The British Press; or, Morning Literary Advertiser.
London, England, 1825-03-07 00:00:00

MEETING OF AUCTIONEERS.

EQUITABLE LOAN BANK BILL.
On Friday evening last, a public meeting of Auctioneers was
held at the Freemasons' Tavern, (heat Queen.street, for the
porpoise of covaidering the expediency of petitioning Parliament
against the Equitable Loan Bank Bill, now in progress through the
/louse of Commons.
Mr. ABBOST, sen. having been called to the Chair,
Mr. MACH IN stated that the meeting had been convened for the
purpose of exciting attention to the objects of a Bill lately intro.
duces' into Parliament, entitled " A Bill to enable the kituitattP,
Loan Bank Conni any to sue and be sued, and to no ffy drib
°llium, and take out licenses in the name of their clerk ;" which,
in his opinion, was of a nature materially to disparage the Mussels'
of the Metropolitan Auctioneers. The Bill which last year ap-
peared under the same name, affected only to concern pawnbrokers,
but a document which he held in his hand, and which, with
their permission, he would read to them, would clearly show that
whatever at that period might have been their views, subsequent
events had either made them change their inter.tiona, or compelled
them to develop designs which had previonaly been very carefully
concealed. It must be observed, on reading the preamble of the
present Bill, that it was framed in so specious and insidious a man-
ner, thas,the objects of the Company would have remained unde-
fined, had it not been that they had recently published a commen-
tary which would show such an interference as must tend to anni-
bilatea considerable branch of their trade as auctioneers. The do-
cument to which he alluded was contained in an advertisement in-
meted in the Brighton /Jerold; and signed by their solicitor, Mr.
John Willis. After announcing that a deed had been executed
November 6, 1824, /or the regulation of the equitable Loan Com-
pany, it recites. that " the object ia,to advance money on equitable
terms :--
" Ist. To an amount not exceeding IN. on each pledge as pawn-
brokers, at a diminished rata of interest, but subject to the laws
affecting pawnbrokers, to be called • the Pawn Department.'
•• 2d. To an amount exceeding 101. at 6 per cent. interest, for
shorter periods, charging only for warehouse room, and actual ex-
penses in cases of redemption, and charging also a commission on
the sale of pledges, if not duly redeemed, to be called ' the Loan
Demirtment.'
" St • The Bale Demeaning' ft advance* reasonable amount on
goods intended for sale, and to be sold by the Company, deduct-
ing their advances, interest at five per cent. and usual commission,
out of the proceeds."
From this authorised document, the auctioneers may fully compre-
hend the scope of that ambiguous preamble of the present Bill,
which states that the Equitable Loan Bank •• have raised considers-
' Me sums of money in order to make loans and advances of money on
pledges or deposits of goods, chattels, and personal property." It
1 ts somewhat singular, observed Mr. M., that this advertisement
has not appeared, as far as his observation went, in any London
Paper. Was it from an expectation that it would have raised an
pppmution, in consequence of the new feature which it had assumed ?
Doubtless it was ; and now that the designs of the Company were
apparent, it became his duty, and the duty of every one interested
in the prevention of public injury, to watch narrowly their proceed-
ings, and oppose them in every step of their progress. To a casual
observer, the objects of the Company might appear plausible ; but
coupled with the advertisement he had just read (and to the last
clause of which he wished particularly to fix their attention), it
could not be viewed in any other light than a most unwarrantable
infringement on a profession in which they had devoted their talents
and invested their capital. What inference can be deduced from
the " licensing of their clerks," but that they intend by the influ-
ence of their shareholders and the extent of their capital, to advance
a considerable sum on " goods intended for sale," and thus
through their clerks intercept and divert that business which ought to
flow in regular and accustomed channels, and by such means even-
tually to establish themselves into a Joint Stock Con.pany of Aug
tioneers ? The operations of this Company, if allowed, will tend to
create a monopoly not more fatal to the prosperity of auctioneers than
injurious to the public. The formation of Companies is of importance
in the carrying on of a great national work, which no private capitalist
could complete : but it is contrary to the recorded sentiments of the
most able writers on political economy, and in direct opposition to
the liberal policy of the Ministers of the Crown, who are the
warmest and firmest promoters of free trade and intercourse, to
establish a Company invested with an enormous capital, only
equalled by its influence, the operations of which will nearly
destroy individual exertion and capital, and by gradually diminish-
ing competition create a dangerous monopoly. The public are
greatly interested in this question, observed Mr. Machin, for the
Company seek protection from Parliament to enable them to ad-
vance large sums of money at five per cent. and then a further sum
under the specious pretext of extra charge for commission, ware-
house room, &c. He doubted whether this was not a direct viola-
tion of the Usury Laws; and hoped that as Parliament had re-
jected Serjeant Onslow's Bill, they would not sanction this extra
charge, which was simply an increased interest. Ale. Machin
concluded by moving the first resolution, for which see Adver-
tisement.

Mr. But. Loci seconded the Resolution, I hich was carried
unanimously.
Mr. baitE2 said it must be obvious that a'Company consist-
ing of 40.000 persons, with a capital of 2.000,000 L, who ask for
the right of appointing their own clerks, and having them licensed
as auctioneers, will necessarily possess an undue influence, and
acquire a power with which no individual could compete. It
became. therefore, the duty of auctioneers strenuously to oppose
this Bill, is it must be fatal so their interests. Mr. Labe* moved
the second Resolution.

Mr. CATE observed that it would be equally injurious to the
public, charging, as they intended to do, five per cent. interest, and'
the usual commission, tic.
The Resolution was then seconded, and carried unanimously.
Mr. ALGA' rose to propose that the petition be read, which was
done accordingly, when—
Mr. SMA Lsosts made a few observations in its support, and
it was adopted.
A Committee, to consist of thirteen, was then appointed, with
power to add to their number ; in seconding of which—
Mr. By kt.ocx observed that it was not public, but private in-
terest that the Company had in view. Relief to the poor was not
their on!! (Akin!, else they would have amended or abrogated the
Act of 1/80, which allowed 20 per cent to pawnbrokers, and made
in it sonic judicious alterations.
Mr. M ACE tar thought that the public were totally unacquainted
with the difference between the present Rill and that which was
proposed last Session ; and doubted not, now that they were put in
possession of the nature and tendency of this Company, that they
would discountenance its efforts; and that there might be time for
the auctioneers to express their sentiments fully on. so important
a measure, he should move an adjournment to Wednesday next,
which was agreed to, and the Meeting separated.