The National Register.
London, England, 1823-05-04 00:00:00

''.-c-.---

MI

=

MEETING OP MERCHANTS AND BANKERS.
On Thursday last a meeting of Merchants and Bankers
of the city of London, took place at the London Tavetn,
foe the purpose of adopting measures for the greater
security of the money advanced by them in the course of
their commercial transactions, upon the deposit of met-
chaudise mad goods, and for a more adequate protection
that) is at present afforded them by. the English law
against the fraudulent conduct of foreign merchants.
JOHAN SMITH, Esq. M.P. was unanimously called to
the Chair.
Tim CHAIRMAN said, it waswelt known to them that
merchants, bankers, and other capikilists, were in the
habit of advancing y on the security of merchandise
to a considerable client, as well on the deposit thereof
as in payment of bills of exchange. drawn by consignors
from foreign parts, or from one port to another
within the United Kingdom. To encourage the em-
ployment of capital by weans of such advances. by
which the amount of capital actually engaged in cont.
meek' operations was increased, and the trade of the
country carried to a vast extent, was a sound principle
of pokey; but it was to be lamented that no adequate '
protection was afforded by our law to such transactions.
—Ors the contrary, the English capitalist advanced his'
money at hikpetit, and to his lass, if the goods proved
to be the property of any other person than the individual
borrowing or drawing upon the credit of them, although
such fact was unknown and undiscoverable by the person
making the advance. To provide against such a bard.
ship, it became the great body of the capitalists of the
nation to snake every effort. h was worthy of remark
that our Scottish brethren had exhibited upon this, as
well as upon other questions, a much greater degree
of prudence than we had exercised, as would be
shown in the course of the discussion. In fact the Eng-
lish law was unfair and abased in the highest degree ;
for it went to prevent the circulation of capital beyond
any measure that, perhaps, had ever been brought before
Parliament.
Mr. FAHRAND, M.P. rose to submit certain resolu-
tion, which had, he said. been drawn up under the
legal opinion and advice of Messrs. Kaye, Freshfield,. and
Kaye. lie observed, that the rule that a factor.
though clothed with apparent ownership of goods. and.
the prover of sale, could not pledge then) or dispose of
them by barter,origtnated in cases determined ageratum
ago, and named principally on apparent fitandulent pram
tiers between the factor and the individual with whom
the goods were deposited. The courts of law had car.'
tied the principle to such an extent as to render all ad-
cancel) net goods extremely dangerous. by es posing Eng.
lish capitalists who advanced money on merchandise to
fraudrion the part of foreign merchants.
Mr. T. Wissou, M.P. said he felt mods for the
foreign merchants. Care should be taken to protect
them from the abuse of trust.
The CHAIRMAN thought that nothing could he more
uncertain in general than the conjecture as to the opinion
of the law officers of the Crown ; but he believed they
were not hostile to the proposition of remedying the ex.
isting.evil., indeed he understood their disposition Is
friendly towards a change. If the proceedings of the
meeting were brought to a speedy termination, a bill
might be brought into Parliament this session.
The resolutions were agreed to, and the Merchants
and Bankers signed a pe:ition to Parliament.