paid for, and the Bank of England Notes must also be paid fur. You are of opinion, that no consolidation of the two banks is praaicable ?—I am. Is there any arrangement which could be made between the two Banks, that could be of use to wards lowering or steadying the exchange ?.—I think not ; for the only cause I conceive of the high ex change, is ow ing to the necessity there appears, of remitting a large general balance to England. Do you think there can be any increase made in the exchange by the conduit of persons who deal in remittances ?—I believe not t, any amount; 1 con sider the exchange between England and Ireland in a threefold rips. Ist, As it has reference to the lulance of trade between Ireland and all the world site having no other exchange but through England, I am persuaded that the balance of trade it conside rably in favour of Ireland; and that if there were no other demands on Ireland, than what arose for commercial purposes, the exchange must be in fa vour of Ireland : the next point of view in which I consider the exchange, is with reference to the sum of money that is neces.. tr y to be remitted to Eng land for the payment of the interest of that part of the national debt of Ireland which is payable is London ; what the exaa amount of th i s is, and whe _ _ the► it would be sufficient to countersa the balance of the trade of Ireland, is a question-I have not the means of answering : the third point of view is, as it refers to the large sums of money 'emitted to the nobility and gentry of Ireland residing in England, this I have understood to amount to 2,000,0001. ; what the general balance is, I do not know, but if it amounts to any thing like this sum, or half this snm, it would fully account, in my opinion, for the high tate of exchange; and, with respect to the remit tance of this money, I conceive the high exchange not to be the disease, but rather a symptom, and not an unfavourable one, to Ireland, inasmuch as this high exchange, as far as it operates, has a tendency to • keep the money in Ireland; suppose the stoney to be remitted to Absentee•, to amount to two millions, and that the exchange is 10 jre cent. above par, I conceive it keeps two hundred thousand pounds in Ireland, which I think is so far a benefit to the country; with respeß to the high exchange, as it operates on the commerce of Ireland, 1 am per suaded that may be safely left to the merchants and traders of both kingdoms, and that, if they were consulted, they would give the same answer that the merchants in Francs zave to Monsieur Colbert, when he asked them, "'lf Government could do any thing to serve they ?" their answer was, " The greatest favdur they can do us, is to let us alone." With respect to the second cause of the high ex change, as it relates to the interest to be paid in England, that I think is a pure and unmixed evil towards Ireland. How do you account for the payment of the inte rest due for the Irish national debt producing the same effect as remittances to absentei, seeing that one is sending money from Ireland to England, and the other merely detaining a part of the current loan ?—I conceive it to stand on the same ground, and that hoth an• to be remitted from Ireland to England ; if there is any new loan from which the interest of the old loan is to be deduaed, that vs onld be 2 detaining the interest; but I conceive, that while that practice goes on, it tends very pinch to the de triment of Ireland, insomuch as it creates a constant annual drain, after the money which has been bor rowed has been spent. Was there any restriction on issuing specie in France during Mons. Colbert's administration, when he received the answer mentioned by you ?-1 un derstood there never was any bank in Paris, or cur rency of paper, attempted before Mr. Law's time. . _ After banks have been instituted in a country, and have been rest' icted by law in their issue of specie, do you consider all legislative interterence with their proceedings to be dangerous or imp °per ? —[ never knew or have heard of any such restric tion prior to 1797 . ; I am yin y fat from thinking that the interference of the legislature must be im proper, when occasions call for such interference. Is it not the practice of the Rank of England to limit its advances on bills discounted to indi viduals below• the amount applied for ?—Very fre quently. Do you conceive that if the Bank of England, or any public bank in any other country, granted dis counts without limitation, even for all safe bills, they might not incur a tisk of increasing the cur rency of that country beyond the proper quantity? —That has been always my opinion during the time of re triction. What do you conceive would be the effect of an excess of paper currency, so produced, upon the exchange between that country and foreign COllll tries ?.—,l am not aware of any, bu, unoa further consideration of the question, I m.gkix alter my opi nion. .... 11'otild not such an excess in currency produce a rise in goods m then nominal price think it most innh.t! , !y would. Would not that rise prevent the exportation, witholt slrie compensation to the country where they wee,. purchased t--The rise in the market price of any goods, I should conceive, has that natural tendency as far as it operates; and it is upon that ground, that I conceive, the high rate of exchange with Ireland operates in the nature a bounty on exports from Ireland. Is it not probable that that compensation would he found in an increased rate of exchange against the country from whence tjte goods were exported ? I believe, that Ireland, exporting their goods under the high exchange, would very soon raise the price of their goo,i, ; otherwise, the foreigners would have the goods cheaper; and in that case it would most probably increase the exports. Is not the exchange of every country regulated by the price which the remitters of bills on that country, payable in the current circulating mt-dium of it, are willing to give to the drawers of th •m ? I conceive the exchange between countries to be re. gulated by the greater or less amount to be drawn for or remitted. . _ Does not every actual drawer imply a remitter ?--- There can be no drawer unless a remitter is Jim aid to take his hill ; but we may suppose the case of drawers offerin7 their hills to a very considerable amount when these are few remiuers ; in which case the business must either remain undone, or the off.rr of higher terms may p .:educe remitters. Will not the price wh ch the atual remitters of bills consent to give to the drawers depend on the quantity of goods which it is known by each party that the bill will purchase in the country on which the bill is drawn think they do not carry their views so far ; if there are more drawers than re. miners, the remitters will take the advantage, and VIM verse. Although the drawers and r.mitters should not themselves advert to the price of goods in the coun try on which the hills are drawn, will not, never theless, the merchant in one county, in F.ngiand for example, in calculating whether or not he should become a purchaser and an exporter of goods in Ire land, found his calculation in part oa the current rate of exchange; and having so purchased them and exported them, will he not be under the neces sity of remitting bills in payment ?—1 should con ceive, every prudent ni .rehant, either in purchasing goods to export, or in orderings goods to be im ported, will advert to the prices of good, to the ex change, to the charges attending the export and import, and to all other circumstances which can affect his intehill. _ . Does not the rate of eaehange. at the pretest time. determine the English merchant to import Irish goods. inasmuch as there would be no profit on the importation, it there were nut an advantige in the exchange ?— lt may or may not; hut Fie would take the rate of exchange into consideration, together with the other circumstances above.enett tinned. _ Is not then the existing rate of exchange a cause of me present exports from Ireland N.-It may or may net, according to circumstances : the high rate of exchange, as far as it operates, ISM a tendency to prevent importation; both which consequences of the present high exchange operate in both instances in favour of Ireland _ _ Do you conceive that the balance of trade and ba lance of remittances invariably govern the rate cf exchange conceive they naturally do. The whole balance of account between the two kingdoms, previous to the restrietion, never having induced a variation in exchange to the present ex tent, during a course of seventy years, has the ba lance of account increased so greatly within the last five years as to justify a variation in exchange to the amount of t 0 per cent. above par ?---I conceive that it necessarily has done so, because the fad of the exchange is so ; I am confirmed in my opinion that the balance of the commerce of Ireland was con siderably in favour of Ireland before the restriction ; for, if it were not so, I should be wholly unable to account for the exchange remaining neatly at par, when I take into consideration, that the remittances to absentees have always been very considerable, and if there hai been nothing to counteraet the ex change, with respeet to such remittances, it could not possibly have remained so ; I believe, there are now circumstances, and have been for some time since the restriction, that materially tend to increase the general balance due from Ireland; the remit tances to absentees of all denominations, I believe, are necessarily much more considerable than they were, which may partly be accounted for from the fears of invasion in Ireland, from the late rebellions, and other circumstances, which tend to shew rather an nn•ettled state ; and it has fallen within my own knowledge, that families, particularly the females and children, have removed to England, and must be supported there ; besides what I mentioned be fore of the necessitty for remittances to pay the in terest of the debt, I am convinced the balance of trade has continued in favour of Ireland since the restrietion. If in point of fa& it should appear, that since the restrietion the remittances to Ireland for loans have considerably exceeded the remittances to Ireland for payment of interest of debt, is not the increa'e of remittances for absentees the sole cause to which the increased balance of account between the two c un tries is attributable?-1 conceive the Exchange to be i.lfluenced only by the general balance of all ac counts; and that the increased amount of remit tances to the absentees might very probably account for the present high rate of exchange, as making a part of :he general account. You have said, that the high exchange, supposing at 10 per cent. occasions a saving of 200,0001. year to Ireland, on the remittances from Ireland on account of absentees, supposing the amount of those remittances to be 2,000,0001., how do you conceive that high exchange to operate, either for the benefit or to the loss of Ireland, in nye& to the remittances to be made to England, for the interest of the Irish debt in England, supposing it to be 1,30(1,0001. an nually ?-3 conceive it to opetate to the loss of )e -land to the amount of 1,300,0001. because Ireland must remit so much English money, and must pay the high rate of exchange on such remittances, whereas the remittance to absentees is fur account of Ireland, and instead of remitting 1,000,0001. so as that 2,000,0001. should be received in London there is a deduCtion, in the first instance, of the ex change in Ireland, amounting to 10 per Cent. above par, so that only 1,800,0001. is received in fingland instead of 2,000,0001. ; and the difference remains in Ire land. The loans from Great Britain to Ireland annu ally made, answering for so far to diminish the ne cessary annual remittance from Ireland to England on account of the above interest and absentees, what do you conceive will be the fund for Ireland to supply their amount when those loans shall cease ?--Sup posing there to be no loan of any one year, I should think the general balance would be in that year still further enhanced against Ireland, and that the ex change (all circumstances remaining the same) might probably rise considerably higher.- In short, the general balance to be paid or received, always regulates the exchange between England and Ire land. When England has made large remittances to the continent for subsidies, have not such remittances always affeeied the exchange, and have they not for a time overcome the ere& of the favourable balance of trade, though operating in a diffeient ? —I think always. DiJ not the extraor.linary importation of grain into England, during, the scarcity of the years 1799 and 1800, occasion a great excess in the value of the imports from hlambro' over the exports from hence ?—Undoubtedly. Do you not think that th's extraordinary operation on the usual current of trade between these two places sufficient to account for the dapres,ion of the exchange, which prevailed during that period ?—ln a great measure it undoubtedly did ; in one of those years there was another cause which depreciated the exchange—that was remittances fur subsidies. Have you ever hard an estimate of the amount of the del* incurred by England for grain imported from the Continent during the scarcity ?—I have heard it amounted toa very considerable sum ; it has been said 15,000,0001. but I do not know the fad. Supposing it to have amounted to 1.5.000,0001. Jo you think. bad the restriction of the Bank of England been taken off. that that amount would have been paid in specie ?—1 believe not. Is there any exchange likween York and London, or any part of England and London?--I have known an exchange from Scotland of about 3 or 4 per cent. I do not know how it is now ; I speak of thirty years ago, in the time of the Ayr Bank. I know of no restriEtion upon the issue of specie, except upon the Banks of England and Ireland. If there is no exchange between any part of Eng land and London, and Ireland is now made a part of the United Empire by the Union, what causes are there which are so peculiar to Ireland as to keep up an exchange between Ireland and London ?-- Notvithstandmg the union there is a great dis their's& of country, the sea goes between them ; they have a different 'treasury, a different Bank, and an exchange between the countries has always existed; though the gold and silver coin are the same, t.e halfpence differ in the value of the pout to the amount of 81 per cent. Do you see any necessary causes for its differin g. from that 81 per cent. ?—The necessity o f I re l and remitting large sums to England, is the cause of the rise of exchange. 1)u ).ou think the different Treasury and differ. ent Bank which you have mentioned, could be so arranged as not to affeet the exchange? —1 think net; but that the exchange is only influenced by the causes I have before mentioned. In your opinion, could the restrielion on the 'Bank of Ireland be removed, while a similar re. !strietion continues on the Bank of England ?--ls; , , t 'with safety to the Bank of It eland; for, if the Ban: of Ireland was obliged to pay in specie, w11:1 t no specie could be had from the Bank of England, rot only Ireland would be supplied with gold, but ti:e demands from England would be sntficient to st the Bank of Ireland in a very short time. Suppose the exchange to change in favour ~r Ireland, would that objection continuo?--N o t ra turally to supply the demand of Ireland ; but if any body wanted gold, which might attest& the pure. ,es of exportation, as being of greater value id weight than the coinage price, they might supply themselves by demanding it from the Bank of Ire. land, as long as the Bank of Ireland had any left. Supposing the balance of debt in favour of Ire land by the exchange being under par, would there • be any demand for gold to be exported from Ird.:n !; or in other words, must pot that gold be p,0..1 for by Great Britain, if she takes it?—There would bes,ade mand for Great Britain to pay any balance, because none would be due; but if England wanted gold, fcr the purpose of exporting . from England to foreiv countries, and that the price of gold in England was higher than the coinage price, I think the iiat.k of Ireland would very soon feel a redation in its cash. Would not gold, in such C 22?, be considered as a commodity of trade exported by Ireland ; and would it not be beneficial to Ireland, Cutunuch as Irelairl would receive more than the coinage price?—There might be a small profit, but the Bank of Ireland would soon be completely drained of it. Do you think Ireland would be completely &tie. ed of it ?—I think it is impossible to drain any coun try of ,o much of its coin as is necessary to cam' on its traffic, unless by the establishment of Banks, and the issue of the paper of such Banks, Nude to an. swer as a substitute for coin. 0%, be cenbeur,l ) Yeaterdq—K • CH ft ..stereo—liollosy at Mc Public oth. es. fifEETINGS OF CKELtiTORS AT IaUIIebBEALL, TO-MIONJWIIr. Thomas Roll, Daleten, kleldlesex stack•brukair lO Benjamin Rats inJ Ann Smith, Bgiingtiall-stria. fit4ors Caney 10,11, Sampson's Garden, Wapping, nats:ar- t mariner Witham Asia.. Ho Line, Slsoreditelt, turn. r 1 10 John Warner, I:iindon, Essex, shop-keeper 1 1 DIVIDEND. Thereat Pyne, Suuthwark, victualler IS COURSE OF EXCH Amster lAm .... 58 4 24U• Ditto at S,ght .. 37 7 Rotterdam 12 1 Han burgh.... 16 .1 21,15. Alton 56 4 2411. Paris Ditto 2 Us 25 18 I DULL lON. Heurdeaux Madrid Ditin A etg-ct. Doubloons 0 0 0 Cadiz —in paper ' New Dollars Ditto Rilboa Leghorn Grimm 4S LIT.Pie. Si per Cert. • Dublin on London( Hay 23) 1! 12i Belfast nn London May 98 ). • • • 61651 Beirut on Dubli n May II) 4 41 61 diays. ICE. Tuitoo.v, M 4 T 19 Venice .. - .9 I.iv Pie. NIIPle• Lipboa 6ll Oporto 6ll Dublaa l7 I. 1. 4. rincti W.V F:it AT LONDON BRIDGE THIS DAY, 41, 49 mill. aker MARRIAGES. Ou Thursda♦ law, atNl;;no --- uth,hir Iferuy Parry, to Miss Elua Powell, daughter of William Powell, Esq. Mayor of that borough. _ _ At the Lord Advocate+, Granenn, Scotland, on the 25th rurrent, Thnnta. Kirkpatrick, Fan. elde+t 4...1 of Su James Ki kdatricic, Rot. to Mist Jane Shope, daughter of Charles Sharpe, Eel. of Houldum At Stronmes+, Scotland, Mr. WilVant Strang, of the island of San.llv, to Mils Anne G. lir+, eldest datnikter of Mr. Dr rid Geddes, tnerehant in Strom nes... DEATHS. On Toeslay, the Rth ;wit. et Edatborgh, Mensies Lao.. Barrack•Mastet at I..eithFort. _ . In April last, on board the Harriet Indilman, on his passac.% from Rengal to England, I.ie.incitant Charles Gordon, of If.s Maje , tv . • 76th regiment, son of the Rev. Lewis Gordon, Mi nister of Dainy. jn America, the Rev. Charles Nisbet, D.D. far more than eighteen years Prlacuirti of Dickenson Culler,, Pennsylvania, and formedy one lit the Ministers of Montrose, in s.nfland. On law Thursday morning, after a few dart illact, It2r Knight, wife of Mr. Knight, a respectable yeoman, at t!'. ham, near Lewes. A few daus since, Mrs. Gags, wife of Mr. Gibbs, surge.Jr and vol. •-cary, of East Bourne, gnomic. tan Thursday 1.14, of a drachm-, at Bristol Hot Wells, Henry I.e Mtiurier, Ksq. PR•d 23, lain of the 52d reaiment of foot. 0.1 No id.ay lasi, al tavielish, Miss TewknLeu. SALES BY AUCTION PICTURES, ENGLISH COINS, and MEDALS, SHFI.Lt3, &e. &c. Iv LEIGH, SOTHEIIY, and SON, THIS DAY at Twelve o•Ctock. rISHE entire MUSEUM of JOHN LIPTRAP. Eq. Rankriu), containing a amt.) good ColleNion nt . Pinores, a choice Selection of English Coins and Med.l. Shells, and other Curiosities, likewsse some excellent Catduct • To be viewed ; and Catalogues had. BOOKS. By Mr. KING, At his Great Room, lo King-street, Covent Garden. Tills, and Ten follnwing Days, at Twelve &Clock, A COLLECTION of BOOKS, including tl.e Medical Library of a Gentleman of the Pret.ssic,n, tat ; ingather with *lament AweinbLap:, ehier• es,dern, to the English and French Languikes. May be viewed, and Catalogues had at the knows. - - London: Primed by J. &Ana, Nn. 2, Goldsmith's-court , Great New-.treet , and published by W. Weer. at the Office. No. 15, Back of St. Clements, Strand. Acivertisenields, and Communications to the Editor. received at the Office, and by the following Booksellers : Messrs. Ea a e r.a and Sus, Great Mussel-street. Covent-garden; Mr. I. JP:e'er. No 190, Oxforil.street ; Mr. Row. No. lag Great Mallb l4 °u.lo" street ; 16. HATCMAIng No. 190, Piccadilly Mr. Banat, Bridge-street , Weytminster ; ;descry. Muonssioias and Co. No. 911, Borough = Messrs. PA asolis And SON, Ludgate-hill; Messrs. Ooti.vv and hp" , No. 315, Holborn ;Mr. J. ASPRIttla, Cornhill ; Mr. ili11060;; I. auJ J. liy it DV, No. 1114, High-shrecti shaderolls Mr. C•Ar 'Ls, No. 66 Pall Mall; Mr. liersouns No. 13 4 7, Ostord-strort6 AAA the principal Booksellers in the U. rib 0.1 %dr IItYMESI THEAT To-Moi Cxnely, in lei THE Mr fowl N, rum M LlNti, Mr. M SPARKS To The'Dnowe Irtsa.re hcgui raT th 11.4. Of;ce, in - lIEAI 1 THIS E' ?he AEI', can, GUi Mr. F.LLIS PAIMLIt, .11% t;3OVE, M KI9FALL WVOUFALL Tae Proln "I Ti which (by Rt I)ru Two Ads, c The !few Ca the nee* Tie as overflowing a.) maim:sal AI father nOtke. The Illettbs, this 7 with lisluetry Maus se. P The Dual to to 'leen at Sev, Places to he Psalm. + I ems r:s 'a bs Mtn el* 7111 A4ll Alie elltbe Or. ss hionis Si Ivniff lE. tviitt, rigg e d, adeadist, a traphettly silo. Starboard Beal board Tacks, t an, Theatre in •readrldea, tha The Defence a terser, are qn fei Flung &Ater Explaninn, and to the Bottom, Mt Boat ho sot far that wpm a ,. to produce th arid Applau.e. REAL WATE I " , tik, couture ha eat the Pt mom Expenco. &me open at h P 4 r-li li , beck ' T IE cot COMP! TRADING to 1 net tAe Suste *he fee 4 M,l, f s owc w , °Nt . 4 61. " The Liol Stork. THE GP r us De, If pub bettitheel of the di S P° l l pie, 0, NOTES ( 1 4MIR ''"timberls 1; With, P . e .' The Pu rdl cote I. urn m g o f 14n\ a te I trh" :egotist t 4 4. DeCli ~,, y ad 41 4.• F 4