The British Press; or, Morning Literary Advertiser.
London, England, 1804-05-24 00:00:00

TROD LLOYIre r.

G11t6.3.111110, M4T 911,—Peased bv the Tire fir.th.S • —,
Naas No omit; Sophia, Hart, foam Hmshittgh
Consolim ; and the Overwaring. —, from Etillition
TAW Shit C.n•Fl Intent, lieslnet ; awl Chnsce, l Imk; for
Gibroltdr.; Eirtosa, Ho tney, for St. An., Smith,
tot Wasoefooll Rangiir, Webarr, for Vartlls; Cniotanti.l,
Le •Isoon, fee Eloneur ; Vigilante, Hettees; Susaurise, Ro-
elof* i; sod Lie Jo,:g3 Jan, lindieri, for Embden.

LICTRACT
FROM MINUTES or EVIDENCE
Tabu trine the Cnmmittec appointed to enquire into the
fiats of Ireland, as to it. Circulating Paper ; its Specie and
Como Con; aud, the Exchange notweei that port of the
Vinod King4oun and Gast Britain.
Ih. light Hon. JOHN RATER, in the Chan.
(Continsad bons our how of Monday 1,41.)
Wavrea Boaetiwas. Elm's. examination continued.
De cosceive that theilank of Ireland. being
to &secant under the legal interest of the
einuitry. in the necessary iluauations in the money
markets. it must not enable private bankers to issue
their paper to a great advantage in competition with
such hen& I—As far as their credit went with the
they. like other people, would be glad to bot-
stew at 51. and lend at 61.
If the issue of the Bank of Ireland Notes was re-
deemed. would not tin issue of private paper be
aubmitated in its place? I should think it would
cossequeudy. follow ; bat geadensen in Ireland are
more competent to earner.
.
Whet is the price of sold bullion in the English
anerkett 'Mere is very hale there at present; but I
Wigs at 41. Is. per ounce.
Have
Cr ut heard of any considerable quantity of
ha be mat from Ireland hem or from
to Ir land lately ? Nowt notwithstanding
tjal dva:l7t°( timill
uld :juiag procured ferns
Ireland
mitten. I do not believe our house has received

1,000 guineas fir the hat three years.
Explain why you conceive holders-cif guineas in
goy part of Ireland did not avail themselves of that
edvantage by sending the guineas here ? Guineas
loin the internal circulation of the North of Ire-
W, the persons there are obliged to purchase them
at a premium, therefore the bottlers of them get
that premium on the bills of exchange they take
upon London at 7 or 8 per cent.
Whit do you conceive to be the cause which pro-
duces that premium in the North of Ireland upon
those guineas ? The scarcity of the guineas, occa-
sioned by the demands for them to transmit to Eng-
land in consequence of the high esch.inge, and, as I
have understood, by their being hoarded.
Have you known guineas purchased in this
country? At present I- understand 2 per cent. has
boo given by persons for the purpose of having gold
by them in case of invasion.
At the present rate of Exchange, what should be
*ermines given for guineas ? 8 or 9 per cent.
When in point of fall no guineas come to leg-
bed, is it not your opinion that the premium whirl'
bear in Ireland is for internal purposes of
and not with a view to be exported for
exchange am told the colliers, going to Dublin,
will only take guineas, but I know of no other means
oftheir caning out but to defray the evinces of
travelling.
(Qattara repeated.)—l know of no other means,
except for those tyre purposes.
Met premium is given in Ireland for Bank of
England Notes depends upon the rate of ex-
amne I at sleepresent non 10 pereeet-
Are you aware of any diference between the pre-
mium given for guineas in English bank notes
ow.

Have yon known of any guineas 'being sent from
England to Ireland, during the list foils years ?
Not that I know of.

Have any circumstances lately occurred. which
have tended to prevent the introdudion of gold pur-
chased in the markets of Europe from being brought
into Ireland in the shape of coin in the ordinary
essanner, and at the accustomed upence !---There
harm
State the reasons think that the restraint nn
the payment of gold
_at the Bank of England, and
the tendency to hoard money in this reentry, re-
sent its canning from Great Britain, and that the
state of melange between Great Britain and the
Continent. which is unfavourable ip a small degree
to Great Britain. pretests its coming frum the Con-
tinent. •
Did you ever know at any time of tl •Tre being a
kWh= market in Ireland ?—i never heard there
was, but am sot qualified to speak with certainty.

Are all the foreign exchanges of Ireland traasaaed
through London ?—.They are..
' Is there any coinage in Ireland ?—I never heard
of any.
If the most mantifaeturing distrins of England,
to the extent of the Ith of the kingdom, would take
nothing bat gold in payment at this period, what
eft's& do you think it would produce on the demand
for gold in other parts of the island, and what aug-
mentation of the premium given for it in exchange
for paper ?-1 think by increasing the demand for
gold, it would increase the premium, and conse-
quently a depreciation of paper just in the proportion
and extent that the demand went, supposing the re-
straint to exist on the Bank.
What is the value of Bank Stock now in Ireland
and in England ?—The last price which I heard fur
Bank of tneland Stock in Dublin was 1451, and the
last for Bank of England Stock was 156. The Irish
Dividends 71, and the English 7.
Do you know what was the exchange between
England and Ireland, in I 800 ?.-1 01 to 12 per cent.
was the exchange here upon Dublin.
Do you know that any great and material incon-
venience followed that exercise of Government,
which affesned the Exchange, in the year lan% by
taking Irish Bank Notes at 9) ?—lt was in 1799,
there was a tendency in the Exchange to rise equi-
valent to the depreciation of the Bank of Ireland
notes, which induced the merchants in the Irish trade
in London t 5 meet, and attervrardc to wait on the
Chancellor of the Exchequer (Mr. Pitt), to represent
to him the d,inculties which were growing in the csn-
mercial intercourse between Great Britain and Ire-
land, in consequence of the high exchange, and to
intrrat that some measure should oe adopted to les-
sen it, if not remove it altogether. Mr. Pitt in con-
-1 sequence agreed that an instalment nn the loan then
depending, which h id been raised in Great Britain
for the service of Ireland, should be received at the
Bank of England in Bank of Ireland Notes at the
exchange of 9: per cent. which had the are of
lowering the then exchange very considerably and
proportionably, taking off the depreciation on the
11ates of Ireland, and the exchange at Dublin
was immediately reduced to that rate, or nearly so,
and all the remittances out of Ireland, whether for
payment of imports, or of rents to absentees, or
for remittances to the Bank of England, passed
over at this exchange. and continued to do so, so
long. as the exchange of Bank of Ireland Notes
continued at the Bank of En and; and this
principle was supported .throe the whole
sut
of the loans of that Admini inn, and even
a loan for the service of Irelarld taken by an
Irish house here in that administration (1800)
was taken in at the Bank of England, at the same
rate of exchange, to the extent of about '200,0001.
and that about 900,0001. was passed at the same
rate in Dublin, under an expel:Utica that when the
interest of that loan came to be remitted hack, Go-
vernment would take acre that it should be done on
equal terms of exchange. In the next administra-
tion (1801) similar applications were made to Mr.
Addington to take in his loans for Ireland at the
Bank of England, at the same rate of exchange,
which were refused, as the profits of exchange were
thought deserving the attention of Government. and
since this time no assistance-has been albrded to the
currency of Ireland. or to the rate of exchange, by
the transmission of loans, more than their intrinsic
weight carried with them.
Explain .the words last made use of, " that the
profits of Exchange were thought deserving the at-
tention of Government," . and 011 what communica-
tion from Government that assertion is grounded ?
—I mean that they were remitted over on a more
advantageous footing to GovernMent in one way
than the other ; and that this was communicated to
us in one of our meetins upon taps ozcasion. with
Mr. Addington, or Mg.
Corry, I don't reenact%
which.

Whether such communication. if any such was
made, was uuaccompanied with any other reason
for not complying with the proposal of the mer-
chants ?—I do not recollect there was any other
reason given.
Explain the words u that since that time no as-
sistance has been afforded to the currency of Ireland,
or to the rate of Exchange. by the transmission of
loans more than their intrinsic weight carried with
them" ?—I mean that Government since that time
have not fixed any low rate of exchange to carry
over their loans.

What was the rate of exchange before the mea-
sure was adopted in 1800, of taking Irish Notes at
the lank of England ?....The highest rate I recollett
is 141._

If there was a difference of 41 per cent. or any
other difference between the real exchange, and the
94, at which the Irish Notes were taken at the Sank
of England, where did the loss fall so far as respeSs
the amount government was concerned in ?—I sup
pose the loss fell in the first instance upon the Irish
Government, by having a less sum to bring to the
credit of the loan account, but that loss afterwards
was recovered by the improvement made upon the
curreascy of Ireland, which was mailly in propor.
non with the reduction of the exchange, or the loss
inlithe first instance.

Do you consider the fluttuation in exchange as
an evil to the countrses in which it takes place ?—1
do not. where there is only a balance of trade to
produce that fluduation ; but if it arises from a de-
preciation of currency, I consider it as injurious, as
an uncertain measure or weight would be ; I mean
an uncertain bushel or pound, and that is the bane
of commerce and of confidence.

Do you not consider the operation you have de-
scribed as having caused the fiuduations in 1800
and 1801 think it had a tendency that way, but
it was not adequate to produce the whole tired.
Would you consider it as an eligible objea for
Administration to enter into the market far any
other commodities than bills of exchange, for the
purpose of raising or lowering the market for such
commodities ?--I think if Administration confined
themsel. es in the market to one channel of purchase,
arid kept down competition wising from their own
purchases, there could be no objedion to it ; if for
speculative purposes, I think it would be improper.

No 4,C-,