The Sun. — London, England, 1832-09-21 00:00:00

7 //PIA - • /it ": C..." • / 1 . ' ;. c 1.1,;\ 4 1:1 .- - 1 .; Z l 3llO l - , ,(•-----,..,..: ...-,„....,,, , . • : 4 ..44 . : • Y. ,4 c- - - . 4 1 ' .;% ;11(1 ) r ' -- a . - 1 4 4:, ,5 511K • t):4 u I f -:. g 1,,,...)1,::::::0„ .. 7 , 4 , , ,, , , •,„‘, ~„ .. 4 . :,... * " ' \-, z'''' - .‘: -- 7- • 4 . \., ki4. 4 • . )' ' .1 9 ,- . 1.°*'3.---- :4' iI TP .. ` ' 110 11111116-7-' .." . ' ' C's. '''' ' \ .. ,,, ,t ..... k. „mOO% ill - .. I 4,_..•. ,' S 0 , --' - .r.....„ : / i % , A ~ . ~. • () P.,.."-. -2i A l a GENERAL COURT of PROPRI ETORS held at the BANK of ENGLAND, on THuastmv, the 20th of September, 1832. Reßolved, midst of such a period ? There may hive been one or two instances of tlnit, hot I do not think there are many. That the Court of Proprietors declare their continued confidence in the Court of Directors, and their cordial a pprobation of the manner in which they have maintained the character and conduct of the Bank, during the recent e xamination before Parliament. Ordered,— That the said Resolution be advertised in all the daily Morning and Evening Papers. JOHN KNIGHT, Secretary. (No. 12,490.) LONDON, FRIDAY EVENING, SEPTEMBER 21, 1832. ( PRICE 7D.) DRAMATIC COMMITTEE. COMMITTEE ON THE BANK OF ENG- TEANI TO HAMBURG, ROTTERDAM, AND COLOGNE, CARRYING HIS MAJESTY'S MAILS AND POST-OFFICE BAG. THE Elegant and Powerful Steam Ship BATAVIER, will Start for ROTTERDAM on SUNDAY Next, September 23, at Ten o'clock in the Morning, from off the Union Stairs, and every succeeding Sund a y during the Season. F. F. GIBBS, Sworn Broker and Agent, and Foreign Steam Packet-office, 19, Water-lane, Tower- street. EDINBURGH STEAM SHIP. THE UNITED KINGDOM of 1,000 tons burden, and 200 horse power, D. TURNER, Commander, will start from off GREENWICH, for EDINBURGH, on SUNDAY, the 30th September, at EIGHT O'CLOCK IN THE MORNING, and WED NESDAY, the 10th October, at NINE O'CLOCK IN THE MORNING, calling off Scarborough, weather permitting. Passengers are embarked, free of any expense, by Wa terrnen belonging to the Vessel, at the Horse Ferry, Green wich ; and by starting in the morning will be on board only two instead of three nights, as is usual by starting at night. Goods received, as formerly, until Five o'Clock of the day before the Packet starts. Berths may be taken, a plan of the Cabins seen, and every further information obtained, by application to H. Under wood, No. 56, Haymarket ; the Spread Eagle, Regent- Circus, Piccadilly ; or George Bell, Agent, 157, Fen church-street. N.B. This vessel being now completely decked over, her chief and fore cabin accommodation, and also her machi nery, are very much improved. In October, in Turk e y morocco, price I 2 s. THE LITERARY SOUVENIR for 1833. Edited by ALARIC A. WATTS. Embellished with highly finished Line-Engravings by eminent Artists. Large paper, with Proofs on India Paper, 245. India Proofs of the Plates, with Letters, 1/. 10s. ; before Letters, Si. 3s. Also, elegantly bound, price Si. The NEW YEAR'S GIFT and JUVENILE SOU. VENIR for 1533. Edited by Mrs. ALARIC A. WATTS. Containing a variety of highly finished Line• Engravings. London: Longman, Rees, Orme, Blown, Green, and Co. Just ready, in 2 vols. Svo. with numerous Plates, WILD SPORTS OF THE WEST. By the Author of " Stories of Waterloo." In 2 vols. post Bvo. GERALDINE HAMILTON; OR, SELF GUIDANCE. A Tale. Io 2 vols. Bvo. with a fine Portrait, Maps, &c•. LIFE OF SIR DAVID BAIRD, G.C.B. Including his Correspondence with the most celebrated Military Clianeters of the day. Iv. In 2 vols. post Svo. THE EAST INDIA SKETCH-BOOK. By A LADY. Richard Bentley, New Burlington-street. (Late Colburn and Bentley.) WORKS IN THE PRESS, And will be ready in a few da)s, I. ADDRESS to LANDOWNERS on the CORN LAWS, &c. By Viscount MILTON, 1 % 6d. DIGEST of the EVIDENCE before the COMMITTEE of the HOUSE of COMMONS on the BANK of ENG LAND CHARTER, with copious Indexes, &c. &c. One Volum e Octavo, 104. COMPLETE ELECTION GUIDE ; being the Re form Act dissected, arranged, and reduced to practice, so as to afford plain directions to Candidates, Voters, and O fficers, in the exercise of their rights and duties ; with complete Indexes, furnishing a ready reference to every part a nd proxision of the Act, in detail. To which is added the Boundaries Act, &c. By GEORGE PRICE, E N' , of the Middle Temple, Barrister-at-Law. 7s. 6d. Iv. The SIEGE of MAYNOOTH ; or, Romance in Ire 'B". 2 vOS. post Svo. James Ridgway, Piccadilly, and through every Book seller. THE WEATHER.—During the week we have experienced some heavy gales, principally from the north- West; these, we suppose, may be considered as the equi "etialsr which usually prevail at this season of the year. If strong si'"Ads and pure air are essential to the removal of disease, we may hope that the storms which have swept the t own and its vicinity during the last few days, will have a salutary effect on the health of our vast population, an d aid, through the blessing of Providence, in extinguish ing the malignant epidemic which has for so many months existed in the town, but which, by the recent reports, had very much diminished, and we sincerely trust that the Period is net far distant when we shall have the pleasure of announcing its final disappearance. During the tre mendous gale of wind on Thursday night and Friday uiorning last the vess e l s on the west side of the different dot:ka were driven from their moorings. A scene of vat confusion arose by these vessels falling foul of those to zivee7otwoaird,.ur . The damage done is very considerable._ p R ETENTIO N OF VITALITY IN FROZEN F IS H AN D THa LEECH. •••• (White's Selborne, p. 291.) los have the best evidence to prove that fish and some mol animals may be frozen, without destroying their aviteaTiutyl. A friend of mine, at Camberwell, bad an in flamed eye_ during the winter of 1829, and had a leech kept in was applied to the temple several times; it was ept in water in a phial, and placed on the carpet near the :re -pla ce o f the parlour. The cold at that time was very severe, and every night the leech was frozen, and thawed the following day. Mr. KNIGHT was there at the time, _ Witn essed the f ac t, an d expresse d, I am to ld, no small in ;rest at thi s cur i ous i ncident. It was o b serve d b y C apt . It4 Ntarie, during the severe winter they experienced near the Coppermine River, that the fish froze as they were ta ken out of the nets ; in a short time they became a solid 4155 5 of ice, and by a blow or two of a hatchet were e asily split open ; if in the completely frozen state they Were thawed before the fire, they recovered their anima tion. This is a very remarkable instance how completely animation can be suspended in cold-blooded animals.- 2lfayazine of Natural History. DREADFUL ATTEMPT AT SUICIDE.—Yes: ------- - - terday Many MAZE, a pauper of St. Saviour's, Southwark, tl ,,ttempted to destiny herself by jumping off London Bridge. unfortunate woman had filled her pockets with stones, hot -in falling she struck against one of the abu tm e nts. n!r shrieks were dreadful. She was takenoutheomf Thomas's St. w ater by some lightermen, and conveyed to T li cttpital, where one of her thighs, four of her . r her r i ght arm, were found to be broken. She committed the aet.from distress. S UICIDE or AN ACTRESS. — Y ester day an inquest was held at the Queen's Head Lambeth, on ed able f am the body of JANE B. N , lUN ROE. The deceased, who possessed able attractions, and belonged to a hi g hly respect s, was the wife of Mr. MlrtltoE, au actor at the Bath, Cheltenham, and Edinburgh theatres. The deceased performed in several places very successfully, especially at Edinburgh, where she played Columbine. She had been separat e d from her husband for some ears, and, un til the last twelve mont h s, h ad lived undery the protection of a =Major in the army, but since that she had led a very dis reputable life. In May last she and her sister each became Possessed of 4001. by the death of their mother. In a month the sister died, and by that time she had expended all her money. The deceased spent 501. in buryinr , her, and afterwards lived more expensively than before, driving Shout in a hired carriage, and drinking the first wines. When her money was gone she became reduced to great Poverty, and s h e li ve d chiefly on ardent spirits. She was and drowned on Tuesday, opposite Lambeth. Verdict, Temporary Derangement. To MAKE BEER STRONGER.—lntroduce thro ug h the bung-hole of the barrel two pounds of coarse sugar dissolved in a bottle of eau de vie, and one of beer, the whole well beaten together with yeast. Stir the con tents of the barrel, and let it ferment at the ordinary beat in summer, or in a warm place in winter ; at the end of some days the beer commences being agitated, casts out at the bung-hole a quantity of troth, and speedily clears. The bung i. left out during this process, and as soon as it completed, put the liquor into bottles. This must be done carefully, as the bottles are liable to burst.—French kientific Journal. The following is a covy of the Report of the Committee of the House of Commons which ,it last Session, for the purpose of inquiring into the state of the laws affecting Theatres and dramatic literature in general : " 1. In examining the state of the laws affecting the interests and exhibition of the drama, your Committee find that a considerable decline, both in the literature of the stage, and the taste of the public for theatrical per formances, is generally conceded. Among the causes of this decline, in addition to those which have been alleged, and which are out of the province of the Legislature to control, such as the prevailing fashion of late dinner hours, the absence of Royal encouragement, and the sup posed indisposition of some religious sects to countenance theatrical exhibitions, your Committee are of opinion that the uncertain administration of the laws, the slender en couragement afforded to literary talent to devote its labours towards the stage, and the want of a better legal regula tion as regards the number and distribution of theatres, are to be mainly considered. " 2 In respect to the licensing of theatres, your Com mittee are of opinion that the laws would be rendered more clear and effectual by confiding the sole power and authority to license theatres throughout the metropolis (as well as in places of Royal residence) to the Lord Chamberlain ; and that his—the sole—jurisdiction should be extended twenty miles round London (that being. the point at which Magistrates now have the power of li censing theatres for the legitimate drama). And as your Committee believe that the interests of the drama will be considerably advanced by the natural consequences of a fair competition in its representation, they recommend that the Lord Chamberlain should continue a licence to all the theatres licensed at present, whether by himself or by the Magistrates. Your Committee are also of opinion, partly from the difficulty of defining, by clear and legal distinc tions, ' the legitimate drama,' and principally from' the propriety of giving a full opening as well to the higher as to the more humble orders of dramatic talent, that the proprietors and managers of the said theatres should be allowed to exhibit, at their option, the legitimate drama, and all such plays as have received or shall receive the sanction of the censor. " 3. Your Committee believe that the number of theatres thus licensed (although they might be more con veniently distributed) would suffice for the accommoda tion of the public, in the present state of feeling towards theatrical performances, and also for the general advan tages of competition ; at the same time, as theatres are intended for the amusement of the public, so your Com mittee are of opinion that the public should have a voice in the number of theatres to be allowed. And your Com mittee would, therefore, respectfully submit to the House, that if a requisition signed by a majority of the resident householders in any large and populous parish or district, be presented to the Chamberlain, praying for his licence to a new theatre in the said parish or district, the Cham. berlain should be bound to comply with the public wish. Your Committee are of opinion, that all abuse in the ex ercise of the licence thus granted would be effectually pre vented by leaving to the Chamberlain the power of apply ing to the Home Department for the summary suppression of any theatre which may have notoriously outraged the conditions of its licence, or the rules of public decorum. " 4. Your Committee would also recommend, that the Chamberlain should possess the same power for the summary suppression of any theatre, .exhibiting any sort of dramatic representation without the sanction of his li. cence ; considering, that as the public can procure the licence if it approve the theatre, so any theatre not licensed would probably not be less opposed to the desire of the public than to the provisions of the law. "5. With respect to the licensing of plays, your Com mittee would advise, in order to give full weight to the responsibility of the situation, that it should be clearly un derstood that the office of the censor is held at the discre tion of the Lord Chamberlain, whose duty it would be to remove him, should there be any just ground for dissatis faction as to the exercise of his functions. Your Com mittee would recommend some revision in the present system of fees to the censor, so (for instance) that the licence of a song and the licence of a play may not be indiscriminately subjected to the same charge; and this revision is yet more desirable, in order to ascertain whether, in consequence of the greater number of plays which, by the alterations, proposed by your Committee, would be brought under the control of the censor, some abatement in the fees charged for each might not be reasonably made, without lessening the pre sent income of the licenser. " 6. In respect to the exclusive privileges claimed by the two metropolitan theatres of Drury-lane and Covent garden, it appears manifest that such privileges have neither preserved the dignity of the drama, nor, by the present administration of the laws, been of much ad vantage to the proprietors of the theatres themselves. And your Committee, while bound to acknowledge that a very large sum has been invested in these theatres, on a belief of the continuation of their legal monopoly of exhi biting the legitimate drama, which sum but for that be lief would probably not have been hazarded, are neverthe. less of opinion, that the alterations they propose are not likely to place the proprietors of the said theatres in a worse pecuniary condition than the condition confessed un der the existing system. " 7. In regard to dramatic literature, it appears mani fest that an author at present is subjected to indefensible hardship and injustice; and the disparity of protection afforded to the labours of the dramatic writer, when com pared even with that granted to authors in any other branch of letters, seems alone sufficient to divert the am bition of eminent and successful writers from that depart ment of intellectual exertion. Your Committee, there. fore, earnestly recommend that the author of a play should possess the same legal rights, and enjoy the same legal pro tection as the author of any otherlegal production; and that his performance should not be legally exhibited at any theatre, metropolitan or provincial, without his express and formal consent. " 8. By the regulations and amendments thus proposed in the existing system, your Committee are of opinion that the drama will be freed from many present disadvantages, and left to the fair experiment of public support. In re gard to actors, it is allowed, even by those performers whose evidence favours the existing monopoly, that the 1 1 more general exhibition of the regular drama would afford new schools and opportunities for their art. In regard to authors, it is probable that a greater variety of theatres at which to present, or for which to adapt, their plays, and a greater secutity in the profits derived from their success, will give a new encouragement to their ambition, and, perhaps (if a play is never acted without producing some emolument to its writer), may direct their attention to the more durable, as being also the most lucrative, classes of dramatic literature ; while, as regards the public, equally benefited by these advantages, it is probable that the ordinary consequences of competition, freed from the possibility of licentiousness by the confirmed control and authority of the Chamberlain, will afford convenience in the number and situation of theatres, and cheap and good entertainment in the performances usually exhibited. " The following is a list of the Committee :—Mr. Ed ward Lytton Bulwer, Mr. Lamb, Earl of Belfast, Mr. Sheil, Mr. Galley Knight, Mr. Stanhope, Mr. John Stan ley, Mr. Ellice, Mr. Evelyn Denison, Lord Porchester, Mr. Lennart], Mr. Mackinnon, Mr. Gillon, Mr. William Brougham, Mr. Alderman Waithman, Mr. Jephson, Co lonel De Lacy Evans, Mr. John Campbell, Mr. Henry Bulwer, Mr. Duncombe, Lord John Russell, Sir Cherie, Wetherell, Sir George Warrender, Lord Viscount Mahon. " Amon g other witnesses the following were examin e d before the Committee :—Thomas Beaucott Mash, Esq., Mr. John Payne Collier, Mr. Charles Kemble, Mr. Sa muel James Arnold, Mr. G. Colman, Mr. George Bolwell Davidge, Mr. Edmund Kean, Mr. William Dowton, Mr. John Brehm, Mr. David Osbaldiston, Captain John Forbes, Mr. W. Thomas James Serie, Mr. Peter Francis Laporte, Mr. Samuel Beazley, Mr. William Charles Mac ready, Mr. David Edward Morris, Mr. Thomas Morton, Mr. Charles Matthews. Mr. Thomas Moncrieff, Mr. John Poole, Mr. Richard Brinsley Peake, Mr. J. R. Planche, Mr. James Kenney, Mr. E. W. Elton." TIIE HARVEST.—The harvest in this put of the country is now nearly completed, and from all quarters we receive accounts of the extraordinary magni tude, and fineness in quality, of the crop, exceeding any thing ever recollected. During the past week there have been a few Leavy showers of rain. We cannot hear of any mischief they have dune in this neighbourhood, but we observe that some of our provincial contemporaries make heavy complaints. But such cecaplaints often arise from interested motives.—. initehavtn herald, LAND CHARTER. Examination of GEo: CARR GLYNN, Esq. You are a banker in London ?—I am. Will you state whether, in your opinion, the ex clusive privileges of the Bank of England are inju rious or advantageous to the bankers in London ? In my opinion, decidedly advantageous. Will you state upon what ground you consider them advantageous ?—I consider that the existence of more than one bank of issue would expose the commercial world to very great fluctuations, and the hankers in particular to very great inconvenience in their details of business. In what manner would it expose you to great in convenience in your details of business?—Suppos ing there were three or four banks of issue in exist ence at the same time, carrying on business in Lon don, it would be necessary for the private banker to retain in reserve notes belonging to each of those several banks ; it is quite clear that if any one pre senting a check comes to the counter and de mands payment in any note that he chooses, we must find that note for him, or gold ; therefore it follows as a matter of course that we must keep by us probably three or four times the amount that we do at present, or a very large amount in gold. Is that the only inconvenience you foresee in the details of your business ?—I conceive it would pro duce such great inconvenience to the private bank ing business altogether, and that it would diminish their deposits so much, that the private bankers would be deprived in a great measure of their power of supplying a portion of the trade in London, which, in fact, at present entirely depends upon them for the necessary accommodation ; I allude particularly to the second rate class of traders, who frequently have recourse to the private bankers for that assistance which no public body could afford them ; a public body would not have those means of inquiring into their resources, and they would not have that access to them which private bankers have, and which enables us to judge as to the pro. priety of trusting them or not. How would it operate to prevent you from giving the accommodation you now give traders ?—By lessening our deposits ; the private bankers in fact trust only to their deposits for the accommodation they are enabled to give, and the existence of diffe rent Joint Stock Banks would of course inte►fere so materially with our deposits as to prevent our giving, that accommodation to which I before alluded. Then the mode in which the Joint Stock Banks would diminish your deposits would be by a portion of them being withdrawn from you and placed in their hands ?—Clearly. Might not the deposits be now withdrawn, and placed in the hands of the Bank of England ?—Cer tainly ; but the evil would be of course very much augmented if the number of bodies of that descrip tion was increased. On what ground is it that persons prefer placing their deposits in the hands of the Bank of England, ra.her than in the hands of the private bankers ? I suppose it must be upon the ground of fancied better security. Do you suppose that the circumstance of there being two or three banks of the same description as the Bank of England would induce more people to think that the security of the private bankers was not amply sufficient ?—No ; but the subscribers to those banks would, as a matter of course, withdraw their deposits and their business from the private banks. Do you think that the effect of large Joint Stock Companies in London would be such as to prevent the private bankers continuing to conduct their bu siness in the present mode ?—Decidedly, with very many of them. Do you not think that every banker in London, without exception, would be affected by it ? Every private banker would decidedly be affected. You have stated that the private bankers are able to give an accommodation to the public which a large Company could not give; would not that cir cumstance enable the private bankers to continue their business ?—They might continue their busi ness in a degree ; but certainly, as regards that par ticular branch of business (and a very important one it is in London), they would be deprived of the power of doing that which they do now. Have you considered in what way the establish ment of competition among banks of issue in Lon don would affect the value of property and the amount of the circulating medium ?—I have not considered it as affecting the value of property ; but, as affecting the circulating medium, I think it would expose it to very great fluctuations, sometimes by increase, and then by sudden reduction. Would not those fluctuations affect the value of property ?—Certainly. On what grounds do you think that that compe tition would produce great fluctuations in the amount of the c rculating medium ?—The natural inclination of all Banking Companies who are seeking profit for their proprietors must be to extend their issues. Is it not the interest of a Banking Company, in extending its issues, to take into its consideration o t tT h huhe e giehr d y ta issueso: ouggedrho t of to d thoe it. n notes coming back upon them, and producing, by re-action, a considerable loss ? Do you not think th a t th e ir feeling of wh a t th e y improperlyoul would be a ?_ ch A eck ye u r p y o d n o t u l b le t i f r ul ex eh te e n ek, extending a , p t un r c a Ae C a r t s f t i r e a a l j atth any re is over-issue onesue must bank , therecom come b ‘o a v ck u would be upon eoil,d,ntt,gyoaatnrhsedly° one only which upon. 1 should be very sorry, in that bank; but if there was more than one bank, would not there be a scramble upon the part of the various banks, and would they not issue their paper under an expectation that the return of paper gene 'ally, if there was an over issue, might come upon their competitors and not upon themselves ?—Cer tainly, they would expect that it would come back more upon their competitors than upon themselves. Supposing there were two, three, or four, or per haps more, large banking establishments in London, are you not apprehensive that the scramble for pro fit between them would prevent that due regulation of their general issues which is essential for the safety of the circulation ?—I am decidedly appre hensive of that. In what manner would six or seven banks issuing in London differ from six or seven banks issuing in Birmingham ?—We must always consider London as the great centre to which all the money transac tions of the empire point, and likewise the place upon which all the foreign exchanges operate, and where the first fluctuations of expansion or contrac tion must always take place. Do you conceive that, either in London or else where, it is possible to keep out for any time a quan tity of paper greater than the transactions of the country requir::?—For a certain time it may be done ; ultimately it will re-act, and right itself. It being in the power of rival banks, such as the Joint Stock Companies that have been mentioned, to exchange their notes, as they probably would do every day, iwould not any increase of their paper come upon them immediately for payment in gold ? —The mere balance between the two banks would come in that way, but that would scarcely operate to reduce the general circulation to a proper level. Are you not aware, from your connection with country banks, that that is the invariable effect in large towns where there are several banks, that an over issue on the part of one of those banks imme diately produces calls for payment from the othe r hank wh o possesses i ts notes'?-1 testis for exchange in London of a portion of the circulation that may be out, but it does not follow that it draws from the neighbourhood in which the circulation has taken place all that is necessary to bring the circulation to a proper level. Does the banker pay the amount of his exchange in London without having his own notes returned into his coffers 2—Perhaps that is a question which I am not fully capable of answering ; I believe that the exchange between the bankers is paid in London. Is not the ground of that exchange the payment of the notes into the banker's hands ?—I do not know whether it is solely confined to that. You object to the competition between Joint Stock Companies to be established in London arid the pri vate bankers ; are you aware that Joint Stock Banks have been established in the country ?—Yes, but I do not think them calculated for London and its trade. Did they not come into competition with the pri vate banks already established there ?—ln some places. Does it not naturally follow that the persons who are partners in those banking establishments will be induced to deposit their money in the banks from which they derive profit, instead of depositing in other banks from which they derive none ? Clearly. Then the same competition is now going on in the country towns which you deprecate in London ? —Yes. Upon what groUnds do you suppose that, if there were four or five Joint Stock Banks in London, you would be called upon to issue a note of any one par ticular firm with whom you did not choose to bank yourself ?—lt would be in the power of any holder of a draft upon us to present it at the counter, and demand from us payment as he chose. Could he demand payment of you otherwise than in gold ?--To m,kke a legal demand, I suppose he could not ; but perhaps I ought to explain that the banker's business is of such a nature that they can not refuse to those that come with demands upon them, any facility required; and this would be one of those which competition would force upon us. Supposing you continued your account with the Bank of England, should you have any difficulty in telling your customer that you kept no other notes except those of the Bank of England, or gold, and that he must take his option ?—I think it is an an swer which would not be received by any person fa vouring another banking company very willingly ; and if we were to keep cash by us to make the psyments in gold of every check for which other notes than those of the Bank of England might be demanded, it would be extremely inconvenient. In the business of your house, if you were to pay in gold, could you conclude the transactions of your house within the twenty-four hours ?—I doubt it very much; on Saturdays I am confident we could not. Would it not, in point of fact, be utterly and to tally impossible to carry on the commercial affairs of the city of London if payment in gold were re.- quired ?—lf I may offer an opinion, I should cer tainly say it would be so. Your house is connected extensively with ceuntry banks ?—We are. You are aware that most of the country banks, and the banks in Scotland, allow interest upon depo sits ?—They do. How comes it that in the city of London, where there is so much greater facility for the em ployment of money than there is in the country, the system of banks allowing interest upon deposits has never taken place ?—lt has been tried, and I be lieve I may add, that the houses that adopted it have invariably failed. When, and by whom, has it been tried ?—Main waring's house, I recollect; I think they failed in the year 181 2, or earlier. Can you state to the Committee any reason why a practice that is so common in the country, and which is consistent with so much solidity in the country banking establishments, should not be prac ticable in the city of London ?—I ought to observe that there is a commission charged upon the other side of the account, in the country, when interest is allowed, which is never done in London. Are there not many of the country banks that al low interest, that do not charge commission upon the checks ?—I think, only upon deposits for a long period ; I believe that on a common current account in the country it is very seldom the practice to al low interest, except the money is deposited with them for a stipulated period, and that a long one. Generally speaking, does not the interest allowed exceed considerably the charge of commission upon the check ?—I am not aware that it does. Can you state to the Committee generally any reason why that practice, which is so prevalent in the country, should not have been successful in London 2—l can give no other reason than that it has been tried, and has failed. Are you aware that the Scotch banks allow inte rest upon deposits upon this condition only, that 21 days' notice shall be given of their being drawn out ? I am not aware that it is the general practice, but I know that in some of the large banks they do. In what shape does the London banker hold his current funds; does he hold it in the shape of Batik of England paper, or in the shape of deposits with the Bank of England ?—He holds it in both ways ; he holds a portion necessarily always at home, in Bank of England paper, and a small portion in gold; but it is our custom, and I believe it is so likewise now with nearly every banking-house, to keep also a large deposit in the Banx of England. Has not the modern practice of banking rather tended to decrease the amount held in Bank of England notes, and to increase the amount held in deposits in the Bank ?—I am not quite prepared to answer that question; as far as regards our own ex perience, I should say decidedly we do not hold less at home in consequence of having an account at the Bank of England. Will you state what proportion you hold of your money in notes, and what proportion in deposits at the Bank ?—lt will of course be evident that this must depend upon the nature of the deposits we have in our hands; some are fixed, at least for a time ; others are those which are going at the end of two or three days; but I should say, as a gene ral rule, from a fifth to a sixth of the whole amount of deposits was about the proportion held at home, exclusive of the sum on our account at the Bank of England. Can you state what proportion of the amount which you hold in reserve you keep in deposits at the Bank of England, and what proportion you hold in Bank of England notes ?—There is no fixed pro portion; our first object has been always to have a certain proportion in the house, and if we find we have not about the proportion that we think there ought to be, we draw upon our account ut the Bank of England. Do you think that more than one-half of what you hold in reserve is deposited at the Bank ?—Perhaps not so much; but that varies very much. Do not the balances in your hands amount occa sionally to very large sums, and are they not with drawn without any notice to you ; and is it not there fore your duty to be prepared to answer all those demands ?—Certainly. And you can never tell what your balance three days hence will be, it depending entirely upon the state of your deposits ?—Clearly it depends upon a fluctuating daily deposit. Do you not in fact consider what you have at the Bank as so many Bank notes in your drawer ?—Yes. Is your intercourse with the Bank almost daily ? Hourly, I may say. Do you Mid any facilities a(forded in your trans actions with the Bank ?—Every facility. Do you believe it to be the general practice of the London bankers to keep a great proportion of their . unemployed moneys at the Bank of England?—l believe it is nearly a general practice. You have expressed in general terms your appro. val of the present system under which the Bank i conducted, so far as it is connected with the private bankers ; have you found the Bank operate as a rival establishment to private bankers ?—I think latterly there has been more disposition than there was some years ago to put itself forward as a rival establish ment to private bankers. In what respect ?—They certainly have afforded greater facilities to private customers; I mean so far as opening accounts goes, which they did not do before. Do you not conceive that if a Joint Stock Bank ing Company, or if another chartered bank, was to be established, that Bank might adopt the princi ple of the private bankers, which would materially affect the profits and interests of private bankers ? In some degree they might ; but I think it is quite impossible that they could ever carry on business in the same way as the private bankers do now; yo❑ never can get that done by a secretary, or a board of directors, which you can have done by six indi viduals in partnership. Do not you apprehend that if a Joint Stock Banking Company was established, those who were concerned in framing that Company would endea vour to bring into connection with it the leading commercial men in the City and the leading capital ists ?—Probably they would. Would that materially affect your profits ?—lt certainly would ; it would take from our deposits very largely. Would such a state of things disable you from affording that accommodation which you have been in the habit of affording, and which has been a great ad vantage to the second and third class of traders ? —Decidedly. Can you give the Committee any idea of what pro portion the advances a private banker makes to his customer bears to the gross amount of his deposits? —Our object is to employ as much money as we can amongst our customers. Is it not generally a small proportion that you employ in that way, as compared with the gross amount of deposits ?—No, a much larger proportion is employed in bills of exchange and notes than in public securities. Can you state what proportion they bear to the total amount of depodists ?—These advances to cus tomers fluctuate so much at different times that it is impossible to say; they are a small proportion com pared with the total amount, but they are large in themselves ; and supposing we were deprived of the deposits we now have, it would not be prudent to continue the same amount of advances on promissory notes that we do now. You are speaking of loans to your customers for short periods ?—Yes, Can you state generally what you conceive to be the proportion of his general liabilities which the London banker thinks it safe to hold in cash ?—I should think it varies from a fifth to a sixth ; of course it must fluctuate according to the nature of the deposits. Do not you consider that a private London banker, who is a banker for commercial houses in the City, is very differently situated from a banker at the West end of the town, who has the accounts of country gentlemen and individuals out of trade ?—I should conceive it is a totally different sort of business; and I should say our reserved deposit was necessarily a much larger one than the deposit of the West end of the town banker. You cannot rely upon the use of money depo sited with you to the same extent that the bankers at the West end of the town may ?—Certainly not. It has been suggested that merchants and bankers are very much under the influence of the Bank of England, and it has been suggested that they would not be the best evidence upon any question relative to the Bank ; do you feel the slightest dependence upon the Bank of England ?—Not the slightest ; nor do we feel ourselves under the least obligation to it in any way. You respect them as a national establishment, but otherwise do you care a farthing about them ? Speaking for the London bankers generally, we ra ther consider ourselves the very best customer, ex cept Government, which the Bank of England has. Do"you believe there would be any difficulty in finding men sufficiently independent of the Bank of England, who, if they really entertain unfavourable opinions of the Bank of England, would be willing to come forward and express those sentiments ? Decidedly not. Are you aware that a considerable reduction in notes of the Bank of England took place in the year 1831 ?—Yes. Do you think that during that period there was a general reduction in the balance of country banks in their funds kept in London ?—As far as our ex perience goes, I should say there was decidedly ; in the early part of 1831 the cash deposits of country bankers in our hands were high, but towards the close of the year they became very small, comparatively. Do not you think that that arose from the reduction of their circulation 7—That was one great cause. Was there considerable inconvenience felt in Lon don during that period of the year 1831 ?—I do not remember any particular inconvenience at that period. What should you consider to be the present state of the commerce and trade of London, is it flourish ing 2—There is a great deal of depression among the second class of traders in London, great complaints of stagnation amongst shopkeepers. Does that extend to the merchants in London generally 7—There is a deficiency of profit among the higher class of merchants. Would you combine that with distress among the weaker merchants 2-1 think that has very much subsided within the last six months. Does the state of depression you have mentioned apply to shopkeepers generally P—Yes, arising from a want of returns and business. Has that depression at all subsided ?—No, I think not. You have had occasion to look into the affairs of some bankrupts in the course of your business; in looking through those affairs, did it riot generally appear to you that the bankrupt ought to have failed siEne six or seven years before, and that he had been supported by a fictitious system of credit, and had been going on upon nothing for a long time ?—Thai has occurred very often. Do you feel any inconvenience occasionally in your business from considerable fluctuations bet weep a scarcity and a plenty of money in London ?—Yes, but not to the degree we did some years ago; 1 should attribute that very much to the course which has been taken by the Bank lately, for the purpose of keeping the quantity of notes out as nearly equal as they can during the year; of course it is subject to fluctuations from the exchanges, but at the end of the quarter, which is the period when the bankers used to feel the greatest pressure upon their depo sits, the evil is now remedied by a regulation of the Bank, allowing any person to take money on secu rities for from ten days to six weeks, to be paid when the dividends come out. With that exception, do you find the fluctuations as extensive as heretofore ?—I do not think that they are. Are they still materially inconvenient to the bankers in London ?—I think very much less than they were some years ago. At times do you find a difficulty in employing your money P—We are obliged to employ it at a very low rate of interest occasionally. Do you find occasionally a sudden demand in the Is it in your experience a subject of common com p:aiot, that great variations in the scarcity or plenty of money in the London market are experienced?' —The variations alluded to are sometimes felt in one class of merchanis and traders in London, and not in others; lam not aware of there having been any great general pressure in the money market of London for some time past, although we have had complaints in different portions of it. The question refers to complaints among ti e money dealers of a great plenty of money at one period, immediately followed by a scarcity ; are not complaints common among the large dealers in money in London, upon that subject ?—I do not re member any at this moment, there may have been complaints of it, but it is not a complaint that we should have made ourselves. Has the rate of discount varied much within the last 12 months ?—Not very materially ; it had fluc tuated occasionally, but it has soon got back to a particular position again, and that is three to three and a half per cenf. Has it not fluctuated from two to four per cent ? —ln some cases it may have been two and a half per cent., but the average has been three to three and a half, and it has fairly kept at that rate, but the extremes have been from two and a half to four. Does not it very often happen, that a bill, for ex ample, which has a long period to run before it be comes due, is discounted at a higher rate than a very short bill ?—The average rate of discount may be three per cent. or three and a half, but a bill of 12 or 18 months may be done at five. There are several of your customers concerned in foreign trade ?—Yes. Did you ever hear any of them say what the fluc tuations in the interest of money were at Hamburg and Amsterdam ?—I cannot quote the figures, but much greater than the fluctuations that were alluded to just now. Have you ever heard that the interest of money at Hamburg frequently goes up to six, seven, or eight per cent. and falls down again to two or three very suddenly ?—Yes, it has been recently as high as that. Do not you. consider that, upon the whole, the rate of interest has kept as steady in London as is -- consistent with the nature of commercial transats tions any where ?—Yes, extraordinarily steady. Are you connected with many country banks who issue notes payable in London 7—Yes. Can you state the fluctuations that have taken place doting the last 18 months, from a general view of the amount of notes you have paid ?—No, I am not prepared to answer that question, I could speak more as to the deposits of the country bankers. Generally speaking, have you paid more notes within the last four months than you did in the cor responding period of 1831 ?—I am not prepared to anst.ver the question. Have you formed any general idea, from the pay ment of notes, whether the amount of issues of the country bankers, in the present year 1832, has been less than in the year 1831 7—l should think not less than the latter part of 1831, but I have not com pared them. Then no great decrease of issue of country bankers has been brought to your notice in const quence of paying a smaller sum ?—No. Is it not the custom in your establishment rarely to refuse to discount a good bill for any respectable customer who applies to you, notwithstanding those fluctuations 7—l recollect no instance of our having refused a tolerably good bill during any fluctuations, from a respectable customer. Therefore those fluctuations operate little or no thing upon your general accommodation 7 Very little indeed. Has there been any want of discount upon good bills, for the last four years in London ?—I am not aware that there has. What is the rate of discount to your customers? —Private bankers are regulated by the rate of the Bank of England, that is four per cent. When a period of great plenty of money exists in London, and discount can be obtained in the market at 2 per cent., are not less discounts offered to you ?—Yes. And when money becomes scarce, your customers apply to you for more discounts?--Yes. And your habit has always been to discount for a fixed rate the bills brought to you 9—Yes, with occasional exceptions. When money is plentiful, if a man you know Drell, although not a customer, brings you desirable paper, do you not frequently discount that paper at rather a low rate ?—Generally at the market rate. In your intercourse with the country bankers, is it the general practice for the London bankers to Allow them interest, upon their deposits ?—Nov it .s scarcely ever the custom to allow interest upon the money of the country bankers in the hands of the town agent ; during the time of the war it was done to a large extent, but not now. In what manner do you employ for the country banker the funds he deposits with you 7—Generally they seek their own employment for it; and it is, almost invariably employed either in Government se curities, or through a bill broker. Does the country banker effect that employment of his funds through you ?—No, he does it directly with the bill broker. Then he gives that bill-breker a credit with his London banker for any surplus funds he may have ? —Yes. Does it not sometimes occur that a respectable trader, one of your customers, wants to overdraw his account 200/. or 300/. ?—Yes, frequently. Do not you give him that sort of accommodation merely upon the opinion you have of his good cha racter 2—Yes. Do you imagine that such an advance would be very common with any large company ?—I should conceive not. Is it the custom of the Bank of England ?—Never. Does it not almost happen daily - that a customer of property and respectability, without the least no tice, comes to you, and says, put .5,000/. or 10,000/. to my account ?—Yes. And you must always be prepared to meet that demand 7—Yes. Could arrangements of that sort be easily effected with a large public establishment ?—Certainly not, I should conceive, nor with the secresy they fre quently require. Would the Bank of England do any thing of the kind ?—I should consider not. Supposing a large joint stock company to be established in London upon the same principles as the Bulk of EnglatO, would it, in your opinion, have any effect on the Oarket price of gold, in as far as it might increase the demand for that article ?—lt would in some degree. Would not five joint stock banks require a greater deposit of gold than one joint stock bank, the liabi lity of the five and the one being equal ?—Decidedly. You recollect the events of the year 1825 ?--I do. Do you recollect the price of stock for money early in the month of December, and the price at the next account, which was about a three weeks' account ?—I do not recollect the figures, but I re collect a fact that occurred—namely, that funded property, for one day, was not saleable for batik-notes. Do not you remember that Consols were 754 for money, and about 80i for the account, which ac count day was within twenty-five days of the day mentioned; is it not true that those bankers who were compelled to raise money by selling stock for money, and buying the same stock for the ac count, borrowed money at the rate of 72 per cent ? —I believe that to be the fact. _ _ _ What was your opinion of the conduct of the Bank Directors during the panic of 1825 think that the commercial public were exceedingly in debted to them at that time; I think they rendered every assistance in their power during the time that panic was prevailing. What period do you allude to ?-1 mean just at the period of the panic. But previous - to that time ?—They were not called upon to render that m , istauee In the year 1825, do you think that greater f3e'lkl '~: -,~!`` ~.