The Sun. — London, England, 1804-05-29 00:00:00

guineas. Do you think that the want of a common me. dium between the two countries is any cause contri. outing tow a rds the present high rate of exchange ? —I do. No other material circumstance occurs to me whivh cAntdibutes towards it, . 1 RI Prekt_ z se (-42 , „, - P 44 re ., • Is there not a disposition in all Countries ex changing with each other, regard being had yo all the circumstances affefting the state of debts, &c. on each side, to build their calculations upon the common medium gold, and if they receive payment in any other medium, to charge the difference or a considerable proportion of it between those two in addition to the exchange as measured in gold ? So much is that the case, that on some place s where the value o f the Paper is depreciated, it is customary On Wednesday last, the hounds belonging to\tL. L 1 AM BRADSHAW BRADSHAW, of Halton Hall, Esq. hunted an Mier in the river Lune, between the Ague dud Bridge and Halton Weir, in deep water, from s ix o'clock in morning till four in the afternoon, it> ( 7- ,," ;AyN DON : Printed by BUCHANAN NI'I4II.I.AN, (9f Bow:.Srreet, Covent-Garden) ; and Publish Iby V., r(. -:11...14).A1 ARM I GI R' SCRIPPS, of South Moiton-street, Grosvenor-square); .40.'" , ....1: At the SUN-OFF it; Is No. sit, Strand ; where Advert:len:crab Ordeis for the Japer, Letters for the Liao., ere, (post-paid), must be addressed. ..,-, ..] . . . --- WHITECHAPFL MARKET, May 2 7 Hay, 31. 165. od. to 51. os. od.—Aver. 41. 8.5. ou.o . Clover, 41. Ili. od. to 51. tss. od.—Aver. 51.5 5-d. Straw, 11 . . 4s. od. to ii . tos. od.--Aver. 11. 7 `'.._,-+.0".... -- - - COAL EXCHANGE, May 2,5. 0 rest Coals, in the Pool, per Clialdron 4,.1 1s o d Delivered to Housekeepers at , - v'S Od- Sunderland, per Chaldron - - 4 ,. 2 ,: od Delivered to Housekeepers at - 2' c,r----. EXCHANGE WITH I,"ELAND. EXTRACT FROM MINUTES OF EVIDENCE Taken before the Committee appointed to inquire into the State of I reland, as to its Circulating Paper ; its Specie and Current Coin; and the Exchange between that part of the United Kingdom and G reat Britain. The Right Hon. JOH N FOSTER', in the Chair. • (Continuo/ from our Pater of Saturdgy.) JEREMIAH HARNIAN, ESQ. EXAMINFD. Are you awire of the objeft of Mr. B •rrowes's oilervations and opini, , n given before this COM mittec 7inderstand orie of them to be the con. solidaiion of the B mks of the two Countries. appeehe,,d that such consolidation would procurer a c.::mmon circulating medium between England and Ireland in the absence of guineas As far a 2, I !lave been able to consider it, it does not appear to me prafticable, nor do I see how the objeft valid be attained by it. Srate the difficulties which occur to you of its praaicability ?—I am not . enough informed of the plans, or they are not sufficiently digested to meet the question satisfac}urily ; but one of the difficul ties which strikes me,is, bow the Bank of Ireland, or the Branch of the united Bank there, are to ob tain Notes any more titan they can obtain guineas now. Could the Bank of Ireland obtain guineas here if there was no restriEtion ?—Certainly. I; there no restriAion now on Note's . ?—None. What is the difficulty of their obtaining Notes ? I am.not aware how they are to be paid for. Would not the same difficulty exist with respea to guineas ?—Yes. Supposing it pritaicable, do you conceive any use would attend the measure ?—I do, not, because the evil which it is intended to correa, would, I should fear, still remain. What is the evil ?—The high exchange. What is your opinion of the cause of the high ex change between the two countries ?—it appears to me to he the same cause which has always operated, and will continue to operate in the negotiations be tween any two countries, when the balance of debt is against the one of them. In forming that balance, do you reckon the ba. lance of trade to form a part of the account ?—Cer tairly, a Dart of it. What other articles do you take in to calculate the b4;ance ci debt upon ?-o , le very considerable item is the money rernitte,l fur absentees, and other sums in the financial operation of the two countries. D. you ituagie the want of specie contributes to raise the exchange ?—I believe if there were guineas here, or in Ireland, zo supply the exchange, the evil would be eta-retied. In other words, if the . Banks were opened, the exchange, though it would be subject- to fluetuations, would fall to about its proper rate. What ari• the circumstances which take the ex-. change of Ireland out of its proper course ?—The want of a common medium to pay the debt which Ireland owes. Do you think any better mode than that now adopted with respcd to financial concerns can be in. traduced between the two countries do not know how to answer that general question. Do you know that the Bank of Ireland Paper is depreciated ?—I am not aware of it, because I should not say paper was depreciated, unless there was a forced issue of it, and that it was +.ffered at a discount on all occasions. I should rather not say that gold is increased in value than the paper is depreciated. When 2s. is given in Ireland universally, for the exchange of a Bank of Ireland guinea Note into gold, do you not estimate that the Note is depre ciated to the amount of 2s. ?—The distindion may seem nice, but guineas are wanted in Ireland, chiefly for one purpose, the trade of the North, as I have understood ; and as the transactions of the North are carried on by guineas only, I apprehend that is the cause. Do you think, if the trade of the North was not carried on in' guineas, that the price of guineas would be so high ?—They certainly would not. Da you think that the exchange would be so un favourable to Ireland, if the trade of the North was not carried on in guineas ?—I think it would not . Would the circutnstance of the trade of the North not to be carried on in guineas, make any difference in the number of the drawers, compared to that of the remitters from Ireland ?—I think it would make a difference. Do you think paper of gold the most natural cir culating medium ?-1. should think in all great transaetions, where there is confidence, paper, with. out a doubr. - What difference would the circumstance of the trade of the North of Ireland, not being carried on in guineas, produce upon the exchange between Belfast and England ?—Probably raise it. If guineas were now no longer to circulate in the North, from being all exported, or any other cause, would the rate of eNchange be lowered in consequence br t weer) Ireland and Great Britain. generally ?—No, I think not, because the evil would still remain, which I conceive to be the sur plus of debt ; those guineas, if exported, would 'certainly tend to lessen the evil, as far as they would go. Do you then think the present rate of exchange to depend wholly on the balance of payments due to Great Britain, and not to be afftded by any thing relating to the circulation of that Country as it - at present stand , ?—I am inclined to think that the circumstances alluded to are sufficient to produce the evil. Ido not say there may not be other cir cumstances which may contribute towards it. I al lude to the balance of debt which Ireland owes. What are the other circumstances ?—lt is possi ble that the alarms of individuals may induce them to increase that balance by remittances, or to hoard Supposing any large distria of Great Britain was to adopt gold as its only circulating medium ; and supposing, also, Bank of England Notes were to pass, as they now do, at par, would not a higher exchange be given at Hamhurgh, or any other ex change in Europe, or, in other words, a greater value for bills payable in specie than for bills pay_ able in Bank of England Notes ?--1 do not think it would. Supposing the Bank of England were to supply its Notes on the Exchange of Dublin at a rate be. low the present exchange, would not such an opera tion be in fart a loan made by the lank of England to Ireland ?—lt might be called a loan of the dif ference. Would not by this operation a debt accumulate from Ireland to the Bank of England gradually ? Beyond a doubt. If this operation afforded a temporary relief to the exchange, would it not revert to its former rate when the Bank required payment of this loan ? Certainly.. Do you not conceive, that a too great issue of Bank Paper in Ireland may have been one of the causes which has contributed to raise the exchange ? —I am not aware there has been too great an issue of paper there. Supposing an extraordinary issue to have taken place, do you not conceive that it would have a ten dency to raise the exchange ?—I should think it might. Supposing the balance of debt to have been the cause of raising the exchange, do you not conceive that a diminution of the Paper Circulation of Iraind may have a tendency to counteract the rise in the exchange so produced ?—lf the opinion that too great an issue of Bank Paper is one of the causes of the high rate of Exchange be well tounded, the other must follow of . You have said, you do not think that there could be a depreciation of paper unless there was a forced issue, and a discount on all occasions ; ex. plain what you mean by a forced issue..-1 mean an attempt to issue more than the panic are disposed or willing to take off. Suppose, for example, the Bank of Ireland to is sue Notes at an interest of 5 per cent. the current and legal rate of interest being 6 per cent, do yo l ii not conceive that demands would be made on the Bank of Ireland for discounts on the security of safe bills of exchange, which would be greater than the Bank of Ireland could grant, without so much en larging its paper as to create in it an excess which might affect the exchange ?—I should think white the legal rate of interest is 6 per cent.. the Bark of Ireland would of course be called upon to discount at s per cent, to the amount of all the good paper winch could be procured. Might not mat y bills of exchange also be created fur the purpose of being discounted at this cheap rate ?—lt would be a great temptation. Might there not therefore be a very great excess in the quantity of Bank Paper, without any issue which could properly be said to be forced ?—I think nut, as I consider this operation as forced. Supposing the legal rate of interest in Ireland to be 6 per cent. and money nevertheless to be deemed worth inure than 6 per cent. might there nut be an -excessive issue of Bank Paper, even though the Bank should discount at per cent. ?—No doubt that must depend on the discretion of the Direttors, and would apply equally in any other country. Are not then the Bank Direetors in Ireland under a temptation to issue paper to an excess, supposing the rate of interest at which they d►scount to be less than the rate which money is deemed by the Mer chants to be worth ?—Yes. Do you mean to consider an instance cf this kind as a forced issue ?—To a certain degree ; but that was not what I meant by a forced issue before. What do you consider to be the best criterion of the depreciation of Paper Currency, an alteration of its value compared with the general property of any country, or its altera , ion compared with a given article, viz. guineas ?—I think the first the best criterion, because guineas may be waited, as in the present case, fur special purposes. Supposing the issue of paper nut to be excessive in amount, or any cause to effect its credit not at tachirig to the property of the couffirygenerally, is there any reason why such_ paper should he depre ciated in value ?—I know no well-founded reason. May not many causes give a temporary and local value to guineas, particularly when the Bank, the great medium of supply, is prohibited from issuing the samel—Many. If then the value of gold coin may rise,_ under cir cumstances not calculated to produce or justify any diminution of the value of paper, is the _difference in the apparent value between the gold and the pa per any necessary proof of depreciation or loss of value in the paper either compared with its former value on the general property of the country I—l do not consider it 'any._ Supposing the difference in value now prevailing in Ireland to have arisen principally from an increase in the price or value of guineas, and not from an excessive issue of paper, what would be the effect in the circulation generally of that country, if measures were taken to produce a diminution in the quantity of paper now in circulation ?—Taking fur granted there is no excessive issue, it would only add to the distress. Are there not many circumstances at present in operation satisfaftorily to prove and explain that guineas do at present, for the purpose of circulation in that Country, bear an increased price ?—Yes, there are. Is there any distinl evidence of a diminution in the Bank of Ireland Paper, as compared with other property of the Country, guineas excepted !—Noe that I have heard of. to draw bills payable in efnaive (that not in Paper.) May not persons exchanging with Ireland, in their calculations untruly presume a diminution of value in the Paper to have arisen from excessive issue, and not sufficiently taken into their calcula tion, and consequently not allow for it, the increas ed value which guineas have there acquired?—l dare say it may be the case. Under the present circumstances, would you de scribe the exchange between Great Britain and Ire. land, to be in favour of Ireland, or the reverse I should think very much against Ireland. Do you conceive an exchange at t o 6 to be against Ireland ?—I do not. .is not that the present state of exchange with the North ?—I have understood so. Do you suppose that the to 6 there paid in specie, does, in point of value from local circumstances, possess a greater value than its nominal amount ? I am not prepared to answer accurately ; but I should think the premium paid for guineas ought to be added to the rate of exchange. Did you ever hear of airy bills being drawn on Ireland payable in effeaive (that is, not in paper), previous to the Restriaion Bill, when the rate of exchange was at times much above par ?--No, nor since. To what circumstanCe a° you attribute the ex change being morc favourable to Belfast than any other part of Ireland ?—To the circulation of gold, and for which they must pay a premium, which must he added to the exchange. Would gold sufficient for the use of any great manut.during distrit in Great Britain, should the 'inhabitants of such distrid refu•e the paper as a circulating medium, be obtained, in your opinion, without some advance on the price of guineas ? At this time clearly' not. Suppose that advance to be 1,2, or 3 per -cent. would not bills payable in gold be worth such ad vanced price over bills paid in Bank of England Notes ?—I conceive so. Supposing the premium on guineas, when ex_ charged f - (r paper, to result from a locally high price of guineas, and not from a depreciated paper, will not the amount of that premium be limite•i by the expence of bringing gold from the nearest parts of the world where there is a current market for it ?,—lt ought to be, and I think it would. What should you think the present expence of bringing guineas to Ireland from the nearest parts of the world, in which there is a current market for gold ?—I am not prepared to answer. Is there not at present a difF!rence between the value of Irish and English Bank Paper in Ireland ? —For the purposes of remittance, certainly. Do you not conceive that the fad of a premium existing on English Bank Notes in Ireland, and ex changed for Irish Bank. Notes, affArds some indi cation that it is Irish Paper which is depreciated, and not the prke of gold which is locally raised ? do'not. Has not the pratlice of using gold in the North of Ireland, as the medium of commerce, subsisted for a long time, or has there been some new prac tice in that respeet, which has led to a new demand for gold ?—I have not heard of any new pratlice. Supposing gold coined and obtained by Ireland, would not the present price of bullion take it out of circulation ?—I think it would tend to it in some degree, but the exchanges with foreign Countries having lately become more favourable, would go very far to correct that evil. Do you think that dealers in exchange are greater gainers when the rate of exchange is high, or low ? —I ►think, inasmuch as the charges would be heavier when the exchange is high, the expences being higher, they would be losers; but in other respects, the loss or gain depends on the difference between the two courses. Does any palliative or temporary remedy occur to you, which could lessen or remove the evils arising from the high rate of exchange while the aft on the restridion on gold continues ?—I am not aware of any. - Does not the reduEtion of profit on the exchange business, when the rate is high; tend to lessen the competition in the market for the purchase of bills ? I do not think it does, as far as my experience goes. (Tv be rfmtinued. LANCASTER, MAY 26. ON Monday last, the thirteen Friendly Societies in this town, held their Annual Festival. In the morning, the members, preceded by a band of music, and each of the Societies with an appropriate banner, went from Dalton-square to the church, where an excellent discourse was delivered by the Rev. Roe ERT HousEMAN, A. B. after which they dined at the houses where the Clubs are held, and the day was spent with the greate,st harmony. The total number of members is 21r4 ; and their expences, in funerals (29) and recovering the sick, last year, amounted to 83711. 13s. 6d. There are also three Female Friendly Societies in this town, containing 199 members, whose ex. pences, last year (including one funeral), amounted to 34]. 8,1. 9d. The Caton Friendly Society, on Tuesday last, according w annual custom, attended divine service, and afterwards dined together, spending the day in the utmost harmony : as did also the Halton Friend ly Society. The seventeen Friendly Societies of Kendal (in. eluding two for females), had their annual Festival on Monday last. The whole went in procession, with their colours, accompanied. by the Gentlemen of the Corporationi the Clergymen in their gowns, and a great number of Volunteers in uniform, and an excellent band of music, from the New Rod to the Church, where an excellent discourse was de. livered by the Rev. Mr. CARTMEL. After which they went to their respeetive houses to dinner, and the day was spent in convivial harmony and brotherly love. c di when they kilt tl it, Jter having Dirordeo tr- 1 0 versinn to s great number of persons assvin l) " partake of the sport. About half past three o'clock on Thurcdly noon, a dreadful storm of thunder and 4 1). 1 came. on, accompanied with a s'ery heavy rain , wl continued about half an h our , with little in° mission. A bail of fire entered the lower door :i the cotton faftory at Halton, near this town, of forced its way upwards t h roug h tilt f1..,0rs and I '4 burning and wounding several of the work Pcl A _ and children in its progr ess , b u t we are happy to 31" none of them dangerously. .SHIP AEU'S. GRAVESEND, WAY 27. Passed ' )!Ns'—the' Paxton, Puddicombe, f ro m goodU r2s ll 4 Sir Andrew Hammond, —, and Bedtbrd, Lane , tr°6lu f, maica ; Wilheimina Tucker, from Senc , 4ll; Cneida Kernp, from New-York ; lVilliarn and Nancy, ti c :Attie, 171 '; jersey ; Sophia and Maria, Lawson, from Norway; "a. Sophia Catharnia, and Pasincia, Strum, from Listl i , Sailed—the Mary Ann, Pearce, for Gibrajtat ; Milers, for Tonningen ; Anna Maria, Quest, Dorothea Margaretta, Hendricks, and Jonge Petronclia, Lnibden. A t , o f On Sunday, at his ho u se i n Sl oane Terrace, the BIRTh. 1- ' l " 7 Thomas HoUlyn, 'Esq. of a Daughter. MARRIED. Reg , Lately, at Kilkenny, Captain Phillips, of the 4r ment, to Miss Finn, daughter of the late Ldrnund Frno4 jk io. A few days agn, at Hackney Church, Mr. Lawson I f i o, Mary Higgs, widow of Thomas Higgs, Esti house, London-field, Hackney. ffora Lately, at Limerick, Lieutenant Deale, of the 45 1- h to Miss Knight, daughter of the late Sir ChristopherKß'm Lately, at St. Mary-le- hone Church, D. Forbes, Elio , StoiNry, Somerset, to Miss Al. Beeston, of alai i- 4 " - street. DIED. -, On Saturday morning, at the house of John Ellis, /10 neir Folhain, Christopher Parker, Esq.; o rt 4;d year of his age, Vice-Admiral of the Red, and of Admiral Sir Peter Parker, Bart. after a lung and 3 D e illness, which he bore with the utmost fortitude anti re6ig tiun. on Saturday morning, at Bath, Viscountess after a lingering indisposition of many months. „ v iz; On the 21st of October last, at Bengal, Mr. fam es Hodges, Chief Officer of the Lord Duncan East-Indiama.‘Creucs, On Thursday last, of a decline, at Bristol H ot Henry Le Mesurier, Esq. aged 23, late of the 52cl g'eg ilr.4 of Foot. The same night, Mrs. Shearer, wife of*Alexander She Area. Esoi. of Phillimore-place Kensington. h On the 22d inst. at Sunderland, ,n the 74th year —iS Mr. Cornelius En4lish. t Mrs' Yesterday, at Mr. Mackintosh's, Hartunersmit,t, Mary Newt It. On the 14th inst. at Ashford, Mrs. Munro, wife ef tenant Munro, of the Royal East Middlesex PRICE OF STOCKS. YESTER D • t 1 6 Bank. Long Ann. 15 7 - '4 Ditto Short ti•n. 3 India Stock Omnium 3 pr. I:n pe ria 3 per Cent. Ditto Ann. 9 d 7- 1:6 Cons. for July, shyi Rank Stock, Navy S per Cent. g 2) H a s per t en' 1-9-, 95 Irish s per Cent. 4 per Cent. 774,- .* per Cent. Red.. 5s t 551 3 pe; Ct Con. 51tut LONDON MARKETS, &Q. , T IN MARK -LANE. 'IALr Af i, MeAl Weighers,,..„ of May to the loth of the new Att. 214 Quarters at 4gs ci 379 ----- at 47; u °I ra --- at , ; 6 i . 2" 49 --- at 45 5 vl 92 ---- at 45S - 7 at 4-1 ,6 75 at 43 5° u 2r at 4 25 64 —.— at 4" 27 ---- at 4 05 - A - a 9 at 395 1 7; 3 8 --- a t 37S 4 , ?`" •—Average sos. 74(1. han last Return. RETURN OF WIIE, Sy Messr, CHILL. and includinglonly from the 14t11 agreeably to 39 0 Quarters at 58s od IS at 57 4 o ct st -- at 56$ od 272 at 54s Oct at 53s 6d at 53s al I at 52s od at sis 6d at sis ea at sos od at .493 od Total 4858 Quarters. os. 'cid. lower t; 1 359 2;0 132. A RETURN OF FLOUR, From May 12, to May zB, from the Cocket Office d, Sacks. s. d. I Sacks. r.. d. I Sacks. S. , 2 so o 9 291 45 0 706 i 43 36 49 ° n l 7, ''l 044 6 I 7 1 4 4 5 403 o 1 gbb 44 o 100 4. ,e 3 47 D 4 0 43 6 1 57 , 4 Total 1231 S Sack's.--. Average 445. 6i ll . . Qs. old. lower than last return. ec. AVERAGE PRICE OF ENGLAND AND 1 1 11 ''''' .- I Ending M ^l5 bil ay 19. 10 1 ° Wheat 51S 7d I Barley 25S 9rl I Beans ps ' Rye .33s od Oats 2zs Bci Pease WESTERN 1: 'OUNTRY Ds Wheat. Newbury Salisbury Devizes WAriiiinster Sts to 57s 6d 48s to szs" od 4Ss to szs od 465 to 54s od .r - 2 : " -- Cr i * IA 12.1 ti. F., TS (last Wee 0 ,45. 0 , 5 Barley. 4f s Od I° z'i 23s od tO 27S 0,. .1 d 0- ), 24S od to 28S od 2 •4 5 ° d 10 1 . 4 - ,1 24S od to 28$ od zi S ° ac t to 2 ' 27s 04 to 2,Ss od z)s PRICE OF HOPS. /SACS. POCKETS. ~, v s, Kent, 51. os. to 61. os. Kent, 51. sos. t 0.7161. O s Sussex, 51. os. to 51..125. ` Sussex, 51. los. 1',.,., 0 1. G s ' k ssex, 51. os. toil. tzs. i Farnham, Si. os • '''' SEEDS. Red Clover - - 4os t° S4s 1 White ditto - to Ills • r ort4; 5Gs 0 l' e Trefoil - ' - ' 2 4 5 t° 4 - Carr Away - . —5 to 75' Coriander - - - i 6 s to per 13,isite. , Turnip . - - 22 S to .. ' 4s. ditto- White Mustard Seed - Ss to tos ()L. Brown ditto - - ,i,2s s oa to to o L (ciiiittgto°:olo - - - - , .., Rye-Grass ~ - o sect to 40.. ,r 11,--- -- _ SMITHFIELD MARKET, May 1-S. To sink the Offal—per stone of Sib. A. Reef, ss. 01. 'to 6s. od. I Veal, 4s. Bd. to 65. 04,4. Mutton, ss. od. to ss. 61. J Pork, - 3s. B d. to 45. Lamb, - - 6s. od. to Ss. od. HEAD OF CATTLE TISIS DPY. Beasts about tGoo—Sheep and Lambs 12,,000. NEWG ATE and LEADENHALL MARKET2-d, Reef, 4s. 4d. to ss. 4.d. Veal, 4s• od. to ss• 8 4. Nlutton, 45. d.F to ss. zd. 1 Por k, 3s. Sd. to 45• Lautb, - - .Ss:±Lo PRICE OF T St. James's Market 4s. ald. Clare Market 4S• P ‘Viiitechapel Market 4s. I?+d• per stone ofillb. 12S. 7d. Average price 4s. 20. A1.1.01.V. 6cl• Town Tallow 7ts. R uss ia do. (Caw') 7 0 s• R uss ia do. (So.) 6Ss p.. s• Melting Stult . s6s. Ditto rough .395• Graves 14s• od. G o od Dregs 00- Y e llow Soap, Sos:—lVlottled, ESs.—Curd, 92s* Price of Candles per dozen, us. od.-10oulds, St. JAMES's HAYMARKET,MaY 26'd. Hay, 31. los. od. to 51. 03. od.—Aver. 41. 5 5 . ' Straw, 11. 4s. vd. to rt. l o s. od.—Aver. tl. 7s• - - AA_