The British Press; or, Morning Literary Advertiser.
London, England, 1804-06-01 00:00:00

FROM LLOYDI LIST.

Griaelatare, SIA• 30.-.. Pend by the Charlatan,
Pram Bengal ; Harvey, Irate Demean; Cuunt Hi-
'hernia /rata Iti,xway ; kaballs, Newham, hem Me-
nge; end the Java Gamete, Overhand, from Catwyck
the Mist. Perry, lar Gibraltar ; St. !Nortek, Campbell,
hi Dublin; Catharine, Wilhaamen ; and the Vrow Catherine,
Whav, trout Ealiden.

•••

ILXTRACT

PICK 114111UTU 07 EViDSIIICS
e, Woes tie Centrality, eposinted to enquire into the
1., et Irriend,ra to its Circulatitig ; its Spcete and
tCurrent Coin; and, the Exchange betworat that p.m of the
• UMW Kingdom and Great EMAIL
u light Nos. JOHN FOSTER., :n the Chair.

Wiottirop, Esquires Examination continued flOOl
• ay Paper of Weeseiday.
Does net the vestridion of the Bank of Ireland
tend to increase that paper. and putt in the place of
coin P.--.By the substituuon of paper for coin. I con-
ceive would tend so the coin. When you
Gaya restriltion on the Lank, after the coin of a

conatry. has in A great measure disappeared (for so
It world do by the nabstitution of Bank paper to an.
'twer all the purposes qt coin). and whether the
;oak was in possession da great quantity of coin
or net, it might appear necessary for the Bank to
one large quantity of paper to answer the sects-
*Timm of traffic. great or small; but if the
pi, _ s suppressed, I believe the coin would re-
tnra ' . country. and in large quantities. if they
wet . to pay for it, either by experts, or other
\ill
canall ; or I believe it is only by the substitution of
met, and making it answer all the purposes of
isoht.ahet the cons of any country is diminished al-
,. Most to banishment.
P If a country has exchange in its favour, is not
I that an evident e that a balance of debt is due to
it. and that of courie it is able to pay for gold to
come into it ?—I think it necessarily must be, that
gold would comesin.
In a country so situated, could the removing the
. restrisction on the Bank be attended with the incon-
veinencies you have mentioned ?—With very great
inoonvestienee, if the restriftion was suddenly taken
off, and a ocencetent space of time were not al-
lowed to the Be k to enebk it to face the elk& of
opening it.
If that competent time was to be allowed, would
there he any riejeetton of be:.tinning the'measure of
taking o£ the restriftinn ?—So far frnm it, that I
think et ought to be an objea constantly in the con-
yam son of the Legislature, as an event which
tend mates ially to the advantage of the king.
dean. I speak this, as applying to the Bank of
Begland, rather than to the Bank of Ireland.
Is the course of exchange with foreign countries
i favour of Great Britain ?—I think it is.
Do you think it so steadily in favour of England,
that any measure might safely begin towards the
gral removal of the restridtionl—l should think
. it would he better not to think of the removal of the
tostridtion until peace, for reasons that may result
In the *hied' of the general policy of the country.
if whit I cannot pretend to form any judgment. I
as not mean to snake any allusion to the situation
of the Bank of England.
At the time the restriaion was imposed, what was
the tate of melange between England and foreign
countries previous to it, from the commencement
of the war, and subsequent ?-- in 1792 1793, and
1794, the exchange was in favour of England, and
brge sums in bullion flowed in. In 1793, when it
was rumoured that a loan of 6,000,0001. was about
to hem& to the Emperor, the exchange began to
fall, and fell considerably in the course of that year,
and as the money was remitted, there were great
drains from the Bank of England ; bat as we had
large sums in gold, which fbelieve is always the
Me favourable mode of temitting to a foreign
country, as long as the money holds out, the et-
ching did not tall near so l'Av as it did a
. tray few years after. In 1793. the exchange
on Hambro' had riven again from 37-6 to 36 ; but
by the great scarcity of coin. and 'lie necessity of
am importation to a very large anaLunt, added to the

remittances of foreign subsidies, the exchange fell,
and was in (800, as low as 30-9 at one time, Lich'
is a difference.of about 20 per ce;,:t. in thoexch;nge
and this corn.borates to a dernour.tration, the upiraon,
that when la rge sum s of roc :ley are remitted from any
country, whatever the occasions may be that demand
such remittances, the exchange must fall against that
country ; and as the restrietion continued on the
Bank at thelatter periods, perhaps that circumstance,
as little money could be drawn from the Bank in
large sums, might have contributed to the fall of
exchange. I should have observed, that after the
restridion was laid, the exchange rose considerably,
and very large sums of money -found their way into
this country, and into the coffers of the Bank of
England.
Are any remittances now made as subsidies to fo-
reign powers?—Not that I know of.
Are any remittances to a great extent made for
thE purchate of corn?—To no great extent.
Whether, as those causes no longer exist, which
'produced the restriftion, do you know of any other
circumstances which ought to continue it ?—As the
withdrawing the restrietion %mild be an objee of
great magnitude, I should think a time of peace is
better to begin the consideration of it.
In ease the restriCtion wasAo be removed here, do
you see any reasons against removing it in Ireland
at the same time ?—1 see none.

Do you apprehend that any considerable diffi-
culty, or any evil consequences, would arise from
suppressing the circulation of alI silver notes, anct
all ii. notes, both in England and Ireland, at the
end of twelve months, by the passing of an Alt for
that purpose, and in the same manner suppressing
all el. notes at the end of two years?—Although I
wish very much to see a general opening of the
Banks, with a complete suppressin of all notes un-
der 51. yet I think reasons may exist why it may be
improper at this moment to make any alterations,
or to suppress the 11. and 21. notes of the Bank of
England ; but I think that immediately on a peace,
it ought to be one of the first objects of the Legisl a.
ture s consideration.

What are the objeCtiors to suppress the 11. and 21.
notes in the gradual manner proposed, taking it for
granted, that r,o further step shall be taken towards
the removal of the restrAion until the end of I:le
war ?—The incoevenience that would arise to t'e
public from having no means of procuring eh ~:ge
of a 51. note at the Bank of England, a.. the re-
striEtion of the payment in cash would still continue,
would be insupportable; for Willa Bank of England
was obliged to exchange its SI. notes for cash, it
would be a complete opening.
If paper, which supplies the place of guineas,
were suppressed, would not guineas, being Inc s-
pensably necessary for the tram...it:lions of the coun-
try, return into circulation to supply the place of th •
paper suppressed, and would they not continu, iii
circulation ?—I believe they would.
Is not the exchange between two countries r.•
rally limited by the price at which a pound of bul-
lion can be purchased in the circulating medium of
the debtor country, and again converted into !he
circulating medium of the• creditor country. togetoer
with the charges and insur ince of tranc.irtin7 it
from the debtor country to the creditor country ?--
If a debtor country could pay money to a creditor
country in gold, I see no reason why the exchange
should turn against the debtor country, as long as
it can pay its debt in gold.
Have you ever known the exchange between any
two countries to exceed :onsiderably, for the period
of a year, the rate at which this operation can be
performed have not.
When a sum of llamburgh currency, which will
buy a polled of bullion of given purity in the market
of Hamburgh, can purchase a bill for a sum of
English currency, which will buy a pound of bul-
lion of the same standard in the English-market, is
not then the exchange at par ?—lt is a question I do
not know how to answer.

Is there any other test by which a true judgment
can be formed of the par of exchange coact! it
does appear to be a complete par of exchange.
As long as a sum of I lambro' currency, repro-
senting a pound of bullion, can purchase a Bill for
a sum of English currency, likewise representing a
pound of bullion, would you not deem the exchange
at par, whatever might be the numbzr of pounds
sterling, or of schellings in either sum if you pur-
chase a bill of exchange is liambro' on Lon Jon,
and you pay for that bill of exchange 100 os. in
silver, and you receive in payment in London of
such bill 100 oz. of silver, I should say the ex-
change was at par with respell to that transaCtion ;
bat that is not what we merchants understand by the
par of exchange ; they generally understand a cer-
tain rate of exchange fixed, which has respell to the
money paid in one country and received in the
other.

Would you not equally say it was at par, if, in-
stead of paying 100 or. in one, and receiving 100 oz.
in the other, you paid a sum that would purchase
100 oz. in the one country, and received a SUM in
the other which would likewise purchase 100 oz. ?
I think it is the same in efTeft.

If the Exchange between London and Hamburgh
was 40 schellings per pound sterling, would you not
still deem the exchange at par, if it appeared that
from aay circumstances, 40 schellings banco only
purelas the .ame quantity of bullion at Ilamburgh,
as one pound sterling purchased in London ?—1
conceive it the same on drat, and rict rerxe.

In the one case, would you not say that the Tails
xi credit at the Bank of Hamburgh (in which all Bills
are payable) was risen, and in the other that it had
fallen t—l should not say so.
In the same manner, if 48'. 121. Eny':sh cur-
rency, which will now buy a poi.nc; 4,f tan ;Ars, gold
in London, can purchase a Bill on Dublin for a sum
of Irish currency, which will bur no more •i:in a
pound of standard gold in Dublin, is nor Ow rx.
change in taft at par, whatever nnmber of pounds
of Irish cnrsency be expressed in that hill of ex-
change ?--The par of exchange between Lngland
and behind is universally iniderstnod t,i he n ane-
third percent. or 1061. 6s. trd. Irish for 113:0I.
hsb, whatever may be the prier of bullion.
Did not that mode of cAlcul.iticn obtain, because

it had been found, on the experience of many years,
that 108 T. 64. 841.. of Irish currency, and 1001.
of English currency, represented the same quantity
of precious metals; and do you conceive that when
these sums represent unequal quantities of the pre-
cious metals, they can longer be considered as repre-
senting the par, or representing one another ?—lt was
not founded on any experience of years, that 1081.
Gs. Bd. Irish was equal to 1001. English; but it is
immediately discoverable by the difference between
the copper money of the two countries, the gold and
silver money being the same, but a shilling in Ire-
land passing for I 3d. in copper, forms a difference
of exadly fl! per cent.
not 31. 17i. lOW. English money, formerly
represent and contain an ounce of gold, and did not
41.45. 3d. Irish currency likewise contain an ounce
of gold ?—That is the coinage price of gold in Eng-
land.

Could not bullion likewise be purchased at that
rate formerly ?—When that was the price of bul-
lion.

If gold bullion can be purchased in the market
of London at 41. Is. the ounce, and if it cannot be
purchased in Ireland at 41. 7s. 9d. or nearly at that
rate, how can these two sums be supposed to repre-
sent one another, and he the par of eschanze ?—I
never heard of their dealing in bullion in Ireland.

As long 24 a sum of English currency, represent.
ing a pound of bullion, can purchase a bill for a sum
of Irish currency, representing a pound of bullion,
would you not deem the exchange at ;rar, whatever
were the number of pounds sterling expressed in ei-
ther sum ?—I should never deem the exchange at
par but when for 1001. paid in England I receive
1081. 6s Bd. in Dublin, or paying 1081. ts. Bd. in
Dublin, for which I receive 1001. in London, and at
that rate for a greater or less sum.
Would you *ill be of this opinion if it should be
fOnnd that 31. 17s. sOld. in English circulating me-
dium, in Bank Notes, will purchase an ounce of
gold, and that 41. 4s. sd. in Irish circulating me-
dium, namely, Irish Bank Notes, will only purchase
11 pennyweights of gold ?—I should still be of the
same opinion that the par is 81 per cent.; but I might
say, the exchange were above or below par, if there
WAS any variation.
It the exchange between London and Dublin was
at 130 per cent. would you not deem the exchange
at p tr. if it appeared that from any circumstances
1301. in Irish Bank Notes would purchase no more
bullion than 1001. English should not.
Do you not think that in such a case it would be
more just to conclude that Irish Bank Notes had
lost 21 per cent. of their value, aad that the ex-
cl ange was risen to that sum?—The only way I
be able to account for so high an exchange
as 130 per cent. would be by concluding, that the
balance of general debt to be remitted from Ireland
to England was very great indeed.
If it should be the interest of remitters to remit
in guineas rather than in bills, are guineas always to
be procured for that purpose ?—When there is a re-
striditm n 3 the banks they could not be procured in
either country.
What was the price of gold in 1,799 and 1300,
when the exchange was in its must unfavourable
state ?—I think, as well as I recoiled, it was printed
at 41. an ounce, but it was not to be met with at that
price, neither now.
What is the most unfavourable state of the ex-
cha.tge, and the highest price of gold which you
have known during the period the Bank of England
was paying in cash ?—I think I have known the
price of gold bullion as high as from 41. Is. to 41.25.
before the restriction, which occasioned a lou of
5 per cent. on all the bullion coined into guineas,
and the exchaege .must have been unfavourable in
the same degree.
• Do you know of any particular circumstances
that should cause the exchange between Ireland and
Great Britain to fluluate snore than that between
Great Britain and the Continent think there
ought not ; Ant I have stated a circumstance between
Great Britain and Ireland which has no parallel in
the Continent, or between any other countries that I
ever heard of, namely the great sums of money
drawn from Ireland to England by the nobility and
gentry of Ireland. •
Previous to the restriction, were not the issues of
paper of the Bank of England in a great degree se-
.elated by the balance of cash and bullion in its
L tilers ?—lt ought always to be so in a great rnea-
Ain".

Does not an unfavourable exchange necessanly
cause a drain on its coffers of speck to be remitte,l
to the Continent ?—I think it generally doe*, when
there i, no rebtriftiols.

Was net therefore the i,sne of the paper of the
bank, in a great degree, limited by the state of the
foreign exchange ?—As far ac this app-ared neces-
sary, in the contemplation of the Dire:tors of the
bank, it would certainly have its weight.
ROBERT BAILIILWALI., Esq. Merchant in London,
Emmined.

Do you know any thing of the exchange between
Ireland and England ?—lt is at present •ery high,
attribut ible to the demands of this country on
Ireland exceeding the demands of that country upon
this.

Da yon imagine the re%trietion on the two Banks,
or on t!-.1. Bank of Irel.in 4. fit issuing specie, has
had any e11::@ on it ?-1 think considerably.
Whit is 'our reason ?—Because if specie could be
had there to transmit to this country, exchange
would never have arisen to the height it has.
Does any remedy occur to you during the reside.
tion to remuir or alleviate the inconveniences ?
None, unless die demands of this country could be
reduced.

Wtiat is the nature of those demands ?—For
goods imported into Ireland, and the revenues of
the absentees

Does ..ny mode or:ur to you for decreasing the
amount of the tc%. lines of the absentees to be trans-
mitted hither ?—None.

Is there Ally r.therrlode remaining than that of
decreasing the imports into ?—None.

To be contiou,J.

MEETINGS OF, GRP:MORS AT G 1111.011.113.,
TO•lipill NOW.
Joseph Wherein. Bayswater-place, near Bayswater,
mansfattiver of patent springs for stirrups . s 11
William Eca, suutharapio.strert, Covent-Gardeo,
hosier . I
3 I
William Cook, Caftraometreet-read, mariner 3 g
James Balfour, Russell court, Drury. lane, shoo-maker 9 g
John Snowden, Plymouth, Devonshire, draper j
Mary Mills, late of Newington Causeway, Surrey,
cooper 3 19
Richard Priests, Leiceutr-place, auftioneer 3 10
William Wetmore, New Windatir, Be. kr, innkee
t John Hill, Cateatomstreet, warehouseman per' '3 I 3
It
Clough Lee e, Leopard's- court, Reldsvins-gaidens,
Leatheelane, chemist..
2 10
John Dutton, Catherine-court, Tower-hill, ship-Moker 212
John Bui ti mg, of the WI ale Fishery, Little Hermitage.
street, Wapping, victualler. . ,
John Debrett, Piccadilly, book:eller..
2 : I
Fletcher, Stockport, Cli,,ter, si:knur
Robert Kennett, Lincoln's-bin held, tooth it er,r
George Tinkles, Meant's-court, Wardoiresireer, Soho,
leather-seller
10
Goias French,,Great East C'l,_ ap, broker 1

DIVIDENDS.
Thomas Taylor, Birmingham, drape: .. 11
Joseph I.ittler, St. Clement Dance, Jeweller lu
Th ena. White. Whiselatd, Reeemary-lane, White.
eta', •I, cooper.
rnj4., n George, Pope's Heal alley, nixvlle-suaker.
Alexander M•nrison, Walbrook. merchant. lrl
James Nixon, Princes-street, ll:mover moan-, ironmonger
Edward Reeve, Leeds Yoikshire, linen-draper lU
John Wc.t, Somers plazr, St. Pnicras, Wanderer :1
CERTIFICATES.
Henry F.van,, late of Caine, Wiltshire, clothier.
James Corbett, of Milk.street, Cheapasde warehouseman.
Joseph Travis, of Bolton-le-Moors, Lanc;slaire, muslin 111.1114-
facturer.
John Oates, of Borineliana, Bota(rd, Lincolnshire, jobber.
Michael Gainey, of Cheetwood, neat Manchester, cotton.
merchant.

PRICE OF

Rank Stock
1 per Cent. R..
i per Cent. Cons.
4 pet Cent nit&
5 per Cent. Navy ..•• • Sli Si!
5 per Cwt. Loyalty .951 99931
Lung Aim...... 16 5-16 3.16,f
Short Alto
Impair! :3 per Cent . ....541
Ditto Annuities 917-16
Irish 5 per Cent
Ditto Annuities
Deferred Stock.

No. I,

ST( CKS.
N D•lt.

Outworn..
Indi. .
Ditto Honda..
South Sea 5t0ck............
Old Annotttra
New ditto.
S per Cent. I Titt
Exelielger Stilt
Eng. Lottery Tizketa
Saul for
India far
C•0011Dil for . • ..... •• ,

'. MR. Stock-Brans,
and 9, Cluai..g Crou.

PRICK OWLISH STOCKS.
Inv *4.

Gnvetnntont Deb. 5 per Cent ... . .Vll
Ditto •31 pet cent
G.md Canal Loan, 6 per Cent.

COURSE OF EXCHANGE, Tl.lgsliAT, P 44, 29.
AtTlStff•!.4.l. .... 38 4 2U.i Venice .59 Lis.rse.
Ditto at bight .. 37 7 Napier
Rotterdam 12 1 Lisbon
Hmnbengh.... 36 3 21U. Opnno 6ll
Altona 96 4 21U. Dublin l7
Paris tb 10 Lie.
Ditto 2 Ers 25 18 lICILLION. I. s. A
Bvurdeaux . 23 15 A Poeta/ye, Gold iss Coils
Madrid
Ditto
Cadia
Ditto
%Una
Leghorn 44 Airio on the &Ink of Hoban/
Genoa.. Cr Llv.lolc. lit per Cent.
Dublin on London( May 7'l) 2111 121
Belfa,t INI London (May 22)..... 6 51
Belfast on Dublin (May 22) 91 161 days.

COAL EXCHANGE, Ma• 28.
Best Coals, in the Pool, pet Chaidron 461. Od.
Dellse's! to Housekeepers at. 110 s. Od.
Send. riled. prr Chaldron 42.. Od.
Di:live-rad to I I ousekeepers at Ns. Od.

HIGH WATER AT LONDON BRIDGE THIS DAY,
HI no, aft*r 7

MARRIAGES.

At Onto.try, the Rev. Mr. Elfts, to Mrs Ito Oats, it,
Maeloyiedil, Flintahire.
At Oswestry, Mr. Jenkin., linen-draper, of Wrexharn,to
Mies 11. GriAtha, seemed daughter of Mr. Gollob, builder, u.
Ortre.tat.
Mr. Min, of StafFint, to Mitt S. Spencer, of Seightni.,
after a court.lop twenty-four years.
Serjeant Ra.bure, of the 14th light Drayton, now Dr.'l
Sea,ant to the 1.'..a.1 Sardine!' Vulootoart, aged SO, to Mot
Toinkill.on, aged 16.
Mr. Titoism Rogers, of Biotighton, to Mist Mansell, of
Little Nets.

DE kTIIS.
On Tueofre, after a few hours Mr. Saunders, oldie
Ordnance Office, in the Tower.
At Eihnhurgh, Mr. Robert Cunninaham, painter.
At cprinsheidt wwr Outwit% Mile Watt.