The Express.
London, England, 1867-02-20 00:00:00

NEW ZEALAND.

The following telegram is from the Colonial
Secretary to Mr. John Morrison, agent of the New
Zealand government :
" Wruntoroar, Jaw. 17 (riff Galle, Feb. 17).
"Peace prevails throughout New Zealand. The
Governor's journey through the centre of the native
country, from Tauranga to Wanganui, aid Lake
Taupo, was everywhere loyally received. The
Governor, writing from Taupo to the Superinten-
dent of Auckland, states The whole country from
Tauranga and Orakee (1) on the Waikato is in a
most satisfactory state. The natives show greater
desire to have Europeans among them, and tofi.ll.,w
our customs. Many natives are anxious to let
their lauds for sheep runs.• "

ASSOCIATED CHAMBERS OF COMMERCE.

(THIS DAY.)

The members of the Association of the Chambers
of Commerce of the United Kingdom resumed their sittings
et 10 o'clock this morning, at the Westminster l'aLee
Hotel; Mr. SAMINAON S. LLOYD, the president, in tie
chair.
THE BARR CHARTER ACT AND
scueßney LAWS.
. .

Colonel AKILOYD, M.P., moved the following resolutiot,
of which notice had been given by the Halifax Chamber of
Commerce, vie., " That a petition be presented by the
association to the House of Commons in favour of to
appointment of a select committee to inquire into tis
operation and effect of the Bank Charter Act during C.e
recent panic." The hon. gentleman, in the course of an
interesting speech, reviewed the circumstances connected
with the recent panic, which, like similar moneury
disasters, had, he said, been caused by the redu,
tion or ex,hatistion of the reserve. Under no cu.
cunistancee in France had there been such nee..!.,
alarm and panic as in England, and this was iv,rdy
attributable to the greater caution exercised by the I recd,
merchants, traders, and money operators, owing prebuly
to their improved bankruptcy laws. No one could duly
that there had been a greater amount of reckless spar:.
lation in England than in France. (Hear, hear.) In ti,e
Bank of England there was an artificial scarcity at cce
time and an artificial abundance at another, and then
was thus a perpetual variation in the money market. Tie
great fluctuations in the rate of interest were prodattini
of the evils which they had all seen, and probably ex.
perienced, and it was therefore evident that the object of
the community was to maintain a steady, eve
rate of interest. The seeds of panic were Pon
at the time of cheap money, because it was ties
that bubble companies were started. (Hear, hear.) In 6ur
competition with foreign manufacturers, we found out•
selves at serious disadvantages by the fluctuations la the
rate of interest, because year by year while paying a higher
rate of wages we were subjected to an excessive charge in
the rate of money. All these circumstances were &lc.
tion from a fair remunerating profit, and it was impossible
for ns to sustain competition unless we had greater en,
Linty in our manufacturing operations. (Hear, lieu.)
He concluded by saying that as the Bank of England awl
the government had adulated the necessity of some legs.
lative enactment respecting the currency, it was advisable
to adopt the step which he recommended.
Mr. ELLIS of Dewsbury, seconded the motion.

Mr. NORW 00D, 11. P., in supporting the motion,expreosed
his dissent from the statement made by certain parties,
that the Bank of England ought to be a great discounting
concern. The Bank of England was .haply a joint-stock
bank, employed by the state for state purpose., to issue
the note currency of the country, and to transact onlinary
banking business ; and so long as they issued their note
in conformity with the law no responsibility rested with
them. As far am banking business was concerned, we bad no
right to dictate to them. The ground on which he thought
we had a right to complain was the insufficiency of note
circulation. The Bank Charter Act passed into law
years ago, but since then we had had free trade changes,
and the fifteen millions to which the currency was then
fixed was altogether insufficient at the present day.
The present system was an unfair one. and discount
accommodation was by no means sufficient. The
smaller traders were allowed to be ground to the
dust, and it was only when the great joint stock
banks, who had been the authors of the panic, found the
results of their indiscretion that they came forward to
receive indemnity for their sins and iniquities. An Wits-
' tration of this system was furnished by the deputation of
joint stock bankers and other large tuouty operators. who
waited on the Chancellor of the Exchequer iu May hit,
and told biro that if he did not relax the law they would
withdraw their balances, and bring business to a stand.

After a short discussion the resolution was agreed to.
Mr. THuMAS, of Bristol, then introduced the resolution
adopted on the same subject by the Bri‘tol Chsmber of
Commerce. It was as follow. :—•• That in the opinion of
this association the convertibility of promissory motes pay-
able on demsod into gold should be secured by law."
Mr. ATKINSON, of Hull, moved •• the previous clues.
tion," which on discussion was carried.

The following resolution was then brought forwent by
Mr. Thomas, of Bristol, but was subsequently withdraws:
" That In the opinion of this association the issue dep.r..
meat should be taken out of the bands of the Bud d
England and placed in those of commissioners on the
of the nation."