The British Press; or, Morning Literary Advertiser.
London, England, 1804-05-18 00:00:00

'ROM LLOYD's LIST.

Gaantawo,• May 16.—Passed by the Friends. Nowell,
rim* Messina .XCllllonly, NiCksoll, from liirechau llappett,
flusolt, from Naples; Fame, Smith, from Belfast ;
Hart, fritau ; 16a, Guwin, front %lease' ; Zetatona,
Overland, and Hunger, from Embelest Sailed Appatir-
anite, Surtelea, and Victoria, Landguesr, tor Stnetalolllll For-
um', Peteriun, and Henrietta, Witt, for ttttt sgett.
: •

EXTRACT
FROM MINUttS OF EVIDLNCE
Taken before the Committee appointe4 to enquire into the
State of Inland, as to its Circulating Paper; its Si)ecie and
Chiltern Coin ; and, the F.:ehange between that put of the
Vatted Ktegdoin and Great Jdritain.
The Right Hun. JOHN FOSTER, in the Chair.

sonn rya Ei,

. .
Agent for roe Goremor and Company of the Bank of irglaad;
called in and examined.
What is the state of exchange, and what has it
been for the longest period you can make it up to,
between Dublin and London ?-4 have extracted it
tram my mvn bo.-,ks from 1728 inclusive, all per-
k% except fur the year 1732, up to 51st of Di:cem-
bit last. The present exchange is now 181 in Lon-
, den • in Dublin t7l to 171, by this day's letters.
1 'How long ar is it. by your returns, since it was
at par ?—ln Aii,irst 1798 it was at 8 per cent. in
Pt ndet s , fur one post day. In February, Nlarch,
Alpril, May, and June, and part of July 1708, it was
! frbin 9 tel 91 per cent.
41as the rise been gradual since that time?—
, Sbittetimes higher and sometimes lower ; never un-
ellkt 9 since that year. It went on rising till Ja-
star), 1801. During the year 1800 there was
sitich variation in the Excherze, owing to go-
yeintrent (with a view to lower the Exchange if
possible) having determined to exchange Irish Bank
Notes at the Bank of England, at the rate of 91 per
1 tent. The total sum during 1800, so exchanged,
I was 1,1f,9,0091. The exchange then gradually rose
3 till July tsnt ; it was then 16; it afterwards varied,
1 and was as low as 11 per cent. in November 1801.
1 On two days in November it was at 10 per cent.;
! the account in my hands k made up only to March
I MOB, it was then lel; and from November 1801 to
i that period it was frosts 111 up to 11,1.
' Haincitthe rise been pretty general since the re-
seri:lion cm the issue of speck by the Bank ?—lt has.
Do you attri:,ute that rise to the restrietion ?—ln
fart ; I Should suppose the rise of exchange arose
1141 m the balance of debt being in favour of Eng-
iixd ofe the meansthrestriaionot of t
paying the B
off that
nkof course debarred
i
edn
s which the Bank of Ireland since its institu-
t _ in
_l_7Bo afforded them. As a matter of opinion,

should suppose that the money paid to absentees
'eras about 2,000,0001. in the year 1803, mid I
librm say calculation from having examined what
rise.; through mr hands, directly and indirectly,
Strom the Ist January 1803 to the 31st December
4803, and the Arnoun: was between 8 and 900,0001.
ilbut it will be unfair to presume that that sum will
'tontinne ro he so large, as much of it for the cir-
teuenstanees of the times was sent over to be invested
in the funds. The grounds I took respecting the
seakulation of 2,00%0001. were these, that, inde-
gendent of my private correspondence, I could cal-
slate what pert of the treasury drafts drawn on me
-was (or absentee accounts.
Do rein enttsider that 2,043010001. is a greater or
'less sum than has been annually remitted on account
abseentees, for the last four years?--Greater,
lthough not considerably ; but considerably greater
than before the rebellion.
s Is it not a reammibleeupposition that other remit-
dances, through-0 141.-r hands, amounted to the dif-
•erence between whist you state and the 2,000,00013;
—I think so. Die payments in England, on at-,
`moat of the interests and loan charges, is between.
, . 200 0001. and 1,300,0001.; to meet these and
ither demands, there is the loan to Ireland which
'vas last year 2,000,0001. and the balance of trade,
obit+ appears to ate, from the exchange, not to be
sufficient to meet the above demands; and I am led
s think in, because the internal increased circulation
.1 Irish paper I cannot think to be the cause, be-
%n se, on examining the exchange of Ilamhtirgh
rich this country, when the Bank of England in
794„) had 14,000,0001. of Bank Notes in circulation,
he famburgh exchange was 31-6. In • 1800, when
tie Bank of England Notes were 15,400,0001. the
:change was at 30 ; and in 1803, when the Bank
Totes were 17,00,0001. the exchange rose in (a-
lone of England to 34-10, the par being considered
at be 34.6 to 34.8, varying according to the price
If silver. It farther appears to me that the cause
if the high exchange must be from a debt due from
rrland to England, and not from any cormeation
rids the internal circulation of the Irish notes ;
.etause, when die Irish treasury draws, exchange
fills precisely the same as if merchants in Dublin
ad to draw for an additibnal quantity of goods ex-
torted.
01-1)o yea suppose that any increase in the currency'
a country has an effea upon its 4achanite with,
sher commies ?--It is a queuion I do not feel my..
Nlf competent to answer, but from refert;ng to the
;owe statement, respeaing the circulation of flank.
England Noses, and the price of the. Ilaraburgh
tchange, 1 should think not with mires ro losprr.

be yeti not,oppese tliat the increased quantity
of notes in 403 only supplied the place of gold
visich was driven out sf circulation do not un-
derstand that any, gold was exported during 1803 ;
midis for the suits which may be buried in England,
I have no data to go to.
Did noithe Ifteranie of shout 4,100,0e01. of Bank
of England Notes, which took place between 1800
and 1603, consist aktost entirely of an increase of
it and N. notes---Yee. . _ .

If the Bank of Iceland, upon the removal of the
restrielirin in both countries, now, forced to pay in spe-
cie, and the exchange continued against Ireland,
what do you conceive would be the effeft of that
Measure, upon the state of the Bank of Ireland ?
While the balance Af debt was against Ireland, the
guineas. would leave it, white one was left in the

Would there not be then a greater difficulty upon
the Bank of Ireland to obtain guineas, than there
now exists'of their obtaining Bank of Enbeland Pa-
per, supposing no• restrinfon existed ?—Certainly ;
it if easier to carry paper than gold, and the same
means that persons hare of paying for the gold,
must be used to procure Bank of England Notes.
Was there any loss on the coining supplied by the
Bank 'of England? On the contrary, the praElice of
the Bank has been to purchase gold at 31 17s. Gd.
the ounce,. and the coinage price is 31. 171. lOid.
making •! per cent. preifitlin about three months,
during which time the sank is out of the use of its
money; of colirsi, whatever the price of gold ex-
ceeded 31. 17s. 1p!-d. was a loss to the Banks Tae
Mint ehargesare In.id by the public.
What was the espenee of transmitting the money
from England to Ireland?' ferrets shillings and six-
pence per cent. carriage and insurance, to Holyhead;
2s. per cent. freight to Dublin, without any expence
of insurance, or any ether charge; but, if insured,
from :is. to 7s. per cent.
What is the usual commission for sending the
gold ?—My house charged to the Government and
to the Bank of Ireland i per cent. but l per cent.
is sometimes charged on small accounts
Has the greet increase of paper, issued by the Bank
of Ireland since the restriction, given a great faci-
lity to private banks in Ireland to encrease the issue
of their paper.?—l should think not to any great
amonnt ; because I do not apprehend that the
bankers keep any excess of Bank of Ireland paper
by them, beyond what they froth experience may
have found sufficient to support The currency of
their own paper ; nor do I think, that the encrease
of Bank of Ireland paper is excessive; it mint be
recellecied that the Bank of Ireland, in 1797, had
been established only thirteen years ; and it is fair to
conclude, that the longer they continue, the more of
their paper will go into circulation, and they had to
supply the vacuum in circulation by the gold of the
country be.ng so much diminished, and most pro-
bably in course of times their paper will be the only
circulating paper in Dublin, as it. is with the Bank
of England paper in London.
Do eat: not conceive that the restriaion on pri-
vat, bankers in Ireland, preventing them from inu-
ing any notes nayable to bearer under .51..55. except
silver notes, which restriftien was created subsequent
to the general re.so-itlion bill, must have operated to
produce a consider.Ne augmentation of the issue
of Bank of Ireland paper ?—Certainly.
Po you conceive that if since the bank restric-
tion no other circumstances had occurred to afFeCt
the exchange between Ireland and England, that
the increase of the i,,sue of the bank of Ireland notes
would have :iffy/tett it, and in what degree ?—I
should think not, because I canndt see how an in-
crease of bank of Ireland paper, without a debt to
England, should make a demand for bills on London.
Do you conceive that if the Bank of Ireland were
compelled to pay in Bank of England Notes, or Ex-
chequer Bills, it would tend to lower the rate of
Exchange Itzertainly would lower the rate of Ex-
change, and their property at the same time.
What do you conceive to be the objeftions to such
a measure being adopted ? If the balance of debt
shoold.continue against Ireland,, ultimately the ruin
of the Bank, by its paying the whole loss of the Ex-
change of the country.
Does it appear that Inge sums lent into Ireland
upon. mortgages or other securities have been with-
drawn since the time of the rebellion in 1795?—
Not through my house..or to my knowledge.
Have you reason to.believe that the English mer-
chants, or others, have shortened the duration of
their credits to Ireland ?—Certainly not ; the high
rate of exehaage, as far as applies to myself, has
tended to increase them, from the merchants and
. ether persons delaying payments to us in the hopes
wol the exchange falling.
:.Has.any late redo Lion taken place in the credits
given by the,4glish merchants to their Irish cor-
respondents?—Net with my house; and I do not
understand that it-has been prailised by other
lish houses who are more considerably concerned in
the shipping trade than I am.